UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21211
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Nuveen Insured New York Tax-Free Advantage Municipal Fund
--------------------------------------------------------------------------------
(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
--------------------------------------------------------------------------------
(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, 2008
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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.
ANNUAL REPORT
September 30, 2008
Nuveen Investments
MUNICIPAL CLOSED-END FUNDS
Photo of: small child.
NUVEEN NEW YORK
INVESTMENT QUALITY
MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK
SELECT QUALITY
MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK
QUALITY INCOME
MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED
NEW YORK PREMIUM
INCOME MUNICIPAL
FUND, INC.
NNF
NUVEEN INSURED
NEW YORK DIVIDEND
ADVANTAGE MUNICIPAL
FUND
NKO
NUVEEN INSURED
NEW YORK TAX-FREE
ADVANTAGE MUNICIPAL
FUND
NRK
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
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Chairman's
LETTER TO SHAREHOLDERS
Photo of: Robert P. Bremner
Robert P. Bremner | Chairman of the Board
Dear Shareholders,
I'd like to use my initial letter to you to accomplish several things. I want to
report that after fourteen years of service on your Fund's Board, including the
last twelve as chairman, Tim Schwertfeger retired from the Board in June. We
will miss his wise counsel. The Board has elected me to replace him as the
chairman, the first time this role has been filled by someone who is not an
employee of Nuveen Investments. Electing an independent chairman marks a
significant milestone in the management of your Fund, and it aligns us with what
is now considered a "best practice" in the fund industry. Further, it
demonstrates the independence with which your Board has always acted on your
behalf.
First and most important, on behalf of the entire Board, I would like you to
know that we are closely monitoring the unprecedented market developments and
their distressing impact on the Funds. We believe that these Funds continue to
be actively and constructively managed for the long term and at the same time we
are very aware that these are trying times for our investors. We appreciate the
patience you have shown with the Board and with Nuveen Investments as they
manage your investment through this extremely difficult period.
Second, I also want to report that we are very fortunate to be welcoming two new
Board members to our team. John Amboian, the current chairman and CEO of Nuveen
Investments, has agreed to replace Tim as Nuveen's representative on the Board.
John's presence will allow the independent Board members to benefit not only
from his leadership role at Nuveen but also his broad understanding of the fund
industry and Nuveen's role within it. We also are adding Terry Toth as an
independent director. A former CEO of the Northern Trust Company's asset
management group, Terry will bring extensive experience in the fund industry to
our deliberations.
Finally, I urge you to take the time to review the Portfolio Manager's Comments,
the Common Share Dividend and Share Price Information and the Performance
Overview sections of this report. All of us are grateful that you have chosen
Nuveen Investments as a partner as you pursue your financial goals, and, on
behalf of myself and the other members of your Fund's Board, let me say 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 21, 2008
Portfolio Manager's COMMENTS
Nuveen Investments Municipal Closed-End Funds | NQN, NVN, NUN,
NNF, NKO, NRK
Portfolio manager Cathryn Steeves reviews economic and municipal market
conditions at both the national and state levels, key investment strategies, and
the twelve-month performance of these 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, 2008?
During this period, events in the financial and credit markets led to increased
price volatility among most securities, reduced liquidity and a general flight
to quality. In September 2007, the Federal Reserve (Fed) responded to credit
market volatility by launching a series of interest rate cuts that lowered the
fed funds rate by 325 basis points--from 5.25% to 2.00%--over the next seven
months. (On October 8, 2008, and October 29, 2008, following the end of this
reporting period, the Fed announced two additional cuts of 50 basis points each,
bringing the fed funds rate to 1.00%, its lowest level since June 2003.)
The Fed's rate-cutting actions also were a response to signs of slower U.S.
economic growth, as measured by the U.S. gross domestic product (GDP), a closely
watched gauge of economic performance. After declining at a annual rate of 0.2%
in the fourth quarter of 2007, GDP improved slightly to 0.9% in the first
quarter of 2008 and posted growth of 2.8% in the second quarter of 2008 (all GDP
numbers annualized). During the third quarter of 2008, however, GDP contracted
at an annual rate of 0.3%, the biggest decrease since 2001, mainly as the result
of the first decline in consumer spending since 1991 and a 19% drop in
residential investment. Driven largely by increased energy and transportation
prices, the Consumer Price Index (CPI) registered a 4.9% year-over-year gain as
of September 2008. The core CPI (which excludes food and energy) rose 2.5%
between October 2007 and September 2008, well above the Fed's unofficial target
of 2.0% or lower. In the labor markets, September 2008 marked the ninth
consecutive month of job losses. The national unemployment rate for September
2008 was 6.1%, its highest level in five years, up from 4.7% in September 2007.
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio manager as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.
4
In the municipal bond market, general concerns about the credit markets as well
as more specific concerns about municipal bond insurers with exposure to
sub-prime mortgages had a significant effect on performance. Some investors
curtailed purchases, while margin requirements and redemption needs forced hedge
funds and other non-traditional buyers of municipal bonds to sell holdings of
longer-maturity bonds into a market already experiencing a lack of liquidity.
Combined with the Fed rate cuts, this selling produced a sharp steepening of the
municipal yield curve, as longer-term interest rates rose and short-term
interest rates declined. In this environment, bonds with shorter maturities
generally outperformed longer maturity bonds, and higher quality bonds tended to
outperform lower quality credits.
In May 2008, the U.S. Supreme Court ruled that individual states could continue
to exempt from taxation the income their residents earn on in-state municipal
bonds while taxing the income earned on municipal bonds issued in other states.
While this news was generally positive for municipal bonds, any favorable impact
was more than offset by the increasingly ominous economic situation.
Over the twelve months ended September 2008, municipal bond issuance nationwide
totaled $457.4 billion, a decrease of 2% from the previous twelve months. The
decline during the month of September 2008 was more dramatic, with new issuance
down more than 20% from that of September 2007. Despite disruptions in the
markets, institutional investors, retail investors and non-traditional buyers of
municipal bonds continued to provide support for new municipal issuance during
this period.
HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN NEW YORK DURING THIS PERIOD?
After ranking as the second fastest growing state economy in 2007, New York's
economy cooled rapidly in 2008, due largely to the state's substantial exposure
to the continued turmoil in the financial sector. Weak performances by major
financial firms, bankruptcies and mergers, and the projected loss of at least
65,000 jobs in New York City's financial district through early 2010 all had
large implications for state finances, as Wall Street firms typically account
for about 20% of the state's tax revenues. Upstate, broad-based economic
declines in Albany, Buffalo, Rochester and Syracuse also weighed on the state's
economic health. Most of the jobs lost in New York since the beginning of 2008
have been in the finance, manufacturing and construction sectors, and gains in
education, health services and leisure and hospitality employment failed to
offset this decline. As of September 2008, the unemployment rate in New York was
5.8%, up from 4.5% in September 2007, the highest level since June 2004. The
housing market slump also added to the state's economic slowdown. Home
foreclosures and mortgage delinquency rates continued to rise, although the
decline has not been as precipitous in New York as nationally. In New York City,
for example, housing prices fell 6.9% between September 2007 and August 2008,
compared with an average decrease of 16.6% nationwide, according to the Standard
& Poor's/Case-Shiller home price index of twenty major metropolitan areas. This
placed New York fifteenth among the index's twenty cities in loss of home value.
5
As of September 30, 2008, Moody's, Standard &Poor's (S&P), and Fitch rated New
York general obligation debt at Aa3/AA/AA-, respectively. Both Moody's and S&P,
which confirmed their ratings in September 2008, maintained stable outlooks for
the state. For the twelve months ended September 30, 2008, municipal issuance in
New York totaled $45.0 billion, up almost 30% from the previous twelve months.
This lifted New York to the number two spot among state issuers, behind
California. Among the larger issues that came to market during this period were
$1.1 billion in bonds issued by the Triborough Bridge and Tunnel Authority in
July 2008 and $950 million in New York City credits in September 2008. In
general, the New York municipal market held up well over this period, due mainly
to the large retail demand for municipal bonds.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THIS
REPORTING PERIOD?
During this twelve-month period, as the municipal bond market was characterized
by volatility and a steepening yield curve, we sought to capitalize on the
turbulent environment by continuing to focus on finding relative value by using
a fundamental approach to find sectors and individual credits with the potential
to perform well over the long term.
As events unfolded, we found attractive opportunities in various sectors,
although 2008's decline in insured issuance was a factor in our purchase
activity. Among our additions to these Funds were auction rate securities, which
we purchased at attractive prices and which subsequently performed well for the
Funds due to their short maturities. To provide liquidity for purchases, we sold
holdings with shorter durations and took advantage of strong bids to sell bonds
that were attractive to the retail market. In addition, some of our new
purchases were funded with proceeds from matured and called bonds.
As a key dimension of risk management, we employed a disciplined approach to
duration(1) positioning as an important component of our management strategies.
As part of this approach, we used inverse floating rate securities(2), a type of
derivative financial instrument, in all six of these Funds. Inverse floaters
typically provide the dual benefit of bringing the Funds' durations closer to
our strategic target and enhancing their income-generation capabilities. NUN and
NRK also invested in other types of derivatives. In NUN, we used the derivatives
positions to shorten the Fund's duration. In NRK, the goal was to lengthen
duration and help us manage common share net asset value (NAV) volatility
without having a negative impact on income streams or common share dividends
over the short term. As of September 30, 2008, the inverse floaters remained in
place in all of the Funds, as did the derivatives in NRK, while the derivatives
positions in NUN were removed in April 2008.
(1) Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
(2) An inverse floating rate security is a financial instrument designed to pay
long-term tax-exempt interest at a rate that varies inversely with a
short-term tax-exempt interest rate index. For the Nuveen Funds, the index
typically used is the Securities Industry and Financial Markets (SIFM)
Municipal Swap Index (previously referred to as the Bond Market Association
Index or BMA). Inverse floaters, including those inverse floating rate
securities in which the Funds invested during the reporting period, are
further defined within the Notes to Financial Statements and Glossary of
Terms Used in this Report sections of this shareholder report.
6
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.
Annualized Total Returns on Common Share Net Asset Value
For periods ended 9/30/08
1-Year 5-Year 10-Year
NQN -6.46% 1.96% 4.75%
NVN -6.90% 2.05% 4.51%
NUN -6.80% 1.90% 4.24%
NNF -6.18% 2.01% 4.15%
NKO -6.24% 2.90% N/A
NRK -4.91% 3.45% N/A
Lipper Single-State
Insured Municipal Debt
Funds Average(3) -10.12% 1.81% 3.70%
Lehman Brothers
NY Insured Tax-Exempt
Bond Index(4) -2.42% 2.72% 4.33%
S&P NY Municipal
Bond Index(5) -2.10% 5.15% N/A
For the twelve months ended September 30, 2008, the total returns on common
share NAV for all six New York Funds in this report exceeded the average return
for the Lipper Single-State Insured Municipal Debt Funds Average while all six
Funds underperformed the returns for the Lehman Brothers New York Insured
Tax-Exempt Bond Index and the S&P New York Municipal Bond Index.
Key management factors that influenced the Funds' returns included yield curve
and duration positioning, the use of derivatives, credit exposure and sector
allocations.
Over the period, bonds with maturities of less than five years, especially those
maturing in two to four years, benefited the most, while bonds having the
longest maturities (twenty-two years and longer) posted the worst returns. In
general, the Funds' duration positioning was negative for performance. Among
these Funds, NRK had the best positioning during the period, as this Fund was
more heavily weighted in the areas of the yield curve that performed well.
As mentioned earlier, NRK used derivatives positions during this period to
synthetically extend duration and move it closer to our strategic target.
Despite the fact that longer duration municipal bonds generally underperformed
those with shorter durations, the use of these derivatives had a positive
overall impact on NRK's total return performance. This positive impact was
attributable to the fact that the derivatives positions
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.
(3) 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 years, 44 funds; and 10 years, 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.
(4) The Lehman Brothers New York Insured Tax-Exempt Bond Index is an
unleveraged, unmanaged index comprising a broad range of insured New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
(5) 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.
7
provided exposure to taxable markets, which performed relatively well when
compared with municipal bonds.
However, in NUN, which had a duration that exceeded our target, the derivatives
were used to synthetically shorten duration. These positions, which reduced
duration in the outperforming taxable markets, hurt the Fund's performance. In
addition, the inverse floaters used by all six of these Funds generally had a
negative impact on performance. This resulted from the fact that the inverse
floaters effectively increased the Funds' exposure to longer maturity bonds at a
time when shorter maturities were in favor in the market.
Credit exposure was also a factor in performance during this period. Because
risk-averse investors generally sought higher quality investments as disruptions
in the financial and housing markets deepened, bonds with higher credit quality
ratings typically performed very well. At the same time, as many investors
avoided high-yield paper, bonds rated BBB or below and non-rated bonds generally
posted poor returns. Insured holdings with underlying credits that were rated
BBB or non-rated, originally purchased because of the higher yields they
offered, were disproportionately impacted (compared with bonds with underlying
credits rated AA or A ) if the insurer backing the bond was downgraded from AAA.
(See additional information on page 9.)
Sectors of the market that generally contributed positively to the Funds'
performances included general obligation bonds, resource recovery, and water and
sewer. Pre-refunded bonds(6), which are backed by U.S. Treasury bonds, were one
of the top performing segments of the market, due primarily to their shorter
effective maturities, higher credit quality, and perceived safety. Holdings of
pre-refunded bonds ranged from 3% to 16% among the portfolios of these Funds,
with NRK having the heaviest weighting of pre-refunded issues.
In general, bonds that carried any credit risk, regardless of sector, continued
to post weak performance. Revenue bonds as a whole, and the industrial
development sector in particular, underperformed the general municipal market,
while zero coupon bonds were among the worst performing categories. The health
care (including continuing care retirement communities) and housing sectors also
performed poorly, as did lower-rated bonds backed by the 1998 master tobacco
settlement agreement.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One of the primary factors impacting the annual returns of these New York Funds
relative to those of the unleveraged Lehman Brothers New York Insured Tax-Exempt
Bond Index and S&P New York Municipal Bond Index was the Funds' use of financial
leverage. While leverage offers opportunities to generate additional income and
total returns for common shareholders, the benefits provided by leveraging are
influenced by the price movements of the bonds in each Fund's portfolio. During
this period, as yields on longer-term bonds rose and their prices
correspondingly fell, declining valuations had a negative effect on performance
that was magnified by the use of leverage. In addition,
(6) Pre-refundings, also known as advanced refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
8
at various points during the twelve-month period, the Funds' borrowing costs
were relatively high, negatively impacting their total returns. In the turbulent
market environment of the past twelve months, the impact of any valuation change
in the Funds' holdings--whether positive or negative--was magnified by the use
of leverage.
RECENT DEVELOPMENTS IN THE CURRENT MARKET ENVIRONMENT
As this reporting period drew to a close, the nation's financial institutions
and financial markets--including the municipal bond market--experienced
significant turmoil. Reductions in demand decreased valuations of municipal
bonds across all credit ratings, especially those with lower credit ratings, and
this generally reduced the Funds' net asset values. The municipal market is one
in which dealer firms make markets in bonds on a principal basis using their
proprietary capital, and during the recent market turmoil these firms' capital
was severely constrained. As a result, some firms were unwilling to commit their
capital to purchase and to serve as a dealer for municipal bonds. This reduction
in dealer involvement in the market was accompanied by significant net selling
pressure by investors, particularly with respect to lower-rated municipal bonds,
as institutional investors generally removed money from the municipal bond
market, at least in part because of their need to reduce the leveraging of their
municipal investments. This de-leveraging was in part driven by the overall
reduction in the amount of financing available for such leverage, the increased
costs of such leverage financing, and the need to reduce leverage levels that
had recently increased due to the decline in municipal bond prices.
Municipal bond prices were further negatively impacted by concerns that the need
for further de-leveraging and a supply overhang as a large amount of new issues
were postponed in recent weeks would cause selling pressure to persist for a
period of time. In addition to falling prices, these market conditions resulted
in greater price volatility of municipal bonds; wider credit spreads (i.e.,
lower quality bonds fell in price more than higher quality bonds); significantly
reduced liquidity (i.e., the ability to sell bonds at a price close to their
carrying value), particularly for lower quality bonds; and a lack of price
transparency (i.e., the ability to accurately determine the price at which a
bond would likely trade). Reduced liquidity was most pronounced in mid-October
(after the end of the reporting period for this shareholder report), and
although liquidity improved considerably over ensuing weeks, it may reoccur if
financial turmoil persists or worsens.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES
As mentioned earlier, another factor that had an impact on the performance of
these Funds was their position in bonds backed by municipal bond insurers that
experienced downgrades in their credit ratings. During the period covered by
this report, AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA (formerly XLCA)
experienced one or more rating reductions by at least one or more rating
agencies. Subsequent to the reporting period, AMBAC, MBIA and SYNCORA
experienced further rating reductions by at least one rating agency. At the time
this report was prepared, at least one rating agency has placed each of these
insurers on "negative outlook" or "negative credit watch," which
9
may presage one or more rating reductions for such insurer or insurers in the
future. As concern increased about the balance sheets of these insurers, prices
on bonds insured by these companies - especially those bonds with weaker
underlying credits - declined, detracting from the Funds' performance. However,
on the whole, the holdings of all of our Funds continued to be well diversified
not only between insured and uninsured bonds, but also within the insured bond
category. It is important to note that municipal bonds historically have had a
very low rate of default.
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED SECURITIES MARKETS
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the auction rate preferred shares issued by these Funds
than there were offers to buy. This meant that these auctions "failed to clear''
and that many or all auction rate preferred shareholders who wanted to sell
their shares in these auctions were unable to do so. This decline in liquidity
in auction rate preferred shares did not lower the credit quality of these
shares, and auction rate preferred shareholders unable to sell their shares
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.
On June 11, 2008, Nuveen announced the Fund Board's approval of plans to use
tender option bonds (TOBs), also known as floating rate securities, to refinance
a portion of the municipal Funds' outstanding auction rate preferred shares, for
which auctions have been failing for several months. This plan included an
initial phase of approximately $1 billion in forty-one Funds. During the
twelve-month reporting period, NQN, NVN, NUN, and NNF redeemed $29,075,000,
$29,100,000, 31,625,000 and $13,000,000 of their outstanding auction rate
preferred shares, respectively, at liquidation value, using the proceeds from
the issuance of TOBs.
On August 7, 2008, NKO issued par redemption notices for all outstanding shares
of its auction rate preferred securities totaling $61 million. These redemptions
were achieved through the issuance of variable rate demand preferred shares
(VRDP) in conjunction with the proceeds from the creation of TOBs. VRDP is a new
instrument designed to replace the auction rate preferred securities used as
leverage in many Nuveen closed-end Funds. VRDP is offered only to qualified
institutional buyers, as defined pursuant to Rule 144A under the Securities Act
of 1933. During the twelve-month reporting period, NKO issued $50 million of
VRDP and redeemed all its outstanding auction rate preferred securities. (Please
see Notes to Financial Statements, Footnote 1 - Variable Rate Demand Preferred
Shares for further information.)
