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
---------------------
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
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
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
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: September 30, 2005
------------------
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, 2005
Nuveen Investments
Municipal Exchange-Traded
Closed-End Funds
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
Photo of: Man, woman and child at the beach.
Photo of: A child.
DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU
KEEP.(R)
Logo: NUVEEN Investments
Photo of: Woman
Photo of: Man and child
Photo of: Woman
NOW YOU CAN RECEIVE YOUR
NUVEEN FUND REPORTS FASTER.
NO MORE WAITING.
SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL.
It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive
an e-mail as soon as your Nuveen Investments Fund information is ready -- no
more waiting for delivery by regular mail. Just click on the link within the
e-mail to see the report, and save it on your computer if you wish.
----------------------------
DELIVERY DIRECT TO
YOUR E-MAIL INBOX
----------------------------
IT'S FAST, EASY & FREE:
WWW.INVESTORDELIVERY.COM
if you get your Nuveen Fund dividends
and statements from your financial
advisor or brokerage account.
OR
WWW.NUVEEN.COM/ACCOUNTACCESS
if you get your Nuveen Fund dividends
and statements directly from Nuveen.
(Be sure to have the address sheet that accompanied this report handy. You'll
need it to complete the enrollment process.)
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the 12-month period covered by this
report your Fund continued to provide you with tax-free monthly income, as well
as with an attractive total return. For more details about the management
strategy and performance of your Fund, please see the Portfolio Manager's
Comments and Performance Overview sections of this report.
Given the rebounding strength of the economy, some market commentators are
speculating about whether longer-term interest rates will soon begin to rise
substantially, mirroring the rise that has taken place in shorter-term rates. If
longer-term rates do begin to rise significantly, some have suggested that this
would be a signal to begin adjusting your holdings of fixed-income investments.
"IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL
INVESTMENT RISK OVER THE LONG TERM."
Nobody knows what the market will do in the future or what investments will turn
out to be tomorrow's best performers. But from our experience, we do know that a
well-balanced portfolio, structured and carefully monitored with the help of a
trusted investment professional, can be an important component in helping you
achieve your long-term financial goals. In fact, a well-diversified portfolio
may actually help to reduce your overall investment risk over the long term.
That is one reason why we believe that a municipal bond investment like your
Fund can be an important building block in a comprehensive investment program
designed to perform well in a variety of market conditions.
As an added convenience for you, I urge you to consider receiving future Fund
reports and other Fund information by e-mail and the Internet. Not only will you
be able to receive the information faster, but this also may help lower your
Fund's expenses. Sign up is quick and easy - see the inside front cover of this
report for instructions.
Earlier in 2005, The St. Paul Travelers Companies, Inc., which owned 79% of
Nuveen Investments, Inc. (the parent of your Fund's investment adviser), sold a
substantial portion of its stake in Nuveen. More recently, St. Paul sold the
balance of its shares to Nuveen Investments or to others. Please be assured that
these transactions only affect Nuveen's corporate structure, and they do not
have any impact on the investment objectives or management of your Fund.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can help you
to secure your financial objectives. We are grateful that you have chosen us as
a partner as you pursue your financial goals, and we look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 15, 2005
Nuveen New York Municipal Exchange-Traded Closed-End Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan discusses the economic and municipal market
environments, key investment strategies and the performance of these six New
York Funds. Paul has 14 years of investment experience, including 8 years with
Nuveen. He has managed NQN, NVN, NUN and NNF since 1999 and NKO and NRK since
their inceptions in 2002.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE 12-MONTH
PERIOD ENDED SEPTEMBER 30, 2005?
Between October 1, 2004, and September 30, 2005, the Federal Reserve implemented
eight separate 0.25% increases in the closely-followed fed funds rate. These
actions, which were aimed at controlling economic growth as well as the pace of
inflation, raised this short-term target from 1.75% to 3.75%, its highest point
since August 2001. Most shorter-term municipal market rates also rose over this
period.
By comparison, longer-term interest rates rose at a much more modest pace. The
yield on the benchmark 10-year U.S. Treasury note ended September 2005 at 4.33%,
compared with 4.12% one year earlier. Longer-term yields in the municipal market
followed a similar pattern. The yield on the Bond Buyer 25 Revenue Bond Index, a
widely followed measure of longer-term municipal market rates, ended the
reporting period at 5.04%, just two basis points higher than it was on September
30, 2004. Together, the dramatic rise in shorter-term rates and the modest
increase in longer-term rates produced an overall flattening of the yield curve,
which generally helped the relative performance of bonds with longer effective
maturities while hindering the total return of bonds with shorter maturities or
short call dates. (The yield curve is said to flatten when shorter- term
interest rates more closely approach the usually higher levels of longer-term
interest rates.)
Despite the Fed's rate hikes and a tremendous surge in energy prices, the
general economic expansion managed to maintain a fairly solid footing over this
reporting period. As one measure, the U.S. gross domestic product (GDP) grew by
3.3% annualized in the fourth quarter of 2004 and by annualized rates of 3.8%
and 3.3% in the first and second quarters of 2005, respectively. (Third quarter
GDP growth was not available at the time this report was prepared.)
4
The volatility of the energy sector during this period was reflected in the 1.2%
jump in the Consumer Price Index (CPI) during September 2005, the largest
monthly increase in 23 years. As of September 2005, the year-over-year increase
in the CPI was 4.7%, the fastest annual pace since 1991. The employment picture
remained relatively positive, with national unemployment standing at 5.1% in
September 2005, down from 5.4% in September 2004.
Over the 12 months ended September 2005, municipal bond supply nationwide
remained strong as $402.4 billion in new securities came to market. During the
first nine months of 2005, municipal issuance totaled $309.5 billion in 10,400
issues, up 15% from the same period in 2004, putting 2005's new supply on track
to exceed 2003's record $382.7 billion. A major factor behind the increase in
supply was the flatter yield curve, which made advance refundings more
economically attractive. During January-September 2005, refundings were 55%
higher than during the same period in 2004, as issuers sought to take advantage
of the current interest rate environment. (Advance refundings, also called
pre-refundings, 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.)
HOW ABOUT ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
During this 12-month period, New York continued its economic recovery, led by
growth in financial services, healthcare, education and tourism. Although more
diversified than 10 years ago, the state's economy still remains highly
dependent on the financial services sector, which makes it more susceptible to
economic cycles. On the positive side, tourism has largely returned to
pre-September 11, 2001, levels. However, manufacturing employment continued to
decline, especially in upstate New York. As of September 2005, unemployment in
New York stood at 5.2%, down from 5.6% in September 2004.
As of September 2005, New York State general obligation (GO) bonds were rated A1
with a positive outlook by Moody's, AA with a stable outlook by Standard and
Poor's, and AA- with a stable outlook by Fitch. In November 2004, Moody's
upgraded its rating to A1 from A2, citing improvement in the state's economic
outlook. That rating was reconfirmed in
5
February 2005, as was S&P's AA rating. In April 2005, Moody's also upgraded the
rating on New York City GO debt to A1 from A2, and in May 2005, S&P followed
suit, raising the city's rating to A+ from A. These represented the highest
ratings ever given New York City by these two credit agencies, which cited the
city's ability to make difficult budgetary and fiscal policy decisions in
recovering from one of the most serious fiscal crises in decades.
For the 12 months ended September 2005, municipal bond issuance in New York
totaled $45.6 billion, an increase of 24% from the previous 12 months. During
the first nine months of 2005, state issuers offered $32.1 billion in new
issuance, up 30% from January-September 2004. For both time periods, New York
ranked second only to California in terms of municipal issuance. According to
Moody's, New York State has more outstanding tax-supported debt than any other
state in the union.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE 12 MONTHS
ENDED SEPTEMBER 30, 2005?
One of our priorities during this reporting period was duration management.
Duration is a measure of a bond's price sensitivity as interest rates change,
with longer duration bonds being more sensitive to changes and thereby
presenting greater interest rate risk. Duration management became increasingly
important in 2005, as the flattening of the yield curve resulted in a dramatic
rise in advance refundings.
Advance refunding of bonds held by the Funds generally had an immediate,
positive impact on their performances, as well as a shortening effect on the
Funds' durations. In order to maintain these durations within our preferred
strategic range, we sold some of our holdings with shorter durations, including
short-dated pre-refunded bonds, bonds that were currently callable, and bonds
priced to short calls, all of which tended to underperform in the interest rate
environment of the past 12 months.
6
The proceeds from the sales of these holdings were then reinvested primarily in
bonds in the intermediate part of the yield curve, that is, bonds that mature in
10 to 20 years. The longer durations of these bonds enabled us to counteract
some of the duration shortening caused by advance refundings and also
contributed favorably to the Funds' performances during this period. In
addition, selling shorter duration bonds and reinvesting in bonds further out on
the yield curve with better call protection helped to improve the Funds' overall
call protection profile.
Overall, the ample new issue supply in New York during this period provided a
number of opportunities for us to find the types of bonds we were seeking, and
we actively took advantage of this situation. While our main focus was on the
intermediate part of the yield curve, we also kept an opportunistic eye toward
longer-term bonds with maturities between 20 and 30 years that we believed could
add value to the Funds' portfolios.
In general, much of the new issue supply was highly rated and/or insured, and we
participated in some of the largest issues of the period, including the $2.8
billion New York State Thruway Authority offering in August 2005 and several
insured New York City issues. We also added insured credits issued by Sales Tax
Asset Receivable Corporation (STAR Corp.) in October 2004. The proceeds from
this $2.5 billion issue are being used to refinance New York City Municipal
Assistance Corporation (MAC) bonds, which were originally issued in the 1970s as
part of the city's bailout plan. The bonds we purchased have maturity dates
ranging from 2024 to 2032.
In NKO and NRK, which can invest up to 20% of their assets in uninsured
investment-grade quality securities, we also emphasized maintaining the Funds'
exposure to these lower quality, but still investment-grade-rated credits. While
these bonds generally performed very well during this period, they also proved
popular with investors and we did not find many appealing opportunities to add
to our positions among these types of securities.
In NRK, we also used forward settle interest rate swaps, a type of derivative
financial instrument, as part of our duration management strategy. As discussed
in our last shareholder report, we began using these swaps in late 2004 in an
effort to reduce some of
7
NRK's interest rate risk. These hedges were not an attempt to profit from
correctly predicting the timing and direction of interest rate movements.
Instead, our sole objective was to reduce the duration of this Fund without
having a negative impact on its income stream or common share dividends over the
short term. We believe the hedging strategy was effective in achieving the
intended goal of helping to reduce NRK's net asset value (NAV) volatility, and
in June 2005, we removed the hedge from this Fund. However, during the period
that the hedge was in place, it had a negative impact on NRK's performance,
which affected the Fund's total return for the entire reporting period. The
negative impact was caused by the decline of long-term interest rates during
much of this period, which resulted in a decline in the value of the hedge as
the value of the Fund's portfolio rose. The Fund was nevertheless a strong
performer for the entire period.
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as for comparative indexes and peer
group averages, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 9/30/05
1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NQN 3.90% 8.88% 6.77%
--------------------------------------------------------------------------------
NVN 4.64% 8.70% 6.73%
--------------------------------------------------------------------------------
NUN 4.56% 8.30% 6.73%
--------------------------------------------------------------------------------
NNF 4.50% 8.24% 7.24%
--------------------------------------------------------------------------------
NKO 6.23% NA NA
--------------------------------------------------------------------------------
NRK 7.05% NA NA
--------------------------------------------------------------------------------
Lehman Brothers NY
Insured Tax-Exempt
Bond Index1 3.88% 6.73% 6.25%
--------------------------------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds Average2 5.84% 7.80% 6.49%
--------------------------------------------------------------------------------
* Annualized
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
1 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.
2 The Lipper New York Insured Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 1 year, 12 funds; 5 years, 7
funds; and 10 years, 6 funds. Fund and Lipper returns assume reinvestment
of dividends.
8
For the 12 months ended September 30, 2005, the total returns on NAV for all six
of the Funds in this report exceeded the return on the Lehman Brothers New York
Insured Tax-Exempt Bond Index. NKO and NRK also outperformed the average return
for the Lipper New York Insured Municipal Debt Fund peer group for this period,
while the returns of the other four Funds trailed this measure.
One of the primary factors benefiting the 12-month performance of these Funds
relative to that of the unleveraged Lehman Brothers New York Insured index was
the Funds' use of financial leverage. While leveraging can add volatility to a
Fund's NAV and share price, especially during periods when interest rates rise,
this strategy can also provide opportunities for additional income and total
return for common shareholders when short-term interest rates remain relatively
low and long-term rates stay relatively steady, as they did during this
reporting period.
As noted earlier, the municipal market yield curve flattened over the course of
this reporting period as short-term interest rates rose dramatically and
longer-term interest rates finished the 12 months about where they began it. As
a result, relatively heavier exposure to longer durations and the longer end of
the yield curve helped the performances of NKO and NRK. The performances of the
other four Funds, and especially NQN, were hurt by their relatively greater
exposure to shorter duration bonds that impacted negatively by the yield curve
flattening.
In addition, NKO and NRK also benefited from their allocations of lower
investment-grade-quality bonds during this period, as these bonds generally
outperformed the higher credit quality sectors. This was largely the result of
the interest rate environment over these 12 months, as investor demand for the
higher yields typically associated with lower-rated bonds drove up the prices of
these bonds. As one example, the returns of NKO and NRK were helped by the
Funds' holdings of bonds issued by New York and Puerto Rico and backed by the
1998 master tobacco settlement agreement. These lower-rated tobacco bonds made
significant contributions to these Funds' returns as the litigation environment
improved and supply/demand dynamics drove tobacco bond prices
9
higher. Unenhanced BBB rated tobacco holdings accounted for 4% of NKO's
portfolio and 3% of NRK's as of September 30, 2005. Lower-rated investment-grade
hospital bonds also made positive contributions to the total returns of these
two Funds during this period, with the healthcare sector ranked second by Lehman
in terms of performance among all municipal revenue sectors for the period.
In addition to leverage, yield curve positioning and credit exposure, another
factor affecting the Funds' performances during this period was advance
refundings. As mentioned earlier, refinancings rose sharply during this period,
and the Funds' often were able to benefit if they were holding bonds that were
advanced refunded. NRK, for example, saw the pre-refunding of a BBB- rated
holding for a Yonkers Inc. industrial development issue result in a
corresponding increase in price.
More generally, the amount and timing of an advance refunding of a holding
within a portfolio had a great deal of impact on whether this event ultimately
helped or hurt the Fund's overall performance over the period. Usually, a bond
that was advance refunded tended to benefit from an immediate price increase as
its credit quality was upgraded (because the bond is now backed by U.S.
Government securities). However, that same bond - now priced as a high quality
issue to a shorter final maturity - might then have underperformed lower quality
issues and issues with longer final maturities over the balance of the reporting
period. Therefore, the size of the holding, the credit quality boost caused by
the pre-refunding and the amount of time remaining before the end of the
reporting period all had an impact on the overall performance of a pre-refunded
bond. As noted, this phenomenon explains a great deal of the performance
differences among these six Funds over this period.
10
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
SEPTEMBER 30, 2005?
We continued to believe that maintaining strong credit quality was an important
requirement. As of September 30, 2005, NQN, NVN, NUN and NNF continued to be
100% invested in insured and/or U.S. guaranteed securities, while NKO and NRK
had allocated 84% and 85% of their portfolios, respectively, to insured bonds.
At the end of September 2005, potential call exposure for the period from
October 2005 through the end of 2007 ranged from 1% in NKO and NRK to 7% in NNF,
8% in NVN, 10% in NQN and 13% in NUN. The number of actual bond calls in all of
these Funds depends largely on future market interest rates.
