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 811-09473
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Nuveen Insured New York Dividend 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: September 30, 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.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Annual Report September 30, 2009
------------------------- ------------------------ -------------------------
NUVEEN NEW YORK NUVEEN NEW YORK NUVEEN NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
MUNICIPAL FUND, INC. MUNICIPAL FUND, INC. MUNICIPAL FUND, INC.
NQN NVN NUN
------------------------- ------------------------ -------------------------
NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK
PREMIUM INCOME DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE
MUNICIPAL FUND, INC. MUNICIPAL FUND MUNICIPAL FUND
NNF NKO NRK
SEPTEMBER 09
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LOGO: NUVEEN INVESTMENTS
[PHOTO OF ROBERT P. BREMNER]
Chairman's
Letter to Shareholders
DEAR SHAREHOLDER,
The financial markets in which your Fund operates continue to reflect the larger
economic crosscurrents. The illiquidity that infected global credit markets over
the last year appears to be slowly but steadily receding. The major institutions
that are the linchpin of the international financial system are strengthening
their capital structures, but many still struggle with losses in their various
portfolios. There are encouraging signs of recovery in European and Asian
economies, while the U.S. economy continues to feel the impact of job losses and
an over-borrowed consumer. Global trends include modestly increasing trade and
increased concern about the ability of the U.S. government to address its
substantial budgetary deficits. Identifying those developments that will define
the future is never easy, but rarely is it more difficult than at present.
After considerable volatility in the first few months of 2009, both the
fixed-income and equity markets have seen a partial recovery. A fundamental
component of a successful long-term investment program is a commitment to remain
invested during market downturns in order to be better positioned to benefit
from any recovery. Another component is to re-evaluate investment disciplines
and tactics and to confirm their validity following periods of extreme
volatility and market dislocation, such as we have recently experienced. Your
Board carried out an intensive review of investment performance with these
objectives in mind during April and May of this year as part of the annual
management contract renewal process. I encourage you to read the description of
this process in the Annual Investment Management Agreement Approval Process
section of this report.
Remaining invested through market downturns and reconfirming the appropriateness
of a long term investment strategy is as important for our shareholders as it is
for professional investment managers. For that reason, I again encourage you to
remain in communication with your financial consultant on these subjects. For
recent developments on all your Nuveen Funds, please visit the Nuveen web site:
www.nuveen.com.
Nuveen remains committed to resolving the issues connected with outstanding
auction rate preferred shares. In September 2009, Nuveen completed the
refinancing, at par, of all the auction rate preferred shares issued by its
taxable closed-end funds that were outstanding when the preferred auctions began
to fail in February 2008. For a variety of reasons, refinancing the outstanding
auction rate preferred shares issued by the municipal closed-end funds is taking
longer but Nuveen is diligently pursuing a range of options to accomplish this.
Please consult the Nuveen web site for the most recent information about the
redemption of municipal auction rate preferred shares.
On behalf of 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 Board
November 24, 2009
Nuveen Investments 1
Portfolio Manager's Comments
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)
Portfolio manager Cathryn Steeves reviews economic and municipal market
conditions at the national and state levels, key investment strategies and the
twelve-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 FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
TWELVE-MONTH REPORTING PERIOD ENDED SEPTEMBER 30, 2009?
During this reporting period, municipal bond prices generally rose as strong
cash flows into municipal bond funds combined with a tighter supply of new
tax-exempt issuance to provide favorable supply and demand conditions. As the
period began, downward pressure on the economy continued. In an effort to
improve overall economic conditions, the Federal Reserve (Fed) continued to cut
interest rates, lowering the fed funds rate from 2.00% on October 1, 2008, to a
target range of zero to 0.25% in December 2008, its lowest level on record. In
March 2009, the Fed announced that, in addition to maintaining the current
target rate, it would buy $300 billion in long-term Treasury securities in an
effort to support private credit markets and up to an additional $750 billion
(for a total of $1.25 trillion) in agency mortgage-backed securities to bolster
the housing market. The federal government joined in the effort to boost the
economy by passing a $700 billion financial industry rescue package in October
2008, which was followed by a $787 billion stimulus package in February 2009.
In recent months, the measures taken by the Federal Reserve and the federal
government to ease the economic recession have produced some incipient signs of
improvement in the economy. In the third quarter of 2009, the U.S. economy, as
measured by the U.S. gross domestic product (GDP), posted positive growth (3.5%
annualized) for the first time since the second quarter of 2008. Housing prices
also provided something of a bright spot between June and August 2009 by
recording three consecutive months of positive returns, the first following
three years of decline. At the same time, inflation remained muted, as the
Consumer Price Index (CPI), reflecting a 22% drop in energy prices, fell 1.3%
year-over-year as of September 2009. This marked the sixth straight month that
consumer prices dropped from their levels of a year earlier, the longest such
decline since 1954-1955. The core CPI (which excludes food and
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.
2 Nuveen Investments
energy) rose 1.5% over this twelve-month period, within the Fed's unofficial
objective of 2.0% or lower for this measure. However, the economy continued to
be stressed by weakness in the labor markets. September 2009 marked the 21st
consecutive month of job losses, bringing the total to 7.2 million jobs lost
since the recession began in December 2007. The national unemployment rate for
September 2009 was 9.8%, a 26-year high, up from 6.2% in September 2008.
Municipal market conditions began to show signs of improvement in mid-December
2008 and municipal bonds were on an improving trend during the first nine months
of 2009. This was bolstered by the reduced supply of tax-exempt municipal debt
in the marketplace, due in part to the introduction of the Build America Bond
program in April 2009. Build America Bonds are a new class of taxable municipal
debt created as part of the February 2009 economic stimulus package. These bonds
offer municipal issuers a federal subsidy equal to 35% of the security's
interest payments and therefore offer issuers an attractive alternative to
traditional tax-exempt debt. As of September 30, 2009, approximately 20% of new
bonds issued in the municipal market, totaling more that $33 billion, were
issued as taxable Build America Bonds.
Over the twelve months ended September 30, 2009, municipal bond issuance
nationwide totaled $381.1 billion, a drop of approximately 17% compared with the
twelve-month period ended September 30, 2008. As mentioned earlier, demand for
tax-exempt bonds was exceptionally strong during the first nine months of 2009.
This combination of lower tax-exempt supply and increased demand provided
support for municipal bond prices.
HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN NEW YORK DURING THIS PERIOD?
According to the most recent data available, New York's economy continued to
contract in 2008, as the state posted annual GDP growth of 1.6%, down from 4.4%
in 2007. This dropped New York from its ranking as the second fastest growing
state economy in the nation to 18th. These numbers still compared favorably with
economic growth for the nation as a whole, which registered 0.7% in 2008 and
2.0% in 2007. Much of the decline in New York's GDP can be attributed to the
state's -- and especially New York City's -- substantial exposure to the
financial sector, which continued to experience turmoil and job losses. The
majority of the jobs lost in the state over the past twelve months were in the
finance, professional and business services, manufacturing and construction
sectors, while education and health services was the only sector to show a small
gain in employment. This gain was significant, however, because the education
and health services sector represents approximately 18% of the New York economy,
compared with an average of 13% nationally. As of September 2009, the
unemployment rate in New York was 8.9%. The decline in the housing sector also
added to New York's economic slowdown. Housing markets across the state
continued to weaken, although the drop was not as precipitous in New York as
nationally. In New York City, for example, housing prices fell 9.6% during the
twelve months ended August 2009, compared with an average decrease of 11.3%
nationwide, according to the Standard & Poor's/Case-Shiller home price index of
20 major metropolitan areas. This placed New York 13th among the index's 20
cities in loss of home value. In terms of number of home foreclosures, New York
ranked 39th among the 50 states in the third quarter of 2009. As of September
30,
Nuveen Investments 3
2009, Moody's, Standard & Poor's (S&P) and Fitch rated New York general
obligation debt at Aa3/AA/AA-, respectively, with stable outlooks from all three
rating agencies. For the twelve months ended September 30, 2009, municipal
issuance in New York totaled $38.7 billion, down 14% from the previous twelve
months. Despite the decrease, New York ranked second among state issuers, behind
California.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THIS
REPORTING PERIOD?
During the majority of this twelve-month period, the municipal market was
characterized by stronger demand, constrained supply, and generally improving
valuations. Due largely to the decrease in new tax-exempt supply, investment
activity in the New York Funds was more limited than usual. While there was
considerable issuance of Build America Bonds over the last half of this period,
we do not see them as a good investment opportunity since interest payments from
these bonds represent taxable income.
The already tight supply situation was further compounded for these Funds by the
severe decline in the issuance of insured bonds. During the first nine months of
2009, new insured securities accounted for only 10.5% of national issuance,
compared with 20.4% during the first nine months of 2008 and historical levels
of approximately 50%. Insured supply in New York was even more scarce, totaling
only about 4% of issuance in the state during the first nine months of 2009. The
limited liquidity of many insured bonds, which resulted from concerns about the
financial health of municipal bond insurers, also dampened trading activity
during this period.
To better position the Funds for the current environment in the insured
marketplace while maintaining their insured nature, the Board of
Directors/Trustees of the Nuveen New York Insured Funds approved changes to the
investment policies of these six Funds that were designed to help increase
portfolio management flexibility. Previously, all of these Funds' net assets
were invested in AAA rated insured bonds. The new policies require that at least
80% of the Funds' net assets be invested in insured municipal bonds guaranteed
by insurers rated A or better. At the same time, at least 80% of the Funds' net
assets must be invested in municipal bonds rated AA or better (with or without
insurance), deemed to be of comparable quality by the Fund's adviser, or backed
by an escrow or trust containing sufficient U.S. government or government agency
securities. Additionally, the Funds also may invest up to 20% of their net
assets in uninsured municipal bonds rated A to BBB or deemed to be of comparable
quality. These changes were approved by the Funds' shareholders in July (NNF,
NVN, NQN, NKO), August (NUN) and September 2009 (NRK). Further details on these
policy changes and recent developments in the insured marketplace can be found
on page seven.
Because the policy changes were approved late in the reporting period, we have
only begun to implement them. Overall, we continued to focus on relative value
by taking a bottom-up approach to discover undervalued sectors and individual
credits with the potential to perform well over the long term. As the market
rallied, we took advantage of selected opportunities to add bonds with longer
maturities and higher coupons.
Cash for new purchases during this period was generated by maturing or called
bonds. As with our investment activity, we were not active in trying to sell
portfolio holdings in a market environment where the majority of the bonds
available for reinvestment offered
4 Nuveen Investments
lower yields at higher dollar prices. The Funds continued to maintain their cash
reserves, which we had increased amid the market uncertainty of the previous
reporting period, in anticipation of increased tax-exempt issuance during the
last part of 2009.
All of these Funds continued to use inverse floating rate securities.(1) We
employ inverse floaters as part of our management strategies for a variety of
reasons, including duration management, income enhancement and as a form of
leverage. As of September 30, 2009, the inverse floaters remained in place in
all of these Funds. During the first half of the period, NRK also invested in
additional types of derivative instruments(2) designed to help extend its
duration. These derivatives were removed prior to March 31, 2009.
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
9/30/09
1-YEAR 5-YEAR 10-YEAR
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NQN 19.74% 4.35% 6.92%
NVN 20.98% 4.54% 6.75%
NUN 20.46% 4.46% 6.48%
NNF 19.42% 4.39% 6.49%
NKO 19.41% 4.89% N/A
NRK 19.67% 5.48% N/A
Standard & Poor's (S&P) New York Municipal Bond Index(3) 14.63% 4.89% 5.84%
Lipper Single-State Insured Municipal Debt Funds Average(4) 22.62% 4.67% 6.49%
Standard & Poor's (S&P) Insured Municipal Bond Index(5) 15.63% 4.63% 6.01%
Barclays Capital Insured Municipal Bond Index(6) 16.06% 4.75% 5.97%
--------------------------------------------------------------------------------------
For the twelve months ended September 30, 2009, the total returns on common
share net asset value (NAV) for all six of these New York Funds exceeded the
returns for the Standard & Poor's (S&P) New York Municipal Bond Index, the
national S&P Insured Municipal Bond Index and Barclays Capital Insured Municipal
Bond Index. All of the Funds lagged the average return for the Lipper
Single-State Insured Municipal Debt Funds Average. The performance of the Lipper
peer group represents the overall average of returns for funds from eight
different states with a wide variety of municipal market conditions, making
direct comparisons less applicable.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, leverage was an important factor affecting the Funds'
performances over this period. The impact of leverage is discussed in more
detail on page six.
During this period, we saw prices rise and yields fall for many municipal
securities, especially at the longer end of the municipal yield curve. Bonds in
the Barclays Capital Municipal Bond Index with maturities longer than 15 years,
particularly those maturing in 20 years or more, benefited the most from this
interest rate environment. These bonds generally outperformed credits with
shorter maturities, with bonds maturing in one to
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.
(1) An inverse floating rate security, also known as an inverse floater, 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 this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
(2) Each Fund may invest in derivative instruments such as forwards, futures,
options, and swap transactions. For additional information on the
derivative instruments in which each 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.
(3) 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. This
index does not reflect any initial or ongoing expenses and is not
available for direct investment.
(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. The
performance of the Lipper Single-State Insured Municipal Debt Funds
Average represents the overall average of returns for funds from eight
different states with a wide variety of municipal market conditions. Fund
and Lipper returns assume reinvestment of dividends.
(5) The Standard & Poor's (S&P) Insured Municipal Bond Index is an
unleveraged, market value-weighted national index designed to measure the
performance of the insured U.S. municipal bond market. This index does not
reflect any initial or ongoing expenses and is not available for direct
investment.
(6) The Barclays Capital (formerly Lehman Brothers) Insured Municipal Bond
Index is an unleveraged, unmanaged national index comprising a broad range
of insured municipal bonds. Results for the Barclays Capital index do not
reflect any expenses, and the index is not available for direct
investment.
Nuveen Investments 5
two years posting the weakest returns for the period. Overall, duration
positioning was a positive contributor to these Funds' returns, due largely to
the fact that they were generally underweighted in the underperforming shorter
part of the yield curve. NVN and NUN had the longest durations, which was
especially beneficial for their performances. As previously mentioned, NRK used
derivative positions during the first half of this period to synthetically
lengthen its duration. This had a positive impact on NRK's total return
performance for the twelve months, helping to partially offset the negative
impact of this Fund's greater exposure to the shorter end of the yield curve.
NKO also had heavier exposure to shorter bonds than the other four Funds.
While duration played an important role in performance during these twelve
months, credit exposure was also a significant factor. As noted earlier, demand
for municipal bonds increased among both institutional and individual investors
during this period. This increase was driven by a variety of factors, including
concerns about potential tax increases, the need to rebalance portfolio
allocations, and a growing appetite for additional risk. At the same time, the
supply of new municipal paper declined. As investors bid up municipal bond
prices, lower-rated and non-rated bonds generally outperformed those rated AAA.
In this environment, the Funds' performances benefited from their allocations of
bonds rated A and BBB and non-rated bonds.
Holdings that generally contributed positively to the Funds' performances during
this period included industrial development revenue (IDR), housing, water and
sewer, education and health care bonds, all of which outperformed the general
municipal market. In general, these Funds had relatively heavy weightings in
health care and education. Zero coupon bonds and credits backed by the 1998
master tobacco settlement agreement were also among the strongest performers.
Pre-refunded bonds, which are often backed by U.S. Treasury securities and which
had been one of the top performing segments of the municipal bond market over
the past two years, performed especially poorly during this period. This was due
primarily to their shorter effective maturities and higher credit quality. These
Funds were generally underweighted in this category, which lessened the negative
impact of these holdings. Other market segments that detracted from performance
included resource recovery and leasing bonds, the only two revenue sectors that
failed to outperform the overall municipal market during this period. General
obligation bonds also struggled to keep pace with the municipal market return
during these past twelve months.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of these Funds relative to the
comparative indexes was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total returns for common shareholders.
However, use of leverage also can expose common shareholders to additional
risk--especially when market conditions are unfavorable. For example, as the
prices of securities held by a Fund declines, the negative impact of these
valuation changes on common share net asset value and common shareholder total
return is magnified by the use of leverage. Conversely, leverage may enhance
common share returns during periods when bond prices generally are rising.
6 Nuveen Investments
Over the early part of this period, leverage hampered the performance of the
Funds using this strategy. However, leverage made a significant positive
contribution to these Funds returns over much of 2009, which can be seen in
their twelve-month performance shown on page five.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES AND FUND POLICY CHANGES
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, all bond
insurers 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 AAA by more than one of the major rating agencies (Moody's
Investor Service, S&P and Fitch) and at least one rating agency has placed each
insurer on "negative credit watch," "credit outlook/watch developing" "credit
outlook/watch negative," "credit watch evolving," "rating withdrawn" or
"regulatory supervision" which may presage one or more rating reductions for any
insurer in the future. As concern increased about the balance sheets of
insurers, prices on insured bonds - especially those bonds issued by weaker
underlying credits - declined, detracting from the Funds' performances. 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
these Funds continued to be well diversified and it is important to note that
municipal bonds historically have had a very low rate of default.
During March 2008, the Nuveen Funds' Board of Directors/Trustees approved
changes to the investment policies of all the Nuveen insured municipal
closed-end Funds. The new policies require that (1) at least 80% of the Fund's
net assets be invested in insured municipal bonds guaranteed by insurers rated
"A" or better by at least one rating agency at the time of purchase; (2) at
least 80% of the Fund's net assets must be invested in municipal bonds rated
"AA" or better by at least one rating agency (with or without insurance), deemed
to be of comparable quality by the Adviser, or backed by an escrow or trust
containing sufficient U.S. Government or Government agency securities at the
time of purchase; and (3) up to 20% of the Fund's net assets may be invested in
uninsured municipal bonds rated "A" to "BBB" by at least one rating agency or
deemed to be of comparable quality by the Adviser at the time of purchase. These
policy changes are designed to increase portfolio manager flexibility and retain
the insured nature of the funds' investment portfolios for current and future
environments.
Nuveen Investments 7
RECENT DEVELOPMENTS REGARDING THE FUND'S LEVERAGED CAPITAL STRUCTURE
As noted in the last several shareholder reports, the auction rate preferred
shares issued by many closed-end funds, including these Nuveen Funds, have been
hampered by a lack of liquidity since February 2008. Since that time, more
auction rate preferred shares have been submitted for sale in their regularly
scheduled auctions than there have been offers to buy. In fact, offers to buy
have been almost completely non-existent since late February, 2008. This means
that these auctions have "failed to clear," and that many, or all, of the
auction rate preferred shareholders who wanted to sell their shares in these
auctions were unable to do so. This lack of 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 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. In the recent
market, with short-term rates at multi-generational lows, those maximum rates
also have been low.
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
8 Nuveen Investments
As noted in the last several shareholder reports, 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. The amount of TOBs that a Fund may
use varies according to the composition of each Fund's portfolio. Some Funds
have a greater ability to use TOBs than others. As of September 30, 2009, the
amounts of auction rate preferred securities redeemed, at par, by each of the
Funds are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
--------------------------------------------------------------------------------
NQN $ 32,500,000 22.57%
NVN $ 29,100,000 15.08%
NUN $ 36,225,000 18.39%
NNF $ 14,650,000 22.54%
NKO $ 61,000,000 100.00%
NRK $ -- --%
--------------------------------------------------------------------------------
As noted in past shareholder reports, 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 newly-developed instrument
that essentially replaced the auction rate preferred shares used as leverage in
NKO, and potentially, could be used to refinance the auction rate preferred
shares of other Funds. The holder of VRDP has a right to put the shares to an
external liquidity provider, whose fees are paid by the Fund and its common
shareholders. VRDP is offered only to qualified institutional buyers, defined
pursuant to Rule 144A under the Securities Act of 1933. As of September 30,
2009, NKO had issued $50 million of VRDP.
As of September 30, 2009, 78 out of 88 Nuveen closed-end municipal funds have
redeemed, at par, all or 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 $2.3
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.
Nuveen Investments 9
Common Share Dividend and Share Price Information
During the twelve-month reporting period ended September 30, 2009, NQN and NUN
each had three monthly dividend increases; NVN, NNF, and NKO each had two
increases; and NRK had one increase.
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
FUND (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 September 30, 2009, all of
the Funds in this report had positive UNII balances for both tax and financial
statement purposes.
As of September 30, 2009, the following Funds cumulatively repurchased common
shares as shown in the accompanying table.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
--------------------------------------------------------------------------------
NQN 105,600 0.6%
NVN 118,000 0.5%
NUN 158,100 0.7%
NNF 73,000 0.9%
NKO 27,000 0.3%
NRK 6,800 0.2%
--------------------------------------------------------------------------------
10 Nuveen Investments
During the twelve-month reporting period, the following Funds repurchased common
shares at a weighted average price and a weighted average discount per common
share as shown in the accompanying table.
WEIGHTED AVERAGE WEIGHTED AVERAGE
COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE
FUND REPURCHASED REPURCHASED REPURCHASED
---------------------------------------------------------------------------------------------------
NQN 83,900 $ 11.16 18.61%
NVN 112,400 $ 11.07 19.98%
NUN 150,400 $ 10.93 19.94%
NNF 73,000 $ 11.34 19.17%
NKO 27,000 $ 11.28 19.06%
NRK 6,800 $ 11.41 18.03%
---------------------------------------------------------------------------------------------------
As of September 30, 2009, the Funds' common share prices were trading at (-)
discounts to their common share NAVs as shown in the accompanying table.