For current, up-to-date information, please visit the Nuveen CEF Auction Rate
Preferred Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
10
Common Share
Dividend and Share Price
INFORMATION
The dividends of NVN and NUN were increased effective September 2008, while the
dividends of NQN, NNF, NKO and NRK remained stable throughout the twelve-month
reporting period ended September 30, 2008.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and/or net ordinary income
distributions at the end of December 2007 as follows:
Short-Term Capital Gains
Long-Term Capital Gains and/or Ordinary Income
(per share) (per share)
NVN $0.0095 $0.0002
NUN $0.0104 --
NKO $0.0272 --
NRK $0.0017 --
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, 2008, NQN
had positive UNII balances for both tax and financial statement purposes. All of
the other Funds in this report had positive UNII balances for tax purposes and
negative UNII balances for financial statement purposes.
11
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
The Funds' Board of Directors/Trustees approved an open-market share repurchase
program on July 10, 2007 for NQN, NVN and NUN and on July 30, 2008, for NNF, NKO
and NRK under which each Fund may repurchase up to 10% of its common shares. As
of September 30, 2008, NQN, NVN and NUN had cumulatively repurchased 119,000,
124,400 and 179,300 common shares, respectively, representing approximately
0.7%, 0.5% and 0.8% of the Funds' total common shares outstanding, respectively.
As of September 30, 2008, the Funds' common share prices were trading at
discounts to their common share NAVs as shown in the accompanying chart:
9/30/08 Twelve-Month Average
Discount Discount
NQN -18.97% -10.96%
NVN -19.79% -11.93%
NUN -20.98% -11.84%
NNF -17.55% -11.78%
NKO -18.09% -10.16%
NRK -13.45% -6.70%
12
NQN
Performance
OVERVIEW
Nuveen New York
Investment Quality
Municipal Fund, Inc.
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1),(2)
Insured 93%
U.S. Guaranteed 6%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share
Oct 0.052
Nov 0.052
Dec 0.052
Jan 0.052
Feb 0.052
Mar 0.052
Apr 0.052
May 0.052
Jun 0.052
Jul 0.052
Aug 0.052
Sep 0.052
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.62
13.46
13.24
13.35
13.3
13.25
12.86
12.65
12.93
13.24
13.34
13
12.84
12.89
13.6
13.71
13.49
13.59
13.63
13.67
13.1
12.89
12.6
12.91
12.68
12.62
13.07
13.12
13.1
13.15
13.11
13.03
13.18
13.24
13.18
13.17
13.4
12.81
12.7
12.69
12.726
12.62
12.44
12.47
12.54
12.59
12.52
12.44
12.43
12.56
12.38
11.85
11.25
9/30/08 10.72
FUND SNAPSHOT
------------------------------------
Common Share Price $10.72
------------------------------------
Common Share
Net Asset Value $13.23
------------------------------------
Premium/(Discount) to NAV -18.97%
------------------------------------
Market Yield 5.82%
------------------------------------
Taxable-Equivalent Yield(3) 8.67%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $232,903
------------------------------------
Average Effective
Maturity on Securities (Years) 14.24
------------------------------------
Leverage-Adjusted Duration 13.86
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -17.85% -6.46%
------------------------------------
5-Year -0.08% 1.96%
------------------------------------
10-Year 1.86% 4.75%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 31.8%
------------------------------------
Health Care 14.7%
------------------------------------
Transportation 12.1%
------------------------------------
Tax Obligation/General 11.9%
------------------------------------
Education and Civic
Organizations 9.9%
------------------------------------
U.S. Guaranteed 5.6%
------------------------------------
Other 14.0%
------------------------------------
INSURERS
(as a % of total Insured investments)
------------------------------------
MBIA 28.7%
------------------------------------
AMBAC 26.9%
------------------------------------
FGIC 21.7%
------------------------------------
FSA 17.9%
------------------------------------
SYNCORA 3.1%
------------------------------------
CIFG 1.3%
------------------------------------
AGC 0.4%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
are covered by insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure the
timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
13
NVN
Performance
OVERVIEW
Nuveen New York
Select Quality
Municipal Fund, Inc.
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments(1),(2)
Insured 91%
U.S. Guaranteed 9%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(4)
Oct 0.053
Nov 0.053
Dec 0.053
Jan 0.053
Feb 0.053
Mar 0.053
Apr 0.053
May 0.053
Jun 0.053
Jul 0.053
Aug 0.053
Sep 0.0545
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.79
13.65
13.5
13.4501
13.25
13.31
12.83
12.64
12.85
13.07
13.08
12.88
12.86
13.13
13.69
13.8
13.56
13.66
13.69
13.75
13
12.93
12.52
12.96
12.61
12.6
12.87
13.07
13.02
13.03
13.06
13.03
13.1
13.2
13.2
13.17
13.18
12.92
12.66
12.61
12.75
12.63
12.53
12.5
12.44
12.55
12.53
12.49
12.48
12.7
12.52
11.85
11.06
9/30/08 10.7
FUND SNAPSHOT
------------------------------------
Common Share Price $10.70
------------------------------------
Common Share
Net Asset Value $13.34
------------------------------------
Premium/(Discount) to NAV -19.79%
------------------------------------
Market Yield 6.11%
------------------------------------
Taxable-Equivalent Yield(3) 9.11%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $310,931
------------------------------------
Average Effective
Maturity on Securities (Years) 15.26
------------------------------------
Leverage-Adjusted Duration 14.00
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -18.81% -6.90%
------------------------------------
5-Year -0.64% 2.05%
------------------------------------
10-Year 1.93% 4.51%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.6%
------------------------------------
Health Care 13.2%
------------------------------------
Tax Obligation/General 12.7%
------------------------------------
Education and Civic
Organizations 10.7%
------------------------------------
U.S. Guaranteed 9.2%
------------------------------------
Utilities 7.2%
------------------------------------
Transportation 6.7%
------------------------------------
Other 9.7%
------------------------------------
INSURERS
(as a % of total Insured investments)
------------------------------------
MBIA 33.5%
------------------------------------
AMBAC 30.6%
------------------------------------
FGIC 17.0%
------------------------------------
FSA 16.4%
------------------------------------
SYNCORA 1.9%
------------------------------------
AGC 0.4%
------------------------------------
CIFG 0.2%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CFIG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
are covered by insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure the
timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) 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.
(4) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2007 of $0.0097 per share.
14
NUN
Performance
OVERVIEW
Nuveen New York
Quality Income
Municipal Fund, Inc.
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments(1),(2)
Insured 89%
U.S. Guaranteed 10%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(4)
Oct 0.051
Nov 0.051
Dec 0.051
Jan 0.051
Feb 0.051
Mar 0.051
Apr 0.051
May 0.051
Jun 0.051
Jul 0.051
Aug 0.051
Sep 0.0525
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.44
13.37
13.3
13.22
13.2
13.17
12.76
12.57
12.81
12.86
12.93
12.68
12.65
12.95
13.48
13.51
13.5
13.43
13.42
13.46
12.9
12.84
12.44
12.86
12.44
12.5
12.86
12.98
12.83
12.88
12.82
12.84
13.11
13.09
12.97
12.99
13.11
12.65
12.531
12.49
12.67
12.66
12.43
12.4
12.42
12.41
12.5
12.38
12.39
12.5
12.37
11.7
11.18
9/30/08 10.43
FUND SNAPSHOT
------------------------------------
Common Share Price $10.43
------------------------------------
Common Share
Net Asset Value $13.20
------------------------------------
Premium/(Discount) to NAV -20.98%
------------------------------------
Market Yield 6.04%
------------------------------------
Taxable-Equivalent Yield(3) 9.00%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $315,510
------------------------------------
Average Effective
Maturity on Securities (Years) 14.50
------------------------------------
Leverage-Adjusted Duration 13.69
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -18.60% -6.80%
------------------------------------
5-Year -0.85% 1.90%
------------------------------------
10-Year 1.68% 4.24%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 32.2%
------------------------------------
Education and Civic
Organizations 13.4%
------------------------------------
Tax Obligation/General 10.8%
------------------------------------
Health Care 10.1%
------------------------------------
U.S. Guaranteed 9.8%
------------------------------------
Transportation 9.4%
------------------------------------
Utilities 6.4%
------------------------------------
Other 7.9%
------------------------------------
INSURERS
(as a % of total Insured investments)
------------------------------------
MBIA 31.1%
------------------------------------
AMBAC 25.3%
------------------------------------
FGIC 20.8%
------------------------------------
FSA 20.4%
------------------------------------
SYNCORA 1.9%
------------------------------------
AGC 0.4%
------------------------------------
CIFG 0.1%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
are covered by insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure the
timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) 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.
(4) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0104 per share.
15
NNF
Performance
OVERVIEW
Nuveen Insured New York
Premium Income
Municipal Fund, Inc.
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1),(2)
Insured 94%
U.S. Guaranteed 6%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share
Oct 0.0505
Nov 0.0505
Dec 0.0505
Jan 0.0505
Feb 0.0505
Mar 0.0505
Apr 0.0505
May 0.0505
Jun 0.0505
Jul 0.0505
Aug 0.0505
Sep 0.0505
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.56
13.64
13.38
13.46
13.29
13.36
13.05
12.6
12.75
12.97
13.12
12.82
12.78
12.96
13.55
13.63
13.45
13.53
13.548
13.59
12.99
12.88
12.65
12.91
12.64
12.61
13.1
13.12
13.09
13.09
12.99
13.07
13.18
13.12
13.15
13.16
13.17
12.8
12.69
12.55
12.65
12.59
12.4
12.41
12.56
12.43
12.48
12.43
12.48
12.6
12.48
11.92
11.37
9/30/08 11.04
FUND SNAPSHOT
------------------------------------
Common Share Price $11.04
------------------------------------
Common Share
Net Asset Value $13.39
------------------------------------
Premium/(Discount) to NAV -17.55%
------------------------------------
Market Yield 5.49%
------------------------------------
Taxable-Equivalent Yield(3) 8.18%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $111,528
------------------------------------
Average Effective
Maturity on Securities (Years) 14.18
------------------------------------
Leverage-Adjusted Duration 12.55
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -14.53% -6.18%
------------------------------------
5-Year -0.25% 2.01%
------------------------------------
10-Year 2.42% 4.15%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 33.0%
------------------------------------
Health Care 15.5%
------------------------------------
Education and Civic
Organizations 11.7%
------------------------------------
Transportation 10.5%
------------------------------------
Tax Obligation/General 8.9%
------------------------------------
Water and Sewer 6.4%
------------------------------------
U.S. Guaranteed 6.0%
------------------------------------
Other 8.0%
------------------------------------
INSURERS
(as a % of total Insured investments)
------------------------------------
AMBAC 29.8%
------------------------------------
MBIA 26.6%
------------------------------------
FSA 22.8%
------------------------------------
FGIC 17.1%
------------------------------------
SYNCORA 2.8%
------------------------------------
CIFG 0.6%
------------------------------------
AGC 0.3%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
are covered by insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure the
timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) 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.
16
NKO
Performance
OVERVIEW
Nuveen Insured New York
Dividend Advantage
Municipal Fund
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1),(2)
Insured 85%
U.S. Guaranteed 5%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 4%
BBB (Uninsured) 4%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share
Oct 0.055
Nov 0.055
Dec 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Apr 0.055
May 0.055
Jun 0.055
Jul 0.055
Aug 0.055
Sep 0.055
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.94
13.9
13.97
13.55
13.45
13.43
13.1
13
12.98
13.17
13.33
13.25
12.95
13.21
13.93
13.89
13.7356
13.84
14.0001
14.04
13.32
13.23
12.85
13.26
12.95
12.93
13.12
13.16
13.21
13.25
13.29
13.31
13.43
13.48
13.57
13.46
13.46
13.1
12.95
12.76
12.9
13.02
13.01
12.92
12.85
12.72
12.82
12.83
12.89
12.97
12.64
11.81
11.246
9/30/08 10.96
FUND SNAPSHOT
------------------------------------
Common Share Price $10.96
------------------------------------
Common Share
Net Asset Value $13.38
------------------------------------
Premium/(Discount) to NAV -18.09%
------------------------------------
Market Yield 6.02%
------------------------------------
Taxable-Equivalent Yield(3) 8.97%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $106,583
------------------------------------
Average Effective
Maturity on Securities (Years) 16.34
------------------------------------
Leverage-Adjusted Duration 12.75
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -18.10% -6.24%
------------------------------------
5-Year 0.72% 2.90%
------------------------------------
Since
Inception 1.21% 4.80%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.2%
------------------------------------
Health Care 16.3%
------------------------------------
Education and Civic
Organizations 12.9%
------------------------------------
Tax Obligation/General 11.6%
------------------------------------
Transportation 9.6%
------------------------------------
Utilities 8.3%
------------------------------------
U.S. Guaranteed 5.2%
------------------------------------
Other 8.9%
------------------------------------
INSURERS
(as a % of total Insured investments)
------------------------------------
AMBAC 26.0%
------------------------------------
MBIA 26.0%
------------------------------------
FSA 21.6%
------------------------------------
FGIC 23.1%
------------------------------------
SYNCORA 2.7%
------------------------------------
AGC 0.4%
------------------------------------
CIFG 0.2%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Variable Rate Demand Preferred shares) are invested in municipal securities
that are covered by insurance or backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities
or U.S. Treasury-issued State and Local Government Series securities to
ensure the timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) 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.
(4) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0272 per share.
17
NRK
Performance
OVERVIEW
Nuveen Insured New York
Tax-Free Advantage
Municipal Fund
as of September 30, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1),(2),(3)
Insured 76%
U.S. Guaranteed 16%
FHA/FNMA/GNMA Guaranteed 1%
AA (Uninsured) 3%
BBB (Uninsured) 4%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(5)
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 0.0545
Line Chart:
Common Share Price Performance -- Weekly Closing Price
10/01/07 13.85
14.0201
14
14.11
14.03
13.95
13.79
13.28
13.8
14.09
14.03
13.61
13.85
13.5
14.1401
14.3
14.15
13.85
14
14.106
13.37
13.2
13
13.04
13.49
12.98
13.14
13.47
13.51
13.51
13.47
13.48
13.5
13.52
13.58
13.48
13.53
13.19
12.9
13.22
13.25
13.4
13.6
13.45
13.55
13.23
13.114
13.02
13.45
13.56
13.279
12.532
12.5
9/30/08 11.52
FUND SNAPSHOT
------------------------------------
Common Share Price $11.52
------------------------------------
Common Share
Net Asset Value $13.31
------------------------------------
Premium/(Discount) to NAV -13.45%
------------------------------------
Market Yield 5.68%
------------------------------------
Taxable-Equivalent Yield(4) 8.46%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $46,769
------------------------------------
Average Effective
Maturity on Securities (Years) 12.41
------------------------------------
Leverage-Adjusted Duration 11.44
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year -11.94% -4.91%
------------------------------------
5-Year 1.83% 3.45%
------------------------------------
Since
Inception 0.78% 3.85%
------------------------------------
INDUSTRIES
(as a % of total investments)(3)
------------------------------------
Tax Obligation/Limited 30.5%
------------------------------------
U.S. Guaranteed 16.0%
------------------------------------
Health Care 15.1%
------------------------------------
Education and Civic
Organizations 14.9%
------------------------------------
Utilities 8.5%
------------------------------------
Tax Obligation/General 7.4%
------------------------------------
Other 7.6%
------------------------------------
INSURERS
(as a % of total Insured investments)(3)
------------------------------------
MBIA 38.2%
------------------------------------
AMBAC 28.0%
------------------------------------
FGIC 19.1%
------------------------------------
FSA 7.6%
------------------------------------
RAAI 4.6%
------------------------------------
SYNCORA 1.9%
------------------------------------
AGC 0.4%
------------------------------------
CIFG 0.2%
------------------------------------
(1) The percentages shown in the foregoing chart may reflect the ratings on
certain bonds insured by AMBAC, CIFG, FGIC, MBIA, RAAI and SYNCORA as of
September 30, 2008. Please see the Portfolio Manager's Commentary for an
expanded discussion of the affect on the Fund of changes to the ratings of
certain bonds in the portfolio resulting from changes to the ratings of the
underlying insurers both during the period and after period end.
(2) At least 80% of the Fund's net assets (including net assets attributable to
Auction Rate Preferred shares) are invested in municipal securities that
are covered by insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities to ensure the
timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(3) Excluding derivative transactions.
(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 2007 of
$0.0017 per share.
18
Shareholder MEETING REPORT
The annual meeting of shareholders was held in the offices of Nuveen Investments
on June 30, 2008; 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 a new Fundamental Investment Policy. The meeting was
subsequently adjourned to July 28, 2008 and additionally adjourned to August 29,
2008, September 30, 2008 and October 28, 2008.
NQN
NVN
NUN
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 FUNDAMENTAL
POLICY RELATING TO INSURED BONDS.
For 8,243,989 1,051 11,111,226 1,138 11,581,484 1,180
Against 485,703 228 871,582 301 1,143,332 342
Abstain 423,535 88 591,884 114 484,682 95
Broker Non-Votes 2,895,787 2,955 3,613,853 4,365 3,736,610 4,970
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 4,322 16,188,545 5,918 16,946,108 6,587
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO INVESTING IN MUNICIPAL BONDS
RATED WITHIN THE FOUR HIGHEST GRADES.
For -- -- 11,046,060 1,139 11,436,417 1,183
Against -- -- 954,376 308 1,320,172 339
Abstain -- -- 574,256 106 452,909 95
Broker Non-Votes -- -- 3,613,853 4,365 3,736,610 4,970
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 16,188,545 5,918 16,946,108 6,587
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT NEW YORK MUNICIPAL
OBLIGATIONS COVERED BY INSURANCE.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO MUNICIPAL OBLIGATIONS NOT
MORE THAN 20% OF FUND ASSETS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT MUNICIPAL OBLIGATIONS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
19
Shareholder MEETING REPORT (continued)
NQN
NVN
NUN
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 FUNDAMENTAL
POLICY RELATING TO MUNICIPAL OBLIGATIONS COVERED
BY ORIGINAL INSURANCE, SECONDARY MARKET
INSURANCE OR PORTFOLIO INSURANCE.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO COLLATERALIZED OBLIGATIONS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO RATED PORTFOLIO INSURANCE.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT MUNICIPAL BONDS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO TAX-EXEMPT SECURITIES.
