UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21211
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Nuveen Insured New York Tax-Free Advantage Municipal Fund
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30
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Date of reporting period: March 31, 2008
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMI-ANNUAL REPORT
March 31, 2008
Nuveen Investments
MUNICIPAL CLOSED-END FUNDS
Photo of: Small child
NUVEEN NEW YORK
INVESTMENT QUALITY
MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK
SELECT QUALITY
MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK
QUALITY INCOME
MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED
NEW YORK PREMIUM
INCOME MUNICIPAL
FUND, INC.
NNF
NUVEEN INSURED
NEW YORK DIVIDEND
ADVANTAGE MUNICIPAL
FUND
NKO
NUVEEN INSURED
NEW YORK TAX-FREE
ADVANTAGE MUNICIPAL
FUND
NRK
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
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Chairman's
LETTER TO SHAREHOLDERS
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Once again, I am pleased to report that over the six-month period covered by
this report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Managers' Comments, the Common Share Dividend
and Share Price Information, and the Performance Overview sections of this
report.
With the recent volatility in the stock market, many have begun to wonder which
way the market is headed, and whether they need to adjust their holdings of
investments. No one knows what the future will bring, which is why we think a
well-balanced portfolio that is structured and carefully monitored with the help
of an investment professional is an important component in achieving your long
term financial goals. A well-diversified portfolio may actually help to reduce
your overall investment risk, and we believe that investments like your Nuveen
Investments Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
We also are pleased to be able to offer you a choice concerning how you receive
your shareholder reports and other Fund information. As an alternative to mailed
copies, you can sign up to receive future Fund reports and other Fund
information by e-mail and the internet. The inside front cover of this report
contains information on how you can sign up.
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. 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.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 15, 2008
Portfolio Manager's COMMENTS
Nuveen Investments Municipal Closed-End Funds
NQN, NVN, NUN,
NNF, NKO, NRK
Portfolio manager Cathryn Steeves examines key investment strategies and the
six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for these six Funds in
2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2008?
During this six-month period, the municipal market experienced a great deal of
volatility, as factors related to the sub-prime mortgage crisis had an indirect,
but important, influence on the municipal market's performance. We sought to
capitalize on this environment by continuing to focus on relative value, as we
looked for undervalued sectors and individual credits with the potential to
perform well over the long term. The majority of our purchases were
attractively-priced, higher coupon bonds in the longer part of the municipal
bond yield curve. These purchases helped to offset the shortening of the Funds'
portfolio durations due to bond calls and the natural tendency of bond
durations(1) to shorten as time passes.
To generate cash for purchases and move the Funds' durations closer to our
strategic range, we selectively sold some holdings with shorter durations.
Selling shorter duration bonds and reinvesting further out on the yield curve
also helped to improve the Funds' overall call protection profiles. In addition,
we took advantage of strong bids to sell some sub-5% coupon bonds that were
attractive to the retail market.
Over the course of the entire reporting period, we saw the municipal yield curve
steepen, as municipal bond interest rates at the short end of the curve declined
while longer-term rates rose. In this environment, we continued to emphasize a
disciplined approach to duration management. As part of our duration strategies,
we used inverse floating rate securities,(2) a type of derivative financial
instrument, in all six of these Funds. Inverse floaters typically provide the
dual benefit of lengthening the Funds' durations to be closer to our strategic
target and enhancing their income-generation capabilities. NUN and NRK also used
forward interest rate swaps, another type of derivative financial instrument.
The goal of this strategy was to help us manage the common share net asset value
(NAV) volatility of these two Funds without having a negative impact on their
income streams or common share dividends over the short term.
(1) Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
(2) An inverse floating rate security is a financial instrument designed to pay
long-term tax-exempt interest at a rate that varies inversely with a
short-term tax-exempt interest rate index. For the Nuveen Funds, the index
typically used is the Securities Industry and Financial Markets (SIFM)
Municipal Swap Index (previously referred to as the Bond Market Association
Index or BMA). Inverse floaters, including those inverse floating rate
securities in which the Funds invested during the reporting period, are
further defined within the Notes to Financial Statements and Glossary of
Terms Used in This Report sections of this shareholder report.
Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio manager as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.
4
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
Total Returns on Common Share Net Asset Value*
For periods ended 3/31/08
Six-Month 1-Year 5-Year 10-Year
NQN -1.02% -0.32% 3.93% 5.75%
NVN -1.72% -1.34% 3.99% 5.48%
NUN -1.68% -1.18% 3.70% 5.25%
NNF -1.35% -1.00% 3.71% 5.26%
NKO -1.32% -0.74% 4.75% NA
NRK -0.23% 0.58% 5.17% NA
Lehman Brothers NY
Insured Tax-Exempt
Bond Index(3) 0.53% 1.82% 3.89% 5.16%
Lipper NY Insured
Municipal Debt
Funds Average(4) -2.58% -2.27% 3.97% 4.96%
For the six months ended March 31, 2008, the cumulative returns on common share
NAV for all six of these New York Funds underperformed the return of the Lehman
Brothers New York Insured Tax-Exempt Bond Index. At the same time, the six-month
returns for all of these Funds outperformed the average return for the Lipper
New York Insured Municipal Debt Funds Average.
One of the major factors impacting the six-month performance of these Funds,
especially in relation to that of the unleveraged Lehman Brothers New York
Insured Tax-Exempt Bond Index, was the use of financial leverage. While leverage
provides opportunities for additional income and total returns for common
shareholders, the benefits of leveraging are tied in part to the short-term
rates that leveraged Funds pay their preferred shareholders. During this period,
the Funds' borrowing costs remained relatively high, negatively impacting their
total returns.
Other key factors that influenced the Funds' returns included yield curve and
duration positioning, credit exposure and sector allocations, the use of
derivatives, and holdings of bonds backed by certain municipal bond insurers.
During this six-month period, bonds in the Lehman Brothers Municipal Bond Index
with maturities of eight years or less, especially those maturing in two to four
years, benefited the most from changes in the interest rate environment. As a
result, these shorter maturity bonds generally outperformed credits with longer
maturities. Bonds having the longest maturities (22 years and longer) posted the
worst returns. While NRK benefited from having the shortest maturity among these
Funds, on the whole the Funds were overexposed to the longer part of the yield
curve, with NVN and NUN having the longest durations. This had a negative impact
on their performance.
*Six-month returns are cumulative; returns for one-year, five-year, and ten-year
are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
(3) 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.
(4) The Lipper New York Insured Municipal Debt Funds Average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 6 months, 12 funds; 1 year, 12 funds; 5 years, 12 funds; and 10
years, 7 funds. Fund and Lipper returns assume reinvestment of dividends.
5
As mentioned earlier, both NUN and NRK used forward interest rate swaps. In NRK,
these derivatives were used to synthetically extend the Fund's duration and move
it closer to our strategic duration target. Despite the fact that longer
duration instruments generally performed poorly, the use of forward interest
rate swaps had a positive impact on NRK's return performance. This was due to
the fact that the interest rate swaps provided exposure to taxable markets
during a period when, in contrast to historical trends, the Treasury market and
the municipal market moved in the opposite directions. As municipal market
performance lagged the significant gains made by Treasuries, the interest rate
swaps performed very well. However, in NUN, which had a duration that exceeded
our target, the interest rate swaps were used to synthetically shorten duration.
These positions, which reduced duration in the outperforming taxable markets,
hurt NUN's performance.
In addition, the inverse floaters used by all six of these Funds had a negative
impact on performance. This resulted from the fact that the inverse floaters
effectively increased the Funds' exposure to longer maturity bonds during a
period when shorter maturities were in favor in the market. However, the inverse
floaters also benefited the Funds by helping to support their income streams. In
general, these six Funds had smaller positions in inverse floaters than their
peers in the Lipper New York Insured Municipal Debt Funds Average, which helped
the relative performance of the Nuveen New York Funds.
In general, bonds with higher credit quality outperformed those with lower
credit quality during the past six months. The underperformance of the lower
quality sector was largely the result of risk-averse investors' flight to
quality as disruptions in the financial and housing markets deepened. The
performances of these six insured Funds generally benefited from their higher
quality holdings. NKO and NRK, which are Dividend Advantage Funds, also have the
ability to invest up to 20% of their assets in uninsured investment-grade
quality securities. As of March 31, 2008, NKO and NRK each had allocations of
approximately 4% in bonds rated BBB, which did not perform well as credit
spreads widened. This allocation had a negative impact on the performance of
these two Funds. In NRK, however, this was largely offset by the Fund's shorter
maturity and use of forward interest rate swaps, as mentioned earlier.
On the whole, bonds that carried any credit risk, regardless of sector, tended
to perform poorly. Revenue bonds as a whole, and especially the industrial
development and health care sectors that had ranked among the top performers in
the Lehman Brothers Municipal Bond Index over the past few years, underperformed
the general municipal market. The housing sector also performed poorly.
Sectors of the market that generally contributed to the Funds' performances
included water and sewer, resource recovery, special tax, and electric
utilities. Pre-refunded bonds(5) performed exceptionally well, due primarily to
their shorter effective maturities and higher credit quality. Among these Funds,
NRK had the heaviest weighting in pre-refunded bonds.
(5) Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
6
Another factor that had an impact on the performance of the New York Funds was
their position in bonds backed by certain municipal insurers. All of these Funds
had exposure to bonds insured by Ambac Assurance Corporation, MBIA Insurance
Corporation (MBIA), Financial Guaranty Insurance Company (FGIC) and Financial
Security Assurance (FSA).
As concern increased about the balance sheets of municipal bond insurers, prices
on bonds insured by these companies declined, detracting from the performance of
the Funds. On the whole, the insured holdings of our Funds continued to be well
diversified.
RECENT DEVELOPMENTS REGARDING BOND INSURANCE COMPANIES AND FUND POLICY CHANGES
The portfolios of investments reflect the ratings on certain bonds insured by
AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. During March 2008, at
least one rating agency reduced the rating for AMBAC-insured bonds to AA and at
least one rating agency further reduced the ratings for CIFG-insured,
FGIC-insured and XLCA-insured bonds. Subsequent to March 31, 2008, at least one
rating agency reduced the rating for MBIA-insured bonds to AA. As of March 31,
2008, one or more rating agencies have placed each of these insurers on
"negative credit watch", which may presage one or more rating reductions for
such insurer or insurers in the future. If one or more insurers' ratings are
reduced by these rating agencies, it would likely reduce the effective rating of
many of the bonds insured by that insurer or insurers. It is important to note
that municipal bonds historically have had a very low rate of default.
During March 2008, the Nuveen Funds' Board of Directors/Trustees approved
changes to the investment policies of all of the Nuveen insured municipal
closed-end funds. The new policies require that (1) at least 80% of a Fund's net
assets must be invested in insured municipal bonds guaranteed by insurers rated
"A" or better by at least one rating agency at the time of purchase; (2) at
least 80% of a Fund's net assets must be invested in municipal bonds rated "AA"
or better by at least one rating agency (with or without insurance), deemed to
be of comparable quality by the Adviser, or backed by an escrow or trust
containing sufficient U.S. Government or Government agency securities at the
time of purchase; and (3) up to 20% of a Fund's net assets may be invested in
uninsured municipal bonds rated "A" to "BBB" by at least one rating agency or
deemed to be of comparable quality by the Adviser at the time of purchase. These
policy changes are designed to increase portfolio manager flexibility and retain
the insured nature of the Funds' investment portfolios for current and future
environments. Some Funds may require shareholder approval prior to implementing
these policy changes.
7
RECENT DEVELOPMENTS IN THE AUCTION RATE PREFERRED MARKETS
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the auction preferred shares issued by these Funds than
there were offers to buy. This meant that these auctions "failed to clear" and
that many or all auction preferred shareholders who wanted to sell their shares
in these auctions were unable to do so. This decline in liquidity in auction
preferred shares did not lower the credit quality of these shares, and auction
preferred shareholders unable to sell their shares received distributions at the
"maximum rate" calculated in accordance with the pre-established terms of the
auction preferred shares. At the time this report was prepared, the Funds'
managers could not predict when future auctions might succeed in attracting
sufficient buyers for the shares offered, if ever. The Funds' managers are
working diligently to develop mechanisms designed to improve the liquidity of
the auction preferred shares, or to refund them, but at present there is no
assurance that these efforts will succeed. These developments generally do not
affect the management or investment policies of these Funds. However, one
implication of these auction failures for common shareholders is that the Funds'
cost of leverage will be higher than it otherwise would have been had the
auctions continued to be successful. As a result, the Funds' future common share
earnings may be lower than they otherwise would have been.
For current, up-to-date information, please visit the Nuveen CEF Auction Rate
Preferred Resource Center at:
http://www.nuveen.com/ResourceCenter/AuctionRatePreferred.aspx.
8
Common Share
Dividend and Share Price
INFORMATION
The common share dividends of all six of these Nuveen New York Funds remained
stable throughout the six-month reporting period ended March 31, 2008.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and net ordinary income
distributions at the end of December 2007 as follows:
Short-Term Capital Gains
Long-Term Capital Gains and/or Ordinary Income
(per share) (per share)
NVN $0.0095 $0.0002
NUN $0.0104 --
NKO $0.0272 --
NRK $0.0017 --
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's common share NAV. Conversely, if a Fund has cumulatively paid
dividends in excess of its earnings, the excess constitutes negative UNII that
is likewise reflected in the Fund's common share NAV. Each Fund will, over time,
pay all of its net investment income as dividends to shareholders. As of March
31, 2008, all of the Funds in this report except NQN had positive UNII balances,
based upon our best estimate, for tax purposes and negative UNII balances for
financial statement purposes. NQN had a positive UNII balance, based upon our
best estimate, for tax purposes, and a positive UNII balance for financial
statement purposes.
