UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21211
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Nuveen Insured New York Tax-Free Advantage Municipal Fund
-------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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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, 2010
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
LOGO: NUVEEN INVESTMENTS
Closed-End Funds
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report
March 31, 2010
------------------------ ------------------------ ------------------------
NUVEEN NEW YORK NUVEEN NEW YORK NUVEEN NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
MUNICIPAL FUND, INC. MUNICIPAL FUND, INC. MUNICIPAL FUND, INC.
NQN NVN NUN
------------------------ ------------------------ ------------------------
NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK
PREMIUM INCOME DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE
MUNICIPAL FUND, INC. MUNICIPAL FUND MUNICIPAL FUND
NNF NKO NRK
March 10
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LOGO: NUVEEN INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The economic environment in which your Fund operates reflects continuing but
uneven economic recovery. The U.S. and other major industrial countries are
experiencing steady but comparatively low levels of economic growth, while
emerging market countries are seeing a resumption of relatively strong economic
expansion. The largest source of economic uncertainty is the potential impact of
steps being considered by many governments to counteract the extraordinary
governmental spending and credit expansion carried out to deal with the
financial and economic crisis of 2008. Consequently, the implications for future
tax rates, government spending, interest rates and the pace of economic recovery
in the U.S. and other leading economies are extremely difficult to predict at
the present time. The long term health of the global economy depends on
restoring some measure of fiscal discipline around the world, but since all of
the corrective steps require economic pain, it is not surprising that
governments are reluctant to undertake them.
In the near term, governments remain committed to furthering economic recovery
and realizing a meaningful reduction in their national unemployment rates. Such
an environment should produce continued economic growth and, consequently,
attractive investment opportunities. Over the longer term, the larger
uncertainty mentioned earlier carries the risk of unexpected potholes in the
road to sustained recovery. For this reason, Nuveen's investment management
teams are working hard to balance return and risk by building well-diversified
portfolios, among other strategies. I encourage you to read the following
commentary on the management of your Fund. As always, I also encourage you to
contact your financial consultant if you have any questions about your Nuveen
Fund investment.
Over the last six months, the Nuveen leveraged municipal closed-end funds
continued to make progress in refinancing their auction rate preferred shares
(ARPS). By the fall of 2009, all of the Nuveen taxable closed-end Funds had
completed redemption of their ARPS at par value. As of April 30, 2010,
approximately 39% of the municipal ARPS issued by the Nuveen Funds also had been
redeemed. Please consult the Nuveen web site for the most recent information on
this issue and all recent developments on your Nuveen Funds at: www.nuveen.com.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/S/ ROBERT P. BREMNER
--------------------------------
Robert P. Bremner
Chairman of the Board
May 21, 2010
Nuveen Investments 1
Portfolio Manager's Comments
Nuveen New York Investment Quality Municipal Fund, Inc.(NQN)
Nuveen New York Select Quality Municipal Fund, Inc.(NVN)
Nuveen New York Quality Income Municipal Fund, Inc.(NUN)
Nuveen Insured New York Premium Income Municipal Fund, Inc.(NNF)
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio manager Cathryn Steeves discusses key investment strategies and the
six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for these six Funds in
2006.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH
REPORTING PERIOD ENDED MARCH 31, 2010?
Municipal market conditions began to show general signs of improvement
throughout most of the period. This trend was bolstered by the reduced issuance
of tax-exempt municipal debt in the marketplace, due in part to the introduction
of the Build America Bond program in April 2009. Build America Bonds are a new
class of taxable municipal debt created as part of the February 2009 economic
stimulus package. These bonds currently offer municipal issuers a federal
subsidy equal to 35% of the bonds' interest payments and therefore provide
issuers with an attractive alternative to traditional tax-exempt debt. For the
six-month period ended March 31, 2010, taxable Build America Bonds issuance
totaled $55.3 billion, accounting for almost 25% of new bonds in the municipal
market nationwide.
In New York, the Build America Bond program had a significant impact on the
availability of tax-exempt issuance, especially among the longer maturities that
we typically seek to purchase for these Funds. For the six months ended March
31, 2010, Build America Bonds issuance in New York totaled $7.4 billion, which
ranked the state as the second largest user of these bonds (after California).
Although total municipal issuance, which includes tax-exempt as well as taxable
bonds, was up substantially in New York for this period, Build America Bonds
made up approximately 31.5% of that supply. Since interest payments from Build
America Bonds represent taxable income, we do not view these bonds as good
investment opportunities for the New York Funds. This tighter supply situation
was compounded for these Funds by the severe decline in the issuance of AAA
rated insured bonds. Over the six-month period, new insured paper accounted for
approximately 5% of national issuance, compared with about 10% during the same
period a year earlier and historical levels of approximately 50%.
CERTAIN STATEMENTS IN THIS REPORT ARE FORWARD-LOOKING STATEMENTS. DISCUSSIONS OF
SPECIFIC INVESTMENTS ARE FOR ILLUSTRATION ONLY AND ARE NOT INTENDED AS
RECOMMENDATIONS OF INDIVIDUAL INVESTMENTS. THE FORWARD-LOOKING STATEMENTS AND
OTHER VIEWS EXPRESSED HEREIN ARE THOSE OF THE PORTFOLIO MANAGER AS OF THE DATE
OF THIS REPORT. ACTUAL FUTURE RESULTS OR OCCURRENCES MAY DIFFER SIGNIFICANTLY
FROM THOSE ANTICIPATED IN ANY FORWARD-LOOKING STATEMENTS, AND THE VIEWS
EXPRESSED HEREIN ARE SUBJECT TO CHANGE AT ANY TIME, DUE TO NUMEROUS MARKET AND
OTHER FACTORS. THE FUNDS DISCLAIM ANY OBLIGATION TO UPDATE PUBLICLY OR REVISE
ANY FORWARD-LOOKING STATEMENTS OR VIEWS EXPRESSED HEREIN.
2 Nuveen Investments
Despite the constrained issuance of tax-exempt municipal bonds, we continued to
find attractive value opportunities, taking a bottom-up approach to discovering
undervalued sectors and individual credits with the potential to perform
relatively well over the long term. Areas of the market where we found value
during this period included New York City water bonds, housing bonds backed by
the Federal Housing Administration and bonds issued for New York University. As
of January 2010, the Funds' Board of Directors/Trustees approved changes to the
Funds' investment policies that enable them to invest up to 20% of their net
assets in uninsured investment-grade securities. Subsequent to this, we
purchased A rated dedicated tax bonds (that is, bonds supported by a specific
revenue stream, such as sales taxes) issued by Puerto Rico, since the income
from these bonds is exempt from both federal and state taxes.
In general, our purchases during this period focused on bonds offering premium
coupons as a defense against a potential rise in interest rates. Cash for new
purchases was generated almost entirely from bond calls.
As of March 31, 2010, all six of these Funds continued to use inverse floating
rate securities.(1) We employ inverse floaters as a form of leverage for a
variety of reasons, including leverage, duration management and both income and
total return enhancement.
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New York Funds, as well as relevant index and
peer group information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON COMMON SHARE NET ASSET VALUE*
FOR PERIODS ENDED 3/31/10
6-MONTH 1-YEAR 5-YEAR 10-YEAR
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NQN 0.82% 14.09% 4.49% 6.74%
NVN 0.69% 14.75% 4.54% 6.57%
NUN 0.68% 14.51% 4.45% 6.36%
NNF 0.65% 12.73% 4.37% 6.40%
NKO 0.55% 12.87% 4.62% N/A
NRK 0.95% 13.96% 5.23% N/A
Standard & Poor's (S&P) New York Municipal Bond Index (2) 0.53% 10.73% 4.70% 5.65%
Standard & Poor's (S&P) Insured National Municipal Bond Index (3) -0.05% 10.66% 4.35% 5.71%
Lipper Single-State Insured Municipal Debt Funds Average (4) -1.24% 18.17% 3.87% 6.06%
-----------------------------------------------------------------------------------------------------------------------
For the six months ended March 31, 2010, the cumulative returns on common share
net asset value (NAV) for all six of these New York Funds outperformed the
Standard & Poor's (S&P) New York Municipal Bond Index, the Standard & Poor's
(S&P) Insured National Municipal Bond Index and the Lipper Single-State Insured
Municipal Debt Funds Average.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, the use of leverage was an important factor affecting
each Fund's performance over this period. The impact of leverage is discussed in
more detail on page five.
* 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.
(1) An inverse floating rate security, also known as an inverse floater, is a
financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen Funds, the index typically used is the Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA). Inverse
floaters, including those inverse floating rate securities in which the
Funds invested during this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
(2) The Standard & Poor's (S&P) New York Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade New York municipal bond market. This
index does not reflect any initial or ongoing expenses and is not
available for direct investment.
(3) The Standard & Poor's (S&P) Insured National Municipal Bond Index is a
national unleveraged, market value-weighted index designed to measure the
performance of the insured U.S. municipal bond market. This index does not
reflect any initial or ongoing expenses and is not available for direct
investment.
(4) The Lipper Single-State Insured Municipal Debt Funds Average is calculated
using the returns of all closed-end funds in this category for each period
as follows: six-month 33 funds,1-year, 33 funds; 5-year, 33 funds; and
10-year, 18 funds. Lipper returns account for the effects of management
fees and assume reinvestment of dividends, but do not reflect any
applicable sales charges. The Lipper average is not available for direct
investment.
Nuveen Investments 3
During this period, short and intermediate-term bonds generally outperformed
credits with longer maturities, with bonds maturing in 20 years or more posting
negative returns for the period. Overall, duration and yield curve positioning
was slightly positive for the performances of these Funds, with the exception of
NKO, where the impact from duration was neutral. Although the Funds benefited
from being underweight in the underperforming longer end of the yield curve,
this was offset to some degree by their underexposure to the shorter part of the
curve that outperformed.
Credit exposure played an important role in performance of these Funds. The
demand for municipal bonds increased during this period, driven by a variety of
factors, including concerns about potential tax increases, the need to rebalance
portfolio allocations, and a growing appetite for additional risk. At the same
time, the supply of issuance of new tax-exempt municipal securities declined. As
investors bid up municipal bond prices, bonds rated BBB or below generally
outperformed those rated AAA. On the whole, the Funds' performance benefited
from their allocations to lower quality credits. This was especially true in NQN
and NRK, which had the heaviest weightings of bonds rated BBB or lower among
these six Funds.
Holdings that generally contributed positively to the Fund's performance during
this period included housing and health care bonds. These Funds tended to be
overweight in both housing and health care credits, which enhanced their
returns. Revenue bonds as a whole performed well, with resource recovery,
electric utilities, leasing and transportation among the sectors also
outperforming the general municipal market for this period. In addition,
pre-refunded bonds, which are typically backed by U.S. Treasury securities, were
among the stronger performers, primarily due to their shorter effective
maturities. As of March 31, 2010, NRK had the largest allocation of pre-refunded
bonds among these six Funds, which benefited its performance.
Zero coupon bonds, special tax credits, and general obligation (GO) bonds
generally posted negative returns for this period, while education and water and
sewer bonds failed to keep pace with the overall municipal market for the six
months.
4 Nuveen Investments
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of most of these Funds relative to
the comparative indexes was the Funds' use of financial leverage. The Funds use
leverage because their managers believe that, over time, leveraging provides
opportunities for additional income and total returns for common shareholders.
However, use of leverage also can expose common shareholders to additional
volatility. For example, as the prices of securities held by a Fund decline, the
negative impact of these valuation changes on common share net asset value and
common shareholder total return is magnified by the use of leverage. Conversely,
leverage may enhance common share returns during periods when bond prices
generally are rising.
Leverage made a significant positive contribution to the performance of these
Funds over this reporting period.
RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE
Shortly after their inceptions, each of the Funds issued auction rate preferred
shares (ARPS) to create financial leverage. As noted in past shareholder
reports, the ARPS issued by many closed-end funds, including these Funds, have
been hampered by a lack of liquidity since February 2008. Since that time, more
ARPS have been submitted for sale in each of their regularly scheduled auctions
than there have been offers to buy. In fact, offers to buy have been almost
completely non-existent since late February 2008. This means that these auctions
have "failed to clear," and that many, or all, of the ARPS shareholders who
wanted to sell their shares in these auctions were unable to do so. This lack of
liquidity in ARPS did not lower the credit quality of these shares, and ARPS
shareholders unable to sell their shares received distributions at the "maximum
rate" applicable to failed auctions, as calculated in accordance with the
pre-established terms of the ARPS. In the recent market, with short-term rates
at multi-generational lows, those maximum rates also have been low.
One continuing implication for common shareholders from the auction failures is
that each Fund's cost of leverage likely has been incrementally higher at times
than it otherwise might have been had the auctions continued to be successful.
As a result, each Fund's common share earnings likely have been incrementally
lower at times than they otherwise might have been.
As noted in past shareholder reports, the Nuveen funds' Board of
Directors/Trustees authorized several methods to refinance a portion of the
Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds
(TOBs), also known as floating rate securities for leverage purposes. The amount
of TOBs that a fund may use varies according to the composition of each fund's
portfolio. Some funds have a greater ability to use TOBs than others. As of
March 31, 2010, some funds have issued Variable Rate Demand Preferred Shares
(VRDP), but these issuances have been limited since it has been difficult to
find liquidity providers on economically viable terms given the constrained
credit environment. Some funds have issued MuniFund Term Preferred Shares (MTP),
a fixed rate form of preferred stock with a mandatory redemption period of five
years.
Nuveen Investments 5
While all these efforts have reduced the total amount of outstanding ARPS issued
by the Nuveen funds, the Funds cannot provide any assurance on when the
remaining outstanding ARPS might be redeemed.
As of March 31, 2010, the amounts of ARPS redeemed at par by the following Funds
are as shown in the accompanying table.
AUCTION RATE % OF ORIGINAL
PREFERRED SHARES AUCTION RATE
FUND REDEEMED PREFERRED SHARES
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NQN $ 32,500,000 22.6%
NVN $ 29,100,000 15.1%
NUN $ 36,225,000 18.4%
NNF $ 14,650,000 22.5%
NKO $ 61,000,000 100.0%
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Subsequent to the reporting period, NRK completed the issuance of $27.68 million
of 2.55%, Series 2015 MTP. The net proceeds from this offering were used to
refinance the Fund's outstanding ARPS at par. The newly-issued MTP shares trade
on the New York Stock Exchange (NYSE) under the symbol "NRK Pr C". MTP is a
fixed-rate form of preferred stock with a mandatory redemption period, in this
case, of five years. By issuing MTP, the Fund seeks to take advantage of the
current historically low interest rate environment to lock in an attractive
federally tax-exempt cost of leverage for a period as long as the term of the
MTP. The Fund's managers believe that issuing MTP may help the Fund mitigate the
risk of a significant increase in their cost of leverage should short-term
interest rates rise sharply in the coming years.
Subsequent to the reporting period, NRK noticed for redemption at par all $27.0
million of its outstanding ARPS using the proceeds from the issuance of MTP
described above.
As of March 31, 2010, 82 out of the 84 Nuveen closed-end municipal funds that
had issued ARPS have redeemed at par all or a portion of these shares. These
redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS
redemptions to approximately $4.3 billion of the approximately $11.0 billion
originally outstanding.
On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NUN,
received a demand letter from a law firm on behalf of the each such fund's
common shareholders, alleging that Nuveen and the fund's officers and Board of
Directors breached their fiduciary duties related to the redemption at par of
the fund's ARPS. The funds' independent Board is evaluating the demand letters
for each fund.
For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred
Resource Center at: http://www.nuveen.com/arps.
6 Nuveen Investments
RECENT CHANGES TO INVESTMENT POLICIES OF NUVEEN INSURED FUNDS
On May 3, 2010, after the close of this reporting period, the Funds' Board of
Directors/Trustees approved changes to each Fund's investment policies. The
Board took this action in response to the continuing challenges faced by
municipal bond insurers. The changes to each Fund's investment policies are
intended to increase the Funds' investment flexibility in pursuing their
investment objective, while retaining the insured nature of its portfolio.
The changes, effective immediately, provide that under normal circumstances, the
Funds invest at least 80% of their net assets (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. For purposes of this 80%, insurers must have a claims paying ability
rated at least "BBB-" at the time of purchase by at least one independent rating
agency. In addition, each Fund invests at least 80% of its net assets in
municipal securities that are rated at least "BBB-" at the time of purchase
(based on the higher of the rating of the insurer, if any, or the underlying
security) by at least one independent rating agency, or are unrated but judged
to be of similar credit quality by the Nuveen Asset Management, or are backed by
an escrow or trust account containing sufficient U.S. government or U.S.
government agency securities or U.S. Treasury-issued State and Local Government
Series securities to ensure timely payment of principal and interest. Inverse
floating rate securities whose underlying bonds are covered by insurance are
included for purposes of the 80%. Each Fund may also invest up to 20% of its net
assets in municipal securities rated at least "BBB-" (based on the higher rating
of the insurer, if any, or the underlying bond) or are unrated but judged to be
of comparable quality by Nuveen Asset Management).
Nuveen Investments 7
Common Share Dividend
and Share Price Information
During the six-month reporting period ended March 31, 2010, NVN, NUN and NNF
each had two monthly dividend increases, while NQN, NKO, and NRK each had one
monthly dividend increase.
Due to normal portfolio activity, common shareholders of the following Funds
received capital gains and net ordinary income distributions at the end of
December 2009 as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
FUND (PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NKO $ 0.0019 $ 0.0007
NRK $ 0.0407 $ 0.0245
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of March 31, 2010, all of the
Funds in this report had positive UNII balances, based upon our best estimate,
for tax purposes, and positive UNII balances for financial reporting purposes.
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
As of March 31, 2010, the Funds cumulatively repurchased and retired common
shares as shown in the accompanying table.
COMMON SHARES % OF OUTSTANDING
FUND REPURCHASED COMMON SHARES
--------------------------------------------------------------------------------
NQN 105,600 0.6%
NVN 118,000 0.5%
NUN 159,800 0.7%
NNF 85,700 1.0%
NKO 27,000 0.3%
NRK 6,800 0.2%
--------------------------------------------------------------------------------
During the six-month reporting period, the following Funds repurchased and
retired common shares at a weighted average price and a weighted average
discount per common share as shown in the accompanying table.
8 Nuveen Investments
WEIGHTED AVERAGE WEIGHTED AVERAGE
COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE
FUND REPURCHASED REPURCHASED REPURCHASED
--------------------------------------------------------------------------------
NUN 1,700 $ 12.81 12.38%
NNF 12,700 $ 13.02 11.83%
--------------------------------------------------------------------------------
As of March 31, 2010, the Funds' common share prices were trading at
(-)discounts to their common share NAVs as shown in the accompanying table.
3/31/10 SIX-MONTH AVERAGE
FUND (-)DISCOUNT (-)DISCOUNT
--------------------------------------------------------------------------------
NQN -4.25% -8.01%
NVN -7.75% -9.99%
NUN -6.99% -9.75%
NNF -7.72% -10.41%
NKO -8.48% -9.90%
NRK -5.78% -8.68%
--------------------------------------------------------------------------------
Nuveen Investments 9
NQN Performance OVERVIEW | Nuveen New York Investment Quality Municipal Fund,
Inc.
as of March 31, 2010
FUND SNAPSHOT
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Common Share Price $ 14.19
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.82
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Premium/(Discount) to NAV -4.25%
-------------------------------------------------------------------------------
Market Yield 5.37%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 8.00%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 259,571
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 14.62
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.98
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) 3.24% 0.82%
-------------------------------------------------------------------------------
1-Year 31.65% 14.09%
-------------------------------------------------------------------------------
5-Year 5.41% 4.49%
-------------------------------------------------------------------------------
10-Year 7.39% 6.74%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 36.6%
-------------------------------------------------------------------------------
Health Care 14.7%
-------------------------------------------------------------------------------
Education and Civic Organizations 12.0%
-------------------------------------------------------------------------------
Transportation 11.2%
-------------------------------------------------------------------------------
Tax Obligation/General 8.3%
-------------------------------------------------------------------------------
Water and Sewer 5.3%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 1.7%
-------------------------------------------------------------------------------
Other 10.2%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
NPFG(4) 28.2%
-------------------------------------------------------------------------------
AMBAC 27.1%
-------------------------------------------------------------------------------
FGIC 22.0%
-------------------------------------------------------------------------------
AGM 16.3%
-------------------------------------------------------------------------------
Other 6.4%
-------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 93%
U.S. Guaranteed* 3%
AAA (Uninsured) -%**
AA (Uninsured) 4%
* U.S. Guaranteed includes 3% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
** Rounds to less than 1%.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Apr $ 0.056
May 0.0615
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0625
Oct 0.0625
Nov 0.0625
Dec 0.0635
Jan 0.0635
Feb 0.0635
Mar 0.0635
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.45
11.75
11.86
11.94
12
12.27
12.54
12.52
12.61
12.59
12.95
12.09
12.4
12.7
12.5
12.8199
12.73
13.03
13.33
13.38
13.27
13.98
14.23
14.34
14.14
14
14.026
14.15
13.88
13.15
13.21
13.24
13.45
13.13
13.17
13.2
13.31
13.4173
13.61
13.29
13.34
13.51
13.49
13.5
13.5
13.62
13.7201
13.79
14.31
14.15
14.07
14.36
14.35
3/31/10 14.19
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(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) MBIA's public finance subsidiary.
10 Nuveen Investments
NVN Performance OVERVIEW | Nuveen New York Select Quality Municipal Fund, Inc.
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 84%
U.S. Guaranteed* 9%
AAA (Uninsured) 1%
AA (Uninsured) 6%
* U.S. Guaranteed includes 9% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Apr $ 0.0545
May 0.0595
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.062
Oct 0.062
Nov 0.062
Dec 0.064
Jan 0.064
Feb 0.064
Mar 0.065
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.35
11.61
11.68
11.63
11.71
12.07
12.26
12.14
12.19
12.21
12.22
12
11.98
12.25
12.16
12.33
12.38
12.76
13.084
13.18
13.25
13.27
13.42
13.61
13.6
13.73
13.8664
14.06
13.95
13.17
13.4
13.19
13.44
13.12
13.11
13.16
13.12
13.45
13.45
13.47
13.55
13.54
13.64
13.52
13.57
13.6805
13.74
13.55
13.65
13.97
13.86
13.92
13.88
3/31/10 13.92
FUND SNAPSHOT
-------------------------------------------------------------------------------
Common Share Price $ 13.92
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.09
-------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.75%
-------------------------------------------------------------------------------
Market Yield 5.60%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 8.35%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 349,961
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 15.56
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.99
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) 4.05% 0.69%
-------------------------------------------------------------------------------
1-Year 29.77% 14.75%
-------------------------------------------------------------------------------
5-Year 5.07% 4.54%
-------------------------------------------------------------------------------
10-Year 7.00% 6.57%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 34.2%
-------------------------------------------------------------------------------
Education and Civic Organizations 14.3%
-------------------------------------------------------------------------------
Health Care 11.3%
-------------------------------------------------------------------------------
U.S. Guaranteed 9.3%
-------------------------------------------------------------------------------
Utilities 7.7%
-------------------------------------------------------------------------------
Tax Obligation/General 5.9%
-------------------------------------------------------------------------------
Transportation 5.9%
-------------------------------------------------------------------------------
Water and Sewer 5.4%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 1.7%
-------------------------------------------------------------------------------
Other 4.3%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
NPFG(4) 29.9%
-------------------------------------------------------------------------------
AMBAC 29.2%
-------------------------------------------------------------------------------
FGIC 19.2%
-------------------------------------------------------------------------------
AGM 17.8%
-------------------------------------------------------------------------------
Other 3.9%
-------------------------------------------------------------------------------
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(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) MBIA's public finance subsidiary.
Nuveen Investments 11
NUN Performance OVERVIEW | Nuveen New York Quality Income Municipal Fund, Inc.
as of March 31, 2010
FUND SNAPSHOT
-------------------------------------------------------------------------------
Common Share Price $ 13.83
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.87
-------------------------------------------------------------------------------
Premium/(Discount) to NAV -6.99%
-------------------------------------------------------------------------------
Market Yield 5.81%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 8.66%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 353,204
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 13.99
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.83
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) 3.98% 0.68%
-------------------------------------------------------------------------------
1-Year 30.78% 14.51%
-------------------------------------------------------------------------------
5-Year 5.21% 4.45%
-------------------------------------------------------------------------------
10-Year 7.14% 6.36%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 32.9%
-------------------------------------------------------------------------------
Education and Civic Organizations 14.2%
-------------------------------------------------------------------------------
U.S. Guaranteed 12.4%
-------------------------------------------------------------------------------
Health Care 10.0%
-------------------------------------------------------------------------------
Transportation 9.8%
-------------------------------------------------------------------------------
Utilities 7.1%
-------------------------------------------------------------------------------
Tax Obligation/General 6.3%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 0.3%
-------------------------------------------------------------------------------
Other 7.0%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
NPFG(4) 29.0%
-------------------------------------------------------------------------------
AMBAC 23.8%
-------------------------------------------------------------------------------
AGM 21.9%
-------------------------------------------------------------------------------
FGIC 21.6%
-------------------------------------------------------------------------------
Other 3.7%
-------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 85%
U.S. Guaranteed* 12%
AAA (Uninsured) -%**
AA (Uninsured) 3%
* U.S. Guaranteed includes 12% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
** Rounds to less than 1%.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Apr $ 0.054
May 0.059
Jun 0.059
Jul 0.059
Aug 0.059
Sep 0.061
Oct 0.061
Nov 0.061
Dec 0.063
Jan 0.063
Feb 0.063
Mar 0.067
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.2073
11.5
11.7364
11.55
11.75
12.01
12.23
12.12
12.1
12.2
12.11
11.9532
11.93
12.11
12.17
12.16
12.32
12.76
12.93
12.96
12.97
13.16
13.22
13.38
13.44
13.6
13.69
13.82
13.52
13.09
13.26
13.11
13.22
12.93
12.86
13.04
13.07
13.25
13.17
13.19
13.3
13.39
13.35
13.35
13.59
13.64
13.54
13.5
13.4505
13.78
13.95
13.9499
13.83
3/31/10 13.8305
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(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) MBIA's public finance subsidiary.
12 Nuveen Investments
NNF Performance OVERVIEW | Nuveen Insured New York Premium Income Municipal
Fund, Inc.