11
Dividend and Share Price
INFORMATION
All of the Funds in this report use leverage to enhance opportunities for
additional income for common shareholders. The extent of this benefit is tied in
part to the short-term rates these leveraged Funds pay their MuniPreferred(R)
shareholders. During periods of low short-term rates, leveraged Funds generally
pay lower dividends to their MuniPreferred shareholders, which can leave more
earnings to support common share dividends. However, when short-term interest
rates rise, as they did during this reporting period, the Funds' borrowing costs
also rise. While leveraging still provided benefits for common shareholders over
this 12-month period, the extent of these benefits was reduced when compared
with some past periods. In addition, relatively low interest rates at the longer
end of the yield curve during much of this period had an impact on the earnings
of newer Funds such as NKO and NRK, which have had fewer opportunities to build
reserves. These factors resulted in two monthly dividend reductions in NKO,
three in NQN, NVN, NUN and NNF, and four in NRK over the 12-month period ended
September 30, 2005.
In addition, due to normal portfolio activity, common shareholders of the
following Funds received capital gains and net ordinary income distributions at
the end of December 2004 as follows:
LONG-TERM
CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NQN $0.2745 $ --
--------------------------------------------------------------------------------
NVN $0.1280 $ --
--------------------------------------------------------------------------------
NUN $0.0900 $0.0009
--------------------------------------------------------------------------------
NNF $0.1836 $ --
--------------------------------------------------------------------------------
NKO $0.1158 $0.0005
--------------------------------------------------------------------------------
The relatively large distributions from several of these Funds represented an
important part of their total return for this period. For the most part, this
distribution was generated by bond calls or by sales of appreciated securities.
This had a slight negative impact on the Funds' earning power per share and was
a minor factor in the dividend reductions noted above.
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 cumula-
12
tively 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, 2005, all of the Funds in this report except NRK had positive UNII
balances for both financial statement and tax purposes. NRK had a positive UNII
balance for tax purposes, but a negative UNII balance for financial statement
purposes.
As of September 30, 2005, the Funds' share prices were trading at discounts to
their NAVs as shown in the accompanying chart:
9/30/05 12-MONTH AVERAGE
DISCOUNT DISCOUNT
--------------------------------------------------------------------------------
NQN -5.86% -4.50%
--------------------------------------------------------------------------------
NVN -7.12% -5.53%
--------------------------------------------------------------------------------
NUN -7.10% -6.75%
--------------------------------------------------------------------------------
NNF -5.83% -4.96%
--------------------------------------------------------------------------------
NKO -6.32% -6.27%
--------------------------------------------------------------------------------
NRK -6.53% -7.80%
--------------------------------------------------------------------------------
13
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 88%
U.S. Guaranteed 12%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0785
Apr 0.0785
May 0.0785
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0695
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 15.48
15.5
15.58
15.61
15.53
15.62
15.67
15.67
15.65
15.64
15.63
15.69
15.63
15.68
15.89
15.93
15.97
15.94
16
15.88
15.87
15.99
15.99
16.02
15.99
15.76
15.55
15.48
15.46
15.61
15.87
15.75
15.76
15.66
15.66
15.52
15.62
15.72
15.7
15.7
15.8
15.73
15.73
15.75
15.8
15.75
15.73
15.75
15.84
15.92
15.57
15.51
15.48
15.38
15.27
15.18
15.19
15.15
15.18
15.2
15.18
15.24
15.35
15.49
15.42
15.41
15.49
15.47
15.56
15.35
15.25
15.12
15.03
15.08
15.03
15.01
15.06
15
14.99
14.95
14.96
15
15.07
15.1
15.139
15.15
15.19
15.35
15.39
15.41
15.41
15.4
15.27
15.3
15.24
15.2
15.04
15.01
15.03
15.1
15.19
15.21
15.2
15.29
15.27
15.3
15.41
15.44
15.4
15.23
15.22
15.11
15.3
15.19
15.17
15.16
15.12
15.1
15.11
14.92
14.75
14.68
14.67
14.69
14.77
14.85
14.78
14.81
14.83
14.83
14.81
14.73
14.82
14.75
14.75
14.72
14.91
15.02
15.03
15.03
14.97
14.97
15.07
15.12
15.12
15.22
15.22
15.27
15.3
15.39
15.33
15.33
15.32
15.32
15.21
15.26
15.28
15.28
15.25
15.29
15.284
15.3
15.37
15.49
15.5
15.38
15.44
15.55
15.53
15.61
15.66
15.69
15.67
15.58
15.48
15.45
15.37
15.37
15.31
15.34
15.44
15.43
15.38
15.39
15.42
15.5
15.46
15.38
15.43
15.53
15.48
15.47
15.58
15.55
15.58
15.56
15.65
15.62
15.57
15.62
15.54
15.6
15.58
15.46
15.48
15.51
15.46
15.44
15.62
15.65
15.65
15.6
15.57
15.55
15.51
15.45
15.64
15.51
15.61
15.55
15.51
15.56
15.64
15.6
15.67
15.63
15.57
15.59
15.58
15.6
15.68
15.7
15.7
15.66
15.7
15.77
15.69
15.7
15.7
15.56
15.61
15.57
15.54
15.43
15.29
15.24
15.2
15.21
15.14
14.94
14.95
14.92
14.92
14.93
9/30/05 14.94
FUND SNAPSHOT
------------------------------------
Common Share Price $14.94
------------------------------------
Common Share
Net Asset Value $15.87
------------------------------------
Premium/(Discount) to NAV -5.86%
------------------------------------
Market Yield 5.58%
------------------------------------
Taxable-Equivalent Yield1 8.33%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $281,203
------------------------------------
Average Effective
Maturity on Securities (Years) 16.12
------------------------------------
Leverage-Adjusted Duration 8.32
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 4.08% 3.90%
------------------------------------
5-Year 8.89% 8.88%
------------------------------------
10-Year 5.89% 6.77%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 29.3%
------------------------------------
Healthcare 15.9%
------------------------------------
U.S. Guaranteed 11.7%
------------------------------------
Transportation 11.4%
------------------------------------
Tax Obligation/General 11.3%
------------------------------------
Utilities 6.7%
------------------------------------
Education and Civic
Organizations 6.4%
------------------------------------
Other 7.3%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.2745 per share.
14
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 11%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0765
Apr 0.0765
May 0.0765
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0695
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 14.97
15
15.11
15.2
15.2
15.43
15.5
15.64
15.43
15.44
15.39
15.38
15.36
15.44
15.55
15.5
15.44
15.46
15.45
15.44
15.45
15.56
15.5
15.54
15.53
15.23
15.01
15.03
15.16
15.27
15.3
15.25
15.12
15.21
15.18
15
15.09
15.15
15.15
15.13
14.86
14.87
14.81
14.75
14.95
14.91
14.86
14.95
14.979
15.03
14.97
14.85
14.82
14.76
14.77
14.79
14.86
14.8
14.76
14.83
14.8
14.88
15.1
15.42
15.32
15
15.01
15.03
15.17
15.16
15.26
15.36
15.3
15.12
15.01
15.06
15.05
15.05
15.05
15.07
15.071
15.11
15.15
15.2
15.3
15.38
15.3
15.27
15.31
15.36
15.36
15.37
15.36
15.38
15.4
15.39
15.39
15.33
15.38
15.34
15.34
15.36
15.36
15.37
15.34
15.4
15.4
15.33
15.28
15.12
15.18
15.08
14.96
15.1
15.1
15.09
14.98
14.93
14.69
14.61
14.61
14.42
14.39
14.43
14.49
14.52
14.46
14.54
14.54
14.51
14.51
14.54
14.59
14.47
14.47
14.48
14.53
14.58
14.59
14.53
14.56
14.51
14.64
14.7
14.7
14.8
14.8
14.87
14.99
15.1
15.15
14.99
15.05
15.13
15.11
15.1
15.08
15.11
15.11
15.15
15.16
15.15
15.18
15.32
15.31
15.35
15.27
15.32
15.44
15.41
15.45
15.39
15.42
15.39
15.35
15.28
15.16
15.2
15.23
15.239
15.15
15.2
15.18
15.45
15.49
15.48
15.5
15.5
15.5
15.47
15.48
15.53
15.55
15.55
15.57
15.55
15.69
15.59
15.57
15.34
15.32
15.3
15.18
15.19
15.3
15.19
15.32
15.39
15.5
15.55
15.55
15.49
15.5
15.55
15.42
15.4
15.39
15.34
15.42
15.45
15.38
15.43
15.56
15.55
15.62
15.54
15.46
15.6
15.56
15.52
15.65
15.73
15.58
15.6
15.601
15.76
15.6
15.5
15.43
15.44
15.42
15.27
15.22
15.15
15.08
15.02
15.07
15.049
15.03
14.84
14.89
14.6
14.71
14.71
9/30/05 14.74
FUND SNAPSHOT
------------------------------------
Common Share Price $14.74
------------------------------------
Common Share
Net Asset Value $15.87
------------------------------------
Premium/(Discount) to NAV -7.12%
------------------------------------
Market Yield 5.66%
------------------------------------
Taxable-Equivalent Yield1 8.45%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $371,935
------------------------------------
Average Effective
Maturity on Securities (Years) 16.97
------------------------------------
Leverage-Adjusted Duration 8.66
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 4.93% 4.64%
------------------------------------
5-Year 8.37% 8.70%
------------------------------------
10-Year 6.13% 6.73%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.1%
------------------------------------
Tax Obligation/General 13.7%
------------------------------------
Healthcare 12.7%
------------------------------------
U.S. Guaranteed 11.4%
------------------------------------
Utilities 9.4%
------------------------------------
Education and Civic
Organizations 8.1%
------------------------------------
Transportation 8.0%
------------------------------------
Other 9.6%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1280 per share.
15
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 87%
U.S. Guaranteed 13%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0765
Nov 0.0765
Dec 0.0765
Jan 0.0765
Feb 0.0765
Mar 0.0735
Apr 0.0735
May 0.0735
Jun 0.0695
Jul 0.0695
Aug 0.0695
Sep 0.0665
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 14.62
14.66
14.64
14.75
14.72
14.88
15
14.99
14.87
14.84
14.86
14.83
14.96
14.97
14.96
14.96
14.98
15.03
15.13
15.12
15.06
15.12
15.21
15.09
15.24
15.08
14.85
14.85
14.85
14.82
14.88
14.95
14.98
14.93
14.9
14.83
14.93
14.97
14.94
14.84
14.7
14.52
14.54
14.41
14.52
14.56
14.5
14.56
14.57
14.65
14.56
14.49
14.49
14.37
14.27
14.28
14.27
14.1
14.13
14.16
14.22
14.22
14.36
14.44
14.5
14.29
14.3
14.4
14.44
14.46
14.48
14.41
14.52
14.55
14.52
14.58
14.62
14.6
14.68
14.85
14.8
14.9
14.87
14.95
15.01
14.9
14.94
14.93
14.95
15.1
15.14
15.12
15.17
15.2
15.13
15.12
15.05
15.03
14.96
15
14.99
15.09
15.1
15.18
15.17
15.16
15.17
15.07
15.03
14.89
14.71
14.62
14.72
14.62
14.66
14.55
14.64
14.44
14.49
14.21
14.19
14.05
14.02
14.13
14.24
14.3
14.29
14.28
14.32
14.32
14.29
14.35
14.37
14.31
14.3
14.24
14.38
14.67
14.56
14.45
14.47
14.43
14.6
14.69
14.69
14.77
14.77
14.85
14.85
14.95
14.89
14.75
14.7
14.89
14.68
14.89
14.87
14.84
14.82
14.83
14.91
14.8
14.86
14.87
14.91
14.86
14.83
14.94
14.98
14.95
15.03
15.05
15.09
14.99
15.02
14.81
14.69
14.7
14.68
14.72
14.77
14.8
14.84
14.92
14.98
15
14.99
14.96
14.94
14.92
15.01
15.08
15.12
15.13
15.13
15.18
15.17
15.13
15.09
15.08
15.06
15.01
14.96
14.84
14.94
14.78
14.8
14.8
15
14.98
14.98
14.9
15
14.9
14.86
14.74
14.71
14.61
14.71
14.62
14.66
14.66
14.72
14.71
14.67
14.65
14.68
14.71
14.7
14.71
14.78
14.8
14.83
14.84
14.832
14.92
14.93
14.85
14.87
14.85
14.87
14.8
14.72
14.65
14.59
14.59
14.58
14.56
14.48
14.5
14.54
14.42
14.51
14.53
9/30/05 14.53
FUND SNAPSHOT
------------------------------------
Common Share Price $14.53
------------------------------------
Common Share
Net Asset Value $15.64
------------------------------------
Premium/(Discount) to NAV -7.10%
------------------------------------
Market Yield 5.49%
------------------------------------
Taxable-Equivalent Yield1 8.19%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $376,697
------------------------------------
Average Effective
Maturity on Securities (Years) 16.02
------------------------------------
Leverage-Adjusted Duration 8.73
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
1-Year 5.52% 4.56%
------------------------------------
5-Year 8.55% 8.30%
------------------------------------
10-Year 6.60% 6.73%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.4%
------------------------------------
Education and Civic
Organizations 15.1%
------------------------------------
U.S. Guaranteed 13.4%
------------------------------------
Tax Obligation/General 11.3%
------------------------------------
Healthcare 10.0%
------------------------------------
Transportation 8.5%
------------------------------------
Utilities 7.7%
------------------------------------
Other 6.6%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0909 per share.
16
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 91%
U.S. Guaranteed 9%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.074
Apr 0.074
May 0.074
Jun 0.07
Jul 0.07
Aug 0.07
Sep 0.0665
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 15.34
15.4
15.4
15.49
15.35
15.48
15.69
15.69
15.65
15.8
15.7
15.62
15.581
15.63
15.61
15.59
15.6
15.6
15.58
15.53
15.49
15.5
15.44
15.55
15.6
15.42
15.03
15.08
15.12
15.13
15.18
15.2
15.24
15.25
15.3
15.191
15.31
15.34
15.37
15.4
15.26
15.25
15.26
15.14
15.12
15.24
15.16
15.23
15.18
15.25
15.05
15.07
15.15
15
14.85
14.87
14.82
14.79
14.71
14.82
14.66
14.8
15.05
15.15
15.26
15.26
15.35
15.45
15.59
15.18
14.81
14.71
14.61
14.59
14.55
14.63
14.63
14.68
14.71
14.7
14.72
14.76
14.73
14.84
14.86
14.94
14.98
15.09
15.07
15.09
15.2
15.22
15.17
15.13
15.13
15.11
14.92
14.99
14.84
15
15.02
14.98
15.01
15.14
15.13
15.14
15.21
15.16
15.19
15.12
15
14.85
15.02
15.01
15
14.8
14.86
14.71
14.58
14.4
14.37
14.11
14.14
14.19
14.289
14.29
14.35
14.48
14.49
14.559
14.5
14.55
14.6
14.77
14.67
14.71
14.8
14.95
14.97
14.88
14.82
14.86
14.95
14.91
14.86
14.8
14.8
14.92
14.95
14.96
14.91
14.96
14.95
14.98
14.84
14.78
14.8
14.87
14.88
15
15.01
14.991
15.11
15.05
15.14
15.09
15.18
15.23
15.24
15.35
15.32
15.4
15.58
15.5
15.39
15.44
15.51
15.5
15.52
15.62
15.63
15.6
15.71
15.68
15.75
15.8
15.78
15.58
15.58
15.6
15.55
15.57
15.45
15.4
15.38
15.32
15.45
15.44
15.33
15.44
15.29
15.25
15.55
15.52
15.43
15.46
15.46
15.37
15.36
15.41
15.41
15.466
15.4
15.53
15.45
15.45
15.35
15.43
15.59
15.54
15.66
15.49
15.54
15.49
15.51
15.48
15.49
15.6
15.54
15.55
15.6
15.56
15.7
15.6
15.74
15.72
15.72
15.68
15.73
15.65
15.74
15.73
15.52
15.45
15.28
15.24
15.21
15.2
15.06
14.99
14.92
14.92
14.9
14.86
9/30/05 14.86
FUND SNAPSHOT
------------------------------------
Common Share Price $14.86
------------------------------------
Common Share
Net Asset Value $15.78
------------------------------------
Premium/(Discount) to NAV -5.83%
------------------------------------
Market Yield 5.37%
------------------------------------
Taxable-Equivalent Yield1 8.01%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $131,420
------------------------------------
Average Effective
Maturity on Securities (Years) 16.26
------------------------------------
Leverage-Adjusted Duration 8.50
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 4.64% 4.50%
------------------------------------
5-Year 8.54% 8.24%
------------------------------------
10-Year 7.41% 7.24%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 29.0%
------------------------------------
Healthcare 14.0%
------------------------------------
Education and Civic
Organizations 13.9%
------------------------------------
Tax Obligation/General 10.3%
------------------------------------
U.S. Guaranteed 9.4%
------------------------------------
Transportation 7.6%
------------------------------------
Water and Sewer 6.9%
------------------------------------
Utilities 5.7%
------------------------------------
Other 3.2%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1836 per share.