For 8,357,803 1,087 11,205,104 1,185 11,702,221 1,209
Against 392,508 196 680,670 258 975,913 295
Abstain 402,916 84 688,918 110 531,364 113
Broker Non-Votes 2,895,787 2,955 3,613,853 4,365 3,736,610 4,970
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 4,322 16,188,545 5,918 16,946,108 6,587
====================================================================================================================================
20
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 11,579,184 -- 15,458,848 -- 15,917,990 --
Withhold 469,830 -- 729,697 -- 1,028,118 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
Robert P. Bremner
For 11,567,827 -- 15,463,720 -- 15,915,787 --
Withhold 481,187 -- 724,825 -- 1,030,321 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
Jack B. Evans
For 11,580,150 -- 15,461,920 -- 15,920,840 --
Withhold 468,864 -- 726,625 -- 1,025,268 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
William C. Hunter
For -- 4,009 -- 5,410 -- 5,954
Withhold -- 313 -- 508 -- 633
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,322 -- 5,918 -- 6,587
====================================================================================================================================
David J. Kundert
For 11,563,993 -- 15,457,048 -- 15,919,448 --
Withhold 485,021 -- 731,497 -- 1,026,660 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
William J. Schneider
For -- 4,011 -- 5,410 -- 5,954
Withhold -- 311 -- 508 -- 633
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,322 -- 5,918 -- 6,587
====================================================================================================================================
Judith M. Stockdale
For 11,584,070 -- 15,457,136 -- 15,923,857 --
Withhold 464,944 -- 731,409 -- 1,022,251 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
Carole E. Stone
For 11,578,504 -- 15,462,420 -- 15,925,157 --
Withhold 470,510 -- 726,125 -- 1,020,951 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,946,108 --
====================================================================================================================================
Terence J. Toth
For 11,576,141 -- 15,459,160 -- 15,915,777 --
Withhold 472,873 -- 729,385 -- 1,027,331 --
------------------------------------------------------------------------------------------------------------------------------------
Total 12,049,014 -- 16,188,545 -- 16,943,108 --
====================================================================================================================================
21
Shareholder MEETING REPORT (continued)
NNF
NKO
NRK
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 FUNDAMENTAL
POLICY RELATING TO INSURED BONDS.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO INVESTING IN MUNICIPAL BONDS
RATED WITHIN THE FOUR HIGHEST GRADES.
For -- -- -- -- -- --
Against -- -- -- -- -- --
Abstain -- -- -- -- -- --
Broker Non-Votes -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT NEW YORK MUNICIPAL
OBLIGATIONS COVERED BY INSURANCE.
For 4,180,769 356 -- -- -- --
Against 381,288 76 -- -- -- --
Abstain 184,236 19 -- -- -- --
Broker Non-Votes 1,361,544 1,337 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO MUNICIPAL OBLIGATIONS NOT
MORE THAN 20% OF FUND ASSETS.
For 4,226,116 371 -- -- -- --
Against 336,858 72 -- -- -- --
Abstain 183,319 8 -- -- -- --
Broker Non-Votes 1,361,544 1,337 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT MUNICIPAL OBLIGATIONS.
For -- -- -- -- 1,582,867 175
Against -- -- -- -- 87,438 35
Abstain -- -- -- -- 82,322 3
Broker Non-Votes -- -- -- -- 469,870 818
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- -- -- 2,222,497 1,031
====================================================================================================================================
22
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 FUNDAMENTAL
POLICY RELATING TO MUNICIPAL OBLIGATIONS COVERED
BY ORIGINAL INSURANCE, SECONDARY MARKET
INSURANCE OR PORTFOLIO INSURANCE.
For 4,178,749 367 -- -- -- --
Against 386,900 76 -- -- -- --
Abstain 180,644 8 -- -- -- --
Broker Non-Votes 1,361,544 1,337 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO COLLATERALIZED OBLIGATIONS.
For 4,181,890 356 -- -- -- --
Against 371,982 74 -- -- -- --
Abstain 192,421 21 -- -- -- --
Broker Non-Votes 1,361,544 1,337 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO RATED PORTFOLIO INSURANCE.
For 4,150,051 354 -- -- -- --
Against 394,898 76 -- -- -- --
Abstain 201,344 21 -- -- -- --
Broker Non-Votes 1,361,544 1,337 -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 -- -- -- --
====================================================================================================================================
TO APPROVE THE ELIMINATION OF THE FUNDAMENTAL
POLICY RELATING TO TAX-EXEMPT MUNICIPAL BONDS.
For -- -- 3,621,276 341 -- --
Against -- -- 267,690 150 -- --
Abstain -- -- 137,258 -- -- --
Broker Non-Votes -- -- 1,360,650 1,727 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 5,386,874 2,218 -- --
====================================================================================================================================
TO APPROVE THE NEW FUNDAMENTAL POLICY
RELATING TO TAX-EXEMPT SECURITIES.
For 4,250,498 371 3,670,356 370 1,599,402 178
Against 321,705 72 210,985 121 79,848 32
Abstain 174,090 8 144,883 -- 73,377 3
Broker Non-Votes 1,361,544 1,337 1,360,650 1,727 469,870 818
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 1,788 5,386,874 2,218 2,222,497 1,031
====================================================================================================================================
23
NNF
NKO
NRK
Shareholder MEETING REPORT (continued)
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate Auction Rate
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 5,806,752 -- 5,187,903 -- 2,097,913 --
Withhold 301,085 -- 198,971 -- 124,584 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- 5,386,874 -- 2,222,497 --
====================================================================================================================================
Robert P. Bremner
For 5,802,527 -- -- -- -- --
Withhold 305,310 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- -- -- -- --
====================================================================================================================================
Jack B. Evans
For 5,807,561 -- -- -- -- --
Withhold 300,276 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- -- -- -- --
====================================================================================================================================
William C. Hunter
For -- 1,698 -- 2,113 -- 970
Withhold -- 90 -- 105 -- 61
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,788 -- 2,218 -- 1,031
====================================================================================================================================
David J. Kundert
For 5,807,136 -- 5,186,503 -- 2,099,263 --
Withhold 300,701 -- 200,371 -- 123,234 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- 5,386,874 -- 2,222,497 --
====================================================================================================================================
William J. Schneider
For -- 1,698 -- 2,113 -- 970
Withhold -- 90 -- 105 -- 61
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,788 -- 2,218 -- 1,031
====================================================================================================================================
Judith M. Stockdale
For 5,804,702 -- -- -- -- --
Withhold 303,135 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- -- -- -- --
====================================================================================================================================
Carole E. Stone
For 5,801,161 -- -- -- -- --
Withhold 306,676 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- -- -- -- --
====================================================================================================================================
Terence J. Toth
For 5,807,502 -- 5,186,503 -- 2,099,263 --
Withhold 300,335 -- 200,371 -- 123,234 --
------------------------------------------------------------------------------------------------------------------------------------
Total 6,107,837 -- 5,386,874 -- 2,222,497 --
====================================================================================================================================
24
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, 2008, and the related statements of operations and cash flows
(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, 2008, 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, 2008, the results of their
operations and cash flows (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 U.S. generally
accepted accounting principles.
/s/ Ernst & Young LLP
Chicago, Illinois
November 21, 2008
25
NQN
Nuveen New York Investment Quality Municipal Fund, Inc.
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.2% (9.9% OF TOTAL INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AA $ 3,398,080
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 1/09 at 101.00 AA 6,433,114
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AA 2,017,240
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- 3,126,360
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 1,650,351
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,080 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA 1,963,790
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
550 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 N/R 475,706
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 A2 1,123,424
Canisius College, Series 2005, 5.000%, 7/01/21 - MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
575 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aa3 580,227
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aa3 457,429
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AA- 4,582,215
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, 1/17 at 100.00 AA 2,079,826
PILOT 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- 792,073
6,080 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 5,516,384
3,685 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 2,893,904
740 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 690,279
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
39,830 Total Education and Civic Organizations 37,780,402
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.0% (14.7% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
680 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AA 687,262
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AA 3,948,280
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.50 AA 6,139,210
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,780 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA $ 1,664,282
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 N/R 2,301,793
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 N/R 3,318,340
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AA 1,432,995
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 7,642,639
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,325 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,297,043
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 5,916,120
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
2,035 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,140,800
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, 11/08 at 101.00 AA 1,711,429
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
1,585 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,447,343
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 AA 8,294,057
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, 2/09 at 101.00 AA 2,020,360
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 AA 3,059,154
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AA 2,006,571
935 New York State Dormitory Authority, Revenue Bonds, No Opt. Call N/R 845,801
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
58,610 Total Health Care 55,873,479
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.3% (3.3% 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+ 1,286,469
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,265,387
5,740 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,452,082
420 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 319,066
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
35 New York State Housing Finance Agency, FHA-Insured 2/09 at 100.00 AA 35,056
Multifamily Housing Mortgage Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,490 6.100%, 11/01/15 - FSA Insured 11/08 at 100.00 AAA 1,493,665
2,540 6.125%, 11/01/20 - FSA Insured 11/08 at 100.00 AAA 2,543,759
------------------------------------------------------------------------------------------------------------------------------------
12,685 Total Housing/Multifamily 12,395,484
------------------------------------------------------------------------------------------------------------------------------------
27
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
$ 2,770 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- $ 2,197,995
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (0.8% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 2/09 at 101.00 AAA 2,913,450
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.5% (10.8% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 AA 2,782,170
Revenue Bond Financing Program, Peekskill City School
District, Series 2005D, 5.000%, 10/01/33 - MBIA Insured
1,200 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Baa2 1,225,080
5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call A2 661,568
5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aa1 2,080,400
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
10,735 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 9,664,935
Revenue Bonds, Series 2006A, 5.000%, 2/15/47 -
FGIC Insured (UB)
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 BBB+ 1,016,440
Improvement Bonds, Series 2002, 5.000%, 3/01/16 -
FGIC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2004E:
3,000 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 2,979,210
2,300 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 2,264,051
2,300 New York City, New York, General Obligation Bonds, 3/15 at 100.00 AA 2,345,425
Fiscal Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
1,000 1.829%, 11/01/19 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 1,119,330
770 1.774%, 11/01/20 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 843,135
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AA 511,775
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AA 507,150
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 1,741,674
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,862,698
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aa3 1,186,231
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, 10/15 at 100.00 Aaa 1,709,991
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/16 - FSA Insured
6,110 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AA 6,382,384
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
41,280 Total Tax Obligation/General 40,883,647
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.9% (31.8% OF TOTAL INVESTMENTS)
2,250 Dormitory Authority of the State of New York, 853 Schools 1/09 at 101.00 AA 2,265,593
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
1,575 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AA- 1,546,729
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
1,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AA 1,375,925
Bonds, 853 Schools Program - Anderson School, Series 1999E,
Issue 2, 5.750%, 7/01/19 - AMBAC Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AA $ 2,054,980
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,006,030
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 1,463,040
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- 2,430,196
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- 2,228,544
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA-
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA 4,621,390
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,135 Dormitory Authority of the State of New York, Secured Hospital 2/09 at 100.75 AA 2,996,339
Insured Revenue Bonds, Southside Hospital, Series 1998,
5.000%, 2/15/25 - MBIA Insured
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 378,079
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 1,056,410
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,234,188
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 1,317,683
1,780 5.750%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 1,836,800
5,630 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 5,790,905
School Facility Revenue Bonds, Buffalo City School District
Project, Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
6,000 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 5,972,820
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA 2,842,607
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA 1,297,825
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA 2,054,240
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 1,923,020
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA 3,836,728
4,500 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 4,950,990
Service Contract Refunding Bonds, Series 2008,
5.750%, 7/01/18 - FSA Insured (UB)
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,192,008
and 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 2,147,338
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,268,055
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,253,113
29
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
$ 2,200 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA $ 2,133,692
1,600 5.000%, 10/15/26 -MBIA Insured (UB) 10/14 at 100.00 AAA 1,544,640
6,640 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 6,372,740
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,429,410
1,435 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,449,781
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,671,388
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,035,460
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - SYNCORA GTY Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,883,451
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
525 0.457%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 424,998
2,395 0.457%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 1,674,440
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,223,290
Revenue Bonds, Series 2008, 5.250%, 4/01/16 -
FSA Insured (UB)
1,500 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,433,700
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Second General, Series 2005B:
7,350 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 7,729,627
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,507,035
1,750 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,695,033
Tax 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 6,320,223
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA 992,620
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA 4,443,525
1,000 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 949,510
Personal 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 950,600
Certificates of Participation, High School Facility,
Series 2005, 5.000%, 6/15/28 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 A2 1,526,252
Revenue Bonds, Hampton Bays Public Library,
Series 1999A, 6.000%, 10/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
120,755 Total Tax Obligation/Limited 120,889,010
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.6% (10.8% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AA 2,047,800
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
1,955 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AA 1,975,762
5,360 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AA 5,045,261
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 710 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- $ 680,208
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA 2,083,432
Bonds, Buffalo Niagara International Airport, Series 1999A,
0.036%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
2,080 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 2,126,862
2,625 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 2,509,159
1,475 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 1,391,840
870 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 713,035
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
5,025 Port Authority of New York and New Jersey, Special Project 12/08 at 100.00 AA 4,565,564
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 - MBIA Insured (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
3,840 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 1/09 at 100.00 A- 3,843,955
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 1/09 at 100.00 A- 10,796,773
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA 813,212
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA 2,308,303
------------------------------------------------------------------------------------------------------------------------------------
42,820 Total Transportation 40,901,166
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.1% (5.6% OF TOTAL INVESTMENTS) (4)
3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 3,794,073
Water System Revenue Bonds, Series 1999,
6.000%, 7/01/29 (Pre-refunded 7/01/09) - FSA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
65 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 68,992
10 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,608
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) 80,427
25 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA (4) 26,788
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AA (4) 1,247,604
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29
(Pre-refunded 7/01/09) - MBIA Insured
835 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call Aaa 946,556
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 - BIGI Insured (ETM)
1,475 Dormitory Authority of the State of New York, Revenue Bonds, 11/08 at 101.00 A2 (4) 1,492,199
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 (Pre-refunded 11/01/08) - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aa2 (4) 726,488
General Obligation Bonds, Series 2000, 5.600%, 8/01/18
(Pre-refunded 8/01/09) - MBIA Insured
945 Metropolitan Transportation Authority, New York, Commuter 11/08 at 101.00 AA (4) 945,822
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,090 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,488,394
Tax Fund Bonds, Series 1998A, 5.000%, 4/01/23
(Pre-refunded 10/01/15) - FGIC Insured
31
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA $ 1,079,170
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 5,212,086
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
20,105 Total U.S. Guaranteed 21,119,207
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9% (4.8% OF TOTAL INVESTMENTS)
2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,340,075
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 2,687,937
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- 4,312,637
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 5,794,034
625 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 582,813
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
2,000 New York State Energy Research and Development Authority, 3/09 at 102.00 Aaa 1,896,120
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
760 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 774,554
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
19,205 Total Utilities 18,388,170
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.2% (4.4% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds:
5,030 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 4,823,066
2,575 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 2,410,097
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,760,447
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,810,970
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 6/15 at 100.00 AA 4,979,834
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
17,465 Total Water and Sewer 16,784,414
------------------------------------------------------------------------------------------------------------------------------------
$ 378,525 Total Long-Term Investments (cost $384,426,629) - 158.9% 370,126,424
=============-----------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.1% (2.5% OF TOTAL INVESTMENTS)
$ 4,455 Hudson Yards Infrastructure Corporation, New York, Variable A-1 $ 4,455,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (5)
5,000 Metropolitan Transportation Authority, New York, Dedicated A-1+ 5,000,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 8.000%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 9,455 Total Short-Term Investments (cost $9,455,000) 9,455,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $393,881,629) - 163.0% 379,581,424
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (18.7)% (43,545,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.0% 11,791,324
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (49.3)% (6) (114,925,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $232,902,748
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Auction Rate Preferred shares) are invested
in municipal securities that are covered by insurance or
backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities
to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Investment has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term investment. The rate disclosed is that in effect
at the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 30.3%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
33
NVN
Nuveen New York Select Quality Municipal Fund, Inc.