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 89%
U.S. Guaranteed* 6%
AAA (Uninsured) -%**
AA (Uninsured) 5%
A (Uninsured) -%**
* U.S. Guaranteed includes 6% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
** Rounds to less than 1%.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE
[BAR CHART]
Apr $ 0.0505
May 0.055
Jun 0.055
Jul 0.055
Aug 0.055
Sep 0.056
Oct 0.056
Nov 0.056
Dec 0.06
Jan 0.06
Feb 0.06
Mar 0.062
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.29
11.42
11.7199
11.72
11.96
12.11
12.34
12.4
12.2
12.25
12.2
12
12
12.1
12.06
12.25
12.34
12.6
13.23
13.1
13.26
13.27
13.44
13.58
13.6
13.81
13.76
13.81
13.774
12.91
13.27
13.06
13.3
13.05
13.028
13.19
13.18
13.25
13.29
13.3595
13.39
13.46
13.39
13.46
13.45
13.49
13.55
13.5
13.56
13.74
13.917
14.002
13.85
3/31/10 13.87
FUND SNAPSHOT
-------------------------------------------------------------------------------
Common Share Price $ 13.87
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 15.03
-------------------------------------------------------------------------------
Premium/(Discount) to NAV -7.72%
-------------------------------------------------------------------------------
Market Yield 5.36%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.99%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $123,915
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 14.63
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.34
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) 4.39% 0.65%
-------------------------------------------------------------------------------
1-Year 28.92% 12.73%
-------------------------------------------------------------------------------
5-Year 5.08% 4.37%
-------------------------------------------------------------------------------
10-Year 6.87% 6.40%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 37.4%
-------------------------------------------------------------------------------
Education and Civic Organizations 15.0%
-------------------------------------------------------------------------------
Health Care 14.8%
-------------------------------------------------------------------------------
Transportation 7.9%
-------------------------------------------------------------------------------
Water and Sewer 7.4%
-------------------------------------------------------------------------------
U.S. Guaranteed 5.9%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 0.9%
-------------------------------------------------------------------------------
Other 10.7%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
AMBAC 29.6%
-------------------------------------------------------------------------------
NPFG(4) 27.0%
-------------------------------------------------------------------------------
AGM 17.7%
-------------------------------------------------------------------------------
FGIC 17.0%
-------------------------------------------------------------------------------
Other 8.7%
-------------------------------------------------------------------------------
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(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) MBIA's public finance subsidiary.
Nuveen Investments 13
NKO Performance OVERVIEW | Nuveen Insured New York Dividend Advantage Municipal
Fund
as of March 31, 2010
FUND SNAPSHOT
-------------------------------------------------------------------------------
Common Share Price $ 13.60
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.86
-------------------------------------------------------------------------------
Premium/(Discount) to NAV -8.48%
-------------------------------------------------------------------------------
Market Yield 5.69%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 8.48%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 117,917
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 16.08
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 6.39
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) -0.51% 0.55%
-------------------------------------------------------------------------------
1-Year 24.78% 12.87%
-------------------------------------------------------------------------------
5-Year 5.08% 4.62%
-------------------------------------------------------------------------------
Since
Inception 4.90% 6.28%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 29.3%
-------------------------------------------------------------------------------
Health Care 15.6%
-------------------------------------------------------------------------------
Education and Civic Organizations 13.7%
-------------------------------------------------------------------------------
Transportation 9.8%
-------------------------------------------------------------------------------
Utilities 7.6%
-------------------------------------------------------------------------------
Tax Obligation/General 7.1%
-------------------------------------------------------------------------------
U.S. Guaranteed 5.3%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 2.0%
-------------------------------------------------------------------------------
Other 9.6%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
NPFG(5) 26.5%
-------------------------------------------------------------------------------
AMBAC 25.3%
-------------------------------------------------------------------------------
AGM 22.8%
-------------------------------------------------------------------------------
FGIC 21.3%
-------------------------------------------------------------------------------
Other 4.1%
-------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 75%
U.S. Guaranteed* 5%
FHA/FNMA/GNMA
Guaranteed 12%
AA (Uninsured) 5%
BBB (Uninsured) 3%
* U.S. Guaranteed includes 3% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE (4)
[BAR CHART]
Apr $ 0.055
May 0.062
Jun 0.062
Jul 0.062
Aug 0.062
Sep 0.0635
Oct 0.0635
Nov 0.0635
Dec 0.0645
Jan 0.0645
Feb 0.0645
Mar 0.0645
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.46
11.5
11.57
11.71
11.97
12.49
12.31
12.3801
12.27
12.31
12.4499
12.3
12.12
12.21
12.3001
12.42
12.42
12.6701
13.14
12.9
12.89
13.08
13.13
13.47
13.46
13.62
14.031
14.0555
13.96
13.0701
13.2346
13.2
13.06
13.06
13.212
13.4
13.2
13.15
13.13
13.14
13.1
13.19
13.4
13.268
13.35
13.45
13.39
13.42
13.55
13.6001
13.66
13.68
13.8
3/31/10 13.6
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(3) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(4) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2009 of $0.0026 per share.
(5) MBIA's public finance subsidiary.
14 Nuveen Investments
NRK Performance OVERVIEW | Nuveen Insured New York Tax-Free Advantage Municipal
Fund
as of March 31, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2)
[PIE CHART]
Insured 65%
U.S. Guaranteed* 17%
FHA/FNMA/GNMA Guaranteed 11%
AA (Uninsured) 3%
BBB (Uninsured) 4%
* U.S. Guaranteed includes 12% (as a % of total investments, excluding Euro
Dollar Time Deposit) of Insured securities.
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE (4)
[BAR CHART]
Apr $ 0.0545
May 0.0545
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.058
Oct 0.058
Nov 0.058
Dec 0.0615
Jan 0.0615
Feb 0.0615
Mar 0.0615
COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE CHART]
4/01/09 $ 11.72
11.72
12.0702
11.7001
12.37
12.69
12.65
12.4
12.633
12.7743
12.93
12.6
12.25
12.43
12.25
12.382
12.68
12.92
13.35
13.33
13.1
13.45
13.7499
13.65
13.4901
13.8501
13.71
14.07
13.86
13.36
13.89
13.32
13.3525
13.16
13.16
13.045
13.2999
13.45
13.25
13.39
13.57
13.3999
13.61
13.4818
13.53
13.68
13.7
13.66
13.51
13.88
13.76
13.88
13.92
3/31/10 14.03
FUND SNAPSHOT
-------------------------------------------------------------------------------
Common Share Price $ 14.03
-------------------------------------------------------------------------------
Common Share
Net Asset Value $ 14.89
-------------------------------------------------------------------------------
Premium/(Discount) to NAV -5.78%
-------------------------------------------------------------------------------
Market Yield 5.26%
-------------------------------------------------------------------------------
Taxable-Equivalent Yield(3) 7.84%
-------------------------------------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $ 52,198
-------------------------------------------------------------------------------
Average Effective
Maturity on Securities (Years) 13.86
-------------------------------------------------------------------------------
Leverage-Adjusted Duration 7.01
-------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
-------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
-------------------------------------------------------------------------------
6-Month (Cumulative) 5.68% 0.95%
-------------------------------------------------------------------------------
1-Year 26.99% 13.96%
-------------------------------------------------------------------------------
5-Year 6.30% 5.23%
-------------------------------------------------------------------------------
Since
Inception 4.58% 5.73%
-------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
-------------------------------------------------------------------------------
Tax Obligation/Limited 30.7%
-------------------------------------------------------------------------------
U.S. Guaranteed 16.6%
-------------------------------------------------------------------------------
Education and Civic Organizations 15.7%
-------------------------------------------------------------------------------
Health Care 14.7%
-------------------------------------------------------------------------------
Transportation 8.0%
-------------------------------------------------------------------------------
Euro Dollar Time Deposit 4.3%
-------------------------------------------------------------------------------
Other 10.0%
-------------------------------------------------------------------------------
INSURERS
(as a % of total Insured investments)
-------------------------------------------------------------------------------
AMBAC 30.8%
-------------------------------------------------------------------------------
NPFG(5) 29.2%
-------------------------------------------------------------------------------
FGIC 16.3%
-------------------------------------------------------------------------------
AGM 11.0%
-------------------------------------------------------------------------------
AGC 6.5%
-------------------------------------------------------------------------------
Other 6.2%
-------------------------------------------------------------------------------
(1) At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(2) Excluding Euro Dollar Time Deposit.
(3) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
(4) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2009 of $0.0652 per share.
(5) MBIA's public finance subsidiary.
Nuveen Investments 15
NQN | Shareholder Meeting Report
NVN | The annual meeting of shareholders was held in the offices of Nuveen
NUN | Investments on April 6, 2010; at this meeting the shareholders were asked
to vote on the election of Board Members.
NQN NVN NUN
--------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
--------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
John P. Amboian
For 14,035,361 1,641 19,167,182 2,736 19,265,467 3,119
Withhold 1,019,188 222 1,599,590 423 2,117,167 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
Robert P. Bremner
For 13,939,231 1,641 19,167,037 2,736 19,282,057 3,119
Withhold 1,115,318 222 1,599,735 423 2,100,577 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
Jack B. Evans
For 13,939,608 1,641 19,173,186 2,736 19,260,969 3,119
Withhold 1,114,941 222 1,593,586 423 2,121,665 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
William C. Hunter
For -- 1,641 -- 2,736 -- 3,119
Withhold -- 222 -- 423 -- 276
--------------------------------------------------------------------------------------------------------------------------------
Total -- 1,863 -- 3,159 -- 3,395
================================================================================================================================
David J. Kundert
For 13,928,793 1,641 19,155,060 2,736 19,244,765 3,119
Withhold 1,125,756 222 1,611,712 423 2,137,869 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
William J. Schneider
For -- 1,641 -- 2,736 -- 3,119
Withhold -- 222 -- 423 -- 276
--------------------------------------------------------------------------------------------------------------------------------
Total -- 1,863 -- 3,159 -- 3,395
================================================================================================================================
Judith M. Stockdale
For 13,953,775 1,641 19,185,077 2,736 19,287,991 3,119
Withhold 1,100,774 222 1,581,695 423 2,094,643 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
Carole E. Stone
For 13,943,491 1,641 19,170,772 2,736 19,275,079 3,119
Withhold 1,111,058 222 1,596,000 423 2,107,555 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
Terence J. Toth
For 13,932,325 1,641 19,157,895 2,736 19,246,634 3,119
Withhold 1,122,224 222 1,608,877 423 2,136,000 276
--------------------------------------------------------------------------------------------------------------------------------
Total 15,054,549 1,863 20,766,772 3,159 21,382,634 3,395
================================================================================================================================
16 Nuveen Investments
NNF |
NKO |
NRK |
NNF NKO NRK
---------------------------------------------------------------------------------------------------------------------------------
Common and Common and Common and
Preferred Preferred Preferred Preferred Preferred Preferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
---------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
John P. Amboian
For 7,038,702 747 -- -- -- --
Withhold 433,784 80 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 -- -- -- --
=================================================================================================================================
Robert P. Bremner
For 7,038,202 747 -- -- -- --
Withhold 434,284 80 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 -- -- -- --
=================================================================================================================================
Jack B. Evans
For 7,038,702 747 -- -- -- --
Withhold 433,784 80 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 -- -- -- --
=================================================================================================================================
William C. Hunter
For -- 747 -- 250 -- 465
Withhold -- 80 -- 227 -- 124
---------------------------------------------------------------------------------------------------------------------------------
Total -- 827 -- 477 -- 589
=================================================================================================================================
David J. Kundert
For 7,000,586 747 -- -- -- --
Withhold 471,900 80 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 -- -- -- --
=================================================================================================================================
William J. Schneider
For -- 747 -- 250 -- 465
Withhold -- 80 -- 227 -- 124
---------------------------------------------------------------------------------------------------------------------------------
Total -- 827 -- 477 -- 589
=================================================================================================================================
Judith M. Stockdale
For 7,038,502 747 6,989,848 -- 3,003,699 --
Withhold 433,984 80 370,650 -- 256,459 --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 7,360,498 -- 3,260,158 --
=================================================================================================================================
Carole E. Stone
For 7,038,502 747 6,989,148 -- 3,003,699 --
Withhold 433,984 80 371,350 -- 256,459 --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 7,360,498 -- 3,260,158 --
=================================================================================================================================
Terence J. Toth
For 7,030,586 747 -- -- -- --
Withhold 441,900 80 -- -- -- --
---------------------------------------------------------------------------------------------------------------------------------
Total 7,472,486 827 -- -- -- --
=================================================================================================================================
Nuveen Investments 17
NQN | Nuveen New York Investment Quality Municipal Fund, Inc.
Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.6% (12.0% OF TOTAL
INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured 7/10 at 100.50 A $ 3,510,045
Revenue Bonds, Culinary Institute of America, Series
1999, 5.000%, 7/01/22 - NPFG Insured
2,070 Dormitory Authority of the State of New York, 853 Schools 7/10 at 100.00 N/R 2,085,401
Program Insured Revenue Bonds, St. Anne Institute, Issue
2, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
935 Dormitory Authority of the State of New York, Housing No Opt. Call A 902,602
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
6,500 Dormitory Authority of the State of New York, Insured 7/10 at 100.00 A 6,551,805
Revenue Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - NPFG Insured
2,000 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 Aa3 2,035,900
Revenue 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- 3,328,230
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
1,730 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 1,746,556
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - NPFG Insured
2,080 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,129,150
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - NPFG Insured
550 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 A 549,142
Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 -
FGIC Insured
1,150 Dormitory Authority of the State of New York, Revenue 7/15 at 100.00 Baa1 1,103,069
Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 -
NPFG Insured
2,400 Dormitory Authority of the State of New York, Revenue 7/19 at 100.00 AA- 2,570,448
Bonds, New York University, Series 2009A, 5.250%, 7/01/34
3,000 Dormitory Authority of the State of New York, Revenue 7/19 at 100.00 AA- 3,137,700
Bonds, New York University, Series 2009B, 5.000%, 7/01/39
Dormitory Authority of the State of New York, Revenue
Bonds, Rochester Institute of Technology, Series 2006A:
575 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 631,362
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 503,355
4,500 Dormitory Authority of the State of New York, State and 7/15 at 100.00 AA- 4,873,230
Local 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 BB+ 2,024,234
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006, 5.000%, 1/01/46 - AMBAC Insured
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
890 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 872,983
6,080 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 5,849,142
3,685 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 3,176,728
740 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 770,991
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
48,235 Total Education and Civic Organizations 48,352,073
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.7% (14.7% OF TOTAL INVESTMENTS)
590 Dormitory Authority of the State of New York Hospital for 8/19 at 100.00 AAA 652,044
Special Surgery, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 2009, 6.250%, 8/15/34
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
590 5.250%, 8/01/19 - AMBAC Insured 8/10 at 100.50 N/R 596,691
4,000 5.500%, 8/01/38 - AMBAC Insured 8/10 at 100.50 N/R 4,042,400
6,875 Dormitory Authority of the State of New York, FHA-Insured 8/10 at 100.00 N/R 6,786,656
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,780 Dormitory Authority of the State of New York, FHA-Insured 8/17 at 100.00 AAA 1,840,858
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - AGM Insured
2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 2,615,685
Mortgage Revenue Bonds, Montefiore Hospital, Series
2004, 5.000%, 8/01/29 - FGIC Insured
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 3,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A $ 3,587,636
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital 7/10 at 100.50 A 1,511,925
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - NPFG Insured
8,000 Dormitory Authority of the State of New York, Revenue 7/10 at 100.50 A 8,063,600
Bonds, Catholic Health Services of Long Island
Obligated Group - St. Charles Hospital and
Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 -
NPFG Insured
1,325 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 AAA 1,401,757
Bonds, Health Quest System Inc., Series 2007B, 5.250%,
7/01/27 - AGC Insured
6,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 6,338,340
Bonds, Memorial Sloan-Kettering Cancer Center, Series
2003-1, 5.000%, 7/01/21 - NPFG Insured
2,030 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 2,211,705
Bonds, New York and Presbyterian Hospital, Series
2004A, 5.250%, 8/15/15 - AGM Insured
1,805 Dormitory Authority of the State of New York, Revenue 5/10 at 100.50 A 1,780,434
Bonds, North Shore Health System Obligated Group,
Series 1998, 5.000%, 11/01/23 - NPFG Insured
1,585 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 1,608,521
Bonds, The New York and Presbyterian Hospital Project,
Series 2007, 5.000%, 8/15/36 - AGM Insured
8,525 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Baa1 8,533,184
Bonds, Winthrop South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/26 - AMBAC
Insured
2,000 New York City Health and Hospitals Corporation, New York, 8/10 at 100.00 A+ 2,005,380
Health System Revenue Bonds, Series 1999A, 5.125%,
2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 3,284,978
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 2,172,933
-------------------------------------------------------------------------------------------------------------------------------
57,965 Total Health Care 59,034,727
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.6% (2.9% 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 - NPFG Insured No Opt. Call AA+ 1,376,395
1,230 5.000%, 7/01/16 - NPFG Insured 7/15 at 100.00 AA+ 1,350,491
5,740 5.000%, 7/01/25 - NPFG Insured (UB) 7/15 at 100.00 AA+ 5,959,434
420 New York City, New York, Multifamily Housing Revenue 1/17 at 100.00 AAA 400,193
Bonds, Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
2,000 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 2,004,860
Revenue Bonds, Series 2007B, 5.300%, 11/01/37
(Alternative Minimum Tax)
450 New York State Housing Finance Agency, Affordable Housing 5/19 at 100.00 Aa2 442,503
Revenue Bonds, Series 2009B, 4.500%, 11/01/29
30 New York State Housing Finance Agency, FHA-Insured 8/10 at 100.00 A 30,078
Multifamily Housing Mortgage Revenue Bonds, Series
1994B, 6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
110 6.100%, 11/01/15 - AGM Insured 5/10 at 100.00 AAA 110,479
150 6.125%, 11/01/20 - AGM Insured 5/10 at 100.00 AAA 150,182
-------------------------------------------------------------------------------------------------------------------------------
11,360 Total Housing/Multifamily 11,824,615
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.9% (8.3% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School 10/15 at 100.00 A+ 3,035,940
Districts Revenue Bond Financing Program, Peekskill
City School District, Series 2005D, 5.000%, 10/01/33 -
NPFG Insured
1,200 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 1,259,556
2003A, 5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 681,038
2004B, 5.250%, 4/01/13 - NPFG Insured
2,000 Hempstead Town, New York, General Obligation Bonds, Series 1/11 at 101.00 Aa1 2,092,380
2001A, 5.250%, 1/15/14 - NPFG Insured
Nuveen Investments 19
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 A $ 1,033,880
Improvement Bonds, Series 2002, 5.000%, 3/01/16 - FGIC
Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/19 at 100.00 AA 3,234,030
2009 Series C, 5.000%, 8/01/23
400 New York City, New York, General Obligation Bonds, Fiscal 8/19 at 100.00 AA 423,840
2009 Series E, 5.000%, 8/01/28
2,300 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 2,456,446
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
3,000 5.000%, 11/01/19 - AGM Insured (UB) 11/14 at 100.00 AAA 3,224,070
2,300 5.000%, 11/01/20 - AGM Insured (UB) 11/14 at 100.00 AAA 2,452,375
Pavilion Central School District, Genesee County, New York,
General Obligation Bonds, Series 2005:
1,650 5.000%, 6/15/16 - AGM Insured 6/15 at 100.00 AAA 1,854,221
1,815 5.000%, 6/15/18 - AGM Insured 6/15 at 100.00 AAA 1,976,608
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aa3 1,318,147
Smithtown, Suffolk County, New York, General Obligation
Bonds, Series 2005, 5.000%, 6/01/18 - FGIC Insured
1,620 West Islip Union Free School District, Suffolk County, 10/15 at 100.00 Aa3 1,826,469
New York, General Obligation Bonds, Series 2005, 5.000%,
10/01/16 - AGM Insured
6,110 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 A 6,499,451
5.000%, 8/01/16 - NPFG Insured
-------------------------------------------------------------------------------------------------------------------------------
31,175 Total Tax Obligation/General 33,368,451
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 54.9% (35.4% OF TOTAL
INVESTMENTS)
1,575 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AA- 1,637,039
of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24
- CIFG Insured
1,340 Dormitory Authority of the State of New York, Insured 7/10 at 100.50 N/R 1,357,554
Revenue Bonds, 853 Schools Program - Anderson School,
Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/10 at 100.50 A 2,027,180
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease 8/11 at 100.00 AAA 1,045,320
Revenue Bonds, Nassau County Board of Cooperative
Educational Services, Series 2001A, 5.250%, 8/15/21 -
AGM Insured
1,500 Dormitory Authority of the State of New York, Lease 8/14 at 100.00 AAA 1,554,555
Revenue Bonds, Wayne-Finger Lakes Board of Cooperative
Education Services, Series 2004, 5.000%, 8/15/23 - AGM
Insured
2,410 Dormitory Authority of the State of New York, Revenue 7/14 at 100.00 AA- 2,520,450
Bonds, Department of Health, Series 2004-2, 5.000%,
7/01/20 - FGIC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Mental Health Services Facilities Improvements,
Series 2005D-1:
2,120 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 2,370,202
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,242,912
4,600 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 A+ 4,921,494
Bonds, School Districts Financing Program, Series
2002D, 5.250%, 10/01/23 - NPFG Insured
3,135 Dormitory Authority of the State of New York, Secured 8/10 at 100.00 A1 3,135,063
Hospital Insured Revenue Bonds, Southside Hospital,
Series 1998, 5.000%, 2/15/25 - NPFG Insured
375 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 400,665
Personal Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/21 - AGM Insured
1,780 Erie County Industrial Development Agency, New York, 5/18 at 100.00 AAA 1,958,427
School Facility Revenue Bonds, Buffalo City School
District Project, Series 2008A, 5.750%, 5/01/27 - AGM
Insured (UB)
2,400 Erie County Industrial Development Agency, New York, No Opt. Call AA- 2,492,208
School Facility Revenue Bonds, Buffalo City School
District Project, Series 2009A, 5.000%, 5/01/31
Erie County Industrial Development Agency, New York,
School Facility Revenue Bonds, Buffalo City School
District, Series 2003:
1,000 5.750%, 5/01/20 - AGM Insured 5/12 at 100.00 AAA 1,079,050
1,200 5.750%, 5/01/22 - AGM Insured 5/12 at 100.00 AAA 1,276,068
1,290 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,364,756
School Facility Revenue Bonds, Buffalo City School
District, Series 2004, 5.750%, 5/01/26 - AGM Insured
(UB)
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 5,630 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA $ 6,127,298
Facility Revenue Bonds, Buffalo City School District,
Series 2007A, 5.750%, 5/01/28 - AGM
Insured (UB)
10,735 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 10,271,892
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
6,000 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 6,278,460
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - AGM
Insured
2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 2,960,045
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
NPFG Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - AGM Insured (UB) No Opt. Call AAA 5,260,230
1,250 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 1,336,325
2,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 2,127,220
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,074,800
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 4,145,942
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,511,333
and Use Tax Revenue Bonds, Series 2004H, 5.250%,
11/15/13 - AMBAC Insured
Nassau County Interim Finance Authority, New York, Sales
Tax Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured 11/13 at 100.00 AAA 2,252,285
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,363,751
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,358,322
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,200 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,376,066
1,600 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 1,690,816
6,640 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 6,961,907
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,554,420
750 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 808,365
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 1,782,458
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - NPFG Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,161,680
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,131,306
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel
Fee Revenue Bonds, Tender Option Bonds Trust 3095:
700 13.317%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 792,883
3,195 13.303%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 3,468,620
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,443,520
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - AGM
Insured (UB)
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
7,350 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 8,524,163
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,614,015
1,750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,864,608
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 6,698,223
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,060,730
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,743,990
Nuveen Investments 21
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Urban Development Corporation, State 3/15 at 100.00 AAA $ 1,042,700
Personal Income Tax Revenue Bonds, Series 2005B, 5.000%,
3/15/30 - AGM Insured
1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 980,020
Certificates of Participation, High School
Facility, Series 2005, 5.000%, 6/15/28 - AGM Insured
2,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 2/20 at 100.00 AAA 2,007,580
Revenue Bonds, First Subordinate Series 2010A, 5.000%,
8/01/40 - AGM Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Baa1 1,481,523
Revenue Bonds, Hampton Bays Public Library, Series
1999A, 6.000%, 10/01/19 - NPFG Insured
2,770 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 1,961,603
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured
(Alternative Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
135,200 Total Tax Obligation/Limited 142,602,042
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.4% (11.2% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 2,139,680
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005F:
1,955 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,065,536
5,360 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 5,475,401
1,500 New York State Thruway Authority, General Revenue Bonds, 7/15 at 100.00 AAA 1,543,095
Series 2005G, 5.000%, 1/01/30 - AGM Insured (UB)
710 New York State Thruway Authority, General Revenue Bonds, 1/18 at 100.00 A+ 747,680
Series 2007H, 5.000%, 1/01/25 - FGIC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport 4/10 at 100.50 A 2,303,427
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 - NPFG Insured
(Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
2,080 5.000%, 12/01/19 - AGM Insured 6/15 at 101.00 AAA 2,271,027
2,625 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 2,779,035
1,475 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,539,015
870 Port Authority of New York and New Jersey, Consolidated 8/17 at 100.00 AAA 1,023,920
Revenue Bonds, One Hundred Forty Eighth Series 2008,
Trust 2920, 17.440%, 8/15/32 - AGM Insured (IF)
5,025 Port Authority of New York and New Jersey, Special Project 6/10 at 100.00 A 5,024,447
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 5.750%, 12/01/25 - NPFG Insured (Alternative
Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
3,300 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 7/10 at 100.00 BBB- 3,309,966
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 7/10 at 100.00 BBB- 11,507,475
Triborough Bridge and Tunnel Authority, New York,
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E:
780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 901,844
2,300 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 2,460,287
-------------------------------------------------------------------------------------------------------------------------------
43,780 Total Transportation 45,091,835
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 3.8% (2.4% OF TOTAL INVESTMENTS) (4)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series
2000D:
65 5.875%, 2/15/16 (Pre-refunded 8/15/10) - AGM Insured 8/10 at 100.00 AAA 66,366
10 5.875%, 2/15/16 (Pre-refunded 8/15/10) - AGM Insured 8/10 at 100.00 AAA 10,209
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series
2001B:
$ 75 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA- (4) $ 80,048
25 5.500%, 8/15/19 (Pre-refunded 8/15/11) - MBIA Insured 8/11 at 100.00 AA- (4) 26,672
770 Dormitory Authority of the State of New York, Judicial No Opt. Call Aaa 910,479
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 - BIGI Insured (ETM)
945 Metropolitan Transportation Authority, New York, Commuter 5/10 at 100.00 N/R (4) 948,393
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20
- AMBAC Insured (ETM)
5,090 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 5,916,107
Tax Fund Bonds, Series 1998A, 5.000%, 4/01/23
(Pre-refunded 10/01/15) - FGIC Insured
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,149,400
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - AGM Insured
685 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 754,397
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%,
8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
8,665 Total U.S. Guaranteed 9,862,071
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.6% (4.9% OF TOTAL INVESTMENTS)
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,530,225
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
AGM Insured
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 A3 2,754,065
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
4,540 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 A 4,728,001
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 6,367,469
625 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 633,563
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
CIFG Insured
2,000 New York State Energy Research and Development Authority, 9/10 at 100.00 A 2,000,740
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
NPFG Insured (Alternative Minimum Tax)
760 Power Authority of the State of New York, General Revenue 11/15 at 100.00 Aa2 820,108
Bonds, Series 2006A, 5.000%, 11/15/19 - FGIC Insured
-------------------------------------------------------------------------------------------------------------------------------
19,205 Total Utilities 19,834,171
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.2% (5.3% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,694,179
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 3,069,390
Water and Sewerage System Revenue Bonds, Fiscal Series
2004C, 5.000%, 6/15/35 - AMBAC Insured
5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 5,266,360
Water and Sewerage System Revenue Bonds, Fiscal Series
2005C, 5.000%, 6/15/27 - NPFG Insured (UB)
3,000 New York City Municipal Water Finance Authority, New York, 6/19 at 100.00 AA+ 3,224,160
Water and Sewerage System Revenue Bonds, Second
Generation Resolution, Fiscal 2010 Series 2009BB,
5.000%, 6/15/27
2,575 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 2,653,718
Water and Sewerage System Revenue Bonds, Series 2006B,
5.000%, 6/15/36 - NPFG Insured (UB)
5,200 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AA+ 5,430,416
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 - NPFG
Insured (UB)
-------------------------------------------------------------------------------------------------------------------------------
20,465 Total Water and Sewer 21,338,223
-------------------------------------------------------------------------------------------------------------------------------
$ 376,050 Total Long-Term Investments (cost $381,077,569) - 150.7%
(97.1% of Total Investments) 391,308,208
===============----------------------------------------------------------------------------------------------------------------
Nuveen Investments 23
NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.5% (2.9% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 1.9% (1.2% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 1.9% (1.2% OF TOTAL INVESTMENTS)
$ 4,975 Metropolitan Transportation Authority, New York, Dedicated 7/10 at 100.00 A-1 $ 4,975,000
Tax Fund Bonds, Variable Rate Demand Revenue Obligations,
Series 2008A, 0.310%, 11/01/31 - FSA Insured (5)
-------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 2.6% (1.7% OF TOTAL INVESTMENTS)
6,629 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/10 N/A N/A 6,628,544
-------------------------------------------------------------------------------------------------------------------------------
$ 11,604 Total Short-Term Investments (cost $11,603,544) 11,603,544
===============----------------------------------------------------------------------------------------------------------------
Total Investments (cost $392,681,113) - 155.2% 402,911,752
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (14.3)% (37,145,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 5,304,664
-------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (43.0)% (6) (111,500,000)
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 259,571,416
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 27.7%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
24 Nuveen Investments
NVN | Nuveen New York Select Quality Municipal Fund, Inc.