17
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 84%
AAA (uninsured) 6%
AA (uninsured) 4%
BBB (uninsured) 6%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0745
Nov 0.0745
Dec 0.0745
Jan 0.0745
Feb 0.0745
Mar 0.0715
Apr 0.0715
May 0.0715
Jun 0.068
Jul 0.068
Aug 0.068
Sep 0.068
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 14.27
14.3
14.3
14.39
14.37
14.65
14.46
14.52
14.7
14.89
14.85
14.86
14.83
14.86
14.85
14.84
14.87
14.95
15.05
14.85
14.94
14.96
15.02
15.04
15.04
14.91
14.7
14.84
14.85
14.82
15.11
14.89
14.99
14.99
14.95
14.85
14.9
14.71
14.69
14.69
14.35
14.31
14.24
14.14
14.26
14.34
14.38
14.45
14.4
14.57
14.24
14
14.18
13.98
13.95
13.87
13.84
13.86
13.85
13.87
13.85
13.85
13.86
13.85
14.06
14.12
14.1
14.09
14.18
14.32
14.38
14.45
14.4
14.34
14.38
14.39
14.55
14.49
14.49
14.7
14.7
14.84
14.89
15.07
15.09
15.05
15
15.14
15.08
15.07
15.08
15.08
14.98
15
14.75
14.8
14.85
14.65
14.84
14.85
14.89
14.99
15.05
15.12
15
14.87
14.85
14.71
14.8
14.65
14.61
14.57
14.65
14.6
14.56
14.58
14.49
14.39
14.07
13.75
13.79
13.7
13.75
13.96
14.1
14.24
14.29
14.29
14.21
14.25
14.2
14.1
14.17
14.09
14.17
14.12
14.33
14.22
14.6
14.45
14.56
14.59
14.55
14.7
14.7
14.7
14.7
14.7
14.67
14.67
14.75
14.66
14.67
14.75
14.69
14.716
14.76
14.82
15.07
14.84
14.9
14.8
14.84
14.84
14.72
14.85
14.83
14.84
14.97
15
15.04
14.98
14.97
14.97
14.84
14.74
14.72
14.67
14.77
14.78
14.91
15.06
15.01
15.1
15.04
15.14
14.96
14.89
15.02
14.97
14.93
14.96
14.85
14.93
14.86
14.85
15.2
15.27
15.21
15.2
15.02
14.97
15.12
15.04
15.15
15.18
15.14
15.15
15.46
15.42
15.42
15.5
15.49
15.48
15.42
15.45
15.3
15.09
15.11
14.93
14.98
15.41
15.45
15.31
15.3
15.3
15.22
15.25
15.29
15.22
15.17
15.3
15.4
15.35
15.38
15.47
15.43
15.49
15.46
15.37
15.35
15.32
15.46
15.32
15.3
15.14
15.21
15.12
15.01
14.94
14.93
14.72
14.6
14.62
9/30/05 14.68
FUND SNAPSHOT
------------------------------------
Common Share Price $14.68
------------------------------------
Common Share
Net Asset Value $15.67
------------------------------------
Premium/(Discount) to NAV -6.32%
------------------------------------
Market Yield 5.56%
------------------------------------
Taxable-Equivalent Yield1 8.30%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $124,669
------------------------------------
Average Effective
Maturity on Securities (Years) 17.47
------------------------------------
Leverage-Adjusted Duration 8.34
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 9.28% 6.23%
------------------------------------
Since
Inception 5.97% 9.05%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 22.8%
------------------------------------
Healthcare 16.4%
------------------------------------
Utilities 11.5%
------------------------------------
Tax Obligation/General 10.9%
------------------------------------
Education and Civic
Organizations 9.8%
------------------------------------
U.S. Guaranteed 9.1%
------------------------------------
Transportation 8.5%
------------------------------------
Housing/Multifamily 3.8%
------------------------------------
Other 7.2%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1158 per share.
18
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of September 30, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
AAA (uninsured) 2%
AA (uninsured) 7%
A (uninsured) 1%
BBB (uninsured) 5%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct 0.0695
Nov 0.0695
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.0635
Apr 0.0635
May 0.0635
Jun 0.0605
Jul 0.0605
Aug 0.0605
Sep 0.0585
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/04 13.7
13.7
13.66
13.45
13.57
13.7
13.9
13.87
13.87
13.9
13.91
13.83
13.78
13.85
13.77
13.78
13.85
13.95
13.9
14.05
14.08
14.11
14.3
14.45
14.45
14.35
14.3
14.19
14.48
14.4
14.26
14.26
14.38
14.36
14.5
14.44
14.37
14.25
14.18
14.17
14.07
13.88
13.57
13.46
13.58
13.65
13.48
13.61
13.55
13.78
13.5
13.37
13.52
13.34
13.32
13.25
13.18
13.16
13.14
13.06
13
13.04
13.08
13.12
13.17
13.31
13.29
13.31
13.42
13.45
13.49
13.47
13.45
13.43
13.59
13.55
13.56
13.77
13.79
13.65
13.65
13.68
13.65
13.76
13.69
13.71
13.7
13.77
13.87
13.9
13.86
13.84
13.8
14.06
13.97
14.17
13.9
13.74
13.64
13.64
13.58
13.76
13.785
13.87
13.95
14.17
14.22
14.04
13.96
13.72
13.64
13.52
13.6
13.6
13.89
14.05
14
13.91
13.8
13.78
13.62
13.33
13.31
13.54
13.41
13.4
13.4
13.31
13.3
13.27
13.16
13
13.12
13.16
13.1
13.25
13.26
13.33
13.34
13.18
13.27
13.23
13.19
13.21
13.24
13.37
13.37
13.41
13.48
13.36
13.42
13.42
13.36
13.39
13.38
13.4
13.44
13.51
13.77
13.72
13.72
13.77
13.82
13.78
13.66
13.78
13.61
13.8
13.85
13.98
14.05
14.12
14.17
13.97
13.88
13.87
13.95
13.83
13.72
13.85
13.86
13.9
13.98
13.97
13.98
13.97
13.94
13.95
13.95
13.98
14.08
14.08
13.97
13.97
13.97
14.01
14.15
14.15
14.2
14.15
14.39
14.15
14.33
14.61
14.7
14.9
14.8
14.55
14.5
14.4
14.4
14.17
14.17
14.15
14.02
13.96
13.65
13.53
13.72
13.64
13.81
13.81
13.84
13.89
13.93
13.9
13.89
13.88
13.98
14
14
14
14.06
14.03
14.13
14.16
14.11
14.12
14.19
14.14
14.13
14.09
14.13
14.13
14
13.82
13.8
13.69
13.73
13.77
14.15
14.07
13.99
13.99
9/30/05 14.02
FUND SNAPSHOT
------------------------------------
Common Share Price $14.02
------------------------------------
Common Share
Net Asset Value $15.00
------------------------------------
Premium/(Discount) to NAV -6.53%
------------------------------------
Market Yield 5.01%
------------------------------------
Taxable-Equivalent Yield1 7.48%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $52,682
------------------------------------
Average Effective
Maturity on Securities (Years) 15.94
------------------------------------
Leverage-Adjusted Duration 8.58
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
1-Year 8.65% 7.05%
------------------------------------
Since
Inception 3.36% 7.32%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.4%
------------------------------------
U.S. Guaranteed 15.7%
------------------------------------
Education and Civic
Organizations 14.9%
------------------------------------
Healthcare 14.5%
------------------------------------
Utilities 10.8%
------------------------------------
Tax Obligation/General 5.6%
------------------------------------
Transportation 5.4%
------------------------------------
Other 5.7%
------------------------------------
1 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 33%. When comparing this fund to investments that generate
qualified dividend income, the taxable-equivalent yield is lower.
19
Shareholder
MEETING REPORT
The Special Shareholder Meeting was held at The Northern Trust Bank, 50 S.
LaSalle St., Chicago, IL on July 26, 2005.
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred shares MuniPreferred shares MuniPreferred shares
voting together voting together voting together
as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
For 15,768,345 21,005,913 21,604,787
Against 136,472 287,469 216,483
Abstain 237,074 399,090 486,655
------------------------------------------------------------------------------------------------------------------------------------
Total 16,141,891 21,692,472 22,307,925
====================================================================================================================================
20
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE NEW INVESTMENT MANAGEMENT
AGREEMENT WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred shares MuniPreferred shares MuniPreferred shares
voting together voting together voting together
as a class as a class as a class
------------------------------------------------------------------------------------------------------------------------------------
For 7,556,791 7,583,964 3,256,891
Against 75,740 63,883 14,387
Abstain 135,870 95,008 55,135
------------------------------------------------------------------------------------------------------------------------------------
Total 7,768,401 7,742,855 3,326,413
====================================================================================================================================
21
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 as of September
30, 2005, and the related statements of operations 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 the periods indicated therein. 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, 2005, by correspondence with the custodian
and brokers or 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, 2005, and the results of
their operations for the year then ended, changes in their net assets for each
of the two years in the period then ended, and their financial highlights for
the periods indicated therein, in conformity with U.S. generally accepted
accounting principles.
/s/Ernst & Young LLP
Chicago, Illinois
November 11, 2005
22
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.5% (6.4% OF TOTAL INVESTMENTS)
$ 1,250 New York City Industrial Development Agency, New York, Civic No Opt. Call AAA $ 1,365,200
Facility Revenue Bonds, USTA National Tennis Center Inc.,
Series 2004, 5.000%, 11/15/13 - FSA Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 3,303,330
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,819,475
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,698,205
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
4,500 Dormitory Authority of the State of New York, State and 7/15 at 100.00 AAA 4,839,480
Local Appropriation Lease Bonds, Upstate Community
Colleges, Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Aaa 1,217,735
Canisius College, Series 2005, 5.000%, 7/01/21 - MBIA Insured
1,765 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,022,584
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,328,916
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,142,600
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.7% (15.9% OF TOTAL INVESTMENTS)
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,101,380
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 AAA 3,418,034
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,278,689
3,135 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 3,280,056
Hospital Insured Revenue Bonds, Southside Hospital,
Series 1998, 5.000%, 2/15/25 - MBIA Insured
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,158,376
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
3,280 Dormitory Authority of the State of New York, Revenue Bonds, 11/08 at 101.00 AAA 3,456,070
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
2,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,665,147
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
675 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 707,656
Mortgage Hospital Revenue Bonds, Hospital for Special Surgery,
Series 2005, 5.000%, 8/15/33 (WI, settling 10/20/05) - MBIA
Insured
2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,703,158
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
4,105 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,495,591
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
6,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 6,343,740
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
825 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 859,048
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,310,680
23
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA $ 8,657,280
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 1,625,445
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
3,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,256,650
Bonds, New Island Hospital, Series 1999A, 5.750%, 7/01/19 -
AMBAC Insured
8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,158,749
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.9% (2.6% OF TOTAL INVESTMENTS)
5,740 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 6,063,966
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,816,091
2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,823,523
145 New York State Housing Finance Agency, FHA-Insured 2/06 at 101.00 AAA 146,663
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.0% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,038,280
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,260,840
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.9% (11.3% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,098,900
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,312,884
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,421,407
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,527,890
635 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 701,599
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,185,480
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 764,372
General Obligation Bonds, Series 2000, 5.600%, 8/01/18 -
MBIA Insured
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AAA 1,073,650
Improvement Bonds, Series 2002, 5.000%, 3/01/16 -
FGIC Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 5,374,600
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,400 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,525,636
2,600 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 2,842,346
New York City, New York, General Obligation Bonds, Fiscal
Series 2005O:
3,000 5.000%, 6/01/17 - FSA Insured 6/15 at 100.00 AAA 3,242,190
3,000 5.000%, 6/01/18 - FSA Insured 6/15 at 100.00 AAA 3,227,220
1,200 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 1,292,172
Series 2005P, 5.000%, 8/01/18 - MBIA Insured
4,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 4,269,000
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,165 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 1,213,406
Obligation Refunding Bonds, Series 1998B,
4.750%, 3/01/18 - FGIC Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
$ 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA $ 543,395
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 543,395
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 1,797,510
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,957,459
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aaa 1,260,874
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 1,768,538
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/16 - FSA Insured
6,110 Yonkers, New York, General Obligation Bonds, 8/15 at 100.00 AAA 6,605,093
Series 2005A, 5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 43.7% (29.3% OF TOTAL INVESTMENTS)
1,275 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,361,815
State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/20 -
MBIA 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 1,117,580
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,341,096
1,290 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,468,717
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 3,055,154
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,277,915
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,383,675
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,209,480
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,118,420
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,257,531
6,000 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 6,491,640
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales
Tax Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,271,764
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,351,641
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,347,112
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,330,342
and Use Tax Revenue Bonds, Series 2004H,
5.250%, 11/15/13 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,171,800
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,139,165
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,807,209
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 2,125,180
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,576,155
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,075,120
Bonds, Nassau County Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
2,250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 2,374,898
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
25
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 75 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA $ 77,059
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - MBIA Insured
Dormitory Authority of the State of New York, Department
of Health Revenue Bonds, Series 2005A:
1,575 5.250%, 7/01/24 - CIFG Insured 7/15 at 100.00 AAA 1,705,457
500 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 526,185
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,145 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,245,291
2,100 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,289,903
100 Dormitory Authority of the State of New York, Improvement 8/11 at 100.00 AAA 109,782
Revenue Bonds, Mental Health Services Facilities,
Series 2001B, 5.500%, 8/15/19 - MBIA Insured
75 Dormitory Authority of the State of New York, Improvement No Opt. Call AAA 83,111
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.875%, 2/15/16 - FSA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 42,213
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
2,410 Dormitory Authority of the State of New York, Revenue 7/14 at 100.00 AAA 2,563,469
Bonds, Department of Health, Series 2004-2,
5.000%, 7/01/20 - FGIC Insured
1,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,466,014
Revenue Bonds, 853 Schools Program - Anderson School,
Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 2,188,080
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,326,902
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
1,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 1,817,235
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 -
MBIA Insured
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,328,530
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,992,886
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
7,350 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 8,453,529
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,750 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,856,295
Fund Bonds, Second General, Series 2004,
5.000%, 4/01/21 - MBIA Insured
1,550 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,639,978
Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
980 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,027,177
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,176,000
5.500%, 8/01/19 - FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,594,695
2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,337,192
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,696,064
5,370 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 5,675,821
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,578,525
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,630,634
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA 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 AAA 6,860,952
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,085,580
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,878,945
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.0% (11.4% OF TOTAL INVESTMENTS)
$ 2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA $ 2,224,240
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
5,320 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 5,593,820
Transportation Revenue Bonds, Series 2005B,
5.000%, 11/15/35 - MBIA Insured
2,800 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,944,872
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
3,700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 3,884,741
Series 2005G, 5.000%, 1/01/32 - FSA Insured
2,300 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,454,652
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) -
MBIA Insured
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,264,642
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured
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 2,251,662
2,625 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,783,156
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 1/06 at 100.00 AAA 5,297,775
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 1/06 at 100.00 AAA 11,581,650
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 AAA 902,616
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,500,376
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 17.4% (11.7% OF TOTAL INVESTMENTS)
3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,060,851
Water System Revenue Bonds, Series 1999,
6.000%, 7/01/29 (Pre-refunded to 7/01/09) - FSA Insured
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,321,605
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,614,372
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,212,560
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,099,980
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded to 10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 5,457,852
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded to 7/01/19) -
AMBAC Insured
1,010 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,221,433
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 - BIGI Insured
80 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 82,366
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 (Pre-refunded to 2/15/06) -
MBIA Insured
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 74,003
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded to 2/15/07) -
MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,094,340
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
5,915 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,542,345
State University Educational Facilities, Series 2002A,
5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,433,938
1,300 5.375%, 4/01/18 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,445,054
2,000 5.000%, 4/01/20 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 2,179,800
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,865,260
Fund Bonds, Series 2002A, 5.250%, 4/01/17 (Pre-refunded
to 4/01/12) - FSA Insured
27
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** (continued)
$ 2,225 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA $ 2,471,463
Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/22 (Pre-refunded to 4/01/13) - MBIA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,096,010
Fund Bonds, Second General, Series 2004,
5.000%, 4/01/20 (Pre-refunded to 4/01/14) - MBIA Insured
650 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 731,192
Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.0% (6.7% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
6,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 6,310,260
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,216,060
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,054,870
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,595,150
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,683,625
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,829,469
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
2,275 New York State Energy Research and Development Authority, 11/05 at 100.50 AAA 2,320,068
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,250 New York State Energy Research and Development Authority, 1/06 at 101.00 AAA 2,276,573
Gas Facilities Revenue Bonds, Brooklyn Union Gas Company,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,167,740
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 (Alternative
Minimum Tax) - MBIA Insured
2,565 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,707,691
Series 2005RR, 5.000%, 7/01/35 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.5% (3.7% OF TOTAL INVESTMENTS)
5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 5,321,086
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 1,045,530
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,126,340
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
4,750 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 5,124,348
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,859,612
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 390,525 Total Long-Term Investments (cost $399,126,154) - 149.1% 419,145,614
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 6,057,109
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.2)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 281,202,723
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
28
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.2% (8.1% OF TOTAL INVESTMENTS)
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 AAA $ 1,460,373
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 680,077
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 555,275
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,053,560
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,490,798
Civic Facility Revenue Bonds, USTA National Tennis
Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,470,763
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,202,220
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,870 Dormitory Authority of the State of New York, Insured Revenue 1/06 at 100.00 AAA 1,876,620
Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 -
AMBAC Insured
4,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,721,175
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,291,880
City University of New York, Series 2005A,
5.500%, 7/01/18 - FGIC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,686,923
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,890,184
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,105,156
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,574,147
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 AAA 1,071,760
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,077,084
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 AAA 1,483,974
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 876,992
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 657,744
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,939,525
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,271,838
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
AMBAC Insured
1,710 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,832,590
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 19.0% (12.7% OF TOTAL INVESTMENTS)
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 AAA 3,038,252
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,325,801
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
Dormitory Authority of the State of New York, Revenue Bonds,
St. Vincent's Hospital and Medical Center, Series 1991:
$ 1,490 7.375%, 8/01/11 2/06 at 100.00 AAA $ 1,517,818
4,150 7.400%, 8/01/30 2/06 at 100.00 AAA 4,216,151
5,995 Dormitory Authority of the State of New York, FHA-Insured 2/06 at 104.00 AAA 6,244,512
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
6,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 6,907,290
Mortgage Revenue Refunding Bonds, United Health
Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 3,033,210
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
740 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 775,801
Mortgage Hospital Revenue Bonds, Hospital for Special Surgery,
Series 2005, 5.000%, 8/15/33 (WI, settling 10/20/05) - MBIA
Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,787,139
Mortgage Revenue Bonds, Montefiore Hospital,
Series 2004, 5.000%, 8/01/29 - FGIC Insured
4,110 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,501,067
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA 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 AAA 2,643,225
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,386,036
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 6,175,049
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
6,430 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 6,962,983
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 12,913,567
Bonds, 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 AAA 2,142,653
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9% (3.3% OF TOTAL INVESTMENTS)
5,445 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 5,752,316
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
7,505 New York City Housing Development Corporation, New York, 10/05 at 105.00 AAA 7,893,461
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 905,444
3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,762,968
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3% (1.5% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,201,480
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
6,000 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 6,279,840
Nursing Home Mortgage Revenue Bonds, Norwegian
Christian Home and Health Center, Series 2001,
5.200%, 8/01/36 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 20.6% (13.7% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 764,134