9
COMMON SHARE REPURCHASE AND SHARE PRICE INFORMATION
On July 10, 2007, the Funds' Board of Directors/Trustees approved an open market
share repurchase program, as part of a broad, ongoing effort designed to support
the market prices of the Funds' common shares. Repurchases not only help to
support the market price but, because such purchases are made at a discount to
NAV, they have the effect of augmenting NAV. Under the terms of the program,
each Fund may repurchase up to 10% of its outstanding common shares. As of March
31, 2008, NQN, NVN and NUN had repurchased 119,000, 124,400 and 179,300 common
shares, respectively, representing approximately 0.7%, 0.5% and 0.8% of the
Funds' total common shares outstanding, respectively.
As of March 31, 2008, the Funds' share prices were trading at discounts to their
common share NAVs as shown in the accompanying chart:
3/31/08 Six-Month Average
Discount Discount
NQN -8.53% -10.32%
NVN -10.42% -11.26%
NUN -10.54% -11.35%
NNF -8.41% -11.18%
NKO -8.95% -9.67%
NRK -7.56% -6.16%
10
NQN
Performance
OVERVIEW
Nuveen New York
Investment Quality
Municipal Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
Insured 94%
U.S. Guaranteed 5%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share
Apr 0.0555
May 0.0555
Jun 0.0555
Jul 0.0555
Aug 0.0555
Sep 0.0555
Oct 0.0555
Nov 0.0555
Dec 0.0555
Jan 0.0555
Feb 0.0555
Mar 0.0555
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 14.23
14.34
14.34
14.28
14.4
14.41
14.44
14.28
14.13
14.01
13.84
13.48
13.6
13.56
13.57
13.45
13.56
13.54
13.61
13.62
13.5
13.8
13.83
13.89
13.85
13.58
13.7
13.46
13.24
13.35
13.3
13.25
12.86
12.65
12.93
13.24
13.34
13
12.84
12.89
13.6
13.71
13.49
13.59
13.63
13.67
13.1
12.89
12.6
12.91
12.68
12.62
13.07
3/31/08 13.09
FUND SNAPSHOT
------------------------------------
Common Share Price $13.09
------------------------------------
Common Share
Net Asset Value $14.31
------------------------------------
Premium/(Discount) to NAV -8.53%
------------------------------------
Market Yield 4.77%
------------------------------------
Taxable-Equivalent Yield(2) 7.11%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $251,925
------------------------------------
Average Effective
Maturity on Securities (Years) 15.88
------------------------------------
Leverage-Adjusted Duration 9.35
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -2.16% -1.02%
------------------------------------
1-Year -3.39% -0.32%
------------------------------------
5-Year 3.86% 3.93%
------------------------------------
10-Year 4.04% 5.75%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 33.7%
------------------------------------
Health Care 14.9%
------------------------------------
Transportation 11.4%
------------------------------------
Education and Civic
Organizations 10.5%
------------------------------------
Tax Obligation/General 10.2%
------------------------------------
U.S. Guaranteed 5.4%
------------------------------------
Other 13.9%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
11
NVN
Performance
OVERVIEW
Nuveen New York
Select Quality
Municipal Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
Insured 91%
U.S. Guaranteed 9%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.0595
May 0.0595
Jun 0.0565
Jul 0.0565
Aug 0.0565
Sep 0.0565
Oct 0.053
Nov 0.053
Dec 0.053
Jan 0.053
Feb 0.053
Mar 0.053
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 14.94
14.9
14.63
14.64
14.55
14.69
14.52
14.46
14.35
14.34
14.11
13.83
13.71
13.71
13.75
13.6
13.58
13.7
13.95
13.75
13.71
13.89
14.05
14.16
13.99
13.7
13.86
13.65
13.5
13.4501
13.25
13.31
12.83
12.64
12.85
13.07
13.08
12.88
12.86
13.13
13.69
13.8
13.56
13.66
13.69
13.75
13
12.93
12.52
12.96
12.61
12.6
12.87
3/31/08 12.9
FUND SNAPSHOT
------------------------------------
Common Share Price $12.90
------------------------------------
Common Share
Net Asset Value $14.40
------------------------------------
Premium/(Discount) to NAV -10.42%
------------------------------------
Market Yield 4.93%
------------------------------------
Taxable-Equivalent Yield(2) 7.35%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $335,746
------------------------------------
Average Effective
Maturity on Securities (Years) 16.99
------------------------------------
Leverage-Adjusted Duration 10.35
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -4.60% -1.72%
------------------------------------
1-Year -8.70% -1.34%
------------------------------------
5-Year 3.34% 3.99%
------------------------------------
10-Year 4.09% 5.48%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 31.4%
------------------------------------
Education and Civic
Organizations 13.4%
------------------------------------
Health Care 12.9%
------------------------------------
Tax Obligation/General 10.9%
------------------------------------
U.S. Guaranteed 8.9%
------------------------------------
Utilities 7.0%
------------------------------------
Transportation 6.0%
------------------------------------
Other 9.5%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2007 of $0.0097 per share.
12
NUN
Performance
OVERVIEW
Nuveen New York
Quality Income
Municipal Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1),(2)
Insured 90%
U.S. Guaranteed 9%
FHA/FNMA/ GNMA Guaranteed 1%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(4)
Apr 0.054
May 0.054
Jun 0.051
Jul 0.051
Aug 0.051
Sep 0.051
Oct 0.051
Nov 0.051
Dec 0.051
Jan 0.051
Feb 0.051
Mar 0.051
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 14.37
14.33
14.2
14.1
14.12
14.1
14.06
13.98
13.77
13.86
13.7001
13.28
13.27
13.45
13.45
13.42
13.43
13.6
13.65
13.43
13.2
13.3
13.35
13.53
13.55
13.41
13.46
13.37
13.3
13.22
13.2
13.17
12.76
12.57
12.81
12.86
12.93
12.68
12.65
12.95
13.48
13.51
13.5
13.43
13.42
13.46
12.9
12.84
12.44
12.86
12.44
12.5
12.86
3/31/08 12.73
FUND SNAPSHOT
------------------------------------
Common Share Price $12.73
------------------------------------
Common Share
Net Asset Value $14.23
------------------------------------
Premium/(Discount) to NAV -10.54%
------------------------------------
Market Yield 4.81%
------------------------------------
Taxable-Equivalent Yield(3) 7.17%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $340,164
------------------------------------
Average Effective
Maturity on Securities (Years) 15.96
------------------------------------
Leverage-Adjusted Duration 10.03
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -3.10% -1.68%
------------------------------------
1-Year -7.08% -1.18%
------------------------------------
5-Year 3.56% 3.70%
------------------------------------
10-Year 3.93% 5.25%
------------------------------------
INDUSTRIES
(as a % of total investments)(2)
------------------------------------
Tax Obligation/Limited 33.2%
------------------------------------
Education and Civic
Organizations 13.9%
------------------------------------
Health Care 10.2%
------------------------------------
Transportation 10.0%
------------------------------------
U.S. Guaranteed 9.4%
------------------------------------
Tax Obligation/General 9.0%
------------------------------------
Utilities 6.3%
------------------------------------
Other 8.0%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Excluding derivative transactions.
(3) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(4) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0104 per share.
13
NNF
Performance
OVERVIEW
Nuveen Insured New York
Premium Income
Municipal Fund, Inc.
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
Insured 94%
U.S. Guaranteed 6%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share
Apr 0.057
May 0.057
Jun 0.054
Jul 0.054
Aug 0.054
Sep 0.054
Oct 0.0505
Nov 0.0505
Dec 0.0505
Jan 0.0505
Feb 0.0505
Mar 0.0505
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 14.59
14.55
14.53
14.61
14.61
14.74
14.61
14.39
14.19
14.38
13.96
13.5
13.51
13.7
13.66
13.7
13.71
13.62
13.62
13.57
13.4
13.47
13.61
13.91
13.9
13.7
13.54
13.64
13.38
13.46
13.29
13.36
13.05
12.6
12.75
12.97
13.12
12.82
12.78
12.96
13.55
13.63
13.45
13.53
13.548
13.59
12.99
12.88
12.65
12.91
12.64
12.61
13.1
3/31/08 13.17
FUND SNAPSHOT
------------------------------------
Common Share Price $13.17
------------------------------------
Common Share
Net Asset Value $14.38
------------------------------------
Premium/(Discount) to NAV -8.41%
------------------------------------
Market Yield 4.60%
------------------------------------
Taxable-Equivalent Yield(2) 6.86%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $119,785
------------------------------------
Average Effective
Maturity on Securities (Years) 16.32
------------------------------------
Leverage-Adjusted Duration 9.66
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.49% -1.35%
------------------------------------
1-Year -5.38% -1.00%
------------------------------------
5-Year 3.13% 3.71%
------------------------------------
10-Year 4.52% 5.26%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 33.6%
------------------------------------
Education and Civic
Organizations 15.2%
------------------------------------
Health Care 15.1%
------------------------------------
Transportation 9.4%
------------------------------------
Tax Obligation/General 7.0%
------------------------------------
Water and Sewer 6.3%
------------------------------------
U.S. Guaranteed 5.6%
------------------------------------
Other 7.8%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
14
NKO
Performance
OVERVIEW
Nuveen Insured New York
Dividend Advantage
Municipal Fund
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
Insured 83%
U.S. Guaranteed 8%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 3%
BBB (Uninsured) 4%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.0615
May 0.0615
Jun 0.058
Jul 0.058
Aug 0.058
Sep 0.058
Oct 0.055
Nov 0.055
Dec 0.055
Jan 0.055
Feb 0.055
Mar 0.055
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 15.49
15.55
15.43
15.175
15.2699
15.15
15.27
15.01
15.08
15.18
14.44
14.15
14.2
14.11
14.27
14.25
13.99
13.75
13.94
13.96
13.47
13.7
14.26
14.39
14.28
14.07
14.1
13.9
13.97
13.55
13.45
13.43
13.1
13
12.98
13.17
13.33
13.25
12.95
13.21
13.93
13.89
13.7356
13.84
14.0001
14.04
13.32
13.23
12.85
13.26
12.95
12.93
13.12
3/31/08 13.12
FUND SNAPSHOT
------------------------------------
Common Share Price $13.12
------------------------------------
Common Share
Net Asset Value $14.41
------------------------------------
Premium/(Discount) to NAV -8.95%
------------------------------------
Market Yield -5.03%
------------------------------------
Taxable-Equivalent Yield(2) 7.50%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $114,749
------------------------------------
Average Effective
Maturity on Securities (Years) 16.61
------------------------------------
Leverage-Adjusted Duration 9.02
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -4.46% -1.32%
------------------------------------
1-Year -10.88% -0.74%
------------------------------------
5-Year 3.80% 4.75%
------------------------------------
Since
Inception 3.94% 6.11%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 26.7%
------------------------------------
Health Care 16.0%
------------------------------------
Education and Civic
Organizations 13.8%
------------------------------------
Tax Obligation/General 9.6%
------------------------------------
Transportation 8.6%
------------------------------------
Utilities 8.2%
------------------------------------
U.S. Guaranteed 8.1%
------------------------------------
Other 9.0%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0272 per share.
15
NRK
Performance
OVERVIEW
Nuveen Insured New York
Tax-Free Advantage
Municipal Fund
as of March 31, 2008
Pie Chart:
Credit Quality (as a % of total investments)(1)
Insured 74%
U.S. Guaranteed 18%
FHA/FNMA/GNMA Guaranteed 1%
AA (Uninsured) 3%
BBB (Uninsured) 4%
Bar Chart:
2007-2008 Monthly Tax-Free Dividends Per Common Share(3)
Apr 0.0545
May 0.0545
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.0545
Oct 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Line Chart:
Common Share Price Performance -- Weekly Closing Price
4/01/07 14.8274
14.89
14.67
14.5
14.69
14.3225
14.29
14.4
14.2
14.2
13.9
13.65
13.76
13.73
13.59
13.68
13.5
13.4
13.46
13.71
13.32
13.39
13.95
14.05
13.75
13.65
13.74
14.0201
14
14.11
14.03
13.95
13.79
13.28
13.8
14.09
14.03
13.61
13.85
13.5
14.1401
14.3
14.15
13.85
14
14.106
13.37
13.2
13
13.04
13.49
12.98
13.14
3/31/08 13.21
FUND SNAPSHOT
------------------------------------
Common Share Price $13.21
------------------------------------
Common Share
Net Asset Value $14.29
------------------------------------
Premium/(Discount) to NAV -7.56%
------------------------------------
Market Yield 4.95%
------------------------------------
Taxable-Equivalent Yield(2) 7.38%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $50,222
------------------------------------
Average Effective
Maturity on Securities (Years) 14.21
------------------------------------
Leverage-Adjusted Duration 9.15
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -1.51% -0.23%
------------------------------------
1-Year -7.28% 0.58%
------------------------------------
5-Year 3.32% 5.17%
------------------------------------
Since
Inception 2.99% 5.15%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.2%
------------------------------------
U.S. Guaranteed 18.2%
------------------------------------
Education and Civic
Organizations 15.6%
------------------------------------
Health Care 15.4%
------------------------------------
Transportation 8.4%
------------------------------------
Tax Obligation/General 6.0%
------------------------------------
Other 6.2%
------------------------------------
(1) The percentages shown in the foregoing chart reflect the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of March 31, 2008. As
explained earlier in the Portfolio Manager's Comments section of this
report, at least one rating agency reduced the rating for AMBAC-insured
bonds to AA and at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds. Subsequent to March 31,
2008, at least one rating agency reduced the rating for MBIA-insured bonds
to AA. As of March 31, 2008, one or more rating agencies have placed each
of these insurers on "negative credit watch", which may presage one or more
rating reductions for such insurer or insurers in the future. If one or
more insurers' ratings are reduced by these rating agencies, it would
likely reduce the effective rating of many of the bonds insured by that
insurer or insurers, and thereby reduce the percentage of the ratings shown
in the foregoing chart.