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.1% (14.3% OF TOTAL
INVESTMENTS)
$ 2,500 Dormitory Authority of the State of New York, General No Opt. Call AA- $ 2,938,550
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
1,235 Dormitory Authority of the State of New York, Housing No Opt. Call A 1,192,207
Revenue Bonds, Fashion Institute of Technology, Series
2007, 5.250%, 7/01/34 - FGIC Insured
695 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 A2 717,866
Revenue Bonds, Fordham University, Series 2002, 5.000%,
7/01/18 - FGIC Insured
Dormitory Authority of the State of New York, Insured
Revenue Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AA- 1,409,454
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AA- 840,072
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AA- 630,054
2,125 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 Aa3 2,158,320
Revenue Bonds, Yeshiva University, Series 2001, 5.000%,
7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AA- 2,218,820
Bonds, State University Dormitory Facilities, Series
2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - SYNCORA
GTY Insured
1,835 Dormitory Authority of the State of New York, Lease Revenue 7/15 at 100.00 AA- 1,852,561
Bonds, State University Dormitory Facilities, Series
2004A, 5.000%, 7/01/29 - NPFG Insured
2,790 Dormitory Authority of the State of New York, Lease Revenue 7/16 at 100.00 AA- 2,855,928
Bonds, State University Dormitory Facilities, Series
2006A, 5.000%, 7/01/31 - NPFG Insured
6,215 Dormitory Authority of the State of New York, Lease Revenue 7/19 at 100.00 AA- 6,500,269
Bonds, State University Dormitory Facilities, Series
2009A, 5.000%, 7/01/39
735 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 A 733,853
Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - NPFG Insured 7/11 at 101.00 A 1,012,210
2,875 5.250%, 7/01/30 - NPFG Insured 7/11 at 101.00 A 2,864,104
Dormitory Authority of the State of New York, Revenue
Bonds, New York University, Series 2009A:
3,300 5.250%, 7/01/34 7/19 at 100.00 AA- 3,534,366
3,890 5.000%, 7/01/39 7/19 at 100.00 AA- 4,068,551
3,750 Dormitory Authority of the State of New York, Revenue 7/19 at 100.00 AA- 3,922,125
Bonds, New York University, Series 2009B, 5.000%,
7/01/39
Dormitory Authority of the State of New York, Revenue
Bonds, Rochester Institute of Technology, Series 2006A:
775 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 850,966
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 678,435
3,545 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AA+ 3,837,994
Civic Facility Revenue Bonds, Colgate University, Tender
Option Bond Trust 3127, 12.986%, 7/01/40 - AMBAC Insured
(IF)
1,000 Nassau County Industrial Development Agency, New York, 7/10 at 100.00 A 1,008,360
Revenue Refunding Bonds, Hofstra University, Series
1998, 5.000%, 7/01/23 - NPFG Insured
7,250 New York City Industrial Development Agency, New York, 7/10 at 100.50 A 7,269,068
Civic Facility Revenue Bonds, Horace Mann School, Series
1998, 5.000%, 7/01/28 - NPFG Insured
800 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 877,704
Payment in Lieu of Taxes Revenue Bonds, Queens Baseball
Stadium Project, Series 2009, 6.375%, 1/01/39 - AGC
Insured
New York City Industrial Development Agency, New York,
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006:
2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 BB+ 1,765,400
3,200 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BB+ 2,710,272
1,905 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 2,193,474
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
Nuveen Investments 25
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
$ 1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- $ 1,172,152
9,735 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 9,365,362
5,830 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 5,025,868
995 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 1,036,671
University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
76,545 Total Education and Civic Organizations 77,241,036
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.5% (11.3% OF TOTAL INVESTMENTS)
810 Dormitory Authority of the State of New York Hospital for 8/19 at 100.00 AAA 895,180
Special Surgery, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 2009, 6.250%, 8/15/34
5,995 Dormitory Authority of the State of New York, FHA-Insured 8/10 at 100.00 N/R 5,995,060
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 8/10 at 100.50 N/R 5,790,738
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
2,915 Dormitory Authority of the State of New York, FHA-Insured 8/10 at 100.00 N/R 2,877,542
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 2,466,543
Mortgage Revenue Bonds, Hudson Valley Hospital Center,
Series 2007, 5.000%, 8/15/27 - AGM Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 2,696,949
Mortgage Revenue Bonds, Montefiore Hospital, Series
2004, 5.000%, 8/01/29 - FGIC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 A 1,014,890
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
6,430 Dormitory Authority of the State of New York, Hospital 7/10 at 100.50 A 6,464,851
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - NPFG Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Health Quest System Inc., Series 2007B:
955 5.250%, 7/01/27 - AGC Insured 7/17 at 100.00 AAA 1,010,323
825 5.125%, 7/01/37 - AGC Insured 7/17 at 100.00 AAA 842,713
Dormitory Authority of the State of New York, Revenue
Bonds, Memorial Sloan-Kettering Cancer Center, Series
2003-1:
2,500 5.000%, 7/01/21 - NPFG Insured 7/13 at 100.00 AA 2,640,975
3,210 5.000%, 7/01/22 - NPFG Insured 7/13 at 100.00 AA 3,371,945
2,810 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 3,061,523
Bonds, New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - AGM Insured
2,120 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 2,151,461
Bonds, The New York and Presbyterian Hospital Project,
Series 2007, 5.000%, 8/15/36 - AGM Insured
12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 N/R 12,031,539
Bonds, Winthrop South Nassau University Health System
Obligated Group, Series 2001A, 5.250%, 7/01/26 - AMBAC
Insured
2,025 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 Baa1 1,999,303
Bonds, Winthrop South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/31 - AMBAC
Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 2,919,980
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 3,171,447
-------------------------------------------------------------------------------------------------------------------------------
60,250 Total Health Care 61,402,962
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8% (3.1% OF TOTAL INVESTMENTS)
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 A3 511,625
Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Lakeside Cottage Project, Series
2000B, 5.625%, 8/01/20 - AMBAC Insured
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
Amherst Industrial Development Agency, New York, Revenue
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Project, Series 2000A:
$ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 A3 $ 1,356,856
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 626,787
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
1,470 5.000%, 7/01/14 - NPFG Insured No Opt. Call AA+ 1,644,959
1,470 5.000%, 7/01/16 - NPFG Insured 7/15 at 100.00 AA+ 1,614,001
5,445 5.000%, 7/01/25 - NPFG Insured (UB) 7/15 at 100.00 AA+ 5,653,157
1,586 New York City Housing Development Corporation, New York, 4/10 at 105.00 N/R 1,669,070
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 514,534
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
3,000 New York State Housing Finance Agency, Affordable Housing 11/17 at 100.00 Aa2 3,007,290
Revenue Bonds, Series 2007B, 5.300%, 11/01/37
(Alternative Minimum Tax)
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
55 6.100%, 11/01/15 - AGM Insured 5/10 at 100.00 AAA 55,239
200 6.125%, 11/01/20 - AGM Insured 5/10 at 100.00 AAA 200,242
-------------------------------------------------------------------------------------------------------------------------------
16,191 Total Housing/Multifamily 16,853,760
-------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.8% (1.2% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, FHA-Insured
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001:
5,385 5.200%, 8/01/36 - NPFG Insured 8/11 at 101.00 A 5,490,977
1,000 6.100%, 8/01/41 - NPFG Insured 8/11 at 105.00 A 1,066,170
-------------------------------------------------------------------------------------------------------------------------------
6,385 Total Long-Term Care 6,557,147
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.1% (5.9% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 3/13 at 100.00 Baa2 1,574,445
2003A, 5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series No Opt. Call Baa1 799,013
2004B, 5.250%, 4/01/13 - NPFG Insured
2,000 Erie County, New York, General Obligation Bonds, Series 12/15 at 100.00 A 2,180,480
2005A, 5.000%, 12/01/18 - NPFG Insured
600 New York City, New York, General Obligation Bonds, Fiscal 8/19 at 100.00 AA 635,760
2009 Series E, 5.000%, 8/01/28
45 New York City, New York, General Obligation Bonds, 5/10 at 100.00 AAA 45,221
Fiscal Series 1992C, 6.250%, 8/01/10 - AGM Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
85 5.125%, 8/01/25 - MBIA Insured 8/10 at 100.00 AA 85,305
70 5.375%, 8/01/27 - MBIA Insured 8/10 at 100.00 AA 70,295
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AA 3,073,080
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
2,900 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AA 3,097,258
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
New York City, New York, General Obligation Bonds:
3,250 5.000%, 11/01/19 - AGM Insured (UB) 11/14 at 100.00 AAA 3,492,743
1,650 5.000%, 11/01/20 - AGM Insured (UB) 11/14 at 100.00 AAA 1,759,313
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AA- 1,182,086
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AA- 1,180,666
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AA- 1,189,574
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AA- 1,208,640
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AA- 1,216,166
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AA- 955,181
Nuveen Investments 27
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Rochester, New York, General Obligation Bonds, Series 1999:
$ 735 5.250%, 10/01/20 - NPFG Insured No Opt. Call A $ 829,969
735 5.250%, 10/01/21 - NPFG Insured No Opt. Call A 825,890
730 5.250%, 10/01/22 - NPFG Insured No Opt. Call A 819,615
730 5.250%, 10/01/23 - NPFG Insured No Opt. Call A 819,848
730 5.250%, 10/01/24 - NPFG Insured No Opt. Call A 822,790
730 5.250%, 10/01/25 - NPFG Insured No Opt. Call A 825,601
725 5.250%, 10/01/26 - NPFG Insured No Opt. Call A 819,591
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 A 2,260,868
5.000%, 8/01/19 - NPFG Insured
-------------------------------------------------------------------------------------------------------------------------------
28,697 Total Tax Obligation/General 31,769,398
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.5% (33.3% OF TOTAL INVESTMENTS)
7,145 Dormitory Authority of the State of New York, Insured 7/10 at 100.50 A 7,242,101
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - NPFG Insured
3,610 Dormitory Authority of the State of New York, Revenue 7/14 at 100.00 AA- 3,775,446
Bonds, Department of Health, Series 2004-2, 5.000%,
7/01/20 - FGIC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Mental Health Services Facilities Improvements,
Series 2005D-1:
670 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 749,073
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,776,328
7,925 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 A+ 8,478,878
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - NPFG Insured
1,090 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 1,164,600
Personal Income Tax Revenue Bonds, Series 2005F, 5.000%,
3/15/21 - AGM Insured
2,390 Erie County Industrial Development Agency, New York, School 5/18 at 100.00 AAA 2,619,294
Facility Revenue Bonds, Buffalo City School District
Project, Series 2008A, 5.750%, 5/01/28 - AGM Insured
(UB)
3,300 Erie County Industrial Development Agency, New York, School No Opt. Call AA- 3,426,786
Facility Revenue Bonds, Buffalo City School District
Project, Series 2009A, 5.000%, 5/01/31
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District,
Series 2003:
1,230 5.750%, 5/01/20 - AGM Insured 5/12 at 100.00 AAA 1,327,232
1,225 5.750%, 5/01/22 - AGM Insured 5/12 at 100.00 AAA 1,302,653
1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,798,515
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - AGM Insured (UB)
7,545 Erie County Industrial Development Agency, New York, School 5/17 at 100.00 AAA 8,211,450
Facility Revenue Bonds, Buffalo City School District,
5.750%, 5/01/28 - AGM Insured (UB)
14,405 Hudson Yards Infrastructure Corporation, New York, Revenue 2/17 at 100.00 A 13,783,568
Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,848,075
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - AGM
Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 4,933,408
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
NPFG Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - AGM Insured (UB) No Opt. Call AAA 2,337,880
3,000 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 3,207,180
5,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 5,318,050
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 2,463,825
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 4,100,382
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 4,259,640
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,630,231
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,623,742
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable Corporation,
New York, Dedicated Revenue Bonds, Local Government
Assistance Corporation, Series 2004A:
$ 3,640 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA $ 3,931,309
1,960 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,071,250
5,420 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,682,762
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,554,420
5,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 5,821,648
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:
2,705 5.250%, 5/01/16 - NPFG Insured 11/11 at 101.00 AAA 2,917,829
1,000 5.250%, 5/01/17 - NPFG Insured 11/11 at 101.00 AAA 1,071,750
3,160 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,393,113
Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%,
2/01/22 - NPFG Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,161,680
Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%,
2/01/19 - SYNCORA GTY Insured
3,800 New York City Transitional Finance Authority, New York, 5/17 at 100.00 AAA 3,979,702
Future Tax Secured Bonds, Fiscal Series 2007B, 5.000%,
11/01/30
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,698,100
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - NPFG Insured
New York Convention Center Development Corporation, Hotel
Fee Revenue Bonds, Tender Option Bonds Trust 3095:
835 13.317%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 945,796
3,955 13.303%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 4,293,706
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 A 910,184
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 A 956,993
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 A 1,005,134
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 A 1,050,464
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AA 1,061,410
Fund Bonds, Second Genera1 Series 2004, 5.000%, 4/01/22 -
NPFG Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 9,805,686
1,500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 1,614,015
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,065,490
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC
Insured
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 11,801,631
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AA- 1,060,730
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,812,514
500 New York State Urban Development Corporation, State Personal 3/15 at 100.00 AAA 521,350
Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
AGM Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,407,480
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
AGM Insured
2,500 Puerto Rico Sales Tax Financing Corporation, Sales Tax 2/20 at 100.00 AAA 2,509,475
Revenue Bonds, First Subordinate Series 2010A, 5.000%,
8/01/40 - AGM Insured
3,715 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 BBB- 2,630,814
Mortgage Revenue Bonds, Carousel Center Project, Series
2007A, 5.000%, 1/01/36 - SYNCORA GTY Insured (Alternative
Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
171,780 Total Tax Obligation/Limited 180,114,772
-------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 29
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.2% (5.9% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series
2002A:
$ 6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 A $ 6,492,900
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 2,079,200
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series
2002E:
1,335 5.500%, 11/15/21 - NPFG Insured 11/12 at 100.00 A 1,414,806
4,575 5.000%, 11/15/25 - NPFG Insured 11/12 at 100.00 A 4,705,982
New York State Thruway Authority, General Revenue
Bonds, Series 2005F:
2,625 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,773,418
425 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 434,150
1,650 New York State Thruway Authority, General Revenue 7/15 at 100.00 AAA 1,697,405
Bonds, Series 2005G, 5.000%, 1/01/30 - AGM
Insured (UB)
955 New York State Thruway Authority, General Revenue 1/18 at 100.00 A+ 1,005,682
Bonds, Series 2007H, 5.000%, 1/01/25 - FGIC
Insured
2,500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 2,503,725
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A, 5.625%,
4/01/29 - NPFG Insured (Alternative Minimum Tax)
1,675 Port Authority of New York and New Jersey, 6/15 at 101.00 Aa2 1,747,695
Consolidated Revenue Bonds, One Hundred Fortieth
Series 2005, 5.000%, 12/01/31 - SYNCORA GTY
Insured
1,170 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 1,376,996
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2008, Trust 2920, 17.440%, 8/15/32
- AGM 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 - NPFG Insured No Opt. Call Aa3 1,815,250
3,800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 4,064,822
-------------------------------------------------------------------------------------------------------------------------------
30,280 Total Transportation 32,112,031
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.3% (9.3% OF TOTAL INVESTMENTS)(4)
Dormitory Authority of the State of New York,
Revenue Bonds, University of Rochester, Series
2000A:
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 2,517,056
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 Aa3 (4) 1,886,531
505 Dormitory Authority of the State of New York, 4/10 at 105.68 Baa1 (4) 648,546
Suffolk County, Lease Revenue Bonds, Judicial
Facilities, Series 1991A, 9.500%, 4/15/14 (ETM)
Longwood Central School District, Suffolk County,
New York, Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,071,740
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 A2 (4) 1,071,740
4,695 Metropolitan Transportation Authority, New York, 7/11 at 100.00 N/R (4) 4,970,972
Commuter Facilities Revenue Bonds, Series 1998A,
5.250%, 7/01/28 (Pre-refunded 7/01/11) - FGIC
Insured
11,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 12,642,300
Dedicated Tax Fund Bonds, Series 1998A, 4.750%,
4/01/28 (Pre-refunded 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - AGM Insured 10/14 at 100.00 AAA 4,597,600
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - AGM Insured 10/14 at 100.00 AAA 3,735,550
115 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 124,409
Future Tax Secured Bonds, Fiscal Series
2002B, 5.250%, 5/01/16 (Pre-refunded 11/01/11) -
NPFG Insured
6,750 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 7,433,843
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) -
AMBAC Insured
3,000 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 3,264,660
Bridge Trust Fund Bonds, Series 2002A,
5.250%,4/01/19 (Pre-refunded 4/01/12) - AGM
Insured
6,000 New York State Urban Development Corporation, 1/11 at 100.00 AAA 6,214,140
Service Contract Revenue Bonds, Correctional
Facilities, Series 2000C, 5.125%, 1/01/23
(Pre-refunded 1/01/11) - AGM Insured
-------------------------------------------------------------------------------------------------------------------------------
45,680 Total U.S. Guaranteed 50,179,087
-------------------------------------------------------------------------------------------------------------------------------
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.9% (7.7% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric
System General Revenue Bonds, Series 2000A:
$ 4,000 0.000%, 6/01/24 - AGM Insured No Opt. Call AAA $ 2,281,120
4,000 0.000%, 6/01/25 - AGM Insured No Opt. Call AAA 2,164,600
15,000 0.000%, 6/01/26 - AGM Insured No Opt. Call AAA 7,684,800
3,000 0.000%, 6/01/27 - AGM Insured No Opt. Call AAA 1,450,110
4,500 0.000%, 6/01/28 - AGM Insured No Opt. Call AAA 2,051,865
3,000 0.000%, 6/01/29 - AGM Insured No Opt. Call AAA 1,290,510
3,000 Long Island Power Authority, New York, Electric 9/11 at 100.00 AAA 3,036,270
System General Revenue Bonds, Series 2001A,
5.000%, 9/01/27 - AGM 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 6,258,874
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 7,995,515
750 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 760,275
System General Revenue Bonds, Series 2006B,
5.000%, 12/01/35 - CIFG Insured
6,000 New York State Energy Research and Development 9/10 at 100.00 A 6,002,220
Authority, Pollution Control Revenue Bonds,
Rochester Gas and Electric Corporation, Series
1998A, 5.950%, 9/01/33 - NPFG
Insured(Alternative Minimum Tax)
650 Power Authority of the State of New York, General 11/15 at 100.00 Aa2 701,409
Revenue Bonds, Series 2006A, 5.000%,11/15/19 -
FGIC Insured
-------------------------------------------------------------------------------------------------------------------------------
57,645 Total Utilities 41,677,568
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.4% (5.4% OF TOTAL INVESTMENTS)
1,245 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,270,635
New York, 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, 6/10 at 101.00 AAA 1,249,978
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2000B, 6.000%, 6/15/33
(Mandatory put 6/15/10) - NPFG Insured
3,000 New York City Municipal Water Finance Authority, 6/14 at 100.00 AAA 3,069,390
New York, 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, 6/15 at 100.00 AAA 6,198,181
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 -
NPFG Insured (UB)
5,000 New York City Municipal Water Finance Authority, 6/19 at 100.00 AA+ 5,373,600
New York, Water and Sewerage System Revenue
Bonds, Second Generation Resolution, Fiscal 2010
Series 2009BB, 5.000%, 6/15/27
3,455 New York City Municipal Water Finance Authority, 6/16 at 100.00 AAA 3,560,619
New York, Water and Sewerage System Revenue
Bonds, Series 2006B, 5.000%, 6/15/36 - NPFG
Insured (UB)
7,100 Suffolk County Water Authority, New York, 6/15 at 100.00 AA+ 7,414,601
Waterworks Revenue Bonds, Series 2005C,
5.000%, 6/01/28 - NPFG Insured
2,230 Upper Mohawk Valley Regional Water Finance No Opt. Call A1 1,210,563
Authority, New York, Water System Revenue Bonds,
Series 2000, 0.000%, 4/01/23 - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
29,175 Total Water and Sewer 29,347,567
-------------------------------------------------------------------------------------------------------------------------------
$ 522,628 Total Long-Term Investments (cost $506,263,335) - 527,255,328
150.6% (97.4% of Total Investments)
===============----------------------------------------------------------------------------------------------------------------
Nuveen Investments 31
NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 4.1% (2.6% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 1.4% (0.9% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 1.4% (0.9% OF TOTAL INVESTMENTS)
$ 4,975 Metropolitan Transportation Authority, New York, 7/10 at 100.00 A-1 $ 4,975,000
Dedicated Tax Fund Bonds, Variable Rate Demand
Revenue Obligations, Series 2008A, 0.310%,
11/01/31 - FSA Insured (5)
-------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 2.7% (1.7% OF TOTAL INVESTMENTS)
9,321 State Street Bank Euro Dollar Time Deposit, 0.010%, N/A N/A 9,320,873
4/01/10
-------------------------------------------------------------------------------------------------------------------------------
$ 14,296 Total Short-Term Investments (cost $14,295,873) 14,295,873
===============----------------------------------------------------------------------------------------------------------------
Total Investments (cost $520,559,208) - 154.7% 541,551,201
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.6)% (33,510,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,819,824
-------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (46.8)% (6) (163,900,000)
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 349,961,025
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S.Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 30.3%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
32 Nuveen Investments
NUN | Nuveen New York Quality Income Municipal Fund, Inc.