9/30/09 TWELVE-MONTH AVERAGE
FUND (-) DISCOUNT (-) DISCOUNT
--------------------------------------------------------------------------------
NQN -6.30% -14.35%
NVN -10.47% -16.50%
NUN -9.70% -16.35%
NNF -10.79% -16.90%
NKO -7.25% -15.94%
NRK -9.75% -13.61%
--------------------------------------------------------------------------------
Nuveen Investments 11
NQN Performance OVERVIEW | Nuveen New York Investment Quality Municipal Fund,
Inc. as of September 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.13
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.08
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.30%
--------------------------------------------------------------------------------
Market Yield 5.31%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 7.91%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 264,170
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.64
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.78
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 39.45% 19.74%
--------------------------------------------------------------------------------
5-Year 4.73% 4.35%
--------------------------------------------------------------------------------
10-Year 6.20% 6.92%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 33.5%
--------------------------------------------------------------------------------
Health Care 14.5%
--------------------------------------------------------------------------------
Transportation 10.8%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.7%
--------------------------------------------------------------------------------
Tax Obligation/General 10.2%
--------------------------------------------------------------------------------
Utilities 4.9%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 5.2%
--------------------------------------------------------------------------------
Other 10.2%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(5) 28.6%
--------------------------------------------------------------------------------
AMBAC 28.0%
--------------------------------------------------------------------------------
FGIC 20.9%
--------------------------------------------------------------------------------
FSA 17.5%
--------------------------------------------------------------------------------
Other 5.0%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 98%
U.S. Guaranteed* 2%
* U.S. Guaranteed includes 2% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Oct $ 0.052
Nov 0.052
Dec 0.052
Jan 0.052
Feb 0.052
Mar 0.056
Apr 0.056
May 0.0615
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0625
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 10.76
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
11.75
11.86
11.94
12
12.27
12.54
12.52
12.61
12.59
12.95
12.09
12.4
12.7
12.5
12.8199
12.73
13.03
13.33
13.38
13.27
13.98
14.23
14.34
14.14
14
14.026
9/30/09 14.13
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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) MBIA's public finance subsidiary.
12 Nuveen Investments
NVN Performance OVERVIEW | Nuveen New York Select Quality Municipal Fund, Inc.
as of September 30, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 92%
U.S. Guaranteed* 8%
* U.S. Guaranteed includes 8% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Oct $ 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Apr 0.0545
May 0.0595
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.062
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 10.7699
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
11.61
11.68
11.63
11.71
12.07
12.26
12.14
12.19
12.21
12.22
12
11.98
12.25
12.16
12.33
12.38
12.76
13.084
13.18
13.25
13.27
13.42
13.61
13.6
13.73
13.8664
9/30/09 13.76
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.76
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.37
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.47%
--------------------------------------------------------------------------------
Market Yield 5.41%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.06%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 356,491
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 15.48
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.58
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 36.22% 20.98%
--------------------------------------------------------------------------------
5-Year 4.29% 4.54%
--------------------------------------------------------------------------------
10-Year 5.48% 6.75%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 31.4%
--------------------------------------------------------------------------------
Health Care 12.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 11.7%
--------------------------------------------------------------------------------
Tax Obligation/General 10.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 8.1%
--------------------------------------------------------------------------------
Utilities 7.7%
--------------------------------------------------------------------------------
Transportation 5.7%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 3.8%
--------------------------------------------------------------------------------
Other 8.3%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(5) 32.7%
--------------------------------------------------------------------------------
AMBAC 32.0%
--------------------------------------------------------------------------------
FGIC 16.1%
--------------------------------------------------------------------------------
FSA 16.1%
--------------------------------------------------------------------------------
Other 3.1%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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) MBIA's public finance subsidiary.
Nuveen Investments 13
NUN Performance OVERVIEW | Nuveen New York Quality Income Municipal Fund, Inc.
as of September 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.68
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.15
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.70%
--------------------------------------------------------------------------------
Market Yield 5.35%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 7.97%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 359,827
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.27
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.39
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 38.91% 20.46%
--------------------------------------------------------------------------------
5-Year 4.51% 4.46%
--------------------------------------------------------------------------------
10-Year 5.53% 6.48%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 32.5%
--------------------------------------------------------------------------------
Education and Civic Organizations 13.4%
--------------------------------------------------------------------------------
Health Care 9.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 9.5%
--------------------------------------------------------------------------------
Transportation 9.5%
--------------------------------------------------------------------------------
Tax Obligation/General 9.0%
--------------------------------------------------------------------------------
Utilities 7.1%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 2.6%
--------------------------------------------------------------------------------
Other 6.5%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(5) 30.6%
--------------------------------------------------------------------------------
AMBAC 25.7%
--------------------------------------------------------------------------------
FSA 21.5%
--------------------------------------------------------------------------------
FGIC 19.8%
--------------------------------------------------------------------------------
Other 2.4%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 90%
U.S. Guaranteed* 10%
* U.S. Guaranteed includes 9% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Oct $ 0.0525
Nov 0.0525
Dec 0.0525
Jan 0.0525
Feb 0.0525
Mar 0.054
Apr 0.054
May 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.061
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 10.4
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
11.5
11.7364
11.55
11.75
12.01
12.23
12.12
12.1
12.2
12.11
11.9532
11.93
12.11
12.17
12.16
12.32
12.76
12.93
12.96
12.97
13.16
13.22
13.38
13.44
13.6
13.69
9/30/09 13.68
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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) MBIA's public finance subsidiary.
14 Nuveen Investments
NNF Performance OVERVIEW | Nuveen Insured New York Premium Income Municipal
Fund, Inc. as of September 30, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 95%
U.S. Guaranteed* 5%
* U.S. Guaranteed includes 5% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Oct $ 0.0505
Nov 0.0505
Dec 0.0505
Jan 0.0505
Feb 0.0505
Mar 0.0505
Apr 0.0505
May 0.055
Jun 0.055
Jul 0.055
Aug 0.055
Sep 0.056
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 10.96
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
11.42
11.7199
11.72
11.96
12.11
12.34
12.4
12.2
12.25
12.2
12
12
12.1
12.06
12.25
12.34
12.6
13.23
13.1
13.26
13.27
13.44
13.58
13.6
13.81
13.76
9/30/09 13.64
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.64
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.29
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -10.79%
--------------------------------------------------------------------------------
Market Yield 4.93%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 7.35%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 126,259
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.67
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.78
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 30.31% 19.42%
--------------------------------------------------------------------------------
5-Year 3.74% 4.39%
--------------------------------------------------------------------------------
10-Year 5.53% 6.49%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 35.8%
--------------------------------------------------------------------------------
Health Care 14.7%
--------------------------------------------------------------------------------
Education and Civic Organizations 13.4%
--------------------------------------------------------------------------------
Transportation 7.6%
--------------------------------------------------------------------------------
Tax Obligation/General 7.0%
--------------------------------------------------------------------------------
Water and Sewer 6.4%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 3.9%
--------------------------------------------------------------------------------
Other 11.2%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
AMBAC 30.1%
--------------------------------------------------------------------------------
NPFG(5) 25.7%
--------------------------------------------------------------------------------
FSA 22.8%
--------------------------------------------------------------------------------
FGIC 16.2%
--------------------------------------------------------------------------------
SYNCORA 2.8%
--------------------------------------------------------------------------------
Other 2.4%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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) MBIA's public finance subsidiary.
Nuveen Investments 15
NKO Performance OVERVIEW | Nuveen Insured New York Dividend Advantage Municipal
Fund as of September 30, 2009
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 14.07
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.17
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.25%
--------------------------------------------------------------------------------
Market Yield 5.42%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 8.08%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 120,406
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 16.44
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.79
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 36.41% 19.41%
--------------------------------------------------------------------------------
5-Year 5.63% 4.89%
--------------------------------------------------------------------------------
Since Inception 5.31% 6.64%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 27.6%
--------------------------------------------------------------------------------
Health Care 15.6%
--------------------------------------------------------------------------------
Education and Civic Organizations 14.1%
--------------------------------------------------------------------------------
Transportation 9.6%
--------------------------------------------------------------------------------
Tax Obligation/General 9.5%
--------------------------------------------------------------------------------
Utilities 7.6%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 3.2%
--------------------------------------------------------------------------------
Other 12.8%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(6) 26.3%
--------------------------------------------------------------------------------
AMBAC 26.1%
--------------------------------------------------------------------------------
FGIC 22.0%
--------------------------------------------------------------------------------
FSA 21.3%
--------------------------------------------------------------------------------
Other 4.3%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 86%
U.S. Guaranteed* 5%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 4%
BBB (Uninsured) 3%
* U.S. Guaranteed includes 2% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(5)
[BAR CHART]
Oct $ 0.055
Nov 0.055
Dec 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Apr 0.055
May 0.062
Jun 0.062
Jul 0.062
Aug 0.062
Sep 0.0635
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 10.974
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
11.5
11.57
11.71
11.97
12.49
12.31
12.3801
12.27
12.31
12.4499
12.3
12.12
12.21
12.3001
12.42
12.42
12.6701
13.14
12.9
12.89
13.08
13.13
13.47
13.46
13.62
14.031
9/30/09 14.0727
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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.
(6) MBIA's public finance subsidiary.
16 Nuveen Investments
NRK Performance OVERVIEW | Nuveen Insured New York Tax-Free Advantage Municipal
Fund as of September 30, 2009
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2,3)
[PIE CHART]
Insured 77%
U.S. Guaranteed* 14%
FHA/FNMA/GNMA Guaranteed 1%
AA (Uninsured) 4%
BBB (Uninsured) 4%
* U.S. Guaranteed includes 9% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2008-2009 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE(5)
[BAR CHART]
Oct $ 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Apr 0.0545
May 0.0545
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.058
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
10/01/08 $ 11.75
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
11.72
12.0702
11.7001
12.37
12.69
12.65
12.4
12.633
12.7743
12.93
12.6
12.25
12.43
12.25
12.382
12.68
12.92
13.35
13.33
13.1
13.45
13.7499
13.65
13.4901
13.8501
13.71
9/30/09 13.6963
FUND SNAPSHOT
--------------------------------------------------------------------------------
Common Share Price $ 13.70
--------------------------------------------------------------------------------
Common Share Net Asset Value $ 15.18
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -9.75%
--------------------------------------------------------------------------------
Market Yield 5.08%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(4) 7.57%
--------------------------------------------------------------------------------
Net Assets Applicable to Common Shares ($000) $ 53,223
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 13.95
--------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.24
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
1-Year 25.65% 19.67%
--------------------------------------------------------------------------------
5-Year 5.39% 5.48%
--------------------------------------------------------------------------------
Since Inception 4.08% 6.01%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Tax Obligation/Limited 31.4%
--------------------------------------------------------------------------------
Education and Civic Organizations 15.8%
--------------------------------------------------------------------------------
Health Care 14.8%
--------------------------------------------------------------------------------
U.S. Guaranteed 13.3%
--------------------------------------------------------------------------------
Tax Obligation/General 7.1%
--------------------------------------------------------------------------------
Euro Dollar Time Deposit 7.3%
--------------------------------------------------------------------------------
Other 10.3%
--------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
--------------------------------------------------------------------------------
NPFG(6) 31.1%
--------------------------------------------------------------------------------
AMBAC 28.8%
--------------------------------------------------------------------------------
FGIC 18.0%
--------------------------------------------------------------------------------
AGC 7.6%
--------------------------------------------------------------------------------
FSA 7.5%
--------------------------------------------------------------------------------
RAAI 4.9%
--------------------------------------------------------------------------------
Other 2.1%
--------------------------------------------------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds whose insurer has experienced downgrades as of the end of
the reporting period. Please see the Portfolio Manager's Comments 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 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.
(6) MBIA's public finance subsidiary.
Nuveen Investments 17
NQN NVN NUN | Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments
on May 15, 2009; at this meeting the shareholders were asked to vote on the
election of Board Members, the elimination of Fundamental Investment Policies
and the approval of new Fundamental Investment Policies. The meeting was
subsequently adjourned to June 17, 2009, and additionally adjourned to July 24,
2009; the meeting for NUN, NKO and NRK was adjourned to July 31, 2009, and
additionally to August 14, 2009 for NUN and NRK, and additionally to September
1, 2009 for NRK.
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
COMMODITIES.
For 8,874,988 2,940 11,783,831 3,706 12,167,236 3,810
Against 878,978 254 1,402,294 639 1,480,969 426
Abstain 412,594 6 514,095 20 615,244 29
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO COMMODITIES FOR THE FUND.
For 8,839,860 2,940 11,802,904 3,708 12,140,325 3,810
Against 890,758 254 1,392,540 639 1,474,751 426
Abstain 435,942 6 504,776 18 648,373 29
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO SHORT
SALES.
For 8,851,287 2,940 11,889,335 3,708 12,209,098 3,808
Against 872,611 254 1,333,237 639 1,428,376 430
Abstain 442,662 6 477,648 18 625,975 27
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
DERIVATIVES.
For 8,823,958 2,940 11,849,191 3,710 12,229,867 3,808
Against 886,451 254 1,369,408 637 1,439,868 430
Abstain 456,151 6 481,621 18 593,714 27
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY PROHIBITING
INVESTMENT IN OTHER INVESTMENT COMPANIES.
For 8,831,903 2,940 11,993,378 3,709 12,297,670 3,810
Against 869,286 254 1,203,054 638 1,362,519 428
Abstain 465,371 6 503,788 18 603,260 27
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN MUNICIPAL BONDS RATED
WITHIN THE FOUR HIGHEST GRADES.
For -- -- 11,900,335 3,713 12,191,626 3,841
Against -- -- 1,310,347 634 1,440,296 397
Abstain -- -- 489,538 18 631,527 27
Broker Non-Votes -- -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
18 Nuveen Investments
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN MUNICIPAL BONDS COVERED BY
INSURANCE OR BACKED BY AN ESCROW
OR TRUST.
For 8,869,056 2,983 -- -- -- --
Against 826,420 211 -- -- -- --
Abstain 471,084 6 -- -- -- --
Broker Non-Votes 2,974,443 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING INVESTMENT
IN MUNICIPAL OBLIGATIONS BACKED BY AN
ESCROW OR TRUST ACCOUNT.
For 8,869,056 2,983 -- -- -- --
Against 826,420 211 -- -- -- --
Abstain 471,084 6 -- -- -- --
Broker Non-Votes 2,974,443 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT SECURITIES COVERED BY
INSURANCE OR BACKED BY AN ESCROW OR
TRUST.
For 8,869,056 2,983 11,987,991 3,713 12,251,599 3,845
Against 826,420 211 1,196,300 634 1,372,248 395
Abstain 471,084 6 515,929 18 639,602 25
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO OBTAINING
POLICIES OF PORTFOLIO INSURANCE.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN COLLATERALIZED
OBLIGATIONS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
Nuveen Investments 19
NQN NVN NUN | Shareholder Meeting Report (continued)
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO INSURED
MUNICIPAL OBLIGATIONS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT MUNICIPAL BONDS COVERED BY
INSURANCE.
For
Against
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT SECURITIES.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO TAX-EXEMPT SECURITIES.
For 8,981,046 2,983 11,999,224 3,713 12,316,282 3,844
Against 754,621 211 1,132,755 634 1,246,172 393
Abstain 430,893 6 568,241 18 700,995 28
Broker Non-Votes 2,974,443 -- 3,423,705 559 3,613,161 --
------------------------------------------------------------------------------------------------------------------------------------
Total 13,141,003 3,200 17,123,925 4,924 17,876,610 4,265
====================================================================================================================================
20 Nuveen Investments
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS
REACHED AS FOLLOWS:
John P. Amboian
For 10,991,208 -- 14,787,391 -- 14,889,519 --
Withhold 611,423 -- 1,014,022 -- 1,192,969 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
Robert P. Bremner
For 10,965,539 -- 14,718,190 -- 14,833,165 --
Withhold 637,092 -- 1,083,223 -- 1,249,323 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
Jack B. Evans
For 10,968,192 -- 14,734,896 -- 14,826,448 --
Withhold 634,439 -- 1,066,517 -- 1,256,040 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
William C. Hunter
For -- 1,864 -- 3,025 -- 3,381
Withhold -- 181 -- 476 -- 237
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,045 -- 3,501 -- 3,618
====================================================================================================================================
David J. Kundert
For 10,968,933 -- 14,777,170 -- 14,892,270 --
Withhold 633,698 -- 1,024,243 -- 1,190,218 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
William J. Schneider
For -- 1,864 -- 3,025 -- 3,381
Withhold -- 181 -- 476 -- 237
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,045 -- 3,501 -- 3,618
====================================================================================================================================
Judith M. Stockdale
For 10,968,088 -- 14,729,441 -- 14,831,857 --
Withhold 634,543 -- 1,071,972 -- 1,250,631 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
Carole E. Stone
For 10,963,320 -- 14,741,632 -- 14,838,843 --
Withhold 639,311 -- 1,059,781 -- 1,243,645 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
Terence J. Toth
For 10,976,600 -- 14,787,138 -- 14,883,822 --
Withhold 626,031 -- 1,014,275 -- 1,198,666 --
------------------------------------------------------------------------------------------------------------------------------------
Total 11,602,631 -- 15,801,413 -- 16,082,488 --
====================================================================================================================================
Nuveen Investments 21
NNF NKO NRK | Shareholder Meeting Report (continued)
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
COMMODITIES.
For 4,243,518 1,306 -- -- -- --
Against 406,299 107 -- -- -- --
Abstain 240,988 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO COMMODITIES FOR THE FUND.
For 4,239,185 1,306 -- -- -- --
Against 408,143 107 -- -- -- --
Abstain 243,477 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO SHORT
SALES.
For 4,214,202 1,306 -- -- -- --
Against 415,390 107 -- -- -- --
Abstain 261,213 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
DERIVATIVES.
For 4,215,858 1,306 -- -- -- --
Against 406,160 107 -- -- -- --
Abstain 268,787 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY PROHIBITING
INVESTMENT IN OTHER INVESTMENT
COMPANIES.
For 4,221,076 1,306 -- -- -- --
Against 423,964 107 -- -- -- --
Abstain 245,764 4 -- -- -- --
Broker Non-Votes 1,487,859 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN MUNICIPAL BONDS
RATED WITHIN THE FOUR HIGHEST GRADES.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
22 Nuveen Investments
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN MUNICIPAL BONDS
COVERED BY INSURANCE OR BACKED
BY AN ESCROW OR TRUST.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING INVESTMENT
IN MUNICIPAL OBLIGATIONS BACKED BY AN
ESCROW OR TRUST ACCOUNT.
For 4,211,657 1,309 -- -- -- --
Against 412,752 104 -- -- -- --
Abstain 266,396 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT SECURITIES COVERED BY
INSURANCE OR BACKED BY AN ESCROW
OR TRUST.
For 4,221,137 1,309 -- -- -- --
Against 419,415 104 -- -- -- --
Abstain 250,253 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO OBTAINING
POLICIES OF PORTFOLIO INSURANCE.
For 4,218,668 1,309 -- -- -- --
Against 407,263 104 -- -- -- --
Abstain 264,874 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
INVESTMENT IN COLLATERALIZED
OBLIGATIONS.
For 4,202,568 1,306 -- -- -- --
Against 422,362 107 -- -- -- --
Abstain 265,875 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
Nuveen Investments 23
NNF NKO NRK | Shareholder Meeting Report (continued)
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO INSURED
MUNICIPAL OBLIGATIONS.
For 4,208,691 1,309 -- -- -- --
Against 427,945 104 -- -- -- --
Abstain 254,169 4 -- -- -- --
Broker Non-Votes 1,487,858 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT MUNICIPAL BONDS COVERED BY
INSURANCE.
For -- -- 3,984,590 477 -- --
Against -- -- 320,342 -- -- --
Abstain -- -- 210,752 -- -- --
Broker Non-Votes -- -- 1,463,090 -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 5,978,774 477 -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUND'S
FUNDAMENTAL POLICY RELATING TO
TAX-EXEMPT SECURITIES.
For -- -- 4,012,355 -- 1,649,785 691
Against -- -- 311,327 -- 188,174 61
Abstain -- -- 192,002 -- 94,056 5
Broker Non-Votes -- -- 1,463,090 -- 483,008 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 5,978,774 -- 2,415,023 757
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO TAX-EXEMPT SECURITIES.
For 4,242,459 1,309 -- 477 1,653,068 691
Against 396,767 104 -- -- 181,870 61
Abstain 251,579 4 -- -- 97,077 5
Broker Non-Votes 1,487,858 -- -- -- 483,008 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,378,663 1,417 -- 477 2,415,023 757
====================================================================================================================================
24 Nuveen Investments
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS
REACHED AS FOLLOWS:
John P. Amboian
For 5,456,572 -- -- -- -- --
Withhold 399,388 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- -- -- -- --
====================================================================================================================================
Robert P. Bremner
For 5,436,886 -- 4,907,087 -- 1,943,709 --
Withhold 419,074 -- 303,341 -- 179,546 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- 5,210,428 -- 2,123,255 --
====================================================================================================================================
Jack B. Evans
For 5,442,732 -- 4,907,587 -- 1,945,307 --
Withhold 413,228 -- 302,841 -- 177,948 --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- 5,210,428 -- 2,123,255 --
====================================================================================================================================
William C. Hunter
For -- 793 -- 477 -- 656
Withhold -- 83 -- -- -- 85
------------------------------------------------------------------------------------------------------------------------------------
Total -- 876 -- 477 -- 741
====================================================================================================================================
David J. Kundert
For 5,459,246 -- -- -- -- --
Withhold 396,714 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- -- -- -- --
====================================================================================================================================
William J. Schneider
For -- 793 -- 477 -- 656
Withhold -- 83 -- -- -- 85
------------------------------------------------------------------------------------------------------------------------------------
Total -- 876 -- 477 -- 741
====================================================================================================================================
Judith M. Stockdale
For 5,439,100 -- -- -- -- --
Withhold 416,860 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- -- -- -- --
====================================================================================================================================
Carole E. Stone
For 5,437,262 -- -- -- -- --
Withhold 418,698 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- -- -- -- --
====================================================================================================================================
Terence J. Toth
For 5,456,172 -- -- -- -- --
Withhold 399,788 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 5,855,960 -- -- -- -- --
====================================================================================================================================
Nuveen Investments 25
Report of Independent Registered Public Accounting Firm
THE BOARDS OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Investment Quality Municipal
Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York
Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income
Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund
and Nuveen Insured New York Tax-Free Advantage Municipal Fund (the "Funds") as
of September 30, 2009, and the related statements of operations and cash flows
(Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select
Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund,
Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., and Nuveen
Insured New York Dividend Advantage Municipal Fund only) for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of September 30, 2009, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select
Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund,
Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen
Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York
Tax-Free Advantage Municipal Fund at September 30, 2009, the results of their
operations and cash flows (Nuveen New York Investment Quality Municipal Fund,
Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York
Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income
Municipal Fund, Inc., and Nuveen Insured New York Dividend Advantage Municipal
Fund only) for the year then ended, the changes in their net assets for each of
the two years in the period then ended, and the financial highlights for each of
the five years in the period then ended in conformity with US generally accepted
accounting principles.
[Ernst & Young LLP]
Chicago, Illinois
November 25, 2009
26 Nuveen Investments
NQN | Nuveen New York Investment Quality Municipal Fund, Inc.