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 756,798
Erie County, New York, General Obligation Bonds, Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,549,449
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,641,105
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,651,019
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,784,357
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 745 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa $ 823,136
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
45 New York City, New York, General Obligation Bonds, Fiscal 2/06 at 100.00 AAA 45,125
Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,365,676
5,440 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 5,769,718
5,000 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,157,600
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AAA 3,207,780
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,718,250
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,660 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,808,968
3,070 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,356,155
New York City, New York, General Obligation Bonds, Fiscal
Series 2005O:
3,250 5.000%, 6/01/17 - FSA Insured 6/15 at 100.00 AAA 3,512,372
3,250 5.000%, 6/01/18 - FSA Insured 6/15 at 100.00 AAA 3,496,155
1,550 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 1,669,056
Series 2005P, 5.000%, 8/01/18 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,336,250
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
2,330 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 2,426,812
Obligation Refunding Bonds, Series 1998B, 4.750%, 3/01/18 -
FGIC Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 108,679
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 108,679
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 580,220
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 580,220
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 581,327
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 581,327
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 581,327
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 581,327
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 581,327
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 578,324
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 578,324
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,187,040
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,196,467
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,208,314
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,217,808
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,227,446
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 961,568
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 832,108
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 833,012
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 828,689
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 828,630
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 829,141
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 831,426
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 826,703
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,347,198
5.000%, 8/01/19 - MBIA Insured
31
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 40.6% (27.1% OF TOTAL INVESTMENTS)
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 $ 1,374,623
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,369,036
1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,935,518
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,091,924
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,345,740
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,320,820
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,523,700
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,118,420
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,158,760
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 8,114,550
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales
Tax Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 4,296,480
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,615,754
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,610,341
50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 51,771
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,092,609
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,096,620
7,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 8,144,250
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,705,135
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
3,060 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,331,361
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 2,125,180
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,210 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,315,984
2,240 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,442,563
35 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 36,936
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,839,885
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1996B:
80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 82,196
45 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 46,235
7,145 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 7,816,916
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,054,660
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 8,047,755
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 -
MBIA Insured
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA $ 4,160,662
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
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 AAA 941,675
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 982,137
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,036,738
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,087,268
7,925 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 8,601,874
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
8,455 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 9,724,434
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,059,270
Fund Bonds, Second General, Series 2004,
5.000%, 4/01/22 - MBIA Insured
3,700 New York State Thruway Authority, State Personal Income 3/15 at 100.00 AAA 3,957,335
Tax Revenue Bonds, Series 2005A, 5.000%, 3/15/20 -
FSA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,627,080
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,594,695
3,640 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,866,990
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,077,678
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,350,531
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
9,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 10,236,976
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,085,580
2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,710,525
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0% (8.0% 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 AAA 6,672,720
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,145,640
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 AAA 1,481,596
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,856,271
5,980 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 6,287,791
Revenue Bonds, Series 2005B, 5.000%, 11/15/35 -
MBIA Insured
2,100 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,208,654
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
4,600 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 4,829,678
Series 2005G, 5.000%, 1/01/32 - FSA Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,668,100
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
7,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,385,490
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA 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 AAA 1,816,804
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,131,056
33
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 17.1% (11.4% OF TOTAL INVESTMENTS)
Longwood Central School District, Suffolk County, New York,
Series 2000:
$ 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa $ 1,134,710
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,134,710
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,169,618
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded to 7/01/11) - FGIC Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 11,886,600
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded
to 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 to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,399,920
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,574,935
560 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 600,583
Series 1998H, 5.375%, 8/01/27 (Pre-refunded to 8/01/08) -
MBIA Insured
10 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 10,465
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
1,075 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 1,166,440
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded to 7/01/19) - AMBAC Insured
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,333,998
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/18 (Pre-refunded to 7/01/11) - FGIC Insured
505 Dormitory Authority of the State of New York, Suffolk County, 10/05 at 110.29 Baa1*** 705,975
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14
50 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 51,478
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 (Pre-refunded to 2/15/06) -
MBIA Insured
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 74,003
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded to 2/15/07) -
MBIA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,641,510
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
5,795 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,367,082
State University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,835 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 2,039,749
2,100 5.375%, 4/01/18 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 2,334,318
5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,521,800
Fund Bonds, Series 2002A, 5.250%, 4/01/19 (Pre-refunded
to 4/01/12) - FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,638,079
Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/22
(Pre-refunded to 4/01/13) - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 2,192,020
Fund Bonds, Second General, Series 2004, 5.000%, 4/01/20
(Pre-refunded to 4/01/14) - MBIA Insured
New York State Urban Development Corporation, Service
Contract Revenue Bonds, Correctional Facilities, Series 2000C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,534,420
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,190,100
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.0% (9.4% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,729,193
4,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,219,480
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
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 $ 1,747,240
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,655,440
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,883,000
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,115,010
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,583,775
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,001,340
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,114,180
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,354,531
10,025 New York State Energy Research and Development Authority, 11/05 at 100.50 AAA 10,223,595
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,503,220
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 (Alternative
Minimum Tax) - MBIA Insured
2,875 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,034,936
Series 2005RR, 5.000%, 7/01/35 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.1% (4.8% OF TOTAL INVESTMENTS)
5,795 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,130,357
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,315,850
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
10,500 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 11,327,505
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,394,711
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,369,305
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 1,030,419
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 541,187 Total Long-Term Investments (cost $522,871,276) - 149.8% 557,199,837
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 7,734,952
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.9)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 371,934,789
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.7% (15.1% OF TOTAL INVESTMENTS)
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 AAA $ 1,182,736
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 680,077
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 555,275
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,758,587
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
7,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 7,603,148
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
14,500 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 15,139,450
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/27 - MBIA Insured
1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,512,642
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 5,002,624
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,202,220
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,229,347
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,841,620
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,815,550
Bonds, Barnard College, Series 1996, 5.250%, 7/01/26 -
AMBAC Insured
8,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 8,930,355
Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,101,300
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,291,880
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,686,923
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,885,956
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,105,156
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,574,147
4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,636,600
Educational Facilities Revenue Bonds, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 1,175,810
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,854,803
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
1,650 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,764,329
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.0% (10.0% OF TOTAL INVESTMENTS)
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 AAA $ 3,038,252
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,325,801
3,995 Dormitory Authority of the State of New York, FHA-Insured 2/06 at 104.00 AAA 4,161,272
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 2/08 at 101.00 AAA 7,077,490
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
750 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 786,285
Mortgage Hospital Revenue Bonds, Hospital for Special Surgery,
Series 2005, 5.000%, 8/15/33 (WI, settling 10/20/05) - MBIA
Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,834,379
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
4,105 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,495,591
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA 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 AAA 2,643,225
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,480,972
9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,746,010
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,522,900
Winthrop South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/31 -
AMBAC Insured
3,350 New York State Medical Care Facilities Finance Agency, 2/06 at 101.00 AAA 3,434,152
FHA-Insured Mortgage Revenue Bonds, Montefiore Medical
Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 1,960,864
Secured Mortgage Revenue Bonds, Brookdale Family Care
Centers Inc., Series 1995A, 6.375%, 11/15/19 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.4% OF TOTAL INVESTMENTS)
5,515 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 5,826,267
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
6,241 New York City Housing Development Corporation, New York, 10/05 at 105.00 AAA 6,564,729
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
1,540 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 1,598,612
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
235 New York State Housing Finance Agency, FHA-Insured 2/06 at 101.00 AAA 237,695
Multifamily Housing Mortgage Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2% (0.8% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 4,506,782
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.0% (11.3% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,648,350
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,641,105
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,749,424
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,855,295
805 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 889,428
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
Monroe County, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,421,045
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,071,520
New York City, New York, General Obligation Bonds, Fiscal
Series 2001D:
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,273,934
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,817,798
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,346,300
37
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA $ 5,331,950
Series 2002C, 5.125%, 3/15/25 - FSA Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,718,250
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,690 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,841,661
3,120 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,410,815
New York City, New York, General Obligation Bonds, Fiscal
Series 2005O:
3,350 5.000%, 6/01/17 - FSA Insured 6/15 at 100.00 AAA 3,620,445
3,350 5.000%, 6/01/18 - FSA Insured 6/15 at 100.00 AAA 3,603,729
1,600 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 1,722,896
Series 2005P, 5.000%, 8/01/18 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,336,250
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
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 AAA 1,824,078
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,884,111
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 580,220
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 578,324
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 578,324
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,460,818
5.000%, 8/01/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.2% (27.4% OF TOTAL INVESTMENTS)
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 1,341,096
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,117,580
1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,946,903
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,091,924
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,345,740
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,320,820
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,628,440
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,177,630
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,317,520
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 8,114,550
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
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 1,610,576
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,605,180
75 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 77,657
Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 -
MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,165,846
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,653,820
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,041,400
6,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 6,515,400
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA $ 3,705,135
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,995 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,171,917
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
1,845 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,960,479
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA 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 1,133,240
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,192,884
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,230,839
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,621,161
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,230 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,337,736
2,275 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,480,728
40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,072
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 - MBIA Insured
370 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 393,839
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 42,213
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,839,885
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,160,662
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,574,739
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
8,455 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 9,724,434
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,059,270
Fund Bonds, Second General, Series 2004, 5.000%, 4/01/22 -
MBIA Insured
3,765 New York State Thruway Authority, State Personal Income Tax 3/15 at 100.00 AAA 4,026,856
Revenue Bonds, Series 2005A, 5.000%, 3/15/20 - FSA Insured
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,623,170
Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,411,240
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,940,620
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,594,695
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,889,619
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,109,480
3,470 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,667,616
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 AAA 13,504,096
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,084,210
39
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.8% (8.5% OF TOTAL INVESTMENTS)
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 AAA $ 4,242,738
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,291,280
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 AAA 2,957,644
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 9,022,580
6,075 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 6,387,680
Revenue Bonds, Series 2005B, 5.000%, 11/15/35 -
MBIA Insured
2,125 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,234,948
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
4,700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 4,934,671
Series 2005G, 5.000%, 1/01/32 - FSA Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,668,100
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,371,050
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 AAA 1,816,804
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 20.2% (13.4% OF TOTAL INVESTMENTS)
Longwood Central School District, Suffolk County, New York,
Series 2000:
910 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,032,586
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,599,941
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,375,200
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,561,785
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,241,800
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 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 to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,399,920
1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,099,980
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,231,880
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.750%, 6/15/27 (Pre-refunded to 6/15/11) -
MBIA Insured
15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 15,697
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,570,853
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded to 7/01/11) - FGIC Insured
2,945 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 3,561,506
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16
40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,146
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 (Pre-refunded to 2/15/06) -
MBIA Insured
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 74,003
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded to 2/15/07) -
MBIA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,641,510
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 8,959,086
State University Educational Facilities, Series 2002A,
5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** (continued)
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
$ 3,125 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA $ 3,473,688
3,000 5.375%, 4/01/18 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 3,334,740
4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,442,572
Fund Bonds, Series 2001B, 5.250%, 4/01/17 (Pre-refunded
to 10/01/11) - MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,691,867
Fund Bonds, Series 2002A, 5.250%, 4/01/20 (Pre-refunded
to 4/01/12) - FSA Insured
2,400 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,665,848
Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/22
(Pre-refunded to 4/01/13) - MBIA Insured
2,200 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 2,411,222
Fund Bonds, Second General, Series 2004, 5.000%, 4/01/20
(Pre-refunded to 4/01/14) - MBIA Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,570,300
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.6% (7.7% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,956,999
Series 1994B, 7.250%, 7/01/11 (Alternative Minimum Tax) -
AMBAC Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
7,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,361,970
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,430,464
1,500 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,582,305
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 1,747,240
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,655,440
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,961,000
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,601,690
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,695,475
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,336,460
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,595,150
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,683,625
5,465 New York State Energy Research and Development Authority, 11/05 at 100.50 AAA 5,587,963
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development Authority, 1/06 at 101.00 AAA 1,264,763
Gas Facilities Revenue Bonds, Brooklyn Union Gas Company,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
2,940 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,103,552
Series 2005RR, 5.000%, 7/01/35 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.1% (3.4% OF TOTAL INVESTMENTS)
6,395 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,765,079
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,091,060
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,252,680
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
41
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 3,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA $ 3,506,133
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 929,808
1,360 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,520,203
------------------------------------------------------------------------------------------------------------------------------------
$ 552,856 Total Long-Term Investments (cost $535,650,940) - 150.6% 567,256,540
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 6,440,891
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.3)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 376,697,431
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
42
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.4% (13.9% 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 AAA $ 277,638
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 278,720
1,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,310,888
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 4,187,600
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
500 New York City Industrial Development Agency, New York, No Opt. Call AAA 546,080
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,101,110
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,144,430
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,561,130
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
5,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 5,245,750
