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 811-6424
---------------------
Nuveen New York Quality Income Municipal Fund, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: September 30, 2006
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
ANNUAL REPORT September 30, 2006
Nuveen Investments
Municipal Closed-End Funds
NUVEEN NEW YORK
INVESTMENT QUALITY
MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK
SELECT QUALITY
MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK
QUALITY INCOME
MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED
NEW YORK PREMIUM
INCOME
MUNICIPAL FUND, INC.
NNF
NUVEEN INSURED
NEW YORK DIVIDEND
ADVANTAGE
MUNICIPAL FUND
NKO
NUVEEN INSURED
NEW YORK TAX-FREE
ADVANTAGE
MUNICIPAL FUND
NRK
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DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the twelve-month period
covered by this report your Fund continued to provide you with attractive
monthly tax-free income. For more details about the management strategy and
performance of your Fund, please read the Portfolio Manager's Comments, the
Dividend and Share Price Information, and the Performance Overview sections
of this report.
For some time, I've used these letters to remind you that municipal bonds
can be an important building block in a well balanced investment portfolio.
In addition to providing attractive tax-free monthly income, a municipal
bond investment like your Fund may help you achieve and benefit from
greater portfolio diversification. Portfolio diversification is a
recognized way to try to reduce some of the risk that comes with investing.
For more information about this important investment strategy, I encourage
you to contact your personal financial advisor.
"IN ADDITION TO PROVIDING ATTRACTIVE TAX-FREE MONTHLY INCOME, A MUNICIPAL BOND
INVESTMENT LIKE YOUR FUND MAY HELP YOU ACHIEVE AND BENEFIT FROM GREATER
PORTFOLIO DIVERSIFICATION."
We also are pleased to be able to offer you a choice concerning how you
receive your shareholder reports and other Fund information. As an
alternative to mailed copies, you can sign up to receive future Fund
reports and other Fund information by e-mail and the Internet. The inside
front cover of this report contains information on how you can sign up.
We are grateful that you have chosen us as a partner as you pursue your
financial goals, and we look forward to continuing to earn your trust in
the months and years ahead. At Nuveen Investments, our mission continues to
be to assist you and your financial advisor by offering investment services
and products that can help you to secure your financial objectives.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 16, 2006
Nuveen Investments New York Municipal Closed-End Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
COMMENTS
Portfolio manager Cathryn Steeves discusses economic and municipal market
conditions at both the national and state levels, key investment strategies, and
the annual performance of these six New York Funds. Cathryn, who joined Nuveen
in 1996, assumed portfolio management responsibility for the New York Funds in
July 2006.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE ANNUAL
REPORTING PERIOD ENDED SEPTEMBER 30, 2006?
In response to market concerns about oil prices, inflation, and the actions of
the Federal Reserve over the past 12 months, bond yields exhibited some
volatility during this reporting period, with longer-term rates peaking in
October 2005 and again in June 2006. For the period as a whole, interest rates
at the shorter end of the yield curve generally continued to rise, while longer
rates posted smaller increases and even declined. As short-term rates approached
and exceeded the levels of long-term rates, the yield curve became increasingly
flat and the inverted. Consequently, bonds with longer durations1 generally
outperformed those with shorter durations during this period.
Between October 1, 2005 and September 30, 2006, the Federal Reserve announced
increases in the fed funds rate at six of its eight Open Market Committee
meetings, before leaving monetary policy unchanged at the August and September
2006 sessions. These six increases of 0.25% each raised the short-term target by
150 basis points, from 3.75% to 5.25%, its highest level since March 2001.
During this same period, the yield on the benchmark 10-year U.S. Treasury note
rose just 30 basis points to end September 2006 at 4.63%. By contrast, in the
municipal market, the yield on the Bond Buyer 25 Revenue Bond Index, a widely
followed measure of longer-term municipal market rates, stood at 4.77% at the
end of September 2006, down 27 basis points from the end of September 2005.