(2) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(3) The Fund paid shareholders a capital gains distribution in December 2007 of
$0.0017 per share.
16
NQN
NVN
NUN
Shareholder MEETING REPORT
The special meeting of shareholders was held in the offices of Nuveen
Investments on October 12, 2007; the meetings for NQN, NVN, NUN, NNF, NKO and
NRK were subsequently adjourned to October 22, 2007 and additionally adjourned
to November 8, 2007; NKO was also adjourned to November 12, 2007 and November
30, 2007.
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
Common and Common and Common and
Preferred Preferred Preferred
shares voting shares voting shares voting
together together together
as a class as a class as a class
====================================================================================================================================
For 8,630,654 11,804,564 12,044,496
Against 393,005 648,542 876,266
Abstain 422,655 579,245 692,593
Broker Non-Votes 3,172,977 3,945,929 3,969,808
------------------------------------------------------------------------------------------------------------------------------------
Total 12,619,291 16,978,280 17,583,163
====================================================================================================================================
TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR:
For 12,205,114 16,407,601 16,886,910
Against 159,691 213,029 279,591
Abstain 254,486 357,650 416,662
------------------------------------------------------------------------------------------------------------------------------------
Total 12,619,291 16,978,280 17,583,163
====================================================================================================================================
17
NNF
NKO
NRK
Shareholder MEETING REPORT (continued)
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
TO APPROVE A NEW INVESTMENT MANAGEMENT AGREEMENT:
Common and Common and Common and
Preferred Preferred Preferred
shares voting shares voting shares voting
together together together
as a class as a class as a class
====================================================================================================================================
For 4,292,938 4,019,197 1,681,959
Against 244,175 210,035 119,277
Abstain 217,517 218,119 91,759
Broker Non-Votes 1,494,296 1,198,210 604,925
------------------------------------------------------------------------------------------------------------------------------------
Total 6,248,926 5,645,561 2,497,920
====================================================================================================================================
TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR:
For 6,040,329 5,376,571 2,386,532
Against 69,434 114,347 64,497
Abstain 139,163 154,643 46,891
------------------------------------------------------------------------------------------------------------------------------------
Total 6,248,926 5,645,561 2,497,920
====================================================================================================================================
18
NQN
Nuveen New York Investment Quality Municipal Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.7% (10.5% OF TOTAL INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA $ 3,535,245
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,583,330
Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,058,120
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 3,195,540
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,730 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 1,741,366
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,080 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 2,085,408
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
550 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A3 536,745
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured
1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Aaa 1,186,593
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 AA- 1,970,764
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
575 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 625,698
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 497,228
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AA- 4,742,865
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
2,390 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,326,522
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/46 - AMBAC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
890 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 872,120
6,080 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 6,034,522
3,685 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 3,278,360
740 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aaa 743,212
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
41,595 Total Education and Civic Organizations 42,013,638
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.7% (14.9% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
710 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 729,837
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,034,040
7,080 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 6,939,179
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,780 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 1,802,499
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
19
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 $ 2,551,490
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 3,600,291
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 1,543,935
Bonds, Catholic Health Services of Long Island Obligated Group -
St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 8,234,319
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,325 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,349,181
Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
AGC Insured
6,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 6,154,020
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
2,035 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,235,895
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,805 Dormitory Authority of the State of New York, Revenue Bonds, 11/08 at 101.00 AAA 1,818,393
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
1,585 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,568,310
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 8,621,246
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,047,060
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 3,273,102
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,182,068
935 New York State Dormitory Authority, Revenue Bonds, No Opt. Call A3 944,257
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
58,640 Total Health Care 59,629,122
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.1% (3.2% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,230 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 1,340,626
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,327,551
5,740 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AA+ 5,819,671
420 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 361,481
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
35 New York State Housing Finance Agency, FHA-Insured Multifamily 8/08 at 100.00 AAA 35,061
Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,490 6.100%, 11/01/15 - FSA Insured 5/08 at 100.00 AAA 1,494,604
2,540 6.125%, 11/01/20 - FSA Insured 5/08 at 100.00 AAA 2,544,470
------------------------------------------------------------------------------------------------------------------------------------
12,685 Total Housing/Multifamily 12,923,464
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
2,770 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 A- 2,511,808
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2% (0.8% OF TOTAL INVESTMENTS)
$ 3,000 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/08 at 101.00 AAA $ 3,000,870
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.3% (10.2% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 AAA 3,007,440
Revenue Bond Financing Program, Peekskill City School
District, Series 2005D, 5.000%, 10/01/33 - MBIA Insured
1,200 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 A3 1,276,116
5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 690,575
5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,127,200
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
10,735 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 10,382,999
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
1,000 Monroe County, New York, General Obligation Public Improvement 3/12 at 100.00 A3 1,051,250
Bonds, Series 2002, 5.000%, 3/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,203,700
2,300 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 2,429,444
2,300 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 2,424,913
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
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 517,685
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 517,685
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 1,806,668
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,956,987
1,145 Three Village Central School District, Brookhaven and No Opt. Call A1 1,234,654
Smithtown, Suffolk County, New York, General Obligation
Bonds, Series 2005, 5.000%, 6/01/18 - FGIC Insured
1,620 West Islip Union Free School District, Suffolk County, New York, 10/15 at 100.00 Aaa 1,777,399
General Obligation Bonds, Series 2005, 5.000%, 10/01/16 -
FSA Insured
6,110 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 6,577,171
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
39,510 Total Tax Obligation/General 40,981,886
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 53.7% (33.7% OF TOTAL INVESTMENTS)
1,275 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,342,116
State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/20 -
MBIA Insured
2,250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 2,279,093
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC 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 1,613,966
500 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 Aaa 502,680
1,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,388,897
Bonds, 853 Schools Program - Anderson School, Series 1999E,
Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 2,073,980
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,041,260
Bonds, Nassau County Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,537,725
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 2,505,605
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
21
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
$ 2,120 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- $ 2,280,866
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,216,644
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,738,736
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,135 Dormitory Authority of the State of New York, Secured Hospital 8/08 at 101.50 AAA 3,142,587
Insured Revenue Bonds, Southside Hospital, Series 1998,
5.000%, 2/15/25 - MBIA Insured
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 395,843
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
1,780 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 1,927,170
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A, 5.750%, 5/01/27 - FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,078,770
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,287,228
1,290 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,383,577
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
5,630 Erie County Industrial Development Agency, New York, School 5/17 at 101.00 AAA 6,032,658
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
6,000 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 6,203,040
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 2,927,339
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 5,195,475
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,326,800
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,122,880
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,013,540
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,119,611
4,820 Nassau County Interim Finance Authority, New York, Sales and No Opt. Call AAA 5,367,841
Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 -
AMBAC Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 2,216,647
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,332,744
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,326,167
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,247,916
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,628,528
6,640 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 6,691,394
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,504,950
1,435 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,497,222
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,730,268
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 Aa1 2,102,080
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,910 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 4,005,091
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York Convention Center Development Corporation,
Hotel Unit Fee Revenue Bonds, Series 2005:
$ 2,100 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA $ 2,101,197
9,575 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 9,425,725
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,297,240
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
7,350 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AAA 8,249,345
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AAA 1,564,755
1,750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,792,595
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,483,078
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,024,900
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,595,490
1,000 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 1,006,400
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,006,540
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,544,505
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
129,785 Total Tax Obligation/Limited 135,420,704
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 18.2% (11.4% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,122,340
Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 -
AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
1,955 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AAA 2,048,664
5,360 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AAA 5,380,904
1,500 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,509,855
Series 2005G, 5.000%, 1/01/30 - FSA Insured
710 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 727,573
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,310,373
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
2,080 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 2,232,256
2,625 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 2,649,806
1,475 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 1,478,127
1,160 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 1,198,234
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
5,025 Port Authority of New York and New Jersey, Special Project 6/08 at 100.00 AAA 5,025,955
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 - MBIA Insured (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
4,345 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 7/08 at 100.00 A- 4,367,551
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 7/08 at 100.00 A- 11,544,734
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 870,480
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,395,887
------------------------------------------------------------------------------------------------------------------------------------
45,115 Total Transportation 45,862,739
------------------------------------------------------------------------------------------------------------------------------------
23
NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.6% (5.4% OF TOTAL INVESTMENTS) (4)
$ 3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA $ 3,883,547
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
(Pre-refunded 7/01/09) - FSA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
65 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 70,303
10 5.875%, 2/15/16 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 AAA 10,809
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2001B:
75 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 Aaa 82,065
25 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 27,338
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,278,264
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29
(Pre-refunded 7/01/09) - MBIA Insured
905 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 1,046,696
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 - BIGI Insured (ETM)
1,475 Dormitory Authority of the State of New York, Revenue Bonds, 11/08 at 101.00 Aaa 1,517,642
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 (Pre-refunded 11/01/08) - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 741,881
General Obligation Bonds, Series 2000, 5.600%, 8/01/18
(Pre-refunded 8/01/09) - MBIA Insured
945 Metropolitan Transportation Authority, New York, Commuter 5/08 at 102.00 AAA 958,835
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
5,090 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA 5,657,179
Fund Bonds, Series 1998A, 5.000%, 4/01/23 (Pre-refunded
10/01/15) - FGIC Insured
1,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 1,105,500
Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, Revenue 7/09 at 101.00 AAA 5,327,072
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
20,175 Total U.S. Guaranteed 21,707,131
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.8% (4.9% OF TOTAL INVESTMENTS)
2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,510,800
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 A+ 2,797,636
Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
4,540 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 4,606,602
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 6,192,402
625 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 613,925
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,016,400
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
760 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 802,826
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
19,205 Total Utilities 19,540,591
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.4% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,794,327
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,004,530
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA $ 5,108,669
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
2,575 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 2,578,245
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
5,200 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AAA 5,252,676
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
17,465 Total Water and Sewer 17,738,447
------------------------------------------------------------------------------------------------------------------------------------
$ 389,945 Total Investments (cost $396,722,595) - 159.3% 401,330,400
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.3)% (10,910,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 5,504,917
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (57.2)% (5) (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 251,925,317
===================================================================================================================
As of March 31, 2008, all of the bonds in the Portfolio of
Investments, 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest.