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.9% (10.7% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AA $ 510,225
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AA 1,341,892
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AA 616,417
2,500 Dormitory Authority of the State of New York, General No Opt. Call AA 2,437,150
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
695 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 A2 695,396
Revenue Bonds, Fordham University, Series 2002,
5.000%, 7/01/18 - FGIC Insured
Dormitory Authority of the State of New York, Insured
Revenue Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AA 1,394,118
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AA 811,128
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AA 605,886
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AA 2,135,689
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- 2,084,240
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 1,750,517
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,790 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA 2,634,123
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
735 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 N/R 635,716
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AA 969,830
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AA 2,780,671
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 Aa3 782,045
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aa3 616,534
2,515 Madison County Industrial Development Agency, New York, No Opt. Call AAA 1,852,951
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 1.150%, 7/01/40 -
AMBAC Insured (IF)
1,000 Nassau County Industrial Development Agency, New York, 1/09 at 102.00 AA 979,490
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AA 6,942,238
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
$ 2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AA $ 1,774,560
3,200 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AA 2,784,704
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- 1,063,514
9,735 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 8,832,564
5,830 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 4,578,416
995 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- 928,146
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
56,845 Total Education and Civic Organizations 52,538,160
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 20.8% (13.2% OF TOTAL INVESTMENTS)
5,995 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AA 5,865,868
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AA 5,655,911
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.50 AA 2,601,360
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 2,229,951
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 N/R 2,373,305
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 2/09 at 101.00 AA 6,419,920
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 N/R 938,710
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 7/09 at 101.00 AA 6,067,155
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
MBIA 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 934,850
825 5.125%, 7/01/37 - AGC Insured 7/17 at 100.00 AAA 777,101
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AA 2,465,050
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AA 3,128,755
2,820 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,966,612
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,935,878
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 AA 11,747,624
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 AA 1,939,302
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 AA 2,719,248
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AA 2,928,638
35
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,235 New York State Dormitory Authority, Revenue Bonds, No Opt. Call N/R $ 1,117,181
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
67,270 Total Health Care 64,812,419
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9% (3.1% 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+ 1,537,488
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,512,292
5,445 5.000%, 7/01/25 - FGIC Insured (UB) 7/15 at 100.00 AA+ 5,171,879
2,212 New York City Housing Development Corporation, New York, 10/08 at 105.00 AA 2,325,355
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 410,227
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 11/08 at 100.00 AAA 756,857
3,380 6.125%, 11/01/20 - FSA Insured 11/08 at 100.00 AAA 3,385,002
------------------------------------------------------------------------------------------------------------------------------------
15,272 Total Housing/Multifamily 15,099,100
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
3,715 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 2,947,853
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AA 2,053,760
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
5,810 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AA 5,502,535
Nursing Home Mortgage Revenue Bonds, Norwegian
Christian Home and Health Center, Series 2001,
5.200%, 8/01/36 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,810 Total Long-Term Care 7,556,295
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 18.2% (11.5% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, 3/13 at 100.00 Baa2 1,531,350
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, No Opt. Call A2 776,171
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, 12/15 at 100.00 AA 2,048,260
Series 2005A, 5.000%, 12/01/18 - MBIA Insured
14,405 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 12,969,110
Revenue Bonds, Series 2006A, 5.000%, 2/15/47 -
FGIC Insured (UB)
45 New York City, New York, General Obligation Bonds, 2/09 at 100.00 AAA 45,123
Fiscal Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 1998H:
3,730 5.125%, 8/01/25 - MBIA Insured 2/09 at 101.00 AA 3,561,665
5,410 5.375%, 8/01/27 - MBIA Insured 2/09 at 101.00 AA 5,415,681
3,920 New York City, New York, General Obligation Bonds, 4/09 at 101.00 AAA 3,621,453
Fiscal Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, 8/10 at 101.00 AA 3,062,820
Fiscal Series 2001D, 5.000%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2004E:
3,250 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 3,227,478
1,650 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,624,211
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,900 New York City, New York, General Obligation Bonds, 3/15 at 100.00 AA $ 2,957,275
Fiscal Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds,
Tender Option Bond Trust 1198:
1,085 1.829%, 11/01/19 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 1,214,473
550 1.774%, 11/01/20 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 602,239
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AA 102,355
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AA 101,430
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AA 1,124,141
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AA 1,120,618
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AA 1,121,866
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AA 1,111,459
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AA 1,106,170
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AA 857,855
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AA 739,359
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AA 728,517
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AA 719,481
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AA 715,166
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AA 709,983
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AA 704,538
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AA 696,450
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AA 2,218,317
5.000%, 8/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
57,242 Total Tax Obligation/General 56,535,014
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.6% (30.6% OF TOTAL INVESTMENTS)
7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AA 7,341,416
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,640,252
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- 704,304
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,652,145
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA 7,961,851
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,090 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,098,949
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 1,299,384
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,259,900
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 1,736,482
2,390 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,464,472
7,545 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 7,760,636
School Facility Revenue Bonds, Buffalo City School District
Project, Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,466,025
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA 4,737,678
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
37
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
$ 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA $ 3,114,780
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA 5,135,600
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,283,586
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA 3,794,567
2,000 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 2,200,440
Service Contract Refunding Bonds, Series 2008,
5.750%, 7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 4,061,160
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,515,836
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,497,974
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,640 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 3,530,290
1,960 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 1,892,184
5,420 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,201,845
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,429,410
5,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 5,250,224
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 2,917,262
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,023,140
6,680 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,711,730
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,181,678
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,035,460
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,476,235
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
625 0.457%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 505,950
2,965 0.457%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 2,072,950
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 AA 880,171
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AA 922,070
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AA 966,341
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AA 1,010,057
1,650 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,577,070
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AA 993,210
Trust Fund Bonds, Second Generation Series 2004,
5.000%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 8,891,699
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,507,035
1,000 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 968,590
Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
$ 11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA $ 11,135,629
1,000 5.250%, 6/01/21 -AMBAC Insured 6/13 at 100.00 AA 992,620
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA 4,507,709
500 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 474,755
Personal 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 4,193,480
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
151,305 Total Tax Obligation/Limited 150,976,231
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.0% (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 AA 6,181,800
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 1,936,400
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AA 1,351,087
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AA 4,362,080
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
2,625 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AA 2,652,878
425 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AA 400,044
955 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 914,928
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AA 2,264,600
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 - MBIA Insured
(Alternative Minimum Tax)
1,675 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,580,564
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 958,909
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA 1,636,851
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA 3,813,718
------------------------------------------------------------------------------------------------------------------------------------
28,630 Total Transportation 28,053,859
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.7% (9.2% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,389,112
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,790,637
505 Dormitory Authority of the State of New York, Suffolk County, No Opt. Call Baa1 (4) 640,608
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa2 (4) 729,673
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa2 (4) 727,944
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) 1,085,020
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,085,020
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 N/R (4) 4,992,992
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded 7/01/11) - FGIC Insured
39
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA $ 11,692,888
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,316,680
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,507,303
820 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 884,657
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
1,075 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,113,915
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) -
AMBAC Insured
1,080 New York City, New York, General Obligation Bonds, 4/09 at 101.00 AAA 1,106,881
Fiscal Series 1999I, 5.000%, 4/15/29 (Pre-refunded 4/15/09) -
MBIA Insured
3,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 3,217,170
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19
(Pre-refunded 4/01/12) - FSA Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,298,860
Contract Revenue Bonds, Correctional Facilities,
Series 2000C, 5.125%, 1/01/23 (Pre-refunded 1/01/11) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
43,190 Total U.S. Guaranteed 45,579,360
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.4% (7.2% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,735,640
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,619,080
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,682,150
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,067,880
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,498,320
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 933,240
3,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,808,090
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- 5,709,019
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 7,275,464
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 699,375
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
6,000 New York State Energy Research and Development Authority, 3/09 at 102.00 Aaa 5,688,360
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
650 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 662,448
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,645 Total Utilities 35,379,066
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.1% (4.5% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds:
5,920 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 5,676,451
3,455 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 3,233,742
1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,320,335
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,225 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,297,104
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,810,970
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 6/15 at 100.00 AA 6,799,386
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aa3 $ 992,574
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
24,175 Total Water and Sewer 22,130,562
------------------------------------------------------------------------------------------------------------------------------------
$ 513,099 Total Long-Term Investments (cost $496,249,711) - 154.9% 481,607,919
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM-INVESTMENTS -- 3.5% (2.2% OF TOTAL INVESTMENTS)
5,975 Hudson Yards Infrastructure Corporation, New York, Variable A-1 5,975,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (5)
5,000 Metropolitan Transportation Authority, New York, Dedicated A-1+ 5,000,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 8.000%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 10,975 Total Short-Term Investments (cost $10,975,000) 10,975,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $507,224,711) - 158.4% 492,582,919
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (15.6)% (48,453,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 9.9% 30,701,197
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (52.7)% (6) (163,900,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $310,931,116
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Auction Rate Preferred shares) are invested
in municipal securities that are covered by insurance or
backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities
to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Investment has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term investment. The rate disclosed is that in effect
at the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 33.3%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
41
NUN
Nuveen New York Quality Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.6% (13.4% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AA $ 510,225
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AA 1,086,779
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AA 616,417
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AA 6,355,140
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AA 974,860
Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
670 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 A2 666,643
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 AA 2,649,488
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- 2,084,240
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 2,213,187
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,830 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA 2,671,888
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
745 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 N/R 644,365
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 Aa3 807,272
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aa3 636,422
4,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 4,440,960
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 2,067,128
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 1/09 at 102.00 AA- 1,926,900
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
500 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 368,380
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 1.150%, 7/01/40 - AMBAC Insured (IF)
6,415 Nassau County Industrial Development Agency, New York, 1/09 at 102.00 AA 6,283,428
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, 12/08 at 101.00 AA 4,625,352
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA 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 AA 1,774,560
3,240 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AA 2,819,513
42
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:
$ 1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- $ 1,081,314
9,840 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 8,927,831
5,910 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 4,641,241
6,250 New York City Trust for Cultural Resources, New York, 1/09 at 100.00 AA 6,272,063
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
1,005 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- 937,474
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
70,995 Total Education and Civic Organizations 68,083,070
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.3% (10.1% OF TOTAL INVESTMENTS)
3,995 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AA 3,908,948
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.50 AA 6,069,840
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 2,262,676
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 N/R 2,413,530
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 N/R 938,710
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 7/09 at 101.00 AA 8,492,130
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
MBIA Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,695,492
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AA 2,465,050
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AA 3,216,477
2,635 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,771,994
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,150 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,963,273
The New York and Presbyterian Hospital Project,
Series 2007, 5.000%, 8/15/36 - FSA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AA 8,619,120
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 AA 2,719,248
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AA 2,928,638
1,265 New York State Dormitory Authority, Revenue Bonds, No Opt. Call N/R 1,144,319
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
54,630 Total Health Care 51,609,445
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.9% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,500 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 1,568,865
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,543,155
5,515 New York City Housing Development Corporation, 7/15 at 100.00 AA+ 5,238,368
New York, Capital Fund Program Revenue Bonds,
Series 2008, 5.000%, 7/01/25 - FGIC Insured (UB)
43
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,839 New York City Housing Development Corporation, New York, 10/08 at 105.00 AA $ 1,933,921
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 425,421
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
35 New York State Housing Finance Agency, FHA-Insured 2/09 at 100.00 AA 35,056
Multifamily Housing Mortgage Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
1,440 New York State Housing Finance Agency, Mortgage Revenue 11/08 at 100.00 AAA 1,442,131
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,389 Total Housing/Multifamily 12,186,917
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
3,765 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 2,987,528
PILOT Mortgage Revenue Bonds, Carousel Center
Project, Series 2007A, 5.000%, 1/01/36 - SYNCORA GTY
Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.4% (0.8% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, 2/09 at 101.00 AAA 4,321,618
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.4% (9.5% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, 3/13 at 100.00 Baa2 1,531,350
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, No Opt. Call A2 838,681
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
14,630 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A3 13,171,682
Revenue Bonds, Residual Series 1980, 5.000%, 2/15/47 -
FGIC Insured (UB)
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 BBB+ 2,300,580
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 BBB+ 1,009,490
New York City, New York, General Obligation Bonds,
Fiscal Series 2001D:
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AA 5,567,861
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,179,659
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AA 5,104,700
125 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 119,964
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,350 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 3,326,785
1,700 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,673,429
4,130 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 4,211,568
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
1,115 1.829%, 11/01/19 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 1,248,053
570 1.774%, 11/01/20 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 624,139
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 1,766,403
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 A 1,794,968
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AA 2,308,942
5.000%, 8/01/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
49,695 Total Tax Obligation/General 48,778,254
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 52.0% (32.2% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AA 3,422,164
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 130 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA $ 125,405
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 1,062,493
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,112,210
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,138,870
3,610 Dormitory Authority of the State of New York, Revenue 7/14 at 100.00 AA- 3,640,252
Bonds, 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- 2,417,760
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,156,020
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA 7,936,735
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,048,538
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 1,267,692
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,028,490
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 1,746,697
2,420 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 2,495,407
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 6,155,094
1,670 5.750%, 5/01/28 - FSA Insured (UB) 5/17 at 100.00 AAA 1,717,729
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,466,025
Tax 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 4,737,678
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AA 3,114,780
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA 6,162,720
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,884,530
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA 7,495,440
2,000 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 2,200,440
Service Contract Refunding Bonds, Series 2008,
5.750%, 7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales
Tax Secured Revenue Bonds, Series 2003A:
1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,510,978
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,493,173
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2008:
2,720 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 2,638,019
1,990 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 1,921,146
4,960 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 4,760,360
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,429,410
1,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,500,064
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
45
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
$ 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA $ 10,723,552
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,475,999
970 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 918,483
5,345 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,370,389
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,008,686
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,877,712
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,476,235
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Fee Revenue Bonds, Tender Option Bond Trust 3126:
635 0.457%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 514,045
3,005 0.457%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 2,100,916
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,029,113
Revenue Bonds, Series 2008, 5.250%, 4/01/16 -
FSA Insured (UB)
1,700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,624,860
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 993,210
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 8,891,700
2,600 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 2,612,194
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 968,590
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA 12,439,801
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA 987,450
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AA 3,435,821
Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 474,755
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 1,882,188
Certificates of Participation, High School Facility,
Series 2005, 5.000%, 6/15/28 - FSA Insured
3,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 3,164,340
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/14 - FSA Insured
6,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 6,290,220
Revenue Refunding Bonds, Series 2008, 5.500%, 7/01/18 -
FSA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
163,220 Total Tax Obligation/Limited 164,046,578
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 15.2% (9.4% OF TOTAL INVESTMENTS)
7,575 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA 6,458,294
Transportation Revenue Bonds, Series 2006B,
4.500%, 11/15/36 - FSA Insured
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
$ 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AA $ 3,906,179
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 3,872,800
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AA 2,697,113
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AA 8,104,410
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
2,665 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AA 2,693,302
4,075 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AA 3,835,716
970 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 929,299
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA 2,264,600
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
1,700 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,604,154
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/31 - SYNCORA GTY Insured
1,175 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 963,007
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 5,062,150
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA 1,636,851
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA 3,813,718
------------------------------------------------------------------------------------------------------------------------------------
50,010 Total Transportation 47,841,593
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.9% (9.8% 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 68,216
175 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 183,757
2,435 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 2,765,795
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) 1,508,771
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,905,544
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,135,359
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 2,389,112
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AA (4) 1,790,637
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) 987,368
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,529,878
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 4,316,680
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,079,170
Metropolitan Transportation Authority, New York, Transit Facilities
Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 11/08 at 101.00 AAA 10,048,499
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 11/08 at 101.00 AAA 4,276,800
47
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 30 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA $ 32,137
Future Tax Secured Bonds, Fiscal Series 2002B,
5.000%, 5/01/30 (Pre-refunded 11/01/11) - MBIA Insured
655 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 706,647
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
4,875 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,206,403
Fiscal Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
FSA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,469,196
Fund Bonds, Series 2002A, 5.250%, 4/01/20
(Pre-refunded 4/01/12) - FSA Insured
Putnam Valley Central School District, Putnam and
Westchester Counties, New York, General Obligation
Bonds, Series 1999:
525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 554,673
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 554,673
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 554,673
------------------------------------------------------------------------------------------------------------------------------------
48,590 Total U.S. Guaranteed 50,063,988
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.3% (6.4% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AA 1,767,018
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured
(Alternative Minimum Tax)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,735,640
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,619,080
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,894,050
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,491,720
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,496,080
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,177,560
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,340,075
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
6,180 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 5,870,506
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 7,543,532
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 699,375
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 881,565
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,465 Total Utilities 32,516,201
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.8% (4.2% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds:
6,525 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 6,256,562
3,500 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 3,275,860
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 880,223
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,360 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,440,050
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,810,970
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 6/15 at 100.00 AA 6,703,620
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
22,215 Total Water and Sewer 21,367,285
------------------------------------------------------------------------------------------------------------------------------------
$ 537,424 Total Long-Term Investments (cost $520,170,315) - 159.7% 503,802,477
=============-----------------------------------------------------------------------------------------------------------------------
48
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 6,065 Hudson Yards Infrastructure Corporation, New York, Variable A-1 $ 6,065,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (5)
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $6,065,000) 6,065,000
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $526,235,315) - 161.6% 509,867,477
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (16.7)% (52,710,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 7.5% 23,727,057
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (52.4)% (6) (165,375,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $315,509,534
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Auction Rate Preferred shares) are invested
in municipal securities that are covered by insurance or
backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities
to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Investment has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term investment. The rate disclosed is that in effect
at the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 32.4%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
49
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.1% (11.7% 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 AA $ 255,113
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AA 252,630
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 1,495,170
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AA 487,430
810 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AA 810,972
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/20 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,042,120
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 605,765
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
970 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA 915,806
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 N/R 220,555
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 Aa3 252,273
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aa3 198,882
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA 1,038,590
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AA- 1,297,140
Bonds, 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 2,374,768
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
1,935 Dormitory Authority of the State of New York, State and 7/15 at 100.00 AA- 1,970,352
Local Appropriation Lease Bonds, Upstate Community
Colleges, Series 2005A, 5.000%, 7/01/19 - FGIC Insured
380 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 279,969
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 1.150%, 7/01/40 -
AMBAC Insured (IF)
1,110 New York City Industrial Development Agency, New York, 1/17 at 100.00 AA 965,944
PILOT 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:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 369,338
2,360 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 2,141,228
2,025 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,590,273
1,250 New York City Trust for Cultural Resources, New York, 1/09 at 100.00 AA 1,254,413
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 345 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- $ 321,819
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
20,910 Total Education and Civic Organizations 20,140,550
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.8% (15.5% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.00 AA 3,000,180
Mortgage Hospital Revenue Bonds, Ellis Hospital,
Series 1995, 5.600%, 8/01/25 - MBIA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.50 AA 2,523,319