Economic growth over the past year reflected the fluctuations in interest rates,
energy prices, and the effects of a softening housing market. After expanding at
a rate of 1.8% in the fourth quarter of 2005, the U.S. gross domestic product
(GDP) rebounded sharply to 5.6% in the first quarter of 2006 before moderating
to 2.6% in the second quarter of 2006 (all GDP numbers annualized). In the third
quarter of 2006, GDP growth recorded a weaker-than-expected 1.6%, with the
deceleration largely resulting from a 17% slump in residential investment,
although consumer spending remained relatively solid. Despite slower growth, the
markets continued to keep a close eye on inflation trends. While the
year-over-year increase in the Consumer Price Index registered a relatively
benign 2.1% in September 2006, the core rate (which excludes food and energy
prices) rose 2.9% over the same period, the largest increase in 10 years. In
general, the jobs picture remained
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
4
positive, with national unemployment at 4.6% in September 2006, down from 5.1%
in September 2005.
Over the 12 months ended September 2006, municipal bond issuance nationwide
totaled $368.2 billion, down 9% from the previous 12 months. This total
reflected the general decrease in the supply of municipal paper during 2006.
After reaching record levels in calendar year 2005, municipal supply declined
during the first nine months of 2006, with $261.6 billion in new securities
coming to market, off 16% from the same period in 2005. A major factor in 2006's
drop was the sharp reduction in pre-refunding volume, which fell more than 54%
from last year's levels, as rising interest rates made advance refundings less
economically attractive. Overall, demand for municipal bonds, especially those
offering higher yields, continued to be strong and broad-based, with retail
investors, property and casualty insurance companies, and hedge funds all
participating in the market.
HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN NEW YORK DURING
THIS PERIOD?
New York ranked as the 25th fastest growing state economy in the nation in 2005,
led by the financial, professional and business, and educational and health
sectors. Despite New York's increased economic diversity, the financial services
industry continued to be the key driver of the state's economy, representing 4%
of the total number of jobs but 20% of the wages in the state. While tourism
returned to pre-9/11 levels, the continued loss of manufacturing jobs,
especially in upstate New York, meant that economic recovery was largely
centered around New York City and its suburbs. As of September 2006, the
unemployment rate in the state was 4.4%, down from 5.1% in September 2005 and
the lowest since March 2001. New York's population trends, which have lagged the
nation for years, remained weak, with growth of less than 2% over the past five
years.
Following several years of deficits and delays in budget enactment, New York's
financial condition has shown gradual improvement. For fiscal 2006, the state
erased the general fund's negative balance to end the year $384 million in the
black. The $113.6 billion budget for fiscal 2007 was adopted on March 31, 2006,
the second year in a row that New York passed its budget by the legally required
April 1 deadline. This budget took some steps toward funding a 2005 mandate
requiring New York City schools to guarantee a basic education for its children,
with increased school operations aid of $1.3 billion and $1.8 billion in new
school construction aid. The budget also authorized New York City's Transitional
Finance Authority to issue $9.4 billion in bonds for school operations
construction. In general, New York's revenues remain vulnerable to Wall Street
cycles, with 51% of the
5
state's general fund receipts generated by personal income taxes, which are
heavily dependent on high-paying jobs in the financial sector as well as
securities prices and capital gains. The state continued to face forecasted
budget deficits in fiscal 2008 ($3.2 billion) and 2009 ($5.4 billion).
In December 2005, Moody's upgraded its rating on New York general obligation
bonds to Aa3 from A1, citing improving financial operations. This rating was
reconfirmed in March 2006, as was Standard & Poor's rating of AA. For the 12
months ended September 30, 2006, municipal issuance in New York totaled $34.6
billion, down 26% from the previous 12 months. During the first nine months of
2006, New York supply declined even more sharply, falling 37% from that of
January-September 2005, to $20.5 billion. While New York remained the second
largest state issuer in the nation for the 12-month period, the state slipped to
fourth for the year-to-date. According to Moody's, the state's tax-supported
debt has grown 37% since 2001, ranking New York second in the nation behind
California in this category. In terms of debt per capita and debt as a
percentage of personal income, New York ranks fifth.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THIS REPORTING
PERIOD?