(5) Preferred Shares, at Liquidation Value as a percentage of
total investments is (35.9)%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
25
NVN
Nuveen New York Select Quality Municipal Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.1% (13.4% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 530,535
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA 1,395,307
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 640,823
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,635,900
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
105 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 100.00 AAA 105,398
Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 -
AMBAC Insured
695 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 A2 713,807
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
4,340 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,395,639
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
Dormitory Authority of the State of New York, Insured Revenue
Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,414,193
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 838,040
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 628,530
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,180,229
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 2,130,360
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,835 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 1,847,056
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,790 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 2,797,254
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
735 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A3 717,287
Barnard College, Series 2007A, 5.000%, 7/01/37 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,020,390
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 2,876,926
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,233,160
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
775 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 843,332
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 670,177
10,060 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 10,019,256
Civic Facility Revenue Bonds, Colgate University, Series 2005A,
5.000%, 7/01/40 - AMBAC Insured
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,007,750
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA $ 7,280,813
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 1,973,240
3,200 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AAA 3,115,008
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 1,170,992
9,735 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 9,662,182
5,830 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 5,186,660
995 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 Aaa 999,318
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
70,835 Total Education and Civic Organizations 71,029,562
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 20.3% (12.9% OF TOTAL INVESTMENTS)
5,995 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 6,008,669
Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 5,778,762
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 2,940,330
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,385 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 2,415,146
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 2,630,760
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
6,500 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 102.00 AAA 6,541,730
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,018,470
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
6,430 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 6,618,335
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Health Quest System Inc., Series 2007B:
955 5.250%, 7/01/27 - AGC Insured 7/17 at 100.00 AAA 972,429
825 5.125%, 7/01/37 - AGC Insured 7/17 at 100.00 AAA 825,833
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 2,564,175
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,293,139
2,820 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,098,390
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,097,676
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
12,020 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 12,155,701
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 2,029,415
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,909,424
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,184,780
27
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,235 New York State Dormitory Authority, Revenue Bonds, North Shore No Opt. Call A3 $ 1,247,227
Jewish Obligated Group, Series 2007A, 5.250%, 7/01/34 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
67,270 Total Health Care 68,330,391
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7% (3.0% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,470 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 1,602,212
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,586,586
5,445 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AA+ 5,520,577
2,288 New York City Housing Development Corporation, New York, 4/08 at 105.00 AAA 2,406,560
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
540 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 464,762
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
755 6.100%, 11/01/15 - FSA Insured 5/08 at 100.00 AAA 757,333
3,380 6.125%, 11/01/20 - FSA Insured 5/08 at 100.00 AAA 3,385,949
------------------------------------------------------------------------------------------------------------------------------------
15,348 Total Housing/Multifamily 15,723,979
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
3,715 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 A- 3,368,725
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,075,320
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
5,940 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 5,930,793
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
7,940 Total Long-Term Care 8,006,113
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.2% (10.9% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 A3 1,595,145
5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 810,202
5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 12/15 at 100.00 AAA 2,126,220
5.000%, 12/01/18 - MBIA Insured
14,405 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 13,932,660
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
45 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 100.00 AAA 45,147
Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
3,730 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 3,761,108
5,410 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 5,487,958
3,920 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 3,927,566
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AA 3,150,630
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,250 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,470,675
1,650 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,742,862
2,900 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 3,057,499
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
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 $ 103,537
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 103,537
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,165,536
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,168,368
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,171,046
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,176,941
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,179,370
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 917,839
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 793,256
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 785,171
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 773,450
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 768,902
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 765,449
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 763,295
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 752,050
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,296,237
5.000%, 8/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
55,607 Total Tax Obligation/General 57,791,656
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 49.7% (31.4% OF TOTAL INVESTMENTS)
7,145 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 7,409,294
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,753,209
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
670 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 720,840
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,738,787
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,164,018
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,090 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,150,582
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
2,390 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 2,575,655
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A, 5.750%, 5/01/28 - FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,326,887
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,314,045
1,700 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,823,318
School Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
7,545 Erie County Industrial Development Agency, New York, School 5/17 at 101.00 AAA 8,084,618
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
7,500 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 7,753,800
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,878,898
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
29
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
$ 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA $ 2,309,100
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,184,320
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,307,200
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,391,079
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,074,341
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 4,192,240
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,593,166
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,585,303
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,640 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,719,279
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,994,947
5,420 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 5,461,951
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,504,950
5,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 5,631,248
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,024,168
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,072,400
6,680 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 6,959,692
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,293,763
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 Aa1 2,102,080
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,585,120
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
2,500 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,501,425
11,865 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 11,680,024
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 898,021
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 944,205
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 994,741
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,049,134
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,031,070
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AAA 9,489,554
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AAA 1,564,755
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,024,340
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 11,422,565
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,024,900
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,661,869
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 503,200
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA $ 4,425,720
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
160,430 Total Tax Obligation/Limited 166,895,821
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.5% (6.0% 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 6,487,560
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 2,029,040
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 1,416,662
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,616,038
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
2,625 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AAA 2,750,764
425 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AAA 426,658
1,650 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,660,841
Series 2005G, 5.000%, 1/01/30 - FSA Insured
955 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 978,636
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,511,275
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
1,675 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,678,551
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/31 - XLCA Insured
1,560 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 1,611,418
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,752,120
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 3,958,422
------------------------------------------------------------------------------------------------------------------------------------
30,670 Total Transportation 31,877,985
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.0% (8.9% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,375,539
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,780,464
505 Dormitory Authority of the State of New York, Suffolk County, No Opt. Call Baa1 (4) 659,651
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa3 (4) 743,736
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 Baa3 (4) 741,160
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,107,040
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,107,040
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 Baa3 (4) 5,087,033
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded 7/01/11) - FGIC Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA 12,044,449
Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded
10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,422,000
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,592,875
31
NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 820 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 Aaa $ 900,114
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
(Pre-refunded 8/01/12) - AMBAC Insured
1,075 New York City Trust for Cultural Resources, New York, Revenue 7/09 at 101.00 AAA 1,138,490
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
420 5.125%, 8/01/25 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 428,921
30 5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 30,662
1,080 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 1,127,563
Series 1999I, 5.000%, 4/15/29 (Pre-refunded 4/15/09) -
MBIA Insured
3,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,273,330
Fund Bonds, Series 2002A, 5.250%, 4/01/19
(Pre-refunded 4/01/12) - FSA Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,421,620
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.125%, 1/01/23 (Pre-refunded 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
43,640 Total U.S. Guaranteed 46,981,687
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.1% (7.0% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,774,840
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,657,040
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,809,650
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,088,490
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,530,495
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 959,250
3,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 3,012,960
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
6,010 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 6,098,167
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 7,775,686
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 736,710
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,049,200
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
650 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 686,628
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,645 Total Utilities 37,179,116
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.4% OF TOTAL INVESTMENTS)
1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,345,745
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,225 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,321,518
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,004,530
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
5,920 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,012,589
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
3,455 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 3,459,353
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 7,100 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA $ 7,171,923
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 1,043,105
New York, Water System Revenue Bonds, 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
24,175 Total Water and Sewer 23,358,763
------------------------------------------------------------------------------------------------------------------------------------
$ 537,275 Total Investments (cost $520,688,754) - 158.0% 530,543,798
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.4)% (14,635,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.9% 12,837,405
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (57.5)% (5) (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 335,746,203
====================================================================================================================
As of March 31, 2008, all of the bonds in the Portfolio of
Investments, 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of
total investments is (36.4)%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
33
NUN
Nuveen New York Quality Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.3% (13.9% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 530,535
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA 1,130,040
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 640,823
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,521,100
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General No Opt. Call AAA 1,054,360
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
670 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 A2 683,949
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,755,500
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 2,130,360
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
2,320 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 2,335,242
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
2,830 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 2,837,358
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
745 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A3 727,046
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 2,233,160
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
800 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 870,536
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 691,795
4,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 4,624,600
State University Educational Facilities, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,166,344
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AA- 2,006,180
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
2,000 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 1,991,900
Civic Facility Revenue Bonds, Colgate University, Series 2005A,
5.000%, 7/01/40 - AMBAC Insured
6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,464,716
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, 6/08 at 101.00 AAA 4,788,418
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
$ 2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA $ 1,973,240
3,240 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AAA 3,153,946
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 1,190,591
9,840 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 9,766,397
5,910 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 5,257,832
6,250 New York City Trust for Cultural Resources, New York, 7/08 at 101.00 AAA 6,322,063
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
1,005 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aaa 1,009,362
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
74,495 Total Education and Civic Organizations 75,857,393
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 16.3% (10.2% OF TOTAL INVESTMENTS)
3,995 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 4,004,109
Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 6,860,770
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,420 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 2,450,589
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 2,675,349
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,018,470
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
9,000 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 9,263,610
Bonds, Catholic Health Services of Long Island Obligated Group -
St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA
Insured
1,800 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 1,801,818
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,564,175
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,385,470
2,635 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,895,127
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,150 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,127,361
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,019,620
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,909,424
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,184,780
1,265 New York State Dormitory Authority, Revenue Bonds, No Opt. Call A3 1,277,524
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
54,630 Total Health Care 55,438,196
------------------------------------------------------------------------------------------------------------------------------------
35
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
$ 1,500 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ $ 1,634,910
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 1,618,965
5,515 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AA+ 5,591,548
1,903 New York City Housing Development Corporation, New York, 4/08 at 105.00 AAA 2,001,456
Multifamily Housing Revenue Bonds, Pass-Through Certificates,
Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
560 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 481,975
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC Insured
(Alternative Minimum Tax)
40 New York State Housing Finance Agency, FHA-Insured Multifamily 8/08 at 100.00 AAA 40,069
Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
1,440 New York State Housing Finance Agency, Mortgage Revenue 5/08 at 100.00 AAA 1,442,534
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,458 Total Housing/Multifamily 12,811,457
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
3,765 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 A- 3,414,064
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (0.8% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/08 at 101.00 AAA 4,451,291
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.5% (9.0% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 A3 1,595,145
5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 875,454
5.250%, 4/01/13 - MBIA Insured
14,630 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 14,150,282
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
Monroe County, New York, General Obligation Public Improvement
Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 A3 2,365,313
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 A3 1,051,250
New York City, New York, General Obligation Bonds, Fiscal
Series 2001D:
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,661,500
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,217,725
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AA 5,251,050
125 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 127,623
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,350 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,577,465
1,700 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,795,676
4,130 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 4,354,300
Series 2005J, 5.000%, 3/01/19 - FGIC 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 A 1,846,476
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 A 1,895,467
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,396,163
5.000%, 8/01/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
48,010 Total Tax Obligation/General 49,160,889
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 53.1% (33.2% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,447,581
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 130 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA $ 130,451
Revenue Bonds, Mental Health Services Facilities, Series 2000D,
5.250%, 8/15/30 - FSA Insured
Dormitory Authority of the State of New York, Lease Revenue
Bonds, Madison-Oneida Board of Cooperative Educational
Services, Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,101,806
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,159,796
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,194,599
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 3,753,209
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
2,300 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 2,474,524
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,216,644
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,138,264
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,097,803
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
2,420 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 2,607,986
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A, 5.750%, 5/01/28 - FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,294,524
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,072,690
1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,834,043
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A:
5,980 5.750%, 5/01/27 - FSA Insured (UB) 5/17 at 101.00 AAA 6,435,078
1,670 5.750%, 5/01/28 - FSA Insured (UB) 5/17 at 101.00 AAA 1,789,438
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,753,800
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,878,898
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 2,309,100
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,184,320
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,368,640
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 3,020,310
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,048,080
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 1,588,059
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,580,222
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,779,242
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,025,482
4,960 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,998,390
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,504,950
1,600 New York City Transitional Finance Authority, New York, Building 1/17 at 100.00 AA- 1,608,928
Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 -
FGIC Insured
37
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
$ 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA $ 10,975,362
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,595,208
970 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 972,716
5,345 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,568,795
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,079,448
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 Aa1 1,939,169
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,585,120
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation,
Hotel Unit Fee Revenue Bonds, Series 2005:
2,535 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,536,445
12,010 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 11,822,764
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,121,550
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,031,070
Trust Fund Bonds, Second Genera1 Series 2004,
5.000%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AAA 9,489,554
2,600 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AAA 2,712,242
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,024,340
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 12,760,340
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,021,220
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,513,275
Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
500 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 503,200
Personal Income Tax Revenue Bonds, Series 2005B,
5.000%, 3/15/30 - FSA Insured
1,980 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,992,949
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured (5)
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 3,319,830
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,638,580
------------------------------------------------------------------------------------------------------------------------------------
172,425 Total Tax Obligation/Limited 180,600,034
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 15.9% (10.0% OF TOTAL INVESTMENTS)
9,000 Metropolitan Transportation Authority, New York, Transportation 11/16 at 100.00 AAA 8,331,390
Revenue Bonds, Series 2006B, 4.500%, 11/15/36 - FSA Insured
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,048,364
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 4,058,080
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 2,828,018
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,576,245
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
$ 2,665 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AAA $ 2,792,680
4,075 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AAA 4,090,893
1,700 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,711,169
Series 2005G, 5.000%, 1/01/30 - FSA Insured
970 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 994,008
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,511,275
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
1,700 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AA- 1,703,604
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/31 - XLCA Insured
1,570 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 1,621,747
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 Aa2 5,193,250
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 1,752,120
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 3,958,422
------------------------------------------------------------------------------------------------------------------------------------
53,530 Total Transportation 54,171,265
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.0% (9.4% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
65 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 69,324
175 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 186,767
2,625 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,071,381
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AA- (4) 1,538,648
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,894,719
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,123,228
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,375,539
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,780,464
Longwood Central School District, Suffolk County, New York,
Series 2000:
910 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,007,406
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,560,926
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,422,000
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,105,500
Metropolitan Transportation Authority, New York, Transit Facilities
Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 7/08 at 101.00 AAA 10,123,500
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 7/08 at 101.00 AAA 4,477,950
30 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 Aaa 32,694
Tax Secured Bonds, Fiscal Series 2002B, 5.000%, 5/01/30
(Pre-refunded 11/01/11) - MBIA Insured
655 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 Aaa 718,994
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
(Pre-refunded 8/01/12) - AMBAC Insured
4,875 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,292,154
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
FSA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,599,581
Fund Bonds, Series 2002A, 5.250%, 4/01/20
(Pre-refunded 4/01/12) - FSA Insured
39
NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
$ 525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa $ 565,352
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 565,352
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 565,352
------------------------------------------------------------------------------------------------------------------------------------
48,780 Total U.S. Guaranteed 51,076,831
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.0% (6.3% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,830,098
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured
(Alternative Minimum Tax)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,774,840
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,657,040
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,936,550
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,539,810
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,571,155
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,238,250
2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,510,800
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
6,180 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 6,270,661
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 8,062,185
750 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 736,710
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
865 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 913,743
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
57,465 Total Utilities 34,041,842
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.6% (4.2% OF TOTAL INVESTMENTS)
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 897,164
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,360 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,467,154
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
3,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,004,530
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
6,525 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,627,051
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 3,500 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA $ 3,504,410
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
7,000 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 7,070,909
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
22,215 Total Water and Sewer 22,571,218
------------------------------------------------------------------------------------------------------------------------------------
$ 552,223 Total Investments (cost $535,224,836) - 159.8% 543,594,480
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.4)% (14,845,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 8,414,287
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (57.9)% (6) (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 340,163,767
====================================================================================================================
FORWARD SWAPS OUTSTANDING AT MARCH 31, 2008:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (7) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs $2,250,000 Receive 3-Month USD-LIBOR 5.593% Semi-Annually 10/01/08 10/01/37 $(313,122)
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate).
As of March 31, 2008, all of the bonds in the Portfolio of
Investments, 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Portion of investment, with an aggregate market value of
$281,831, has been pledged to collateralize the net payment
obligations under forward swap contracts.
(6) Preferred Shares, at Liquidation Value as a percentage of
total investments is (36.2)%.