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,935 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 2,080,976
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
700 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 802,158
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,689,991
University of Rochester, Series 2000A, 0.000%, 7/01/24 -
MBIA Insured
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 AAA 1,748,025
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 587,905
810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 857,612
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 1,364,958
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.5% (14.0% OF TOTAL INVESTMENTS)
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,098,660
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 AAA 1,763,271
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,085,090
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/06 at 102.00 AAA 3,065,700
Mortgage Hospital Revenue Bonds, Ellis Hospital,
Series 1995, 5.600%, 8/01/25 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 1/08 at 102.00 AAA 1,590,630
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,942,214
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
43
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 200 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 209,676
Mortgage Hospital Revenue Bonds, Hospital for Special Surgery,
Series 2005, 5.000%, 8/15/33 (WI, settling 10/20/05) - MBIA
Insured
1,205 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,264,973
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,460 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,694,069
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 2,896,975
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 3,246,480
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 3,650,445
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,469,818
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.3% (2.3% OF TOTAL INVESTMENTS)
2,165 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 2,287,193
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
2,035 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 2,112,452
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (0.9% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,100,740
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 891,965
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.6% (9.9% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 549,450
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 547,035
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 656,034
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 654,810
315 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 348,037
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 238,875
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,106,580
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
2,500 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 2,687,300
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
650 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 708,331
1,180 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 1,289,988
New York City, New York, General Obligation Bonds, Fiscal
Series 2005O:
1,000 5.000%, 6/01/17 - FSA Insured 6/15 at 100.00 AAA 1,080,730
1,000 5.000%, 6/01/18 - FSA Insured 6/15 at 100.00 AAA 1,075,740
550 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 592,246
Series 2005P, 5.000%, 8/01/18 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,134,500
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,249,330
Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 -
MBIA Insured
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa $ 1,083,670
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
500 West Islip Union Free School District, Suffolk County, 10/15 at 100.00 Aaa 545,845
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/16 - FSA Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 1,648,571
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.7% (29.0% OF TOTAL INVESTMENTS)
750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 841,673
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 569,270
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,494,369
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,759,305
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,657,110
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,079,380
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,704,850
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales
Tax Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,074,120
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 600,729
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 598,717
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,085,900
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,546,436
1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,587,915
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,088,680
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,062,590
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 525,385
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
690 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AAA 747,153
of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
495 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 538,357
910 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 992,291
145 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 154,342
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 1,287,053
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,664,265
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
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 AAA 4,667,263
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 910,893
2,960 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,404,414
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
45
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA $ 1,057,070
Fund Bonds, Second General, Series 2004, 5.000%, 4/01/23 -
MBIA Insured
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 793,538
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
1,260 New York State Thruway Authority, State Personal Income Tax 3/15 at 100.00 AAA 1,347,633
Revenue Bonds, Series 2005A, 5.000%, 3/15/20 - FSA Insured
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,098,873
Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
FSA Insured
345 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 361,608
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,156,770
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 531,565
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 977,371
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 720,827
3,840 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,058,688
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,603,275
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,500 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,633,560
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,119,998
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.2% (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 AAA 556,060
1,850 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,963,738
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,122,960
Transportation Revenue Refunding Bonds, Series 2002E,
5.000%, 11/15/25 - MBIA Insured
2,040 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 2,144,999
Transportation Revenue Bonds, Series 2005B,
5.000%, 11/15/35 - MBIA Insured
1,250 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,314,675
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
1,500 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,574,895
Series 2005G, 5.000%, 1/01/32 - FSA Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 533,620
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
1,000 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AAA 1,060,250
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/28 - XLCA Insured
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 AAA 902,616
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,500,376
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 13.8% (9.4% OF TOTAL INVESTMENTS)
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 Aaa 567,355
Series 2000, 5.750%, 6/15/20 (Pre-refunded to 6/15/11) -
FGIC Insured
1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,620,900
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 549,990
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
to 10/01/14) - FSA Insured
46
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** (continued)
$ 2,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA $ 2,188,680
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
545 5.375%, 4/01/17 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 605,811
600 5.375%, 4/01/18 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 666,948
1,000 5.000%, 4/01/20 (Pre-refunded to 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,089,900
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002A:
1,500 5.250%, 4/01/17 (Pre-refunded to 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,656,540
1,000 5.250%, 4/01/18 (Pre-refunded to 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,104,360
1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,388,463
Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/23
(Pre-refunded to 4/01/13) - MBIA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,096,010
Fund Bonds, Second General, Series 2004, 5.000%, 4/01/20
(Pre-refunded to 4/01/14) - MBIA Insured
2,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 2,253,700
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded to 3/15/13) -
FGIC Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,413,511
Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08
(Alternative Minimum Tax) - MBIA Insured
810 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 911,177
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded
to 7/01/10) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.4% (5.7% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
5,050 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 5,311,136
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,054,870
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 519,030
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 670,906
2,280 New York State Energy Research and Development Authority, 11/05 at 100.50 AAA 2,331,300
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
1,065 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,124,246
Series 2005RR, 5.000%, 7/01/35 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.1% (6.9% OF TOTAL INVESTMENTS)
1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,956,618
Revenue Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured
1,940 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 2,052,268
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,091,060
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,272,445
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,063,170
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,859,615
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
47
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA $ 1,941,858
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,093,635
Revenue Refunding Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 179,195 Total Long-Term Investments (cost $183,419,497) - 146.5% 192,585,321
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.6% (0.4% OF TOTAL INVESTMENTS)
750 Puerto Rico Government Development Bank, Adjustable A-1 750,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.610%, 12/01/15 - MBIA Insured +
------------------------------------------------------------------------------------------------------------------------------------
$ 750 Total Short-Term Investments (cost $750,000) 750,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $184,169,497) - 147.1% 193,335,321
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 3,085,138
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.5)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 131,420,459
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
+ 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.
See accompanying notes to financial statements.
48
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.2% (3.5% OF TOTAL INVESTMENTS)
$ 880 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 911,654
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
2,890 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 2,964,938
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 1,057,980
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
1,475 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,548,942
Series 2002-1, 5.500%, 7/15/24
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.3% (9.8% OF TOTAL INVESTMENTS)
25 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 26,173
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 4,192,560
Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,101,110
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,399,000
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 3,888,723
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 1,342,912
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 572,970
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
2,000 Dormitory Authority of the State of New York, Second 7/10 at 101.00 AAA 2,252,360
General Resolution Consolidated Revenue Refunding Bonds,
City University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.9% (16.4% OF TOTAL INVESTMENTS)
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 758,075
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 AAA 1,627,635
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,085,090
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,022,140
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,051,340
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
1,635 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 1,790,570
Bonds, New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 1,823,825
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 633,432
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,648,778
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.600%, 2/15/39 -
AMBAC Insured
49
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA $ 183,967
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,221,442
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 2,643,850
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,469,818
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC 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 779,179
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,102,130
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6% (3.8% 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 2,829,585
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,422,850
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,070,840
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,608,600
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.5% (9.9% 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 AAA 1,645,482
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,601,813
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,369,220
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,259,860
Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,465,768
Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured
525 New York City, New York, General Obligation Bonds, 8/15 at 100.00 AAA 571,106
Fiscal Series 2006C, 5.000%, 8/01/16 - FSA Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2005O:
1,150 5.000%, 6/01/17 - FSA Insured 6/15 at 100.00 AAA 1,242,839
1,150 5.000%, 6/01/18 - FSA Insured 6/15 at 100.00 AAA 1,237,101
525 New York City, New York, General Obligation Bonds, 8/15 at 100.00 AAA 565,325
Fiscal Series 2005P, 5.000%, 8/01/18 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, 9/15 at 100.00 AAA 2,134,500
Fiscal Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 33.3% (22.8% OF TOTAL INVESTMENTS)
400 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 447,032
School Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 4,236,840
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,477,643
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
1,000 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 1,074,120
Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 -
AMBAC Insured
50
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA $ 5,483,350
Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,085,900
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 531,295
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 265,645
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 234,276
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,060,680
Revenue Bonds, Series 1998A, 5.000%, 4/01/15 -
FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,256,230
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
2,625 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,019,118
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,200 New York State Thruway Authority, State Personal Income 3/15 at 100.00 AAA 1,283,460
Tax Revenue Bonds, Series 2005A, 5.000%, 3/15/20 -
FSA Insured
8,600 New York State Urban Development Corporation, Revenue No Opt. Call AAA 10,057,012
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 531,565
1,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,487,304
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,102,442
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 AAA 2,069,176
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,084,210
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 818,715
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.5% (8.5% 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 AAA 2,145,640
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,245,920
1,250 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 1,314,338
Revenue Bonds, Series 2005B, 5.000%, 11/15/35 -
MBIA Insured
1,000 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,049,930
Series 2005G, 5.000%, 1/01/32 - FSA Insured
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 90,715
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,184,320
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured
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 541,265
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,060,250
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 902,616
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
51
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 13.3% (9.1% OF TOTAL INVESTMENTS)
$ 180 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 217,681
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (DD, settling 10/06/05)
935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,088,088
Bonds, State University, Series 1986A, 8.000%, 5/01/11
4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,218,920
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,110,770
Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/23 (Pre-refunded to 4/01/13) -
MBIA Insured
3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA*** 3,290,280
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
to 3/15/12)
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1:
1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,126,850
1,500 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,690,275
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,816,844
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.8% (11.5% OF TOTAL INVESTMENTS)
1,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 1,051,710
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,190,300
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,914,417
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,313,550
Pollution Control Revenue Refunding Bonds, Niagara
Mohawk Power Corporation, Series 1998A,
5.150%, 11/01/25 - AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,373,050
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,127,136
Westchester County, New York, Resource Recovery
Revenue Bonds, RESCO Company, Series 1996,
5.500%, 7/01/09 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.4% (3.7% OF TOTAL INVESTMENTS)
2,665 Albany Municipal Water Finance Authority, New York, 6/08 at 100.00 AAA 2,803,260
Second Resolution Revenue Bonds, Series 2003A,
5.250%, 12/01/18 - MBIA Insured
2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,359,029
Water and Sewerage System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
1,500 Niagara Falls Public Water Authority, New York, Water 7/15 at 100.00 AAA 1,580,022
and Sewerage Revenue Bonds, Series 2005,
5.000%, 7/15/28 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 166,815 Total Long-Term Investments (cost $170,869,417) - 144.8% 180,538,671
=============-----------------------------------------------------------------------------------------------------------------------
52
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION(1) RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.4% (1.0% OF TOTAL INVESTMENTS)
$ 1,750 Puerto Rico Government Development Bank, Adjustable A-1 $ 1,750,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.610%, 12/01/15 - MBIA Insured +
------------------------------------------------------------------------------------------------------------------------------------
$ 1,750 Total Short-Term Investments (cost $1,750,000) 1,750,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $172,619,417) - 146.2% 182,288,671
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.7% 3,380,320
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.9)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 124,668,991
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) rated, at the
time of investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
(DD) Portion of security purchased on a delayed delivery basis.
+ 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.
See accompanying notes to financial statements.
53
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.6% (3.1% OF TOTAL INVESTMENTS)
$ 360 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 372,949
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,586,970
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 477,301
Series 1999-1, 6.250%, 7/15/34
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.2% (14.9% OF TOTAL INVESTMENTS)
1,000 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,048,710
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,101,110
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 416,847
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 2,199,500
Revenue 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, Second 7/10 at 101.00 AAA 1,126,180
General Resolution Consolidated Revenue Refunding Bonds,
City University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,069,040
Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 -
RAAI Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,033,340
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue 7/12 at 100.00 Aaa 2,707,775
Bonds, Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.6% (14.5% OF TOTAL INVESTMENTS)
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 549,330
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 AAA 2,864,638
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
500 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 525,670
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
830 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 908,975
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 26,432
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 791,790
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 A3 525,375
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,082,700
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 AAA 3,116,760
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.7% OF TOTAL INVESTMENTS)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,259,951
Nursing Home Mortgage Revenue Bonds, Shorefront
Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
54
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.3% (5.6% OF TOTAL INVESTMENTS)
$ 2,400 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA $ 2,524,728
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
225 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 244,760
Series 2006C, 5.000%, 8/01/16 - FSA Insured
1,500 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 1,600,875
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 40.9% (27.4% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,985,710
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,059,210
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 586,622
Revenue Bonds, Series 2003, 5.500%, 1/01/34
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,281,280
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,117,220
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 154,409
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,360,473
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,256,230
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
950 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 1,092,633
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
100 New York State Urban Development Corporation, Revenue 1/08 at 102.00 AAA 104,870
Refunding Bonds, Correctional Capital Facilities, Series 1998,
5.000%, 1/01/20 - MBIA Insured
2,000 New York State Urban Development Corporation, Service No Opt. Call AA- 2,172,800
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) New York
City Sales Tax Asset Receivable Corporation, New York, Dedicated
Revenue Bonds, Local Government Assistance Corporation, Series
2004A:
610 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 648,040
555 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 588,322
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,306,848
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- 818,715
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.1% (5.4% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,061,480
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/25 - FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,213,103
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 23.5% (15.7% OF TOTAL INVESTMENTS)
100 Erie County Water Authority, New York, Water Revenue 12/09 at 100.00 AAA 117,691
Bonds, Series 1990B, 6.750%, 12/01/14 - AMBAC Insured
195 New York, General Obligation Bonds, Series 1998B, 3/08 at 101.00 AAA 205,836
5.000%, 3/01/17 (Pre-refunded to 3/01/08) - AMBAC Insured
990 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,069,467
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,735,850
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
55
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS September 30, 2005
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** (continued)
$ 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA $ 3,814,650
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
to 4/01/12) - AMBAC Insured
New York State Urban Development Corporation, State
Personal Income Tax Revenue Bonds, State
Facilities and Equipment, Series 2002C-1:
1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,126,850
1,000 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,126,850
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,162,427
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded to 1/01/12) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.1% (10.8% OF TOTAL INVESTMENTS)
4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,206,840
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,134,340
Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,149,220
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.3% (0.9% OF TOTAL INVESTMENTS)
640 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA 674,145
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 73,045 Total Long-Term Investments (cost $75,178,561) - 149.0% 78,493,837
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.3% 1,188,490
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.3)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 52,682,327
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) rated, at the
time of investment, within the four highest grades (Baa or
BBB or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* 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.
** Ratings (not covered by the report of independent registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
See accompanying notes to financial statements.