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.5% (10.7% OF TOTAL
INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 1/10 at 101.00 A $ 3,531,010
Bonds, Culinary Institute of America, Series 1999, 5.000%,
7/01/22 - NPFG Insured
2,070 Dormitory Authority of the State of New York, 853 Schools 1/10 at 100.50 N/R 2,085,401
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
935 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 1,006,836
Bonds, Fashion Institute of Technology, Series 2007,
5.250%, 7/01/34 - FGIC Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 1/10 at 100.50 A 6,551,545
Bonds, New York Medical College, Series 1998, 5.000%,
7/01/21 - NPFG Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 Aa3 2,060,440
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- 3,279,000
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- 1,770,655
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - NPFG Insured
2,080 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,165,654
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
550 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A 578,083
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 1,156,475
Canisius College, Series 2005, 5.000%, 7/01/21 - NPFG
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 650,170
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 518,765
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AA- 4,978,620
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 BBB 2,304,629
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- 893,578
6,080 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 6,044,432
3,685 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 3,262,994
740 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 785,318
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
42,835 Total Education and Civic Organizations 43,623,605
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.5% (14.5% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
620 5.250%, 8/01/19 - AMBAC Insured 2/10 at 101.00 N/R 627,217
4,000 5.500%, 8/01/38 - AMBAC Insured 2/10 at 101.00 N/R 4,044,920
6,875 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 6,885,656
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 1,938,028
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 2,688,686
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 A 3,762,548
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
Nuveen Investments 27
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,500 Dormitory Authority of the State of New York, Hospital Revenue 1/10 at 101.00 A $ 1,515,825
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22
- NPFG Insured
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 1/10 at 101.00 A 8,060,960
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - NPFG Insured
1,325 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,449,166
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 6,360,240
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - NPFG Insured
2,035 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,226,941
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, 11/09 at 100.50 A 1,824,855
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - NPFG Insured
1,585 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,643,122
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 Baa1 8,810,502
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, 2/10 at 100.00 A+ 2,017,940
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+ 3,286,553
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 2,186,982
------------------------------------------------------------------------------------------------------------------------------------
57,410 Total Health Care 59,330,141
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.2% (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+ 1,387,538
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,378,363
5,740 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 6,095,650
420 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 395,678
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
450 New York State Housing Finance Agency, Affordable Housing 5/19 at 100.00 Aa2 453,474
Revenue Bonds, Series 2009B, 4.500%, 11/01/29
30 New York State Housing Finance Agency, FHA-Insured Multifamily 2/10 at 100.00 A 30,070
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 11/09 at 100.00 AAA 1,496,437
2,540 6.125%, 11/01/20 - FSA Insured 11/09 at 100.00 AAA 2,543,327
------------------------------------------------------------------------------------------------------------------------------------
13,130 Total Housing/Multifamily 13,780,537
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.9% (10.2% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 A+ 3,084,480
Revenue Bond Financing Program, Peekskill City School
District, Series 2005D, 5.000%, 10/01/33 - NPFG Insured
1,200 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Baa2 1,258,644
5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Baa1 684,143
5.250%, 4/01/13 - NPFG Insured
2,000 Hempstead Town, New York, General Obligation Bonds, Series 1/11 at 101.00 Aa1 2,130,600
2001A, 5.250%, 1/15/14 - NPFG Insured
10,735 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 10,600,061
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,000 Monroe County, New York, General Obligation Public Improvement 3/12 at 100.00 A $ 1,045,930
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 2,524,227
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
3,000 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 3,283,680
2,300 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 2,509,415
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
500 5.375%, 4/15/18 - NPFG Insured 10/09 at 102.00 A+ 511,350
500 5.375%, 4/15/19 - NPFG Insured 10/09 at 102.00 A+ 511,285
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 1,895,652
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 2,020,785
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aa3 1,361,920
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 1,869,043
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 A 6,567,028
5.000%, 8/01/16 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
39,510 Total Tax Obligation/General 41,858,243
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 50.1% (32.3% OF TOTAL INVESTMENTS)
1,575 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 1,686,038
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 - CIFG
Insured
1,340 Dormitory Authority of the State of New York, Insured Revenue 1/10 at 101.00 N/R 1,357,661
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 Revenue 1/10 at 101.00 A 2,027,360
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,060,640
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 1,605,600
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 2,588,726
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- 2,382,117
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,273,560
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 4,837,360
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - NPFG Insured
3,135 Dormitory Authority of the State of New York, Secured Hospital 2/10 at 100.00 A1 3,147,916
Insured Revenue Bonds, Southside Hospital, Series 1998,
5.000%, 2/15/25 - NPFG Insured
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 412,815
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 1,095,020
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,303,344
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 1,376,443
1,780 5.750%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 1,987,975
Nuveen Investments 29
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,630 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA $ 6,183,992
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 Tax 11/12 at 100.00 AAA 6,297,120
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 2,936,364
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,250 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 1,327,825
2,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 2,115,840
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,063,100
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 4,188,694
4,500 Metropolitan Transportation Authority, New York, State Service No Opt. Call AAA 5,415,435
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 5,597,562
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 2,318,357
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,396,559
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,391,169
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 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,372,062
1,600 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 1,718,816
6,640 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 7,060,312
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,581,510
1,435 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 1,559,285
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 -
AMBAC Insured
1,660 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,801,299
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
NPFG Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 2,229,100
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
SYNCORA GTY Insured
3,910 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 4,188,470
Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%,
2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bonds Trust 3095:
700 13.010%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 849,499
3,195 12.996%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 3,705,401
3,000 New York State Local Government Assistance Corporation, Revenue No Opt. Call AAA 3,471,840
Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured (UB)
1,500 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 1,581,045
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 9,034,400
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,657,005
1,750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,884,698
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- 6,745,095
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,067,220
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,789,350
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA $ 1,060,660
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,002,880
Certificates of Participation, High School Facility, Series
2005, 5.000%, 6/15/28 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, Revenue 10/10 at 102.00 Baa1 1,504,999
Bonds, Hampton Bays Public Library, Series 1999A, 6.000%,
10/01/19 - NPFG Insured
2,770 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 2,012,156
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
122,250 Total Tax Obligation/Limited 132,251,694
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 16.6% (10.8% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 2,188,700
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+ 2,125,789
5,360 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 5,588,122
710 New York State Thruway Authority, General Revenue Bonds, Series 1/18 at 100.00 A+ 782,519
2007H, 5.000%, 1/01/25 - FGIC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 10/09 at 101.00 A 2,310,994
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG 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 2,340,811
2,625 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 2,827,650
1,475 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,573,235
870 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 1,141,945
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
16.962%, 8/15/32 - FSA Insured (IF)
5,025 Port Authority of New York and New Jersey, Special Project 12/09 at 100.00 A 4,860,331
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 5.750%, 12/01/25 - NPFG Insured (Alternative Minimum
Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
3,300 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 1/10 at 100.00 BBB- 3,309,405
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 1/10 at 100.00 BBB- 11,510,810
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 961,514
2,300 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 2,436,689
------------------------------------------------------------------------------------------------------------------------------------
42,280 Total Transportation 43,958,514
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 3.5% (2.3% OF TOTAL INVESTMENTS) (4)
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 AAA 68,176
10 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,486
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) 81,857
25 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA- (4) 27,271
770 Dormitory Authority of the State of New York, Judicial No Opt. Call Aaa 928,967
Facilities Lease Revenue Bonds, Suffolk County Issue, Series
1986, 7.375%, 7/01/16 - BIGI Insured (ETM)
945 Metropolitan Transportation Authority, New York, Commuter 11/09 at 100.00 N/R (4) 948,128
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,090 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA 6,025,542
Fund Bonds, Series 1998A, 5.000%, 4/01/23 (Pre-refunded
10/01/15) - FGIC Insured
1,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 1,164,410
Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,980 Total U.S. Guaranteed 9,254,837
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 31
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.6% (4.9% OF TOTAL INVESTMENTS)
$ 2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA $ 2,557,275
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 A3 2,787,994
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 A 4,827,836
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 6,487,650
625 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 647,163
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
2,000 New York State Energy Research and Development Authority, 3/10 at 101.00 A 2,002,360
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - NPFG Insured
(Alternative Minimum Tax)
760 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 845,340
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
19,205 Total Utilities 20,155,618
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.5% 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 - NPFG Insured (UB) 6/15 at 100.00 AAA 5,390,198
2,575 5.000%, 6/15/36 - NPFG Insured (UB) 6/16 at 100.00 AAA 2,723,500
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,736,675
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - NPFG Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,127,410
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+ 5,548,087
Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
17,465 Total Water and Sewer 18,525,870
------------------------------------------------------------------------------------------------------------------------------------
$ 362,065 Total Long-Term Municipal Bonds (cost $367,024,174) - 144.9% 382,739,059
(93.6% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 9.8% (6.4% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 1.9% (1.2% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 5,000 Metropolitan Transportation Authority, New York, Dedicated Tax 1/10 at 100.00 A-1 $ 5,000,000
Fund Bonds, Variable Rate Demand Revenue Obligations, Series
2008A, 0.410%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 7.9% (5.2% OF TOTAL INVESTMENTS)
20,962 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 N/A N/A 20,962,331
------------------------------------------------------------------------------------------------------------------------------------
$ 25,962 Total Short-Term Investments (cost $25,962,331) 25,962,331
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $392,986,505) - 154.7% 408,701,390
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (14.1)% (37,145,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 4,113,947
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (42.2)% (6) (111,500,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 264,170,337
====================================================================================================================
At least 80% of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 27.3%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 33
NVN | Nuveen New York Select Quality Municipal Fund, Inc.
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.9% (11.7% OF TOTAL
INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 A3 $ 517,705
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 A3 1,374,911
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 633,601
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AA- 3,024,050
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
1,235 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 1,329,885
Bonds, Fashion Institute of Technology, Series 2007, 5.250%,
7/01/34 - FGIC Insured
695 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 A2 728,242
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- 1,430,096
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AA- 846,416
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AA- 634,812
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 Aa3 2,185,201
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- 2,186,000
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- 1,878,123
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - NPFG Insured
2,790 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,904,892
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
735 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A 772,529
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 - NPFG Insured 7/11 at 101.00 A 1,023,360
2,875 5.250%, 7/01/30 - NPFG Insured 7/11 at 101.00 A 2,891,560
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 876,316
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 699,205
3,545 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 4,089,654
Facility Revenue Bonds, Colgate University, Tender Option
Bond Trust 3127, 12.491%, 7/01/40 - AMBAC Insured (IF)
1,000 Nassau County Industrial Development Agency, New York, Revenue 1/10 at 101.00 A 1,006,320
Refunding Bonds, Hofstra University, Series 1998, 5.000%,
7/01/23 - NPFG Insured
7,250 New York City Industrial Development Agency, New York, Civic 1/10 at 100.50 A 7,313,438
Facility Revenue Bonds, Horace Mann School, Series 1998,
5.000%, 7/01/28 - NPFG Insured
800 New York City Industrial Development Agency, New York, Payment 1/19 at 100.00 AAA 945,672
in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium
Project, Series 2009, 6.375%, 1/01/39 - AGC Insured
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 BBB 1,959,740
3,200 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BBB 3,085,696
1,905 New York City Industrial Development Agency, New York, Revenue 3/19 at 100.00 AAA 2,353,342
Bonds, Yankee Stadium Project Pilot, Series 2009A, 7.000%,
3/01/49 - AGC Insured
34 Nuveen Investments
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:
$ 1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- $ 1,199,804
9,735 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 9,678,050
5,830 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 5,162,348
995 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 1,055,934
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
61,815 Total Education and Civic Organizations 63,786,902
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 19.0% (12.4% OF TOTAL INVESTMENTS)
5,995 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 6,001,595
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 2/10 at 101.00 N/R 5,794,348
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999, 5.500%, 8/01/38 - AMBAC Insured
2,915 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 2,919,518
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 2,596,740
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 A 2,772,218
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 2/10 at 100.00 N/R 6,524,310
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 A 1,064,370
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 Revenue 1/10 at 101.00 A 6,458,163
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24
- NPFG 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 1,044,493
825 5.125%, 7/01/37 - AGC Insured 7/17 at 100.00 AAA 869,418
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 - NPFG Insured 7/13 at 100.00 AA 2,650,100
3,210 5.000%, 7/01/22 - NPFG Insured 7/13 at 100.00 AA 3,392,264
2,820 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,085,982
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 2,197,740
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 N/R 12,422,549
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 Baa1 2,080,303
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+ 2,921,380
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 3,191,952
------------------------------------------------------------------------------------------------------------------------------------
65,950 Total Health Care 67,987,443
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4% (2.8% 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+ 1,658,278
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,647,311
5,445 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,782,372
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 35
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,731 New York City Housing Development Corporation, New York, 10/09 at 105.00 N/R $ 1,822,746
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 508,729
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 11/09 at 100.00 AAA 758,262
3,380 6.125%, 11/01/20 - FSA Insured 11/09 at 100.00 AAA 3,384,428
------------------------------------------------------------------------------------------------------------------------------------
14,791 Total Housing/Multifamily 15,562,126
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)
5,535 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 A 5,697,065
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 - NPFG
Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.7% (10.9% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Baa2 1,573,305
5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Baa1 802,656
5.250%, 4/01/13 - NPFG Insured
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 12/15 at 100.00 A 2,238,020
5.000%, 12/01/18 - NPFG Insured
14,405 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 14,223,924
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
45 New York City, New York, General Obligation Bonds, Fiscal 2/10 at 100.00 AAA 45,217
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 - NPFG Insured 2/10 at 100.50 AA 3,752,902
5,410 5.375%, 8/01/27 - NPFG Insured 2/10 at 100.50 AA 5,443,758
3,920 New York City, New York, General Obligation Bonds, Fiscal 10/09 at 101.00 AA 3,962,454
Series 1999I, 5.000%, 4/15/29 - NPFG Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AA 3,131,640
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 3,182,721
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
3,250 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 3,557,320
1,650 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,800,233
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
100 5.375%, 4/15/18 - NPFG Insured 10/09 at 102.00 A+ 102,270
100 5.375%, 4/15/19 - NPFG Insured 10/09 at 102.00 A+ 102,257
Rensselaer County, New York, General Obligation Bonds, Series
1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AA- 1,210,272
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AA- 1,214,093
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AA- 1,229,894
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AA- 1,259,194
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AA- 1,275,744
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AA- 1,002,325
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - NPFG Insured No Opt. Call A 861,155
735 5.250%, 10/01/21 - NPFG Insured No Opt. Call A 862,148
730 5.250%, 10/01/22 - NPFG Insured No Opt. Call A 855,443
730 5.250%, 10/01/23 - NPFG Insured No Opt. Call A 856,903
730 5.250%, 10/01/24 - NPFG Insured No Opt. Call A 862,159
730 5.250%, 10/01/25 - NPFG Insured No Opt. Call A 865,729
725 5.250%, 10/01/26 - NPFG Insured No Opt. Call A 860,807
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 A 2,296,478
5.000%, 8/01/19 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
55,607 Total Tax Obligation/General 59,431,021
------------------------------------------------------------------------------------------------------------------------------------
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 46.9% (30.5% OF TOTAL INVESTMENTS)
$ 7,145 Dormitory Authority of the State of New York, Insured Revenue 1/10 at 101.00 A $ 7,242,744
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - NPFG Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,877,718
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- 752,839
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,820,130
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 8,333,930
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - NPFG Insured
1,090 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,199,916
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 1,346,875
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,330,497
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 1,813,917
2,390 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,663,751
7,545 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 8,287,428
Facility Revenue Bonds, Buffalo City School District,
5.750%, 5/01/28 - FSA Insured (UB)
7,500 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 7,871,400
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 4,893,940
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
3,000 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 3,186,780
5,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 5,289,600
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,449,931
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 4,142,664
2,000 Metropolitan Transportation Authority, New York, State Service No Opt. Call AAA 2,406,860
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 4,384,600
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,669,450
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,663,007
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 - NPFG Insured (UB) 10/14 at 100.00 AAA 3,924,684
1,960 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,105,550
5,420 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,763,086
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,581,510
5,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 6,013,112
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 - NPFG Insured 11/11 at 101.00 AAA 3,073,603
1,000 5.250%, 5/01/17 - NPFG Insured 11/11 at 101.00 AAA 1,087,760
5,930 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 6,443,597
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,428,979
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
NPFG Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 2,229,100
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
SYNCORA GTY Insured
Nuveen Investments 37
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA $ 3,749,270
Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%,
2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bonds Trust 3095:
835 13.010%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 1,013,331
3,955 12.996%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 4,586,811
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 916,274
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 A 963,396
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 A 1,012,430
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 A 1,047,622
1,650 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,739,150
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 1,088,050
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
NPFG 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 10,392,631
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,657,005
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,076,970
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:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 11,884,214
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,067,220
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,858,530
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 530,330
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 4,548,320
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
3,715 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 2,698,613
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
155,470 Total Tax Obligation/Limited 167,109,125
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.7% (5.7% 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 6,598,440
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 2,088,460
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - NPFG Insured 11/12 at 100.00 A 1,445,551
4,575 5.000%, 11/15/25 - NPFG Insured 11/12 at 100.00 A 4,726,936
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+ 2,854,320
425 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 443,088
955 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 A+ 1,052,544
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 10/09 at 101.00 A 2,511,950
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax)
1,675 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,786,555
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 1,535,719
Revenue Bonds, One Hundred Forty Eighth Series 2008, Trust
2920, 16.962%, 8/15/32 - FSA Insured (IF)
38 Nuveen Investments
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:
$ 1,570 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 $ 1,935,355
3,800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 4,025,834
------------------------------------------------------------------------------------------------------------------------------------
28,630 Total Transportation 31,004,752
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.4% (8.1% 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 Aa3 (4) 2,506,352
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 1,878,509
505 Dormitory Authority of the State of New York, Suffolk County, 10/09 at 106.27 Baa1 (4) 663,040
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
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) 1,096,400
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,096,400
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 N/R (4) 5,080,647
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded 7/01/11) - FGIC Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA 12,865,819
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 4,657,640
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,784,333
820 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 920,516
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
(Pre-refunded 8/01/12) - AMBAC Insured
3,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,332,910
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 Contract 1/11 at 100.00 AAA 6,344,940
Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/23 (Pre-refunded 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
39,635 Total U.S. Guaranteed 44,227,506
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.8% (7.7% 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 2,291,480
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 2,177,120
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 7,713,300
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,456,890
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 2,048,490
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,281,870
3,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 3,068,730
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 A 6,391,034
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 8,146,425
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 776,595
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
6,000 New York State Energy Research and Development Authority, 3/10 at 101.00 A 6,007,080
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - NPFG Insured
(Alternative Minimum Tax)
650 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 722,989
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,645 Total Utilities 42,082,003
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.9% (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 - NPFG Insured (UB) 6/15 at 100.00 AAA 6,343,931
3,455 5.000%, 6/15/36 - NPFG Insured (UB) 6/16 at 100.00 AAA 3,654,250
Nuveen Investments 39
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,302,507
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - NPFG Insured
1,225 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,280,713
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.000%, 6/15/33 (Mandatory put 6/15/10) - NPFG
Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,127,410
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
7,100 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA+ 7,575,274
Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, New No Opt. Call A3 1,244,432
York, Water System Revenue Bonds, Series 2000, 0.000%,
4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
24,175 Total Water and Sewer 24,528,517
------------------------------------------------------------------------------------------------------------------------------------
$ 509,253 Total Long-Term Municipal Bonds (cost $492,134,610) - 146.3% 521,416,460
(95.3% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 7.2% (4.7% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 1.4% (0.9% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 1.4% (0.9% OF TOTAL INVESTMENTS)
5,000 Metropolitan Transportation Authority, New York, Dedicated Tax 1/10 at 100.00 A-1 5,000,000
Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 0.410%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 5.8% (3.8% OF TOTAL INVESTMENTS)
20,658 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 N/A N/A 20,658,103
------------------------------------------------------------------------------------------------------------------------------------
$ 25,658 Total Short-Term Investments (cost $25,658,103) 25,658,103
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $517,792,713) - 153.5% 547,074,563
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.4)% (33,510,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 6,826,651
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.0)% (6) (163,900,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 356,491,214
====================================================================================================================
At least 80% of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 30.0%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
40 Nuveen Investments
NUN | Nuveen New York Quality Income Municipal Fund, Inc.