(7) Effective date represents the date on which both the Fund
and counterparty commence interest payment accruals on each
forward swap contract.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
41
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.6% (15.2% 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 $ 265,268
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 262,633
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 1,613,895
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 527,180
4,820 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,881,788
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 831,052
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
635 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 639,172
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
970 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 972,522
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A3 248,855
Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured
700 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 781,606
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
250 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 272,043
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 216,186
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,097,720
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AA- 1,345,959
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,488,750
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
1,935 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AA- 2,039,432
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,520 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 1,513,844
Civic Facility Revenue Bonds, Colgate University, Series 2005A,
5.000%, 7/01/40 - AMBAC Insured
1,110 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,080,518
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/46 - AMBAC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 406,663
2,360 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 2,342,347
2,025 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 1,801,541
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,250 New York City Trust for Cultural Resources, New York, Revenue 7/08 at 101.00 AAA $ 1,264,413
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
345 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 Aaa 346,497
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
27,570 Total Education and Civic Organizations 28,305,064
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.5% (15.1% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 100.00 AAA 3,003,510
Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995,
5.600%, 8/01/25 - MBIA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA 2,852,120
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,429,596
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
830 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 840,491
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
1,405 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,392,172
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 3,087,870
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
620 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 620,626
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 2,810,336
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,098,555
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
740 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 732,208
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/08 at 102.00 AAA 1,533,015
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 3,457,521
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,082,950
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 1,688,505
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,039,080
435 New York State Dormitory Authority, Revenue Bonds, No Opt. Call A3 439,307
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
27,565 Total Health Care 28,107,862
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.3% (2.8% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
400 5.000%, 7/01/14 - FGIC Insured No Opt. Call AA+ 435,976
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AA+ 431,724
2,165 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AA+ 2,195,050
200 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 172,134
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
43
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
$ 1,900 New York State Housing Finance Agency, Mortgage Revenue 5/08 at 100.00 AAA $ 1,903,344
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
5,065 Total Housing/Multifamily 5,138,228
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
1,290 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 A- 1,169,759
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,037,660
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 858,135
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,895,795
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.0% (7.0% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 A3 531,715
5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 342,569
5.250%, 4/01/13 - MBIA Insured
5,005 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 4,840,886
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
210 Nassau County, New York, General Obligation Improvement Bonds, No Opt. Call AAA 237,689
Series 1993H, 5.500%, 6/15/16 - MBIA Insured
95 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AA 96,159
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,067,900
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,161,908
1,000 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 1,054,310
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
915 Niagara Falls, New York, General Obligation Bonds, Series 1994, No Opt. Call AAA 1,086,691
7.500%, 3/01/13 - MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,047,230
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 1,641,602
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
12,665 Total Tax Obligation/General 13,108,659
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 52.2% (33.6% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 Aaa 707,071
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
50 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 50,174
Revenue Bonds, Mental Health Services Facilities, Series 2000D,
5.250%, 8/15/30 - FSA Insured
500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 512,575
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AA- 1,258,001
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
225 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 242,073
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 608,322
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
$ 4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA $ 4,429,687
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 877,791
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 395,843
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
830 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 898,624
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A, 5.750%, 5/01/27 - FSA Insured
750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 809,078
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 536,270
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
2,615 Erie County Industrial Development Agency, New York, School 5/17 at 101.00 AAA 2,802,025
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
2,500 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 2,584,600
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,431,851
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 1,731,825
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,592,160
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,012,020
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 1,048,060
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 592,331
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 589,408
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 940,038
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 692,124
4,590 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,625,526
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
715 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 746,002
2,090 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,177,508
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,042,330
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 Aa1 1,051,040
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,536,480
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
1,035 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 1,035,590
4,105 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 4,041,002
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,648,620
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,029,110
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/23 -
MBIA Insured
45
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2005B:
$ 2,960 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AAA $ 3,322,186
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AAA 521,585
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 768,255
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
2,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,161,026
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 3,880,635
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,058,650
Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
FSA Insured
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 503,200
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
FSA Insured
345 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 347,256
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 1,106,430
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,553,505
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
60,020 Total Tax Obligation/Limited 62,497,887
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.5% (9.4% OF TOTAL INVESTMENTS)
3,000 Metropolitan Transportation Authority, New York, Transportation 11/16 at 100.00 AAA 2,777,130
Revenue Bonds, Series 2006B, 4.500%, 11/15/36 - FSA Insured
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 530,585
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 2,009,879
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,017,940
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
MBIA Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
925 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 AAA 969,317
2,240 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 AAA 2,248,736
600 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 603,942
Series 2005G, 5.000%, 1/01/30 - FSA Insured
330 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 338,168
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 502,255
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450
565 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 566,198
545 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 562,963
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 870,480
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,395,887
------------------------------------------------------------------------------------------------------------------------------------
17,295 Total Transportation 17,402,930
------------------------------------------------------------------------------------------------------------------------------------
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 8.7% (5.6% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2000D:
$ 25 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa $ 26,663
70 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured 8/10 at 100.00 Aaa 74,707
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 3,061,066
University of Rochester, Series 2000A, 6.050%, 7/01/24
(Pre-refunded 7/01/10) - MBIA Insured
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 A2 (4) 553,520
Series 2000, 5.750%, 6/15/20 (Pre-refunded 6/15/11) -
FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 552,750
Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
255 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 Aaa 279,914
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
(Pre-refunded 8/01/12) - AMBAC Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,081,720
Fund Bonds, Series 2002B, 5.000%, 4/01/20
(Pre-refunded 4/01/12) - AMBAC Insured
2,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 2,235,740
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
85 Niagara Falls, New York, General Obligation Bonds, Series 1994, No Opt. Call AAA 102,513
7.500%, 3/01/13 - MBIA Insured (ETM)
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,194,989
Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 -
MBIA Insured (Alternative Minimum Tax) (ETM)
265 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA 288,455
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
10,030 Total U.S. Guaranteed 10,452,037
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.2% (3.4% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 502,160
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
2,270 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 2,303,301
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 2,945,412
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
250 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 264,088
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
6,200 Total Utilities 6,260,531
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.7% (6.3% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,794,327
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
3,305 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 3,309,991
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
1,980 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 2,010,967
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
1,200 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,201,512
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
47
NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA $ 799,967
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
2,500 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 2,525,325
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,380 Total Water and Sewer 11,642,089
------------------------------------------------------------------------------------------------------------------------------------
$ 180,930 Total Investments (cost $184,312,085) - 155.3% 185,980,841
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.2)% (5,080,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.2% 3,883,708
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.3)% (5) (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 119,784,549
====================================================================================================================
As of March 31, 2008, all of the bonds in the Portfolio of
Investments, 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of
total investments is (34.9)%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
48
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.5% (2.3% OF TOTAL INVESTMENTS)
$ 2,390 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 2,255,778
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 993,330
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
835 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 796,790
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
4,225 Total Consumer Staples 4,045,898
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 21.1% (13.8% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,072,600
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 1,296,410
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
140 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AAA 140,920
Bonds, State University Dormitory Facilities, Series 2004A,
5.000%, 7/01/29 - MBIA Insured
920 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 922,392
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
240 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 A3 234,216
Barnard College, Series 2007A, 5.000%, 7/01/37 -
FGIC Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AA- 558,290
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 3,805,393
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
1,440 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 1,434,168
Civic Facility Revenue Bonds, Colgate University, Series 2005A,
5.000%, 7/01/40 - AMBAC Insured
New York City Industrial Development Agency, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
1,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 986,620
1,060 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 AAA 1,031,846
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
395 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 387,064
2,210 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 2,193,469
1,920 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 1,708,128
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AAA 4,004,960
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
330 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 Aaa 331,432
New York University, Series 2007, 5.000%, 7/01/32 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
23,685 Total Education and Civic Organizations 24,173,088
------------------------------------------------------------------------------------------------------------------------------------
49
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.5% (16.0% OF TOTAL INVESTMENTS)
$ 2,000 Dormitory Authority of the State of New York, FHA-Insured 8/08 at 101.00 AAA $ 1,960,220
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,429,596
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
785 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 794,922
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 9,912,798
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.600%, 2/15/39 -
AMBAC Insured
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,527,705
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,110,045
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 174,979
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
585 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 595,676
Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
AGC Insured
1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 1,769,281
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
910 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 999,835
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 605,382
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
700 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 692,629
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 747,236
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 1,558,620
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,039,080
395 New York State Dormitory Authority, Revenue Bonds, No Opt. Call A3 398,911
North Shore Jewish Obligated Group, Series 2007A,
5.250%, 7/01/34 - FGIC Insured
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 746,562
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,050,350
------------------------------------------------------------------------------------------------------------------------------------
27,580 Total Health Care 28,113,827
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.7% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,730,396
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,341,189
180 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 154,921
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
4,280 Total Housing/Multifamily 4,226,506
------------------------------------------------------------------------------------------------------------------------------------
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)
$ 1,225 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 A- $ 1,110,818
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7% (1.7% OF TOTAL INVESTMENTS)
525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 528,203
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,039,410
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,527,720
------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 3,095,333
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.6% (9.6% 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 1,562,652
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,465,250
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,349,628
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
4,760 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 4,603,920
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AA 3,196,950
Series 2001H, 5.250%, 3/15/16 - FGIC Insured
80 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 81,678
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,700 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,815,430
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,161,908
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 572,507
Series 2006C, 5.000%, 8/01/16 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,270 Total Tax Obligation/General 16,809,923
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 40.9% (26.7% OF TOTAL INVESTMENTS)
250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 253,418
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,090,480
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 168,893
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A:
590 5.750%, 5/01/27 - FSA Insured 5/18 at 100.00 AAA 638,781
190 5.750%, 5/01/28 - FSA Insured 5/18 at 100.00 AAA 204,759
400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 431,508
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
2,485 Erie County Industrial Development Agency, New York, School 5/17 at 101.00 AAA 2,662,727
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
2,290 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 2,367,494
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 4,027,080
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
51
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Nassau County Interim Finance Authority, New York, Sales 11/13 at 100.00 AAA $ 1,048,060
Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 -
AMBAC Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
3,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,474,052
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,058,543
300 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 302,322
2,500 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,513,950
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA 5,362,000
Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 -
MBIA Insured
890 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 927,264
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
500 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 Aa1 525,520
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
500 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 500,285
430 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 423,296
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
2,625 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AAA 2,946,195
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AAA 521,585
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 1,955,214
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,021,220
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 776,633
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
8,600 New York State Urban Development Corporation, Revenue No Opt. Call AAA 9,686,782
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
44,300 Total Tax Obligation/Limited 46,888,061
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 13.1% (8.6% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 2,029,040
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 3,999,760
865 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 906,442
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
350 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 352,300
Series 2005G, 5.000%, 1/01/30 - FSA Insured
315 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 322,796
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 85,383
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Port Authority of New York and New Jersey, Consolidated Revenue
Bonds, One Hundred Fortieth Series 2005:
$ 500 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA $ 536,600
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AA- 1,009,450
345 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AA- 345,731
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AA- 4,065,680
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 - FGIC Insured (Alternative Minimum Tax)
515 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 531,974
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 870,480
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,755 Total Transportation 15,055,636
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.4% (8.1% OF TOTAL INVESTMENTS) (4)
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 232,252
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded 8/15/09) -
FSA Insured
160 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 187,208
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
110 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 Aaa 120,747
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
(Pre-refunded 8/01/12) - AMBAC Insured
3,170 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,441,257
Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
FSA Insured
665 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 722,436
Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,375,250
Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
FSA Insured
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,672,515
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,375 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,477,328
Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
------------------------------------------------------------------------------------------------------------------------------------
13,275 Total U.S. Guaranteed 14,228,993
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.6% (8.2% OF TOTAL INVESTMENTS)
5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 5,021,600
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
1,700 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 1,724,939
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 1,306,838
250 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 245,570
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,032,200
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 -
AMBAC Insured
1,090 Westchester County Industrial Development Agency, 7/08 at 100.00 BBB 1,094,458
Westchester County, New York, Resource Recovery Revenue
Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
14,340 Total Utilities 14,425,605
------------------------------------------------------------------------------------------------------------------------------------
53
NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.0% (2.0% OF TOTAL INVESTMENTS)
$ 1,140 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA $ 1,141,436
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
2,295 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 2,318,248
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
3,435 Total Water and Sewer 3,459,684
------------------------------------------------------------------------------------------------------------------------------------
$ 170,395 Total Investments (cost $173,430,079) - 153.1% 175,633,372
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.2)% (4,830,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.3% 4,945,845
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.2)% (5) (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 114,749,217
====================================================================================================================
As of March 31, 2008, 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, Standard &
Poor's 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest.