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.1% (14.2% OF
TOTAL INVESTMENTS)
$ 6,000 Dormitory Authority of the State of New York, No Opt. Call A1 $ 6,419,700
Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/13 - NPFG
Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call AA- 1,175,420
General Revenue Bonds, New York University,
Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured
1,265 Dormitory Authority of the State of New York, No Opt. Call A 1,221,168
Housing Revenue Bonds, Fashion Institute of
Technology, Series 2007, 5.250%, 7/01/34 - FGIC
Insured
670 Dormitory Authority of the State of New York, 7/12 at 100.00 A2 689,182
Insured Revenue Bonds, Fordham University,
Series 2002, 5.000%, 7/01/19 - FGIC Insured
2,750 Dormitory Authority of the State of New York, 7/11 at 100.00 Aa3 2,771,340
Insured Revenue Bonds, Yeshiva University,
Series 2001, 5.000%, 7/01/26 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease No Opt. Call AA- 2,218,820
Revenue Bonds, State University Dormitory
Facilities, Series 2003B, 5.250%, 7/01/32
(Mandatory put 7/01/13) - SYNCORA GTY Insured
2,320 Dormitory Authority of the State of New York, Lease 7/15 at 100.00 AA- 2,342,202
Revenue Bonds, State University Dormitory
Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG
Insured
2,830 Dormitory Authority of the State of New York, Lease 7/16 at 100.00 AA- 2,896,873
Revenue Bonds, State University Dormitory
Facilities, Series 2006A, 5.000%, 7/01/31 - NPFG
Insured
745 Dormitory Authority of the State of New York, 7/17 at 100.00 A 743,838
Revenue Bonds, Barnard College, Series 2007A,
5.000%, 7/01/37 - FGIC Insured
3,300 Dormitory Authority of the State of New York, 7/19 at 100.00 AA- 3,534,366
Revenue Bonds, New York University, Series
2009A, 5.250%, 7/01/34
3,750 Dormitory Authority of the State of New York, 7/19 at 100.00 AA- 3,922,125
Revenue Bonds, New York University, Series
2009B, 5.000%, 7/01/39
Dormitory Authority of the State of New York,
Revenue Bonds, Rochester Institute of Technology,
Series 2006A:
800 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 878,416
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 700,320
4,000 Dormitory Authority of the State of New York, No Opt. Call AAA 4,679,880
Revenue Bonds, State University Educational
Facilities, 1989 Resolution, Series 2000C,
5.750%, 5/15/16 - AGM Insured
1,915 Dormitory Authority of the State of New York, No Opt. Call AAA 2,211,078
Second General Resolution Consolidated Revenue
Bonds, City University System, Series 1993A,
5.750%, 7/01/18 - AGM Insured
2,000 Dormitory Authority of the State of New York, Third 7/10 at 100.00 AA- 2,001,740
General Resolution Consolidated Revenue Bonds,
City University System, Series 1998-1, 5.000%,
7/01/26 - FGIC Insured
705 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AA+ 763,268
Civic Facility Revenue Bonds, Colgate
University, Tender Option Bond Trust 3127,
12.986%, 7/01/40 - AMBAC Insured (IF)
6,415 Nassau County Industrial Development Agency, New York, 7/10 at 100.00 A 6,468,629
Revenue Refunding Bonds, Hofstra
University, Series 1998, 5.000%, 7/01/23 - NPFG
Insured
4,775 New York City Industrial Development Agency, New York, 6/10 at 100.00 A 4,776,242
Civic Facility Revenue Bonds, Trinity
Episcopal School, Series 1997, 5.250%, 6/15/27 -
NPFG Insured
New York City Industrial Development Agency, New York,
PILOT Revenue Bonds, Queens Baseball Stadium
Project, Series 2006:
2,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 BB+ 1,765,400
3,240 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BB+ 2,744,150
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project,
Series 2006:
1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 1,191,769
9,840 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 9,466,375
5,910 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 5,094,834
6,250 New York City Trust for Cultural Resources, New York, 7/10 at 100.00 Aa2 6,270,938
Revenue Refunding Bonds, Museum of Modern
Art, Series 1996A, 5.500%, 1/01/21 - AMBAC
Insured
1,005 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- 1,047,089
New York University, Series 2007, 5.000%,7/01/32
- AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
77,340 Total Education and Civic Organizations 77,995,162
-------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 33
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.5% (10.0% OF TOTAL INVESTMENTS)
$ 820 Dormitory Authority of the State of New York 8/19 at 100.00 AAA $ 906,231
Hospital for Special Surgery, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 2009,
6.250%, 8/15/34
3,995 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 3,995,040
FHA-Insured Mortgage Hospital Revenue Bonds,
Millard Fillmore Hospitals, Series 1997, 5.375%,
2/01/32 - AMBAC Insured
6,795 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 6,707,684
FHA-Insured 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, 8/17 at 100.00 AAA 2,502,740
FHA-Insured Mortgage Revenue Bonds, Hudson
Valley Hospital Center, Series 2007, 5.000%,
8/15/27 - AGM Insured
2,695 Dormitory Authority of the State of New York, 2/15 at 100.00 A 2,737,581
FHA-Insured Mortgage Revenue Bonds, Montefiore
Hospital, Series 2004, 5.000%, 8/01/29 - FGIC
Insured
1,000 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,014,890
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC
Insured
9,000 Dormitory Authority of the State of New York, 7/10 at 100.50 A 9,048,780
Hospital Revenue Bonds, Catholic Health Services
of Long Island Obligated Group - St. Francis
Hospital, Series 1999A, 5.500%, 7/01/24 - NPFG
Insured
1,800 Dormitory Authority of the State of New York, 7/17 at 100.00 AAA 1,838,646
Revenue Bonds, Health Quest System Inc.,
Series 2007B, 5.125%, 7/01/37 - AGC Insured
Dormitory Authority of the State of New York,
Revenue Bonds, Memorial Sloan-Kettering Cancer
Center, Series 2003-1:
2,500 5.000%, 7/01/21 - NPFG Insured 7/13 at 100.00 AA 2,640,975
3,300 5.000%, 7/01/22 - NPFG Insured 7/13 at 100.00 AA 3,466,485
2,625 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 2,859,964
Revenue Bonds, New York and Presbyterian
Hospital, Series 2004A, 5.250%, 8/15/15 - AGM
Insured
2,150 Dormitory Authority of the State of New York, 8/14 at 100.00 AAA 2,181,906
Revenue Bonds, The New York and Presbyterian
Hospital Project, Series 2007, 5.000%, 8/15/36 -
AGM Insured
9,000 Dormitory Authority of the State of New York, 7/11 at 101.00 Baa1 8,885,790
Revenue Bonds, Winthrop South Nassau University
Health System Obligated Group, Series 2001B,
5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 2,919,980
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 3,171,447
-------------------------------------------------------------------------------------------------------------------------------
53,965 Total Health Care 54,878,139
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.3% (2.8% OF TOTAL
INVESTMENTS)
500 Amherst Industrial Development Agency, New York, 8/10 at 102.00 A3 511,625
Revenue 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 A3 1,098,899
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 626,787
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
1,500 5.000%, 7/01/14 - NPFG Insured No Opt. Call AA+ 1,678,530
1,500 5.000%, 7/01/16 - NPFG Insured 7/15 at 100.00 AA+ 1,646,940
5,515 5.000%, 7/01/25 - NPFG Insured (UB) 7/15 at 100.00 AA+ 5,725,833
1,319 New York City Housing Development Corporation, New York, 4/10 at 105.00 N/R 1,388,110
Multifamily Housing Revenue Bonds,
Pass-Through Certificates, Series 1991C, 6.500%,
2/20/19 - AMBAC Insured
560 New York City, New York, Multifamily Housing 1/17 at 100.00 AAA 533,590
Revenue Bonds, Seaview Towers, Series 2006A,
4.750%, 7/15/39 - AMBAC Insured (Alternative
Minimum Tax)
1,685 New York State Housing Finance Agency, Affordable 11/17 at 100.00 Aa2 1,689,095
Housing Revenue Bonds, Series 2007B,
5.300%,11/01/37 (Alternative Minimum Tax)
25 New York State Housing Finance Agency, FHA-Insured 8/10 at 100.00 A 25,065
Multifamily Housing Mortgage Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
85 New York State Housing Finance Agency, Mortgage 5/10 at 100.00 AAA 85,103
Revenue Refunding Bonds, Housing Project, Series
1996A, 6.125%, 11/01/20 - AGM Insured
-------------------------------------------------------------------------------------------------------------------------------
14,364 Total Housing/Multifamily 15,009,577
-------------------------------------------------------------------------------------------------------------------------------
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.8% (6.3% OF TOTAL
INVESTMENTS)
$ 1,500 Erie County, New York, General Obligation Bonds, 3/13 at 100.00 Baa2 $ 1,574,445
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, No Opt. Call Baa1 863,363
Series 2004B, 5.250%, 4/01/13 - NPFG Insured
Monroe County, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 A 2,348,505
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 A 1,028,390
New York City, New York, General Obligation Bonds,
Fiscal Series 2001D:
2,095 5.250%, 8/01/15 - AGM Insured 8/10 at 101.00 AAA 2,148,066
5,320 5.250%, 8/01/15 No Opt. Call AA 5,448,372
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AA 5,121,800
125 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 127,618
Fiscal Series 2002C, 5.125%, 3/15/25 - AGM
Insured
4,130 New York City, New York, General Obligation Bonds, 3/15 at 100.00 AA 4,410,923
Fiscal Series 2005J, 5.000%, 3/01/19 - FGIC
Insured
New York City, New York, General Obligation Bonds:
3,350 5.000%, 11/01/19 - AGM Insured (UB) 11/14 at 100.00 AAA 3,600,212
1,700 5.000%, 11/01/20 - AGM Insured (UB) 11/14 at 100.00 AAA 1,812,625
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 1,878,487
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 A 1,942,116
2,305 Yonkers, New York, General Obligation Bonds, Series 8/15 at 100.00 A 2,364,792
2005B, 5.000%, 8/01/20 - NPFG Insured
-------------------------------------------------------------------------------------------------------------------------------
33,340 Total Tax Obligation/General 34,669,714
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.1% (32.9% OF TOTAL
INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 7/10 at 100.50 N/R 3,383,053
Schools Program Insured Revenue Bonds, Harmony
Heights School, Issue 1, Series 1999C, 5.500%,
7/01/18 - AMBAC Insured
130 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 130,270
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 2000D, 5.250%,
8/15/30 - AGM 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 - AGM Insured 8/12 at 100.00 AAA 1,122,644
1,100 5.250%, 8/15/21 - AGM Insured 8/12 at 100.00 AAA 1,175,548
1,135 5.250%, 8/15/22 - AGM Insured 8/12 at 100.00 AAA 1,197,073
3,610 Dormitory Authority of the State of New York, 7/14 at 100.00 AA- 3,775,446
Revenue Bonds, Department of Health,
Series 2004-2, 5.000%, 7/01/20 - FGIC Insured
Dormitory Authority of the State of New York,
Revenue Bonds, Mental Health Services Facilities
Improvements, Series 2005D-1:
2,300 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 2,571,446
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 1,242,912
7,900 Dormitory Authority of the State of New York, 10/12 at 100.00 A+ 8,452,131
Revenue Bonds, School Districts Financing
Program, Series 2002D, 5.250%, 10/01/23 - NPFG
Insured
1,040 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 1,111,178
Personal Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/21 - AGM Insured
2,420 Erie County Industrial Development Agency, New York, 5/18 at 100.00 AAA 2,652,172
School Facility Revenue Bonds, Buffalo
City School District Project, Series 2008A,
5.750%, 5/01/28 - AGM Insured (UB)
3,300 Erie County Industrial Development Agency, New York, No Opt. Call AA- 3,426,786
School Facility Revenue Bonds, Buffalo
City School District Project, Series 2009A,
5.000%, 5/01/31
Erie County Industrial Development Agency, New York,
School Facility Revenue Bonds, Buffalo
City School District, Series 2003:
1,200 5.750%, 5/01/20 - AGM Insured 5/12 at 100.00 AAA 1,294,860
1,000 5.750%, 5/01/22 - AGM Insured 5/12 at 100.00 AAA 1,063,390
1,710 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,809,095
School Facility Revenue Bonds, Buffalo
City School District, Series 2004, 5.750%,
5/01/26 - AGM Insured (UB)
Nuveen Investments 35
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ Erie County Industrial Development Agency, New York,
School Facility Revenue Bonds, Buffalo City
School District Project, Series 2007A:
5,980 5.750%, 5/01/27 - FSA Insured (UB) 5/17 at 100.00 AAA $ 6,523,462
1,670 5.750%, 5/01/28 - FSA Insured (UB) 5/17 at 100.00 AAA 1,817,511
14,635 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 14,003,646
Revenue Bonds, Series 2006A, 5.000%,2/15/47 -
FGIC Insured
7,500 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 7,848,075
Dedicated Tax Fund Bonds, Series 2002A, 5.250%,
11/15/25 - AGM Insured
4,600 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AA- 4,933,408
State Service Contract Bonds, Series 2002B,
5.500%, 7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York,
State Service Contract Refunding Bonds, Series 2002A:
1,000 5.750%, 7/01/18 - AGM Insured No Opt. Call AAA 1,168,940
1,000 5.750%, 7/01/18 - AGM Insured (UB) No Opt. Call AAA 1,168,940
3,000 5.500%, 1/01/19 - NPFG Insured 7/12 at 100.00 AA- 3,207,180
6,000 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 6,381,660
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AA- 3,112,200
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 8,099,520
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 1,625,006
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,618,537
New York City Sales Tax Asset Receivable
Corporation, New York, Dedicated Revenue Bonds,
Local Government Assistance Corporation, Series 2004A:
2,720 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,937,682
1,990 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 2,102,952
4,960 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 5,200,461
1,500 5.000%, 10/15/32 - AMBAC Insured (UB) 10/14 at 100.00 AAA 1,554,420
1,600 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 1,663,328
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:
5 5.250%, 5/01/12 - NPFG Insured 11/11 at 101.00 AAA 5,386
2,420 5.250%, 5/01/17 - NPFG Insured 11/11 at 101.00 AAA 2,593,635
970 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 988,537
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,142,171
Future Tax Secured Bonds, Fiscal Series
2003E, 5.250%, 2/01/22 - NPFG Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,994,150
Future Tax Secured Bonds, Fiscal Series
2004C, 5.000%, 2/01/19 - SYNCORA GTY Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,698,100
Future Tax Secured Refunding Bonds, Fiscal
Series 2003D, 5.000%, 2/01/22 - NPFG Insured
New York Convention Center Development Corporation,
Hotel Fee Revenue Bonds, Tender Option Bonds Trust
3095:
845 13.317%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 957,123
4,005 13.303%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 4,347,988
3,750 New York State Local Government Assistance No Opt. Call AAA 4,304,400
Corporation, Revenue Bonds, Series 1993E,
5.250%,4/01/16 - AGM Insured (UB)
1,000 New York State Thruway Authority, Highway and 4/14 at 100.00 AA 1,061,410
Bridge Trust Fund Bonds, Second Genera1
Series 2004, 5.000%, 4/01/22 - NPFG Insured
New York State Thruway Authority, Highway and
Bridge Trust Fund Bonds, Second General, Series 2005B:
8,455 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 9,805,686
2,600 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 2,797,626
1,000 New York State Thruway Authority, State Personal 9/14 at 100.00 AAA 1,065,490
Income Tax Revenue Bonds, Series 2004A, 5.000%,
3/15/24 - AMBAC Insured
New York State Tobacco Settlement Financing
Corporation, Tobacco Settlement Asset-Backed and
State Contingency Contract-Backed Bonds, Series
2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 13,183,804
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,054,220
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,190 New York State Urban Development Corporation, No Opt. Call A1 $ 3,508,809
Revenue Refunding Bonds, State Facilities,
Series 1995, 5.600%, 4/01/15 - NPFG Insured
500 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 521,350
Personal Income Tax Revenue Bonds, Series 2005B,
5.000%, 3/15/30 - AGM Insured
1,980 Niagara Falls City School District, Niagara County, 6/15 at 100.00 AAA 1,940,440
New York, Certificates of Participation, High
School Facility, Series 2005, 5.000%, 6/15/28 -
AGM Insured
Puerto Rico Highway and Transportation Authority,
Highway Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - AGM Insured No Opt. Call AAA 3,329,280
6,000 5.500%, 7/01/18 - AGM Insured No Opt. Call AAA 6,611,220
2,500 Puerto Rico Sales Tax Financing Corporation, Sales 2/20 at 100.00 AAA 2,509,475
Tax Revenue Bonds, First Subordinate
Series 2010A, 5.000%, 8/01/40 - AGM Insured
3,765 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 2,666,222
PILOT Mortgage Revenue Bonds, Carousel
Center Project, Series 2007A, 5.000%, 1/01/36 -
SYNCORA GTY Insured (Alternative Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
171,420 Total Tax Obligation/Limited 180,461,454
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 15.2% (9.8% OF TOTAL INVESTMENTS)
7,575 Metropolitan Transportation Authority, New York, 11/16 at 100.00 AAA 7,334,721
Transportation Revenue Bonds, Series 2006B,
4.500%, 11/15/36 - AGM Insured
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series
2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 A 4,081,440
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 A 4,158,400
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series
2002E:
2,665 5.500%, 11/15/21 - NPFG Insured 11/12 at 100.00 A 2,824,314
8,500 5.000%, 11/15/25 - NPFG Insured 11/12 at 100.00 A 8,743,355
New York State Thruway Authority, General Revenue
Bonds, Series 2005F:
2,665 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 2,815,679
4,075 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 4,162,735
1,700 New York State Thruway Authority, General Revenue 7/15 at 100.00 AAA 1,748,841
Bonds, Series 2005G, 5.000%, 1/01/30 - AGM
Insured (UB)
970 New York State Thruway Authority, General Revenue 1/18 at 100.00 A+ 1,021,478
Bonds, Series 2007H, 5.000%, 1/01/25 - FGIC
Insured
2,500 Niagara Frontier Airport Authority, New York, 4/10 at 100.50 A 2,503,725
Airport Revenue Bonds, Buffalo Niagara
International Airport, Series 1999A, 5.625%,
4/01/29 - NPFG Insured (Alternative Minimum Tax)
1,700 Port Authority of New York and New Jersey, 6/15 at 101.00 Aa2 1,773,780
Consolidated Revenue Bonds, One Hundred Fortieth
Series 2005, 5.000%, 12/01/31 - SYNCORA GTY
Insured
1,175 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 1,382,881
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2008, Trust 2920, 17.440%, 8/15/32
- AGM Insured (IF)
5,000 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 Aa2 5,335,100
General Purpose Revenue Bonds, Series 2002A,
5.250%, 1/01/20 - FGIC Insured
Triborough Bridge and Tunnel Authority, New York,
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 1,815,250
3,800 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 4,064,822
-------------------------------------------------------------------------------------------------------------------------------
51,710 Total Transportation 53,766,521
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 19.3% (12.4% 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) - AGM Insured 8/10 at 100.00 AAA 66,207
175 5.250%, 8/15/30 (Pre-refunded 8/15/10) - AGM Insured 8/10 at 100.00 AAA 178,269
2,225 Dormitory Authority of the State of New York, No Opt. Call AAA 2,635,112
Judicial Facilities Lease Revenue Bonds, Suffolk
County Issue, Series 1986, 7.375%, 7/01/16 (ETM)
Nuveen Investments 37
NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,410 Dormitory Authority of the State of New York, Lease 7/11 at 100.00 AA- (4) $ 1,496,165
Revenue 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 7/10 at 101.00 Aa3 (4) 2,007,592
Insured
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA 7/10 at 101.00 Aa3 (4) 2,249,713
Insured
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA 7/10 at 101.00 Aa3 (4) 2,517,056
Insured
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA 7/10 at 101.00 Aa3 (4) 1,886,531
Insured
Longwood Central School District, Suffolk County,
New York, Series 2000:
910 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC 6/11 at 101.00 A2 (4) 975,283
Insured
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC 6/11 at 101.00 A2 (4) 1,511,153
Insured
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - AGM 10/14 at 100.00 AAA 4,597,600
Insured
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - AGM 10/14 at 100.00 AAA 1,149,400
Insured
Metropolitan Transportation Authority, New York,
Transit Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 5/10 at 100.50 AAA 10,083,400
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 5/10 at 100.50 AAA 4,536,720
New York City Transitional Finance Authority, New York,
Future Tax Secured Bonds, Fiscal Series 2002B:
10,165 5.250%, 5/01/12 (Pre-refunded 11/01/11) - NPFG 11/11 at 101.00 AAA 11,001,783
Insured
30 5.000%, 5/01/30 (Pre-refunded 11/01/11) - MBIA 11/11 at 101.00 AAA 32,352
Insured
6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,607,860
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) -
AMBAC Insured
40 New York City, New York, General Obligation Bonds, No Opt. Call AA (4) 41,066
Fiscal Series 2001D, 5.250%, 8/01/15
4,875 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,285,768
Fiscal Series 2002C, 5.125%, 3/15/25
(Pre-refunded 3/15/12) - AGM Insured
6,965 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 7,579,452
Bridge Trust Fund Bonds, Series 2002A,
5.250%,4/01/20 (Pre-refunded 4/01/12) - AGM
Insured
Putnam Valley Central School District, Putnam and
Westchester Counties, New York, General Obligation
Bonds, Series 2000:
525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - AGM 6/10 at 100.00 Aa3 (4) 531,090
Insured
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - AGM 6/10 at 100.00 Aa3 (4) 531,090
Insured
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - AGM 6/10 at 100.00 Aa3 (4) 531,090
Insured
-------------------------------------------------------------------------------------------------------------------------------
63,930 Total U.S. Guaranteed 68,031,752
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.0% (7.1% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue No Opt. Call A1 1,767,827
Bonds, 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 - AGM Insured No Opt. Call AAA 2,281,120
4,000 0.000%, 6/01/25 - AGM Insured No Opt. Call AAA 2,164,600
5,000 0.000%, 6/01/26 - AGM Insured No Opt. Call AAA 2,561,600
7,000 0.000%, 6/01/27 - AGM Insured No Opt. Call AAA 3,383,590
10,500 0.000%, 6/01/28 - AGM Insured No Opt. Call AAA 4,787,685
7,000 0.000%, 6/01/29 - AGM Insured No Opt. Call AAA 3,011,190
2,500 Long Island Power Authority, New York, Electric 9/11 at 100.00 AAA 2,530,225
System General Revenue Bonds, Series 2001A,
5.000%, 9/01/27 - AGM 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 6,435,914
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 8,290,114
750 Long Island Power Authority, New York, Electric 6/16 at 100.00 A- 760,275
System General Revenue Bonds, Series 2006B,
5.000%, 12/01/35 - CIFG Insured
865 Power Authority of the State of New York, General 11/15 at 100.00 Aa2 933,413
Revenue Bonds, Series 2006A, 5.000%,11/15/19 -
FGIC Insured
-------------------------------------------------------------------------------------------------------------------------------
57,465 Total Utilities 38,907,553
-------------------------------------------------------------------------------------------------------------------------------
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.5% (4.2% OF TOTAL INVESTMENTS)
$ 830 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA $ 847,090
New York, 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, 6/11 at 100.00 AAA 1,387,730
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2000B, 6.000%, 6/15/33
(Mandatory put 6/15/10) - NPFG Insured
3,000 New York City Municipal Water Finance Authority, 6/14 at 100.00 AAA 3,069,390
New York, 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, 6/15 at 100.00 AAA 6,831,610
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 -
NPFG Insured (UB)
3,500 New York City Municipal Water Finance Authority, 6/16 at 100.00 AAA 3,606,995
New York, Water and Sewerage System Revenue
Bonds, Series 2006B, 5.000%, 6/15/36 - NPFG
Insured (UB)
7,000 Suffolk County Water Authority, New York, 6/15 at 100.00 AA+ 7,310,176
Waterworks Revenue Bonds, Series 2005C,
5.000%,6/01/28 - NPFG Insured (UB)
-------------------------------------------------------------------------------------------------------------------------------
22,215 Total Water and Sewer 23,052,991
-------------------------------------------------------------------------------------------------------------------------------
$ 545,749 Total Long-Term Investments (cost $527,749,397) - 546,772,863
154.8% (99.7% of Total Investments)
===============----------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5% (0.3% OF TOTAL
INVESTMENTS)
$ 1,867 State Street Bank Euro Dollar Time Deposit, 0.010%, N/A N/A 1,867,389
4/01/10
===============----------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $1,867,389) 1,867,389
-------------------------------------------------------------------------------------------------------------
Total Investments (cost $529,616,786) - 155.3% 548,640,252
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (11.4)% (40,245,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,583,541
-------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (45.5)% (5) (160,775,000)
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 353,203,793
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities that
guarantee the timely payment of principal and interest. See Notes to Financial
Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 29.3%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 39
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc.