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.7% (13.4% OF TOTAL
INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 A3 $ 517,705
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 A3 1,113,521
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 633,601
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call A1 6,470,520
Revenue Bonds, City University System, Series 1993A, 5.750%,
7/01/13 - NPFG Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AA- 1,209,620
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
1,265 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 1,362,190
Bonds, Fashion Institute of Technology, Series 2007, 5.250%,
7/01/34 - FGIC Insured
670 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 A2 700,063
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 Aa3 2,792,680
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- 2,186,000
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- 2,374,520
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - NPFG Insured
2,830 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,946,539
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
745 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A 783,040
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 904,584
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 721,760
4,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 4,786,880
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 2,221,649
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 1/10 at 101.00 AA- 2,009,980
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, Civic 7/15 at 100.00 AAA 813,316
Facility Revenue Bonds, Colgate University, Tender Option
Bond Trust 3127, 12.491%, 7/01/40 - AMBAC Insured (IF)
6,415 Nassau County Industrial Development Agency, New York, Revenue 1/10 at 101.00 A 6,455,543
Refunding Bonds, Hofstra University, Series 1998, 5.000%,
7/01/23 - NPFG Insured
4,775 New York City Industrial Development Agency, New York, Civic 12/09 at 100.00 A 4,782,497
Facility Revenue Bonds, Trinity Episcopal School, Series
1997, 5.250%, 6/15/27 - NPFG Insured
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 BBB 1,959,740
3,240 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BBB 3,124,267
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- 1,219,884
9,840 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 9,782,436
5,910 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 5,233,187
6,250 New York City Trust for Cultural Resources, New York, Revenue 1/10 at 100.00 Aa2 6,270,563
Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%,
1/01/21 - AMBAC Insured
Nuveen Investments 41
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,005 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- $ 1,066,546
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
72,465 Total Education and Civic Organizations 74,442,831
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.2% (9.9% OF TOTAL INVESTMENTS)
3,995 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 3,999,395
Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
6,795 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 6,805,532
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 2,634,848
Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series
2007, 5.000%, 8/15/27 - FSA Insured
2,695 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 2,813,984
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 A 1,064,370
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 Revenue 1/10 at 101.00 A 9,039,420
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
NPFG Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,896,912
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 - NPFG Insured 7/13 at 100.00 AA 2,650,100
3,300 5.000%, 7/01/22 - NPFG Insured 7/13 at 100.00 AA 3,487,374
2,635 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 2,883,533
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, The 8/14 at 100.00 AAA 2,228,841
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 Baa1 9,245,790
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+ 2,921,380
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 3,191,952
------------------------------------------------------------------------------------------------------------------------------------
53,155 Total Health Care 54,863,431
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.5% (2.3% 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+ 1,692,120
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,680,930
5,515 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,856,709
1,440 New York City Housing Development Corporation, New York, 10/09 at 105.00 N/R 1,515,917
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 527,570
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC Insured
(Alternative Minimum Tax)
30 New York State Housing Finance Agency, FHA-Insured Multifamily 2/10 at 100.00 A 30,070
Housing Mortgage Revenue Bonds, Series 1994B, 6.250%, 8/15/14
- AMBAC Insured
1,440 New York State Housing Finance Agency, Mortgage Revenue 11/09 at 100.00 AAA 1,441,886
Refunding Bonds, Housing Project, Series 1996A, 6.125%,
11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,985 Total Housing/Multifamily 12,745,202
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.8% (9.0% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Baa2 1,573,305
5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Baa1 867,299
5.250%, 4/01/13 - NPFG Insured
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 14,635 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A $ 14,451,037
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 A 2,367,945
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 A 1,040,710
New York City, New York, General Obligation Bonds, Fiscal
Series 2001D:
5,360 5.250%, 8/01/15 - NPFG Insured 8/10 at 101.00 AA 5,608,650
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,192,187
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AA 5,219,400
125 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 129,713
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 4,532,634
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
3,350 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 3,666,776
1,700 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,854,785
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 A 1,902,103
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 A 1,967,663
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 A 2,400,035
5.000%, 8/01/20 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
48,015 Total Tax Obligation/General 49,774,242
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 50.2% (32.5% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 1/10 at 101.00 N/R 3,383,053
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 131,500
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 1,129,593
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,190,640
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,217,117
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,877,718
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- 2,584,372
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,273,560
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 8,307,640
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - NPFG Insured
1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,144,874
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 1,314,024
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,086,120
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 1,824,587
2,420 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,697,187
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 6,580,691
1,670 5.750%, 5/01/28 - FSA Insured (UB) 5/17 at 100.00 AAA 1,834,328
7,500 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 7,871,400
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
Nuveen Investments 43
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- $ 4,893,940
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,203,430
3,000 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 3,186,780
6,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 6,347,520
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 3,094,650
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 8,183,040
1,000 Metropolitan Transportation Authority, New York, State Service No Opt. Call AAA 1,203,430
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 1,664,099
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,657,677
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 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,932,731
1,990 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,137,777
4,960 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,273,968
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,581,510
1,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,718,032
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:
9,335 5.250%, 5/01/12 - NPFG Insured 11/11 at 101.00 AAA 10,252,163
2,420 5.250%, 5/01/17 - NPFG Insured 11/11 at 101.00 AAA 2,632,379
970 5.000%, 5/01/30 - NPFG Insured 11/11 at 101.00 AAA 1,003,252
5,345 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 5,807,930
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,164,814
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
NPFG Insured
1,845 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 2,056,345
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,749,270
Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%,
2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bonds Trust 3095:
845 13.010%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 1,025,467
4,005 12.996%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 4,644,799
3,750 New York State Local Government Assistance Corporation, Revenue No Opt. Call AAA 4,339,800
Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured (UB)
1,700 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 1,791,851
2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/14 at 100.00 AA 1,088,050
Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 - NPFG
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 10,392,631
2,600 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 2,872,142
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,076,970
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- 13,276,059
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,064,300
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,190 New York State Urban Development Corporation, Revenue Refunding No Opt. Call A1 $ 3,551,363
Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 - NPFG
Insured
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 530,330
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 1,985,702
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 3,341,730
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,822,480
3,765 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 2,734,934
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
167,360 Total Tax Obligation/Limited 180,731,749
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.8% (9.5% OF TOTAL INVESTMENTS)
7,575 Metropolitan Transportation Authority, New York, Transportation 11/16 at 100.00 AAA 7,626,056
Revenue Bonds, Series 2006B, 4.500%, 11/15/36 - FSA Insured
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 4,174,945
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 4,176,920
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - NPFG Insured 11/12 at 100.00 A 2,885,689
8,500 5.000%, 11/15/25 - NPFG Insured 11/12 at 100.00 A 8,782,285
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+ 2,897,814
4,075 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 4,248,432
970 New York State Thruway Authority, General Revenue Bonds, Series 1/18 at 100.00 A+ 1,069,076
2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 10/09 at 101.00 A 2,511,950
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax)
1,700 Port Authority of New York and New Jersey, Consolidated Revenue 6/15 at 101.00 AA- 1,813,220
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 Revenue 8/17 at 100.00 AAA 1,542,282
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
16.962%, 8/15/32 - FSA Insured (IF)
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 5,352,600
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 - NPFG Insured No Opt. Call Aa3 1,935,355
3,800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 4,025,834
------------------------------------------------------------------------------------------------------------------------------------
50,010 Total Transportation 53,042,458
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.6% (9.5% 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 AAA 67,803
175 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 182,595
2,225 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 2,685,241
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) 1,531,175
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
Nuveen Investments 45
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
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 Aa3 (4) $ 1,999,055
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 2,240,147
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 2,506,352
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 1,878,509
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) 997,724
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,545,924
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 4,657,640
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,164,410
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 11/09 at 100.50 AAA 10,080,999
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 11/09 at 100.50 AAA 4,535,820
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
835 5.250%, 5/01/12 (Pre-refunded 11/01/11) - NPFG Insured 11/11 at 101.00 AAA 923,393
30 5.000%, 5/01/30 (Pre-refunded 11/01/11) - MBIA Insured 11/11 at 101.00 AAA 33,021
655 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 735,290
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 5,383,560
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 Fund 4/12 at 100.00 AAA 7,737,906
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 2000:
525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 545,711
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 545,711
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aa3 (4) 545,711
------------------------------------------------------------------------------------------------------------------------------------
49,215 Total U.S. Guaranteed 52,523,697
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.9% (7.1% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, Series No Opt. Call A1 1,791,026
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 2,291,480
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 2,177,120
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 2,571,100
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 3,399,410
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 4,779,810
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,991,030
2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,557,275
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 A 6,571,812
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 8,446,584
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 776,595
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 962,131
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,465 Total Utilities 39,315,373
------------------------------------------------------------------------------------------------------------------------------------
46 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.6% (4.2% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds, Tender Option Bond
Trust 2843:
$ 6,525 5.000%, 6/15/27 - NPFG Insured (UB) 6/15 at 100.00 AAA $ 6,992,255
3,500 5.000%, 6/15/36 - NPFG Insured (UB) 6/16 at 100.00 AAA 3,701,845
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 868,338
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.100%, 6/15/31 - NPFG Insured
1,360 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,421,853
Water and Sewerage System Revenue Bonds, Fiscal Series
2000B, 6.000%, 6/15/33 (Mandatory put 6/15/10) - NPFG Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,127,410
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+ 7,468,583
Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
22,215 Total Water and Sewer 23,580,284
------------------------------------------------------------------------------------------------------------------------------------
$ 531,885 Total Long-Term Municipal Bonds (cost $513,863,399) - 150.3% 541,019,267
(97.4% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.0% (2.6% OF TOTAL INVESTMENTS)
$ 14,304 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 N/A N/A 14,304,450
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $14,304,450) 14,304,450
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $528,167,849) - 154.3% 555,323,717
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.2)% (40,245,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,522,938
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (44.7)% (5) (160,775,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 359,826,655
====================================================================================================================
Primarily all of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 29.0%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 47
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc.
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.1% (13.4% 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 A3 $ 261,390
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 259,673
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- 1,855,080
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AA- 604,810
435 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 468,421
Bonds, Fashion Institute of Technology, Series 2007, 5.250%,
7/01/34 - FGIC Insured
810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 Aa3 830,858
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- 1,093,000
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- 649,923
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - NPFG Insured
970 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 1,009,945
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A 268,020
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 282,683
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 225,550
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call A1 1,155,560
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- 1,391,374
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 2,552,286
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 Local 7/15 at 100.00 AA- 2,140,807
Appropriation Lease Bonds, Upstate Community Colleges, Series
2005A, 5.000%, 7/01/19 - FGIC Insured
535 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 617,197
Facility Revenue Bonds, Colgate University, Tender Option Bond
Trust 3127, 12.491%, 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 475,320
200 6.375%, 1/01/39 - AGC Insured 1/19 at 100.00 AAA 236,418
1,110 New York City Industrial Development Agency, New York, PILOT 1/17 at 100.00 BBB 1,070,351
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, Revenue 3/19 at 100.00 AAA 1,785,081
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:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 416,668
2,360 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 2,346,194
2,025 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,793,097
1,250 New York City Trust for Cultural Resources, New York, Revenue 1/10 at 100.00 Aa2 1,254,113
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 AA- 366,128
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
23,545 Total Education and Civic Organizations 25,409,947
------------------------------------------------------------------------------------------------------------------------------------
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.1% (14.7% OF TOTAL INVESTMENTS)
$ 3,000 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 A $ 3,004,020
Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995,
5.600%, 8/01/25 - NPFG Insured
2,825 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 2,829,379
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 N/R 1,463,546
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 903,687
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 A 1,467,031
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 1/10 at 101.00 A 3,022,860
Catholic Health Services of Long Island Obligated Group - St.
Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - NPFG Insured
620 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 653,381
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 2,904,510
Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%,
7/01/21 - NPFG Insured
1,910 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 2,090,151
York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15
- FSA Insured
740 Dormitory Authority of the State of New York, Revenue Bonds, The 8/14 at 100.00 AAA 767,136
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, 1/10 at 100.00 AAA 1,511,775
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 N/R 3,544,219
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, Health 2/12 at 100.00 AAA 1,060,760
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+ 1,695,444
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,041,420
------------------------------------------------------------------------------------------------------------------------------------
27,045 Total Health Care 27,959,319
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.2 (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+ 451,232
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 448,248
2,165 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 2,299,143
200 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 188,418
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC Insured
(Alternative Minimum Tax)
1,900 New York State Housing Finance Agency, Mortgage Revenue Refunding 11/09 at 100.00 AAA 1,902,489
Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA
Insured
------------------------------------------------------------------------------------------------------------------------------------
5,065 Total Housing/Multifamily 5,289,530
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.7% (0.5% OF TOTAL INVESTMENTS)
850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 887,596
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.5% (7.0% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Baa2 524,435
5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Baa1 339,378
5.250%, 4/01/13 - NPFG Insured
5,000 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2/17 at 100.00 A 4,937,146
Series 2006A, 5.000%, 2/15/47 - FGIC Insured
210 Nassau County, New York, General Obligation Improvement Bonds, No Opt. Call A+ 246,131
Series 1993H, 5.500%, 6/15/16 - NPFG Insured
Nuveen Investments 49
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 25 New York City, New York, General Obligation Bonds, Fiscal Series 2/10 at 100.00 AA $ 25,214
1998F, 5.250%, 8/01/16 - FGIC Insured
1,000 New York City, New York, General Obligation Bonds, Fiscal Series 3/15 at 100.00 AA 1,097,490
2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
1,000 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 1,094,560
1,100 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,200,155
915 Niagara Falls, New York, General Obligation Bonds, Series 1994, No Opt. Call AAA 1,078,053
7.500%, 3/01/13 - NPFG Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aa3 1,081,270
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 A 1,639,070
5.000%, 8/01/16 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
12,590 Total Tax Obligation/General 13,262,902
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.7% (32.4% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 738,645
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 50,577
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 535,200
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 1,299,734
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- 252,819
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 636,780
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - NPFG Insured 10/12 at 100.00 A+ 4,521,879
875 5.000%, 10/01/30 - NPFG Insured 10/12 at 100.00 A+ 892,080
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 412,815
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 826,260
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 533,505
830 5.7510%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 926,977
2,615 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 2,872,316
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 Tax 11/12 at 100.00 AAA 2,623,800
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,436,265
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 1,586,880
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 2,045,760
1,500 Metropolitan Transportation Authority, New York, State Service No Opt. Call AAA 1,805,145
Contract Refunding Bonds, Series 2008, 5.750%, 7/01/18 - FSA
Insured (UB)
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
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 $ 1,096,150
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 620,693
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 618,297
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 - NPFG Insured (UB) 10/14 at 100.00 AAA 991,953
680 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 730,497
4,590 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 4,880,547
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 776,926
2,090 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,271,015
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,085,120
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
NPFG Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,114,550
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
SYNCORA GTY Insured
1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,606,830
Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%,
2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bonds Trust 3095:
345 13.010%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 418,682
1,365 12.996%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 1,583,059
1,500 New York State Local Government Assistance Corporation, Revenue No Opt. Call AAA 1,735,920
Bonds, Series 2008, 5.250%, 4/01/16 - FSA Insured (UB)
600 New York State Thruway Authority, General Revenue Bonds, Series 7/15 at 100.00 AAA 632,418
2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/14 at 100.00 AA 1,065,980
Bonds, Second General, Series 2004, 5.000%, 4/01/23 - NPFG
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 3,638,342
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 552,335
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 807,728
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- 2,248,365
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,044,339
1,900 New York State Urban Development Corporation, Revenue Bonds, No Opt. Call AAA 2,054,261
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 530,330
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 - FSA
Insured
345 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 345,994
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 1,137,080
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA
Insured
1,290 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 937,069
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
56,980 Total Tax Obligation/Limited 61,521,917
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.5% (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 547,175
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 2,076,752
Nuveen Investments 51
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A $ 2,066,420
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
NPFG 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+ 1,005,808
2,240 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 2,335,334
330 New York State Thruway Authority, General Revenue Bonds, Series 1/18 at 100.00 A+ 363,706
2007H, 5.000%, 1/01/25 - FGIC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 10/09 at 101.00 A 502,390
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG 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- 1,077,200
565 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 602,629
410 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 538,158
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
16.962%, 8/15/32 - FSA Insured (IF)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 961,514
2,300 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 2,436,689
------------------------------------------------------------------------------------------------------------------------------------
13,560 Total Transportation 14,513,775
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 6.8% (4.5% 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 AAA 26,078
70 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 73,038
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 Aa3 (4) 3,229,628
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) 548,200
Series 2000, 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC
Insured
500 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 582,205
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, Future 8/12 at 100.00 AAA 286,258
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 Fund 4/12 at 100.00 AAA 1,104,790
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 2,304,280
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 1994, No Opt. Call AAA 103,395
7.500%, 3/01/13 - MBIA Insured (ETM)
265 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call BBB (4) 294,847
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 - MBIA
Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
7,915 Total U.S. Guaranteed 8,552,719
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.2% (3.4% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 511,455
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 A 2,413,918
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 3,085,847
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 258,865
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
250 Power Authority of the State of New York, General Revenue Bonds, 11/15 at 100.00 Aa2 278,073
Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Utilities 6,548,158
------------------------------------------------------------------------------------------------------------------------------------
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.6% (6.4% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Tender Option Bond Trust 2843:
$ 1,980 5.000%, 6/15/27 - NPFG Insured (UB) 6/15 at 100.00 AAA $ 2,121,788
1,200 5.000%, 6/15/36 - NPFG Insured (UB) 6/16 at 100.00 AAA 1,269,204
1,660 New York City Municipal Water Finance Authority, New York, Water 6/10 at 101.00 AAA 1,736,675
and Sewerage System Revenue Bonds, Fiscal Series 2000B,
6.100%, 6/15/31 - NPFG Insured
3,305 New York City Municipal Water Finance Authority, New York, Water 6/14 at 100.00 AAA 3,445,363
and Sewerage System Revenue Bonds, Fiscal Series 2004C,
5.000%, 6/15/35 - AMBAC Insured
735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call Baa1 812,572
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 - NPFG
Insured
2,500 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA+ 2,667,352
Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
11,380 Total Water and Sewer 12,052,954
------------------------------------------------------------------------------------------------------------------------------------
$ 165,130 Total Long-Term Municipal Bonds (cost $168,039,897) - 139.4% 175,998,817
(92.7% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 10.9% (7.3% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 5.1% (3.4% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 5.1% (3.4% OF TOTAL INVESTMENTS)
6,500 Metropolitan Transportation Authority, New York, Dedicated Tax 1/10 at 100.00 A-1 6,500,000
Fund Bonds, Variable Rate Demand Revenue Obligations, Series
2008A, 0.410%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 5.8% (3.9% OF TOTAL INVESTMENTS)
7,321 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 N/A N/A 7,321,142
------------------------------------------------------------------------------------------------------------------------------------
$ 13,821 Total Short-Term Investments (cost $13,821,142) 13,821,142
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $181,861,039) - 150.3% 189,819,959
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (13.1)% (16,600,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.7% 3,388,935
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (39.9)% (6) (50,350,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 126,258,894
====================================================================================================================
At least 80% of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 26.5%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 53
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.9% (1.9% OF TOTAL INVESTMENTS)
$ 1,805 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 1,767,149
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 973,450
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
760 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 760,038
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
3,565 Total Consumer Staples 3,500,637
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.0% (14.1% OF TOTAL
INVESTMENTS)
395 Dormitory Authority of the State of New York, Housing Revenue No Opt. Call A 425,348
Bonds, Fashion Institute of Technology, Series 2007,
5.250%, 7/01/34 - FGIC Insured
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call A 4,335,920
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - NPFG Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 1/10 at 100.50 A 1,290,150
Bonds, New York Medical College, Series 1998, 5.000%,
7/01/21 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,093,000
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- 143,290
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - NPFG Insured
920 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 957,886
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
240 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A 252,254
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- 3,987,068
New York University, Series 1998A, 6.000%, 7/01/18 - NPFG
Insured
510 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 588,356
Facility Revenue Bonds, Colgate University, Tender Option
Bond Trust 3127, 12.491%, 7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, Payment 1/19 at 100.00 AAA 356,490
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 BBB 979,870
1,060 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BBB 1,022,137
885 New York City Industrial Development Agency, New York, Revenue 3/19 at 100.00 AAA 1,093,285
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- 396,588
2,210 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 2,197,072
1,920 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,700,122
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 Aa2 4,122,480
Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31
- AMBAC Insured
330 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 350,209
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
23,835 Total Education and Civic Organizations 25,291,525
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.2% (15.6% OF TOTAL INVESTMENTS)
1,940 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 100.00 N/R 1,943,007
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 N/R 1,463,546
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 854,692
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 9,800 Dormitory Authority of the State of New York, FHA-Insured 2/10 at 101.00 N/R $ 9,909,956
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 A 1,596,555
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 Revenue 1/10 at 101.00 A 2,071,628
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22
- NPFG Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 1/10 at 101.00 A 171,295
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series
1999A, 5.500%, 7/01/22 - NPFG Insured
585 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 639,820
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 1,828,569
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - NPFG Insured
910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 995,831
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 602,364
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 725,669
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 731,924
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+ 1,565,025
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,041,420
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 748,389
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,056,223