56
Statement of
ASSETS AND LIABILITIES September 30, 2005
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $399,126,154, $522,871,276
and $535,650,940, respectively) $419,145,614 $557,199,837 $567,256,540
Cash 1,273,349 1,432,025 13,138
Receivables:
Interest 5,760,369 7,348,152 7,562,004
Investments sold 60,000 135,000 60,000
Other assets 36,241 44,589 54,226
------------------------------------------------------------------------------------------------------------------------------------
Total assets 426,275,573 566,159,603 574,945,908
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 710,924 779,383 789,915
Accrued expenses:
Management fees 220,130 290,730 295,141
Other 105,293 129,281 130,919
Preferred share dividends payable 36,503 25,420 32,502
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,072,850 1,224,814 1,248,477
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $281,202,723 $371,934,789 $376,697,431
====================================================================================================================================
Common shares outstanding 17,720,933 23,435,202 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.87 $ 15.87 $ 15.64
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837
Paid-in surplus 248,922,800 327,923,797 335,102,933
Undistributed (Over-distribution of) net investment income 1,076,914 1,962,665 2,027,816
Accumulated net realized gain (loss) from investments and forward swaps 11,006,340 7,485,414 7,720,245
Net unrealized appreciation of investments 20,019,460 34,328,561 31,605,600
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $281,202,723 $371,934,789 $376,697,431
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
ASSETS AND LIABILITIES September 30, 2005 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $184,169,497, $172,619,417
and $75,178,561, respectively) $193,335,321 $182,288,671 $78,493,837
Cash 814,417 1,079,738 308,517
Receivables:
Interest 2,636,034 2,382,633 920,873
Investments sold -- 60,000 --
Other assets 17,071 7,111 3,444
------------------------------------------------------------------------------------------------------------------------------------
Total assets 196,802,843 185,818,153 79,726,671
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 210,644 61,473 --
Accrued expenses:
Management fees 103,291 51,533 26,078
Other 54,593 31,642 16,267
Preferred share dividends payable 13,856 4,514 1,999
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 382,384 149,162 44,344
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $131,420,459 $124,668,991 $52,682,327
====================================================================================================================================
Common shares outstanding 8,329,215 7,957,934 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.78 $ 15.67 $ 15.00
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128
Paid-in surplus 118,406,693 112,920,342 49,501,696
Undistributed (Over-distribution of) net investment income 602,243 279,899 (109,502)
Accumulated net realized gain (loss) from investments and forward swaps 3,162,407 1,719,917 (60,271)
Net unrealized appreciation of investments 9,165,824 9,669,254 3,315,276
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $131,420,459 $124,668,991 $52,682,327
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
58
Statement of
OPERATIONS Year Ended September 30, 2005
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 20,193,034 $27,147,203 $26,857,086
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,695,595 3,548,641 3,601,413
Preferred shares - auction fees 360,000 482,500 492,500
Preferred shares - dividend disbursing agent fees 30,000 30,000 40,000
Shareholders' servicing agent fees and expenses 40,148 42,922 40,897
Custodian's fees and expenses 116,851 139,058 131,644
Directors'/Trustees' fees and expenses 7,799 10,191 10,502
Professional fees 24,819 30,191 30,028
Shareholders' reports - printing and mailing expenses 30,226 33,284 40,735
Stock exchange listing fees 10,569 10,550 10,513
Investor relations expense 53,329 74,619 76,373
Portfolio insurance expense -- 17,346 --
Other expenses 31,878 38,385 52,416
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,401,214 4,457,687 4,527,021
Custodian fee credit (31,972) (25,471) (17,022)
Expense reimbursement -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,369,242 4,432,216 4,509,999
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 16,823,792 22,714,987 22,347,087
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments 11,280,637 7,520,987 7,715,858
Net realized gain (loss) from forward swaps -- -- --
Change in net unrealized appreciation (depreciation)
of investments (14,661,338) (9,640,550) (9,585,443)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (3,380,701) (2,119,563) (1,869,585)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,241,432) (3,192,789) (3,322,753)
From accumulated net realized gains from investments (207,408) (165,437) (134,345)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (2,448,840) (3,358,226) (3,457,098)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 10,994,251 $17,237,198 $17,020,404
====================================================================================================================================
See accompanying notes to financial statements.
59
Statement of
OPERATIONS Year Ended September 30, 2005 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,195,424 $ 8,686,065 $3,558,078
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,261,538 1,187,373 510,297
Preferred shares - auction fees 162,500 152,500 67,500
Preferred shares - dividend disbursing agent fees 20,000 10,000 10,000
Shareholders' servicing agent fees and expenses 15,511 1,994 879
Custodian's fees and expenses 52,461 47,152 21,467
Directors'/Trustees' fees and expenses 3,589 3,444 1,436
Professional fees 16,018 15,985 11,824
Shareholders' reports - printing and mailing expenses 13,550 16,015 9,405
Stock exchange listing fees 10,534 677 299
Investor relations expense 26,910 25,147 10,089
Portfolio insurance expense -- -- --
Other expenses 19,360 17,361 11,234
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,601,971 1,477,648 654,430
Custodian fee credit (6,291) (12,956) (5,810)
Expense reimbursement -- (558,841) (249,544)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,595,680 905,851 399,076
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,599,744 7,780,214 3,159,002
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments 3,350,095 1,654,938 194,563
Net realized gain (loss) from forward swaps -- -- (164,162)
Change in net unrealized appreciation (depreciation)
of investments (4,007,124) (804,193) 748,362
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- 71,962
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (657,029) 850,745 850,725
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (977,190) (1,006,110) (443,675)
From accumulated net realized gains from investments (91,205) (58,911) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (1,068,395) (1,065,021) (443,675)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 5,874,320 $ 7,565,938 $3,566,052
====================================================================================================================================
See accompanying notes to financial statements.
60
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
9/30/05 9/30/04 9/30/05 9/30/04 9/30/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 16,823,792 $ 18,125,685 $ 22,714,987 $ 23,637,267 $ 22,347,087 $ 23,595,365
Net realized gain (loss)
from investments 11,280,637 4,736,769 7,520,987 2,941,892 7,715,858 2,239,339
Net realized gain (loss)
from forward swaps -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments (14,661,338) (2,838,817) (9,640,550) 1,637,824 (9,585,443) (195,181)
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- -- --
Distributions to
Preferred Shareholders:
From net investment income (2,241,432) (870,812) (3,192,789) (1,360,284) (3,322,753) (1,396,624)
From accumulated net
realized gains
from investments (207,408) (486,403) (165,437) (466,684) (134,345) (373,896)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 10,994,251 18,666,422 17,237,198 26,390,015 17,020,404 23,869,003
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (16,586,798) (17,494,722) (21,419,779) (22,362,742) (21,167,079) (22,127,646)
From accumulated net
realized gains
from investments (4,864,391) (7,179,886) (2,999,710) (6,416,699) (2,167,643) (6,168,948)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common shares
from distributions
to Common shareholders (21,451,189) (24,674,608) (24,419,489) (28,779,441) (23,334,722) (28,296,594)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 355,427 -- 232,115 -- --
Preferred shares offering costs -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- 355,427 -- 232,115 -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (10,456,938) (5,652,759) (7,182,291) (2,157,311) (6,314,318) (4,427,591)
Net assets applicable
to Common shares at
the beginning of year 291,659,661 297,312,420 379,117,080 381,274,391 383,011,749 387,439,340
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $281,202,723 $291,659,661 $371,934,789 $379,117,080 $376,697,431 $383,011,749
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 1,076,914 $ 3,114,014 $ 1,962,665 $ 4,047,545 $ 2,027,816 $ 4,186,397
====================================================================================================================================
See accompanying notes to financial statements.
61
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
9/30/05 9/30/04 9/30/05 9/30/04 9/30/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,599,744 $ 8,129,299 $ 7,780,214 $ 7,795,395 $ 3,159,002 $ 3,232,605
Net realized gain (loss)
from investments 3,350,095 1,514,151 1,654,938 910,091 194,563 (11,945)
Net realized gain (loss)
from forward swaps -- -- -- -- (164,162) --
Change in net unrealized
appreciation (depreciation)
of investments (4,007,124) (902,484) (804,193) 1,836,211 748,362 1,272,870
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- 71,962 (71,962)
Distributions to
Preferred Shareholders:
From net investment income (977,190) (476,973) (1,006,110) (473,203) (443,675) (229,692)
From accumulated net
realized gains
from investments (91,205) -- (58,911) (75,265) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 5,874,320 8,263,993 7,565,938 9,993,229 3,566,052 4,191,876
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (7,358,861) (7,693,168) (6,835,866) (7,114,393) (2,701,380) (3,045,010)
From accumulated net
realized gains
from investments (1,528,887) -- (921,520) (918,355) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common shares
from distributions
to Common shareholders (8,887,748) (7,693,168) (7,757,386) (8,032,748) (2,701,380) (3,045,010)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 128,469 -- -- -- 25,784
Preferred shares offering costs -- -- -- (1,429) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- 128,469 -- (1,429) -- 25,784
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (3,013,428) 699,294 (191,448) 1,959,052 864,672 1,172,650
Net assets applicable to Common
shares at the beginning
of year 134,433,887 133,734,593 124,860,439 122,901,387 51,817,655 50,645,005
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $131,420,459 $134,433,887 $124,668,991 $124,860,439 $52,682,327 $51,817,655
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 602,243 $ 1,340,997 $ 279,899 $ 471,252 $ (109,502) $ (123,449)
====================================================================================================================================
See accompanying notes to financial statements.
62
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York funds (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). All of the Funds' Common shares trade on the New
York Stock Exchange, with the exception of Insured New York Dividend Advantage's
(NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common
shares, which trade 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.
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
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 establishes fair market 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 derivative investments are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or derivative
investment, each Fund may use a market price or fair market value quote provided
by a major broker/dealer in such investments. If it is determined that the
market price or fair market value for an investment are unavailable or
inappropriate, the Board of Directors/Trustees of the Funds, or its designee,
may establish a fair value for the investment. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
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 or 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 and delayed delivery purchase commitments. At September 30, 2005,
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN), Insured New York Premium Income (NNF) and Insured New York
Dividend Advantage (NKO) had outstanding when-issued or delayed delivery
purchase commitments of $710,924, $779,383, $789,915, $210,644, and $61,473,
respectively. There were no such outstanding purchase commitments in Insured New
York Tax-Free Advantage (NRK).
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all 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. All monthly tax-exempt
income dividends paid during the fiscal year ended September 30, 2005, have been
designated Exempt Interest Dividends. Net realized capital gains and ordinary
income distributions paid by the Funds are subject to federal taxation.
63
Notes to
FINANCIAL STATEMENTS (continued)
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 not less frequently than 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.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate paid 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. The number of
Preferred shares outstanding, by Series and in total, for each Fund is as
follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------------------
Number of shares:
Series M 960 -- 2,200 1,320 -- --
Series T 2,400 1,720 -- 1,280 -- --
Series W -- 2,400 2,200 -- -- --
Series TH -- 3,600 2,400 -- 2,440 1,080
Series F 2,400 -- 1,080 -- -- --
---------------------------------------------------------------------------------------------------------------------
Total 5,760 7,720 7,880 2,600 2,440 1,080
=====================================================================================================================
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest only in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets (including net assets
attributable to Preferred shares) in municipal securities that are covered by
insurance. Each Fund may also invest up to 20% of its net assets (including net
assets applicable to Preferred shares) in municipal securities which are either
(i) backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities, or (ii) rated, at the time of investment, within
the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or
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.
64
Forward Swap Transactions
The Funds may invest in certain derivative financial instruments. The Funds' use
of forward interest rate swap transactions is intended to mitigate the negative
impact that an increase in long-term interest rates could have on Common share
net asset value. Forward interest rate swap transactions involve each Fund's
agreement with the counterparty to pay, in the future, a fixed rate payment in
exchange for the counterparty paying the Fund a variable 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 would increase or decrease in value based
primarily on the extent to which long-term interest rates for bonds having a
maturity of the swaps' termination date were to increase or decrease. The Funds
may close out a contract prior to the effective date, at which point a realized
gain or loss would be 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 minimize 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. At September 30, 2005, the Funds did not have any forward swap contracts
outstanding.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
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
Transactions in Common shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
---------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/05 9/30/04 9/30/05 9/30/04
----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 21,444 -- 14,240
==========================================================================================================
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
---------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/05 9/30/04 9/30/05 9/30/04
----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 7,902
==========================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
----------------------- ------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/05 9/30/04 9/30/05 9/30/04
----------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 1,725
==========================================================================================================
65
Notes to
FINANCIAL STATEMENTS (continued)
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the fiscal year ended September 30, 2005, 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 $126,341,728 $ 96,551,914 $96,730,000 $43,942,102 $21,388,636 $5,606,861
Sales and maturities 133,029,799 101,879,866 94,774,430 47,064,532 24,635,787 5,400,738
=====================================================================================================================
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 the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions.
At September 30, 2005, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Cost of investments $398,887,566 $522,739,110 $535,492,571
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Cost of investments $184,108,444 $172,575,989 $75,342,591
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2005, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $21,203,666 $35,309,579 $32,634,702
Depreciation (945,618) (848,852) (870,733)
--------------------------------------------------------------------------------
Net unrealized appreciation
of investments $20,258,048 $34,460,727 $31,763,969
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $9,607,193 $9,961,594 $3,376,419
Depreciation (380,316) (248,912) (225,173)
--------------------------------------------------------------------------------
Net unrealized appreciation
of investments $9,226,877 $9,712,682 $3,151,246
================================================================================
66
The tax components of undistributed net investment income and net realized gains
at September 30, 2005, 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 * $ 2,106,435 $3,484,665 $3,462,953 $1,108,940 $ 782,123 $97,865
Undistributed net
ordinary income ** -- -- 31,355 -- 4,227 15,427
Undistributed net long-term
capital gains 11,006,407 7,485,414 7,729,456 3,162,408 1,715,690 88,465
=====================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2005, paid on October 31, 2005.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal years ended September
30, 2005 and September 30, 2004, 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
2005 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $19,017,826 $24,849,577 $24,701,084 $8,413,676 $7,899,143 $3,186,364
Distributions from net
ordinary income ** -- -- 22,888 -- 3,793 --
Distributions from net
long-term
capital gains 5,071,799 3,165,147 2,301,988 1,620,092 976,638 --
=====================================================================================================================
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
2004 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $18,166,188 $23,680,573 $23,478,537 $8,168,680 $7,583,654 $3,284,113
Distributions from net
ordinary income ** 184,151 13,244 19,927 -- 408,937 --
Distributions from net
long-term
capital gains 7,666,289 6,883,383 6,542,844 -- 584,683 --
=====================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
67
Notes to
FINANCIAL STATEMENTS (continued)
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of September 30, 2005, the complex-level fee rate was .1898%.
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
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 their 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 Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
68
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 Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. Transactions (C) and (D) above were settled in late July,
which effectively reduced St. Paul Travelers' controlling stake in Nuveen and
was deemed an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and the Adviser, which resulted in the
automatic termination of each agreement under the 1940 Act. In anticipation of
such deemed assignment, the Board of Directors/Trustees had approved new ongoing
investment management agreements for each Fund and the submission of those
agreements for approval by each respective Fund's shareholders, which
shareholder approval was received prior to the settlement of transactions (C)
and (D). The new ongoing management agreements took effect upon such settlement.
7. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 1, 2005, to shareholders of record
on October 15, 2005, 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 $.0695 $.0695 $.0665 $.0665 $.0680 $.0585
=====================================================================================================================
69
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------------------------------------- -----------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to 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:
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)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
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)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 15.90 .93 (.07) (.14) (.01) .71 (.88) (.09) (.97)
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
====================================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value* Value*
============================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
--------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 $ -- $15.87 $14.94 4.08% 3.90%
2004 -- 16.46 15.52 10.21 6.61
2003 -- 16.80 15.38 3.63 5.68
2002 -- 16.92 15.86 14.54 14.52
2001 -- 15.67 14.72 12.44 14.12
NEW YORK SELECT
QUALITY (NVN)
--------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 -- 15.87 14.74 4.93 4.64
2004 -- 16.18 15.04 6.96 7.27
2003 -- 16.28 15.22 4.57 5.63
2002 -- 16.48 15.62 15.35 14.27
2001 -- 15.41 14.50 10.43 11.99
NEW YORK QUALITY
INCOME (NUN)
--------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 -- 15.64 14.53 5.52 4.56
2004 -- 15.90 14.70 6.77 6.41
2003 -- 16.09 14.89 4.37 5.32
2002 -- 16.37 15.35 13.79 14.14
2001 -- 15.20 14.33 12.63 11.39
============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement**
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=======================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 $281,203 1.19% 5.88% 1.18% 5.89% 30%
2004 291,660 1.18 6.26 1.18 6.26 11
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
NEW YORK SELECT
QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 371,935 1.18 6.03 1.18 6.04 17
2004 379,117 1.19 6.31 1.19 6.32 8
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
NEW YORK QUALITY
INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 376,697 1.19 5.86 1.18 5.86 17
2004 383,012 1.19 6.21 1.19 6.21 10
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
=======================================================================================================================
Preferred Shares at End of Period
-----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
===================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-------------------------------------------------------------------
Year Ended 9/30:
2005 $144,000 $25,000 $73,820
2004 144,000 25,000 75,635
2003 144,000 25,000 76,617
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
NEW YORK SELECT
QUALITY (NVN)
-------------------------------------------------------------------
Year Ended 9/30:
2005 193,000 25,000 73,178
2004 193,000 25,000 74,108
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
NEW YORK QUALITY
INCOME (NUN)
-------------------------------------------------------------------
Year Ended 9/30:
2005 197,000 25,000 72,804
2004 197,000 25,000 73,606
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
===================================================================
* Total Investment Return 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. Total Return 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. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
See accompanying notes to financial statements.