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.9% (15.0% OF
TOTAL INVESTMENTS)
Dormitory Authority of the State of New York,
General Revenue Bonds, New York University, Series
2001-1:
$ 1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AA- $ 1,762,185
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AA- 587,710
435 Dormitory Authority of the State of New York, No Opt. Call A 419,927
Housing Revenue Bonds, Fashion Institute of
Technology, Series 2007, 5.250%, 7/01/34 - FGIC
Insured
810 Dormitory Authority of the State of New York, 7/11 at 100.00 Aa3 821,113
Insured Revenue Bonds, Yeshiva University,
Series 2001, 5.000%, 7/01/20 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AA- 1,109,410
Revenue Bonds, State University Dormitory
Facilities, Series 2003B, 5.250%, 7/01/32
(Mandatory put 7/01/13) - SYNCORA GTY Insured
635 Dormitory Authority of the State of New York, Lease 7/15 at 100.00 AA- 641,077
Revenue Bonds, State University Dormitory
Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG
Insured
970 Dormitory Authority of the State of New York, Lease 7/16 at 100.00 AA- 992,921
Revenue Bonds, State University Dormitory
Facilities, Series 2006A, 5.000%, 7/01/31 - NPFG
Insured
255 Dormitory Authority of the State of New York, 7/17 at 100.00 A 254,602
Revenue Bonds, Barnard College, Series 2007A,
5.000%, 7/01/37 - FGIC Insured
1,000 Dormitory Authority of the State of New York, 7/19 at 100.00 AA- 1,071,020
Revenue Bonds, New York University, Series
2009A, 5.250%, 7/01/34
3,000 Dormitory Authority of the State of New York, 7/19 at 100.00 AA- 3,137,700
Revenue Bonds, New York University, Series
2009B, 5.000%, 7/01/39
Dormitory Authority of the State of New York,
Revenue Bonds, Rochester Institute of Technology,
Series 2006A:
250 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 274,505
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 218,850
1,000 Dormitory Authority of the State of New York, No Opt. Call A1 1,135,590
Revenue Bonds, State University Educational
Facilities, Series 1993A, 5.500%, 5/15/19 -
AMBAC Insured
1,270 Dormitory Authority of the State of New York, 5/12 at 101.00 AA- 1,371,613
Revenue Bonds, State University Educational
Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC
Insured
2,200 Dormitory Authority of the State of New York, No Opt. Call AAA 2,540,142
Second General Resolution Consolidated Revenue
Bonds, City University System, Series 1993A,
5.750%, 7/01/18 - AGM Insured
1,935 Dormitory Authority of the State of New York, State 7/15 at 100.00 AA- 2,095,489
and Local Appropriation Lease Bonds, Upstate
Community Colleges, Series 2005A, 5.000%,
7/01/19 - FGIC Insured
535 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AA+ 579,218
Civic Facility Revenue Bonds, Colgate
University, Tender Option Bond Trust 3127,
12.986%, 7/01/40 - AMBAC Insured (IF)
New York City Industrial Development Agency, New York,
Payment in Lieu of Taxes Revenue Bonds,
Queens Baseball Stadium Project, Series 2009:
400 6.125%, 1/01/29 - AGC Insured 1/19 at 100.00 AAA 444,048
200 6.375%, 1/01/39 - AGC Insured 1/19 at 100.00 AAA 219,426
1,110 New York City Industrial Development Agency, New York, 1/17 at 100.00 BB+ 940,126
PILOT Revenue Bonds, Queens Baseball
Stadium Project, Series 2006, 5.000%, 1/01/46 -
AMBAC Insured
1,445 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 1,663,816
Revenue Bonds, Yankee Stadium Project
Pilot, Series 2009A, 7.000%, 3/01/49 - AGC
Insured
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project,
Series 2006:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 407,065
2,360 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 2,270,391
2,025 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,745,692
1,250 New York City Trust for Cultural Resources, New York, 7/10 at 100.00 Aa2 1,254,188
Revenue Refunding Bonds, Museum of Modern
Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
345 New York State Dormitory Authority, Revenue Bonds, 7/17 at 100.00 AA- 359,449
New York University, Series 2007, 5.000%,7/01/32
- AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
27,045 Total Education and Civic Organizations 28,317,273
-------------------------------------------------------------------------------------------------------------------------------
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.5% (14.8% OF TOTAL INVESTMENTS)
$ 280 Dormitory Authority of the State of New York Hospital 8/19 at 100.00 AAA $ 309,445
for Special Surgery, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 2009, 6.250%, 8/15/34
3,000 Dormitory Authority of the State of New York, 8/10 at 100.00 A 3,001,740
FHA-Insured Mortgage Hospital Revenue Bonds, Ellis
Hospital, Series 1995, 5.600%, 8/01/25 - NPFG
Insured
2,825 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 2,788,699
FHA-Insured 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, 8/12 at 100.00 N/R 1,431,822
FHA-Insured 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, 8/17 at 100.00 AAA 858,378
FHA-Insured Mortgage Revenue Bonds, Hudson Valley
Hospital Center, Series 2007, 5.000%, 8/15/27 - AGM
Insured
1,405 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,427,199
FHA-Insured Mortgage Revenue Bonds, Montefiore
Hospital, Series 2004, 5.000%, 8/01/29 - FGIC
Insured
3,000 Dormitory Authority of the State of New York, Revenue 7/10 at 100.50 A 3,023,850
Bonds, Catholic Health Services of Long Island
Obligated Group - St. Charles Hospital and
Rehabilitation Center, Series 1999A, 5.500%,7/01/22
- NPFG Insured
620 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 AAA 633,311
Bonds, Health Quest System Inc., Series 2007B,
5.125%, 7/01/37 - AGC Insured
2,740 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 2,894,509
Bonds, Memorial Sloan-Kettering Cancer Center,
Series 2003-1, 5.000%, 7/01/21 - NPFG Insured
1,905 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 2,075,517
Bonds, New York and Presbyterian Hospital, Series
2004A, 5.250%, 8/15/15 - AGM Insured
740 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 750,982
Bonds, The New York and Presbyterian Hospital
Project, Series 2007, 5.000%, 8/15/36 - AGM Insured
1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 100.00 AAA 1,504,365
Bonds, Vassar Brothers Hospital, Series 1997,
5.250%, 7/01/17 - AGM Insured
3,450 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 N/R 3,406,220
Bonds, 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 1,043,730
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - AGM Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,694,631
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,034,730
-------------------------------------------------------------------------------------------------------------------------------
27,320 Total Health Care 27,879,128
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.0% (2.6% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York,
Revenue Bonds, UBF Faculty/Student Housing
Corporation, University of Buffalo Project, Series
2000A:
250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 A3 257,958
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 A3 256,880
New York City Housing Development Corporation, New York,
Capital Fund Program Revenue Bonds, Series 2005A:
400 5.000%, 7/01/14 - NPFG Insured No Opt. Call AA+ 447,608
400 5.000%, 7/01/16 - NPFG Insured 7/15 at 100.00 AA+ 439,184
2,165 5.000%, 7/01/25 - NPFG Insured (UB) 7/15 at 100.00 AA+ 2,247,766
200 New York City, New York, Multifamily Housing Revenue 1/17 at 100.00 AAA 190,568
Bonds, Seaview Towers, Series 2006A, 4.750%,
7/15/39 - AMBAC Insured (Alternative Minimum Tax)
1,000 New York State Housing Finance Agency, Affordable 11/17 at 100.00 Aa2 1,002,430
Housing Revenue Bonds, Series 2007B,
5.300%,11/01/37 (Alternative Minimum Tax)
110 New York State Housing Finance Agency, Mortgage 5/10 at 100.00 AAA 110,133
Revenue Refunding Bonds, Housing Project, Series
1996A, 6.125%, 11/01/20 - AGM Insured
-------------------------------------------------------------------------------------------------------------------------------
4,775 Total Housing/Multifamily 4,952,527
-------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 41
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)
$ 850 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AAA $ 864,459
Revenue Bonds, NYSARC Inc., Series 2001A, 5.000%,
7/01/26 - AGM Insured
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.6% (4.3% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, 3/13 at 100.00 Baa2 524,815
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, No Opt. Call Baa1 337,838
Series 2004B, 5.250%, 4/01/13 - NPFG Insured
210 Nassau County, New York, General Obligation No Opt. Call A+ 244,396
Improvement Bonds, Series 1993H, 5.500%, 6/15/16 -
NPFG Insured
5 New York City, New York, General Obligation Bonds, 8/10 at 100.00 AA 5,018
Fiscal Series 1998F, 5.250%, 8/01/16 - FGIC
Insured
1,000 New York City, New York, General Obligation Bonds, 3/15 at 100.00 AA 1,068,020
Fiscal Series 2005J, 5.000%, 3/01/19 - FGIC
Insured
New York City, New York, General Obligation Bonds:
1,000 5.000%, 11/01/19 - AGM Insured (UB) 11/14 at 100.00 AAA 1,074,690
1,100 5.000%, 11/01/20 - AGM Insured (UB) 11/14 at 100.00 AAA 1,172,875
915 Niagara Falls, New York, General Obligation Bonds, No Opt. Call AAA 1,050,466
Series 1994, 7.500%, 3/01/13 - MBIA Insured
1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aa3 1,078,740
New York, General Obligation Refunding Bonds,
Series 2002, 5.125%, 6/15/18 - AGM Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 8/15 at 100.00 A 1,622,204
2005A, 5.000%, 8/01/16 - NPFG Insured
-------------------------------------------------------------------------------------------------------------------------------
7,570 Total Tax Obligation/General 8,179,062
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 51.8% (34.0% OF TOTAL
INVESTMENTS)
690 Dormitory Authority of the State of New York, 7/15 at 100.00 AA- 717,179
Department of Health Revenue Bonds, Series 2005A,
5.250%, 7/01/24 - CIFG Insured
50 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 50,104
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000D, 5.250%, 8/15/30 - AGM
Insured
500 Dormitory Authority of the State of New York, Lease 8/14 at 100.00 AAA 518,185
Revenue Bonds, Wayne-Finger Lakes Board of
Cooperative Education Services, Series 2004,
5.000%, 8/15/23 - AGM Insured
1,210 Dormitory Authority of the State of New York, Revenue 7/14 at 100.00 AA- 1,265,454
Bonds, Department of Health, Series 2004-2, 5.000%,
7/01/20 - FGIC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Mental Health Services Facilities Improvements,
Series 2005D-1:
225 5.000%, 2/15/15 - FGIC Insured No Opt. Call AA- 251,555
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AA- 621,456
Dormitory Authority of the State of New York, Revenue
Bonds, School Districts Financing Program, Series
2002D:
4,300 5.250%, 10/01/23 - NPFG Insured 10/12 at 100.00 A+ 4,600,527
875 5.000%, 10/01/30 - NPFG Insured 10/12 at 100.00 A+ 883,593
375 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 400,665
Personal Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/21 - AGM Insured
830 Erie County Industrial Development Agency, New York, 5/18 at 100.00 AAA 913,199
School Facility Revenue Bonds, Buffalo City School
District Project, Series 2008A, 5.750%, 5/01/27 -
AGM Insured (UB)
1,000 Erie County Industrial Development Agency, New York, No Opt. Call AA- 1,038,420
School Facility Revenue Bonds, Buffalo City School
District Project, Series 2009A, 5.000%, 5/01/31
750 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 809,288
School Facility Revenue Bonds, Buffalo City School
District, Series 2003, 5.750%, 5/01/19 - AGM
Insured
500 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 528,975
School Facility Revenue Bonds, Buffalo City School
District, Series 2004, 5.750%, 5/01/26 - AGM
Insured (UB)
2,615 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 2,845,983
School Facility Revenue Bonds, Buffalo City School
District, Series 2007A, 5.750%, 5/01/28 - AGM
Insured (UB)
5,000 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 4,784,300
Revenue Bonds, Series 2006A, 5.000%,2/15/47 - FGIC
Insured
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,500 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA $ 2,616,025
Dedicated Tax Fund Bonds, Series 2002A, 5.250%,
11/15/25 - AGM Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,447,848
Service Contract Bonds, Series 2002B, 5.500%,
7/01/18 - NPFG Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - AGM Insured (UB) No Opt. Call AAA 1,753,410
1,500 5.500%, 1/01/20 - NPFG Insured 7/12 at 100.00 AA- 1,595,415
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AA- 2,024,880
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 1,064,910
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 606,112
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 603,699
New York City Sales Tax Asset Receivable Corporation,
New York, Dedicated Revenue Bonds, Local Government
Assistance Corporation, Series 2004A:
920 5.000%, 10/15/25 - NPFG Insured (UB) 10/14 at 100.00 AAA 993,628
680 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 718,597
4,590 5.000%, 10/15/29 - AMBAC Insured (UB) 10/14 at 100.00 AAA 4,812,523
370 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 398,793
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/20 - AMBAC Insured
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,073,770
Future Tax Secured Bonds, Fiscal Series
2003E, 5.250%, 2/01/22 - NPFG Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,080,840
Future Tax Secured Bonds, Fiscal Series
2004C, 5.000%, 2/01/19 - SYNCORA GTY Insured
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,584,900
Future Tax Secured Refunding Bonds, Fiscal
Series 2003D, 5.000%, 2/01/22 - NPFG Insured
New York Convention Center Development Corporation,
Hotel Fee Revenue Bonds, Tender Option Bonds Trust
3095:
345 13.317%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 390,778
1,365 13.303%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 1,481,899
1,500 New York State Local Government Assistance No Opt. Call AAA 1,721,760
Corporation, Revenue Bonds, Series 1993E,
5.250%,4/01/16 - AGM Insured (UB)
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AA 1,045,920
Trust Fund Bonds, Second Genera1 Series 2004,
5.000%, 4/01/23 - NPFG Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Second General, Series 2005B:
2,960 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 3,432,860
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 538,005
750 New York State Thruway Authority, State Personal 9/14 at 100.00 AAA 799,118
Income Tax Revenue Bonds, Series 2004A, 5.000%,
3/15/24 - AMBAC Insured
New York State Tobacco Settlement Financing
Corporation, Tobacco Settlement Asset-Backed and State
Contingency Contract-Backed Bonds, Series 2003A-1:
2,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- 2,232,741
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 4,006,036
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,034,843
Bonds, Correctional Facilities, Series 1994A,
5.250%, 1/01/14 - AGM Insured
500 New York State Urban Development Corporation, State 3/15 at 100.00 AAA 521,350
Personal Income Tax Revenue Bonds, Series 2005B,
5.000%, 3/15/30 - AGM Insured
345 Niagara Falls City School District, Niagara County, 6/15 at 100.00 AAA 338,107
New York, Certificates of Participation, High
School Facility, Series 2005, 5.000%, 6/15/28 - AGM
Insured
1,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,101,870
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/18 - AGM Insured
Nuveen Investments 43
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 975 Puerto Rico Sales Tax Financing Corporation, Sales Tax 2/20 at 100.00 A+ $ 1,015,511
Revenue Bonds, First Subordinate Series 2010A,
5.500%, 8/01/42
1,290 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 913,526
PILOT Mortgage Revenue Bonds, Carousel Center
Project, Series 2007A, 5.000%, 1/01/36 - SYNCORA
GTY Insured (Alternative Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
60,920 Total Tax Obligation/Limited 64,178,557
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0% (7.9% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 A 534,920
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 2,071,607
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 2,057,260
Transportation Revenue Refunding Bonds, Series
2002E, 5.000%, 11/15/25 - NPFG Insured
New York State Thruway Authority, General Revenue
Bonds, Series 2005F:
925 5.000%, 1/01/20 - AMBAC Insured 1/15 at 100.00 A+ 977,300
2,240 5.000%, 1/01/30 - AMBAC Insured 1/15 at 100.00 A+ 2,288,227
600 New York State Thruway Authority, General Revenue 7/15 at 100.00 AAA 617,238
Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured
(UB)
330 New York State Thruway Authority, General Revenue 1/18 at 100.00 A+ 347,513
Bonds, Series 2007H, 5.000%, 1/01/25 - FGIC Insured
500 Niagara Frontier Airport Authority, New York, Airport 4/10 at 100.50 A 500,745
Revenue Bonds, Buffalo Niagara International
Airport, Series 1999A, 5.625%, 4/01/29 - NPFG
Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, One Hundred Fortieth
Series 2005:
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680
565 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 589,521
410 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 482,537
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2008, Trust 2920, 17.440%, 8/15/32 -
AGM Insured (IF)
Triborough Bridge and Tunnel Authority, New York,
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E:
780 5.500%, 11/15/20 - NPFG Insured No Opt. Call Aa3 901,844
2,300 5.250%, 11/15/22 - NPFG Insured 11/12 at 100.00 Aa3 2,460,287
-------------------------------------------------------------------------------------------------------------------------------
14,160 Total Transportation 14,887,679
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.0% (5.9% 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) - AGM Insured 8/10 at 100.00 AAA 25,464
70 5.250%, 8/15/30 (Pre-refunded 8/15/10) - AGM Insured 8/10 at 100.00 AAA 71,308
3,215 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 Aa3 (4) 3,243,421
Bonds, University of Rochester, Series 2000A,
0.000%, 7/01/24 (Pre-refunded 7/01/10) - MBIA
Insured
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 A2 (4) 535,870
Series 2000, 5.750%, 6/15/20 (Pre-refunded
6/15/11) - FGIC Insured
500 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 574,700
Dedicated Tax Fund Bonds, Series 1999A, 5.000%,
4/01/29 (Pre-refunded 10/01/14) - AGM Insured
New York City Transitional Finance Authority, New York,
Future Tax Secured Bonds, Fiscal Series 2003C:
345 5.250%, 8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured 8/12 at 100.00 AAA 379,952
2,345 5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured 8/12 at 100.00 AAA 2,582,572
44 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA $ 1,083,270
Trust Fund Bonds, Series 2002B, 5.000%,4/01/20
(Pre-refunded 4/01/12) - AMBAC Insured
2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 2,254,760
Personal Income Tax Revenue Bonds, State Facilities
and Equipment, Series 2002C-1, 5.500%, 3/15/21
(Pre-refunded 3/15/13) - FGIC Insured
85 Niagara Falls, New York, General Obligation Bonds, No Opt. Call A (4) 100,515
Series 1994, 7.500%, 3/01/13 - MBIA Insured (ETM)
265 Suffolk County Water Authority, New York, Subordinate No Opt. Call A (4) 289,250
Lien Waterworks Revenue Bonds, Series 1993, 5.100%,
6/01/12 - MBIA Insured (ETM)
-------------------------------------------------------------------------------------------------------------------------------
10,350 Total U.S. Guaranteed 11,141,082
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.2% (3.4% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 506,045
General Revenue Bonds, Series 2001A, 5.000%,
9/01/27 - AGM 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 2,364,001
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 3,028,682
250 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 253,425
General Revenue Bonds, Series 2006B,
5.000%, 12/01/35 - CIFG Insured
250 Power Authority of the State of New York, General 11/15 at 100.00 Aa2 269,773
Revenue Bonds, Series 2006A, 5.000%,11/15/19 - FGIC
Insured
-------------------------------------------------------------------------------------------------------------------------------
6,200 Total Utilities 6,421,926
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 11.3% (7.4% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,694,179
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 3,381,445
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 2,073,040
Water and Sewerage System Revenue Bonds,
Fiscal Series 2005C, 5.000%, 6/15/27 - NPFG Insured
(UB)
2,000 New York City Municipal Water Finance Authority, New York, 6/19 at 100.00 AA+ 2,149,440
Water and Sewerage System Revenue Bonds,
Second Generation Resolution, Fiscal 2010 Series
2009BB, 5.000%, 6/15/27
1,200 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,236,684
Water and Sewerage System Revenue Bonds,
Series 2006B, 5.000%, 6/15/36 - NPFG Insured (UB)
735 Suffolk County Water Authority, New York, Subordinate No Opt. Call A 800,253
Lien Waterworks Revenue Bonds, Series 1993, 5.100%,
6/01/12 - MBIA Insured
2,500 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AA+ 2,610,769
Revenue Bonds, Series 2005C, 5.000%,6/01/28 - NPFG
Insured (UB)
-------------------------------------------------------------------------------------------------------------------------------
13,380 Total Water and Sewer 13,945,810
-------------------------------------------------------------------------------------------------------------------------------
$ 172,570 Total Long-Term Investments (cost $175,480,704) - 180,767,503
145.9% (95.7% of Total Investments)
===============----------------------------------------------------------------------------------------------------------------
Nuveen Investments 45
NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 6.6% (4.3% OF TOTAL INVESTMENTS)
MUNICIPAL BONDS - 5.2% (3.4% OF TOTAL INVESTMENTS)
TAX OBLIGATION/LIMITED - 5.2% (3.4% OF TOTAL INVESTMENTS)
$ 6,470 Metropolitan Transportation Authority, New York, 7/10 at 100.00 A-1 $ 6,470,000
Dedicated Tax Fund Bonds, Variable Rate Demand
Revenue Obligations, Series 2008A, 0.310%, 11/01/31
- FSA Insured (5)
-------------------------------------------------------------------------------------------------------------------------------
EURO DOLLAR TIME DEPOSIT - 1.4% (0.9% OF TOTAL INVESTMENTS)
1,729 State Street Bank Euro Dollar Time Deposit, 0.010%, 4/01/10 N/A N/A 1,728,967
-------------------------------------------------------------------------------------------------------------------------------
$ 8,199 Total Short-Term Investments (cost $8,198,967) 8,198,967
===============----------------------------------------------------------------------------------------------------------------
Total Investments (cost $183,679,671) - 152.5% 188,966,470
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (13.4)% (16,600,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 1,898,565
-------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (40.6)% (6) (50,350,000)
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 123,915,035
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities which ensure the timely payment of
principal and interest. Such investments are normally considered to be
equivalent to AAA rated securities.
(5) Investment has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term investment. The rate
disclosed is that in effect at the end of the reporting period. This rate
changes periodically based on market conditions or a specified market
index.