------------------------------------------------------------------------------------------------------------------------------------
27,125 Total Health Care 27,945,913
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.6% (2.4% 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 2,769,172
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,383,470
180 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 169,576
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,280 Total Housing/Multifamily 4,322,218
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.6% (1.8% OF TOTAL INVESTMENTS)
525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 A- 543,842
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 1,060,220
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,563,435
------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 3,167,497
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.2% (9.5% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - NPFG Insured 11/12 at 100.00 A 1,584,213
2,375 5.375%, 11/15/20 - NPFG Insured 11/12 at 100.00 A 2,507,810
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aa3 1,371,490
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 4,700,167
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
Nuveen Investments 55
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AA $ 3,173,310
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 83,016
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 597,282
Series 2006C, 5.000%, 8/01/16 - FSA Insured
New York City, New York, General Obligation Bonds:
1,700 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 1,860,752
1,100 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,200,155
------------------------------------------------------------------------------------------------------------------------------------
16,270 Total Tax Obligation/General 17,078,195
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.1% (27.6% OF TOTAL INVESTMENTS)
230 Dormitory Authority of the State of New York, 853 Schools 7/10 at 100.00 N/R 231,760
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 A+ 3,154,800
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - NPFG Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 176,134
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 438,008
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
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 658,936
190 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 211,763
2,485 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 2,729,524
Facility Revenue Bonds, Buffalo City School District,
5.750%, 5/01/28 - FSA Insured (UB)
2,290 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 2,403,401
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 4,126,200
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 1,096,150
Secured Revenue Bonds, Series2003A, 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 - NPFG Insured 10/14 at 100.00 AAA 3,665,914
1,040 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 1,117,230
300 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 318,990
2,500 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,684,425
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, Future 11/11 at 101.00 AAA 5,449,650
Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 -
NPFG Insured
890 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 967,083
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
500 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 557,275
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 Bonds Trust 3095:
165 13.010%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 200,239
140 12.996%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 162,365
350 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 368,911
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 3,226,571
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 552,335
56 Nuveen Investments
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:
$ 1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- $ 2,034,235
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,064,300
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 806,303
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 10,226,690
Income Tax Revenue Bonds, 5.700%, 4/01/20 - FSA Insured (UB)
1,225 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 889,852
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
45,230 Total Tax Obligation/Limited 49,519,044
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.3% (9.6% 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 A 2,088,460
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 4,132,840
865 New York State Thruway Authority, General Revenue Bonds, Series 1/15 at 100.00 A+ 940,566
2005F, 5.000%, 1/01/20 - AMBAC Insured
315 New York State Thruway Authority, General Revenue Bonds, Series 1/18 at 100.00 A+ 347,174
2007H, 5.000%, 1/01/25 - FGIC Insured
85 Niagara Frontier Airport Authority, New York, Airport Revenue 10/09 at 101.00 A 85,406
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - NPFG Insured (Alternative Minimum Tax)
2,000 Port Authority of New York and New Jersey, Consolidated Revenue 5/18 at 100.00 AA- 2,074,820
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 562,695
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,077,200
345 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 367,977
390 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 511,906
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
16.962%, 8/15/32 - FSA Insured (IF)
4,000 Port Authority of New York and New Jersey, Consolidated Revenue 8/10 at 100.00 AA- 4,028,520
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 Aa3 961,514
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
16,280 Total Transportation 17,179,078
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.0% (4.7% OF TOTAL INVESTMENTS) (4)
135 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 162,925
Facilities Lease Revenue Bonds, Suffolk County Issue, Series
1986, 7.375%, 7/01/16 (ETM)
110 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 123,484
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 3,500,694
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) - FSA
Insured
460 New York State Housing Finance Agency, Construction Fund Bonds, No Opt. Call AAA 488,147
State University, Series 1986A, 8.000%, 5/01/11 (ETM)
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,736,118
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,265 TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 7/12 at 100.00 AAA 1,395,004
2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
------------------------------------------------------------------------------------------------------------------------------------
7,715 Total U.S. Guaranteed 8,406,372
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 57
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.3% (7.6% OF TOTAL INVESTMENTS)
$ 5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA $ 5,114,550
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 A 1,807,780
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 1,369,147
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 258,865
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
5,000 New York State Energy Research and Development Authority, 11/09 at 101.00 A- 5,053,000
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
13,250 Total Utilities 13,603,342
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.0% (2.0% OF TOTAL INVESTMENTS)
1,140 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,205,744
Water and Sewer System Revenue Bonds, 5.000%, 6/15/36 -
NPFG Insured (UB)
2,295 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA+ 2,448,627
Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
3,435 Total Water and Sewer 3,654,371
------------------------------------------------------------------------------------------------------------------------------------
$ 164,010 Total Long-Term Municipal Bonds (cost $166,960,960) - 144.2% 173,668,192
(96.8% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.9% (3.2% OF TOTAL INVESTMENTS)
$ 5,800 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 N/A N/A 5,800,326
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $5,800,326) 5,800,326
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $172,761,286) - 149.1% 179,468,518
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.7)% (11,620,000)
--------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation Value - (50,000,000)
(41.5)% (5)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 2,557,027
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 120,405,545
====================================================================================================================
At least 80% of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 27.9%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
58 Nuveen Investments
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.2% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,460,175
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
305 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 305,015
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,805 Total Consumer Staples 1,765,190
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.3% (15.8% OF TOTAL
INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 BBB- 1,913,180
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 A 2,167,960
Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%,
7/01/24 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,093,000
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- 426,884
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 BBB- 957,980
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 2,581,650
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 113,073
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 90,220
225 Madison County Industrial Development Agency, New York, Civic 7/15 at 100.00 AAA 259,569
Facility Revenue Bonds, Colgate University, Tender Option Bond
Trust 3127, 12.491%, 7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, Payment in 1/19 at 100.00 AAA 356,490
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, Revenue 3/19 at 100.00 AAA 611,498
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- 170,683
1,425 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 1,416,664
840 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 743,803
------------------------------------------------------------------------------------------------------------------------------------
12,545 Total Education and Civic Organizations 12,902,654
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.7% (14.8% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 A 2,045,460
Mortgage Hospital Revenue Bonds, Lutheran Medical Center,
Series 2003, 5.000%, 8/01/31 - NPFG Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 N/R 3,082,770
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series
2002A, 5.000%, 2/01/31 - AMBAC Insured
345 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 375,629
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 Revenue 2/15 at 100.00 A 1,064,370
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 268,729
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 26,501
Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%,
7/01/21 - NPFG Insured
810 Dormitory Authority of the State of New York, Revenue Bonds, New 8/14 at 100.00 AAA 886,399
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 752,955
South Nassau Communities Hospital, Series 2003B, 5.500%,
7/01/23
Nuveen Investments 59
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 305 Dormitory Authority of the State of New York, Revenue Bonds, The 8/14 at 100.00 AAA $ 316,184
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, Health 2/12 at 100.00 AAA 530,380
System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 - FSA
Insured
2,640 New York City Health and Hospitals Corporation, New York, Health 2/13 at 100.00 A+ 2,754,444
System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
11,630 Total Health Care 12,103,821
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)
300 Dormitory Authority of the State of New York, GNMA Collateralized 2/17 at 103.00 A- 310,767
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.9% (7.1% OF TOTAL INVESTMENTS)
2,055 Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, 2/17 at 100.00 A 2,029,169
Series 2006A, 5.000%, 2/15/47 - FGIC Insured
1,000 Nassau County, New York, General Obligation Bonds, General 10/19 at 100.00 AAA 1,093,860
Improvement Series 2009C, 5.000%, 10/01/29 - AGC Insured
2,155 New York City, New York, General Obligation Bonds, Fiscal Series 2/10 at 100.50 AA 2,168,232
1998H, 5.125%, 8/01/25 - NPFG Insured
225 New York City, New York, General Obligation Bonds, Fiscal Series 8/15 at 100.00 AAA 255,978
2006C, 5.000%, 8/01/16 - FSA Insured
250 New York City, New York, General Obligation Bonds, 5.000%, 11/14 at 100.00 AAA 273,640
11/01/19 - FSA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
5,685 Total Tax Obligation/General 5,820,879
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.4% (31.4% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call Aa2 3,006,165
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 - NPFG
Insured
1,000 Dormitory Authority of the State of New York, Master Lease 8/19 at 100.00 AAA 1,064,910
Program Revenue Bonds, Nassau County Board of Cooperative
Educational Services, Series 2009A, 5.000%, 8/15/28 - AGC
Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 A+ 3,154,800
School Districts Financing Program, Series 2002D, 5.250%,
10/01/23 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/19 at 100.00 AAA 1,111,090
School Districts Financing Program, Series 2009A, 5.625%,
10/01/29 - AGC Insured
340 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 379,726
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 1,191,764
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 Service 7/12 at 100.00 AA- 1,031,550
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC
Insured
560 Monroe Newpower Corporation, New York, Power Facilities Revenue 1/13 at 102.00 BBB 462,554
Bonds, Series 2003, 5.500%, 1/01/34
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 - NPFG Insured (UB) 10/14 at 100.00 AAA 657,708
555 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 596,214
740 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- 794,590
Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 -
FGIC Insured
3,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 3,259,830
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 -
AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,142,440
Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%,
2/01/22 - NPFG Insured
280 New York Convention Center Development Corporation, Hotel Fee 11/15 at 100.00 AAA 324,730
Revenue Bonds, Tender Option Bonds Trust 3095, 12.996%,
11/15/44 - AMBAC Insured (IF)
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,363,582
Personal Income Tax Revenue Bonds, Series 2002A, 5.000%,
1/01/23 - FGIC Insured
60 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 950 New York State Thruway Authority, Highway and Bridge Trust Fund No Opt. Call AA $ 1,167,712
Bonds, Second General, Series 2005B, 5.500%, 4/01/20 - AMBAC
Insured
1,200 New York State Tobacco Settlement Financing Corporation, Tobacco 6/13 at 100.00 AA- 1,284,780
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, Tobacco 6/13 at 100.00 AA- 806,303
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 Contract No Opt. Call AA- 1,958,152
Revenue Bonds, Correctional and Youth Facilities, Series
2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
23,915 Total Tax Obligation/Limited 25,758,600
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.5% (4.2% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 1,033,210
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC
Insured
1,875 New York State Thruway Authority, General Revenue Bonds, Series 1/15 at 100.00 A+ 2,038,800
2005F, 5.000%, 1/01/20 - AMBAC Insured
140 New York State Thruway Authority, General Revenue Bonds, Series 1/18 at 100.00 A+ 154,300
2007H, 5.000%, 1/01/25 - FGIC Insured
170 Port Authority of New York and New Jersey, Consolidated Revenue 8/17 at 100.00 AAA 223,139
Bonds, One Hundred Forty Eighth Series 2008, Trust 2920,
16.962%, 8/15/32 - FSA Insured (IF)
------------------------------------------------------------------------------------------------------------------------------------
3,185 Total Transportation 3,449,449
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.5% (13.3% OF TOTAL INVESTMENTS) (4)
1,185 Dormitory Authority of the State of New York, FHA-Insured Nursing 2/13 at 102.00 Aaa 1,371,697
Home Mortgage Revenue Bonds, Shorefront Jewish Geriatric
Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded
2/01/13)
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 N/R (4) 113,580
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)
3,500 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 3,866,765
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 576,070
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) - FGIC
Insured
2,000 Power Authority of the State of New York, General Revenue Bonds, 11/12 at 100.00 Aa2 (4) 2,255,740
Series 2002A, 5.000%, 11/15/20 (Pre-refunded 11/15/12)
1,975 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/12 at 100.00 AAA 2,166,002
Revenue Bonds, Series 2002A, 5.125%, 1/01/31 (Pre-refunded
1/01/12) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
9,760 Total U.S. Guaranteed 10,924,979
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5% (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 A 1,201,642
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 916,275
125 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 129,433
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
110 Power Authority of the State of New York, General Revenue Bonds, 11/15 at 100.00 Aa2 122,352
Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,235 Total Utilities 2,369,702
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.6% OF TOTAL INVESTMENTS)
495 New York City Municipal Water Finance Authority, New York, Water 6/16 at 100.00 AAA 523,545
and Sewer System Revenue Bonds, 5.000%, 6/15/36 - NPFG Insured
(UB)
------------------------------------------------------------------------------------------------------------------------------------
$ 71,555 Total Long-Term Municipal Bonds (cost $72,607,778) - 142.7% 75,929,586
(92.7% of Total Investments)
=============-----------------------------------------------------------------------------------------------------------------------
Nuveen Investments 61
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments September 30, 2009
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 11.2% (7.3% OF TOTAL INVESTMENTS)
$ 5,957 State Street Bank Euro Dollar Time Deposit, 0.010%, 10/01/09 $ 5,957,117
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $5,957,117) 5,957,117
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $78,564,895) - 153.9% 81,886,703
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.5)% (2,390,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 726,667
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (50.7)% (5) (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 53,223,370
====================================================================================================================
At least 80% of the Fund's net assets 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 (not covered by the report of independent
registered public accounting firm): 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 (not covered by the report of independent registered public
accounting firm): 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
whose insurer has experienced downgrades as of the end of the reporting
period. Please see the Portfolio Manager's Comments 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 33.0%.
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. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
62 Nuveen Investments
| Statement of
| Assets & Liabilities September 30, 2009
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-------------------------------------------------------------------------------------------------------------------------
ASSETS
Long-term investments, at value (cost $367,024,174, $492,134,610 and
$513,863,399, respectively) $ 382,739,059 $ 521,416,460 $ 541,019,267
Short-term investments (at cost, which approximates value) 25,962,331 25,658,103 14,304,450
Receivables:
Interest 5,291,990 7,012,287 7,143,300
Investments sold -- 1,414,000 --
Deferred offering costs -- -- --
Other assets 83,882 107,000 119,362
-------------------------------------------------------------------------------------------------------------------------
Total assets 414,077,262 555,607,850 562,586,379
-------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 37,145,000 33,510,000 40,245,000
Payables:
Auction Rate Preferred share dividends 3,206 12,810 11,442
Common share dividends 927,053 1,227,639 1,254,004
Variable Rate Demand Preferred shares, at liquidation value -- -- --
Accrued expenses:
Management fees 208,270 278,029 281,772
Other 123,396 188,158 192,506
-------------------------------------------------------------------------------------------------------------------------
Total liabilities 38,406,925 35,216,636 41,984,724
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 111,500,000 163,900,000 160,775,000
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 264,170,337 $ 356,491,214 $ 359,826,655
=========================================================================================================================
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) $ 15.08 $ 15.37 $ 15.15
=========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 175,180 $ 231,984 $ 237,540
Paid-in surplus 248,977,926 328,432,462 334,573,568
Undistributed (Over-distribution of) net investment income 2,297,915 2,463,076 2,649,388
Accumulated net realized gain (loss) from investments and derivative
transactions (2,995,569) (3,918,158) (4,789,709)
Net unrealized appreciation (depreciation) of investments 15,714,885 29,281,850 27,155,868
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 264,170,337 $ 356,491,214 $ 359,826,655
=========================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Auction Rate Preferred or Variable Rate Demand Preferred 1,000,000 1,000,000 1,000,000
=========================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 63
| Statement of
| Assets & Liabilities (continued) September 30, 2009
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------------
ASSETS
Long-term investments, at value (cost $168,039,897, $166,960,960 and
$72,607,778, respectively) $ 175,998,817 $ 173,668,192 $ 75,929,586
Short-term investments (at cost, which approximates value) 13,821,142 5,800,326 5,957,117
Receivables:
Interest 2,401,513 2,460,906 949,945
Investments sold 1,515,000 -- --
Deferred offering costs -- 659,109 --
Other assets 36,792 1,403 36,679
-------------------------------------------------------------------------------------------------------------------------
Total assets 193,773,264 182,589,936 82,873,327
-------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 16,600,000 11,620,000 2,390,000
Payables:
Auction Rate Preferred share dividends 1,142 -- 2,450
Common share dividends 412,298 484,550 193,703
Variable Rate Demand Preferred shares, at liquidation value -- 50,000,000 --
Accrued expenses:
Management fees 98,960 71,688 31,319
Other 51,970 8,153 32,485
-------------------------------------------------------------------------------------------------------------------------
Total liabilities 17,164,370 62,184,391 2,649,957
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 50,350,000 -- 27,000,000
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 126,258,894 $ 120,405,545 $ 53,223,370
=========================================================================================================================
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) $ 15.29 $ 15.17 $ 15.18
=========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 82,562 $ 79,371 $ 35,066
Paid-in surplus 118,797,056 113,922,673 49,916,619
Undistributed (Over-distribution of) net investment income 844,820 575,725 172,401
Accumulated net realized gain (loss) from investments and derivative
transactions (1,424,464) (879,456) (222,524)
Net unrealized appreciation (depreciation) of investments 7,958,920 6,707,232 3,321,808
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 126,258,894 $ 120,405,545 $ 53,223,370
=========================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Auction Rate Preferred or Variable Rate Demand Preferred 1,000,000 Unlimited Unlimited
=========================================================================================================================
See accompanying notes to financial statements.
64 Nuveen Investments
| Statement of
| Operations Year Ended September 30, 2009
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)
--------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 18,866,230 $ 25,322,375 $ 25,606,187 $ 8,572,283 $ 8,284,178 $ 3,456,970
--------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,311,621 3,124,746 3,160,428 1,103,792 1,051,535 487,440
Auction fees 236,317 340,108 339,904 106,510 50,695 55,831
Dividend disbursing agent fees 30,000 30,000 40,000 20,000 12,808 10,000
Shareholders' servicing agent fees
and expenses 26,001 26,200 26,155 9,985 1,279 795
Interest expense and amortization
of offering costs 544,957 535,053 603,433 243,516 719,237 39,905
Liquidity fees -- -- -- -- 386,037 --
Custodian's fees and expenses 71,171 94,888 94,779 40,052 36,789 20,074
Directors'/Trustees' fees and
expenses 9,684 13,256 13,291 4,585 4,370 2,116
Professional fees 32,511 40,501 40,749 20,963 16,673 12,551
Shareholders' reports - printing
and mailing expenses 72,852 84,697 89,111 45,774 30,225 20,552
Stock exchange listing fees 9,213 9,213 9,213 9,213 1,125 496
Investor relations expense 33,074 42,476 43,082 15,920 14,358 6,933
Portfolio insurance expense -- 1,628 -- -- -- --
Other expenses 33,583 37,880 37,420 20,862 12,221 17,401
--------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 3,410,984 4,380,646 4,497,565 1,641,172 2,337,352 674,094
Custodian fee credit (17,953) (24,662) (24,613) (8,649) (8,249) (4,550)
Expense reimbursement -- -- -- -- (283,297) (130,031)
--------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,393,031 4,355,984 4,472,952 1,632,523 2,045,806 539,513
--------------------------------------------------------------------------------------------------------------------------------
Net investment income 15,473,199 20,966,391 21,133,235 6,939,760 6,238,372 2,917,457
--------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 191,177 (118,181) (620,822) (29,684) (6,113) 19,571
Futures contracts -- -- -- -- -- 234,587
Change in net unrealized appreciation
(depreciation) of:
Investments 30,015,090 43,923,642 43,523,706 14,554,038 13,653,943 6,043,581
Futures contracts -- -- -- -- -- 10,453
--------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) 30,206,267 43,805,461 42,902,884 14,524,354 13,647,830 6,308,192
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income (1,530,629) (2,123,507) (2,174,942) (687,412) -- (346,340)
From accumulated net realized gains -- -- -- -- (27,450) (10,498)
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Auction Rate
Preferred shareholders (1,530,629) (2,123,507) (2,174,942) (687,412) (27,450) (356,838)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations $ 44,148,837 $ 62,648,345 $ 61,861,177 $ 20,776,702 $ 19,858,752 $ 8,868,811
--------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
Nuveen Investments 65
| Statement of
| Changes in Net Assets
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
---------------------------- --------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
--------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 15,473,199 $ 15,788,749 $ 20,966,391 $ 21,208,794 $ 21,133,235 $ 21,259,580
Net realized gain (loss) from:
Investments 191,177 (280,532) (118,181) 12,692 (620,822) (422,110)
Forward swaps -- -- -- -- -- (251,591)
Futures contracts -- -- -- -- -- --
Change in net unrealized appreciation
(depreciation) of:
Investments 30,015,090 (26,892,780) 43,923,642 (38,070,098) 43,523,706 (37,062,056)
Forward swaps -- -- -- -- -- 33,606
Futures contracts -- -- -- -- -- --
Distributions to Auction Rate
Preferred shareholders:
From net investment income (1,530,629) (4,662,305) (2,123,507) (6,362,815) (2,174,942) (6,492,288)
From accumulated net realized
gains -- -- -- (86,393) -- (107,456)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations 44,148,837 (16,046,868) 62,648,345 (23,297,820) 61,861,177 (23,042,315)
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (11,943,417) (10,986,638) (15,841,565) (14,865,894) (15,897,899) (14,666,161)
From accumulated net realized gains -- -- -- (221,453) -- (248,604)
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (11,943,417) (10,986,638) (15,841,565) (15,087,347) (15,897,899) (14,914,765)
--------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (937,831) (287,803) (1,246,682) (71,952) (1,646,157) (96,929)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from capital share
transactions (937,831) (287,803) (1,246,682) (71,952) (1,646,157) (96,929)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares 31,267,589 (27,321,309) 45,560,098 (38,457,119) 44,317,121 (38,054,009)
Net assets applicable to Common
shares at the beginning of year 232,902,748 260,224,057 310,931,116 349,388,235 315,509,534 353,563,543
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $ 264,170,337 $ 232,902,748 $ 356,491,214 $ 310,931,116 $ 359,826,655 $ 315,509,534
================================================================================================================================
Undistributed (Over-distribution
of) net investment income at the
end of year $ 2,297,915 $ 312,587 $ 2,463,076 $ (522,479) $ 2,649,388 $ (391,037)
================================================================================================================================
66 Nuveen Investments
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
---------------------------- ---------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 9/30/08
--------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 6,939,760 $ 7,162,218 $ 6,238,372 $ 7,228,719 $ 2,917,457 $ 3,102,124
Net realized gain (loss) from:
Investments (29,684) (39,488) (6,113) 536,618 19,571 (118,160)
Forward swaps -- -- -- -- -- 135,865
Futures contracts -- -- -- -- 234,587 142,552
Change in net unrealized appreciation
(depreciation) of:
Investments 14,554,038 (12,371,891) 13,653,943 (12,999,975) 6,043,581 (4,761,343)
Forward swaps -- -- -- -- -- (21,078)
Futures contracts -- -- -- -- 10,453 (10,453)
Distributions to Auction Rate
Preferred shareholders:
From net investment income (687,412) (2,131,997) -- (1,761,482) (346,340) (873,905)
From accumulated net realized
gains -- -- (27,450) (79,056) (10,498) (2,095)
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations 20,776,702 (7,381,158) 19,858,752 (7,075,176) 8,868,811 (2,406,493)
--------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,215,813) (5,047,504) (5,535,901) (5,256,327) (2,307,427) (2,297,738)
From accumulated net realized
gains -- -- (195,121) (216,624) (28,810) (5,973)
--------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to Common
shareholders (5,215,813) (5,047,504) (5,731,022) (5,472,951) (2,336,237) (2,303,711)
--------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased (829,563) -- (305,233) -- (77,712) --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from capital share
transactions (829,563) -- (305,233) -- (77,712) --
--------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares 14,731,326 (12,428,662) 13,822,497 (12,548,127) 6,454,862 (4,710,204)
Net assets applicable to Common
shares at the beginning of year 111,527,568 123,956,230 106,583,048 119,131,175 46,768,508 51,478,712
--------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $ 126,258,894 $ 111,527,568 $ 120,405,545 $ 106,583,048 $ 53,223,370 $ 46,768,508
================================================================================================================================
Undistributed (Over-distribution
of) net investment income at
the end of year $ 844,820 $ (187,315) $ 575,725 $ (98,663) $ 172,401 $ (90,886)
================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 67
| Statement of
| Cash Flows Year ended September 30, 2009
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 $ 44,148,837 $ 62,648,345 $ 61,861,177
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 (12,306,823) (24,026,378) (23,939,492)
Proceeds from sales and maturities of investments 29,144,756 28,147,960 29,771,217
Proceeds from (Purchases of) short-term investments, net (16,507,331) (14,683,103) (8,239,450)
Amortization (Accretion) of premiums and discounts, net 755,702 (112,397) (135,384)
(Increase) Decrease in receivable for interest 203,860 (42,898) (46,839)
(Increase) Decrease in receivable for investments sold -- (1,414,000) --
(Increase) Decrease in other assets 213,527 166,709 169,714
Increase (Decrease) in payable for investments purchased (2,073,724) (1,919,491) (1,978,114)
Increase (Decrease) in payable for Auction Rate Preferred share dividends (137,098) (300,272) (195,994)
Increase (Decrease) in accrued management fees 20,333 23,220 24,316
Increase (Decrease) in accrued other liabilities (2,878) 27,882 31,028
Net realized (gain) loss from investments (191,177) 118,181 620,822
Change in net unrealized (appreciation) depreciation of investments (30,015,090) (43,923,642) (43,523,706)
Net realized (gain) loss from paydowns -- (12,074) (10,051)
Taxes paid on undistributed capital gains (3) (191) (196)
--------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 13,252,891 4,697,851 14,409,048
--------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations (6,400,000) (14,943,000) (12,465,000)
Cash distributions paid to Common shareholders (11,777,469) (15,684,266) (15,717,842)
Cost of Common shares repurchased (937,831) (1,246,682) (1,646,157)
(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 (22,540,300) (31,873,948) (34,428,999)
--------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (9,287,409) (27,176,097) (20,019,951)
Cash at the beginning of year 9,287,409 27,176,097 20,019,951
--------------------------------------------------------------------------------------------------------------------------------
Cash at the End of Year $ -- $ -- $ --
================================================================================================================================
68 Nuveen Investments
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 $ 20,776,702 $ 19,858,752
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 (8,754,363) (4,480,191)
Proceeds from sales and maturities of investments 11,730,115 6,042,013
Proceeds from (Purchases of) short-term investments, net (6,746,142) (3,825,326)
Amortization (Accretion) of premiums and discounts, net 197,657 304,992
(Increase) Decrease in receivable for interest 57,248 27,930
(Increase) Decrease in receivable for investments sold (1,515,000) 100,000
(Increase) Decrease in other assets 71,540 145,028
Increase (Decrease) in payable for investments purchased (818,642) (1,090,549)
Increase (Decrease) in payable for Auction Rate Preferred share
dividends (61,946) --
Increase (Decrease) in accrued management fees 9,514 16,050
Increase (Decrease) in accrued other liabilities 2,754 (8,721)
Net realized (gain) loss from investments 29,684 6,113
Change in net unrealized (appreciation) depreciation of investments (14,554,038) (13,653,943)
Net realized (gain) loss from paydowns -- --
Taxes paid on undistributed capital gains (503) (17,888)
----------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 424,580 3,424,260
----------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations (3,450,000) (3,692,000)
Cash distributions paid to Common shareholders (5,167,266) (5,664,587)
Cost of Common shares repurchased (829,563) (305,233)
(Increase) Decrease in deferred offering costs -- 12,501
Increase (Decrease) in payable for offering costs -- (175,000)
Increase (Decrease) in Auction Rate Preferred shares, at liquidation
value (1,650,000) --
----------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (11,096,829) (9,824,319)
----------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH (10,672,249) (6,400,059)
Cash at the beginning of year 10,672,249 6,400,059
----------------------------------------------------------------------------------------------------------------
Cash at the End of Year $ -- $ --
================================================================================================================
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)
--------------------------------------------------------------------------------------------
$ 544,957 $ 535,053 $ 603,433 $ 243,516 $ 696,742
============================================================================================
See accompanying notes to financial statements.