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 AA 1,355,872
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 776,042
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 N/R 1,255,930
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 7/09 at 101.00 AA 2,865,990
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Charles Hospital and Rehabilitation Center,
Series 1999A, 5.500%, 7/01/22 - MBIA Insured
620 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 584,003
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 2,701,695
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,009,301
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
740 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 675,731
The New York and Presbyterian Hospital Project,
Series 2007, 5.000%, 8/15/36 - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 1/09 at 101.00 AAA 1,532,025
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 AA 3,321,175
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,029,700
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AA 1,578,135
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AA 955,510
435 New York State Dormitory Authority, Revenue Bonds, No Opt. Call N/R 393,501
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
27,565 Total Health Care 26,558,109
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4% (2.9% 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+ 418,364
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 411,508
2,165 New York City Housing Development Corporation, New York, 7/15 at 100.00 AA+ 2,056,404
Capital Fund Program Revenue Bonds, Series 2008,
5.000%, 7/01/25 - FGIC Insured (UB)
200 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 151,936
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
51
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,900 New York State Housing Finance Agency, Mortgage Revenue 11/08 at 100.00 AAA $ 1,902,812
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,065 Total Housing/Multifamily 4,941,024
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
1,290 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 1,023,615
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7% (1.1% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AA 1,026,880
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 818,933
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,845,813
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.8% (7.7% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, 3/13 at 100.00 Baa2 510,450
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, No Opt. Call A2 328,180
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
5,005 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A3 4,506,102
Revenue Bonds, Residual Series 1980, 5.000%, 2/15/47 -
FGIC Insured (UB)
210 Nassau County, New York, General Obligation Improvement No Opt. Call AA 229,656
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
95 New York City, New York, General Obligation Bonds, 2/09 at 100.50 AA 96,100
Fiscal Series 1998F, 5.250%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2004E:
1,000 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 993,070
1,100 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,082,807
1,000 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 1,019,750
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
335 1.829%, 11/01/19 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 374,976
365 1.774%, 11/01/20 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 399,668
915 Niagara Falls, New York, General Obligation Bonds, No Opt. Call AAA 1,053,549
Series 1994, 7.500%, 3/01/13 - MBIA Insured
1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aaa 1,023,600
New York, General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AA 1,592,985
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
13,365 Total Tax Obligation/General 13,210,893
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 50.8% (33.0% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AA- 677,615
of Health Revenue Bonds, Series 2005A,
5.250%, 7/01/24 - CIFG Insured
50 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 48,233
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 8/14 at 100.00 AAA 487,680
Revenue 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- 1,220,140
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
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- $ 236,520
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 578,010
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AA 4,319,992
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AA 812,193
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 378,079
Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/21 - FSA Insured
750 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 792,390
School 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 510,730
830 5.750%, 5/01/27 - FSA Insured (UB) 5/18 at 100.00 AAA 856,485
2,615 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 2,689,737
School Facility Revenue Bonds, Buffalo City School District
Project, Series 2007A: 5.750%, 5/01/28 - FSA Insured (UB)
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,488,675
Tax 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 1,390,406
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AA 1,540,680
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA 1,873,860
1,500 Metropolitan Transportation Authority, New York, State No Opt. Call AAA 1,650,330
Service Contract Refunding Bonds, Series 2008,
5.750%, 7/01/18 - FSA Insured (UB)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 1,015,290
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 563,580
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 556,939
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2008:
920 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 892,271
680 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 656,472
4,590 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 4,405,253
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 722,365
2,090 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,099,928
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,006,860
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,017,730
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - SYNCORA GTY Insured
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,489,815
Future Tax Secured Refunding Bonds, Fiscal
Series 2003D, 5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel Fee
Revenue Bonds, Tender Option Bond Trust 3126:
260 0.457%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 210,475
1,025 0.457%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 716,619
53
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA $ 1,611,645
Revenue Bonds, Series 2008, 5.250%, 4/01/16 -
FSA Insured (UB)
600 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 573,480
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 976,820
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/23 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
2,960 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 3,112,882
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 502,345
750 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 726,443
Tax 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 2,106,741
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA 3,752,308
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,009,098
Bonds, Correctional Facilities, Series 1994A,
5.250%, 1/01/14 - FSA Insured
500 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 474,755
Personal 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 327,957
Certificates of Participation, High School Facility,
Series 2005, 5.000%, 6/15/28 - FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,048,370
Highway Revenue Refunding Bonds, Series 2008,
5.500%, 7/01/18 - FSA Insured (UB)
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AA 1,522,530
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
56,765 Total Tax Obligation/Limited 56,650,726
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.7% (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 AA 511,950
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 1,888,676
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AA 1,906,920
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
MBIA Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
925 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AA 934,824
2,240 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AA 2,108,467
330 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 316,153
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA 452,920
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 955,870
565 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 533,145
410 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 336,028
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
54
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
$ 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AA $ 813,212
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AA 2,308,303
------------------------------------------------------------------------------------------------------------------------------------
13,560 Total Transportation 13,066,468
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.2% (6.0% 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 26,237
70 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 73,503
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AA (4) 3,078,555
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) 542,510
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 539,585
Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
255 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 275,107
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,064,150
Fund Bonds, Series 2002B, 5.000%, 4/01/20
(Pre-refunded 4/01/12) - AMBAC Insured
2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 2,181,960
Personal 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, No Opt. Call AAA 99,738
Series 1994, 7.500%, 3/01/13 - MBIA Insured (ETM)
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AA (4) 2,124,369
Water Treatment Plant Bonds, Series 1994,
8.500%, 11/01/08 - MBIA Insured
(Alternative Minimum Tax) (ETM)
265 Suffolk County Water Authority, New York, Subordinate No Opt. Call AA (4) 283,476
Lien Waterworks Revenue Bonds, Series 1993,
5.100%, 6/01/12 - MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
10,030 Total U.S. Guaranteed 10,289,190
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3% (3.4% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 468,015
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
2,270 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 2,156,318
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 2,755,929
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 233,127
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
250 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 254,788
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Utilities 5,868,177
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.9% (6.4% OF TOTAL INVESTMENTS)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds:
1,980 5.000%, 6/15/27 - MBIA Insured (UB) 6/15 at 100.00 AAA 1,898,543
1,200 5.000%, 6/15/36 - MBIA Insured (UB) 6/16 at 100.00 AAA 1,123,152
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,760,447
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
3,305 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,096,750
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
55
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AA $ 779,762
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
2,500 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AA 2,394,150
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,380 Total Water and Sewer 11,052,804
------------------------------------------------------------------------------------------------------------------------------------
$ 167,980 Total Long-Term Investments (cost $171,242,487) - 147.7% 164,647,369
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 6.3% (4.1% OF TOTAL INVESTMENTS)
2,075 Hudson Yards Infrastructure Corporation, New York, Variable A-1 2,075,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (5)
5,000 Metropolitan Transportation Authority, New York, Dedicated A-1+ 5,000,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 8.000%, 11/01/31 - FSA Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 7,075 Total Short-Term Investments (cost $7,075,000) 7,075,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $178,317,487) - 154.0% 171,722,369
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (18.0)% (20,050,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 10.6% 11,855,199
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.6)% (6) (52,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $111,527,568
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Auction Rate Preferred shares) are invested
in municipal securities that are covered by insurance or
backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities
to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Investment has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term investment. The rate disclosed is that in effect
at the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 30.3%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
56
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.1% OF TOTAL INVESTMENTS)
$ 2,105 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 1,877,723
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 916,910
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
810 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 702,319
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
3,915 Total Consumer Staples 3,496,952
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.8% (12.9% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AA 3,863,600
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 1/09 at 101.00 AA 1,266,829
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,042,120
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 133,554
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
920 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA 868,600
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
240 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 N/R 207,581
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 3,625,733
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
360 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 265,234
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 1.150%, 7/01/40 -
AMBAC Insured (IF)
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 AA 887,280
1,060 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AA 922,433
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- 351,538
2,210 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 2,005,133
1,920 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,507,814
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AA 3,851,480
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
330 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- 307,827
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
22,105 Total Education and Civic Organizations 21,106,756
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 25.1% (16.3% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 100.50 AA 1,734,240
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
57
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AA $ 1,355,872
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 733,967
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AA 9,800,097
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 N/R 1,408,065
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AA 1,958,427
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AA 162,406
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
585 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 572,657
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 1,700,885
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 957,311
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 565,242
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
700 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 639,205
Bonds, 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 710,493
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 AA 1,456,740
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AA 955,510
395 New York State Dormitory Authority, Revenue Bonds, No Opt. Call N/R 357,317
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
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 721,549
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 974,379
------------------------------------------------------------------------------------------------------------------------------------
27,580 Total Health Care 26,764,362
------------------------------------------------------------------------------------------------------------------------------------
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 2,518,145
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,226,899
180 New York City, New York, Multifamily Housing Revenue 1/17 at 100.00 AAA 136,742
Bonds, Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,280 Total Housing/Multifamily 3,881,786
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 0.9% (0.6% OF TOTAL INVESTMENTS)
1,225 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 972,038
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
58
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7% (1.8% OF TOTAL INVESTMENTS)
$ 525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA $ 494,482
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 994,150
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,450,665
------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 2,939,297
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.0% (10.4% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AA 1,524,881
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AA 2,398,513
1,240 Canandaigua City School District, Ontario County, 4/12 at 101.00 Aaa 1,288,062
New York, General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
4,760 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A3 4,285,523
Revenue Bonds, Residual Series 1980, 5.000%, 2/15/47 -
FGIC Insured (UB)
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AA 3,095,490
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 76,777
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,700 5.000%, 11/01/19 - FSA Insured (UB) 11/14 at 100.00 AAA 1,688,219
1,100 5.000%, 11/01/20 - FSA Insured (UB) 11/14 at 100.00 AAA 1,082,807
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 551,933
Series 2006C, 5.000%, 8/01/16 - FSA Insured
New York City, New York, General Obligation Bonds, Tender
Option Bond Trust 1198:
565 1.829%, 11/01/19 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 632,421
365 1.774%, 11/01/20 (WI/DD, Settling 10/02/08) - FSA Insured (IF) 11/14 at 100.00 AAA 399,668
------------------------------------------------------------------------------------------------------------------------------------
17,200 Total Tax Obligation/General 17,024,294
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.8% (27.2% OF TOTAL INVESTMENTS)
250 Dormitory Authority of the State of New York, 853 Schools 7/10 at 100.00 AA 252,815
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA 3,013,950
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 161,314
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 422,564
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 608,827
190 5.750%, 5/01/28 - FSA Insured (UB) 5/18 at 100.00 AAA 195,920
2,485 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 2,556,021
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,279,626
Tax 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- 3,846,040
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
59
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Nassau County Interim Finance Authority, New York, Sales Tax 11/13 at 100.00 AAA $ 1,015,290
Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 -
AMBAC Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,297,524
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,004,016
300 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 287,925
2,500 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,343,850
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,172,449
Future Tax Secured Bonds, Fiscal Series 2002B,
5.250%, 5/01/16 - MBIA Insured
890 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 894,228
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 508,865
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - SYNCORA GTY Insured
New York Convention Center Development Corporation, Hotel
Fee Revenue Bonds, Tender Option Bond Trust 3126:
125 0.457%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AAA 101,190
105 0.457%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AAA 73,410
350 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 334,530
Series 2008, 5.000%, 1/01/30 - FSA Insured (UB)
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
2,625 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 2,760,581
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 502,345
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA 1,906,099
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA 987,450
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 755,153
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 No Opt. Call AAA 9,270,370
Personal Income Tax Revenue Bonds, 5.700%, 4/01/20 -
FSA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
43,950 Total Tax Obligation/Limited 44,552,352
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.7% (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 1,936,400
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 3,758,560
865 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AA 874,186
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
315 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 301,783
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AA 76,996
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
2,000 Port Authority of New York and New Jersey, Consolidated 5/18 at 100.00 AA- 1,774,640
Revenue Bonds, One Hundred Fifty Second Series 2007,
5.000%, 11/01/28 (Alternative Minimum Tax)
60
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
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 $ 511,265
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 AA- 955,870
345 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 AA- 325,549
390 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 319,636
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
4,000 Port Authority of New York and New Jersey, Consolidated 8/09 at 100.50 AA- 4,044,919
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 - FGIC Insured (Alternative Minimum Tax)
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AA 813,212
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,280 Total Transportation 15,693,016
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.0% (5.2% OF TOTAL INVESTMENTS) (4)
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 227,887
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded 8/15/09) -
FSA Insured
150 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 170,378
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 (ETM)
110 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 118,674
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) -
AMBAC Insured
3,170 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,385,497
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
FSA Insured
565 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 602,640
Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)
2,575 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 2,592,665
Bonds, Series 2000A, 5.500%, 10/01/40
1,320 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,394,976
Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
------------------------------------------------------------------------------------------------------------------------------------
8,110 Total U.S. Guaranteed 8,492,717
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.8% (8.3% OF TOTAL INVESTMENTS)
5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 4,680,149
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- 1,614,864
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 1,222,767
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- 233,125
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AA 4,839,749
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 -
AMBAC Insured
1,090 Westchester County Industrial Development Agency, 11/08 at 100.00 BBB 1,090,240
Westchester County, New York, Resource Recovery Revenue
Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
14,340 Total Utilities 13,680,894
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.1% (2.0% OF TOTAL INVESTMENTS)
1,140 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,066,994
Water and Sewer System Revenue Bonds, 5.000%, 6/15/36 -
MBIA Insured (UB)
2,295 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AA 2,197,830
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,435 Total Water and Sewer 3,264,824
------------------------------------------------------------------------------------------------------------------------------------
$ 165,445 Total Long-Term Investments (cost $168,815,999) - 151.8% 161,869,288
=============-----------------------------------------------------------------------------------------------------------------------
61
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 1,975 Hudson Yards Infrastructure Corporation, New York, Variable A-1 $ 1,975,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (5)
=============-----------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $1,975,000) 1,975,000
--------------------------------------------------------------------------------------------------------------------
Total Investments (cost $170,790,999) - 153.7% 163,844,288
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (14.4)% (15,312,000)
--------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation Value - (46.9)% (6) (50,000,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 7.6% 8,050,760
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $106,583,048
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Variable Rate Demand Preferred shares) are
invested in municipal securities that are covered by
insurance or backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency
securities or U.S. Treasury-issued State and Local
Government Series securities to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest.
(5) 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) Variable Rate Demand Preferred Shares, at Liquidation Value,
as a percentage of Total Investments is 30.5%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
62
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund
Portfolio of INVESTMENTS
September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.6% (2.3% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,375,365
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
325 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 281,795
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,825 Total Consumer Staples 1,657,160
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.0% (14.9% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 A3 1,623,780
Bonds, Long Island University, Series 2003A,
5.000%, 9/01/32 - RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AA 1,931,800
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,042,120
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 387,093
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 BBB+ 902,210
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 Aa3 2,487,675
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 Aa3 100,909
80 5.250%, 7/01/21 - AMBAC Insured (4) No Opt. Call Aa3 79,553
160 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 117,882
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 1.150%, 7/01/40 -
AMBAC Insured (IF)
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- 151,295
1,425 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AA 1,292,903
840 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 659,669
------------------------------------------------------------------------------------------------------------------------------------
11,685 Total Education and Civic Organizations 10,776,889
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.3% (15.1% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AA 1,782,500
Mortgage Hospital Revenue Bonds, Lutheran Medical
Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AA 2,677,259
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 322,572
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 N/R 938,710
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 240,195
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 24,651
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
63
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 810 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA $ 852,112
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 706,553
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
305 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 278,511
The New York and Presbyterian Hospital Project,
Series 2007, 5.000%, 8/15/36 - FSA Insured
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 514,850
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AA 2,563,862
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,630 Total Health Care 10,901,775
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)
300 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 282,561
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.6% (6.2% OF TOTAL INVESTMENTS)
2,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 1,850,158
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
2,155 New York City, New York, General Obligation Bonds, Fiscal 2/09 at 101.00 AA 2,057,745
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
250 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 248,268
Series 2004E, 5.000%, 11/01/19 - FSA Insured (UB)
225 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 236,543
Series 2006C, 5.000%, 8/01/16 - FSA Insured
85 New York City, New York, General Obligation Bonds, Tender 11/14 at 100.00 AAA 95,143
Option Bond Trust 1198, 1.829%, 11/01/19 (WI/DD,
Settling 10/02/08) - FSA Insured (IF)
------------------------------------------------------------------------------------------------------------------------------------
4,770 Total Tax Obligation/General 4,487,857
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.0% (30.5% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AA 2,879,526
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
MBIA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AA 3,013,949
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
340 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 350,849
Facility Revenue Bonds, Buffalo City School District,
5.750%, 5/01/27 - FSA Insured (UB)
1,085 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 1,116,009
School Facility Revenue Bonds, Buffalo City School District
Project, 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- 961,510
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 459,911
Revenue 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 2008:
610 5.000%, 10/15/25 - MBIA Insured (UB) 10/14 at 100.00 AAA 591,615
555 5.000%, 10/15/26 - MBIA Insured (UB) 10/14 at 100.00 AAA 535,797
740 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- 693,780
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 3,080,399
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 1,986,420
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
64
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 210 New York Convention Center Development Corporation, Hotel 11/15 at 100.00 AAA $ 146,819
Fee Revenue Bonds, Tender Option Bond Trust 3126,
0.457%, 11/15/44 - AMBAC Insured (IF)
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,274,378
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
950 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AA 999,068
Fund Bonds, Second General, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA 1,203,852
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 755,153
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
1,860 New York State Urban Development Corporation, Service No Opt. Call AA- 1,950,508
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
21,845 Total Tax Obligation/Limited 21,999,543
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.7% (4.3% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 939,640
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,875 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AA 1,894,913
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
140 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 134,126
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
170 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 139,329
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 0.036%, 8/15/32 - FSA Insured (IF)
------------------------------------------------------------------------------------------------------------------------------------
3,185 Total Transportation 3,108,008
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 24.6% (16.0% OF TOTAL INVESTMENTS) (5)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 Aaa 1,300,597
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
(Pre-refunded 2/01/13)
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 150,198
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded 8/15/09) -
FSA Insured
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 407,134
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 Aaa 544,360
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 AA (5) 110,029
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM) (4)
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,724,521
Fund Bonds, Series 2002B, 5.000%, 4/01/20
(Pre-refunded 4/01/12) - AMBAC Insured
500 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 545,490
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 11/12 at 100.00 Aa2 (5) 2,143,200
Bonds, Series 2002A, 5.000%, 11/15/20 (Pre-refunded 11/15/12)
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,102,467
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded 1/01/12) - MBIA Insured
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 468,648
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
10,750 Total U.S. Guaranteed 11,496,644
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5% (3.0% 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- 1,073,410
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 818,313
65
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, 2008
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 125 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A- $ 116,563
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
110 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 112,107
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,235 Total Utilities 2,120,393
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.6% OF TOTAL INVESTMENTS)
495 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 463,300
Water and Sewer System Revenue Bonds, 5.000%, 6/15/36 -
MBIA Insured (UB)
------------------------------------------------------------------------------------------------------------------------------------
$ 68,720 Total Long-Term Investments (cost $70,015,903) - 143.9% 67,294,130
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 10.4% (6.7% OF TOTAL INVESTMENTS)
855 Hudson Yards Infrastructure Corporation, New York, Variable A-1 855,000
Rate Demand Obligations, Series 2007, Trust 1980,
6.470%, 2/15/47 - FGIC Insured (6)
4,000 Long Island Power Authority, New York, Electric System General VMIG-2 4,000,000
Revenue Bonds, Variable Rate Demand Obligations,
Series 2006, ROCS 715, 5.820%, 5/01/33 - MBIA Insured (6)
------------------------------------------------------------------------------------------------------------------------------------
$ 4,855 Total Short-Term Investments (cost $4,855,000) 4,855,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $74,870,903) - 154.3% 72,149,130
--------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (8.3)% (3,865,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 11.7% 5,484,378
--------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (57.7)% (7) (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 46,768,508
====================================================================================================================
FUTURES CONTRACTS OUTSTANDING AT SEPTEMBER 30, 2008:
UNREALIZED
CONTRACT NUMBER OF CONTRACT VALUE AT APPRECIATION
TYPE POSITION CONTRACTS EXPIRATION SEPTEMBER 30, 2008 (DEPRECIATION)
-------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Bond Long 34 12/08 $3,983,844 $(10,453)
=========================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Auction Rate Preferred shares) are invested
in municipal securities that are covered by insurance or
backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities or U.S.
Treasury-issued State and Local Government Series securities
to ensure 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 insured by AMBAC, CIFG, FGIC, MBIA, RAAI and
SYNCORA as of September 30, 2008. Please see the Portfolio
Manager's Commentary for an expanded discussion of the
affect on the Fund of changes to the ratings of certain
bonds in the portfolio resulting from changes to the ratings
of the underlying insurers both during the period and after
period end.
(4) Portion of investment, with an aggregate market value of
$189,582, has been pledged to collateralize the net payment
obligations under futures contracts.
(5) 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.
(6) 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.