(6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 26.6%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
46 Nuveen Investments
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 2.9% (1.9% OF TOTAL INVESTMENTS)
$ 1,805 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 1,726,645
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB 944,960
Settlement Pass-Through Bonds, Series 2003, 5.750%,
6/01/33
755 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 732,403
Settlement Asset-Backed Refunding Bonds, Series
2002, 5.375%, 5/15/33
-------------------------------------------------------------------------------------------------------------------------------
3,560 Total Consumer Staples 3,404,008
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.6% (13.7% OF
TOTAL INVESTMENTS)
395 Dormitory Authority of the State of New York, Housing No Opt. Call A 381,313
Revenue Bonds, Fashion Institute of Technology,
Series 2007, 5.250%, 7/01/34 - FGIC Insured
4,000 Dormitory Authority of the State of New York, Insured No Opt. Call A 4,081,200
Revenue Bonds, Mount Sinai School of Medicine,
Series 1994A, 5.150%, 7/01/24 - NPFG Insured
1,280 Dormitory Authority of the State of New York, Insured 7/10 at 100.00 A 1,290,202
Revenue Bonds, New York Medical College, Series
1998, 5.000%, 7/01/21 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AA- 1,109,410
Revenue Bonds, State University Dormitory
Facilities, Series 2003B, 5.250%, 7/01/32
(Mandatory put 7/01/13) - SYNCORA GTY Insured
140 Dormitory Authority of the State of New York, Lease 7/15 at 100.00 AA- 141,340
Revenue Bonds, State University Dormitory
Facilities, Series 2004A, 5.000%, 7/01/29 - NPFG
Insured
920 Dormitory Authority of the State of New York, Lease 7/16 at 100.00 AA- 941,740
Revenue Bonds, State University Dormitory
Facilities, Series 2006A, 5.000%, 7/01/31 - NPFG
Insured
240 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 A 239,626
Bonds, Barnard College, Series 2007A, 5.000%,
7/01/37 - FGIC Insured
3,250 Dormitory Authority of the State of New York, Revenue No Opt. Call AA- 3,841,695
Bonds, New York University, Series 1998A, 6.000%,
7/01/18 - NPFG Insured
510 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AA+ 552,152
Civic Facility Revenue Bonds, Colgate
University, Tender Option Bond Trust 3127, 12.986%,
7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 333,036
Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Series 2009, 6.125%,
1/01/29 - AGC Insured
New York City Industrial Development Agency, New York,
PILOT Revenue Bonds, Queens Baseball Stadium Project,
Series 2006:
1,000 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 BB+ 882,700
1,060 5.000%, 1/01/46 - AMBAC Insured 1/17 at 100.00 BB+ 897,778
885 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 1,019,016
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project,
Series 2006:
395 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 387,448
2,210 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 2,126,086
1,920 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 1,655,174
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 Aa2 4,067,280
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
330 New York State Dormitory Authority, Revenue Bonds, New York 7/17 at 100.00 AA- 343,820
University, Series 2007, 5.000%,7/01/32 -
AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
23,835 Total Education and Civic Organizations 24,291,016
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.5% (15.6% OF TOTAL INVESTMENTS)
1,940 Dormitory Authority of the State of New York, 8/10 at 100.00 N/R 1,915,071
FHA-Insured 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, 8/12 at 100.00 N/R 1,431,822
FHA-Insured 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, 8/17 at 100.00 AAA 811,839
FHA-Insured Mortgage Revenue Bonds, Hudson Valley
Hospital Center, Series 2007, 5.000%, 8/15/27 - AGM
Insured
Nuveen Investments 47
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 9,800 Dormitory Authority of the State of New York, 8/10 at 100.50 N/R $ 9,904,762
FHA-Insured 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, 2/15 at 100.00 A 1,522,335
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital 7/10 at 100.50 A 2,066,298
Revenue Bonds, Catholic Health Services of Long
Island Obligated Group - St. Francis Hospital,
Series 1999A, 5.500%, 7/01/22 - NPFG Insured
170 Dormitory Authority of the State of New York, Revenue 7/10 at 100.50 A 171,352
Bonds, Catholic Health Services of Long Island
Obligated Group - St. Charles Hospital and
Rehabilitation Center, Series 1999A, 5.500%,7/01/22
- NPFG Insured
585 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 AAA 618,889
Bonds, Health Quest System Inc., Series 2007B,
5.250%, 7/01/27 - AGC Insured
1,725 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 1,822,273
Bonds, Memorial Sloan-Kettering Cancer Center,
Series 2003-1, 5.000%, 7/01/21 - NPFG Insured
905 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 986,007
Bonds, New York and Presbyterian Hospital, Series
2004A, 5.250%, 8/15/15 - AGM Insured
600 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 605,268
Bonds, South Nassau Communities Hospital, Series
2003B, 5.500%, 7/01/23
700 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 710,388
Bonds, The New York and Presbyterian Hospital
Project, Series 2007, 5.000%, 8/15/36 - AGM Insured
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 720,174
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - AGM Insured
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 A+ 1,564,275
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 A+ 1,034,730
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 BBB+ 740,392
1,045 5.875%, 11/01/32 11/12 at 100.00 BBB+ 1,051,019
-------------------------------------------------------------------------------------------------------------------------------
27,120 Total Health Care 27,676,894
-------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.5% (3.0% 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 2,760,970
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,382,714
180 New York City, New York, Multifamily Housing Revenue 1/17 at 100.00 AAA 171,511
Bonds, Seaview Towers, Series 2006A, 4.750%,
7/15/39 - AMBAC Insured (Alternative Minimum Tax)
1,000 New York State Housing Finance Agency, Affordable 11/17 at 100.00 Aa2 1,002,430
Housing Revenue Bonds, Series 2007B,
5.300%,11/01/37 (Alternative Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
5,280 Total Housing/Multifamily 5,317,625
-------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.1% (2.7% OF TOTAL INVESTMENTS)
1,500 Dormitory Authority of the State of New York, 8/11 at 105.00 A 1,599,255
FHA-Insured Nursing Home Mortgage Revenue Bonds,
Norwegian Christian Home and Health Center, Series
2001, 6.100%, 8/01/41 - NPFG Insured
525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 A- 526,334
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 1,041,140
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,544,955
-------------------------------------------------------------------------------------------------------------------------------
4,525 Total Long-Term Care 4,711,684
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.6% (7.1% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - NPFG Insured 11/12 at 100.00 A 1,605,713
2,375 5.375%, 11/15/20 - NPFG Insured 11/12 at 100.00 A 2,554,835
48 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aa3 $ 1,346,615
General Obligation Refunding Bonds, Series
2002A, 5.375%, 4/01/17 - AGM Insured
200 New York City, New York, General Obligation Bonds, 8/19 at 100.00 AA 211,920
Fiscal 2009 Series E, 5.000%, 8/01/28
3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AA 3,147,630
Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured
80 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 81,675
Fiscal Series 2002C, 5.125%, 3/15/25 - AGM Insured
525 New York City, New York, General Obligation Bonds, 8/15 at 100.00 AAA 581,065
Fiscal Series 2006C, 5.000%, 8/01/16 - AGM Insured
New York City, New York, General Obligation Bonds:
1,700 13.228%, 11/01/19 - AGM Insured (UB) 11/14 at 100.00 AAA 1,826,973
1,100 13.266%, 11/01/20 - AGM Insured (UB) 11/14 at 100.00 AAA 1,172,875
-------------------------------------------------------------------------------------------------------------------------------
11,710 Total Tax Obligation/General 12,529,301
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 43.9% (29.3% OF TOTAL
INVESTMENTS)
230 Dormitory Authority of the State of New York, 853 7/10 at 100.00 N/R 231,769
Schools 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 10/12 at 100.00 A+ 3,209,670
Bonds, School Districts Financing Program, Series
2002D, 5.250%, 10/01/23 - NPFG Insured
160 Dormitory Authority of the State of New York, State 3/15 at 100.00 AAA 170,950
Personal Income Tax Revenue Bonds, Series 2005F,
5.000%, 3/15/21 - AGM 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 - AGM Insured (UB) 5/18 at 100.00 AAA 649,142
190 5.750%, 5/01/28 - AGM Insured (UB) 5/18 at 100.00 AAA 208,228
400 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 431,620
School Facility Revenue Bonds, Buffalo City School
District, Series 2003, 5.750%, 5/01/20 - AGM
Insured
2,485 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 2,704,500
School Facility Revenue Bonds, Buffalo City School
District, 5.750%, 5/01/28 - AGM Insured (UB)
4,760 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 4,554,654
Revenue Bonds, Series 2006A, 5.000%,2/15/47 - FGIC
Insured
2,290 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,396,279
Dedicated Tax Fund Bonds, Series 2002A, 5.250%,
11/15/25 - AGM Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 4,149,600
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
1,000 Nassau County Interim Finance Authority, New York, 11/13 at 100.00 AAA 1,064,910
Sales 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 - NPFG Insured 10/14 at 100.00 AAA 3,672,102
1,040 5.000%, 10/15/26 - NPFG Insured 10/14 at 100.00 AAA 1,099,030
300 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 314,544
2,500 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 2,598,950
Building Aid Revenue Bonds, Fiscal Series
2007S-2, 5.000%, 1/15/28 - FGIC Insured
4,790 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,166,877
Future Tax Secured Bonds, Fiscal Series
2002B, 5.250%, 5/01/16 - NPFG Insured
500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 540,420
Future Tax Secured Bonds, Fiscal Series
2004C, 5.000%, 2/01/19 - SYNCORA GTY Insured
New York Convention Center Development Corporation,
Hotel Fee Revenue Bonds, Tender Option Bonds Trust
3095:
165 13.317%, 11/15/30 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 186,894
140 13.303%, 11/15/44 - AMBAC Insured (IF) 11/15 at 100.00 AA+ 151,990
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Second General, Series 2005B:
2,625 5.500%, 4/01/20 - AMBAC Insured No Opt. Call AA 3,044,344
500 5.000%, 4/01/21 - AMBAC Insured 10/15 at 100.00 AA 538,005
Nuveen Investments 49
NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Tobacco Settlement Financing
Corporation, Tobacco Settlement Asset-Backed and
State Contingency Contract-Backed Bonds, Series 2003A-1:
$ 1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AA- $ 2,020,099
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AA- 1,054,220
750 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 799,635
Corporation, 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 9,997,070
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - AGM Insured (UB)
1,225 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 BBB- 867,496
PILOT Mortgage Revenue Bonds, Carousel Center
Project, Series 2007A, 5.000%, 1/01/36 - SYNCORA
GTY Insured (Alternative Minimum Tax)
-------------------------------------------------------------------------------------------------------------------------------
48,540 Total Tax Obligation/Limited 51,822,998
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.6% (9.8% 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 2,079,200
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 A 4,122,600
865 New York State Thruway Authority, General Revenue 1/15 at 100.00 A+ 913,907
Bonds, Series 2005F, 5.000%, 1/01/20 - AMBAC
Insured
350 New York State Thruway Authority, General Revenue 7/15 at 100.00 AAA 360,056
Bonds, Series 2005G, 5.000%, 1/01/30 - AGM Insured
(UB)
315 New York State Thruway Authority, General Revenue 1/18 at 100.00 A+ 331,717
Bonds, Series 2007H, 5.000%, 1/01/25 - FGIC Insured
85 Niagara Frontier Airport Authority, New York, Airport 4/10 at 100.50 A 85,127
Revenue Bonds, Buffalo Niagara International
Airport, Series 1999A, 5.625%, 4/01/29 - NPFG
Insured (Alternative Minimum Tax)
2,000 Port Authority of New York and New Jersey, 5/18 at 100.00 Aa2 2,007,840
Consolidated Revenue Bonds, One Hundred Fifty
Second Series 2007, 5.000%, 11/01/28 (Alternative
Minimum Tax)
Port Authority of New York and New Jersey,
Consolidated Revenue Bonds, One Hundred Fortieth
Series 2005:
500 5.000%, 12/01/19 - AGM Insured 6/15 at 101.00 AAA 545,920
1,000 5.000%, 12/01/28 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 1,058,680
345 5.000%, 12/01/31 - SYNCORA GTY Insured 6/15 at 101.00 Aa2 359,973
390 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 458,999
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2008, Trust 2920, 17.440%, 8/15/32 -
AGM Insured (IF)
4,000 Port Authority of New York and New Jersey, 8/10 at 100.00 Aa2 4,033,280
Consolidated Revenue Bonds, One Hundred
Twenty-Fourth Series 2001, 5.000%, 8/01/11 - FGIC
Insured (Alternative Minimum Tax)
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call Aa3 901,844
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.500%, 11/15/20 - NPFG
Insured
-------------------------------------------------------------------------------------------------------------------------------
16,630 Total Transportation 17,259,143
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 7.9% (5.3% OF TOTAL INVESTMENTS) (4)
135 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 159,883
Facilities Lease Revenue Bonds, Suffolk County
Issue, Series 1986, 7.375%, 7/01/16 (ETM)
210 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 227,182
Future Tax Secured Bonds, Fiscal Series
2002B, 5.250%, 5/01/16 (Pre-refunded 11/01/11) -
NPFG Insured
1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,101,310
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/21 (Pre-refunded 8/01/12) -
AMBAC Insured
3,170 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,437,104
Fiscal Series 2002C, 5.125%, 3/15/25 (Pre-refunded
3/15/12) - AGM Insured
350 New York State Housing Finance Agency, Construction No Opt. Call AAA 364,858
Fund Bonds, State University, Series 1986A, 8.000%,
5/01/11 (ETM)
2,575 Puerto Rico Infrastructure Financing Authority, 10/10 at 101.00 AAA 2,668,292
Special Obligation Bonds, Series 2000A, 5.500%,
10/01/40
1,265 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,374,157
Series 2002-1, 5.500%, 7/15/24(Pre-refunded
7/15/12)
-------------------------------------------------------------------------------------------------------------------------------
8,705 Total U.S. Guaranteed 9,332,786
-------------------------------------------------------------------------------------------------------------------------------
50 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.4% (7.6% OF TOTAL INVESTMENTS)
$ 5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA $ 5,060,450
General Revenue Bonds, Series 2001A, 5.000%,
9/01/27 - AGM 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 1,770,397
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 1,343,784
250 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 253,425
General Revenue Bonds, Series 2006B, 5.000%,
12/01/35 - CIFG Insured
5,000 New York State Energy Research and Development 5/10 at 101.00 A- 5,020,300
Authority, Pollution Control Revenue Refunding
Bonds, Niagara Mohawk Power Corporation, Series
1998A, 5.150%, 11/01/25 - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
13,250 Total Utilities 13,448,356
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.1% (2.0% OF TOTAL INVESTMENTS)
1,140 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 1,174,850
Water and Sewerage System Revenue Bonds,
Series 2006B, 5.000%, 6/15/36 - NPFG Insured (UB)
2,295 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AA+ 2,396,688
Revenue Bonds, Series 2005C, 5.000%,6/01/28 - NPFG
Insured
-------------------------------------------------------------------------------------------------------------------------------
3,435 Total Water and Sewer 3,571,538
-------------------------------------------------------------------------------------------------------------------------------
$ 166,590 Total Long-Term Investments (cost $169,373,449) - 173,365,349
147.1% (98.0% of Total Investments)
===============----------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 3.0% (2.0% OF TOTAL INVESTMENTS)
$ 3,575 State Street Bank Euro Dollar Time Deposit, 0.010%, N/A N/A 3,574,804
4/01/10
===============----------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $3,574,804) 3,574,804
-------------------------------------------------------------------------------------------------------------
Total Investments (cost $172,948,253) - 150.1% 176,940,153
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (9.9)% (11,620,000)
-------------------------------------------------------------------------------------------------------------
Variable Rate Demand Preferred Shares, at Liquidation Value - (42.4)% (5) (50,000,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 2,596,452
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 117,916,605
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest.
(5) Variable Rate Demand Preferred Shares, at Liquidation Value as a
percentage of Total Investments is 28.3%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 51
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.3% (2.1% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco 6/13 at 100.00 BBB $ 1,417,440
Settlement Pass-Through Bonds, Series 2003, 5.750%,
6/01/33
300 Puerto Rico, The Children's Trust Fund, Tobacco 5/12 at 100.00 BBB 291,021
Settlement Asset-Backed Refunding Bonds, Series
2002, 5.375%, 5/15/33
-------------------------------------------------------------------------------------------------------------------------------
1,800 Total Consumer Staples 1,708,461
-------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.3% (15.7% OF
TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured 9/12 at 100.00 Baa3 1,891,660
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 No Opt. Call A 2,040,600
Revenue Bonds, Mount Sinai School of Medicine,
Series 1994A, 5.150%, 7/01/24 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AA- 1,109,410
Revenue Bonds, State University Dormitory
Facilities, Series 2003B, 5.250%, 7/01/32
(Mandatory put 7/01/13) - SYNCORA GTY Insured
410 Dormitory Authority of the State of New York, Lease 7/16 at 100.00 AA- 419,688
Revenue Bonds, State University Dormitory
Facilities, Series 2006A, 5.000%, 7/01/31 - NPFG
Insured
1,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 N/R 946,000
Bonds, Mount St. Mary College, Series 2003, 5.000%,
7/01/32 - RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue 7/12 at 100.00 A1 2,659,025
Bonds, Rochester Institute of Technology, Series
2002A, 5.250%, 7/01/22 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue
Bonds, Rochester Institute of Technology, Series 2006A:
100 5.250%, 7/01/20 - AMBAC Insured No Opt. Call A1 109,802
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call A1 87,540
225 Madison County Industrial Development Agency, New York, 7/15 at 100.00 AA+ 243,596
Civic Facility Revenue Bonds, Colgate
University, Tender Option Bond Trust 3127, 12.986%,
7/01/40 - AMBAC Insured (IF)
300 New York City Industrial Development Agency, New York, 1/19 at 100.00 AAA 333,036
Payment in Lieu of Taxes Revenue Bonds, Queens
Baseball Stadium Project, Series 2009, 6.125%,
1/01/29 - AGC Insured
495 New York City Industrial Development Agency, New York, 3/19 at 100.00 AAA 569,958
Revenue Bonds, Yankee Stadium Project Pilot, Series
2009A, 7.000%, 3/01/49 - AGC Insured
New York City Industrial Development Authority, New York,
PILOT Revenue Bonds, Yankee Stadium Project,
Series 2006:
170 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 BBB- 166,750
1,425 5.000%, 3/01/36 - NPFG Insured 9/16 at 100.00 A 1,370,893
840 4.500%, 3/01/39 - FGIC Insured 9/16 at 100.00 BBB- 724,139
-------------------------------------------------------------------------------------------------------------------------------
12,545 Total Education and Civic Organizations 12,672,097
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.8% (14.7% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, 2/13 at 100.00 A 2,006,680
FHA-Insured Mortgage Hospital Revenue Bonds,
Lutheran Medical Center, Series 2003, 5.000%,
8/01/31 - NPFG Insured
3,000 Dormitory Authority of the State of New York, 8/12 at 100.00 N/R 3,024,090
FHA-Insured 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, 8/17 at 100.00 AAA 356,796
FHA-Insured Mortgage Revenue Bonds, Hudson Valley
Hospital Center, Series 2007, 5.000%, 8/15/27 - AGM
Insured
1,000 Dormitory Authority of the State of New York, 2/15 at 100.00 A 1,014,890
FHA-Insured Revenue Bonds, Montefiore Medical
Center, Series 2005, 5.000%, 2/01/22 - FGIC Insured
255 Dormitory Authority of the State of New York, Revenue 7/17 at 100.00 AAA 260,475
Bonds, Health Quest System Inc., Series 2007B,
5.125%, 7/01/37 - AGC Insured
25 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 26,410
Bonds, Memorial Sloan-Kettering Cancer Center,
Series 2003-1, 5.000%, 7/01/21 - NPFG Insured
810 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 882,503
Bonds, New York and Presbyterian Hospital, Series
2004A, 5.250%, 8/15/15 - AGM Insured
52 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 750 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 $ 756,585
Bonds, South Nassau Communities Hospital, Series
2003B, 5.500%, 7/01/23
305 Dormitory Authority of the State of New York, Revenue 8/14 at 100.00 AAA 309,526
Bonds, The New York and Presbyterian Hospital
Project, Series 2007, 5.000%, 8/15/36 - AGM Insured
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 521,865
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - AGM Insured
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 A+ 2,753,124
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
-------------------------------------------------------------------------------------------------------------------------------
11,630 Total Health Care 11,912,944
-------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.6% (2.4% OF TOTAL INVESTMENTS)
1,500 Dormitory Authority of the State of New York, 8/11 at 105.00 A 1,599,255
FHA-Insured Nursing Home Mortgage Revenue Bonds,
Norwegian Christian Home and Health Center, Series
2001, 6.100%, 8/01/41 - NPFG Insured
300 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 A- 300,762
Collateralized Revenue Bonds, Cabrini of
Westchester Project, Series 2006, 5.200%, 2/15/41
-------------------------------------------------------------------------------------------------------------------------------
1,800 Total Long-Term Care 1,900,017
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.1% (2.0% OF TOTAL INVESTMENTS)
1,000 Nassau County, New York, General Obligation Bonds, 10/19 at 100.00 AAA 1,068,600
General Improvement Series 2009C, 5.000%, 10/01/29
- AGC Insured
50 New York City, New York, General Obligation Bonds, 8/10 at 100.00 AA 50,180
Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA Insured
225 New York City, New York, General Obligation Bonds, 8/15 at 100.00 AAA 249,028
Fiscal Series 2006C, 5.000%, 8/01/16 - AGM Insured
250 New York City, New York, General Obligation Bonds, 11/14 at 100.00 AAA 268,673
5.000%, 11/01/19 - AGM Insured (UB)
-------------------------------------------------------------------------------------------------------------------------------
1,525 Total Tax Obligation/General 1,636,481
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.5% (30.7% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales No Opt. Call Aa2 2,960,808
Tax Revenue State Aid Secured Bonds, Series 2004A,
5.250%, 8/15/12 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Master 8/19 at 100.00 AAA 1,040,170
Lease Program Revenue Bonds, Nassau County Board of
Cooperative Educational Services, Series 2009A,
5.000%, 8/15/28 - AGC Insured
3,000 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 A+ 3,209,670
Bonds, School Districts Financing Program, Series
2002D, 5.250%, 10/01/23 - NPFG Insured
1,000 Dormitory Authority of the State of New York, Revenue 10/19 at 100.00 AAA 1,081,370
Bonds, School Districts Financing Program, Series
2009A, 5.625%, 10/01/29 - AGC Insured
340 Erie County Industrial Development Agency, New York, 5/18 at 100.00 AAA 374,082
School Facility Revenue Bonds, Buffalo City School
District Project, Series 2008A, 5.750%, 5/01/27 -
AGM Insured (UB)
1,085 Erie County Industrial Development Agency, New York, 5/17 at 100.00 AAA 1,180,838
School Facility Revenue Bonds, Buffalo City School
District, Trust 2090, 5.750%, 5/01/28 - AGM Insured
(UB)
2,055 Hudson Yards Infrastructure Corporation, New York, 2/17 at 100.00 A 1,966,347
Revenue Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC
Insured
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AA- 1,037,400
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power 1/13 at 102.00 BBB 515,911
Facilities 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 - NPFG Insured (UB) 10/14 at 100.00 AAA 658,818
555 5.000%, 10/15/26 - NPFG Insured (UB) 10/14 at 100.00 AAA 586,502
740 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AA- 769,289
Building Aid Revenue Bonds, Fiscal Series
2007S-2, 5.000%, 1/15/28 - FGIC Insured
Nuveen Investments 53
NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
| Portfolio of Investments March 31, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA $ 541,060
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,113,200
Future Tax Secured Refunding Bonds, Fiscal
Series 2003D, 5.000%, 2/01/22 - NPFG Insured
280 New York Convention Center Development Corporation, 11/15 at 100.00 AA+ 303,979
Hotel Fee Revenue Bonds, Tender Option Bonds Trust
3095, 13.303%, 11/15/44 - AMBAC Insured (IF)
1,290 New York State Environmental Facilities Corporation, 1/13 at 100.00 AAA 1,368,458
State Personal Income Tax Revenue Bonds, Series
2002A, 5.000%, 1/01/23 - FGIC Insured
950 New York State Thruway Authority, Highway and Bridge No Opt. Call AA 1,101,763
Trust Fund Bonds, Second General, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,200 New York State Tobacco Settlement Financing 6/13 at 100.00 AA- 1,275,852
Corporation, 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 6/13 at 100.00 AA- 799,635
Corporation, 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- 1,926,365
Contract Revenue Bonds, Correctional and Youth
Facilities, Series 2002A, 5.500%, 1/01/17
(Mandatory put 1/01/11)
-------------------------------------------------------------------------------------------------------------------------------
23,470 Total Tax Obligation/Limited 24,811,517
-------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.3% (8.0% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 A 1,030,650
Transportation Revenue Refunding Bonds, Series
2002A, 5.000%, 11/15/25 - FGIC Insured
1,875 New York State Thruway Authority, General Revenue 1/15 at 100.00 A+ 1,981,013
Bonds, Series 2005F, 5.000%, 1/01/20 - AMBAC
Insured
3,000 New York State Thruway Authority, General Revenue 7/15 at 100.00 AAA 3,070,650
Bonds, Series 2005G, 5.000%, 1/01/32 - AGM Insured
140 New York State Thruway Authority, General Revenue 1/18 at 100.00 A+ 147,430
Bonds, Series 2007H, 5.000%, 1/01/25 - FGIC Insured
170 Port Authority of New York and New Jersey, 8/17 at 100.00 AAA 200,076
Consolidated Revenue Bonds, One Hundred Forty
Eighth Series 2008, Trust 2920, 17.440%, 8/15/32 -
AGM Insured (IF)
-------------------------------------------------------------------------------------------------------------------------------
6,185 Total Transportation 6,429,819
-------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.8% (16.6% OF TOTAL INVESTMENTS) (4)
1,185 Dormitory Authority of the State of New York, 2/13 at 102.00 Aaa 1,343,517
FHA-Insured Nursing Home Mortgage Revenue Bonds,
Shorefront Jewish Geriatric Center Inc., Series
2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13)
500 Dormitory Authority of the State of New York, Revenue 5/13 at 100.00 Aaa 563,730
Bonds, North Shore Long Island Jewish Group, Series
2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)
85 Erie County Water Authority, New York, Water Revenue No Opt. Call N/R (4) 96,602
Bonds, Series 1990B, 6.750%, 12/01/14 - AMBAC
Insured (ETM)
2,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,751,425
Future Tax Secured Bonds, Fiscal Series
2003C, 5.250%, 8/01/18 (Pre-refunded 8/01/12) -
AMBAC Insured
3,500 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 3,791,445
Trust Fund Bonds, Series 2002B, 5.000%,4/01/20
(Pre-refunded 4/01/12) - AMBAC Insured
500 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 563,690
Personal 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 11/12 at 100.00 Aa2 (4) 2,208,720
Revenue Bonds, Series 2002A, 5.000%,11/15/20
(Pre-refunded 11/15/12)
1,975 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AAA 2,123,658
General Purpose Revenue Bonds, Series 2002A,
5.125%, 1/01/31 (Pre-refunded 1/01/12) - MBIA
Insured
-------------------------------------------------------------------------------------------------------------------------------
12,245 Total U.S. Guaranteed 13,442,787
-------------------------------------------------------------------------------------------------------------------------------
54 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.4% (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 $ 1,176,793
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 A 899,302
125 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 126,713
General Revenue Bonds, Series 2006B, 5.000%,
12/01/35 - CIFG Insured
110 Power Authority of the State of New York, General 11/15 at 100.00 Aa2 118,700
Revenue Bonds, Series 2006A, 5.000%, 11/15/19 -
FGIC Insured
-------------------------------------------------------------------------------------------------------------------------------
2,235 Total Utilities 2,321,508
-------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.1% (0.6% OF TOTAL INVESTMENTS)
495 New York City Municipal Water Finance Authority, New York, 6/16 at 100.00 AAA 510,130
Water and Sewerage System Revenue Bonds,
Series 2006B, 5.000%, 6/15/36 - NPFG Insured (UB)
-------------------------------------------------------------------------------------------------------------------------------
$ 73,930 Total Long-Term Investments (cost $74,978,528) - 77,345,761
148.2% (95.7% of Total Investments)
===============----------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 6.6% (4.3% OF TOTAL INVESTMENTS)
$ 3,446 State Street Bank Euro Dollar Time Deposit, 0.010%, N/A N/A 3,446,100
4/01/10
===============----------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $3,446,100) 3,446,100
-------------------------------------------------------------------------------------------------------------
Total Investments (cost $78,424,628) - 154.8% 80,791,861
-------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.6)% (2,390,000)
-------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 796,498
-------------------------------------------------------------------------------------------------------------
Auction Rate Preferred Shares, at Liquidation Value - (27,000,000)
(51.7)% (5)
-------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 52,198,359
=============================================================================================================
At least 80% of the Fund's net assets are invested in municipal securities
that guarantee the timely payment of principal and interest. See Notes to
Financial Statements, Footnote 1 - Insurance, for more information.
(1) All percentages shown in the Portfolio of Investments are based on net
assets applicable to Common shares unless otherwise noted.
(2) Optional Call Provisions: 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.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) Auction Rate Preferred Shares, at Liquidation Value as a percentage of
Total Investments is 33.4%.
N/A Not applicable.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
See accompanying notes to financial statements.
Nuveen Investments 55
| Statement of Assets & Liabilities
March 31, 2010 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $392,681,113, $520,559,208 and
$529,616,786, respectively) $ 402,911,752 $ 541,551,201 $ 548,640,252
Receivables:
Interest 5,504,643 7,297,842 7,366,275
Investments sold 1,010,000 202,000 --
Deferred offering costs -- -- --
Other assets 95,470 124,875 120,614
-------------------------------------------------------------------------------------------------------------------------
Total assets 409,521,865 549,175,918 556,127,141
-------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 177 -- 71
Floating rate obligations 37,145,000 33,510,000 40,245,000
Payables:
Auction Rate Preferred share dividends 2,596 9,756 8,682
Common share dividends 947,899 1,294,149 1,382,739
Variable Rate Demand Preferred shares, at liquidation value -- -- --
Accrued expenses:
Management fees 214,840 287,177 290,847
Other 139,937 213,811 221,009
-------------------------------------------------------------------------------------------------------------------------
Total liabilities 38,450,449 35,314,893 42,148,348
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 111,500,000 163,900,000 160,775,000
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 259,571,416 $ 349,961,025 $ 353,203,793
=========================================================================================================================
Common shares outstanding 17,518,033 23,198,402 23,752,339
=========================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 14.82 $ 15.09 $ 14.87
=========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 175,180 $ 231,984 $ 237,523
Paid-in surplus 248,977,926 328,432,939 334,551,774
Undistributed (Over-distribution of) net investment income 3,140,167 3,916,178 4,170,033
Accumulated net realized gain (loss) (2,952,496) (3,612,069) (4,779,003)
Net unrealized appreciation (depreciation) 10,230,639 20,991,993 19,023,466
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 259,571,416 $ 349,961,025 $ 353,203,793
=========================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Auction Rate Preferred 1,000,000 1,000,000 1,000,000
Variable Rate Demand Preferred -- -- --
=========================================================================================================================
See accompanying notes to financial statement.
56 Nuveen Investments
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $183,679,671, $172,948,253 and $78,424,628,
respectively) $ 188,966,470 $ 176,940,153 $ 80,791,861
Receivables:
Interest 2,483,329 2,510,968 1,033,828
Investments sold -- -- --
Deferred offering costs -- 647,831 --
Other assets 31,472 15,796 41,823
-------------------------------------------------------------------------------------------------------------------------
Total assets 191,481,271 180,114,748 81,867,512
-------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- --
Floating rate obligations 16,600,000 11,620,000 2,390,000
Payables:
Auction Rate Preferred share dividends 940 -- 3,294
Common share dividends 457,994 493,458 207,094
Variable Rate Demand Preferred shares, at liquidation value -- 50,000,000 --
Accrued expenses:
Management fees 102,021 73,564 37,627
Other 55,281 11,121 31,138
-------------------------------------------------------------------------------------------------------------------------
Total liabilities 17,216,236 62,198,143 2,669,153
-------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares, at liquidation value 50,350,000 -- 27,000,000
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 123,915,035 $ 117,916,605 $ 52,198,359
=========================================================================================================================
Common shares outstanding 8,243,515 7,937,131 3,506,560
=========================================================================================================================
Net asset value per Common share outstanding (net assets applicable to
Common shares, divided by Common shares outstanding) $ 15.03 $ 14.86 $ 14.89
=========================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
-------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 82,435 $ 79,371 $ 35,066
Paid-in surplus 118,631,530 113,922,673 49,916,619
Undistributed (Over-distribution of) net investment income 1,323,953 827,788 364,702
Accumulated net realized gain (loss) (1,409,682) (905,127) (485,261)
Net unrealized appreciation (depreciation) 5,286,799 3,991,900 2,367,233
-------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $ 123,915,035 $ 117,916,605 $ 52,198,359
=========================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Auction Rate Preferred 1,000,000 Unlimited Unlimited
Variable Rate Demand Preferred -- Unlimited --
=========================================================================================================================
See accompanying notes to financial statement.