Nuveen Investments 69
| Notes to
| Financial Statements
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. 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 portfolio of municipal obligations issued by state and
local government authorities within the state of New York or certain U.S.
territories.
In June 2009, the Financial Accounting Standards Board (FASB) established the
FASB Accounting Standards Codification(TM) (the "Codification") as the single
source of authoritative accounting principles recognized by the FASB in the
preparation of financial statements in conformity with US generally accepted
accounting principles (GAAP). The Codification supersedes existing
non-grandfathered, non-SEC accounting and reporting standards. The Codification
did not change GAAP but rather organized it into a hierarchy where all guidance
within the Codification carries an equal level of authority. The Codification
became effective for financial statements issued for interim and annual periods
ending after September 15, 2009. The Codification did not have a material effect
on the Funds' financial statements.
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 September 30, 2009, there
were no such outstanding purchase commitments in any of the 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.
70 Nuveen Investments
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 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 September 30, 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 continuing implication of these
auction failures for Common shareholders is that the Funds' cost of leverage
likely has been incrementally higher at times, than it otherwise might have been
had the auctions continued to be successful. As a result, the Funds' future
Common share earnings may likely have been incrementally lower than they
otherwise might have been. As of September 30, 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
=============================================================================================================
Nuveen Investments 71
| Notes to
| Financial Statements (continued)
Effective May 1, 2009, auction participation fees 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.
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 during the fiscal year ended September
30, 2009, with an annualized interest rate of 1.04%.
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 New York Quality Income (NUN) invests in temporary
investments, all of the net assets of New York Quality Income (NUN) 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. Municipal
securities backed by an escrow account or trust account will not constitute more
than 20% of the Fund's net assets.
Under normal circumstances, New York Investment Quality (NQN), New York Select
Quality (NVN), Insured New York Premium Income (NNF), Insured New York Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) invest at least
80% of their net assets (as defined in Footnote 7 - Management Fees and Other
Transactions with Affiliates) 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 New York Investment Quality (NQN), New York Select Quality
(NVN), Insured New York Premium Income (NNF), Insured New York Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) invests at least
80% of its net assets 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 are 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 (SLGS) securities to ensure timely payment of
principal and interest. Inverse floating rate securities whose underlying bonds
are covered by insurance are included for purposes of the 80% test. Each of New
York Investment Quality (NQN), New York Select Quality (NVN), Insured New York
Premium Income (NNF), Insured New York Dividend Advantage (NKO) and Insured New
York Tax-Free Advantage (NRK) may also invest up to 20% of its net assets 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.
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.
72 Nuveen Investments
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
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 reflected as a financing transaction," 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 recognizes the related interest paid to the holders of the
short-term floating rate certificates as "Interest expense and amortization of
offering costs" on the Statement of Operations.
During the fiscal year ended September 30, 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 September 30, 2009, each Fund's maximum exposure to externally-deposited
Recourse Trusts is 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)
--------------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $ 7,790,000 $ 9,585,000 $ 9,700,000 $ 3,420,000 $ 610,000 $ 560,000
================================================================================================================================
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the fiscal year
ended September 30, 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
outstanding $ 38,002,699 $ 36,212,123 $ 41,268,068 $ 16,882,507 $ 12,256,904 $ 2,659,671
Average annual interest rate and fees 1.43% 1.48% 1.46% 1.44% 1.46% 1.50%
=================================================================================================================================
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in
attempt to manage such risk. 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." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities. Subsequent
payments ("variation margin") are made or received by a Fund each day, depending
on the daily fluctuation of the value of the contract.
Nuveen Investments 73
| Notes to
| Financial Statements (continued)
Variation margin is recognized as a receivable or payable for "Variation margin
on futures contracts" on the Statement of Assets and Liabilities, when
applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. 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 and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations. Insured New York Tax-Free
Advantage (NRK) was the only Fund to invest in futures contracts during the
fiscal year ended September 30, 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.
The average number of futures contracts outstanding for Insured New York
Tax-Free Advantage (NRK) during the fiscal year ended September 30, 2009, was as
follows:
INSURED
NEW YORK
TAX-FREE
ADVANTAGE
(NRK)
--------------------------------------------------------------------------------
Average number of futures contracts outstanding 7*
================================================================================
* The average number of contracts is calculated based on the outstanding
contracts at the beginning of the fiscal year and at the end of each
fiscal quarter within the current fiscal year. Insured New York Tax-Free
Advantage (NRK) was not invested in futures contracts at the end of the
current fiscal year.
Refer to Footnote 3 -- Derivative Instruments and Hedging Activities for further
details on futures contract activity.
Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts
consistent with their investment objectives and policies to reduce, increase or
otherwise alter its risk profile or to alter its portfolio characteristics (i.e.
duration, yield curve positioning and credit quality).
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives. 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 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.
Forward interest rate swap contracts are valued daily. The net amount recorded
on these transactions for each counterparty is recognized on the Statement of
Assets and Liabilities as "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."
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. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." 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. The Funds did not invest in forward interest rate swap transactions
during the fiscal year ended September 30, 2009.
Market and Counterparty 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 (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions. The extent of each Fund's exposure to counterparty credit
risk in respect to these financial assets approximates their carrying value as
recorded on the Statement of Assets and Liabilities. Futures contracts expose a
Fund to minimal counterparty credit risk as they are exchange traded and the
exchange's clearinghouse, which is counterparty to all exchange traded futures,
guarantees the futures contracts against default.
74 Nuveen Investments
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties 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 authoritative guidance under
GAAP on determining fair value measurements. This guidance 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).
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 September 30, 2009:
NEW YORK INVESTMENT QUALITY (NQN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 382,739,059 $ -- $ 382,739,059
Short-Term Investments 20,962,331 5,000,000 -- 25,962,331
-------------------------------------------------------------------------------------------------------
Total $ 20,962,331 $ 387,739,059 $ -- $ 408,701,390
=======================================================================================================
Nuveen Investments 75
| Notes to
| Financial Statements (continued)
NEW YORK SELECT QUALITY (NVN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 521,416,460 $ -- $ 521,416,460
Short-Term Investments 20,658,103 5,000,000 -- 25,658,103
-------------------------------------------------------------------------------------------------------
Total $ 20,658,103 $ 526,416,460 $ -- $ 547,074,563
=======================================================================================================
NEW YORK QUALITY INCOME (NUN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 541,019,267 $ -- $ 541,019,267
Short-Term Investments 14,304,450 -- -- 14,304,450
-------------------------------------------------------------------------------------------------------
Total $ 14,304,450 $ 541,019,267 $ -- $ 555,323,717
=======================================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 175,998,817 $ -- $ 175,998,817
Short-Term Investments 7,321,142 6,500,000 -- 13,821,142
-------------------------------------------------------------------------------------------------------
Total $ 7,321,142 $ 182,498,817 $ -- $ 189,819,959
=======================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 173,668,192 $ -- $ 173,668,192
Short-Term Investments 5,800,326 -- -- 5,800,326
-------------------------------------------------------------------------------------------------------
Total $ 5,800,326 $ 173,668,192 $ -- $ 179,468,518
=======================================================================================================
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 75,929,586 $ -- $ 75,929,586
Short-Term Investments 5,957,117 -- -- 5,957,117
-------------------------------------------------------------------------------------------------------
Total $ 5,957,117 $ 75,929,586 $ -- $ 81,886,703
=======================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
During the current fiscal period, the Funds adopted amendments to authoritative
guidance under GAAP on disclosures about derivative instruments and hedging
activities. This guidance is intended to enhance financial statement disclosures
for derivative instruments and hedging activities and enable investors to better
understand: a) how and why a fund uses derivative instruments; b) how derivative
instruments are accounted for; and c) how derivative instruments affect a fund's
financial position, results of operations and cash flows, if any. The Funds
record derivative instruments at fair value with changes in fair value
recognized on the Statement of Operations, when applicable. Even though the
Funds' investments in derivatives may represent economic hedges, under this
guidance they are considered to be non-hedge transactions for financial
reporting purposes. For additional information on the derivative instruments in
which each Fund was invested during and at the end of the reporting period,
refer to the Portfolio of Investments, Financial Statements and Footnote 1 -
General Information and Significant Accounting Policies.
The following tables present the amount of net realized gain (loss) and change
in net unrealized appreciation (depreciation) recognized for the fiscal year
ended September 30, 2009, on derivative instruments, as well as the primary risk
exposure associated with each. Insured New York Tax-Free Advantage (NRK)
invested in derivative instruments during the fiscal year ended September 30,
2009. None of the Funds had derivative contracts outstanding at September 30,
2009.
INSURED
NEW YORK
TAX-FREE
ADVANTAGE
NET REALIZED GAIN (LOSS) FROM FUTURES CONTRACTS (NRK)
--------------------------------------------------------------------------------
RISK EXPOSURE
Interest Rate $ 234,587
================================================================================
INSURED
NEW YORK
TAX-FREE
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) ADVANTAGE
OF FUTURES CONTRACTS (NRK)
--------------------------------------------------------------------------------
RISK EXPOSURE
Interest Rate $ 10,453
================================================================================
76 Nuveen Investments
4. FUND SHARES
Common Shares
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
--------------------------- --------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 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%
================================================================================================================================
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------- --------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08 9/30/09 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
Insured New York Tax-Free Advantage (NRK) did not redeem any of its Auction Rate
Preferred shares during the fiscal years ended September 30, 2009 or September
30, 2008. Transactions in Auction Rate Preferred shares were as follows:
NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN)
-------------------------------------------- ---------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08
--------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed:
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)
--------------------------------------------- ---------------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/09 9/30/08 9/30/09 9/30/08
---------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed:
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
========================================================================================================================
Nuveen Investments 77
| Notes to
| Financial Statements (continued)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
----------------------------------------
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
-----------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series TH N/A N/A 2,440 $ 61,000,000
================================================================================================
N/A - All $61,000,000 of the Fund's outstanding Auctioned Rate Preferred shares
were redeemed during the fiscal year ended September 30, 2009.
Transactions in Variable Rate Demand Preferred shares were as follows:
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
----------------------------------------
YEAR ENDED YEAR ENDED
9/30/09 9/30/08
----------------------------------------
SHARES AMOUNT SHARES AMOUNT
------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred shares issued:
Series 1 -- $ -- 500 $ 50,000,000
================================================================================================
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the fiscal year ended September 30, 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 $ 12,306,823 $ 24,026,378 $ 23,939,492 $ 8,754,363 $ 4,480,191 $ 5,764,424
Sales and maturities 29,144,756 28,147,960 29,771,217 11,730,115 6,042,013 2,970,197
================================================================================================================================
6. 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 the timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
At September 30, 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 $355,651,551 $484,357,993 $488,462,180 $165,316,708 $160,805,580 $76,167,065
================================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2009, were as follows:
78 Nuveen Investments
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 $ 19,921,524 $ 34,540,805 $ 32,573,192 $ 9,781,603 $ 8,508,477 $ 3,979,264
Depreciation (4,003,546) (5,346,850) (5,972,165) (1,872,027) (1,449,689) (653,719)
--------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ 15,917,978 $ 29,193,955 $ 26,601,027 $ 7,909,576 $ 7,058,788 $ 3,325,545
================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2009, the Funds' 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 * $ 3,024,471 $ 3,724,109 $ 3,908,088 $ 1,222,367 $ 996,422 $ 371,969
Undistributed net ordinary income ** -- -- -- 2 6,227 99,581
Undistributed net long-term capital
gains -- -- -- -- 16,218 165,381
================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2009, paid on October 1, 2009.
** 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' tax years ended
September 30, 2009 and 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
2009 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
--------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt
income *** $ 13,431,568 $ 18,097,482 $ 18,074,822 $ 5,923,448 $ 5,941,189 $ 2,684,765
Distributions from net ordinary
income ** -- -- -- -- -- --
Distributions from net long-term
capital gains **** -- -- -- -- 269,487 39,310
================================================================================================================================
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
2008 (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.
*** The Funds hereby designate these amounts paid during the fiscal year ended
September 30, 2009, as Exempt Interest Dividends.
**** The Funds designated as a long-term capital gain dividend, pursuant to the
Internal Revenue Code Section 852(b)(3), the amount necessary to reduce
earnings and profits of the Funds related to net capital gain to zero for
the tax year ended September 30, 2009.
Nuveen Investments 79
| Notes to
| Financial Statements (continued)
At September 30, 2009, the Funds' 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 NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM
QUALITY QUALITY INCOME INCOME
(NQN) (NVN) (NUN) (NNF)
--------------------------------------------------------------------------------
Expiration:
September 30, 2016 $ 205,863 $ -- $ -- $ 74,117
September 30, 2017 -- 174,040 505,047 --
--------------------------------------------------------------------------------
Total $ 205,863 $ 174,040 $ 505,047 $ 74,117
================================================================================
7. 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.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
INSURED NEW YORK PREMIUM INCOME (NNF)
AVERAGE DAILY NET ASSETS (1) 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)
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
AVERAGE DAILY NET ASSETS (1) 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 net assets managed as stated in the following
table. As of September 30, 2009, the complex-level fee rate was .1901%.
80 Nuveen Investments
The complex-level fee schedule is as follows:
EFFECTIVE
COMPLEX-LEVEL NET ASSET BREAKPOINT LEVEL (1) 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 net assets of all Nuveen
funds, with such daily managed net assets defined separately for each fund
in its management agreement, but excluding assets attributable to
investments in other Nuveen funds. For the complex-level and fund-level
fee components, daily managed net assets include assets managed by the
Adviser that are attributable to financial leverage. For these purposes,
financial leverage includes the funds use of preferred stock and
borrowings and investments in the residual interest certificates (also
called inverse floating rate securities) in tender option bond (TOB)
trusts, including the portion of assets held by the TOB trust that has
been effectively financed by the trust's issuance of floating rate
securities, subject to an agreement by the Adviser to limit the amount of
such assets for determining managed net assets in certain circumstances.
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, 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, 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.
Nuveen Investments 81
| Notes to
| Financial Statements (continued)
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.
8. NEW ACCOUNTING STANDARDS
Accounting for Transfers of Financial Assets
During June 2009, the FASB issued changes to the authoritative guidance under
GAAP on accounting for transfers of financial assets. The objective of this
guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
9. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 2, 2009, to shareholders of record
on October 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 $ .0625 $ .0620 $ .0610 $ .0560 $ .0635 $ .0580
================================================================================================================================
Evaluation Date
In May 2009, the FASB issued changes to authoritative guidance under GAAP for
subsequent events. This guidance requires an entity to recognize in the
financial statements the effects of all subsequent events that provide
additional evidence about conditions that existed at the date of the balance
sheet. This guidance is intended to establish general standards of accounting
and for disclosure of events that occur after the balance sheet date but before
financial statements are issued or are available to be issued. This guidance
requires the disclosure of the date through which an entity has evaluated
subsequent events and the basis for that date - that is, whether that date
represents the date the financial statements were issued or were available to be
issued. This guidance is effective for interim and annual periods ending after
June 15, 2009. The Funds have performed an evaluation of subsequent events
through November 25, 2009, which is the date the financial statements were
issued.
82 Nuveen Investments
Financial
Highlights
Nuveen Investments 83
| Financial
| Highlights
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 $ 13.23 $ .88 $ 1.74 $ (.09) $ -- $ 2.53
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
NEW YORK SELECT QUALITY (NVN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 13.34 .90 1.90 (.09) -- 2.71
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
======================================================================================================================
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 $ (.68) $ -- $ (.68) $ 15.08 $ 14.13
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
NEW YORK SELECT QUALITY (NVN)
-------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 (.68) -- (.68) 15.37 13.76
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
===========================================================================================
AUCTION RATE PREFERRED SHARES
AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
--------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2009 $ 111,500 $ 25,000 $ 84,231
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
NEW YORK SELECT QUALITY (NVN)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2009 163,900 25,000 79,376
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
======================================================================================
84 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE 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 39.45% 19.74% $ 264,170 1.42% 1.20% 6.45%
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
NEW YORK SELECT QUALITY (NVN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 36.22 20.98 356,491 1.36 1.20 6.52
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
======================================================================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER 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 1.42% 1.20% 6.45% 3%
2008 1.46 1.24 6.15 9
2007 1.40 1.22 5.98 19
2006 1.22 1.22 5.92 16
2005 1.19 1.19 5.88 30
NEW YORK SELECT QUALITY (NVN)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 1.36 1.20 6.52 5
2008 1.41 1.21 6.16 12
2007 1.38 1.20 6.05 17
2006 1.20 1.20 6.03 15
2005 1.18 1.18 6.03 17
=============================================================================================================
* 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 expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
See accompanying notes to financial statements.
Nuveen Investments 85
| Financial
| Highlights (continued)
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 $ 13.20 $ .89 $ 1.82 $ (.09) $ -- $ 2.62
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
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 13.39 .84 1.77 (.08) -- 2.53
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
==========================================================================================================================
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 $ (.67) $ -- $ (.67) $ 15.15 $ 13.68
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
INSURED NEW YORK PREMIUM INCOME (NNF)
-----------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 (.63) -- (.63) 15.29 13.64
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
===============================================================================================
AUCTION RATE PREFERRED SHARES
AT END OF PERIOD
-------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
--------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2009 $ 160,775 $ 25,000 $ 80,952
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
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2009 50,350 25,000 87,691
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
======================================================================================
86 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE 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 38.91% 20.46% $ 359,827 1.38% 1.20% 6.50%
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
INSURED NEW YORK PREMIUM INCOME (NNF)
-------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 30.31 19.42 126,259 1.42 1.21 6.02
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
=========================================================================================================================
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER 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 1.38% 1.20% 6.50% 5%
2008 1.42 1.21 6.10 9
2007 1.38 1.20 5.95 21
2006 1.21 1.21 5.95 14
2005 1.19 1.19 5.86 17
INSURED NEW YORK PREMIUM INCOME (NNF)
-------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 1.42 1.21 6.02 5
2008 1.45 1.24 5.84 10
2007 1.40 1.23 5.79 21
2006 1.22 1.22 5.75 14
2005 1.20 1.20 5.71 22
=================================================================================================
* 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 expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) The expense ratios in the above table reflect, among other things, the
interest expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Inverse
Floating Rate Securities.
See accompanying notes to financial statements.
Nuveen Investments 87
| Financial
| Highlights (continued)
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 $ 13.38 $ .78 $ 1.73 $ -- $ --*** $ 2.51
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
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 13.31 .83 1.81 (.10) --*** 2.54
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
==============================================================================================================================
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 $ (.70) $ (.02) $ (.72) $ 15.17 $ 14.07
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
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 (.66) (.01) (.67) 15.18 13.70
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
=====================================================================================================
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
--------------------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 $ -- $ -- $ -- $ 50,000 $ 100,000 $ 340,811
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 -- -- --
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 27,000 25,000 74,281 -- -- --
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 -- -- --
==========================================================================================================================
88 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
--------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE 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 36.41% 19.41% $ 120,406 2.13% 1.48% 5.42%
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
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 25.65 19.67 53,223 1.40 1.31 5.77
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
=============================================================================================================================
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES
AFTER 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 1.87% 1.22% 5.68% 3%
2008 1.68 1.29 5.78 9
2007 1.40 1.22 5.81 19
2006 1.21 1.21 5.78 11
2005 1.19 1.19 5.74 12
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2009 1.13 1.04 6.04 4
2008 1.44 1.29 5.65 8
2007 1.42 1.27 5.63 17
2006 1.29 1.29 5.60 8
2005 1.26 1.26 5.52 7
====================================================================================================
* 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 expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares or Variable Rate Demand Preferred shares, where applicable.
(a) The expense ratios in the above table reflect, among other things,
payments to Variable Rate Demand Preferred shareholders and the interest
expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, as described in Footnote 1 - Variable
Rate Demand Preferred Shares and Inverse Floating Rate Securities,
respectively.
See accompanying notes to financial statements.