(7) Auction Rate Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 37.4%.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
66
Statement of
ASSETS & LIABILITIES
September 30, 2008
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)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $384,426,629,
$496,249,711, $520,170,315,
$171,242,487, $168,815,999
and $70,015,903, respectively) $370,126,424 $481,607,919 $503,802,477 $164,647,369 $161,869,288 $67,294,130
Short-term investments
(at cost, which
approximates value) 9,455,000 10,975,000 6,065,000 7,075,000 1,975,000 4,855,000
Cash 9,287,409 27,176,097 20,019,951 10,672,249 6,400,059 4,995,110
Receivables:
Interest 5,495,850 6,969,389 7,096,461 2,458,761 2,488,836 948,279
Investments sold -- -- -- -- 100,000 --
Deferred offering costs -- -- -- -- 671,610 --
Other assets 297,409 273,709 289,076 108,332 146,431 3,444
------------------------------------------------------------------------------------------------------------------------------------
Total assets 394,662,092 527,002,114 537,272,965 184,961,711 173,651,224 78,095,963
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Variable Rate Demand Preferred shares,
at liquidation value -- -- -- -- 50,000,000 --
Floating rate obligations 43,545,000 48,453,000 52,710,000 20,050,000 15,312,000 3,865,000
Payables:
Investments purchased 2,073,724 1,919,491 1,978,114 818,642 1,090,549 100,487
Variation margin on
futures contracts -- -- -- -- -- 90,313
Common share dividends 761,105 1,070,340 1,073,947 363,751 418,115 181,697
Auction Rate Preferred
share dividends 140,304 313,082 207,436 63,088 -- 45,353
Offering costs -- -- -- -- 175,000 --
Accrued expenses:
Management fees 187,937 254,809 257,456 89,446 55,638 25,171
Other 126,274 160,276 161,478 49,216 16,874 19,434
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 46,834,344 52,170,998 56,388,431 21,434,143 67,068,176 4,327,455
------------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares,
at liquidation value 114,925,000 163,900,000 165,375,000 52,000,000 -- 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable
to Common shares $232,902,748 $310,931,116 $315,509,534 $111,527,568 $106,583,048 $46,768,508
====================================================================================================================================
Common shares outstanding 17,601,933 23,310,802 23,904,439 8,329,215 7,964,131 3,513,360
====================================================================================================================================
Net asset value per
Common share outstanding
(net assets applicable
to Common shares,
divided by Common
shares outstanding) $ 13.23 $ 13.34 $ 13.20 $ 13.39 $ 13.38 $ 13.31
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares,
$.01 par value per share $ 176,019 $ 233,108 $ 239,044 $ 83,292 $ 79,641 $ 35,134
Paid-in surplus 247,293,699 326,211,519 332,689,767 118,407,487 113,011,043 49,509,303
Undistributed (Over-distribution of)
net investment income 312,587 (522,479) (391,037) (187,315) (98,663) (90,886)
Accumulated net realized
gain (loss) from
investments and derivative
transactions (579,352) (349,240) (660,402) (180,778) 537,738 47,183
Net unrealized appreciation
(depreciation) of
investments and derivative
transactions (14,300,205) (14,641,792) (16,367,838) (6,595,118) (6,946,711) (2,732,226)
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $232,902,748 $310,931,116 $315,509,534 $111,527,568 $106,583,048 $46,768,508
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited Unlimited
Auction Rate Preferred
and Variable Rate
Demand Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
67
Statement of
OPERATIONS
Year Ended September 30, 2008
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 $ 19,487,908 $ 25,978,928 $ 26,121,238 $ 8,905,866 $ 8,730,915 $ 3,607,361
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,477,242 3,301,196 3,332,551 1,175,262 1,120,234 495,511
Auction fees 354,324 476,101 478,440 159,969 149,306 67,501
Dividend disbursing agent fees 30,000 30,000 40,000 20,000 12,260 10,000
Shareholders' servicing agent
fees and expenses 30,558 31,940 30,915 11,730 1,574 923
Interest expense 572,266 687,217 729,461 264,272 465,879 73,242
Custodian's fees and expenses 91,621 106,223 115,593 42,879 44,615 19,716
Directors'/Trustees'
fees and expenses 9,963 13,395 13,839 4,596 4,360 1,932
Professional fees 33,020 41,067 40,961 21,521 17,614 11,980
Shareholders' reports - printing
and mailing expenses 50,576 62,592 64,829 26,473 24,697 13,350
Stock exchange listing fees 9,331 9,331 9,331 9,331 1,014 447
Investor relations expense 40,353 52,946 53,779 18,943 17,827 8,108
Portfolio insurance expense -- 1,629 -- -- -- --
Other expenses 40,253 37,712 38,670 18,162 74,827 13,053
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense
reimbursement 3,739,507 4,851,349 4,948,369 1,773,138 1,934,207 715,763
Custodian fee credit (40,348) (81,215) (86,711) (29,490) (32,739) (13,044)
Expense reimbursement -- -- -- -- (399,272) (197,482)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,699,159 4,770,134 4,861,658 1,743,648 1,502,196 505,237
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 15,788,749 21,208,794 21,259,580 7,162,218 7,228,719 3,102,124
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments (280,532) 12,692 (422,110) (39,488) 536,618 (118,160)
Forward swaps -- -- (251,591) -- -- 135,865
Futures -- -- -- -- -- 142,552
Change in net unrealized
appreciation (depreciation) of:
Investments (26,892,780) (38,070,098) (37,062,056) (12,371,891) (12,999,975) (4,761,343)
Forward swaps -- -- 33,606 -- -- (21,078)
Futures -- -- -- -- -- (10,453)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) (27,173,312) (38,057,406) (37,702,151) (12,411,379) (12,463,357) (4,632,617)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income (4,662,305) (6,362,815) (6,492,288) (2,131,997) (1,761,482) (873,905)
From accumulated net
realized gains -- (86,393) (107,456) -- (79,056) (2,095)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to
Common shares from
distributions to Auction
Rate Preferred shareholders (4,662,305) (6,449,208) (6,599,744) (2,131,997) (1,840,538) (876,000)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $(16,046,868) $(23,297,820) $(23,042,315) $ (7,381,158) $ (7,075,176) $(2,406,493)
====================================================================================================================================
See accompanying notes to financial statements.
68
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
9/30/08 9/30/07 9/30/08 9/30/07 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 15,788,749 $ 15,801,778 $ 21,208,794 $ 21,481,130 $ 21,259,580 $ 21,409,900
Net realized gain (loss) from:
Investments (280,532) (289,832) 12,692 (70,227) (422,110) 489,723
Forward swaps -- -- -- -- (251,591) --
Futures -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation) of:
Investments (26,892,780) (5,068,948) (38,070,098) (8,612,656) (37,062,056) (8,923,129)
Forward swaps -- -- -- -- 33,606 (33,606)
Futures -- -- -- -- -- --
Distributions to
Auction Rate Preferred
shareholders:
From net investment income (4,662,305) (4,510,422) (6,362,815) (6,304,083) (6,492,288) (6,627,607)
From accumulated net
realized gains -- (286,874) (86,393) (213,591) (107,456) (264,550)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (16,046,868) 5,645,702 (23,297,820) 6,280,573 (23,042,315) 6,050,731
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (10,986,638) (11,824,817) (14,865,894) (16,441,617) (14,666,161) (15,623,437)
From accumulated net
realized gains -- (1,259,452) (221,453) (754,478) (248,604) (950,942)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to
Common shares
from distributions
to Common shareholders (10,986,638) (13,084,269) (15,087,347) (17,196,095) (14,914,765) (16,574,379)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Repurchased (287,803) (1,323,079) (71,952) (1,641,093) (96,929) (2,318,030)
Net proceeds from
shares issued
to shareholders
due to reinvestment
of distributions -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to
Common shares
from capital
share transactions (287,803) (1,323,079) (71,952) (1,641,093) (96,929) (2,318,030)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to
Common shares (27,321,309) (8,761,646) (38,457,119) (12,556,615) (38,054,009) (12,841,678)
Net assets applicable
to Common
shares at the
beginning of year 260,224,057 268,985,703 349,388,235 361,944,850 353,563,543 366,405,221
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $232,902,748 $260,224,057 $310,931,116 $349,388,235 $315,509,534 $353,563,543
====================================================================================================================================
Undistributed
(Over-distribution of)
net investment
income at the
end of year $ 312,587 $ 172,841 $ (522,479) $ (463,260) $ (391,037) $ (464,816)
====================================================================================================================================
See accompanying notes to financial statements.
69
Statement of
CHANGES in NET ASSETS (continued)
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
9/30/08 9/30/07 9/30/08 9/30/07 9/30/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,162,218 $ 7,270,449 $ 7,228,719 $ 7,538,142 $ 3,102,124 $ 3,186,788
Net realized gain (loss) from:
Investments (39,488) (100,953) 536,618 290,925 (118,160) 14,123
Forward swaps -- -- -- -- 135,865 --
Futures -- -- -- -- 142,552 --
Change in net unrealized
appreciation (depreciation) of:
Investments (12,371,891) (2,681,117) (12,999,975) (2,914,384) (4,761,343) (1,018,278)
Forward swaps -- -- -- -- (21,078) 21,078
Futures -- -- -- -- (10,453) --
Distributions to
Auction Rate Preferred
shareholders:
From net investment income (2,131,997) (2,107,436) (1,761,482) (2,085,917) (873,905) (815,059)
From accumulated net
realized gains -- (78,002) (79,056) (22,551) (2,095) (10,487)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (7,381,158) 2,302,941 (7,075,176) 2,806,215 (2,406,493) 1,378,165
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,047,504) (5,597,338) (5,256,327) (5,763,556) (2,297,738) (2,297,570)
From accumulated net realized gains -- (295,581) (216,624) (83,553) (5,973) (34,075)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (5,047,504) (5,892,919) (5,472,951) (5,847,109) (2,303,711) (2,331,645)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Repurchased -- -- -- -- -- --
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions -- -- -- 94,153 -- 7,613
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions -- -- -- 94,153 -- 7,613
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to
Common shares (12,428,662) (3,589,978) (12,548,127) (2,946,741) (4,710,204) (945,867)
Net assets applicable
to Common shares
at the beginning
of year 123,956,230 127,546,208 119,131,175 122,077,916 51,478,712 52,424,579
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $111,527,568 $123,956,230 $106,583,048 $119,131,175 $46,768,508 $51,478,712
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ (187,315) $ (156,836) $ (98,663) $ (311,784) $ (90,886) $ (21,367)
====================================================================================================================================
See accompanying notes to financial statements.
70
Statement of
CASH FLOWS
Year Ended September 30, 2008
INSURED
NEW YORK
DIVIDEND
ADVANTAGE
(NKO)
------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ (7,075,176)
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 (15,953,386)
Proceeds from sales and maturities of investments 19,716,010
Proceeds from (Purchases of) short-term investments, net 2,025,000
Amortization (Accretion) of premiums and discounts, net 566,602
(Increase) Decrease in receivable for interest (1,597)
(Increase) Decrease in receivable for investments sold (100,000)
(Increase) Decrease in other assets (139,317)
Increase (Decrease) in payable for investments purchased 272,124
Increase (Decrease) in Auction Rate Preferred share dividends payable (17,547)
Increase (Decrease) in accrued management fees (410)
Increase (Decrease) in accrued other liabilities (16,805)
Net realized (gain) loss from investments (536,618)
Change in net unrealized (appreciation) depreciation of investments 12,999,975
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 11,738,855
------------------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in floating rate obligations 10,277,000
Cash distributions paid to Common shareholders (5,489,678)
Increase (Decrease) in Variable Rate Demand Preferred shares 50,000,000
(Increase) Decrease in deferred offering costs (671,610)
Increase (Decrease) in offering costs payable 175,000
Increase (Decrease) in Auction Rate Preferred shares (61,000,000)
------------------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (6,709,288)
------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH 5,029,567
Cash at beginning of year 1,370,492
------------------------------------------------------------------------------------------------------------------------------------
CASH AT THE END OF YEAR $ 6,400,059
====================================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid by Insured New York Dividend Advantage (NKO) for interest (excluding
amortization of offering costs) was $462,490.
See accompanying notes to financial statements.
71
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 American Stock Exchange. The
Funds are registered under the Investment Company Act of 1940, as amended, as
closed-end management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
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. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. 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. If the pricing service is
unable to supply a price for an investment or derivative instrument, each Fund
may use market quotes provided by major broker/dealers in such investments. If
it is determined that the market price for an investment or derivative
instrument is unavailable or inappropriate, the Board of Directors/Trustees of
the Funds, or its designee, may establish fair value in accordance with
procedures established in good faith by the Board of Directors/Trustees.
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, 2008, New
York Investment Quality (NQN), New York Select Quality (NVN), New York Quality
Income (NUN), Insured New York Premium Income (NNF), Insured NewYork Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) had outstanding
when-issued/delayed delivery purchase commitments of $2,073,724, $1,919,491,
$1,978,114, $818,642, $1,090,549 and $100,487, respectively.
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.
72
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.
Effective March 31, 2008, the Funds adopted Financial Accounting Standards Board
(FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN
48). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the affirmative evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine whether it
is "more-likely-than-not" (i.e., a greater than 50-percent likelihood) of being
sustained by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax expense in the current year.
Implementation of FIN 48 required management of the Funds to analyze all open
tax years, as defined by the statute of limitations, for all major
jurisdictions, which includes federal and certain states. 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). The Funds have
no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the fiscal year ended September 30,
2008.
The Funds are 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 U.S.
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, 2008, 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 767 -- 1,846 1,056 --
Series T 1,915 1,461 -- 1,024 --
Series W -- 2,038 1,847 -- --
Series TH -- 3,057 2,015 -- 1,080
Series F 1,915 -- 907 -- --
------------------------------------------------------------------------------------------------------------------
Total 4,597 6,556 6,615 2,080 1,080
==================================================================================================================
73
Notes to
FINANCIAL STATEMENTS (continued)
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 generally do not affect the management or investment policies
of the Funds. However, one implication of these auction failures for Common
shareholders is that the Funds' cost of leverage will be higher, at least
temporarily, than it otherwise would have been had the auctions continued to be
successful. As a result, the Funds' future Common share earnings may be lower
than they otherwise would have been.
On June 11, 2008, Nuveen Investments, Inc. ("Nuveen") announced the Fund Board's
approval of plans to use tender option bonds (TOBs), also known as "floaters" or
floating rate obligations, to refinance a portion of the municipal funds'
outstanding Auction Rate Preferred shares, whose auctions have been failing for
several months. The plan included an initial phase of approximately $1 billion
in forty-one funds. During the fiscal year ended September 30, 2008 New York
Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income
(NUN) and Insured New York Premium Income (NNF) redeemed $29,075,000,
$29,100,000, $31,625,000 and $13,000,000 of their outstanding Auction Rate
Preferred shares, respectively, at liquidation value, using the proceeds from
the issuance of TOBs.
Variable Rate Demand Preferred Shares
On August 7, 2008, Insured New York Dividend Advantage (NKO) issued 500 Series 1
Variable Rate Demand Preferred (VRDP) shares, $100,000 liquidation value per
share, through a private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933. Proceeds of this offering along with
the proceeds from the Fund's creation of TOBs, discussed above, were used to
redeem all of the Fund's outstanding Auction Rate Preferred shares totaling
$61,000,000. The VRDP shares have a maturity date of August 1, 2038. Dividends
on the VRDP shares are set through a weekly remarketing process at a rate
established by a remarketing agent, which is intended to result in the value of
the VRDP shares approximately equaling their liquidation value. VRDP shares
include a liquidity feature that allows VRDP shareholders who are tendering
shares for remarketing to have their shares purchased by a liquidity provider,
Deutsche Bank AG (acting through its New York branch), in the event that the
remarketing agent is not able to sell the tendered VRDP shares to other
qualified institutional buyers.
Subject to certain conditions, VRDP 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
VRDP 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.
The terms of the VRDP shares provide that, if any VRDP shares tendered to the
liquidity provider cannot be successfully remarketed, the dividend rate for all
VRDP shares will be set at the Maximum Rate determined under a formula set forth
in the Fund's organizational documents. The Maximum Rate is generally equal to a
stated percentage spread in excess of the 7-day London Inter-Bank Offered Rate
(LIBOR). If remarketings for these shares continue to be unsuccessful, the
Maximum Rate is designed to escalate according to a specified schedule in order
to enhance the remarketing agent's ability to successfully remarket the VRDP
shares. This would increase the Fund's cost of leverage over time and reduce the
Fund's common share net earnings. There are various potential factors that could
result in unsuccessful remarketings. These include periods of market stress, an
actual or potential downgrade of the liquidity provider's credit ratings as well
as changes in market perceptions regarding the financial strength of the Fund's
liquidity provider.
Insured New York Dividend Advantage (NKO) had $50,000,000 VRDP shares
outstanding for the period August 7, 2008 through September 30, 2008 with an
average annualized dividend (interest) rate of 3.13%.
For financial reporting purposes only, VRDP shares are recorded at their
liquidation value as a liability in the Fund's Statement of Assets and
Liabilities, and the dividends paid on the VRDP shares are included in "Interest
expense" in the Fund's Statement of Operations.
74
Insurance
Under normal circumstances, each Fund will invest at least 80% of their net
assets (including net assets attributable to Auction Rate Preferred shares or
VRDP shares) in municipal securities that are covered by insurance guaranteeing
the timely payment of principal and interest. For purposes of this 80% test,
insurers must have a claims paying ability rated at least "A" at the time of
purchase by at least one independent rating agency. In addition, each Fund will
invest at least 80% of its net assets (including net assets attributable to
Auction Rate Preferred shares or VRDP shares) in municipal securities that are
rated at least "AA" at the time of purchase (based on the higher of the rating
of the insurer, if any, or the underlying security) by at least one independent
rating agency, or are unrated but judged to be of similar credit quality by
Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen, or
municipal bonds backed by an escrow or trust account containing sufficient U.S.
government or U.S. government agency securities or U.S. Treasury-issued State
and Local Government Series securities to ensure timely payment of principal and
interest. Each Fund may also invest up to 20% of its net assets (including net
assets attributable to Auction Rate Preferred shares or VRDP shares) in
municipal securities rated below "AA" (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.
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 an "Inverse floating rate investment". An investment in a
self-deposited inverse floater is accounted for as a financing transaction in
accordance with Statement of Financial Accounting Standards No. 140 (SFAS No.
140) "Accounting for Transfers and Servicing of Financial Assets and
Extinguishment of Liabilities". In such instances, a fixed-rate bond deposited
into a special purpose trust is identified in the Portfolio of Investments as an
"Underlying bond of an inverse floating rate trust", with the Fund accounting
for the short-term floating rate certificates issued by the trust as "Floating
rate obligations" on the Statement of Assets and Liabilities. In addition, the
Fund reflects in Investment Income the entire earnings of the underlying bond
and the related interest paid to the holders of the short-term floating rate
certificates is included as a component of "Interest expense" on the Statement
of Operations.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") 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, as well as any shortfalls in interest cash flows. Under these
agreements, a Fund's potential exposure to losses related to or on inverse
floaters increases beyond the value of the investments included on the Fund's
Statement of Assets and Liabilities as the Fund may potentially be liable to
fulfill all amounts owed to holders of the floating rate certificates.
During the fiscal year ended September 30, 2008, each Fund invested in
externally deposited inverse floaters and/or self-deposited inverse floaters.
75
Notes to
FINANCIAL STATEMENTS (continued)
At September 30, 2008, the Funds were not invested in any recourse trusts and/or
credit recovery swaps.
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 $ -- $ -- $ -- $ -- $ -- $ --
==================================================================================================================
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, 2008, 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 $19,280,123 $23,330,374 $24,766,366 $8,899,235 $7,855,828 $2,538,183
Average annual interest rate and fees 2.97% 2.95% 2.95% 2.97% 2.90% 2.89%
==================================================================================================================
Forward Swap Transactions
Each Fund is authorized to invest in forward interest rate swap transactions.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
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 swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount. New York Quality Income
(NUN) and Insured New York Tax-Free Advantage (NRK) were the only Funds to
invest in forward interest rate swap transactions during the fiscal year ended
September 30, 2008.
Futures Contracts
Each Fund is authorized to invest in futures contracts. Upon entering into a
futures contract, a Fund is required to deposit with the broker an amount of
cash or liquid securities equal to a specified percentage of the contract
amount. This is known as the "initial margin." Subsequent payments ("variation
margin") are made or received by a Fund each day, depending on the daily
fluctuation of the value of the contract.
76
During the period the futures contract is open, changes in the value of the
contract are recognized as an unrealized gain or loss by "marking-to-market" on
a daily basis to reflect the changes in market value of the contract. When the
contract is closed or expired, a Fund records a realized gain or loss equal to
the difference between the value of the contract on the closing date and value
of the contract when originally entered into. Cash held by the broker to cover
initial margin requirements on open futures contracts, if any, is recognized on
the Statement of Assets and Liabilities. Additionally, the Statement of Assets
and Liabilities reflects a receivable or payable for the variation margin when
applicable. Insured New York Tax-Free Advantage (NRK) was the only Fund to
invest in futures contracts during the fiscal year ended September 30, 2008.
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.
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 VRDP shares ($675,000) were recorded as a deferred charge
which will be amortized over the 30-year life of the shares and is included as a
component of "Interest expense" 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 U.S. 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. FUND SHARES
Common Shares
The Funds' Board of Directors/Trustees approved an open-market share repurchase
program on July 10, 2007, for New York Investment Quality (NQN), New York Select
Quality (NVN) and New York Quality Income (NUN) and on July 30, 2008, for
Insured New York Premium Income (NNF), Insured New York Dividend Advantage (NKO)
and Insured New York Tax-Free Advantage (NRK) under which each Fund may
repurchase an aggregate of up to approximately 10% of its outstanding Common
shares.