Nuveen Investments 57
| Statement of Operations
Six Months Ended March 31, 2010 (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 $ 9,343,100 $ 12,745,213 $ 12,993,034 $ 4,291,554 $ 4,140,392 $ 1,783,247
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,257,480 1,680,429 1,702,546 597,129 564,685 251,845
Auction fees 83,396 122,588 120,251 37,659 25,278 20,195
Dividend disbursing agent fees 14,959 14,959 19,945 9,973 -- 4,986
Shareholders' servicing agent fees
and expenses 12,908 12,835 12,968 4,881 628 421
Interest expense and amortization of
offering costs 121,843 113,578 132,180 54,501 106,978 6,833
Liquidity fees -- -- -- -- 197,662 --
Custodian's fees and expenses 34,696 46,571 46,112 19,579 17,712 9,964
Directors'/Trustees' fees and
expenses 6,000 7,647 7,650 2,816 2,205 1,291
Professional fees 22,775 29,724 29,745 13,443 10,687 7,847
Shareholders' reports - printing and
mailing expenses 58,305 71,003 72,221 31,663 28,919 15,987
Stock exchange listing fees 4,565 4,565 4,565 4,565 561 247
Investor relations expense 14,292 18,129 18,351 6,883 6,130 2,979
Portfolio insurance expense -- 812 -- -- -- --
Other expenses 20,399 24,200 23,859 14,755 5,945 10,127
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee
credit and expense reimbursement 1,651,618 2,147,040 2,190,393 797,847 967,390 332,722
Custodian fee credit (2,249) (3,455) (1,359) (695) (1,472) (1,366)
Expense reimbursement -- -- -- -- (133,384) (42,089)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,649,369 2,143,585 2,189,034 797,152 832,534 289,267
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,693,731 10,601,628 10,804,000 3,494,402 3,307,858 1,493,980
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from
investments 43,073 306,566 10,706 14,782 (5,034) 2,492
Change in net unrealized
appreciation (depreciation) of
investments (5,484,246) (8,289,857) (8,132,402) (2,672,121) (2,715,332) (954,575)
-----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain
(loss) (5,441,173) (7,983,291) (8,121,696) (2,657,339) (2,720,366) (952,083)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO AUCTION RATE
PREFERRED SHAREHOLDERS
From net investment income (212,143) (309,934) (304,763) (95,737) -- (32,304)
From accumulated net realized gains -- -- -- -- -- (36,601)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Auction Rate Preferred
shareholders (212,143) (309,934) (304,763) (95,737) -- (68,905)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations $ 2,040,415 $ 2,308,403 $ 2,377,541 $ 741,326 $ 587,492 $ 472,992
-----------------------------------------------------------------------------------------------------------------------------------
See accompanying notes to financial statements.
58 Nuveen Investments
| Statement of Changes in Net Assets (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
-------------------------------- ------------------------------ ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
3/31/10 9/30/09 3/31/10 9/30/09 3/31/10 9/30/09
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,693,731 $ 15,473,199 $ 10,601,628 $ 20,966,391 $ 10,804,000 $ 21,133,235
Net realized gain (loss) from:
Investments 43,073 191,177 306,566 (118,181) 10,706 (620,822)
Futures contracts -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation) of:
Investments (5,484,246) 30,015,090 (8,289,857) 43,923,642 (8,132,402) 43,523,706
Futures contracts -- -- -- -- -- --
Distributions to Auction Rate
Preferred shareholders:
From net investment income (212,143) (1,530,629) (309,934) (2,123,507) (304,763) (2,174,942)
From accumulated net realized
gains -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations 2,040,415 44,148,837 2,308,403 62,648,345 2,377,541 61,861,177
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON
SHAREHOLDERS
From net investment income (6,639,336) (11,943,417) (8,838,592) (15,841,565) (8,978,592) (15,897,899)
From accumulated net realized
gains -- -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common shares
from distributions to Common
shareholders (6,639,336) (11,943,417) (8,838,592) (15,841,565) (8,978,592) (15,897,899)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased and
retired -- (937,831) -- (1,246,682) (21,811) (1,646,157)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from capital share
transactions -- (937,831) -- (1,246,682) (21,811) (1,646,157)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares (4,598,921) 31,267,589 (6,530,189) 45,560,098 (6,622,862) 44,317,121
Net assets applicable to Common
shares at the beginning of
period 264,170,337 232,902,748 356,491,214 310,931,116 359,826,655 315,509,534
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 259,571,416 $ 264,170,337 $ 349,961,025 $ 356,491,214 $353,203,793 $ 359,826,655
===================================================================================================================================
Undistributed (Over-distribution
of) net investment income
at the end of period $ 3,140,167 $ 2,297,915 $ 3,916,178 $ 2,463,076 $ 4,170,033 $ 2,649,388
===================================================================================================================================
See accompanying notes to financial statements.
Nuveen Investments 59
| Statement of Changes in Net Assets (Unaudited) (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
-------------------------------- ------------------------------ ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
3/31/10 9/30/09 3/31/10 9/30/09 3/31/10 9/30/09
-----------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,494,402 $ 6,939,760 $ 3,307,858 $ 6,238,372 $ 1,493,980 $ 2,917,457
Net realized gain (loss) from:
Investments 14,782 (29,684) (5,034) (6,113) 2,492 19,571
Futures contracts -- -- -- -- -- 234,587
Change in net unrealized
appreciation (depreciation) of:
Investments (2,672,121) 14,554,038 (2,715,332) 13,653,943 (954,575) 6,043,581
Futures contracts -- -- -- -- -- 10,453
Distributions to Auction Rate
Preferred shareholders:
From net investment income (95,737) (687,412) -- -- (32,304) (346,340)
From accumulated net realized
gains -- -- -- (27,450) (36,601) (10,498)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to Common
shares from operations 741,326 20,776,702 587,492 19,858,752 472,992 8,868,811
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON
SHAREHOLDERS
From net investment income (2,919,532) (5,215,813) (3,055,795) (5,535,901) (1,269,375) (2,307,427)
From accumulated net realized
gains -- -- (20,637) (195,121) (228,628) (28,810)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (2,919,532) (5,215,813) (3,076,432) (5,731,022) (1,498,003) (2,336,237)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares repurchased
and retired (165,653) (829,563) -- (305,233) -- (77,712)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable
to Common shares from
capital share transactions (165,653) (829,563) -- (305,233) -- (77,712)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable
to Common shares (2,343,859) 14,731,326 (2,488,940) 13,822,497 (1,025,011) 6,454,862
Net assets applicable to Common
shares at the beginning of
period 126,258,894 111,527,568 120,405,545 106,583,048 53,223,370 46,768,508
-----------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $ 123,915,035 $ 126,258,894 $ 117,916,605 $ 120,405,545 $ 52,198,359 $ 53,223,370
===================================================================================================================================
Undistributed (Over-distribution
of) net investment income
at the end of period $ 1,323,953 $ 844,820 $ 827,788 $ 575,725 $ 364,702 $ 172,401
===================================================================================================================================
See accompanying notes to financial statements.
60 Nuveen Investments
| Statement of Cash Flows
Six Months Ended March 31, 2010 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES
FROM OPERATIONS $ 2,040,415 $ 2,308,403 $ 2,377,541
Adjustments to reconcile the net increase (decrease) in net assets
applicable to Common shares from operations to net cash provided
by (used in) operating activities:
Purchases of investments (19,383,144) (37,845,122) (15,444,922)
Proceeds from sales and maturities of investments 4,815,000 23,919,602 1,491,196
Proceeds from (Purchases of) short-term investments, net 14,358,787 11,362,230 12,437,061
Amortization (Accretion) of premiums and discounts, net 557,822 106,354 81,321
(Increase) Decrease in receivable for interest (212,653) (285,555) (222,975)
(Increase) Decrease in receivable for investments sold (1,010,000) 1,212,000 --
(Increase) Decrease in other assets (11,588) (17,875) (1,252)
Increase (Decrease) in payable for Auction Rate Preferred share
dividends (610) (3,054) (2,760)
Increase (Decrease) in accrued management fees 6,570 9,148 9,075
Increase (Decrease) in accrued other liabilities 16,541 25,653 28,503
Net realized (gain) loss from investments (43,073) (306,566) (10,706)
Change in net unrealized (appreciation) depreciation of investments 5,484,246 8,289,857 8,132,402
Net realized (gain) loss from paydowns -- (3,470) (2,887)
Taxes paid on undistributed capital gains -- 477 --
--------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 6,618,313 8,772,082 8,871,597
--------------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in cash overdraft balance 177 -- 71
Cash distributions paid to Common shareholders (6,618,490) (8,772,082) (8,849,857)
Cost of Common shares repurchased and retired -- -- (21,811)
Increase (Decrease) in deferred offering costs -- -- --
--------------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (6,618,313) (8,772,082) (8,871,597)
--------------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH -- -- --
Cash at the beginning of period -- -- --
--------------------------------------------------------------------------------------------------------------------------
Cash at the End of Period $ -- $ -- $ --
==========================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------------------------------------------------
Cash paid for interest (excluding amortization of offering costs, where
applicable) $ 121,843 $ 113,578 $ 132,180
==========================================================================================================================
See accompanying notes to financial statement.
Nuveen Investments 61
| Statement of Cash Flows (continued)
Six Months Ended March 31, 2010 (Unaudited)
INSURED INSURED
NEW YORK NEW YORK
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NNF) (NKO)
--------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON SHARES FROM OPERATIONS $ 741,326 $ 587,492
Adjustments to reconcile the net increase (decrease) in net assets applicable to
Common shares from operations to net cash provided by (used in) operating
activities:
Purchases of investments (9,419,623) (2,780,119)
Proceeds from sales and maturities of investments 1,815,100 120,000
Proceeds from (Purchases of) short-term investments, net 5,622,175 2,225,522
Amortization (Accretion) of premiums and discounts, net 178,498 242,596
(Increase) Decrease in receivable for interest (81,816) (50,062)
(Increase) Decrease in receivable for investments sold 1,515,000 --
(Increase) Decrease in other assets 5,320 (14,393)
Increase (Decrease) in payable for Auction Rate Preferred share dividends (202) --
Increase (Decrease) in accrued management fees 3,061 1,876
Increase (Decrease) in accrued other liabilities 3,311 2,968
Net realized (gain) loss from investments (14,782) 5,034
Change in net unrealized (appreciation) depreciation of investments 2,672,121 2,715,332
Net realized (gain) loss from paydowns -- --
Taxes paid on undistributed capital gains -- --
--------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) operating activities 3,039,489 3,056,246
--------------------------------------------------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (Decrease) in cash overdraft balance -- --
Cash distributions paid to Common shareholders (2,873,836) (3,067,524)
Cost of Common shares repurchased and retired (165,653) --
(Increase) Decrease in deferred offering costs -- 11,278
--------------------------------------------------------------------------------------------------------------------
Net cash provided by (used in) financing activities (3,039,489) (3,056,248)
--------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN CASH -- --
Cash at the beginning of period -- --
--------------------------------------------------------------------------------------------------------------------
Cash at the End of Period $ -- $ --
====================================================================================================================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
INSURED INSURED
NEW YORK NEW YORK
PREMIUM DIVIDEND
INCOME ADVANTAGE
(NNF) (NKO)
--------------------------------------------------------------------------------------------------------------------
Cash paid for interest (excluding amortization of offering costs, where applicable) $ 54,501 $ 95,700
====================================================================================================================
See accompanying notes to financial statement.
62 Nuveen Investments
| Notes to Financial Statements(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding Common share stock
exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc.
(NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New
York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium
Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage
Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal
Fund (NRK) (collectively, the "Funds"). Common shares of New York Investment
Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and
Insured New York Premium Income (NNF) are traded on the New York Stock Exchange
("NYSE") while Common shares of Insured New York Dividend Advantage (NKO) and
Insured New York Tax-Free Advantage (NRK) are traded on the NYSE Amex. The Funds
are registered under the Investment Company Act of 1940, as amended, as
closed-end management investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a portfolio of municipal obligations issued by state and
local government authorities within the state of New York or certain U.S.
territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Futures
contracts are valued using the closing settlement price or, in the absence of
such a price, at the mean of the bid and asked prices. When market price quotes
are not readily available (which is usually the case for municipal securities),
the pricing service or, in the absence of a pricing service for a particular
investment or derivative instrument, the Board of Directors/Trustees of the
Fund, or its designee, may establish fair value using a wide variety of market
data including yields or prices of investments of comparable quality, type of
issue, coupon, maturity and rating, market quotes or indications of value from
security dealers, evaluations of anticipated cash flows or collateral, general
market conditions and other information and analysis, including the obligor's
credit characteristics considered relevant. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2010, 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.
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 that 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.
Nuveen Investments 63
| Notes to Financial Statements (Unaudited) (continued)
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from US
generally accepted accounting principles.
Auction Rate Preferred Shares
The following Funds have issued and outstanding Auction Rate Preferred shares,
$25,000 stated value per share, as a means of effecting financial leverage. Each
Fund's Auction Rate Preferred shares are issued in one or more Series. The
dividend rate paid by the Funds on each Series is determined every seven days,
pursuant to a dutch auction process overseen by the auction agent, and is
payable at the end of each rate period. As of March 31, 2010, the number of
Auction Rate Preferred shares outstanding, by Series and in total, for each Fund
is as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM TAX-FEE
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NRK)
----------------------------------------------------------------------------
Number of shares:
Series M 744 -- 1,794 1,022 --
Series T 1,858 1,461 -- 992 --
Series W -- 2,038 1,796 -- --
Series TH -- 3,057 1,959 -- 1,080
Series F 1,858 -- 882 -- --
----------------------------------------------------------------------------
Total 4,460 6,556 6,431 2,014 1,080
============================================================================
Beginning in February 2008, more shares for sale were submitted in the regularly
scheduled auctions for the Auction Rate Preferred shares issued by the Funds
than there were offers to buy. This meant that these auctions "failed to
clear," and that many Auction Rate Preferred shareholders who wanted to sell
their shares in these auctions were unable to do so. Auction Rate Preferred
shareholders unable to sell their shares received distributions at the "maximum
rate" applicable to failed auctions as calculated in accordance with the
pre-established terms of the Auction Rate Preferred shares. As of March 31,
2010, the aggregate amount of outstanding Auction Rate Preferred shares redeemed
by 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)
-----------------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred shares $ 32,500,000 $ 29,100,000 $ 36,225,000 $ 14,650,000 $ 61,000,000 --
redeemed, at liquidation value
=============================================================================================================================
Variable Rate Demand Preferred Shares
Insured New York Dividend Advantage (NKO) has issued and outstanding 500 Series
1 Variable Rate Demand Preferred shares, $100,000 liquidation value per share.
Variable Rate Preferred shares were issued in a privately negotiated offering.
Proceeds of this offering were used to redeem a portion of the Fund's
outstanding Auction Rate Preferred shares. The Variable Rate Demand Preferred
shares were offered to institutional buyers as defined pursuant to Rule 144A
under the Securities Act of 1933, have a maturity date of August 1, 2038 and
include a liquidity feature that allows the Variable Rate Demand Preferred
shareholders to have their shares purchased by the liquidity provider in the
event that sell orders are not matched with purchase orders in a remarketing.
Dividends on the Variable Rate Demand Preferred shares (which are treated as
interest payments for financial reporting purposes) are set weekly at a rate
established by a remarketing agent; therefore, the liquidation value of the
Variable Rate Demand Preferred shares approximates fair value.
Subject to certain conditions, Variable Rate Demand Preferred shares may be
redeemed, in whole or in part, at any time at the option of the Fund. The Fund
may also redeem certain of the Variable Rate Demand Preferred shares if the Fund
fails to maintain certain asset coverage requirements and
64 Nuveen Investments
such failures are not cured by the applicable cure date. The redemption price
per share is equal to the sum of the liquidation value per share plus any
accumulated but unpaid dividends.
Insured New York Dividend Advantage (NKO) had all of its $50,000,000 Variable
Rate Demand Preferred shares outstanding during the six months ended March 31,
2010, with an annualized interest rate of 0.24%.
For financial reporting purposes only, the liquidation value of Variable Rate
Demand Preferred shares is recorded as a liability on the Statement of Assets
and Liabilities. Unpaid dividends on Variable Rate Preferred shares are
recognized as "Interest payable" on the Statement of Assets and Liabilities.
Dividends paid on the Variable Rate Demand Preferred shares are included as a
component of "Interest expense and amortization of offering costs" on the
Statement of Operations. In addition to interest expense, the Fund also pays a
per annum liquidity fee, which is recognized as "Liquidity fees" on the
Statement of Operations.
Insurance
Under normal circumstances, and during the six months ended March 31, 2010. the
Fund invest at least 80% of their net assets (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. For purposes of this 80%, insurers must have a claims paying ability
rated at least "A" at the time of purchase by at least one independent rating
agency. In addition, each Fund invests at least 80% of its net assets in
municipal securities that are rated at least "BBB" at the time of purchase
(based on the higher of the rating of the insurer, if any, or the underlying
security) by at least one independent rating agency, or are unrated but judged
to be of similar credit quality by Nuveen Asset Management (the "Adviser"), a
wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), or are backed by
an escrow or trust account containing sufficient U.S. government o U.S.
government agency securities or U.S. Treasury-issued State and Local Government
Series securities to ensure timely payment of principal and interest. Inverse
floating rate securities whose underlying bonds are covered by insurance are
included for purposes of the 80%. Each Fund may also invest up to 20% of its net
assets in municipal securities rated at least "BBB" (based on the higher rating
of the insurer, if any, or the underlying bond) or are unrated but judged to be
of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and recognizes the related interest paid to the holders of the
short-term floating rate certificates as "Interest expense and amortization of
offering costs" on the Statement of Operations.
Nuveen Investments 65
| Notes to Financial Statements (Unaudited) (continued)
During the six months ended March 31, 2010, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
At March 31, 2010, each Fund's maximum exposure to externally-deposited Recourse
Trusts is as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------------------------
Maximum exposure to Recourse $ 7,790,000 $ 9,585,000 $ 9,700,000 $ 3,420,000 $ 610,000 $ 560,000
Trusts
=============================================================================================================================
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, 2010, 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 $ 37,145,000 $ 37,020,000 $ 40,245,000 $ 16,600,000 $ 11,620,000 $ 2,390,000
outstanding
Average annual interest rate and 0.66% 0.62% 0.66% 0.66% 0.63% 0.57%
fees
=============================================================================================================================
Futures Contracts
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in
attempt to manage such risk. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or liquid securities equal
to a specified percentage of the contract amount. This is known as the "initial
margin." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities. Subsequent
payments ("variation margin") are made or received by a Fund each day, depending
on the daily fluctuation of the value of the contract. Variation margin is
recognized as a receivable or payable for "Variation margin on futures
contracts" on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the difference between
the value of the contract on the closing date and value of the contract when
originally entered into and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices. The Funds did not invest in futures
contracts during the six months ended March 31, 2010.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option and
swap transactions, when applicable. The extent of each Fund's exposure to
counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities. Futures
contracts, when applicable, expose a Fund to minimal counterparty credit risk as
they are exchange traded and the exchange's clearinghouse, which is counterparty
to all exchange traded futures, guarantees the futures contracts against
default.
66 Nuveen Investments
Each Fund helps manage counterparty credit risk by entering into agreements only
with counterparties the Adviser believes have the financial resources to honor
their obligations and by having the Adviser monitor the financial stability of
the counterparties. Additionally, counterparties may be required to pledge
collateral daily (based on the daily valuation of the financial asset) on behalf
of each Fund with a value approximately equal to the amount of any unrealized
gain above a pre-determined threshold. Reciprocally, when each Fund has an
unrealized loss, the Funds have instructed the custodian to pledge assets of the
Funds as collateral with a value approximately equal to the amount of the
unrealized loss above a pre-determined threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either
up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. Such securities are included in the Portfolio of Investments
with a 0.000% coupon rate in their description. The market prices of zero coupon
securities generally are more volatile than the market prices of securities that
pay interest periodically.
Offering Costs
Costs incurred by Insured New York Dividend Advantage (NKO) in connection with
its offering of the Variable Rate Demand Preferred shares ($675,000) were
recorded as a deferred charge which will be amortized over the 30-year life of
the shares and are included as a component of "Interest expense and amortization
of offering costs" on the Statement of Operations.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to overnight
investments. Credits for cash balances may be offset by charges for any days on
which a Fund overdraws its account at the custodian bank.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with US generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets applicable to Common shares from operations during the reporting period.
Actual results may differ from those estimates.
2. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments, various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit
risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of March 31, 2010:
NEW YORK INVESTMENT QUALITY (NQN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 391,308,208 $ -- $ 391,308,208
Short-Term Investments 6,628,544 4,975,000 -- 11,603,544
--------------------------------------------------------------------------------------------------------
Total $ 6,628,544 $ 396,283,208 $ -- $ 402,911,752
========================================================================================================
Nuveen Investments 67
| Notes to Financial Statements (Unaudited) (continued)
NEW YORK SELECT QUALITY (NVN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 527,255,328 $ -- $ 527,255,328
Short-Term Investments 9,320,873 4,975,000 -- 14,295,873
--------------------------------------------------------------------------------------------------------
Total $ 9,320,873 $ 532,230,328 $ -- $ 541,551,201
========================================================================================================
NEW YORK QUALITY INCOME (NUN) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 546,772,863 $ -- $ 546,772,863
Short-Term Investments 1,867,389 -- -- 1,867,389
--------------------------------------------------------------------------------------------------------
Total $ 1,867,389 $ 546,772,863 $ -- $ 548,640,252
========================================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 180,767,503 $ -- $ 180,767,503
Short-Term Investments 1,728,967 6,470,000 -- 8,198,967
--------------------------------------------------------------------------------------------------------
Total $ 1,728,967 $ 187,237,503 $ -- $ 188,966,470
========================================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 173,365,349 $ -- $ 173,365,349
Short-Term Investments 3,574,804 -- -- 3,574,804
--------------------------------------------------------------------------------------------------------
Total $ 3,574,804 $ 173,365,349 $ -- $ 176,940,153
========================================================================================================
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
--------------------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 77,345,761 $ -- $ 77,345,761
Short-Term Investments 3,446,100 -- -- 3,446,100
--------------------------------------------------------------------------------------------------------
Total $ 3,446,100 $ 77,345,761 $ -- $ 80,791,861
========================================================================================================
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Funds record derivative instruments at fair value, with changes in fair
value recognized on the Statement of Operations, when applicable. Even though
the Funds' investments in derivatives may represent economic hedges, they are
considered to be non-hedge transactions for financial reporting purposes. The
Funds did not invest in derivative instruments during the six months ended March
31, 2010.
4. FUND SHARES
Common Shares
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
-------------------------- -------------------------- ---------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED ENDED ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 9/30/09 3/31/10 9/30/09
--------------------------------------------------------------------------------------------------------------------------------
Common shares repurchased and retired -- (83,900) -- (112,400) (1,700) (150,400)
--------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired -- $ 11.16 -- $ 11.07 $ 12.81 $ 10.93
Discount per share repurchased
and retired -- 18.61% -- 19.98% 12.38% 19.94%
================================================================================================================================
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 ENDED ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 9/30/09 3/31/10 9/30/09
-----------------------------------------------------------------------------------------------------------------------------------
Common shares repurchased and retired (12,700) (73,000) -- (27,000) -- (6,800)
-----------------------------------------------------------------------------------------------------------------------------------
Weighted average Common share:
Price per share repurchased and retired $ 13.02 $ 11.34 -- $ 11.28 -- $ 11.41
Discount per share repurchased
and retired 11.83% 19.17% -- 19.06% -- 18.03%
===================================================================================================================================
68 Nuveen Investments
Preferred Shares
New York Select Quality (NVN) and Insured New York Tax-Free Advantage (NRK) did
not redeem any of their Auction Rate Preferred shares during the six months
ended March 31, 2010 or the fiscal year ended September 30, 2009. Transactions
in Auction Rate Preferred shares were as follows:
NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) QUALITY INCOME (NUN)
---------------------------------------- ---------------------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
3/31/10 9/30/09 3/31/10 9/30/09
------------------------------------------------------------------------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------------------------------------------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed:
Series M -- $ -- 23 $ 575,000 -- $ -- 52 $ 1,300,000
Series T -- -- 57 1,425,000 -- -- -- --
Series W -- -- -- -- -- -- 51 1,275,000
Series TH -- -- -- -- -- -- 56 1,400,000
Series F -- -- 57 1,425,000 -- -- 25 625,000
---------------------------------------------------------------------------------------------------------------------
Total -- $ -- 137 $ 3,425,000 -- $ -- 184 $ 4,600,000
=====================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
---------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED
3/31/10 9/30/09
----------------------------------------------------
SHARES AMOUNT SHARES AMOUNT
--------------------------------------------------------------------------------
Auction Rate Preferred
shares redeemed:
Series M -- $ -- 34 $ 850,000
Series T -- -- 32 800,000
Series W -- -- -- --
Series TH -- -- -- --
Series F -- -- -- --
--------------------------------------------------------------------------------
Total -- $ -- 66 $ 1,650,000
================================================================================
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended March 31, 2010, 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 $ 19,383,144 $ 37,845,122 $ 15,444,922 $ 9,419,623 $ 2,780,119 $ 5,837,718
Sales and maturities 4,815,000 23,919,602 1,491,196 1,815,100 120,000 3,312,268
==================================================================================================================================
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investment
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment; temporary
differences do not require reclassification. Temporary and permanent
differences do not impact the net asset values of the Funds.