Nuveen Investments 89
Board Members & Officers
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at nine. None of the board members who are not "interested" persons of the Funds
(referred to herein as "independent board members") has ever been a director or
employee of, or consultant to, Nuveen or its affiliates. The names and business
addresses of the board members and officers of the Funds, their principal
occupations and other affiliations during the past five years, the number of
portfolios each oversees and other directorships they hold are set forth below.
NUMBER PRINCIPAL
YEAR FIRST OF PORTFOLIOS OCCUPATION(S)
NAME, ELECTED OR IN FUND COMPLEX INCLUDING OTHER
BIRTHDATE POSITION(S) HELD APPOINTED OVERSEEN BY DIRECTORSHIPS
& ADDRESS WITH THE FUNDS AND TERM(1) BOARD MEMBER DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT BOARD MEMBERS:
o ROBERT P. BREMNER Private Investor and Management
8/22/40 Chairman of Consultant; Treasurer and Director,
333 W. Wacker Drive the Board 1997 197 Humanities Council of Washington D.C.
Chicago, IL 60606 and Board Member
o JACK B. EVANS President, The Hall-Perrine Foundation, a
10/22/48 private philanthropic corporation (since
333 W. Wacker Drive Board Member 1999 197 1996); Director and Chairman, United Fire
Chicago, IL 60606 Group, a publicly held company; President
Pro Tem of the Board of Regents for the
State of Iowa University System;
Director, Gazette Companies; Life Trustee
of Coe College and the Iowa College
Foundation; formerly, Director, Alliant
Energy; formerly, Director, Federal
Reserve Bank of Chicago; formerly,
President and Chief Operating Officer,
SCI Financial Group, Inc., a regional
financial services firm.
o WILLIAM C. HUNTER Dean, Tippie College of Business,
3/6/48 University of Iowa (since 2006); Director
333 W. Wacker Drive Board Member 2004 197 (since 2004) of Xerox Corporation;
Chicago, IL 60606 Director (since 2005), Beta Gamma Sigma
International Honor Society; formerly,
Dean and Distinguished Professor of
Finance, School of Business at the
University of Connecticut (2003-2006);
previously, Senior Vice President and
Director of Research at the Federal
Reserve Bank of Chicago (1995-2003);
Director, SS&C Technologies, Inc. (May
2005-October 2005); formerly, Director
(1997-2007), Credit Research Center at
Georgetown University.
o DAVID J. KUNDERT Director, Northwestern Mutual Wealth
10/28/42 Management Company; retired (since 2004)
333 W. Wacker Drive Board Member 2005 197 as Chairman, JPMorgan Fleming Asset
Chicago, IL 60606 Management, President and CEO, Banc One
Investment Advisors Corporation, and
President, One Group Mutual Funds; prior
thereto, Executive Vice President, Banc
One Corporation and Chairman and CEO,
Banc One Investment Management Group;
Member, Board of Regents, Luther College;
member of the Wisconsin Bar Association;
member of Board of Directors, Friends of
Boerner Botanical Gardens; member of
Investment Committee, Greater Milwaukee
Foundation.
o WILLIAM J. SCHNEIDER Chairman of Miller-Valentine Partners
9/24/44 Ltd., a real estate investment company;
333 W. Wacker Drive Board Member 1997 197 formerly, Senior Partner and Chief
Chicago, IL 60606 Operating Officer (retired, 2004) of
Miller-Valentine Group; member,
University of Dayton Business School
Advisory Council; member, Dayton
Philharmonic Orchestra Association;
formerly, member, Business Advisory
Council, Cleveland Federal Reserve Bank;
formerly, Director, Dayton Development
Coalition.
90 Nuveen Investments
NUMBER PRINCIPAL
YEAR FIRST OF PORTFOLIOS OCCUPATION(S)
NAME, ELECTED OR IN FUND COMPLEX INCLUDING OTHER
BIRTHDATE POSITION(S) HELD APPOINTED OVERSEEN BY DIRECTORSHIPS
& ADDRESS WITH THE FUNDS AND TERM(1) BOARD MEMBER DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT BOARD MEMBERS:
o JUDITH M. STOCKDALE Executive Director, Gaylord and Dorothy
12/29/47 Donnelley Foundation (since 1994); prior
333 W. Wacker Drive Board Member 1997 197 thereto, Executive Director, Great Lakes
Chicago, IL 60606 Protection Fund (from 1990 to 1994).
o CAROLE E. STONE Director, Chicago Board Options Exchange
6/28/47 (since 2006); Director, C2 Options
333 W. Wacker Drive Board Member 2007 197 Exchange, Incorporated (since 2009);
Chicago, IL 60606 Commissioner, New York State Commission
on Public Authority Reform (since 2005);
formerly, Chair, New York Racing
Association Oversight Board (2005-2007).
o TERENCE J. TOTH Director, Legal & General Investment
9/29/59 Management America, Inc. (since 2008);
333 W. Wacker Drive Board Member 2008 197 Managing Partner, Musso Capital
Chicago, IL 60606 Management (since 2008); formerly, CEO
and President, Northern Trust Investments
(2004-2007); Executive Vice President,
Quantitative Management & Securities
Lending (2004-2007); prior thereto,
various positions with Northern Trust
Company (since 1994); Member: Goodman
Theatre Board (since 2004), Chicago
Fellowship Boards (since 2005),
University of Illinois Leadership Council
Board (since 2007) and Catalyst Schools
of Chicago Board (since 2008); formerly,
Member: Northern Trust Mutual Funds Board
(2005-2007), Northern Trust Investments
Board (2004-2007), Northern Trust Japan
Board (2004-2007), Northern Trust
Securities Inc. Board (2003-2007) and
Northern Trust Hong Kong Board
(1997-2004).
INTERESTED BOARD MEMBER:
o JOHN P. AMBOIAN(2) Chief Executive Officer (since July 2007)
6/14/61 and Director (since 1999) of Nuveen
333 W. Wacker Drive Board Member 2008 197 Investments, Inc.; Chief Executive
Chicago, IL 60606 Officer (since 2007) of Nuveen Asset
Management, Nuveen Investments Advisors,
Inc. formerly, President (1999-2004) of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.(3)
Nuveen Investments 91
Board Members & Officers (continued)
NUMBER
OF PORTFOLIOS
NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
AND ADDRESS WITH THE FUNDS APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
o GIFFORD R. ZIMMERMAN Managing Director (since 2002), Assistant
9/9/56 Chief Secretary and Associate General Counsel
333 W. Wacker Drive Administrative 1988 197 of Nuveen Investments, LLC; Managing
Chicago, IL 60606 Officer Director, Associate General Counsel and
Assistant Secretary, of Nuveen Asset
Management (since 2002) and of Symphony
Asset Management LLC, (since 2003); Vice
President and Assistant Secretary of NWQ
Investment Management Company, LLC.
(since 2002), Nuveen Investments Advisers
Inc. (since 2002), Tradewinds Global
Investors, LLC, and Santa Barbara Asset
Management, LLC (since 2006), Nuveen
HydePark Group LLC and Nuveen Investment
Solutions, Inc. (since 2007); Managing
Director (since 2004) and Assistant
Secretary (since 1994) of Nuveen
Investments, Inc.; formerly, Managing
Director (2002-2004), General Counsel
(1998-2004) and Assistant Secretary of
Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.(3);
Chartered Financial Analyst.
o WILLIAM ADAMS IV Executive Vice President of Nuveen
6/9/55 Investments, Inc.; Executive Vice
333 W. Wacker Drive Vice President 2007 122 President, U.S. Structured Products of
Chicago, IL 60606 Nuveen Investments, LLC, (since 1999),
prior thereto, Managing Director of
Structured Investments.
o MARK J.P. ANSON President and Executive Director of
6/10/59 Nuveen Investments, Inc. (since 2007);
333 W. Wacker Drive Vice President 2009 197 President of Nuveen Investments
Chicago, IL 60606 Institutional Services Group LLC (since
2007); previously, Chief Executive
Officer of the British Telecom Pension
Scheme (2006-2007) and Chief Investment
Officer of Calpers (1999-2006); PhD,
Chartered Financial Analyst, Chartered
Alternative Investment Analyst, Certified
Public Accountant, Certified Management
Accountant and Certified Internal
Auditor.
o CEDRIC H. ANTOSIEWICZ Managing Director, (since 2004),
1/11/62 previously, Vice President (1993-2004) of
333 W. Wacker Drive Vice President 2007 122 Nuveen Investments, LLC.
Chicago, IL 60606
o NIZIDA ARRIAGA Vice President (since 2007) of Nuveen
6/1/68 Investments, LLC; previously, Portfolio
333 W. Wacker Drive Vice President 2009 197 Manager, Allstate Investments, LLC
Chicago, IL 60606 (1996-2006); Chartered Financial Analyst.
o MICHAEL T. ATKINSON Vice President (since 2002) of Nuveen
2/3/66 Vice President Investments, LLC.; Vice President of
333 W. Wacker Drive and Assistant 2000 197 Nuveen Asset Management (since 2005).
Chicago, IL 60606 Secretary
o MARGO L. COOK Executive Vice President (since Oct 2008)
4/11/64 of Nuveen Investments, Inc.; previously,
333 W. Wacker Drive Vice President 2009 197 Head of Institutional Asset Management
Chicago, IL 60606 (2007-2008) of Bear Stearns Asset
Management; Head of Institutional Asset
Mgt (1986-2007) of Bank of NY Mellon;
Chartered Financial Analyst.
o LORNA C. FERGUSON Managing Director (since 2004) of Nuveen
10/24/45 Investments, LLC; Managing Director
333 W. Wacker Drive Vice President 1998 197 (since 2005) of Nuveen Asset Management;
Chicago, IL 60606 Managing Director (2004-2005), of Nuveen
Advisory Corp. and Nuveen Institutional
Advisory Corp.(3)
92 Nuveen Investments
NUMBER
OF PORTFOLIOS
NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
AND ADDRESS WITH THE FUNDS APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
o STEPHEN D. FOY Vice President (since 1993) and Funds
5/31/54 Vice President Controller (since 1998) of Nuveen
333 W. Wacker Drive and Controller 1998 197 Investments, LLC; Vice President (since
Chicago, IL 60606 2005) of Nuveen Asset Management;
Certified Public Accountant.
o WILLIAM T. HUFFMAN Chief Operating Officer, Municipal Fixed
5/7/69 Income (since 2008) of Nuveen Asset
333 W. Wacker Drive Vice President 2009 133 Management; previously, Chairman,
Chicago, IL 60606 President and Chief Executive Officer
(2002-2007) of Northern Trust Global
Advisors, Inc. and Chief Executive
Officer (2007) of Northern Trust Global
Investments Limited; Certified Public
Accountant.
o WALTER M. KELLY Senior Vice President (since 2008), Vice
2/24/70 Chief Compliance President (2006-2008) formerly, Assistant
333 W. Wacker Drive Officer and 2003 197 Vice President and Assistant General
Chicago, IL 60606 Vice President Counsel (2003-2006) of Nuveen
Investments, LLC; Vice President (since
2006) and Assistant Secretary (since
2008) of Nuveen Asset Management.
o DAVID J. LAMB Senior Vice President (since 2009),
3/22/63 formerly, Vice President (2000-2009) of
333 W. Wacker Drive Vice President 2000 197 Nuveen Investments, LLC; Vice President
Chicago, IL 60606 (since 2005) of Nuveen Asset Management;
Certified Public Accountant.
o TINA M. LAZAR Senior Vice President (since 2009),
8/27/61 formerly, Vice President of Nuveen
333 W. Wacker Drive Vice President 2002 197 Investments, LLC (1999-2009); Vice
Chicago, IL 60606 President of Nuveen Asset Management
(since 2005).
o LARRY W. MARTIN Vice President, Assistant Secretary and
7/27/51 Vice President Assistant General Counsel of Nuveen
333 W. Wacker Drive and Assistant 1988 197 Investments, LLC; Vice President (since
Chicago, IL 60606 Secretary 2005) and Assistant Secretary of Nuveen
Investments, Inc.; Vice President (since
2005) and Assistant Secretary (since
1997) of Nuveen Asset Management; Vice
President and Assistant Secretary of
Nuveen Investments Advisers Inc. (since
2002); NWQ Investment Management Company,
LLC (since 2002), Symphony Asset
Management LLC (since 2003), Tradewinds
Global Investors, LLC, Santa Barbara
Asset Management LLC (since 2006) and of
Nuveen HydePark Group, LLC and Nuveen
Investment Solutions, Inc. (since 2007);
formerly, Vice President and Assistant
Secretary of Nuveen Advisory Corp. and
Nuveen Institutional Advisory Corp.(3)
o KEVIN J. MCCARTHY Managing Director (since 2008), formerly,
3/26/66 Vice President Vice President (2007-2008), Nuveen
333 W. Wacker Drive and Secretary 2007 197 Investments, LLC; Managing Director
Chicago, IL 60606 (since 2008), formerly, Vice President,
and Assistant Secretary, Nuveen Asset
Management, and Nuveen Investments
Holdings, Inc.; Vice President (since
2007) and Assistant Secretary, Nuveen
Investment Advisers Inc., Nuveen
Investment Institutional Services Group
LLC, NWQ Investment Management Company,
LLC, Tradewinds Global Investors LLC, NWQ
Holdings, LLC, Symphony Asset Management
LLC, Santa Barbara Asset Management LLC,
Nuveen HydePark Group, LLC and Nuveen
Investment Solutions, Inc. (since 2007);
prior thereto, Partner, Bell, Boyd &
Lloyd LLP (1997- 2007).
Nuveen Investments 93
Board Members & Officers (continued)
NUMBER
OF PORTFOLIOS
NAME, YEAR FIRST IN FUND COMPLEX PRINCIPAL
BIRTHDATE POSITION(S) HELD ELECTED OR OVERSEEN OCCUPATION(S)
AND ADDRESS WITH THE FUNDS APPOINTED(4) BY OFFICER DURING PAST 5 YEARS
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
o JOHN V. MILLER Chief Investment Officer and Managing
4/10/67 Director (since 2007), formerly, Vice
333 W. Wacker Drive Vice President 2007 133 President (2002-2007) of Nuveen Asset
Chicago, IL 60606 Management and Managing Director (since
2007), formerly Vice President
(2002-2007) Nuveen Investments, LLC;
Chartered Financial Analyst.
o GREGORY MINO Vice President of Nuveen Investments, LLC
1/4/71 (since 2008); previously, Director
333 W. Wacker Drive Vice President 2009 197 (2004-2007) and Executive Director
Chicago, IL 60606 (2007-2008) of UBS Global Asset
Management; previously, Vice President
(2000-2003) and Director (2003-2004) of
Merrill Lynch Investment Managers;
Chartered Financial Analyst.
o CHRISTOPHER M. ROHRBACHER Vice President, Nuveen Investments, LLC
8/1/71 Vice President (since 2008); Vice President and
333 W. Wacker Drive and Assistant 2008 197 Assistant Secretary, Nuveen Asset
Chicago, IL 60606 Secretary Management (since 2008); prior thereto,
Associate, Skadden, Arps, Slate Meagher &
Flom LLP (2002-2008).
o JAMES F. RUANE Vice President, Nuveen Investments, LLC
7/3/62 Vice President (since 2007); prior thereto, Partner,
333 W. Wacker Drive and Assistant 2007 197 Deloitte & Touche USA LLP (2005-2007),
Chicago, IL 60606 Secretary formerly, senior tax manager (2002-2005);
Certified Public Accountant.
o MARK L. WINGET Vice President, Nuveen Investments, LLC
12/21/68 Vice President (since 2008); Vice President and
333 W. Wacker Drive and Assistant 2008 197 Assistant Secretary, Nuveen Asset
Chicago, IL 60606 | Secretary Management (since 2008); prior thereto,
Counsel, Vedder Price P.C. (1997-2007).
(1) For Insured New York Dividend Advantage (NKO) and Insured New York
Tax-Free Advantage (NRK), Board Members serve three year terms, except for
two board members who are elected by the holders of Preferred Shares. The
Board of Trustees for NKO and NRK is divided into three classes, Class I,
Class II, and Class III, with each being elected to serve until the third
succeeding annual shareholders' meeting subsequent to its election or
thereafter in each case when its respective successors are duly elected or
appointed, except two board members are elected by the holders of
Preferred Shares to serve until the next annual shareholders' meeting
subsequent to its election or thereafter in each case when its respective
successors are duly elected or appointed. For New York Investment Quality
(NQN), New York Select Quality (NVN) New York Quality Income (NUN) and
Insured New York Premium Income (NNF), the Board Members serve a one year
term to serve until the next annual meeting or until their successors
shall have been duly elected and qualified. The first year elected or
appointed represents the year in which the board member was first elected
or appointed to any fund in the Nuveen Complex.
(2) Mr. Amboian is an interested trustee because of his position with Nuveen
Investments, Inc. and certain of its subsidiaries, which are affiliates of
the Nuveen Funds.
(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
reorganized into Nuveen Asset Management, effective January 1, 2005.
(4) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
94 Nuveen Investments
Annual Investment Management Agreement Approval Process
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in
substance, that each investment advisory agreement between a fund and its
investment adviser will continue in effect from year to year only if its
continuance is approved at least annually by the fund's board members, including
by a vote of a majority of the board members who are not parties to the advisory
agreement or "interested persons" of any parties (the "Independent Board
Members"), cast in person at a meeting called for the purpose of considering
such approval. In connection with such approvals, the fund's board members must
request and evaluate, and the investment adviser is required to furnish, such
information as may be reasonably necessary to evaluate the terms of the advisory
agreement. Accordingly, at a meeting held on May 27-29, 2009 (the "May
Meeting"), the Boards of Trustees or Directors (as the case may be) (each, a
"Board" and each Trustee or Director, a "Board Member") of the Funds, including
a majority of the Independent Board Members, considered and approved the
continuation of the advisory agreements (each an "Advisory Agreement") between
each Fund and Nuveen Asset Management ("NAM") for an additional one-year period.
In preparation for their considerations at the May Meeting, the Board also held
a separate meeting on April 21-22, 2009 (the "April Meeting"). Accordingly, the
factors considered and determinations made regarding the renewals by the
Independent Board Members include those made at the April Meeting.
In addition, in evaluating the Advisory Agreements, the Independent Board
Members reviewed a broad range of information relating to the Funds and NAM,
including absolute performance, fee and expense information for the Funds as
well as comparative performance, fee and expense information for a comparable
peer group of funds, the performance information of recognized and/or customized
benchmarks (as applicable) of the Funds, the profitability of Nuveen for its
advisory activities (which includes its wholly owned subsidiaries other than
Winslow Capital Management, Inc. ("Winslow Capital"), which was recently
acquired in December 2008), and other information regarding the organization,
personnel, and services provided by NAM. The Independent Board Members also met
quarterly as well as at other times as the need arose during the year and took
into account the information provided at such meetings and the knowledge gained
therefrom. Prior to approving the renewal of the Advisory Agreements, the
Independent Board Members reviewed the foregoing information with their
independent legal counsel and with management, reviewed materials from
independent legal counsel describing applicable law and their duties in
reviewing advisory contracts, and met with independent legal counsel in private
sessions without management present. The Independent Board Members considered
the legal advice provided by independent legal counsel and relied upon their
knowledge of NAM, its services and the Funds resulting from their meetings and
other interactions throughout the year and their own business judgment in
determining the factors to be considered in evaluating
Nuveen Investments 95
Annual Investment Management Agreement Approval Process (continued)
the Advisory Agreements. Each Board Member may have accorded different weight to
the various factors in reaching his or her conclusions with respect to a Fund's
Advisory Agreement. The Independent Board Members did not identify any single
factor as all-important or controlling. The Independent Board Members'
considerations were instead based on a comprehensive consideration of all the
information presented. The principal factors considered by the Board and its
conclusions are described below.
A. NATURE, EXTENT AND QUALITY OF SERVICES
In considering renewal of the Advisory Agreements, the Independent Board Members
considered the nature, extent and quality of NAM's services, including advisory
services and administrative services. The Independent Board Members reviewed
materials outlining, among other things, NAM's organization and business; the
types of services that NAM or its affiliates provide and are expected to provide
to the Funds; the performance record of the applicable Fund (as described in
further detail below); and any initiatives Nuveen had taken for the applicable
fund product line.
In reviewing the services provided and the initiatives undertaken during the
past year, the Independent Board Members recognized the severe market turmoil
experienced in the capital markets during recent periods, including sustained
periods of high volatility, credit disruption and government intervention. The
Independent Board Members considered NAM's efforts, expertise and other actions
taken to address matters as they arose that impacted the Funds. The Independent
Board Members recognized the role of the Investment Services group which, among
other things, monitors the various positions throughout the Nuveen fund complex
to identify and address any systematic risks. In addition, the Capital Markets
Committee of NAM provides a multi-departmental venue for developing new policies
to mitigate any risks. The Independent Board Members further recognized NAM's
continuous review of the Nuveen funds' investment strategies and mandates in
seeking to continue to refine and improve the investment process for the funds,
particularly in light of market conditions. With respect to closed-end funds
that issued auction rate preferred shares ("ARPs") or that otherwise utilize
leverage, the Independent Board Members noted, in particular, NAM's efforts in
refinancing the preferred shares of such funds frozen by the collapse of the
auction rate market and managing leverage during a period of rapid market
declines, particularly for the non-equity funds. Such efforts included
negotiating and maintaining the availability of bank loan facilities and other
sources of credit used for investment purposes or to satisfy liquidity needs,
liquidating portfolio securities during difficult times to meet leverage ratios,
and seeking alternative forms of debt and other leverage that may over time
reduce financing costs associated with ARPs and enable the funds that have
issued ARPs to restore liquidity to ARPs holders. The Independent Board Members
also noted Nuveen's continued commitment and efforts to keep investors and
financial advisers informed as to its progress with the ARPs through, among
other things, conference calls, emails, press releases, information posted on
its website, and telephone calls and in-person meetings with financial advisers.
In addition to the foregoing, the Independent Board Members also noted the
additional services that NAM or its affiliates provide to closed-end funds,
including, in particular, Nuveen's continued commitment to supporting the
secondary market for the common shares of its closed-end funds
96 Nuveen Investments
through a variety of programs designed to raise investor and analyst awareness
and understanding of closed-end funds. These efforts include maintaining an
investor relations program to provide timely information and education to
financial advisers and investors; providing advertising and marketing for the
closed-end funds; maintaining websites; and providing educational seminars.