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
------------------------ ----------------------- ------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/08 9/30/07 9/30/08 9/30/07 9/30/08 9/30/07
-------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- -- -- --
Repurchased (21,700) (97,300) (5,600) (118,800) (7,700) (171,600)
-------------------------------------------------------------------------------------------------------------------
Weighted average price per
Common share repurchased $13.24 $13.58 $12.83 $13.79 $12.57 $13.49
Weighted average discount per
Common share repurchased 11.53% 7.19% 13.26% 7.12% 14.00% 7.74%
===================================================================================================================
77
Notes to
FINANCIAL STATEMENTS (continued)
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
9/30/08 9/30/07 9/30/08 9/30/07 9/30/08 9/30/07
-------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- 6,197 -- 512
Repurchased -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
Weighted average price per
Common share repurchased -- -- -- -- -- --
Weighted average discount per
Common share repurchased -- -- -- -- -- --
===================================================================================================================
Preferred Shares
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
9/30/08 9/30/07 9/30/08 9/30/07
--------------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series M 193 $ 4,825,000 -- $ -- -- $ -- -- $ --
Series T 485 12,125,000 -- -- 259 6,475,000 -- --
Series W -- -- -- -- 362 9,050,000 -- --
Series TH -- -- -- -- 543 13,575,000 -- --
Series F 485 12,125,000 -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
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
9/30/08 9/30/07 9/30/08 9/30/07
--------------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series M 354 $ 8,850,000 -- $ -- 264 $ 6,600,000 -- $ --
Series T -- -- -- -- 256 6,400,000 -- --
Series W 353 8,825,000 -- -- -- -- -- --
Series TH 385 9,625,000 -- -- -- -- -- --
Series F 173 4,325,000 -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
1,265 $31,625,000 -- $ -- 520 $13,000,000 -- $ --
================================================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------------------- ---------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/08 9/30/07 9/30/08 9/30/07
--------------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares redeemed:
Series M -- $ -- -- $ -- -- $ -- -- $ --
Series T -- -- -- -- -- -- -- --
Series W -- -- -- -- -- -- -- --
Series TH 2,440 61,000,000 -- -- -- -- -- --
Series F -- -- -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------------------
2,440 $61,000,000 -- $ -- -- $ -- -- $ --
================================================================================================================================
78
Transactions in Variable Rate Demand Preferred shares were as follows:
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
---------------------------------------
YEAR ENDED YEAR ENDED
9/30/08 9/30/07
--------------------------------------------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred shares issued:
Series 1 500 $50,000,000 -- $ --
================================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the fiscal year ended September 30, 2008,
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 $34,582,069 $63,280,989 $47,939,532 $18,396,090 $15,953,386 $ 5,715,913
Sales and maturities 48,073,643 98,480,571 63,575,420 32,582,880 19,716,010 12,048,567
==================================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140. 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, 2008, 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 $350,300,424 $458,837,905 $473,541,532 $158,302,117 $155,279,146 $71,011,769
==================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2008, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 2,957,900 $ 6,911,791 $ 5,160,608 $ 1,548,310 $ 673,247 $ 685,516
Depreciation (16,972,544) (21,406,652) (21,326,059) (8,076,433) (7,280,840) (3,408,066)
---------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation)
of investments $(14,014,644) $(14,494,861) $(16,165,451) $(6,528,123) $(6,607,593) $(2,722,550)
=====================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2008, 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 * $1,053,920 $923,259 $917,358 $229,238 $181,668 $144,195
Undistributed net
ordinary income ** 17 -- 7 3,843 86,824 --
Undistributed net long-term
capital gains -- 545 556 -- 269,487 39,310
=====================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 2, 2008, paid on October 1, 2008.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
79
Notes to
FINANCIAL STATEMENTS (continued)
The tax character of distributions paid during the Funds' tax years ended
September 30, 2008 and September 30, 2007, 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
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
=================================================================================================================
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
2007 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $16,282,164 $22,790,638 $22,339,468 $7,722,662 $7,871,954 $3,110,383
Distributions from net
ordinary income ** 39,794 220 22,007 133 -- --
Distributions from net long-term
capital gains 1,546,326 968,069 1,215,492 373,583 106,104 44,562
=================================================================================================================
** 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, 2008, 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, 2008.
At September 30, 2008, 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
INVESTMENT PREMIUM
QUALITY INCOME
(NQN) (NNF)
--------------------------------------------------------------------------------
Expiration:
September 30, 2016 $299,523 $154,238
================================================================================
The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2007 through September 30, 2008, the Funds' tax year
end, ("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the
following fiscal year:
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM
QUALITY QUALITY INCOME INCOME
(NQN) (NVN) (NUN) (NNF)
------------------------------------------------------------------------------------------------------------------
Post-October capital losses $251,067 $358,935 $709,332 $30,218
==================================================================================================================
5. 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
80
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 (including net assets attributable to Auction Rate
Preferred shares or VRDP shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS (INCLUDING NEW YORK QUALITY INCOME (NUN)
NET ASSETS ATTRIBUTABLE TO AUCTION INSURED NEW YORK PREMIUM INCOME (NNF)
RATE PREFERRED SHARES OR VRDP SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS (INCLUDING INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
NET ASSETS ATTRIBUTABLE TO AUCTION INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
RATE PREFERRED SHARES OR VRDP SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of September 30, 2008, the complex-level fee rate was .1947%.
The complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily net assets of all
Nuveen-sponsored funds in the United States, with such daily net assets to
include assets attributable to Preferred stock (Auction Rate Preferred
shares or VRDP shares) issued by or borrowings by such funds but to exclude
assets attributable to investments in other Nuveen-sponsored funds.
81
Notes to
FINANCIAL STATEMENTS (continued)
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Auction Rate
Preferred shares or VRDP shares), for fees and expenses in the amounts and for
the time periods set forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Auction Rate
Preferred shares or VRDP shares), for fees and expenses in the amounts and for
the time periods set forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
82
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157 (SFASNo. 157)
In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This
standard establishes a single authoritative definition of fair value, sets out a
framework for measuring fair value and requires additional disclosures about
fair value measurements. SFAS No. 157 applies to fair value measurements already
required or permitted by existing standards. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The changes to current generally
accepted accounting principles from the application of this standard relate to
the definition of fair value, the methods used to measure fair value, and the
expanded disclosures about fair value measurements. As of September 30, 2008,
management does not believe the adoption of SFAS No. 157 will impact the
financial statement amounts; however, additional disclosures may be required
about the inputs used to develop the measurements and the effect of certain of
the measurements included within the Statement of Operations for the period.
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 161 (SFASNo. 161)
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years and
interim periods beginning after November 15, 2008. As of September 30, 2008,
management does not believe the adoption of SFAS No. 161 will impact the
financial statement amounts; however, additional footnote disclosures may be
required about the use of derivative instruments and hedging items.
7. 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 3, 2008, to shareholders of record
on October 15, 2008, 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 $.0520 $.0545 $.0525 $.0505 $.0550 $.0545
=====================================================================================================================
83
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ --------------------------------
Distributions Distributions
from Net from
Investment Capital Net
Beginning Income to Gains to Investment Capital
Common Net Auction Rate Auction Rate Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $14.77 $ .90 $(1.56) $(.26) $ -- $ (.92) $(.62) $ -- $ (.62)
2007 15.18 .89 (.29) (.25) (.02) .33 (.67) (.07) (.74)
2006 15.87 .90 (.05) (.17) (.09) .59 (.75) (.53) (1.28)
2005 16.46 .95 (.19) (.13) (.01) .62 (.94) (.27) (1.21)
2004 16.80 1.02 .12 (.05) (.03) 1.06 (.99) (.41) (1.40)
NEW YORK SELECT QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 14.98 .91 (1.63) (.27) --*** (.99) (.64) (.01) (.65)
2007 15.44 .92 (.37) (.27) (.01) .27 (.70) (.03) (.73)
2006 15.87 .93 (.07) (.21) (.05) .60 (.76) (.27) (1.03)
2005 16.18 .97 (.09) (.14) (.01) .73 (.91) (.13) (1.04)
2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22)
====================================================================================================================================
Total Returns
---------------------
Based
Ending on
Common Based Common
Share Ending on Share Net
Net Asset Market Market Asset
Value Value Value* Value*
=====================================================================
NEW YORK INVESTMENT QUALITY (NQN)
---------------------------------------------------------------------
Year Ended 9/30:
2008 $13.23 $10.72 (17.85)% (6.46)%
2007 14.77 13.70 3.22 2.22
2006 15.18 13.99 2.39 4.03
2005 15.87 14.94 4.08 3.90
2004 16.46 15.52 10.21 6.61
NEW YORK SELECT QUALITY (NVN)
---------------------------------------------------------------------
Year Ended 9/30:
2008 13.34 10.70 (18.81) (6.90)
2007 14.98 13.86 1.70 1.75
2006 15.44 14.34 4.53 4.10
2005 15.87 14.74 4.93 4.64
2004 16.18 15.04 6.96 7.27
=====================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement**
------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $232,903 1.46% 1.24% 6.15% 1.44% 1.22% 6.16% 9%
2007 260,224 1.40 1.22 5.98 1.39 1.22 5.99 19
2006 268,986 1.22 1.22 5.92 1.21 1.21 5.94 16
2005 281,203 1.19 1.19 5.88 1.18 1.18 5.89 30
2004 291,660 1.18 1.18 6.26 1.18 1.18 6.26 11
NEW YORK SELECT QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 310,931 1.41 1.21 6.16 1.39 1.19 6.18 12
2007 349,388 1.38 1.20 6.05 1.37 1.19 6.05 17
2006 361,945 1.20 1.20 6.03 1.18 1.18 6.05 15
2005 371,935 1.18 1.18 6.03 1.18 1.18 6.04 17
2004 379,117 1.19 1.19 6.31 1.19 1.19 6.32 8
====================================================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
--------------------------------------- -------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
==================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $114,925 $25,000 $75,664 $ -- $ -- $ --
2007 144,000 25,000 70,178 -- -- --
2006 144,000 25,000 71,699 -- -- --
2005 144,000 25,000 73,820 -- -- --
2004 144,000 25,000 75,635 -- -- --
NEW YORK SELECT QUALITY (NVN)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 163,900 25,000 72,427 -- -- --
2007 193,000 25,000 70,258 -- -- --
2006 193,000 25,000 71,884 -- -- --
2005 193,000 25,000 73,178 -- -- --
2004 193,000 25,000 74,108 -- -- --
==================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for the
last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or VRDP shares, where
applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund as more fully described
in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating
Rate Securities, where applicable.
See accompanying notes to financial statements.
84-85 spread
Financial
HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ --------------------------------
Distributions Distributions
from Net from
Investment Capital Net
Beginning Income to Gains to Investment Capital
Common Net Auction Rate Auction Rate Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $14.79 $.89 $(1.59) $(.27) $ --*** $(.97) $(.61) $(.01) $ (.62)
2007 15.21 .89 (.33) (.28) (.01) .27 (.65) (.04) (.69)
2006 15.64 .90 (.05) (.20) (.05) .60 (.76) (.27) (1.03)
2005 15.90 .93 (.07) (.14) (.01) .71 (.88) (.09) (.97)
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
INSURED NEW YORK
PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 14.88 .86 (1.48) (.26) -- (.88) (.61) -- (.61)
2007 15.31 .87 (.33) (.25) (.01) .28 (.67) (.04) (.71)
2006 15.78 .88 (.06) (.18) (.05) .59 (.73) (.33) (1.06)
2005 16.14 .91 (.08) (.12) (.01) .70 (.88) (.18) (1.06)
2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92)
====================================================================================================================================
Total Returns
---------------------
Based
Ending on
Common Based Common
Share Ending on Share Net
Net Asset Market Market Asset
Value Value Value* Value*
=====================================================================
NEW YORK QUALITY INCOME (NUN)
---------------------------------------------------------------------
Year Ended 9/30:
2008 $13.20 $10.43 (18.60)% (6.80)%
2007 14.79 13.46 .21 1.81
2006 15.21 14.11 4.27 4.06
2005 15.64 14.53 5.52 4.56
2004 15.90 14.70 6.77 6.41
INSURED NEW YORK PREMIUM INCOME (NNF)
---------------------------------------------------------------------
Year Ended 9/30:
2008 13.39 11.04 (14.53) (6.18)
2007 14.88 13.54 (.20) 1.85
2006 15.31 14.26 3.30 3.96
2005 15.78 14.86 4.64 4.50
2004 16.14 15.23 7.14 6.40
=====================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement**
------------------------------------------ -----------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK QUALITY INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $315,510 1.42% 1.21% 6.10% 1.40% 1.19% 6.12% 9%
2007 353,564 1.38 1.20 5.95 1.37 1.19 5.96 21
2006 366,405 1.21 1.21 5.95 1.20 1.20 5.96 14
2005 376,697 1.19 1.19 5.86 1.18 1.18 5.86 17
2004 383,012 1.19 1.19 6.21 1.19 1.19 6.21 10
INSURED NEW YORK PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 111,528 1.45 1.24 5.84 1.43 1.21 5.87 10
2007 123,956 1.40 1.23 5.79 1.39 1.22 5.80 21
2006 127,546 1.22 1.22 5.75 1.21 1.21 5.77 14
2005 131,420 1.20 1.20 5.71 1.20 1.20 5.71 22
2004 134,434 1.21 1.21 6.11 1.20 1.20 6.11 16
====================================================================================================================================
Auction Rate Preferred Shares Variable Rate Demand Preferred Shares
at End of Period at End of Period
--------------------------------------- -------------------------------------------
Aggregate Liquidation Aggregate Liquidation
Amount and Market Asset Amount and Market Asset
Outstanding Value Coverage Outstanding Value Coverage
(000) Per Share Per Share (000) Per Share Per Share
==================================================================================================
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $165,375 $25,000 $72,696 $ -- $ -- $ --
2007 197,000 25,000 69,868 -- -- --
2006 197,000 25,000 71,498 -- -- --
2005 197,000 25,000 72,804 -- -- --
2004 197,000 25,000 73,606 -- -- --
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 52,000 25,000 78,619 -- -- --
2007 65,000 25,000 72,675 -- -- --
2006 65,000 25,000 74,056 -- -- --
2005 65,000 25,000 75,546 -- -- --
2004 65,000 25,000 76,705 -- -- --
==================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for the
last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or VRDP shares, where
applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund as more fully described
in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating
Rate Securities, where applicable.
See accompanying notes to financial statements.
86-87 spread
Financial
HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ --------------------------------
Distributions Distributions
from Net from
Investment Capital Net
Beginning Income to Gains to Investment Capital
Common Net Auction Rate Auction Rate Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $14.96 $.91 $(1.57) $(.22) $(.01) $ (.89) $(.66) $(.03) $ (.69)
2007 15.34 .95 (.34) (.26) --*** .35 (.72) (.01) (.73)
2006 15.67 .95 (.08) (.20) (.03) .64 (.78) (.19) (.97)
2005 15.69 .98 .12 (.13) (.01) .96 (.86) (.12) (.98)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 14.65 .88 (1.32) (.25) --*** (.69) (.65) --*** (.65)
2007 14.92 .91 (.29) (.23) --*** .39 (.65) (.01) (.66)
2006 15.00 .90 (.05) (.21) --*** .64 (.69) (.03) (.72)
2005 14.75 .90 .25 (.13) -- 1.02 (.77) -- (.77)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
====================================================================================================================================
Total Returns
---------------------
Based
Ending on
Common Based Common
Share Ending on Share Net
Net Asset Market Market Asset
Value Value Value* Value*
===================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-------------------------------------------------------------------
Year Ended 9/30:
2008 $13.38 $10.96 (18.10)% (6.24)%
2007 14.96 14.10 (.21) 2.36
2006 15.34 14.85 7.92 4.29
2005 15.67 14.68 9.28 6.23
2004 15.69 14.35 7.55 8.48
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-------------------------------------------------------------------
Year Ended 9/30:
2008 13.31 11.52 (11.94) (4.91)
2007 14.65 13.74 2.24 2.69
2006 14.92 14.08 5.79 4.38
2005 15.00 14.02 8.65 7.05
2004 14.75 13.64 5.83 8.58
===================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement**
------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 $106,583 1.65% 1.26% 5.81% 1.28% .89% 6.18% 9%
2007 119,131 1.38 1.20 5.83 .94 .76 6.27 19
2006 122,078 1.20 1.20 5.79 .73 .73 6.26 11
2005 124,669 1.18 1.18 5.75 .72 .72 6.21 12
2004 124,860 1.20 1.20 5.91 .74 .74 6.37 9
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 46,769 1.41 1.26 5.68 .99 .85 6.09 8
2007 51,479 1.40 1.25 5.65 .90 .75 6.15 17
2006 52,425 1.27 1.27 5.62 .77 .77 6.13 8
2005 52,682 1.25 1.25 5.53 .76 .76 6.01 7
2004 51,818 1.26 1.26 5.85 .76 .76 6.35 16
====================================================================================================================================
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:
2008 $ -- $ -- $ -- $50,000 $100,000 $313,166
2007 61,000 25,000 73,824 -- -- --
2006 61,000 25,000 75,032 -- -- --
2005 61,000 25,000 76,094 -- -- --
2004 61,000 25,000 76,172 -- -- --
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008 27,000 25,000 68,304 -- -- --
2007 27,000 25,000 72,665 -- -- --
2006 27,000 25,000 73,541 -- -- --
2005 27,000 25,000 73,780 -- -- --
2004 27,000 25,000 72,979 -- -- --
==================================================================================================
* Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for the
last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
*** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; income ratios reflect income earned on assets
attributable to Auction Rate Preferred shares or VRDP shares, where
applicable.
(a) Interest expense arises from payments to Variable Rate Demand Preferred
shareholders and the application of SFAS No. 140 to certain inverse
floating rate transactions entered into by the Fund as more fully described
in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating
Rate Securities, where applicable.
See accompanying notes to financial statements.
88-89 spread
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.
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
& ADDRESS APPOINTED IN FUND COMPLEX INCLUDING OTHER
AND TERM(1) OVERSEEN BY DIRECTORSHIPS
BOARD MEMBER DURING PAST 5 YEARS
INDEPENDENT BOARD MEMBERS:
[] ROBERT P. BREMNER Private Investor and Management Consultant.
8/22/40 Chairman of
333 W. Wacker Drive the Board 1997 186
Chicago, IL 60606 and Board member
[] JACK B. EVANS President, The Hall-Perrine Foundation, a
10/22/48 private philanthropic corporation (since
333 W. Wacker Drive Board member 1999 186 1996); Director and Vice Chairman, United
Chicago, IL 60606 Fire Group, a publicly held company; Member
of the Board of Regents for the State of
Iowa University System; Director, Gazette
Companies; Life Trustee of Coe College and
Iowa College Foundation; Member of the
Advisory Council of the Department of
Finance in the Tippie College of Business,
University of Iowa; 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.