70-71 SPREAD
Financial HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
--------------------------------------------------------------- -----------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to 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
PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 $16.14 $ .91 $ (.08) $(.12) $(.01) $ .70 $(.88) $(.18) $(1.06)
2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 15.69 .98 .12 (.13) (.01) .96 (.86) (.12) (.98)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 14.75 .90 .25 (.13) -- 1.02 (.77) -- (.77)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
====================================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value* Value*
==================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 $ -- $15.78 $14.86 4.64% 4.50%
2004 -- 16.14 15.23 7.14 6.40
2003 -- 16.07 15.10 .56 5.26
2002 -- 16.17 15.94 15.88 12.21
2001 -- 15.26 14.57 15.32 13.11
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 -- 15.67 14.68 9.28 6.23
2004 -- 15.69 14.35 7.55 8.48
2003 -- 15.44 14.30 (.77) 4.01
2002(a) (.13) 15.82 15.39 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 -- 15.00 14.02 8.65 7.05
2004 -- 14.75 13.64 5.83 8.58
2003(b) (.23) 14.42 13.71 (4.40) 5.29
==================================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement**
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===============================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 $131,420 1.20% 5.71% 1.20% 5.71% 22%
2004 134,434 1.21 6.11 1.20 6.11 16
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 124,669 1.18 5.75 .72 6.21 12
2004 124,860 1.20 5.91 .74 6.37 9
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005 52,682 1.25 5.53 .76 6.01 7
2004 51,818 1.26 5.85 .76 6.35 16
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
===============================================================================================================================
Preferred Shares at End of Period
-----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
========================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
------------------------------------------------------------------------
Year Ended 9/30:
2005 $65,000 $25,000 $75,546
2004 65,000 25,000 76,705
2003 65,000 25,000 76,436
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------
Year Ended 9/30:
2005 61,000 25,000 76,094
2004 61,000 25,000 76,172
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------
Year Ended 9/30:
2005 27,000 25,000 73,780
2004 27,000 25,000 72,979
2003(b) 27,000 25,000 71,894
========================================================================
* Annualized.
** Total Investment Return 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. Total Return 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. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
72-73 SPREAD
Board Members
AND 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
has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger(1) Chairman of 1994 Chairman (since 1996) and Director of Nuveen Investments, 155
3/28/49 the Board Inc., Nuveen Investments, LLC, Nuveen Advisory Corp. and
333 W. Wacker Drive and Trustee Nuveen Institutional Advisory Corp.(3); Director (since 1996)
Chicago, IL 60606 of Institutional Capital Corporation; Chairman and Director
(since 1997) of Nuveen Asset Management; Chairman and
Director of Rittenhouse Asset Management, Inc. (since 1999);
Chairman of Nuveen Investments Advisers Inc. (since 2002).
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Board member 1997 Private Investor and Management Consultant. 155
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Board member 1993 Retired (since 1989) as Senior Vice President of The 155
7/29/34 Northern Trust Company; Director (since 2002) Community
333 W. Wacker Drive Advisory Board for Highland Park and Highwood, United
Chicago, IL 60606 Way of the North Shore.
------------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a private philanthropic 155
10/22/48 corporation (since 1996); Director and Vice Chairman, United
333 W. Wacker Drive Fire Group, a publicly held company; Adjunct Faculty Member,
Chicago, IL 60606 University of Iowa; Director, Gazette Companies; Life Trustee
of Coe College; Director, Iowa College Foundation; formerly,
Director, Alliant Energy; formerly, Director, Federal Reserve
Bank of Chicago; formerly, President and Chief Operating Officer,
SCI Financial Group, Inc., a regional financial services firm.
------------------------------------------------------------------------------------------------------------------------------------
William C. Hunter Board member 2004 Dean and Distinguished Professor of Finance, School of 155
3/6/48 Business at the University of Connecticut (since 2002);
333 W. Wacker Drive previously, Senior Vice President and Director of Research
Chicago, IL 60606 at the Federal Reserve Bank of Chicago (1995-2003); Director
(since 1997), Credit Research Center at Georgetown University;
Director (since 2004) of Xerox Corporation.
------------------------------------------------------------------------------------------------------------------------------------
David J. Kundert Board member 2005 Retired (since 2004) as Chairman, JPMorgan Fleming Asset 153
10/28/42 Management, President and CEO, Banc One Investment
333 W. Wacker Drive Advisors Corporation, and President, One Group Mutual
Chicago, IL 60606 Funds; prior thereto, Executive Vice President, Banc One
Corporation and Chairman and CEO, Banc One Investment
Management Group; Board of Regents, Luther College;
currently a member of the American and Wisconsin Bar
Associations.
74
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Board member 1997 Chairman, formerly, Senior Partner and Chief Operating 155
9/24/44 Officer (retired, December 2004), Miller-Valentine Partners
333 W. Wacker Drive Ltd., a real estate investment company; formerly, Vice
Chicago, IL 60606 President, Miller-Valentine Realty, a construction company;
Chair of the Finance Committee and member of the Audit
Committee of Premier Health Partners, the not-for-profit
company of Miami Valley Hospital; President, Dayton
Philharmonic Orchestra Association; Board Member,
Regional Leaders Forum, which promotes cooperation on
economic development issues; Director and Immediate
Past Chair, Dayton Development Coalition; formerly, Member,
Community Advisory Board, National City Bank, Dayton,
Ohio and Business Advisory Council, Cleveland Federal
Reserve Bank.
------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Board member 1997 Executive Director, Gaylord and Dorothy Donnelley 155
12/29/47 Foundation (since 1994); prior thereto, Executive Director,
333 W. Wacker Drive Great Lakes Protection Fund (from 1990 to 1994).
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Eugene S. Sunshine Board member 2005 Senior Vice President for Business and Finance, 155
1/22/50 Northwestern University (since 1997); Director (since 2003),
333 W. Wacker Drive Chicago Board Options Exchange; Director (since 2003),
Chicago, IL 60606 National Mentor Holdings, a privately-held, national provider
of home and community-based services; Chairman (since
1997), Board of Directors, Rubicon, a pure captive insurance
company owned by Northwestern University; Director (since
1997), Evanston Chamber of Commerce and Evanston
Inventure, a business development organization.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUND:
------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary and 155
9/9/56 Administrative Associate General Counsel, formerly, Vice President and
333 W. Wacker Drive Officer Assistant General Counsel, of Nuveen Investments, LLC;
Chicago, IL 60606 Managing Director (2002-2004), General Counsel (1998-2004)
and Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.(3);
Managing Director (since 2002) and Assistant Secretary and
Associate General Counsel, formerly, Vice President (since
1997), of Nuveen Asset Management; Managing Director
(since 2004) and Assistant Secretary (since 1994) of Nuveen
Investments, Inc.; Assistant Secretary of NWQ Investment
Management Company, LLC. (since 2002); Vice President and
Assistant Secretary of Nuveen Investments Advisers Inc.
(since 2002); Managing Director, Associate General Counsel
and Assistant Secretary of Rittenhouse Asset Management,
Inc. (since 2003); Chartered Financial Analyst.
75
Board Members
AND OFFICERS (CONTINUED)
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
Julia L. Antonatos Vice President 2004 Managing Director (since 2005), formerly Vice President 155
9/22/63 (since 2002); formerly, Assistant Vice President (since 2000)
333 W. Wacker Drive of Nuveen Investments, LLC; Chartered Financial Analyst.
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant Vice 155
2/3/66 and Assistant President (since 2000) of Nuveen Investments, LLC.
333 W. Wacker Drive Secretary
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 1999); Vice 155
11/28/67 and Treasurer President and Treasurer (since 1999) of Nuveen Investments,
333 W. Wacker Drive Inc.; Vice President and Treasurer (1999-2004) of Nuveen
Chicago, IL 60606 Advisory Corp. and Nuveen Institutional Advisory Corp.(3);
Vice President and Treasurer of Nuveen Asset Management
(since 2002) and of Nuveen Investments Advisers Inc. (since
2002); Assistant Treasurer of NWQ Investment Management
Company, LLC. (since 2002); Vice President and Treasurer of
Nuveen Rittenhouse Asset Management, Inc. (since 2003);
Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 1998 Vice President (since 2002), Assistant Secretary and 155
9/24/64 and Secretary Assistant General Counsel (since 1998) formerly, Assistant
333 W. Wacker Drive Vice President (since 1998) of Nuveen Investments, LLC;
Chicago, IL 60606 Vice President (2002-2004) and Assistant Secretary (1998-2004)
formerly, Assistant Vice President of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp.(3); Vice President and
Assistant Secretary (since 2005) of Nuveen Asset Management.
------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Managing Director (since 2004), formerly, Vice President of 155
10/24/45 Nuveen Investments, LLC, Managing Director (2004) formerly,
333 W. Wacker Drive Vice President (1998-2004) of Nuveen Advisory Corp. and
Chicago, IL 60606 Nuveen Institutional Advisory Corp.(3); Managing Director
(since 2005) of Nuveen Asset Management.
------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002), formerly, Vice President of 155
3/2/64 Nuveen Investments; Managing Director (1997-2004) of
333 W. Wacker Drive Nuveen Advisory Corp. and Nuveen Institutional Advisory
Chicago, IL 60606 Corp.(3); Managing Director of Nuveen Asset Management
(since 2001); Vice President of Nuveen Investments Advisers
Inc. (since 2002); Chartered Financial Analyst.
------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller (since 1998) 155
5/31/54 and Controller of Nuveen Investments, LLC; formerly, Vice President and
333 W. Wacker Drive Funds Controller (1998-2004) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
------------------------------------------------------------------------------------------------------------------------------------
James D. Grassi Vice President 2004 Vice President and Deputy Director of Compliance (since 2004) 155
4/13/56 and Chief of Nuveen Investments, LLC, Nuveen Investments Advisers Inc.,
333 W. Wacker Drive Compliance Nuveen Asset Management and Rittenhouse Asset Management,
Chicago, IL 60606 Officer Inc.; previously, Vice President and Deputy Director of Compliance
(2004) of Nuveen Advisory Corp. and Nuveen Institutional Advisory
Corp.(3); formerly, Senior Attorney (1994-2004), The Northern
Trust Company.
76
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 155
3/22/63 LLC; Certified Public Accountant.
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President of Nuveen Investments, LLC (since 1999). 155
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant General 155
7/27/51 and Assistant Counsel of Nuveen Investments, LLC; Vice President and
333 W. Wacker Drive Secretary Assistant Secretary of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.(3); Vice President (since 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); Assistant Secretary of NWQ Investment
Management Company, LLC (since 2002).
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and board member
of the Adviser.
(2) Board members serve an indefinite term until his/her successor is elected.
The year first elected or appointed represents the year in which the board
member was first elected or appointed to any fund in the Nuveen Complex.
(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.
77
ANNUAL INVESTMENT
MANAGEMENT AGREEMENT
APPROVAL PROCESS
At a meeting held on May 10-12, 2005, the Board of Trustees of the Funds,
including the independent Trustees, unanimously approved the Investment
Management Agreement between each Fund and NAM.
THE APPROVAL PROCESS
To assist the Board in its evaluation of an advisory contract with NAM, the
independent Trustees received a report in adequate time in advance of their
meeting which outlined, among other things, the services provided by NAM; the
organization of NAM, including the responsibilities of various departments and
key personnel; the Fund's past performance as well as the Fund's performance
compared to funds of similar investment objectives compiled by an independent
third party (a "Peer Group") and if available, with recognized or, in certain
cases, customized benchmarks; the profitability of NAM and certain industry
profitability analyses for advisers to unaffiliated investment companies; the
expenses of NAM in providing the various services; the management fees of NAM,
including comparisons of such fees with the management fees of comparable funds
in its Peer Group as well as comparisons of NAM's management fees with the fees
NAM assesses to other types of investment products or accounts, if any; the soft
dollar practices of NAM; and the expenses of each Fund, including comparisons of
the Fund's expense ratios (after any fee waivers) with the expense ratios of its
Peer Group. This information supplements that received by the Board throughout
the year regarding Fund performance, expense ratios, portfolio composition,
trade execution and sales activity.
In addition to the foregoing materials, independent legal counsel to the
independent Trustees provided, in advance of the meeting, a legal memorandum
outlining, among other things, the duties of the Trustees under the 1940 Act as
well as the general principles of relevant state law in reviewing and approving
advisory contracts; the requirements of the 1940 Act in such matters; an
adviser's fiduciary duty with respect to advisory agreements and compensation;
the standards used by courts in determining whether investment company boards of
directors have fulfilled their duties and factors to be considered by the board
in voting on advisory agreements.
At the Board meeting, NAM made a presentation to and responded to questions from
the Board. After the presentations and after reviewing the written materials,
the independent Trustees met privately with their legal counsel to review the
Board's duties in reviewing advisory contracts and consider the renewal of the
advisory contracts. It is with this background that the Trustees considered each
Investment Management Agreement with NAM. The independent Trustees, in
consultation with independent counsel, reviewed the factors set out in judicial
decisions and SEC directives relating to the renewal of advisory contracts. As
outlined in more detail below, the Trustees considered all factors they believed
relevant with respect to each Fund, including the following: (a) the nature,
extent and quality of the services to be provided by NAM; (b) the investment
performance of the Fund and NAM; (c) the costs of the services to be provided
and profits to be realized by NAM and its affiliates from the relationship with
the Fund; (d) the extent to which economies of scale would be realized as the
Fund grows; and (e) whether fee levels reflect these economies of scale for the
benefit of Fund investors.
A. NATURE, EXTENT AND QUALITY OF SERVICES
In evaluating the nature, extent and quality of NAM's services, the Trustees
reviewed information concerning the types of services that NAM or its affiliates
provide and are expected to provide to the Nuveen Funds; narrative and
statistical information concerning the Fund's performance record and how such
performance compares to the Fund's Peer Group and, if available, recognized
benchmarks or, in certain cases, customized benchmarks (as described in further
detail in Section B below); information describing NAM's organization and its
various departments, the experience and responsibilities of key personnel, and
available resources. In the discussion of key personnel, the Trustees received
materials regarding the changes or additions in personnel of NAM. The Trustees
further noted the willingness of the personnel of NAM to engage in open, candid
discussions with the Board. The Trustees further considered the quality of NAM's
investment process in making portfolio management decisions, including any
refinements or improvements to the portfolio management processes, enhancements
to technology and systems that are available to portfolio managers, and any
additions of new personnel which may strengthen or expand the research and
investment capabilities of NAM. In their review of advisory contracts for the
fixed income funds, such as the Funds, the Trustees also noted that Nuveen won
the Lipper Award for Best Fund Family: Fixed Income-Large Asset Class, for 2004.
Given the Trustees' experience with the Funds, other Nuveen funds and NAM, the
Trustees noted that they were familiar with and continue to have a good
understanding of the organization, operations and personnel of NAM.
In addition to advisory services, the independent Trustees considered the
quality of the administrative or non-advisory services provided. In this regard,
NAM provides the Funds with such administrative and other services (exclusive
of, and in addition to, any such services provided by others for the Funds) and
officers and other personnel as are necessary for the operations of the
respective Fund. In addition to investment management services, NAM and its
affiliates provide each Fund with a wide range of services, including:
78
preparing shareholder reports; providing daily accounting; providing quarterly
financial statements; overseeing and coordinating the activities of other
service providers; administering and organizing Board meetings and preparing the
Board materials for such meetings; providing legal support (such as helping to
prepare registration statements, amendments thereto and proxy statements and
responding to regulatory inquiries); and performing other Fund administrative
tasks necessary for the operation of the respective Fund (such as tax reporting
and fulfilling regulatory filing requirements). In addition, in evaluating the
administrative services, the Trustees considered, in particular, NAM's policies
and procedures for assuring compliance with applicable laws and regulations in
light of the new SEC regulations governing compliance. The Trustees noted NAM's
focus on compliance and its compliance systems. In their review, the Trustees
considered, among other things, the additions of experienced personnel to NAM's
compliance group and modifications and other enhancements to NAM's computer
systems. In addition to the foregoing, the Trustees also noted that NAM
outsources certain services that cannot be replicated without significant costs
or at the same level of expertise. Such outsourcing has been a beneficial and
efficient use of resources by keeping expenses low while obtaining quality
services.