As the municipal yield curve flattened over this 12-month period, we continued
to emphasize careful management of the Funds' underlying portfolios in line with
our established targets. This included a disciplined approach to duration
management and yield curve positioning. In watching the market for potential new
additions to our portfolios, we focused mainly on attractively priced, premium
coupon2 bonds in the 18- to 22-year part of the yield curve, which we considered
to offer excellent value. Overall, we believed that the bonds we purchased
provided strong performance potential, support for the Funds' income streams,
and attractive reward opportunities without excessive risk.
As part of our duration management strategies, we also selectively sold holdings
with shorter durations. Selling these shorter duration bonds and reinvesting
further out on the yield curve helped to improve the Funds' overall call
protection profile. We also took advantage of opportunities to sell selected
holdings when we believed that prevailing prices made these bonds attractive
sales candidates.
Although issuance in New York, as previously mentioned, declined sharply during
this period, the reduction in supply did not have a major impact on the
implementation of these or other strategies we had planned for these Funds.
Since New York is a relatively high-quality state, much of the new supply was
insured and/or highly rated, and we
2 Premium coupon bonds are credits that, at the time of purchase, are trading
above their par values because their coupons are higher than current coupon
levels. Historically, these bonds have held their value better than current
coupon bonds when interest rates rise.
6
found opportunities to purchase bonds that helped us carry out our strategies,
including insured health care bonds. We also bought insured bonds issued by New
York City Industrial Development Agency to finance new stadiums for the New York
Yankees and Mets, which were added to all six Funds.
In NKO and NRK, which can invest up to 20% of their assets in uninsured
investment-grade quality securities, we also continued to emphasize maintaining
an exposure to BBB rated credits. However, as credit spreads continued to narrow
and municipal supply tightened, we generally found few attractively structured
lower-rated credit opportunities in the New York market that we believed would
add value to these Funds.
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 9/30/06
1-YEAR 5-YEAR 10-YEAR
- --------------------------------------------------------------------------------
NQN 4.03% 6.88% 6.66%
- --------------------------------------------------------------------------------
NVN 4.10% 7.12% 6.55%
- --------------------------------------------------------------------------------
NUN 4.06% 6.84% 6.48%
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NNF 3.96% 6.43% 6.80%
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NKO 4.29% NA NA
- --------------------------------------------------------------------------------
NRK 4.38% NA NA
- --------------------------------------------------------------------------------
Lehman Brothers
NY Insured
Tax-Exempt
Bond Index3 4.60% 5.50% 6.10%
- --------------------------------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds Average4 4.88% 5.94% 6.23%
- --------------------------------------------------------------------------------
*Annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
3 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an
unleveraged, unmanaged index comprising a broad range of insured New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
4 The Lipper New York Insured Municipal Debt Funds average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 1 year, 12; 5 years, 7; and 10 years, 6. Fund and Lipper
returns assume reinvestment of dividends.
7
For the 12 months ended September 30, 2006, the total return on net asset value
(NAV) for all six funds covered in this report underperformed relative to the
return on the Lehman Brothers New York Insured Tax-Exempt Bond Index. The
returns on all six of the insured New York Funds underperformed the average
return for the Lipper New York Insured peer group.