As part of their review, the Independent Board Members also evaluated the
background, experience and track record of NAM's investment personnel. In this
regard, the Independent Board Members considered any changes in the personnel,
and the impact on the level of services provided to the Funds, if any. The
Independent Board Members also reviewed information regarding portfolio manager
compensation arrangements to evaluate NAM's ability to attract and retain high
quality investment personnel, preserve stability, and reward performance but not
provide an incentive for taking undue risks.
In addition to advisory services, the Independent Board Members considered the
quality of administrative services provided by NAM and its affiliates including
product management, fund administration, oversight of service providers,
shareholder services, administration of Board relations, regulatory and
portfolio compliance and legal support. Given the importance of compliance, the
Independent Board Members considered NAM's compliance program, including the
report of the chief compliance officer regarding the Funds' compliance policies
and procedures.
Based on their review, the Independent Board Members found that, overall, the
nature, extent and quality of services provided (and expected to be provided) to
the respective Funds under the Advisory Agreements were satisfactory.
B. THE INVESTMENT PERFORMANCE OF THE FUNDS AND NAM
The Board considered the investment performance of each Fund, including the
Fund's historic performance as well as its performance compared to funds with
similar investment objectives (the "Performance Peer Group") based on data
provided by an independent provider of mutual fund data as well as recognized
and/or customized benchmarks (as applicable). The Independent Board Members
reviewed performance information including, among other things, total return
information compared with the Fund's Performance Peer Group and recognized
and/or customized benchmarks (as applicable) for the quarter-, one-, three- and
five-year periods (as applicable) ending December 31, 2008 and for the same
periods (as applicable) ending March 31, 2009. The Independent Board Members
also reviewed performance information of the Nuveen municipal funds managed by
NAM in the aggregate ranked by peer group and the performance of such funds, in
the aggregate, relative to their benchmark. This information supplemented the
Fund performance information provided to the Board at each of its quarterly
meetings.
In comparing a fund's performance with that of its Performance Peer Group, the
Independent Board Members took into account that the closest Performance Peer
Group in certain instances may not adequately reflect the respective fund's
investment objectives and strategies thereby hindering a meaningful comparison
of the fund's performance with that of the Performance Peer Group. The
Independent Board Members further considered the performance of the Funds in the
context of the volatile
Nuveen Investments 97
Annual Investment Management Agreement Approval Process (continued)
market conditions during the past year, and their impact on various asset
classes and the portfolio management of the Funds.
Based on their review and factoring in the severity of market turmoil in 2008,
the Independent Board Members determined that each Fund's investment performance
over time had been satisfactory.
C. FEES, EXPENSES AND PROFITABILITY
1. FEES AND EXPENSES
The Board evaluated the management fees and expenses of each Fund
reviewing, among other things, such Fund's gross management fees, net
management fees and total expense ratios (before and after expense
reimbursements and/or waivers) in absolute terms as well as compared to
the fee and expenses of a comparable universe of unaffiliated funds based
on data provided by an independent fund data provider (the "Peer
Universe") and in certain cases, to a more focused subset of funds in the
Peer Universe (the "Peer Group").
The Independent Board Members further reviewed data regarding the
construction of the applicable Peer Universe and Peer Group. In reviewing
the comparisons of fee and expense information, the Independent Board
Members took into account that in certain instances various factors such
as the asset level of a fund relative to peers, the size and particular
composition of the Peer Universe or Peer Group, the investment objectives
of the peers, expense anomalies, changes in the funds comprising the Peer
Universe or Peer Group from year to year, levels of reimbursement and the
timing of information used may impact the comparative data, thereby
limiting the ability to make a meaningful comparison. In addition, the
Independent Board Members considered, among other things, the differences
in the use and type of leverage compared to the peers. The Independent
Board Members also considered the differences in the states reflected in
the respective Peer Group. In reviewing the fee schedule for a Fund, the
Independent Board Members also considered the fund-level and complex-wide
breakpoint schedules (described in further detail below) and any fee
waivers and reimbursements provided by Nuveen (applicable, in particular,
for certain closed-end funds launched since 1999).
Based on their review of the fee and expense information provided, the
Independent Board Members determined that each Fund's management fees and
net total expense ratio were reasonable in light of the nature, extent and
quality of services provided to the Fund.
2. COMPARISONS WITH THE FEES OF OTHER CLIENTS
The Independent Board Members further reviewed information regarding the
nature of services and fee rates offered by NAM to other clients. Such
other clients include NAM's municipal separately managed accounts. In
evaluating the comparisons of fees, the Independent Board Members noted
that the fee rates charged to the Funds and other clients vary, among
other things, because of the different services involved and the
additional regulatory and compliance requirements associated with
registered investment companies, such as the Funds. Accordingly, the
Independent Board Members considered the differences in the product types,
including, but not limited
98 Nuveen Investments
to, the services provided, the structure and operations, product
distribution and costs thereof, portfolio investment policies, investor
profiles, account sizes and regulatory requirements. The Independent Board
Members noted, in particular, that the range of services provided to the
Funds (as discussed above) is much more extensive than that provided to
separately managed accounts. Given the inherent differences in the
products, particularly the extensive services provided to the Funds, the
Independent Board Members believe such facts justify the different levels
of fees.
3. PROFITABILITY OF NUVEEN
In conjunction with its review of fees, the Independent Board Members also
considered the profitability of Nuveen for its advisory activities (which
incorporated Nuveen's wholly-owned affiliated sub-advisers other than
Winslow Capital) and its financial condition. The Independent Board
Members reviewed the revenues and expenses of Nuveen's advisory activities
for the last two years, the allocation methodology used in preparing the
profitability data and an analysis of the key drivers behind the changes
in revenues and expenses that impacted profitability in 2008. In addition,
the Independent Board Members reviewed information regarding the financial
results of Nuveen for 2008 based on its Form 8-K filed on March 31, 2009.
The Independent Board Members noted this information supplemented the
profitability information requested and received during the year to help
keep them apprised of developments affecting profitability (such as
changes in fee waivers and expense reimbursement commitments). In this
regard, the Independent Board Members noted that they had also appointed
an Independent Board Member as a point person to review and keep them
apprised of changes to the profitability analysis and/or methodologies
during the year. The Independent Board Members also considered Nuveen's
revenues for advisory activities, expenses, and profit margin compared to
that of various unaffiliated management firms with similar amounts of
assets under management and relatively comparable asset composition
prepared by Nuveen.
In reviewing profitability, the Independent Board Members recognized the
subjective nature of determining profitability which may be affected by
numerous factors including the allocation of expenses. Further, the
Independent Board Members recognized the difficulties in making
comparisons as the profitability of other advisers generally is not
publicly available and the profitability information that is available for
certain advisers or management firms may not be representative of the
industry and may be affected by, among other things, the adviser's
particular business mix, capital costs, types of funds managed and expense
allocations. Notwithstanding the foregoing, the Independent Board Members
reviewed Nuveen's methodology and assumptions for allocating expenses
across product lines to determine profitability. In reviewing
profitability, the Independent Board Members recognized Nuveen's
investment in its fund business.
Based on their review, the Independent Board Members concluded that
Nuveen's level of profitability for its advisory activities was reasonable
in light of the services provided.
Nuveen Investments 99
Annual Investment Management Agreement Approval Process (continued)
In evaluating the reasonableness of the compensation, the Independent
Board Members also considered other amounts paid to NAM by the Funds as
well as any indirect benefits (such as soft dollar arrangements, if any)
NAM and its affiliates receive, or are expected to receive, that are
directly attributable to the management of the Funds, if any. See Section
E below for additional information on indirect benefits NAM may receive as
a result of its relationship with the Funds. Based on their review of the
overall fee arrangements of each Fund, the Independent Board Members
determined that the advisory fees and expenses of the respective Fund were
reasonable.
D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE
With respect to economies of scale, the Independent Board Members have
recognized the potential benefits resulting from the costs of a fund being
spread over a larger asset base, although economies of scale are difficult to
measure and predict with precision, particularly on a fund-by-fund basis. One
method to help ensure the shareholders share in these benefits is to include
breakpoints in the advisory fee schedule. Generally, management fees for funds
in the Nuveen complex are comprised of a fund-level component and a
complex-level component, subject to certain exceptions. Accordingly, the
Independent Board Members reviewed and considered the applicable fund-level
breakpoints in the advisory fee schedules that reduce advisory fees as asset
levels increase. In this regard, the Independent Board Members noted that
although closed-end funds may from time-to-time make additional share offerings,
the growth of their assets will occur primarily through the appreciation of such
funds' investment portfolio. While economies of scale result when costs can be
spread over a larger asset base, the Independent Board Members also recognized
that the asset levels generally declined in 2008 due to, among other things, the
market downturn. Accordingly, for funds with a reduction in assets under
management, advisory fee levels may have increased as breakpoints in the fee
schedule were no longer surpassed.
In addition to fund-level advisory fee breakpoints, the Board also considered
the Funds' complex-wide fee arrangement. Pursuant to the complex-wide fee
arrangement, the fees of the funds in the Nuveen complex generally are reduced
as the assets in the fund complex reach certain levels. The complex-wide fee
arrangement seeks to provide the benefits of economies of scale to fund
shareholders when total fund complex assets increase, even if assets of a
particular fund are unchanged or have decreased. The approach reflects the
notion that some of Nuveen's costs are attributable to services provided to all
its funds in the complex and therefore all funds benefit if these costs are
spread over a larger asset base. Generally, the complex-wide pricing reduces
Nuveen's revenue because total complex fund assets have consistently grown in
prior years. As noted, however, total fund assets declined in 2008 resulting in
a smaller downward adjustment of revenues due to complex-wide pricing compared
to the prior year.
Based on their review, the Independent Board Members concluded that the
breakpoint schedules and complex-wide fee arrangement were acceptable and
reflect economies of scale to be shared with shareholders when assets under
management increase.
100 Nuveen Investments
E. INDIRECT BENEFITS
In evaluating fees, the Independent Board Members received and considered
information regarding potential "fall out" or ancillary benefits NAM or its
affiliates may receive as a result of its relationship with each Fund. In this
regard, the Independent Board Members considered revenues received by affiliates
of NAM for serving as agent at Nuveen's trading desk.
In addition to the above, the Independent Board Members considered whether NAM
received any benefits from soft dollar arrangements whereby a portion of the
commissions paid by a Fund for brokerage may be used to acquire research that
may be useful to NAM in managing the assets of the Funds and other clients. The
Independent Board Members noted that NAM does not currently have any soft dollar
arrangements; however, to the extent certain bona fide agency transactions that
occur on markets that traditionally trade on a principal basis and riskless
principal transactions are considered as generating "commissions," NAM intends
to comply with the applicable safe harbor provisions.
Based on their review, the Independent Board Members concluded that any indirect
benefits received by NAM as a result of its relationship with the Funds were
reasonable and within acceptable parameters.
F. OTHER CONSIDERATIONS
The Independent Board Members did not identify any single factor discussed
previously as all-important or controlling. The Board Members, including the
Independent Board Members, unanimously concluded that the terms of the Advisory
Agreements are fair and reasonable, that NAM's fees are reasonable in light of
the services provided to each Fund and that the Advisory Agreements be renewed.
Nuveen Investments 101
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
102 Nuveen Investments
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.
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.
Nuveen Investments 103
Glossary of 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 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 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.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, 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.
104 Nuveen Investments
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 PRE-REFUNDING: Pre-refunding, also known as advanced refundings or
refinancings, is a procedure used by state and local governments to
refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury
securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally
raises a bond's credit rating and thus its value.
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.
Nuveen Investments 105
Notes
106 Nuveen Investments
Notes
Nuveen Investments 107
Notes
108 Nuveen Investments
Other Useful Information
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
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, 2009, 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 SEC 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 shares of their common and/or preferred stock as shown in the
accompanying table.
COMMON SHARES PREFERRED SHARES
FUND REPURCHASED REDEEMED
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.
Nuveen Investments 109
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 $141 billion of
assets on September 30, 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
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606 It's not what you earn,
www.nuveen.com it's what you keep.(R)
EAN-B-0909D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. There were no amendments to or waivers
from the Code during the period covered by this report. The registrant has
posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder.
(To view the code, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees ("Board") determined that the
registrant has at least one "audit committee financial expert" (as defined in
Item 3 of Form N-CSR) serving on its Audit Committee. The registrant's audit
committee financial expert is Jack B. Evans, who is "independent" for purposes
of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen Insured New York Dividend Advantage Municipal Fund
The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP the Audit Committee approved in advance all
audit services and non-audit services that Ernst & Young LLP provided to the
Fund, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The
pre-approval exception for services provided directly to the Fund waives the
pre-approval requirement for services other than audit, review or attest
services if: (A) the aggregate amount of all such services provided constitutes
no more than 5% of the total amount of revenues paid by the Fund to its
accountant during the fiscal year in which the services are provided; (B) the
Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2009 $ 12,798 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2008 $ 12,685 $ 0 $ 0 $ 850
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
(1) "Audit Fees" are the aggregate fees billed for professional services for
the audit of the Fund's annual financial statements and services provided
in connection with statutory and regulatory filings or engagements.
(2) "Audit Related Fees" are the aggregate fees billed for assurance and
related services reasonably related to the performance of the audit or
review of financial statements and are not reported under "Audit Fees."
(3) "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM that provides ongoing services to
the Fund ("Affiliated Fund Service Provider"), for engagements directly related
to the Fund's operations and financial reporting, during the Fund's last two
full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2009 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2008 $ 0 $ 0 $ 0
------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
------------------------------------------------------------------------------------------------------------------------------------
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. The Audit
Committee is required to pre-approve non-audit services that Ernst & Young LLP
provides to the Adviser and any Affiliated Fund Services Provider, if the
engagement related directly to the Fund's operations and financial reporting
(except for those subject to the pre-approval exception described above). The
Audit Committee requested and received information from Ernst & Young LLP about
any non-audit services that Ernst & Young LLP rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating Ernst & Young LLP's
independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
------------------------------------------------------------------------------------------------------------------------------------
September 30, 2009 $ 0 $ 0 $ 0 $ 0
September 30, 2008 $ 850 $ 0 $ 0 $ 850
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees"
and "All Other Fees" billed to Fund in their respective amounts from the
previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board has a separately designated Audit Committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are
Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider and
David J. Kundert.
ITEM 6. SCHEDULE OF INVESTMENTS.
a) See Portfolio of Investments in Item 1.
b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The registrant invests its assets primarily in municipal bonds and cash
management securities. On rare occasions the registrant may acquire, directly or
through a special purpose vehicle, equity securities of a municipal bond issuer
whose bonds the registrant already owns when such bonds have deteriorated or are
expected shortly to deteriorate significantly in credit quality. The purpose of
acquiring equity securities generally will be to acquire control of the
municipal bond issuer and to seek to prevent the credit deterioration or
facilitate the liquidation or other workout of the distressed issuer's credit
problem. In the course of exercising control of a distressed municipal issuer,
NAM may pursue the registrant's interests in a variety of ways, which may entail
negotiating and executing consents, agreements and other arrangements, and
otherwise influencing the management of the issuer. NAM does not consider such
activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but
nevertheless provides reports to the registrant's Board on its control
activities on a quarterly basis.
In the rare event that a municipal issuer were to issue a proxy or that the
registrant were to receive a proxy issued by a cash management security, NAM
would either engage an independent third party to determine how the proxy should
be voted or vote the proxy with the consent, or based on the instructions, of
the registrant's Board or its representative. A member of NAM's legal department
would oversee the administration of the voting, and ensure that records were
maintained in accordance with Rule 206(4)-6, reports were filed with the SEC on
Form N-PX, and the results provided to the registrant's Board and made available
to shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
THE PORTFOLIO MANAGER
The following individual has primary responsibility for the day-to-day
implementation of the registrant's investment strategies:
NAME FUND
Cathryn P. Steeves Nuveen Insured New York Dividend Advantage Municipal Fund
Other Accounts Managed. In addition to managing the registrant, the portfolio
manager is also primarily responsible for the day-to-day portfolio management of
the following accounts:
TYPE OF ACCOUNT NUMBER OF
PORTFOLIO MANAGER MANAGED ACCOUNTS ASSETS
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Cathryn P. Steeves Registered Investment Company 44 $8.113 billion
Other Pooled Investment Vehicles 0 $0
Other Accounts 0 $0
* Assets are as of September 30, 2009. None of the assets in these accounts
are subject to an advisory fee based on performance.
Compensation. Each portfolio manager's compensation consists of three basic
elements--base salary, cash bonus and long-term incentive compensation. The
compensation strategy is to annually compare overall compensation, including
these three elements, to the market in order to create a compensation structure
that is competitive and consistent with similar financial services companies. As
discussed below, several factors are considered in determining each portfolio
manager's total compensation. In any year these factors may include, among
others, the effectiveness of the investment strategies recommended by the
portfolio manager's investment team, the investment performance of the accounts
managed by the portfolio manager, and the overall performance of Nuveen
Investments, Inc. (the parent company of NAM). Although investment performance
is a factor in determining the portfolio manager's compensation, it is not
necessarily a decisive factor. The portfolio manager's performance is evaluated
in part by comparing manager's performance against a specified investment
benchmark. This fund-specific benchmark is a customized subset (limited to bonds
in each Fund's specific state and with certain maturity parameters) of the
S&P/Investortools Municipal Bond index, an index comprised of bonds held by
managed municipal bond fund customers of Standard & Poor's Securities Pricing,
Inc. that are priced daily and whose fund holdings aggregate at least $2
million. As of September 30, 2009, the S&P/Investortools Municipal Bond index
was comprised of 54,220 securities with an aggregate current market value of
$1,130 billion.
Base salary. Each portfolio manager is paid a base salary that is set at a level
determined by NAM in accordance with its overall compensation strategy discussed
above. NAM is not under any current contractual obligation to increase a
portfolio manager's base salary.
Cash bonus. Each portfolio manager is also eligible to receive an annual cash
bonus. The level of this bonus is based upon evaluations and determinations made
by each portfolio manager's supervisors, along with reviews submitted by his
peers. These reviews and evaluations often take into account a number of
factors, including the effectiveness of the investment strategies recommended to
the NAM's investment team, the performance of the accounts for which he serves
as portfolio manager relative to any benchmarks established for those accounts,
his effectiveness in communicating investment performance to stockholders and
their representatives, and his contribution to the NAM's investment process and
to the execution of investment strategies. The cash bonus component is also
impacted by the overall performance of Nuveen Investments, Inc. in achieving its
business objectives.
Long-term incentive compensation. In connection with the acquisition of Nuveen
Investments by a group of investors led by Madison Dearborn Partners, LLC in
November 2007, certain employees, including portfolio managers, received profit
interests in the parent company of Nuveen Investments. These profit interests
entitle the holders to participate in the appreciation in the value of Nuveen
Investments beyond the issue date and vest over five to seven years, or earlier
in the case of a liquidity event. In addition, in July 2009, Nuveen Investments
created and funded a trust, as part of a newly-established incentive program,
which purchased shares of certain Nuveen Mutual Funds and awarded such shares,
subject to vesting, to certain employees, including portfolio managers.
Material Conflicts of Interest. Each portfolio manager's simultaneous management
of the registrant and the other accounts noted above may present actual or
apparent conflicts of interest with respect to the allocation and aggregation of
securities orders placed on behalf of the registrant and the other account. NAM,
however, believes that such potential conflicts are mitigated by the fact that
the NAM has adopted several policies that address potential conflicts of
interest, including best execution and trade allocation policies that are
designed to ensure (1) that portfolio management is seeking the best price for
portfolio securities under the circumstances, (2) fair and equitable allocation
of investment opportunities among accounts over time and (3) compliance with
applicable regulatory requirements. All accounts are to be treated in a
non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager, although the
allocation procedures may provide allocation preferences to funds with special
characteristics (such as favoring state funds versus national funds for
allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct
that sets forth policies regarding conflicts of interest.
Beneficial Ownership of Securities. As of September 30, 2009, the portfolio
manager beneficially owned the following dollar range of equity securities
issued by the registrant and other Nuveen Funds managed by NAM's municipal
investment team.
DOLLAR RANGE OF
EQUITY SECURITIES
DOLLAR RANGE OF BENEFICIALLY OWNED
EQUITY IN THE REMAINDER OF
SECURITIES NUVEEN FUNDS MANAGED
BENEFICIALLY BY NAM'S MUNICIPAL
NAME OF PORTFOLIO MANAGER FUND OWNED IN FUND INVESTMENT TEAM
-------------------------------------------------------------------------------------------------------------------------------
Cathryn Steeves Nuveen Insured New York Dividend Advantage Municipal Fund $0 $10,000-$50,000
PORTFOLIO MANAGER BIO:
Cathryn P. Steeves, PhD is currently a portfolio manager for 45 state-specific
municipal bond funds. She joined Nuveen in 1996 and worked as a senior analyst
in the healthcare sector. Ms. Steeves has an undergraduate degree from Wake
Forest University, an MA, MPhil and a PhD from Columbia University.
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 0 795,000
NOVEMBER 1-30, 2008 0 0 795,000
DECEMBER 1-31, 2008 0 0 795,000
JANUARY 1-31, 2009 0 0 795,000
FEBRUARY 1-28, 2009 17,500 $11.36 17,500 777,500
MARCH 1-31, 2009 9,500 $11.14 9,500 768,000
APRIL 1-30, 2009 0 0 768,000
MAY 1-31, 2009 0 0 768,000
JUNE 1-30, 2009 0 0 768,000
JULY 1-31, 2009 0 0 768,000
AUGUST 1-31, 2009 0 0 768,000
SEPTEMBER 1-30, 2009 0 0 768,000
TOTAL 27,000
* The registrant's repurchase program, which authorized the repurchase of
795,000 shares, was announced 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. Letter or number the
exhibits in the sequence indicated.
(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
because the code is posted on registrant's website at www.nuveen.com/CEF/Info/
Shareholder and there were no amendments during the period covered by this
report. (To view the code, click on Fund Governance and then Code of Conduct.)
(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: 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. 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 Dividend Advantage Municipal Fund
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By (Signature and Title) /s/ Kevin J. McCarthy
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Kevin J. McCarthy
Vice President and Secretary
Date: December 7, 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
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Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: December 7, 2009
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By (Signature and Title) /s/ Stephen D. Foy
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Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 7, 2009
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