(5) Preferred Shares, at Liquidation Value as a percentage of
total investments is (34.7)%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
54
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund
Portfolio of INVESTMENTS
March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.6% (2.3% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,489,995
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
335 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 319,670
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,835 Total Consumer Staples 1,809,665
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.0% (15.6% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured 9/12 at 100.00 AA 1,868,980
Revenue Bonds, Long Island University, Series 2003A,
5.000%, 9/01/32 - RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 2,036,300
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 1,065,180
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
410 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AAA 411,066
Bonds, State University Dormitory Facilities, Series 2006A,
5.000%, 7/01/31 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 932,130
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 Aaa 2,591,775
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
100 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 108,817
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 86,474
630 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AAA 627,449
Civic Facility Revenue Bonds, Colgate University, Series 2005A,
5.000%, 7/01/40 - AMBAC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
170 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 A3 166,585
1,425 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 1,414,341
840 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 A3 747,306
------------------------------------------------------------------------------------------------------------------------------------
12,155 Total Education and Civic Organizations 12,056,403
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.7% (15.4% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,002,420
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 3,003,270
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
345 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 349,361
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - FSA Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A3 1,018,470
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
255 Dormitory Authority of the State of New York, Revenue Bonds, 7/17 at 100.00 AAA 255,258
Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
AGC Insured
55
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA $ 25,642
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
810 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 889,963
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 756,728
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
305 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 301,788
The New York and Presbyterian Hospital Project, Series 2007,
5.000%, 8/15/36 - FSA Insured
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 541,475
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 2,743,171
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
11,630 Total Health Care 11,887,546
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)
300 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 301,830
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.3% (6.0% OF TOTAL INVESTMENTS)
2,055 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A3 1,987,617
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)
2,155 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 2,172,973
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
250 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 266,975
Series 2004E, 5.000%, 11/01/19 - FSA Insured
225 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 245,360
Series 2006C, 5.000%, 8/01/16 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,685 Total Tax Obligation/General 4,672,925
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 46.6% (30.2% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,959,622
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
MBIA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,090,480
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,085 Erie County Industrial Development Agency, New York, School 5/17 at 101.00 AAA 1,162,599
Facility Revenue Bonds, Buffalo City School District Project,
Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)
340 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 368,111
Facility Revenue Bonds, Buffalo City School District Project,
Series 2008A, 5.750%, 5/01/27 - FSA Insured
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AA- 1,006,770
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 498,994
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
610 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 623,286
555 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 564,896
740 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 744,129
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/28 - FGIC Insured
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,143,430
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/18 - AMBAC Insured
56
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA $ 2,048,640
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
845 New York Convention Center Development Corporation, 11/15 at 100.00 AAA 831,826
Hotel Unit Fee Revenue Bonds, Series 2005, 5.000%, 11/15/44 -
AMBAC Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,314,458
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
950 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 1,066,242
Fund Bonds, Second General, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,234,872
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- 776,633
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
1,860 New York State Urban Development Corporation, Service No Opt. Call AA- 1,967,378
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
22,480 Total Tax Obligation/Limited 23,402,366
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.9% (8.4% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 A 999,940
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,875 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,964,831
Series 2005F, 5.000%, 1/01/20 - AMBAC Insured
140 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 AA- 143,465
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,154,927
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
225 Port Authority of New York and New Jersey, One Hundred and 8/17 at 100.00 AAA 232,416
Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
10.129%, 8/15/32 - FSA Insured (IF)
------------------------------------------------------------------------------------------------------------------------------------
6,270 Total Transportation 6,495,579
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.1% (18.2% OF TOTAL INVESTMENTS) (4)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 Aaa 1,325,375
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
(Pre-refunded 2/01/13)
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 153,075
Revenue Bonds, Mental Health Services Facilities, Series 1999D,
5.250%, 2/15/29 (Pre-refunded 8/15/09) - FSA Insured
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 415,441
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 Aaa 556,710
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23 (Pre-refunded 5/01/13)
100 Erie County Water Authority, New York, Water Revenue Bonds, No Opt. Call AAA 112,527
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)
245 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 250,204
Series 1998H, 5.125%, 8/01/25 (Pre-refunded 8/01/08) -
MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,786,018
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
500 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 558,935
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 (4) 2,185,660
Bonds, Series 2002A, 5.000%, 11/15/20
(Pre-refunded 11/15/12)
57
NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS March 31, 2008 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA $ 2,150,100
Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,136,200
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded 1/01/12) - MBIA Insured
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 479,511
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
12,995 Total U.S. Guaranteed 14,109,756
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5% (2.9% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
1,130 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A- 1,146,577
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A- 874,576
125 Long Island Power Authority, New York, Electric System General 6/16 at 100.00 A+ 122,785
Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured
110 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 116,199
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,235 Total Utilities 2,260,137
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.0% (0.6% OF TOTAL INVESTMENTS)
495 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 495,624
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 75,080 Total Investments (cost $76,587,523) - 154.3% 77,491,831
==============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.2)% (2,095,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.7% 1,824,935
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.8)% (5) (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 50,221,766
====================================================================================================================
As of March 31, 2008, 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, Standard &
Poor's 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.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's Group
("Standard & Poor's") or Moody's Investor Service, Inc.
("Moody's") rating. Ratings below BBB by Standard & Poor's
or Baa by Moody's are considered to be below investment
grade.
The Portfolio of Investments reflects the ratings on certain
bonds insured by AMBAC, CIFG, FGIC, MBIA and XLCA as of
March 31, 2008. During March 2008, at least one rating
agency reduced the rating for AMBAC-insured bonds to AA and
at least one rating agency further reduced the ratings for
CIFG-insured, FGIC-insured and XLCA-insured bonds.
Subsequent to March 31, 2008, at least one rating agency
reduced the rating for MBIA-insured bonds to AA. As of March
31, 2008, one or more rating agencies have placed each of
these insurers on "negative credit watch", which may presage
one or more rating reductions for such insurer or insurers
in the future. If one or more insurers' ratings are reduced
by these rating agencies, it would likely reduce the
effective rating of many of the bonds insured by that
insurer or insurers.
(4) Backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities which ensure
the timely payment of principal and interest. Such
investments are normally considered to be equivalent to AAA
rated securities.
(5) Preferred Shares, at Liquidation Value as a percentage of
total investments is (34.8)%.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
58
Statement of
ASSETS & LIABILITIES
March 31, 2008 (Unaudited)
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $396,722,595,
$520,688,754, $535,224,836,
$184,312,085, $173,430,079 and
$76,587,523, respectively) $401,330,400 $530,543,798 $543,594,480 $185,980,841 $175,633,372 $77,491,831
Cash -- -- 2,930,496 1,789,102 2,828,726 1,069,848
Receivables:
Interest 5,672,558 7,371,550 7,302,402 2,616,427 2,544,195 989,780
Investments sold 1,767,500 7,827,500 -- -- 95,000 --
Other assets 45,488 57,356 52,255 10,749 2,148 701
------------------------------------------------------------------------------------------------------------------------------------
Total assets 408,815,946 545,800,204 553,879,633 190,397,119 181,103,441 79,552,160
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 857,067 898,718 -- -- -- --
Floating rate obligations 10,910,000 14,635,000 14,845,000 5,080,000 4,830,000 2,095,000
Unrealized depreciation on forward swaps -- -- 313,122 -- -- --
Accrued expenses:
Management fees 208,501 276,711 281,050 98,708 56,905 25,872
Other 103,156 130,824 157,494 35,814 28,640 17,839
Common share dividends payable 759,093 1,031,322 1,036,076 359,792 417,096 182,129
Preferred share dividends payable 52,812 81,426 83,124 38,256 21,583 9,554
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 12,890,629 17,054,001 16,715,866 5,612,570 5,354,224 2,330,394
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at
liquidation value 144,000,000 193,000,000 197,000,000 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $251,925,317 $335,746,203 $340,163,767 $119,784,549 $114,749,217 $50,221,766
====================================================================================================================================
Common shares outstanding 17,601,933 23,310,802 23,904,439 8,329,215 7,964,131 3,513,360
====================================================================================================================================
Net asset value per Common share
outstanding (net assets
applicable to Common
shares, divided by Common
shares outstanding) $ 14.31 $ 14.40 $ 14.23 $ 14.38 $ 14.41 $ 14.29
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value
per share $ 176,019 $ 233,108 $ 239,044 $ 83,292 $ 79,641 $ 35,134
Paid-in surplus 247,294,408 326,211,519 332,689,767 118,406,390 113,014,433 49,509,303
Undistributed
(Over-distribution of)
net investment income 143,769 (490,135) (596,048) (169,931) (169,726) (25,088)
Accumulated net realized
gain (loss) from investments
and derivative transactions (296,684) (63,333) (225,518) (203,958) (378,424) (201,891)
Net unrealized appreciation
(depreciation) of investments
and derivative transactions 4,607,805 9,855,044 8,056,522 1,668,756 2,203,293 904,308
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares $251,925,317 $335,746,203 $340,163,767 $119,784,549 $114,749,217 $50,221,766
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000 200,000,000 Unlimited Unlimited
Preferred 1,000,000 1,000,000 1,000,000 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
59
Statement of
OPERATIONS
Six Months Ended March 31, 2008 (Unaudited)
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,687,207 $13,001,324 $13,023,453 $ 4,469,398 $ 4,317,359 $1,813,778
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,252,774 1,668,323 1,693,075 594,179 566,356 249,145
Preferred shares - auction fees 180,001 241,251 246,250 81,250 76,251 33,751
Preferred shares - dividend
disbursing agent fees 14,977 14,982 19,952 9,982 4,989 5,007
Shareholders' servicing agent
fees and expenses 15,121 15,952 15,484 5,871 799 426
Interest expense on floating
rate obligations 169,697 227,636 230,904 79,016 75,127 32,586
Custodian's fees and expenses 65,066 73,064 79,310 25,877 27,232 11,355
Directors'/Trustees' fees
and expenses 3,787 4,796 4,721 1,866 1,676 770
Professional fees 13,133 18,475 15,590 9,588 6,731 4,149
Shareholders' reports - printing
and mailing expenses 20,051 26,033 27,366 10,109 10,432 6,269
Stock exchange listing fees 4,721 4,721 4,721 4,721 451 199
Investor relations expense 15,657 20,887 21,181 7,357 6,997 3,151
Portfolio insurance expense -- 813 -- -- -- --
Other expenses 22,988 18,973 19,477 8,071 7,465 5,672
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before
custodian fee credit
and expense reimbursement 1,777,973 2,335,906 2,378,031 837,887 784,506 352,480
Custodian fee credit (20,313) (38,538) (46,251) (14,063) (15,970) (6,566)
Expense reimbursement -- -- -- -- (224,395) (104,666)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,757,660 2,297,368 2,331,780 823,824 544,141 241,248
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,929,547 10,703,956 10,691,673 3,645,574 3,773,218 1,572,530
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments 2,905 337,903 (211,465) (50,569) (378,365) (224,682)
Forward swaps -- -- -- -- -- 135,865
Change in net unrealized
appreciation (depreciation) of:
Investments (7,984,770) (13,573,262) (12,324,574) (4,108,017) (3,849,971) (1,135,262)
Forward swaps -- -- (279,516) -- -- (21,078)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
gain (loss) (7,981,865) (13,235,359) (12,815,555) (4,158,586) (4,228,336) (1,245,157)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,463,784) (3,312,739) (3,507,360) (1,134,917) (1,002,997) (427,382)
From accumulated net
realized gains -- (86,393) (107,456) -- (79,056) (2,095)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to
Common shares from
distributions to
Preferred shareholders (2,463,784) (3,399,132) (3,614,816) (1,134,917) (1,082,053) (429,477)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations $(2,516,102) $ (5,930,535) $ (5,738,698) $(1,647,929) $(1,537,171) $ (102,104)
====================================================================================================================================
See accompanying notes to financial statements.
60
Statement of
CHANGES in NET ASSETS (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
----------------------------- ----------------------------- ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/08 9/30/07 3/31/08 9/30/07 3/31/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,929,547 $ 15,801,778 $ 10,703,956 $ 21,481,130 $ 10,691,673 $ 21,409,900
Net realized gain (loss) from:
Investments 2,905 (289,832) 337,903 (70,227) (211,465) 489,723
Forward swaps -- -- -- -- -- --
Change in net
unrealized appreciation
(depreciation) of:
Investments (7,984,770) (5,068,948) (13,573,262) (8,612,656) (12,324,574) (8,923,129)
Forward swaps -- -- -- -- (279,516) (33,606)
Distributions to
Preferred Shareholders:
From net investment income (2,463,784) (4,510,422) (3,312,739) (6,304,083) (3,507,360) (6,627,607)
From accumulated net
realized gains -- (286,874) (86,393) (213,591) (107,456) (264,550)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (2,516,102) 5,645,702 (5,930,535) 6,280,573 (5,738,698) 6,050,731
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,494,835) (11,824,817) (7,418,092) (16,441,617) (7,315,545) (15,623,437)
From accumulated net realized gains -- (1,259,452) (221,453) (754,478) (248,604) (950,942)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (5,494,835) (13,084,269) (7,639,545) (17,196,095) (7,564,149) (16,574,379)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Repurchased (287,803) (1,323,079) (71,952) (1,641,093) (96,929) (2,318,030)
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions (287,803) (1,323,079) (71,952) (1,641,093) (96,929) (2,318,030)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (8,298,740) (8,761,646) (13,642,032) (12,556,615) (13,399,776) (12,841,678)
Net assets applicable
to Common shares
at the beginning of period 260,224,057 268,985,703 349,388,235 361,944,850 353,563,543 366,405,221
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares at the
end of period $251,925,317 $260,224,057 $335,746,203 $349,388,235 $340,163,767 $353,563,543
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 143,769 $ 172,841 $ (490,135) $ (463,260) $ (596,048) $ (464,816)
====================================================================================================================================
See accompanying notes to financial statements.
61
Statement of
CHANGES in NET ASSETS (continued) (Unaudited)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
----------------------------- ----------------------------- ------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/08 9/30/07 3/31/08 9/30/07 3/31/08 9/30/07
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,645,574 $ 7,270,449 $ 3,773,218 $ 7,538,142 $ 1,572,530 $ 3,186,788
Net realized gain (loss) from:
Investments (50,569) (100,953) (378,365) 290,925 (224,682) 14,123
Forward swaps -- -- -- -- 135,865 --
Change in net unrealized
appreciation (depreciation) of:
Investments (4,108,017) (2,681,117) (3,849,971) (2,914,384) (1,135,262) (1,018,278)
Forward swaps -- -- -- -- (21,078) 21,078
Distributions to
Preferred Shareholders:
From net investment income (1,134,917) (2,107,436) (1,002,997) (2,085,917) (427,382) (815,059)
From accumulated
net realized gains -- (78,002) (79,056) (22,551) (2,095) (10,487)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations (1,647,929) 2,302,941 (1,537,171) 2,806,215 (102,104) 1,378,165
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,523,752) (5,597,338) (2,628,163) (5,763,556) (1,148,869) (2,297,570)
From accumulated net
realized gains -- (295,581) (216,624) (83,553) (5,973) (34,075)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to
Common shares
from distributions
to Common shareholders (2,523,752) (5,892,919) (2,844,787) (5,847,109) (1,154,842) (2,331,645)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Repurchased -- -- -- -- -- --
Net proceeds from shares issued
to shareholders due to
reinvestment of distributions -- -- -- 94,153 -- 7,613
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from capital share transactions -- -- -- 94,153 -- 7,613
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to
Common shares (4,171,681) (3,589,978) (4,381,958) (2,946,741) (1,256,946) (945,867)
Net assets applicable to
Common shares at the
beginning of period 123,956,230 127,546,208 119,131,175 122,077,916 51,478,712 52,424,579
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
Common shares at the
end of period $119,784,549 $123,956,230 $114,749,217 $119,131,175 $50,221,766 $51,478,712
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ (169,931) $ (156,836) $ (169,726) $ (311,784) $ (25,088) $ (21,367)
====================================================================================================================================
See accompanying notes to financial statements.