Factors that influenced the Funds' returns during this period included yield
curve positioning and duration management, the use of financial leverage,
allocations to lower-rated credits (or credit risk) in NKO and NRK (which can
invest up to 20% of their assets in uninsured investment-grade quality
securities), and advance refunding activity.5
As longer rates declined and the yield curve flattened over the course of this
period, yield curve and duration positioning played an important role in the
performance of these Funds. Overall, bonds in the Lehman Brothers Municipal Bond
Index with maturities between two and six years were the most adversely impacted
by changes in the interest rate environment over this period. As a result, these
bonds generally underperformed intermediate and longer bonds (those with
maturities of at least 12 years), with issues having the longest maturities (22
years and longer) achieving the best returns for the period. Even though these
Funds were underexposed to the longest part of the curve that performed well,
they held relatively fewer short bonds and a good allocation of intermediate
bonds. This overall positioning benefited their performances.
Another factor in the annual performance of these Funds, especially relative to
that of the unleveraged Lehman Brothers New York Insured Tax-Exempt Bond Index,
was the use of financial leverage. While leveraging can add volatility to a
Fund's NAV and share price, this strategy can also provide opportunities for
additional income and total return for common shareholders. The Funds'
leveraging strategy positively impacted their results over this one year period,
although not to the same extent as in the past. Over the long term, we firmly
believe that the use of financial leverage should continue to work to the
benefit of these Funds. This is demonstrated by the five-year and ten-year
return performance--both absolute and relative to the Lehman Brothers New York
Insured Tax-Exempt Bond Index--of NQN, NVN, NUN, and NNF.
With bonds rated BBB or lower and non-rated bonds generally outperforming other
credit quality sectors during this period, NKO and NRK benefited from their
allocations of lower-quality credits. The performance of this sector was largely
the result of investor demand for the higher yields typically associated with
lower-quality bonds, which drove up their value and tightened credit spreads. As
of September 30, 2006, bonds rated BBB accounted for 5% and 4% of the portfolios
of NKO and NRK, respectively. Among the
5 Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
8
lower-rated holdings making contributions to the returns of these two Funds for
the period were healthcare credits (including hospitals) and industrial
development bonds, which ranked as the top performing revenue sectors in the
Lehman municipal index. Bonds backed by the 1998 master tobacco settlement
agreement, which comprised between 2% and 3% of the portfolios of these two
Funds as of September 30, 2006, also contributed to the Funds' performances.
As noted earlier, we also continued to see positive contributions from advance
refunding activity, which benefited these Funds through price appreciation and
enhanced credit quality. While advance refundings generally enhanced performance
for this 12-month period, the Funds' holdings of older, previously pre-refunded
bonds tended to underperform the general municipal market, due primarily to
their shorter effective maturities. Differences in Fund structure also accounted
for some of the performance differentials during this period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
SEPTEMBER 30, 2006?
Maintaining strong credit quality remained an important requirement for the
Funds. As of September 30, 2006, NQN, NVN, NUN, and NNF continued to be 100%
invested in insured and/or U.S. guaranteed securities. NKO and NRK, which can
invest up to 20% of their assets in uninsured investment-grade quality
securities, had allocated 90% and 89% of their portfolios, respectively, to
insured and/or U.S. guaranteed bonds.
As of September 30, 2006, potential call exposure for the period October 2006
through the end of 2008 ranged from 8% in NRK and 10% in NKO to 13% in NNF, 14%
in NVN, 15% in NUN, and 16% in NQN. The number of actual bond calls will depend
largely on future market interest rates.
9
Dividend and Share Price
INFORMATION
As previously noted, all of these Funds use leverage to potentially enhance
opportunities for additional income for common shareholders. During periods of
rising short-term interest rates, as was the case during this reporting period,
the Funds' borrowing costs also rise, reducing the extent of the benefits of
leveraging. The Funds' income streams were also impacted as the proceeds from
older, higher-yielding bonds that matured or were called were reinvested into
bonds currently available in the market, which generally offered lower yields.
These factors resulted in one monthly dividend reduction in NRK, two in NKO,
three in NVN, NUN, and NNF, and four in NQN over the 12-month period ended
September 30, 2006.