[] WILLIAM C. HUNTER Dean, Tippie College of Business, University
3/6/48 of Iowa (since July 2006); formerly, Dean
333 W. Wacker Drive Board member 2004 186 and Distinguished Professor of Finance,
Chicago, IL 60606 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 (since 1997), Credit
Research Center at Georgetown University;
Director (since 2004) of Xerox Corporation;
Director (since 2005), Beta Gamma Sigma
International Honor Society; Director, SS&C
Technologies, Inc. (May 2005-October 2005).
[] DAVID J. KUNDERT Director, Northwestern Mutual Wealth
10/28/42 Management Company; Retired (since 2004) as
333 W. Wacker Drive Board member 2005 186 Chairman, JPMorgan Fleming Asset Management,
Chicago, IL 60606 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.
[] WILLIAM J. SCHNEIDER Chairman, formerly, Senior Partner and Chief
9/24/44 Operating Officer (retired, 2004) of
333 W. Wacker Drive Board member 1997 186 Miller-Valentine Partners Ltd., a real
Chicago, IL 60606 estate investment company; Director, Dayton
Development Coalition; formerly, member,
Business Advisory Council, Cleveland Federal
Reserve Bank.
90
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
& ADDRESS APPOINTED IN FUND COMPLEX INCLUDING OTHER
AND TERM(1) OVERSEEN BY DIRECTORSHIPS
BOARD MEMBER DURING PAST 5 YEARS
INDEPENDENT BOARD MEMBERS:
[] JUDITH M. STOCKDALE Executive Director, Gaylord and Dorothy
12/29/47 Donnelley Foundation (since 1994); prior
333 W. Wacker Drive Board member 1997 186 thereto, Executive Director, Great Lakes
Chicago, IL 60606 Protection Fund (from 1990 to 1994).
[] CAROLE E. STONE Director, Chicago Board Options Exchange
6/28/47 (since 2006); Commissioner, New York State
333 W. Wacker Drive Board member 2007 186 Commission on Public Authority Reform (since
Chicago, IL 60606 2005); formerly, Chair New York Racing
Association Oversight Board (2005-2007);
formerly, Director, New York State Division
of the Budget (2000-2004), Chair, Public
Authorities Control Board (2000-2004) and
Director, Local Government Assistance
Corporation (2000-2004).
[] TERENCE J. TOTH
9/29/59 Director, Legal & General Investment
333 W. Wacker Drive Board Member 2008 186 Management (since 2008); Private Investor
Chicago, IL 60606 (since 2007); CEO and President, Northern
Trust Investments (2004-2007); Executive
Vice President, Quantitative Management &
Securities Lending (2007-2004); 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 Japan Board (2004-2007),
Northern Trust Securities Inc. Board
(2003-2007) and Northern Trust Hong Kong
Board (1997-2004).
INTERESTED BOARD MEMBER:
[] JOHN P. AMBOIAN(2)(3) Chief Executive Officer (since July 2007)
6/14/61 and Director (since 1999) of Nuveen
333 W. Wacker Drive Board Member 2008 186 Investments, Inc.; Chief Executive Officer
Chicago, IL 60606 (since 2007) of Nuveen Asset Management,
Rittenhouse Asset Management, Nuveen
Investments Advisors, Inc. formerly,
President (1999-2004) of Nuveen Advisory
Corp. and Nuveen Institutional Advisory
Corp.(3)
91
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
AND ADDRESS APPOINTED(4) IN FUND COMPLEX DURING PAST 5 YEARS
OVERSEEN
BY OFFICER
OFFICERS OF THE FUNDS:
[] GIFFORD R. ZIMMERMAN Managing Director (since 2002), Assistant
9/9/56 Chief Secretary and Associate General Counsel of
333 W. Wacker Drive Administrative 1988 186 Nuveen Investments, LLC; Managing Director
Chicago, IL 60606 Officer (since 2002), Associate General Counsel and
Assistant Secretary, of Nuveen Asset
Management; Vice President and Assistant
Secretary of NWQ Investment Management
Company, LLC. (since 2002), Nuveen
Investments Advisers Inc. (since 2002),
Symphony Asset Management LLC, and NWQ
Investment Management Company, LLC (since
2003), 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, Associate General Counsel
and Assistant Secretary of Rittenhouse Asset
Management, Inc. (since 2003); 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.
[] WILLIAM ADAMS IV Executive Vice President of Nuveen
6/9/55 Investments, Inc.; Executive Vice President,
333 W. Wacker Drive Vice President 2007 120 U.S. Structured Products of Nuveen
Chicago, IL 60606 Investments, LLC, (since 1999), prior
thereto, Managing Director of Structured
Investments.
[] CEDRIC H. ANTOSIEWICZ Managing Director, (since 2004) previously,
1/11/62 Vice President (1993-2004) of Nuveen
333 W. Wacker Drive Vice President 2007 120 Investments, LLC.
Chicago, IL 60606
[] MICHAEL T. ATKINSON Vice President (since 2002) of Nuveen
2/3/66 Vice President Investments, LLC.
333 W. Wacker Drive and Assistant 2000 186
Chicago, IL 60606 Secretary
[] LORNA C. FERGUSON Managing Director (since 2004), formerly,
10/24/45 Vice President of Nuveen Investments, LLC;
333 W. Wacker Drive Vice President 1998 186 Managing Director (since 2005) of Nuveen
Chicago, IL 60606 Asset Management; Managing Director
(2004-2005), formerly, Vice President
(1998-2004) of Nuveen Advisory Corp. and
Nuveen Institutional Advisory Corp.(3)
[] 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 186 Investments, LLC; formerly, Vice President
Chicago, IL 60606 and Funds Controller (1998-2004) of Nuveen
Investments, Inc.; Certified Public
Accountant.
[] 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 186 Vice President and Assistant General Counsel
Chicago, IL 60606 Vice President (2003-2006) of Nuveen Investments, LLC; Vice
President (since 2006) and Assistant
Secretary (since 2008) of Nuveen Asset
Management.
[] DAVID J. LAMB Vice President (since 2000) of Nuveen
3/22/63 Investments, LLC; Certified Public
333 W. Wacker Drive Vice President 2000 186 Accountant.
Chicago, IL 60606
92
NAME, POSITION(S) HELD YEAR FIRST NUMBER PRINCIPAL
BIRTHDATE WITH THE FUNDS ELECTED OR OF PORTFOLIOS OCCUPATION(S)
AND ADDRESS APPOINTED(4) IN FUND COMPLEX DURING PAST 5 YEARS
OVERSEEN
BY OFFICER
OFFICERS OF THE FUNDS:
[] TINA M. LAZAR Vice President of Nuveen Investments, LLC
8/27/61 (since 1999).
333 W. Wacker Drive Vice President 2002 186
Chicago, IL 60606
[] 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 186 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
(since 2000), Assistant Secretary and
Assistant General Counsel (since 1998) of
Rittenhouse Asset Management, Inc.; 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 LLC and Nuveen
Investment Solutions, Inc. (since 2007);
formerly, Vice President and Assistant
Secretary of Nuveen Advisory Corp. and
Nuveen Institutional Advisory Corp.(3)
[] 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 186 Investments, LLC; Vice President, and
Chicago, IL 60606 Assistant Secretary, Nuveen Asset
Management, Rittenhouse Asset Management,
Inc., Nuveen Investment Advisers Inc.,
Nuveen Investment Institutional Services
Group LLC, NWQ Investment Management
Company, LLC, Tradewinds Global Investors
LLC, NWQHoldings, 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).
[] JOHN V. MILLER Managing Director (since 2007), formerly,
4/10/67 Vice President 2007 186 Vice President (2002-2007) of Nuveen Asset
333 W. Wacker Drive Management and Nuveen Investments, LLC;
Chicago, IL 60606 Chartered Financial Analyst.
[] CHRISTOPHER M. ROHRBACHER Vice President, Nuveen Investments, LLC
8/1/71 Vice President (since 2008); Vice President and Assistant
333 W. Wacker Drive and Assistant 2008 186 Secretary, Nuveen Asset Management (since
Chicago, IL 60606 Secretary 2008); prior thereto, Associate, Skadden,
Arps, Slate Meagher & Flom LLP (2002-2008).
[] 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 186 Deloitte & Touche USA LLP (2005-2007),
Chicago, IL 60606 Secretary formerly, senior tax manager (2002-2005);
Certified Public Accountant.
[] MARK L. WINGET Vice President, Nuveen Investments, LLC
12/21/68 Vice President (since 2008); Vice President and Assistant
333 W. Wacker Drive and Assistant 2008 186 Secretary, Nuveen Asset Management (since
Chicago, IL 60606 Secretary 2008); prior thereto, Counsel, Vedder Price
P.C. (1997-2007).
(1) For New York Municipal Value (NNY) Board Members serve three year terms.
The Board of Trustees for NNY 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. For New York Dividend Advantage (NAN) and New York Dividend
Advantage 2 (NXK), 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 NAN and NXK 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 Performance Plus (NNP), 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.
93
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 28-29, 2008 (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 agreement (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 23, 2008 (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, as described in further
detail below, 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 benchmarks (as applicable), the profitability of
Nuveen for its advisory activities (which includes its wholly owned
subsidiaries), 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 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. With respect to personnel, the
94
Independent Board Members evaluated the background, experience and track record
of NAM's investment personnel. In this regard, the Independent Board Members
considered the additional investment in personnel to support Nuveen fund
advisory activities, including in operations, product management and marketing
as well as related fund support functions, including sales, executive, finance,
human resources and information technology. 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.
In evaluating the services of NAM, the Independent Board Members also considered
NAM's ability to supervise the Funds' other service providers and given the
importance of compliance, NAM's compliance program. Among other things, the
Independent Board Members considered the report of the chief compliance officer
regarding the Funds' compliance policies and procedures.
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.
In addition to the foregoing services, the Independent Board Members also noted
the additional services that NAM or its affiliates provide to closed-end funds,
including, in particular, its secondary market support activities and the costs
of such activities. The Independent Board Members recognized Nuveen's continued
commitment to supporting the secondary market for the common shares of its
closed-end funds 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 timely provide information and
education to financial advisers and investors; providing advertising and
marketing for the closed-end funds; maintaining its closed-end fund website; and
providing educational seminars. With respect to closed-end funds that utilize
leverage through the issuance of auction rate preferred securities ("ARPS"), the
Board has recognized the unprecedented market conditions in the auction rate
market industry with the failure of the auction process. The Independent Board
Members noted Nuveen's efforts and the resources and personnel employed to
analyze the situation, explore potential alternatives and develop and implement
solutions that serve the interests of the affected funds and all of their
respective shareholders. The Independent Board Members further noted Nuveen's
commitment and efforts to keep investors and financial advisers informed as to
its progress in addressing the ARPS situation through, among other things,
conference calls, press releases, and information posted on its website as well
as its refinancing activities. The Independent Board Members also noted Nuveen's
continued support for holders of preferred shares of its closed-end funds by,
among other things, seeking distribution for preferred shares with new market
participants, managing relations with remarketing agents and the broker
community, maintaining the leverage and risk management of leverage and
maintaining systems necessary to test compliance with rating agency criteria.
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 third party (as described below). The Independent
Board Members also reviewed portfolio level performance (which does not reflect
fund level fees, expenses and leverage), as described in further detail below.
In evaluating the performance information, the Board considered whether the Fund
has operated within its investment objectives and parameters and the impact that
the investment mandates may have had on performance. In addition, in comparing a
Fund's performance with that of its Performance Peer Group, the
95
ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)
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 also recognized that certain funds lack comparable
peers in which case their performance is measured against a more general
municipal category for various states. The closed-end municipal funds that do
not have corresponding state-specific Performance Peer Groups are from states
other than New York, California, Florida, New Jersey, Michigan, and
Pennsylvania.
The Independent Board Members reviewed performance information including, among
other things, total return information compared with the Fund's Performance Peer
Group and recognized benchmarks for the one-, three- and five-year periods (as
applicable) ending December 31, 2007 and with the Performance Peer Group for the
quarter and same yearly periods ending March 31, 2008 (as applicable). The
Independent Board Members also reviewed the Fund's portfolio level performance
(which does not reflect fund level fees and expenses (and leverage for
closed-end funds)) compared to recognized benchmarks for the one- three, and
five-year periods ending December 31, 2007 (as applicable). The analysis was
used to assess the efficacy of investment decisions against appropriate measures
of risk and total return, within specific market segments. This information
supplemented the Fund performance information provided to the Board at each of
its quarterly meetings. Based on their review, 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
(which take into account breakpoints), net management fees (which take
into account fee waivers or reimbursements) and total expense ratios
(before and after expense reimbursements and/or waivers) in absolute
terms as well as compared to the gross management fees, net management
fees (after waivers and/or reimbursements) and total expense ratios
(before and after waivers) of a comparable universe of unaffiliated
funds based on data provided by an independent data provider (the
"Peer Universe") and/or a more focused subset of funds therein (the
"Peer Group"). The Independent Board Members further reviewed data
regarding the construction of Peer Groups as well as the methods of
measurement for the fee and expense analysis and the performance
analysis. 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 size of the Fund relative to
peers, the size and particular composition of the Peer Group, the
investment objectives of the peers, expense anomalies, and the timing
of information used may impact the comparative data, thereby limiting
the ability to make a meaningful comparison. The Independent Board
Members also considered, among other things, the differences in the
use of leverage and the differences in the use of insurance as well as
the states reflected in a respective Peer Group for the state
municipal funds (such as the use of a general "other states" category
for closed-end state funds (other than New York and California)). 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.
96
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 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) and its financial condition. The Independent Board
Members reviewed the revenues and expenses of Nuveen's advisory
activities for the last two years and the allocation methodology used
in preparing the profitability data. 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 considered Nuveen's
profitability compared with other fund sponsors prepared by two
independent third party service providers as well as comparisons of
the revenues, expenses and profit margins of various unaffiliated
management firms with similar amounts of assets under management
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 its review, the Independent Board Members concluded that Nuveen's level
of profitability for its advisory activities was reasonable in light of the
services provided.
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.
97
ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)
D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE
With respect to economies of scale, the Independent Board Members recognized the
potential benefits resulting from the costs of a fund being spread over a larger
asset base. The Independent Board Members therefore considered whether the Funds
have appropriately benefited from any economies of scale and whether there is
potential realization of any further economies of scale. In considering
economies of scale, the Independent Board Members have recognized that economies
of scale are difficult to measure and predict with precision, particularly on a
fund-by-fund basis. Notwithstanding the foregoing, one method to help ensure the
shareholders share in these benefits is to include breakpoints in the advisory
fee schedule. Accordingly, the Independent Board Members reviewed and considered
the fund-level breakpoints in the advisory fee schedules that reduce advisory
fees. In this regard, given that the Funds are closed-end funds, the Independent
Board Members recognized that although the Funds may from time to time make
additional share offerings, the growth in their assets will occur primarily
through appreciation of each Fund's investment portfolio.
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, including the Funds,
are reduced as the assets in the fund complex reach certain levels. In
evaluating the complex-wide fee arrangement, the Independent Board Members
recognized that the complex-wide fee schedule was recently revised in 2007 to
provide for additional fee savings to shareholders and considered the amended
schedule. The Independent Board Members further considered that 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. Based on their review, the Independent Board
Members concluded that the breakpoint schedule and complex-wide fee arrangement
were acceptable and desirable in providing benefits from economies of scale to
shareholders.
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 preferred trading desk and for serving
as a co-manager in the initial public offering of new closed-end exchange traded
funds.
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.
98
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.
99
Reinvest Automatically
EASILY and CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
100
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.
101
Glossary of
TERMS USED in this REPORT
[] 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.
[] 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.
[] 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.
[] INVERSE FLOATERS: Inverse floating rate securities are created by
depositing a municipal bond, typically with a fixed interest rate, into a
special purpose trust created by a broker-dealer. This trust, in turn, (a)
issues floating rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the
deposited bond's par amount or market value, and (b) issues an inverse
floating rate certificate (sometimes referred to as an "inverse floater")
to an investor (such as a Fund) interested in gaining investment exposure
to a long-term municipal bond. The income received by the holder of the
inverse floater varies inversely with the short-term rate paid to the
floating rate certificates' holders, and in most circumstances the holder
of the inverse floater bears substantially all of the underlying bond's
downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the
underlying bond's value. Hence, an inverse floater essentially represents
an investment in the underlying bond on a leveraged basis.
[] 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.
[] MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
[] NET ASSET VALUE (NAV): A Fund's common share NAV per 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 shares outstanding. Fund NAVs are
calculated at the end of each business day.
[] 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.
[] 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.
102
Other Useful INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2008, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
(NYSE) the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
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
Each Fund intends to repurchase or redeem shares of its own common or auction
rate preferred stock in the future at such times and in such amounts as is
deemed advisable. During the period covered by this report, NQN, NVN and NUN
repurchased 21,700, 5,600 and 7,700 common shares, respectively, and NQN, NVN,
NUN, NNF and NKO redeemed 1,163, 1,164, 1,265, 520 and 2,440 auction rate
preferred shares, respectively. Any future repurchases or redemptions will be
reported to shareholders in the next annual or semi-annual report.
103
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, Rittenhouse, Santa Barbara,
Symphony and Tradewinds. In total, the Company managed $134 billion of assets on
September 30, 2008.
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/etf
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EAN-B-0908D
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/etf. (To view the
code, click on the Shareholder Resources drop down menu box, 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 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 Tax-Free 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 (4)
-----------------------------------------------------------------------------------------------------------------------------------
September 30, 2008 $ 9,600 $ 0 $ 0 $ 850
-----------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
-----------------------------------------------------------------------------------------------------------------------------------
September 30, 2007 $ 8,438 $ 0 $ 500 1,550
-----------------------------------------------------------------------------------------------------------------------------------
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.
(4) "All Other Fees" are the aggregate fees billed for products and services
for agreed upon procedures engagements performed for leveraged funds.
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 ("Control Affiliate") 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, 2008 $ 0 $ 0 $ 0
-----------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
-----------------------------------------------------------------------------------------------------------------
September 30, 2007 $ 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 de minimis 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, 2008 $ 850 $ 0 $ 0 $ 850
September 30, 2007 $ 2,050 $ 0 $ 0 $ 2,050
"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax
Fees" billed to Adviser 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 of Directors or Trustees 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.
See Portfolio of Investments in Item 1.
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 of Trustees 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 of Trustees 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 of
Trustees 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 Tax-Free 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
--------------------------------------------------------------------------------
Cathryn P. Steeves Registered Investment Company 41 $7.577 billion
Other Pooled Investment Vehicles 0 $0
Other Accounts 0 $0
* Assets are as of September 30, 2008. 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 October 31, 2008, the S&P/Investortools Municipal Bond Index was
comprised of 52,959 securities with an aggregate current market value of $1,009
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 lead 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.
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, 2008, 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 BENEFICIALLY OWNED
OF 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 Tax-Free Advantage $0 $10,000-$50,000
Municipal Fund
PORTFOLIO MANAGER BIO:
Cathryn P. Steeves, PhD is currently a portfolio manager for 42 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.
Not applicable.
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/etf and
there were no amendments during the period covered by this report. (To view the
code, click on the Investor Resources drop down menu box, 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 Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
Vice President and Secretary
Date: December 8, 2008
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: December 8, 2008
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 8, 2008
-------------------------------------------------------------------