62
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc.
(NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New
York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium
Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage
Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal
Fund (NRK) (collectively, the "Funds"). 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.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or forward swap
contract, each Fund may use market quotes provided by major broker/dealers in
such investments. If it is determined that the market price for an investment or
derivative instrument is unavailable or inappropriate, the Board of
Directors/Trustees of the Funds, or its designee, may establish fair value in
accordance with procedures established in good faith by the Board of
Directors/Trustees. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term investments are valued at
amortized cost, which approximates 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/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2008, there were
no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
63
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all of its net investment income and net
capital gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and ordinary income distributions paid by the Funds are subject to federal
taxation.
Effective March 31, 2008, the Funds adopted Financial Accounting Standards Board
(FASB) Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN
48). FIN 48 provides guidance for how uncertain tax positions should be
recognized, measured, presented and disclosed in the financial statements. FIN
48 requires the affirmative evaluation of tax positions taken or expected to be
taken in the course of preparing the Funds' tax returns to determine whether it
is "more-likely-than-not" (i.e., a greater than 50-percent likelihood) of being
sustained by the applicable tax authority. Tax positions not deemed to meet the
more-likely-than-not threshold may result in a tax benefit or expense in the
current year.
Implementation of FIN 48 required management of the Funds to analyze all open
tax years, as defined by the statute of limitations, for all major
jurisdictions, which includes federal and certain states. Open tax years are
those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). The Funds have
no examinations in progress.
For all open tax years and all major taxing jurisdictions through the end of the
reporting period, management of the Funds has reviewed all tax positions taken
or expected to be taken in the preparation of the Funds' tax returns and
concluded the adoption of FIN 48 resulted in no impact to the Funds' net assets
or results of operations as of and during the six months ended March 31, 2008.
The Funds are also not aware of any tax positions for which it is reasonably
possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
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 by the Funds on each
Series is
64
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
During the six months ended March 31, 2008, New York Investment Quality (NQN),
New York Select Quality (NVN), New York Quality Income (NUN) and Insured New
York Premium Income (NNF) invested only in municipal securities which were
either covered by insurance or were 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.
During the six months ended March 31, 2008, Insured New York Dividend Advantage
(NKO) and Insured New York Tax-Free Advantage (NRK) invested at least 80% of
their net assets (including net assets attributable to Preferred shares) in
municipal securities that were covered by insurance. Each Fund may have also
invested up to 20% of its net assets (including net assets attributable 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, Standard & Poor's or Fitch) or unrated
but judged to be of comparable quality by Nuveen Asset Management (the
"Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. ("Nuveen").
Effective March 20, 2008, pursuant to action taken by the Funds' Board of
Directors/Trustees, under normal circumstances, Insured New York Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) must invest at
least 80% of their net assets (including net assets attributable to Preferred
shares) in municipal securities which are either covered by insurance or 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. For purposes of this 80% test, insurers must have a
claims paying ability rated at least A at the time of purchase. In addition,
each Fund must invest at least 80% of their net assets (including net assets
attributable to Preferred shares) in municipal securities that are rated at
least AA at the time of purchase. Each Fund may also invest up to 20% of their
net assets (including net assets attributable to Preferred shares) in municipal
securities rated below AA (based on the higher rating of the insurer, if any, or
the underlying bond) or are unrated but judged to be of comparable quality by
the Adviser.
The foregoing policy changes will be implemented in Insured New York Premium
Income (NNF) pending shareholder approval.
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.
65
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). A Fund may also enter into shortfall and
forbearance agreements (sometimes referred to as a "recourse trust" or "credit
recovery swap") with a broker-dealer by which a Fund agrees to reimburse the
broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation
value of the floating rate certificates, as well as any shortfalls in interest
cash flows. The inverse floater held by a Fund gives the Fund the right (a) to
cause the holders of the floating rate certificates to tender their notes at
par, and (b) to have the broker transfer the fixed-rate bond held by the trust
to the Fund, thereby collapsing the trust. An investment in an
externally-deposited inverse floater is identified in the Portfolio of
Investments as an "Inverse floating rate investment". An investment in a
self-deposited inverse floater, recourse trust or credit recovery swap is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Interest
expense on floating rate obligations" in the Statement of Operations.
During the six months ended March 31, 2008, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2008, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------
Average floating rate obligations $10,910,000 $14,635,000 $14,845,000 $5,080,000 $4,830,000 $2,095,000
Average annual interest rate and fees 3.11% 3.11% 3.11% 3.11% 3.11% 3.11%
===================================================================================================================
66
Forward Swap Transactions
Each Fund is authorized to invest in forward interest rate swap transactions.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount. New York Quality Income
(NUN) and Insured New York Tax-Free Advantage (NRK) were the only Funds to
invest in forward interest rate swap transactions during the six months ended
March 31, 2008.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolios of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
On July 10, 2007, the Board of Directors/Trustees of New York Investment Quality
(NQN), New York Select Quality (NVN) and New York Quality Income (NUN) approved
an open-market share repurchase program, as part of a broad, ongoing effort
designed to support the market prices of the Funds' Common shares. Under the
terms of the program, each Fund may repurchase up to 10% of its outstanding
Common shares.
67
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
------------------------ ----------------------- ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/08 9/30/07 3/31/08 9/30/07 3/31/08 9/30/07
-------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- -- -- --
Repurchased (21,700) (97,300) (5,600) (118,800) (7,700) (171,600)
-------------------------------------------------------------------------------------------------------------------
Weighted average price per Common
share repurchased $13.24 $13.58 $12.83 $13.79 $12.57 $13.49
Weighted average discount per
Common share repurchased 11.53% 7.19% 13.26% 7.12% 14.00% 7.74%
===================================================================================================================
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------ ------------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/08 9/30/07 3/31/08 9/30/07 3/31/08 9/30/07
--------------------------------------------------------------------------------------------------------------------
Common shares:
Issued to shareholders due
to reinvestment of distributions -- -- -- 6,197 -- 512
Repurchased -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------
Weighted average price per Common
share repurchased -- -- -- -- -- --
Weighted average discount
per Common share repurchased -- -- -- -- -- --
====================================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2008, were as
follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------
Purchases $27,690,926 $47,820,601 $40,528,222 $16,458,144 $11,910,951 $7,044,292
Sales and maturities 29,483,503 58,628,657 41,065,125 17,647,696 10,278,628 6,744,126
===================================================================================================================
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 timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
transactions subject to SFAS No. 140. To the extent that differences arise that
are permanent in nature, such amounts are reclassified within the capital
accounts on the Statement of Assets and Liabilities presented in the annual
report, based on their federal tax basis treatment; temporary differences do not
require reclassification. Temporary and permanent differences do not impact the
net asset values of the Funds.
68
At March 31, 2008, the cost of investments was as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Cost of investments $385,532,069 $505,942,954 $520,236,121 $179,179,300 $168,539,885 $74,509,033
========================================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2008, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 9,228,273 $15,417,295 $14,359,468 $ 3,989,319 $ 3,872,457 $1,588,555
Depreciation (4,334,820) (5,443,716) (5,865,061) (2,265,681) (1,605,950) (700,031)
------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $ 4,893,453 $ 9,973,579 $ 8,494,407 $ 1,723,638 $ 2,266,507 $ 888,524
========================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2007, the Funds' last tax year
end, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $964,095 $790,834 $714,768 $260,147 $111,030 $177,605
Undistributed net ordinary income ** -- 6,318 3 744 -- --
Undistributed net long-term
capital gains 10,122 1,362 351,216 548 295,621 8,007
========================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 4, 2007, paid on October 1, 2007.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2007 was designated for purposes of the dividends paid deduction
as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $16,282,164 $22,790,638 $22,339,468 $7,722,662 $7,871,954 $3,110,383
Distributions from net
ordinary income ** 39,794 220 22,007 133 -- --
Distributions from net long-term
capital gains 1,546,326 968,069 1,215,492 373,583 106,104 44,562
========================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2006 through September 30, 2007, the Funds' last tax
year end, ("post-October losses") in accordance with federal income tax
regulations. Post-October losses are treated as having arisen on the first day
of the current fiscal year:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT PREMIUM TAX-FREE
QUALITY QUALITY INCOME ADVANTAGE
(NQN) (NVN) (NNF) (NRK)
--------------------------------------------------------------------------------
$309,645 $95,228 $154,238 $96,747
================================================================================
69
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each 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
================================================================================
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 March 31, 2008, the complex-level fee rate was .1870%.
70
The complex-level fee schedule is as follows:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1) EFFECTIVE RATE AT BREAKPOINT LEVEL
--------------------------------------------------------------------------------
$55 billion .2000%
$56 billion .1996
$57 billion .1989
$60 billion .1961
$63 billion .1931
$66 billion .1900
$71 billion .1851
$76 billion .1806
$80 billion .1773
$91 billion .1691
$125 billion .1599
$200 billion .1505
$250 billion .1469
$300 billion .1445
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
preferred stock issued by or borrowings by the Nuveen funds) of
Nuveen-sponsored funds in the U.S.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to 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.
71
Notes to
FINANCIAL STATEMENTS (continued) (Unaudited)
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. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 157
In September 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." This
standard establishes a single authoritative definition of fair value, sets out a
framework for measuring fair value and requires additional disclosures about
fair value measurements. SFAS No. 157 applies to fair value measurements already
required or permitted by existing standards. SFAS No. 157 is effective for
financial statements issued for fiscal years beginning after November 15, 2007,
and interim periods within those fiscal years. The changes to current generally
accepted accounting principles from the application of this standard relate to
the definition of fair value, the methods used to measure fair value, and the
expanded disclosures about fair value measurements. As of March 31, 2008,
management does not believe the adoption of SFAS No. 157 will impact the
financial statement amounts; however, additional disclosures may be required
about the inputs used to develop the measurements and the effect of certain of
the measurements included within the Statement of Operations for the period.
Financial Accounting Standards Board Statement of Financial Accounting
Standards No. 161
In March 2008, the FASB issued SFAS No. 161, "Disclosures about Derivative
Instruments and Hedging Activities." This standard is intended to enhance
financial statement disclosures for derivative instruments and hedging
activities and enable investors to understand: a) how and why a fund uses
derivative instruments, b) how derivative instruments and related hedge items
are accounted for, and c) how derivative instruments and related hedge items
affect a fund's financial position, results of operations and cash flows. SFAS
No. 161 is effective for financial statements issued for fiscal years beginning
after November 15, 2008, and interim periods within those fiscal years. As of
March 31, 2008, management does not believe the adoption of SFAS No. 161 will
impact the financial statement amounts; however, additional footnote disclosures
may be required about the use of derivative instruments and hedging items.
72
7. SUBSEQUENT EVENTS
Auction Rate Preferred Markets
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Preferred shares issued by the Funds than there were
offers to buy. This meant that these auctions "failed to clear,'' and that many
Preferred shareholders who wanted to sell their shares in these auctions were
unable to do so. Preferred shareholders unable to sell their shares received
distributions at the "maximum rate'' calculated in accordance with the
pre-established terms of the Preferred shares.
These developments generally do not affect the management or investment policies
of the Funds. However, one implication of these auction failures for Common
shareholders is that the Funds' cost of leverage will be higher than it
otherwise would have been had the auctions continued to be successful. As a
result, the Funds' future Common share earnings may be lower than they otherwise
would have been.
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 1, 2008, to shareholders of record on
April 15, 2008, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------
Dividend per share $.0520 $.0530 $.0510 $.0505 $.0550 $.0545
========================================================================================================================
73
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ ------------------------------
Distributions Distributions
from Net 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:
2008(b) $14.77 $ .45 $(.46) $(.14) $ -- $ (.15) $(.31) $ -- $ (.31)
2007 15.18 .89 (.29) (.25) (.02) .33 (.67) (.07) (.74)
2006 15.87 .90 (.05) (.17) (.09) .59 (.75) (.53) (1.28)
2005 16.46 .95 (.19) (.13) (.01) .62 (.94) (.27) (1.21)
2004 16.80 1.02 .12 (.05) (.03) 1.06 (.99) (.41) (1.40)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
NEW YORK SELECT QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 14.98 .46 (.57) (.14) --**** (.25) (.32) (.01) (.33)
2007 15.44 .92 (.37) (.27) (.01) .27 (.70) (.03) (.73)
2006 15.87 .93 (.07) (.21) (.05) .60 (.76) (.27) (1.03)
2005 16.18 .97 (.09) (.14) (.01) .73 (.91) (.13) (1.04)
2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
=============================================================================================================================
Total Returns
---------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
==============================================================================
NEW YORK INVESTMENT QUALITY (NQN)
------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $ -- $14.31 $13.09 (2.16)% (1.02)%
2007 -- 14.77 13.70 3.22 2.22
2006 -- 15.18 13.99 2.39 4.03
2005 -- 15.87 14.94 4.08 3.90
2004 -- 16.46 15.52 10.21 6.61
2003 -- 16.80 15.38 3.63 5.68
NEW YORK SELECT QUALITY (NVN)
------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) -- 14.40 12.90 (4.60) (1.72)
2007 -- 14.98 13.86 1.70 1.75
2006 -- 15.44 14.34 4.53 4.10
2005 -- 15.87 14.74 4.93 4.64
2004 -- 16.18 15.04 6.96 7.27
2003 -- 16.28 15.22 4.57 5.63
==============================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------------------ ------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $251,925 1.37%* 1.24%* 6.10%* 1.36%* 1.23%* 6.12%* 7%
2007 260,224 1.40 1.22 5.98 1.39 1.22 5.99 19
2006 268,986 1.22 1.22 5.92 1.21 1.21 5.94 16
2005 281,203 1.19 1.19 5.88 1.18 1.18 5.89 30
2004 291,660 1.18 1.18 6.26 1.18 1.18 6.26 11
2003 297,312 1.19 1.19 6.42 1.18 1.18 6.42 19
NEW YORK SELECT QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 335,746 1.35* 1.21* 6.14* 1.32* 1.19* 6.16* 9
2007 349,388 1.38 1.20 6.05 1.37 1.19 6.05 17
2006 361,945 1.20 1.20 6.03 1.18 1.18 6.05 15
2005 371,935 1.18 1.18 6.03 1.18 1.18 6.04 17
2004 379,117 1.19 1.19 6.31 1.19 1.19 6.32 8
2003 381,274 1.19 1.19 6.49 1.18 1.18 6.50 16
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $144,000 $25,000 $68,737 $10,910 $37,290
2007 144,000 25,000 70,178 10,910 38,051
2006 144,000 25,000 71,699 -- --
2005 144,000 25,000 73,820 -- --
2004 144,000 25,000 75,635 -- --
2003 144,000 25,000 76,617 -- --
NEW YORK SELECT QUALITY (NVN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 193,000 25,000 68,490 14,635 37,129
2007 193,000 25,000 70,258 14,635 38,061
2006 193,000 25,000 71,884 -- --
2005 193,000 25,000 73,178 -- --
2004 193,000 25,000 74,108 -- --
2003 193,000 25,000 74,388 -- --
================================================================================
* Annualized.