Due to capital gains generated by normal portfolio activity, common shareholders
of the Funds received capital gains and net ordinary income distributions at the
end of December 2005, as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
- --------------------------------------------------------------------------------
NQN $0.5347 --
- --------------------------------------------------------------------------------
NVN $0.2710 --
- --------------------------------------------------------------------------------
NUN $0.2704 $0.0011
- --------------------------------------------------------------------------------
NNF $0.3294 --
- --------------------------------------------------------------------------------
NKO $0.1858 $0.0005
- --------------------------------------------------------------------------------
NRK $0.0216 $0.0038
- --------------------------------------------------------------------------------
These distributions, which represented an important part of the total returns of
these Funds for this period, were generated by bond calls and the sale of
appreciated securities. This had a slight negative impact on the Funds' earning
power per common share and was a minor factor in the common share dividend
reductions noted above.
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of September 30, 2006, all of
the Funds in this report except NRK had positive UNII balances for both
financial statement and tax purposes. NRK had a positive UNII balance for tax
purposes and a negative UNII balance for financial statement purposes.
10
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
9/30/06 12-MONTH AVERAGE
DISCOUNT DISCOUNT
- --------------------------------------------------------------------------------
NQN -7.84% -6.21%
- --------------------------------------------------------------------------------
NVN -7.12% -6.77%
- --------------------------------------------------------------------------------
NUN -7.23% -5.71%
- --------------------------------------------------------------------------------
NNF -6.86% -6.03%
- --------------------------------------------------------------------------------
NKO -3.19% -3.94%
- --------------------------------------------------------------------------------
NRK -5.63% -7.73%
- --------------------------------------------------------------------------------
11
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 10%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0695
Nov 0.0695
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.0615
Apr 0.0615
May 0.0615
Jun 0.0585
Jul 0.0585
Aug 0.0585
Sep 0.0555
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 14.9
14.93
14.95
14.78
14.8
14.78
14.76
14.63
14.44
14.44
14.2
14.2
14.19
14.22
14.4
14.4
14.4
14.22
14.3
14.33
14.3
14.38
14.38
14.37
14.35
14.38
14.479
14.42
14.2
14.35
14.15
14.33
14.27
14.23
14.17
14.23
14.15
14.2
14.25
14.31
14.37
14.33
14.3
14.37
14.38
14.41
14.33
14.38
14.34
14.3
13.75
13.85
13.87
13.93
13.9
13.78
13.76
13.72
13.81
13.91
14.04
14.07
14.17
14.17
14.24
14.3
14.22
14.26
14.27
14.32
14.32
14.39
14.3
14.31
14.26
14.27
14.3
14.4
14.41
14.3699
14.34
14.48
14.43
14.43
14.46
14.42
14.37
14.41
14.63
14.67
14.62
14.64
14.64
14.73
14.77
14.8
14.9
14.89
15
14.95
15
15.1
15.17
15.16
15.1
14.96
14.74
14.65
14.64
14.56
14.54
14.4
14.49
14.3
14.5
14.49
14.5
14.6
14.6
14.6
14.49
14.53
14.44
14.43
14.2
14.32
14.3301
14.53
14.46
14.48
14.36
14.44
14.37
14.3
14.34
14.06
14.07
14.08
14
14.05
14.07
14.04