In addition to the above, in reviewing the variety of additional services that
NAM or its affiliates must provide to closed-end funds, such as the Funds, the
independent Trustees determined that Nuveen's commitment to supporting the
secondary market for the common shares of its closed-end funds is particularly
noteworthy. In this regard, the Trustees noted Nuveen's efforts to sponsor
numerous forums for analysts and specialists regarding the various Nuveen
closed-end funds, its creation of a new senior position dedicated to providing
secondary market support services and enhancing communications with investors
and analysts, and its advertising and media relations efforts designed to raise
investor and analyst awareness of the closed-end funds.
With respect to services provided to municipal funds, such as the Funds, the
Trustees also noted, among other things, the enhancements NAM implemented to its
municipal portfolio management processes (e.g., the increased use of benchmarks
to guide and assess the performance of its portfolio managers); the
implementation of a risk management program; and the various initiatives being
undertaken to enhance or modify NAM's computer systems as necessary to support
the innovations of the municipal investment team (such as, the ability to assess
certain historical data in order to create customized benchmarks, perform
attribution analysis and facilitate the use of derivatives as hedging
instruments). With respect to certain of the Nuveen funds with a less seasoned
portfolio, the Trustees also noted the hedging program implemented for such
funds and the team responsible for developing, implementing and monitoring the
hedging procedures. The hedging program was designed to help maintain the
applicable fund's duration within certain benchmarks.
Based on their review, the Trustees found that, overall, the nature, extent and
quality of services provided (and expected to be provided) to the Funds under
the Investment Management Agreements were of a high level and were quite
satisfactory.
B. THE INVESTMENT PERFORMANCE OF THE FUND AND ADVISER
As previously noted, the Board received a myriad of performance information
regarding each Fund and its Peer Group, if available. Among other things, the
Board received materials reflecting a Fund's historic performance, the Fund's
performance compared to its Peer Group and, if available, its performance
compared to recognized and, in certain cases, customized benchmarks. Further, in
evaluating the performance information, in certain limited instances, the
Trustees noted that the closest Peer Group for a Fund still would not adequately
reflect such Fund's investment objectives and strategies, thereby limiting the
usefulness of the comparisons of such Fund's performance with that of the Peer
Group.
For state municipal funds, such as the Funds, the performance data included,
among other things, the respective Fund's performance relative to its peers.
More specifically, a Fund's one-, three- and five-year total returns (as
available) for the periods ending December 31, 2004 were evaluated relative to
the unaffiliated funds in its respective Peer Group (including the returns of
individual peers as well as the Peer Group average) as well as additional
performance information with respect to all the funds in the Peer Group, subject
to the following. Certain state municipal Nuveen funds do not have a
corresponding Peer Group in which case their performance is measured against a
state-specific municipal index compiled by an independent third party. Such
indices measure bond performance rather than fund performance. The closed-end
funds that utilize such indices are from Connecticut, Georgia, Maryland,
Missouri, North Carolina, Texas and Virginia. Based on their review, the
Trustees determined that each Fund's absolute and relative investment
performance over time had been satisfactory.
C. FEES, EXPENSES AND PROFITABILITY
1. FEES AND EXPENSES
In evaluating the management fees and expenses that a Fund is expected to
bear, the Trustees considered the Fund's current management fee structure and
the Fund's expected expense ratios in absolute terms as well as compared with
the fees and expense ratios of the unaffiliated funds in its Peer Group. The
Trustees reviewed the financial information of NAM, including its respective
revenues, expenses and profitability. In reviewing fees, the Trustees, among
other things, reviewed comparisons of the Fund's gross management fees (fees
after fund-level and complex-wide level breakpoints but before reimbursements
and fee waivers), net management fees (after breakpoints and reimbursements
and fee waivers) and total expense ratios (before and after waivers) with
those of the unaffiliated funds in the Peer Group and peer averages. In this
regard, the Trustees noted that the relative ranking of the Nuveen funds on
fees and expenses was aided by the significant level of fee reductions
provided by the fund-level and complex-wide breakpoint schedules, and the fee
waivers and reimbursements provided by Nuveen for certain funds launched
since 1999. The complex-wide breakpoint schedule was instituted in 2004 and
is described in further detail below in Section D entitled "Economies of
Scale and Whether Fee Levels Reflect these Economies of Scale." In their
review of the fee and expense information provided, including, in particular,
the expense ratios of the unaffiliated funds in the respective Peer Group,
the Trustees determined that each Fund's net total expense ratio was within
an acceptable range compared to such peers.
79
ANNUAL INVESTMENT MANAGEMENT
AGREEMENT APPROVAL PROCESS (continued)
2. COMPARISONS WITH THE FEES OF OTHER CLIENTS
The Trustees further compared the fees of NAM to the fees NAM assessed for
other types of clients investing in municipal funds (such as municipal
managed accounts). With respect to such separately managed accounts, the
advisory fees for such accounts are generally lower than those charged to the
comparable Fund. The Trustees noted, however, the additional services that
are provided and the costs incurred by Nuveen in managing and operating
registered investment companies, such as the Funds, compared to individually
managed separate accounts. For instance, as described above, NAM and its
affiliates provide numerous services to the Funds including, but not limited
to, preparing shareholder reports; providing daily accounting; preparing
quarterly financial statements; overseeing and coordinating the activities of
other service providers; administering and organizing Board meetings and
preparing the Board materials for such meetings; providing legal support; and
administering all other aspects of the Fund's operations. Further, the
Trustees noted the increased compliance requirements for funds in light of
new SEC regulations and other legislation. These services are generally not
required to the same extent, if at all, for separate accounts. In addition to
the differences in services, the Trustees also considered, among other
things, the differences in product distribution, investment policies,
investor profiles and account sizes. Accordingly, the Trustees believe that
the nature and number of services provided to operate a Fund merit the higher
fees than those to separate managed accounts.
3. PROFITABILITY OF ADVISER
In conjunction with its review of fees, the Trustees also considered NAM's
profitability. The Trustees reviewed NAM's revenues, expenses and
profitability margins (on both a pre-tax and after-tax basis). In reviewing
profitability, the Trustees recognized that one of the most difficult issues
in determining profitability is establishing a method of allocating expenses.
Accordingly, the Trustees reviewed NAM's assumptions and methodology of
allocating expenses. In this regard, the methods of allocation used appeared
reasonable but the Board noted the inherent limitations in allocating costs
among various advisory products. The Trustees also recognized that individual
fund or product line profitability of other advisers is generally not
publicly available. Further, profitability may be affected by numerous
factors including the types of funds managed, expense allocations, business
mix, etc. and therefore comparability of profitability is somewhat limited.
Nevertheless, to the extent available, the Trustees considered NAM's profit
margin compared to the profitability of various publicly-traded investment
management companies and/or investment management companies that publicly
disclose some or all of their financial results compiled by three independent
third-party service providers. The Trustees also reviewed the revenues,
expenses and profit margins of various unaffiliated advisory firms with
similar amounts of assets under management for the last year prepared by NAM.
Based on their review, the Trustees were satisfied that NAM's level of
profitability from its relationship with each Fund was reasonable in light of
the services provided.
In evaluating the reasonableness of the compensation, the Trustees also
considered any other revenues paid to NAM as well as any indirect benefits
(such as soft dollar arrangements, if any) NAM and its affiliates are
expected to receive that are directly attributable to their management of the
Funds, if any. See Section E below for additional information. Based on their
review of the overall fee arrangements of the applicable Fund, the Trustees
determined that the advisory fees and expenses of the respective Fund were
reasonable.
D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE
In reviewing the compensation, the Trustees have long understood the benefits of
economies of scale as the assets of a fund grow and have sought to ensure that
shareholders share in these benefits. One method for shareholders to share in
economies of scale is to include breakpoints in the advisory fee schedules that
reduce fees as fund assets grow. Accordingly, the Trustees received and reviewed
the schedules of advisory fees for each Fund, including fund-level breakpoints
thereto. In addition, after lengthy negotiations with management, the Board in
May 2004 approved a complex-wide fee arrangement pursuant to which fees of the
funds in the Nuveen complex, including the Funds, are reduced as the assets in
the fund complex reach certain levels. The complex-wide fee arrangement was
introduced on August 1, 2004 and the Trustees reviewed data regarding the
reductions of fees for the Funds for the period of August 1, 2004 to December
31, 2004. In evaluating the complex-wide fee arrangement, the Trustees
considered, among other things, the historic and expected fee savings to
shareholders as assets grow, the amount of fee reductions at various asset
levels, and that the arrangement would extend to all Funds in the Nuveen
complex. The Trustees also considered the impact, if any, the complex-wide fee
arrangement may have on the level of services provided. Based on their review,
the Trustees concluded that the breakpoint schedule and complex-wide fee
arrangement currently was acceptable and desirable in providing benefits from
economies of scale to shareholders.
80
E. INDIRECT BENEFITS
In evaluating fees, the Trustees also considered any indirect benefits or
profits NAM or its affiliates may receive as a result of its relationship with
each Fund. In this regard, the Trustees considered any benefits from soft dollar
arrangements. The Trustees noted that although NAM manages a large amount of
assets, it has very little, if any, brokerage to allocate. This is due to the
fact that NAM typically manages the portfolios of the municipal funds in the
Nuveen complex and municipal bonds generally trade on a principal basis.
Accordingly, NAM does not currently have any soft dollar arrangements and does
not pay excess brokerage commissions (or spreads on principal transactions) in
order to receive research services. In addition to soft dollar arrangements, the
Trustees also considered any other revenues, if any, received by NAM or its
affiliates. With respect to Funds with outstanding preferred shares and new
Funds, the Trustees considered revenues received by Nuveen for serving as agent
for broker-dealers at its preferred trading desk and for acting as co-manager in
the initial public offering of new closed-end exchange-traded funds.
F. OTHER CONSIDERATIONS
Nuveen, until recently, was a majority-owned subsidiary of St. Paul Travelers
Companies, Inc. ("St. Paul"). As noted, St. Paul earlier this year announced its
intention to divest its equity stake in Nuveen. Nuveen is the parent of NAM.
Pursuant to a series of transactions, St. Paul had begun to reduce its interest
in Nuveen which would ultimately result in a change of control of Nuveen and
therefore NAM. As mandated by the 1940 Act, such a change in control would
result in an assignment of the advisory agreement with NAM and the automatic
termination of such agreement. Accordingly, the Board also considered for each
Fund the approval of a New Investment Management Agreement with each Fund in
light of, and which would take effect upon, the anticipated change of control.
More specifically, the Board considered for each Fund a New Investment
Management Agreement on substantially identical terms to the existing Investment
Management Agreement, to take effect after the change of control has occurred
and the contract has been approved by Fund shareholders. In its review, the
Board considered whether the various transactions necessary to divest St. Paul's
interest will have an impact on the various factors they considered in approving
NAM, such as the scope and quality of services to be provided following the
change of control. In reviewing the St. Paul transactions, the Board considered,
among other things, the impact, if any, on the operations and organizational
structure of NAM; the possible benefits and costs of the transactions to the
respective Fund; the potential implications of any arrangements used by Nuveen
to finance certain of the transactions; the ability of NAM to perform its duties
after the transactions; whether a Fund's fee structure or expense ratio would
change; any changes to the current practices of the respective Fund; any changes
to the terms of the advisory agreement; and any anticipated changes to the
operations of NAM. Based on its review, the Board determined that St. Paul's
divestiture would not affect the nature and quality of services provided by NAM,
the terms of the Investment Management Agreement, including the fees thereunder,
and would not materially affect the organization or operations of NAM.
Accordingly, the Board determined that their analysis of the various factors
regarding their approval of NAM would continue to apply after the change of
control.
G. APPROVAL
The Trustees did not identify any single factor discussed previously as
all-important or controlling. The Trustees, including a majority of independent
Trustees, concluded that the terms of the Investment Management Agreements were
fair and reasonable, that NAM's fees are reasonable in light of the services
provided to each Fund, that the renewal of the NAM Investment Management
Agreements should be approved, and that the new, post-change of control NAM
Investment Management Agreements be approved and recommended to shareholders.
81
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded 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
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. 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.
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.
82
Other Useful
INFORMATION
In April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers")
sold the majority of its controlling equity interest in Nuveen Investments, Inc.
("Nuveen") to the general public. Nuveen is the parent of Nuveen Asset
Management ("NAM"), which is each Fund's investment manager. This sale was
deemed to be an "assignment" of the investment management agreement between each
Fund and NAM and, if applicable, of the sub-advisory agreement between NAM and
the Fund's sub-adviser. As required by law, the shareholders of each Fund were
asked to approve a new investment management agreement and, if applicable, a new
subadvisory agreement that reflected this change in ownership. The shareholders
of each Fund voted this approval at a Shareholders' Meeting on July 26, 2005.
There were no changes to the investment objectives or management of any Fund as
a result of these actions.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2005, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available 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 1-202-942-8090
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 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
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.
GLOSSARY OF TERMS USED IN THIS REPORT
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 all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (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.
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.
MODIFIED 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.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred 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.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
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 shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the period covered by this report.
Any future repurchases will be reported to shareholders in the next annual or
semiannual report.
83
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
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.
Managing more than $125 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
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.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
EAN-B-0905D
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 Investor 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, Chairman of the Audit Committee, 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 entered into on or after May 6, 2003, 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 BILLED TO FUND BILLED TO FUND BILLED TO FUND
----------------------------------------------------------------------------------------------------------------------------------
September 30, 2005 $ 7,526 $ 0 $ 645 $ 2,750
----------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 7,143 $ 0 $ 364 $ 2,550 (1)
----------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------------
The above "All Other Fees" are fees paid to audit firms to perform agreed upon
procedures required by the rating agencies to rate fund preferred shares. The
above "Tax Fees" were billed for professional services for tax advice, tax
compliance, and tax planning.
(1) The "All Other Fees Billed to Fund" for September 30, 2004 have been
revised.
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, 2005 $ 0 $ 282,575 $ 0
--------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
--------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 0 $ 0 $ 0
--------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
--------------------------------------------------------------------------------------------------------------
The above "Tax Fees" are primarily fees billed to the Adviser for Fund tax
return preparation.
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. For
engagements entered into on or after May 6, 2003, 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, 2005 $ 3,395 $ 282,575 $ 0 $ 285,970
September 30, 2004 (1) $ 2,914 $ 0 $ 0 $ 2,914
The above "Non-Audit Fees billed to Adviser" for 2005 include "Tax-Fees" billed
to Adviser in the amount of $282,575 from previous table.
(1) The "All Other Fees Billed to Fund" for September 30, 2004 have been
revised.
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, Lawrence H. Brown, Jack B.
Evans, William J. Schneider and Eugene S. Sunshine.
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.
In the rare event that a municipal issuer held by the Fund were to issue a proxy
or that the Fund were to receive a proxy issued by a cash management security,
the Adviser 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 Fund's Board of Directors or Trustees or its
representative. In the case of a conflict of interest, the proxy would be
submitted to the applicable Fund's Board to determine how the proxy should be
voted. A member of the Adviser's legal department would oversee the
administration of the voting, and ensure that records were maintained in
accordance with Rule 204-2(c)(2) under the Investment Advisers Act of 1940 (17
CFR 275.204-2(c)(2)), reports were filed with the SEC on Form N-PX, and the
results were provided to the Board of Directors or Trustees and made available
to shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
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/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: December 8, 2005
-------------------------------------------------------------------
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, 2005
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 8, 2005
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.