** Total 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. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period takes place over
several days, and in some instances may not be based on the market price,
so the actual reinvestment price may be different from the price used in
the calculation. Total returns are not annualized.
Total Return on Common Share Net Asset Value is the combination of changes
in Common share net asset value, reinvested dividend income at net asset
value and reinvested capital gains distributions at net asset value, if
any. The last dividend declared in the period, which is typically paid on
the first business day of the following month, is assumed to be reinvested
at the ending net asset value. The actual reinvest price for the last
dividend declared in the period may often be based on the Fund's market
price (and not its net asset value), and therefore may be different from
the price used in the calculation. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Distributions from Capital Gains to Preferred shareholders rounds to less
than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended March 31, 2008.
See accompanying notes to financial statements.
74-75 spread
Financial
HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------ ------------------------------
Distributions Distributions
from Net 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 QUALITY INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $14.79 $ .45 $(.54) $(.15) $ --**** $(.24) $(.31) $(.01) $ (.32)
2007 15.21 .89 (.33) (.28) (.01) .27 (.65) (.04) (.69)
2006 15.64 .90 (.05) (.20) (.05) .60 (.76) (.27) (1.03)
2005 15.90 .93 (.07) (.14) (.01) .71 (.88) (.09) (.97)
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
INSURED NEW YORK PREMIUM INCOME (NNF)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 14.88 .44 (.50) (.14) -- (.20) (.30) -- (.30)
2007 15.31 .87 (.33) (.25) (.01) .28 (.67) (.04) (.71)
2006 15.78 .88 (.06) (.18) (.05) .59 (.73) (.33) (1.06)
2005 16.14 .91 (.08) (.12) (.01) .70 (.88) (.18) (1.06)
2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
=============================================================================================================================
Total Returns
---------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
===============================================================================
NEW YORK QUALITY INCOME (NUN)
-------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $ -- $14.23 $12.73 (3.10)% (1.68)%
2007 -- 14.79 13.46 .21 1.81
2006 -- 15.21 14.11 4.27 4.06
2005 -- 15.64 14.53 5.52 4.56
2004 -- 15.90 14.70 6.77 6.41
2003 -- 16.09 14.89 4.37 5.32
INSURED NEW YORK PREMIUM INCOME (NNF)
-------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) -- 14.38 13.17 (.49) (1.35)
2007 -- 14.88 13.54 (.20) 1.85
2006 -- 15.31 14.26 3.30 3.96
2005 -- 15.78 14.86 4.64 4.50
2004 -- 16.14 15.23 7.14 6.40
2003 -- 16.07 15.10 .56 5.26
===============================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------------------ ------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK QUALITY INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $340,164 1.35%* 1.22%* 6.06%* 1.33%* 1.20%* 6.08%* 7%
2007 353,564 1.38 1.20 5.95 1.37 1.19 5.96 21
2006 366,405 1.21 1.21 5.95 1.20 1.20 5.96 14
2005 376,697 1.19 1.19 5.86 1.18 1.18 5.86 17
2004 383,012 1.19 1.19 6.21 1.19 1.19 6.21 10
2003 387,439 1.20 1.20 6.31 1.19 1.19 6.32 14
INSURED NEW YORK PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 119,785 1.36* 1.23* 5.88* 1.33* 1.21* 5.91* 9
2007 123,956 1.40 1.23 5.79 1.39 1.22 5.80 21
2006 127,546 1.22 1.22 5.75 1.21 1.21 5.77 14
2005 131,420 1.20 1.20 5.71 1.20 1.20 5.71 22
2004 134,434 1.21 1.21 6.11 1.20 1.20 6.11 16
2003 133,735 1.21 1.21 6.38 1.21 1.21 6.38 21
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) $197,000 $25,000 $68,168 $14,845 $37,185
2007 197,000 25,000 69,868 14,845 38,087
2006 197,000 25,000 71,498 -- --
2005 197,000 25,000 72,804 -- --
2004 197,000 25,000 73,606 -- --
2003 197,000 25,000 74,167 -- --
INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(b) 65,000 25,000 71,071 5,080 37,375
2007 65,000 25,000 72,675 5,080 38,196
2006 65,000 25,000 74,056 -- --
2005 65,000 25,000 75,546 -- --
2004 65,000 25,000 76,705 -- --
2003 65,000 25,000 76,436 -- --
================================================================================
* Annualized.
** Total 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. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period takes place over
several days, and in some instances may not be based on the market price,
so the actual reinvestment price may be different from the price used in
the calculation. Total returns are not annualized.
Total Return on Common Share Net Asset Value is the combination of changes
in Common share net asset value, reinvested dividend income at net asset
value and reinvested capital gains distributions at net asset value, if
any. The last dividend declared in the period, which is typically paid on
the first business day of the following month, is assumed to be reinvested
at the ending net asset value. The actual reinvest price for the last
dividend declared in the period may often be based on the Fund's market
price (and not its net asset value), and therefore may be different from
the price used in the calculation. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Distributions from Capital Gains to Preferred shareholders rounds to less
than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended March 31, 2008.
See accompanying notes to financial statements.
76-77 spread
Financial
HIGHLIGHTS (continued) (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net 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 DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) $14.96 $ .47 $(.52) $(.13) $(.01) $ (.19) $(.33) $(.03) $ (.36)
2007 15.34 .95 (.34) (.26) --**** .35 (.72) (.01) (.73)
2006 15.67 .95 (.08) (.20) (.03) .64 (.78) (.19) (.97)
2005 15.69 .98 .12 (.13) (.01) .96 (.86) (.12) (.98)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) 14.65 .45 (.36) (.12) --**** (.03) (.33) --***** (.33)
2007 14.92 .91 (.29) (.23) --**** .39 (.65) (.01) (.66)
2006 15.00 .90 (.05) (.21) --**** .64 (.69) (.03) (.72)
2005 14.75 .90 .25 (.13) -- 1.02 (.77) -- (.77)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
================================================================================================================================
Total Returns
---------------------
Offering Based
Costs and Ending on
Preferred Common Based Common
Share Share Ending on Share Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
---------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) $ -- $14.41 $13.12 (4.46)% (1.32)%
2007 -- 14.96 14.10 (.21) 2.36
2006 -- 15.34 14.85 7.92 4.29
2005 -- 15.67 14.68 9.28 6.23
2004 -- 15.69 14.35 7.55 8.48
2003 -- 15.44 14.30 (.77) 4.01
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
---------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) -- 14.29 13.21 (1.51) (.23)
2007 -- 14.65 13.74 2.24 2.69
2006 -- 14.92 14.08 5.79 4.38
2005 -- 15.00 14.02 8.65 7.05
2004 -- 14.75 13.64 5.83 8.58
2003(b) (.23) 14.42 13.71 (4.40) 5.29
=================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------------------ ------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) $114,749 1.32%* 1.20%* 5.96%* .92%* .79%* 6.37%* 6%
2007 119,131 1.38 1.20 5.83 .94 .76 6.27 19
2006 122,078 1.20 1.20 5.79 .73 .73 6.26 11
2005 124,669 1.18 1.18 5.75 .72 .72 6.21 12
2004 124,860 1.20 1.20 5.91 .74 .74 6.37 9
2003 122,901 1.20 1.20 6.07 .74 .74 6.53 15
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) 50,222 1.37* 1.24* 5.67* .94* .81* 6.11* 9
2007 51,479 1.40 1.25 5.65 .90 .75 6.15 17
2006 52,425 1.27 1.27 5.62 .77 .77 6.13 8
2005 52,682 1.25 1.25 5.53 .76 .76 6.01 7
2004 51,818 1.26 1.26 5.85 .76 .76 6.35 16
2003(b) 50,645 1.19* 1.19* 5.10* .70* .70* 5.59* 5
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) $61,000 $25,000 $72,028 $4,830 $37,387
2007 61,000 25,000 73,824 4,830 38,294
2006 61,000 25,000 75,032 -- --
2005 61,000 25,000 76,094 -- --
2004 61,000 25,000 76,172 -- --
2003 61,000 25,000 75,369 -- --
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2008(c) 27,000 25,000 71,502 2,095 37,860
2007 27,000 25,000 72,665 2,095 38,460
2006 27,000 25,000 73,541 -- --
2005 27,000 25,000 73,780 -- --
2004 27,000 25,000 72,979 -- --
2003(b) 27,000 25,000 71,894 -- --
================================================================================
* Annualized.
** Total 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. The last dividend declared in the period, which
is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period takes place over
several days, and in some instances may not be based on the market price,
so the actual reinvestment price may be different from the price used in
the calculation. Total returns are not annualized.
Total Return on Common Share Net Asset Value is the combination of changes
in Common share net asset value, reinvested dividend income at net asset
value and reinvested capital gains distributions at net asset value, if
any. The last dividend declared in the period, which is typically paid on
the first business day of the following month, is assumed to be reinvested
at the ending net asset value. The actual reinvest price for the last
dividend declared in the period may often be based on the Fund's market
price (and not its net asset value), and therefore may be different from
the price used in the calculation. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Distributions from Capital Gains to Preferred Shareholders rounds to less
than $.01 per share.
*****Distributions from Capital Gains to Common Shareholders rounds to less than
$.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
(c) For the six months ended March 31, 2008.
See accompanying notes to financial statements.
78-79 spread
Reinvest Automatically
EASILY and CONVENIENTLY
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
80
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.
81
Glossary of
TERMS USED in this REPORT
[] AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
[] AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period.
It expresses the return that would have been necessary each year to equal
the investment's actual cumulative performance (including change in NAV or
market price and reinvested dividends and capital gains distributions, if
any) over the time period being considered.
[] AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments or
the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
[] INVERSE FLOATERS: Inverse floating rate securities are created by
depositing a municipal bond, typically with a fixed interest rate, into a
special purpose trust created by a broker-dealer. This trust, in turn, (a)
issues floating rate certificates typically paying short-term tax-exempt
interest rates to third parties in amounts equal to some fraction of the
deposited bond's par amount or market value, and (b) issues an inverse
floating rate certificate (sometimes referred to as an "inverse floater")
to an investor (such as a Fund) interested in gaining investment exposure
to a long-term municipal bond. The income received by the holder of the
inverse floater varies inversely with the short-term rate paid to the
floating rate certificates' holders, and in most circumstances the holder
of the inverse floater bears substantially all of the underlying bond's
downside investment risk. The holder of the inverse floater typically also
benefits disproportionately from any potential appreciation of the
underlying bond's value. Hence, an inverse floater essentially represents
an investment in the underlying bond on a leveraged basis.
[] LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
over which a bond's principal and interest will be paid, and consequently
is a measure of the sensitivity of a bond's or bond Fund's value to changes
when market interest rates change. Generally, the longer a bond's or Fund's
duration, the more the price of the bond or Fund will change as interest
rates change. Leverage-adjusted duration takes into account the leveraging
process for a Fund and therefore is longer than the duration of the Fund's
portfolio of bonds.
[] MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
[] NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of shares outstanding. Fund NAVs are
calculated at the end of each business day.
[] TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
[] ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon
to its holders during the life of the bond. Tax-exempt income to the holder
of the bond comes from accretion of the difference between the original
purchase price of the bond at issuance and the par value of the bond at
maturity and is effectively paid at maturity. The market prices of zero
coupon bonds generally are more volatile than the market prices of bonds
that pay interest periodically.
82
Other Useful INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2007, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. During the
period covered by this report, NQN, NVN, and NUN repurchased 21,700, 5,600, and
7,700 common shares, respectively. Any future repurchases will be reported to
shareholders in the next annual or semi-annual report.
83
Nuveen Investments:
-------------------
SERVING INVESTORS FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
We offer many different investing solutions for our clients' different needs.
Managing $153 billion in assets, as of March 31, 2008, 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 six
distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; Symphony,
a leading institutional manager of market-neutral alternative investment
portfolios; Santa Barbara, a leader in growth equities; and Tradewinds, a leader
in global equities.
Find out how we can help you reach your financial goals.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For a prospectus, please contact your securities
representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/etf
Share prices
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Investor education
Interactive planning tools
ESA-B-0308D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
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.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: June 6, 2008
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 6, 2008
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 6, 2008
-------------------------------------------------------------------