14.07
14
14.08
14.08
14.12
14.1
14.1
14.13
14.1
14.13
14.18
14.13
14.1
14.0754
14.1899
14.19
14.11
14.04
14.06
14.05
14.05
14.15
14.08
14.13
13.95
14.1
14.04
14.02
13.95
14
13.92
13.9
13.98
13.92
13.65
13.67
13.64
13.63
13.58
13.57
13.52
13.41
13.42
13.46
13.45
13.3601
13.4
13.36
13.54
13.52
13.54
13.64
13.58
13.51
13.45
13.43
13.39
13.4
13.36
13.4
13.47
13.6
13.6
13.63
13.6
13.69
13.81
13.77
13.88
13.92
14.04
14.15
14.05
14.03
14
13.99
14.03
14.02
14.07
14.15
14.09
13.98
14.04
14.15
14.11
14.16
14.22
14.2
14.17
14.2
14.15
14.15
14.05
13.88
13.89
13.91
13.95
13.92
13.92
13.9202
13.92
13.91
13.87
13.9
13.9296
13.91
13.93
13.95
13.97
13.96
13.99
9/30/06 13.99
FUND SNAPSHOT
- ------------------------------------
Common Share Price $13.99
- ------------------------------------
Common Share
Net Asset Value $15.18
- ------------------------------------
Premium/(Discount) to NAV -7.84%
- ------------------------------------
Market Yield 4.76%
- ------------------------------------
Taxable-Equivalent Yield1 7.10%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $268,986
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.06
- ------------------------------------
Leverage-Adjusted Duration 8.09
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 2.39% 4.03%
- ------------------------------------
5-Year 6.87% 6.88%
- ------------------------------------
10-Year 5.22% 6.66%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 32.4%
- ------------------------------------
Health Care 15.6%
- ------------------------------------
Transportation 11.4%
- ------------------------------------
U.S. Guaranteed 9.6%
- ------------------------------------
Tax Obligation/General 8.8%
- ------------------------------------
Education and Civic
Organizations 8.2%
- ------------------------------------
Utilities 5.8%
- ------------------------------------
Other 8.2%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.5347 per share.
12
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 86%
U.S. Guaranteed 14%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0695
Nov 0.0695
Dec 0.066
Jan 0.066
Feb 0.066
Mar 0.0625
Apr 0.0625
May 0.0625
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0595
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 14.71
14.78
14.83
14.77
14.65
14.73
14.7
14.57
14.33
14.22
14.13
14.14
14.18
14.3
14.49
14.6
14.55
14.46
14.49
14.44
14.47
14.55
14.48
14.46
14.29
14.39
14.29
14.3
14.14
14.33
14.04
14.04
14.01
14.11
14.14
14.23
14.21
14.2
14.21
14.26
14.4
14.35
14.32
14.39
14.29
14.25
14.2
14.27
14.25
14.34
13.9
13.97
13.9
13.96
13.91
13.92
13.92
13.89
14.04
14.11
14.08
14.21
14.17
14.17
14.28
14.3
14.29
14.32
14.4601
14.47
14.46
14.44
14.49
14.5
14.5
14.5
14.59
14.6
14.53
14.52
14.38
14.4
14.28
14.4
14.43
14.46
14.52
14.4501
14.59
14.74
14.76
14.88
14.88
15
15.11
15.1
15.2
15.22
15.23
15.12
15.14
15.2
15.3
15.2799
15.1
14.94
14.77
14.74
14.94
14.84
14.75
14.7699
14.7
14.59
14.68
14.71
14.68
14.76
14.66
14.67
14.85
14.77
14.6
14.69
14.62
14.67
14.53
14.56
14.48
14.5
14.41
14.43
14.35
14.32
14.26
14.17
14.23
14.2
14.23
14.22
14.29
14.21
14.27
14.27
14.46
14.46
14.35
14.45
14.31
14.23
14.25
14.25
14.32
14.22
14.16
14.16
14.16
14.24
14.24
14.12
14.07
14.05
14.04
13.9201
13.97
13.99
14
14.02
13.9701
14.13
14
14.01
13.97
13.9501
14
14.03
13.75
13.71
13.74
13.76
13.77
13.74
13.66
13.63
13.58
13.65
13.55
13.69
13.77
13.52
13.7
13.66
13.67
13.75
13.63
13.64
13.55
13.55
13.54
13.54
13.48
13.56
13.58
13.61
13.69
13.62