At March 31, 2010, the cost of investments was as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
----------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 355,308,715 $ 487,099,197 $ 489,877,811 $ 167,123,338 $ 160,980,200 $ 76,024,080
==================================================================================================================================
Nuveen Investments 69
| Notes to Financial Statements (Unaudited) (continued)
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2010, 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 $ 15,246,957 $ 27,318,208 $ 25,817,430 $ 7,433,956 $ 6,192,204 $ 3,116,097
Depreciation (4,775,686) (6,387,055) (7,317,732) (2,184,064) (1,836,857) (742,400)
----------------------------------------------------------------------------------------------------------------------------------
Net unrealized
appreciation
(depreciation)
of investments $ 10,471,271 $ 20,931,153 $ 18,499,698 $ 5,249,892 $ 4,355,347 $ 2,373,697
==================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2009, 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 * $ 3,024,471 $ 3,724,109 $ 3,908,088 $ 1,222,367 $ 996,422 $ 371,969
Undistributed net
ordinary income ** -- -- -- 2 6,227 99,581
Undistributed net
long--term capital gains -- -- -- -- 16,218 165,381
==================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2009, paid on October 1, 2009.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2009, 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 $ 13,431,568 $ 18,097,482 $ 18,074,822 $ 5,923,448 $ 5,941,189 $ 2,684,765
Distributions from
net ordinary
income ** -- -- -- -- -- --
Distributions from net
long--term capital gains -- -- -- -- 269,487 39,310
==================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2009, the Funds' last tax year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM
QUALITY QUALITY INCOME INCOME
(NQN) (NVN) (NUN) (NNF)
-------------------------------------------------------------------------------
Expiration:
September 30, 2016 $ 205,863 $ -- $ -- $ 74,117
September 30, 2017 -- 174,040 505,047 --
-------------------------------------------------------------------------------
Total $ 205,863 $ 174,040 $ 505,047 $ 74,117
===============================================================================
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a fund-level fee,
based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all fund assets managed by
the Adviser. This pricing structure enables each Fund's shareholders to benefit
from growth in the assets within their respective Fund as well as from growth in
the amount of complex-wide assets managed by the Adviser.
70 Nuveen Investments
The annual fund-level fee for each Fund, payable monthly, is
calculated according to the following schedule:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
INSURED NEW YORK PREMIUM INCOME (NNF)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
-------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
===============================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
AVERAGE DAILY NET ASSETS* 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 for each Fund, payable monthly, is
calculated according to the following schedule:
COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* 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
===============================================================================
* The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but excluding assets attributable to investments
in other Nuveen funds. For the complex-level and fund-level fees, daily
managed assets include assets managed by the Adviser that are attributable
to financial leverage. For these purposes, financial leverage includes the
funds' use of preferred stock and borrowings and investments in the
residual interest certificates (also called inverse floating rate
securities) in tender option bond (TOB) trusts, including the portion of
assets held by a TOB trust that has been effectively financed by the
trust's issuance of floating rate securities, subject to an agreement by
the Adviser to limit the amount of such assets for determining managed
assets in certain circumstances. As of March 31, 2010, the complex-level
fee rate was .1867%.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its directors/trustees who are affiliated with
the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets, for fees and expenses in the amounts and for the time
periods set forth below:
Nuveen Investments 71
| Notes to Financial Statements (Unaudited) (continued)
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
==============================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets, for fees and expenses in the amounts and for the time
periods set forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
==============================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
8. NEW ACCOUNTING STANDARDS
Accounting for Transfers of Financial Assets
During June 2009, the Financial Accounting Standards Board (FASB) issued changes
to the authoritative guidance under generally accepted accounting principles
(GAAP) on accounting for transfers of financial assets. The objective of this
guidance is to improve the relevance, representational faithfulness, and
comparability of the information that a reporting entity provides in its
financial statements about a transfer of financial assets; the effects of a
transfer on its financial position, financial performance, and cash flows; and a
transferor's continuing involvement, if any, in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
Fair Value Measurements
On January 21, 2010, FASB issued changes to the authoritative guidance under
GAAP for fair value measurements. The objective of this guidance is to provide
guidance on how investment assets and liabilities are to be valued and
disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both
recurring and nonrecurring fair value measurements, for both Level 2 and Level 3
positions, ii) transfers between all levels (including Level 1 and Level 2) on a
gross basis (i.e., transfers out must be disclosed separately from transfers in)
as well as the reason(s) for the transfer and iii) purchases, sales, issuances
and settlements in the Level 3 rollforward must be shown on a gross basis rather
than as one net number. The effective date of the amendment is for interim and
annual periods beginning after December 15, 2009, however, the requirement to
provide the Level 3 activity for purchases, sales, issuances and settlements on
a gross basis will be effective for interim and annual periods beginning after
December 15, 2010. At this time, management is evaluating the implications of
this guidance and the impact it will have to the financial statement amounts and
footnote disclosures, if any.
72 Nuveen Investments
9. SUBSEQUENT EVENTS
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income, which were paid on May 3, 2010, to shareholders of record on
April 15, 2010, 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 $ .0635 $ .0650 $ .0670 $ .0620 $ .0645 $ .0615
==================================================================================================================================
MuniFund Term Preferred Shares
As discussed in the Portfolio Manager's Comments section, during April 2010,
Insured New York Tax-Free Advantage (NRK) successfully completed the issuance of
$27.68 million of 2.55%, Series 2015 MuniFund Term Preferred shares ("MTP"). The
newly-issued MTP shares trade on the NYSE under the symbol "NRK Pr C."
Auction Rate Preferred Shares Noticed for Redemption
During April 2010, Insured New York Tax-Free Advantage (NRK) noticed for
redemption all $27.0 million of its Auction Rate Preferred shares, at
liquidation value, using the proceeds from the issuance of MTP described above.
Investment Policy Changes - Insurance
On May 3, 2010, the Funds' Board of Directors/Trustees approved changes to each
Fund's insurance investment policies in response to the continuing challenges
faced by municipal bond insurers. The changes to each Fund's investment policies
are intended to increase the Fund's investment flexibility in pursuing its
investment objective, while retaining the insured nature of its portfolio.
The changes, effective immediately, provide that under normal circumstances, the
Funds invest at least 80% of their net assets (as defined in Footnote 7 -
Management Fees and Other Transactions with Affiliates) in municipal securities
that are covered by insurance guaranteeing the timely payment of principal and
interest. For purposes of this 80%, insurers must have a claims paying ability
rated at least "BBB-" at the time of purchase by at least one independent rating
agency. In addition, each Fund invests at least 80% of its net assets in
municipal securities that are rated at least "BBB-" at the time of purchase
(based on the higher of the rating of the insurer, if any, or the underlying
security) by at least one independent rating agency, or are unrated but judged
to be of similar credit quality by the Adviser, or are backed by an escrow or
trust account containing sufficient U.S. government or U.S. government agency
securities or U.S. Treasury- issued State and Local Government Series securities
to ensure timely payment of principal and interest. Inverse floating rate
securities whose underlying bonds are covered by insurance are included for
purposes of the 80%. Each Fund may also invest up to 20% of its net assets in
municipal securities rated at least "BBB-" (based on the higher rating of the
insurer, if any, or the underlying bond) or are unrated but judged to be of
comparable quality by the Adviser.).
Nuveen Investments 73
| Financial
| Highlights(Unaudited)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
-----------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
---------------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
---------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 15.08 $ .44 $ (.31) $ (.01) $ -- $ .12
2009 13.23 .88 1.74 (.09) -- 2.53
2008 14.77 .90 (1.56) (.26) -- (.92)
2007 15.18 .89 (.29) (.25) (.02) .33
2006 15.87 .90 (.05) (.17) (.09) .59
2005 16.46 .95 (.19) (.13) (.01) .62
NEW YORK SELECT QUALITY (NVN)
---------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 15.37 .46 (.35) (.01) -- .10
2009 13.34 .90 1.90 (.09) -- 2.71
2008 14.98 .91 (1.63) (.27) --** (.99)
2007 15.44 .92 (.37) (.27) (.01) .27
2006 15.87 .93 (.07) (.21) (.05) .60
2005 16.18 .97 (.09) (.14) (.01) .73
===================================================================================================
LESS DISTRIBUTIONS
-----------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM ENDING
INCOME TO GAINS TO COMMON COMMON
COMMON COMMON SHARES SHARE ENDING
SHARE- SHARE- REPURCHASED NET ASSET MARKET
HOLDERS HOLDERS TOTAL AND RETIRED VALUE VALUE
---------------------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ (.38) $ -- $ (.38) $ -- $ 14.82 $ 14.19
2009 (.68) -- (.68) --** 15.08 14.13
2008 (.62) -- (.62) --** 13.23 10.72
2007 (.67) (.07) (.74) -- 14.77 13.70
2006 (.75) (.53) (1.28) -- 15.18 13.99
2005 (.94) (.27) (1.21) -- 15.87 14.94
NEW YORK SELECT QUALITY (NVN)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) (.38) -- (.38) -- 15.09 13.92
2009 (.68) -- (.68) -- 15.37 13.76
2008 (.64) (.01) (.65) -- 13.34 10.70
2007 (.70) (.03) (.73) -- 14.98 13.86
2006 (.76) (.27) (1.03) -- 15.44 14.34
2005 (.91) (.13) (1.04) -- 15.87 14.74
=============================================================================================
AUCTION RATE PREFERRED SHARES
AT END OF PERIOD
-------------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
-------------------------------------------------------------------------------
NEW YORK INVESTMENT QUALITY (NQN)
-------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 111,500 $ 25,000 $ 83,200
2009 111,500 25,000 84,231
2008 114,925 25,000 75,664
2007 144,000 25,000 70,178
2006 144,000 25,000 71,699
2005 144,000 25,000 73,820
NEW YORK SELECT QUALITY (NVN)
-------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 163,900 25,000 78,380
2009 163,900 25,000 79,376
2008 163,900 25,000 72,427
2007 193,000 25,000 70,258
2006 193,000 25,000 71,884
2005 193,000 25,000 73,178
==============================================================================
74 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++ (b)
--------------------- ------------------------------------ -----------------------------------------------
BASED ENDING
ON NET
COMMON ASSETS
BASED SHARE APPLICABLE
ON NET TO COMMON EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET SHARES INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
-------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
3.24% .82% $ 259,571 1.28%* 1.18%* 5.95%* 1.28%* 1.18%* 5.95%* 1%
39.45 19.74 264,170 1.42 1.20 6.45 1.42 1.20 6.45 3
(17.85) (6.46) 232,903 1.46 1.24 6.15 1.46 1.24 6.15 9
3.22 2.22 260,224 1.40 1.22 5.98 1.40 1.22 5.98 19
2.39 4.03 268,986 1.22 1.22 5.92 1.22 1.22 5.92 16
4.08 3.90 281,203 1.19 1.19 5.88 1.19 1.19 5.88 30
-------------------------------------------------------------------------------------------------------------------------------
4.05 .69 349,961 1.23* 1.17* 6.08* 1.23* 1.17* 6.08* 5
36.22 20.98 356,491 1.36 1.20 6.52 1.36 1.20 6.52 5
(18.81) (6.90) 310,931 1.41 1.21 6.16 1.41 1.21 6.16 12
1.70 1.75 349,388 1.38 1.20 6.05 1.38 1.20 6.05 17
4.53 4.10 361,945 1.20 1.20 6.03 1.20 1.20 6.03 15
4.93 4.64 371,935 1.18 1.18 6.03 1.18 1.18 6.03 17
==============================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation.
Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from Adviser, where applicable. Expense
ratios do not reflect the reduction of custodian fee credits earned on the
Fund's net cash on deposit with the custodian bank, where applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the six months ended March 31, 2010.
See accompanying notes to financial statements.
Nuveen Investments 75
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
------------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
--------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 15.15 $ .45 $ (.34) $ (.01) $ -- $ .10
2009 13.20 .89 1.81 (.09) -- 2.61
2008 14.79 .89 (1.59) (.27) --** (.97)
2007 15.21 .89 (.33) (.28) (.01) .27
2006 15.64 .90 (.05) (.20) (.05) .60
2005 15.90 .93 (.07) (.14) (.01) .71
INSURED NEW YORK PREMIUM INCOME (NNF)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 15.29 .42 (.32) (.01) -- .09
2009 13.39 .84 1.76 (.08) -- 2.52
2008 14.88 .86 (1.48) (.26) -- (.88)
2007 15.31 .87 (.33) (.25) (.01) .28
2006 15.78 .88 (.06) (.18) (.05) .59
2005 16.14 .91 (.08) (.12) (.01) .70
=========================================================================================================
LESS DISTRIBUTIONS
-----------------------------------
NET DISCOUNT
INVESTMENT CAPITAL FROM ENDING
INCOME TO GAINS TO COMMON COMMON
COMMON COMMON SHARES SHARE ENDING
SHARE- SHARE- REPURCHASED NET ASSET MARKET
HOLDERS HOLDERS TOTAL AND RETIRED VALUE VALUE
---------------------------------------------------------------------------------------------------------
NEW YORK QUALITY INCOME (NUN)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ (.38) $ -- $ (.38) $ --** $ 14.87 $ 13.83
2009 (.67) -- (.67) .01 15.15 13.68
2008 (.61) (.01) (.62) --** 13.20 10.43
2007 (.65) (.04) (.69) -- 14.79 13.46
2006 (.76) (.27) (1.03) -- 15.21 14.11
2005 (.88) (.09) (.97) -- 15.64 14.53
INSURED NEW YORK PREMIUM INCOME (NNF)
---------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) (.35) -- (.35) --** 15.03 13.87
2009 (.63) -- (.63) .01 15.29 13.64
2008 (.61) -- (.61) -- 13.39 11.04
2007 (.67) (.04) (.71) -- 14.88 13.54
2006 (.73) (.33) (1.06) -- 15.31 14.26
2005 (.88) (.18) (1.06) -- 15.78 14.86
=========================================================================================================
AUCTION RATE PREFERRED SHARES
AT END OF PERIOD
-----------------------------------------
AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE
--------------------------------------------------------------------------------
NEW YORK QUALITY
INCOME (NUN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 160,775 $ 25,000 $ 79,922
2009 160,775 25,000 80,952
2008 165,375 25,000 72,696
2007 197,000 25,000 69,868
2006 197,000 25,000 71,498
2005 197,000 25,000 72,804
INSURED NEW YORK
PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 50,350 25,000 86,527
2009 50,350 25,000 87,691
2008 52,000 25,000 78,619
2007 65,000 25,000 72,675
2006 65,000 25,000 74,056
2005 65,000 25,000 75,546
===============================================================================
76 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
-------------------- ------------------------------ ------------------------------------
ENDING
BASED NET
ON ASSETS
BASED COMMON APPLICABLE
ON SHARE NET TO COMMON EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET SHARES INCLUDING EXCLUDING INVESTMNT INCLUDING EXCLUDING INVESTMNT TURNOVER
VALUE(a) VALUE(a) (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
---------------------------------------------------------------------------------------------------------------------
3.98% .68% $ 353,204 1.25%* 1.17%* 6.14%* 1.25%* 1.17%* 6.14%* -%***
38.91 20.46 359,827 1.38 1.20 6.50 1.38 1.20 6.50 5
(18.60) (6.80) 315,510 1.42 1.21 6.10 1.42 1.21 6.10 9
.21 1.81 353,564 1.38 1.20 5.95 1.38 1.20 5.95 21
4.27 4.06 366,405 1.21 1.21 5.95 1.21 1.21 5.95 14
5.52 4.56 376,697 1.19 1.19 5.86 1.19 1.19 5.86 17
----------------------------------------------------------------------------------------------------------------------
4.39 .65 123,915 1.29* 1.20* 5.66* 1.29* 1.20* 5.66* 1
30.31 19.42 126,259 1.42 1.21 6.02 1.42 1.21 6.02 5
(14.53) (6.18) 111,528 1.45 1.24 5.84 1.45 1.24 5.84 10
(.20) 1.85 123,956 1.40 1.23 5.79 1.40 1.23 5.79 21
3.30 3.96 127,546 1.22 1.22 5.75 1.22 1.22 5.75 14
4.64 4.50 131,420 1.20 1.20 5.71 1.20 1.20 5.71 22
=====================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
*** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation.
Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the six months ended March 31, 2010.
See accompanying notes to financial statements.
Nuveen Investments 77
| Financial
| Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS
---------------------------------------------------------------------
DISTRIBUTIONS DISTRIBUTIONS
FROM NET FROM
INVESTMENT CAPITAL
BEGINNING INCOME TO GAINS TO
COMMON NET AUCTION RATE AUCTION RATE
SHARE NET REALIZED/ PREFERRED PREFERRED
NET ASSET INVESTMENT UNREALIZED SHARE- SHARE-
VALUE INCOME GAIN (LOSS) HOLDERS+ HOLDERS+ TOTAL
----------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ 15.17 $ .42 $ (.34) $ -- $ -- $ .08
2009 13.38 .78 1.73 -- --** 2.51
2008 14.96 .91 (1.57) (.22) (.01) (.89)
2007 15.34 .95 (.34) (.26) --** .35
2006 15.67 .95 (.08) (.20) (.03) .64
2005 15.69 .98 .12 (.13) (.01) .96
INSURED NEW YORK TAX--FREE ADVANTAGE (NRK)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 15.18 .43 (.27) (.01) (.01) .14
2009 13.31 .83 1.81 (.10) --** 2.54
2008 14.65 .88 (1.32) (.25) --** (.69)
2007 14.92 .91 (.29) (.23) --** .39
2006 15.00 .90 (.05) (.21) --** .64
2005 14.75 .90 .25 (.13) -- 1.02
=================================================================================================================
LESS DISTRIBUTION
-----------------------------------------
DISCOUNT
NET FROM
INVESTMENT CAPITAL COMMON ENDING
INCOME TO GAINS TO SHARES COMMON
COMMON COMMON REPURCHASED SHARES ENDING
SHARE- SHARE- AND NET ASSET MARKET
HOLDERS HOLDERS TOTAL RETIRED VALUE VALUE
-----------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30: $ (.39) $ --** $ (.39) $ -- $ 14.86 $ 13.60
2010(d) (.70) (.02) (.72) --** 15.17 14.07
2009 (.66) (.03) (.69) -- 13.38 10.96
2008 (.72) (.01) (.73) -- 14.96 14.10
2007 (.78) (.19) (.97) -- 15.34 14.85
2006 (.86) (.12) (.98) -- 15.67 14.68
2005
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30: (.36) (.07) (.43) -- 14.89 14.03
2010(d) (.66) (.01) (.67) --** 15.18 13.70
2009 (.65) --** (.65) -- 13.31 11.52
2008 (.65) (.01) (.66) -- 14.65 13.74
2007 (.69) (.03) (.72) -- 14.92 14.08
2006 (.77) -- (.77) -- 15.00 14.02
2005
=================================================================================================================
AUCTION RATE PREFERRED SHARES VARIABLE RATE DEMAND PREFERRED SHARES
AT END OF PERIOD AT END OF PERIOD
----------------------------------------- --------------------------------------------
AGGREGATE LIQUIDATION AGGREGATE LIQUIDATION
AMOUNT AND MARKET ASSET AMOUNT AND MARKET ASSET
OUTSTANDING VALUE COVERAGE OUTSTANDING VALUE COVERAGE
(000) PER SHARE PER SHARE (000) PER SHARE PER SHARE
------------------------------------------------------------------------------------------------------------------
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) $ -- $ -- $ -- $ 50,000 $ 100,000 $ 335,833
2009 -- -- -- 50,000 100,000 340,811
2008 -- -- -- 50,000 100,000 313,166
2007 61,000 25,000 73,824 -- -- --
2006 61,000 25,000 75,032 -- -- --
2005 61,000 25,000 76,094 -- -- --
INSURED NEW YORK TAX--FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2010(d) 27,000 25,000 73,332 -- -- --
2009 27,000 25,000 74,281 -- -- --
2008 27,000 25,000 68,304 -- -- --
2007 27,000 25,000 72,665 -- -- --
2006 27,000 25,000 73,541 -- -- --
2005 27,000 25,000 73,780 -- -- --
==================================================================================================================
78 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
---------------------------------------------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS RATIOS TO AVERAGE NET ASSETS
APPLICABLE TO COMMON SHARES APPLICABLE TO COMMON SHARES
TOTAL RETURNS BEFORE REIMBURSEMENT++ AFTER REIMBURSEMENT++(b)
------------------ ------------------------------------------- --------------------------------------
BASED ENDING
ON NET
BASED COMMON ASSETS
ON SHARE NET APPLICABLE EXPENSES EXPENSES NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET TO COMMON INCLUDING EXCLUDING INVESTMENT INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(a) VALUE(a) SHARES (000) INTEREST(c) INTEREST INCOME INTEREST(c) INTEREST INCOME RATE
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
(.51)% .55% $ 117,917 1.65%* 1.46%* 5.40%* 1.42%* 1.24%* 5.63%* --%***
36.41 19.41 120,406 2.13 1.48 5.42 1.87 1.22 5.68 3
(18.10) (6.24) 106,583 1.65 1.26 5.81 1.68 1.29 5.78 9
(.21) 2.36 119,131 1.38 1.20 5.83 1.40 1.22 5.81 19
7.92 4.29 122,078 1.20 1.20 5.79 1.21 1.21 5.78 11
9.28 6.23 124,669 1.18 1.18 5.75 1.19 1.19 5.74 12
------------------------------------------------------------------------------------------------------------------------------------
5.68 .95 52,198 1.28* 1.26* 5.59* 1.12* 1.09* 5.75* 4
25.65 19.67 53,223 1.40 1.31 5.77 1.13 1.04 6.04 4
(11.94) (4.91) 46,769 1.41 1.26 5.68 1.44 1.29 5.65 8
2.24 2.69 51,479 1.40 1.25 5.65 1.42 1.27 5.63 17
5.79 4.38 52,425 1.27 1.27 5.62 1.29 1.29 5.60 8
8.65 7.05 52,682 1.25 1.25 5.53 1.26 1.26 5.52 7
====================================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
*** Calculates to less than 1%.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Auction Rate
Preferred shareholders; Net Investment Income ratios reflect income earned
and expenses incurred on assets attributable to Auction Rate Preferred
shares and/or Variable Rate Demand Preferred shares, where applicable.
(a) Total Return Based on Market Value is the combination of changes in the
market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. The last dividend declared in the
period, which is typically paid on the first business day of the following
month, is assumed to be reinvested at the ending market price. The actual
reinvestment for the last dividend declared in the period may take place
over several days, and in some instances may not be based on the market
price, so the actual reinvestment price may be different from the price
used in the calculation.
Total returns are not annualized.
Total Return Based on Common Share Net Asset Value is the combination of
changes in Common share net asset value, reinvested dividend income at net
asset value and reinvested capital gains distributions at net asset value,
if any. The last dividend declared in the period, which is typically paid
on the first business day of the following month, is assumed to be
reinvested at the ending net asset value. The actual reinvest price for
the last dividend declared in the period may often be based on the Fund's
market price (and not its net asset value), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
(b) After expense reimbursement from Adviser, where applicable. Expense ratios
do not reflect the reduction of custodian fee credits earned on the Fund's
net cash on deposit with the custodian bank, where applicable.
(c) The expense ratios reflect, among other things, and where applicable,
payments to Variable Rate Demand Preferred shareholders and the interest
expense deemed to have been paid by the Fund on the floating rate
certificates issued by the special purpose trusts for the self-deposited
inverse floaters held by the Fund, both as described in Footnote 1 -
Variable Rate Demand Preferred Shares and Inverse Floating Rate
Securities, respectively.
(d) For the six months ended March 31, 2010.
See accompanying notes to financial statements.
Nuveen Investments 79
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
80 Nuveen Investments
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Nuveen Investments 81
Glossary of Terms
Used in this Report
o AUCTION RATE BOND: An auction rate bond is a security whose interest
payments are adjusted periodically through an auction process, which
process typically also serves as a means for buying and selling the bond.
Auctions that fail to attract enough buyers for all the shares offered for
sale are deemed to have "failed", with current holders receiving a
formula-based interest rate until the next scheduled auction.
o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
invest- ment's performance over a particular, usually multi-year time
period. It expresses the return that would have been necessary each year
to equal the investment's actual cumulative performance (including change
in NAV or market price and reinvested dividends and capital gains
distributions, if any) over the time period being considered.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate
(sometimes referred to as an "inverse floater") to an investor (such as a
Fund) interested in gaining investment exposure to a long-term municipal
bond. The income received by the holder of the inverse floater varies
inversely with the short-term rate paid to the floating rate certificates'
holders, and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying
bond on a leveraged basis.
82 Nuveen Investments
o LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
over which a bond's principal and interest will be paid, and consequently
is a measure of the sensitivity of a bond's or bond Fund's value to
changes when market interest rates change. Generally, the longer a bond's
or Fund's duration, the more the price of the bond or Fund will change as
interest rates change. Leverage-adjusted duration takes into account the
leveraging process for a Fund and therefore is longer than the duration of
the Fund's portfolio of bonds.
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by
subtracting the liabilities of the Fund (including any Preferred shares
issued in order to leverage the Fund) from its total assets and then
dividing the remainder by the number of common shares outstanding. Fund
NAVs are calculated at the end of each business day.
o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or
refinancings, is a procedure used by state and local governments to
refinance municipal bonds to lower interest expenses. The issuer sells new
bonds with a lower yield and uses the proceeds to buy U.S. Treasury
securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally
raises a bond's credit rating and thus its value.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
Nuveen Investments 83
Notes
84 Nuveen Investments
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, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section a 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
("NYSE") the annual CEO certification as required by Section 303A.12(a) of the
NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive
Officer and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
COMMON AND PREFERRED SHARE INFORMATION
Each Fund intends to repurchase and/or redeem shares of its own common and/or
auction rate preferred stock in the future at such times and in such amounts as
is deemed advisable. During the period covered by this report, the Funds
repurchased and/or redeemed shares of their common and/or auction rate preferred
stock as shown in the accompanying table.
COMMON SHARES PREFERRED SHARES
FUND REPURCHASED REDEEMED
NQN -- --
NVN -- --
NUN 1,700 --
NNF 12,700 --
NKO -- --
NRK -- --
Any future repurchases and/or redemptions will be reported to shareholders in
the next annual or semi-annual report.
BOARD OF
DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Nuveen Investments 85
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions through continued
adherence to proven, longterm investing principles. Today, we offer a range of
high quality equity and fixed-income solutions designed to be integral
components of a well-diversified core portfolio.
FOCUSED ON MEETING INVESTOR NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. We market our growing
range of specialized investment solutions under the high-quality brands of
HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital.
In total, Nuveen Investments managed approximately $150 billion of assets on
March 31, 2010.
FIND OUT HOW WE CAN HELP YOU.
To learn more about how the products and services of Nuveen Investments may be
able to help you meet your financial goals, talk to your financial advisor, or
call us at (800) 257-8787. Please read the information provided carefully before
you invest.
Investors should consider the investment objective and policies, risk
considerations, charges and expenses of any investment carefully. Where
applicable, be sure to obtain a prospectus, which contains this and other
relevant information. To obtain a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by ESA-B-0310D
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
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.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
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 of Directors or Trustees
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 7, 2010
-------------------------------------------------------------------
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 7, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 7, 2010
-------------------------------------------------------------------