13.64
13.67
13.87
14.02
14.05
14.06
14.18
14.24
14.13
14.0701
14.13
14.15
14.08
14.16
14.14
14.25
14.21
14.2
14.17
14.25
14.17
14.26
14.34
14.39
14.4
14.34
14.36
14.33
14.21
13.98
14.19
14.27
14.13
14.14
14.09
14.11
14.11
14.09
14.05
14.06
14.13
14.2
14.15
14.25
14.31
14.25
14.34
9/30/06 14.34
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.34
- ------------------------------------
Common Share
Net Asset Value $15.44
- ------------------------------------
Premium/(Discount) to NAV -7.12%
- ------------------------------------
Market Yield 4.98%
- ------------------------------------
Taxable-Equivalent Yield1 7.43%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $361,945
- ------------------------------------
Average Effective
Maturity on Securities (Years) 16.26
- ------------------------------------
Leverage-Adjusted Duration 8.51
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 4.53% 4.10%
- ------------------------------------
5-Year 7.19% 7.12%
- ------------------------------------
10-Year 5.76% 6.55%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 31.3%
- ------------------------------------
U.S. Guaranteed 13.6%
- ------------------------------------
Health Care 11.9%
- ------------------------------------
Tax Obligation/General 10.4%
- ------------------------------------
Education and Civic
Organizations 8.0%
- ------------------------------------
Utilities 8.0%
- ------------------------------------
Transportation 7.9%
- ------------------------------------
Other 8.9%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.2710 per share.
13
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
U.S. Guaranteed 14%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0665
Nov 0.0665
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.063
Apr 0.063
May 0.063
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0565
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 14.51
14.6
14.63
14.53
14.55
14.48
14.46
14.25
14.05
13.97
13.75
13.75
13.78
13.8
14.14
14.2
14.15
14.04
14.09
14.11
14.15
14.1799
14.01
13.98
13.88
13.88
13.99
13.95
13.91
13.89
13.85
13.82
13.83
13.75
13.74
13.83
13.84
13.82
13.88
13.87
14
14.01
13.95
13.98
13.95
13.92
13.8601
14
13.96
13.98
13.71
13.7
13.69
13.72
13.75
13.75
13.6501
13.7
13.73
13.87
13.98
13.95
14.16
14.16
14.26
14.32
14.43
14.54
14.61
14.64
14.53
14.58
14.6
14.68
14.62
14.71
14.71
14.87
14.86
14.92
14.69
14.8
14.65
14.69
14.7
14.77
14.7
14.65
14.85
14.82
14.92
15.04
14.9999
15.1
15.11
15.08
15.2
15.24
15.22
15.16
15.16
15.2
15.2
15.17
15.08
15.02
14.81
14.89
14.91
14.86
14.92
14.73
14.73
14.6
14.6
14.75
14.75
14.68
14.67
14.63
14.7
14.63
14.63
14.65
14.59
14.58
14.66
14.63
14.59
14.7
14.7
14.65
14.53
14.38
14.35
14.27
14.4
14.28
14.22
14.3
14.3
14.36
14.42
14.31
14.38
14.38
14.36
14.4
14.47
14.33
14.4
14.47
14.44
14.32
14.27
14.2
14.19
14.18
14.09
14.08
14.04
14.05
14.01
14.06
14.0101
14.1
14.06
14.08
14.1
14.17
14.1
14.1
13.95
13.99
14.06
14.08
13.8
13.62
13.77
13.67
13.62
13.57
13.52
13.46
13.44
13.49
13.4901
13.59
13.63
13.7
13.81
13.78
13.8
13.73
13.63
13.64
13.5701
13.55
13.52
13.52
13.45
13.5
13.48
13.62
13.89
13.9
13.87
13.81
13.97
14
14.11
14.09
14.2
14.21
14.2
14.17
14.2
14.18
14.03
14.08
14.11
14.21
14.14
14.15
14.19
14.1
14.04
14.2
14.24
14.29
14.38
14.41
14.27
14.29
14.19
14.03
14.1
14.06
14.04
14.02
14
13.97
13.96
13.95
13.96
13.96
13.98
14.07
14.06
14.1
14.14
14.07
14.11
9/30/06 14.11
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.11
- ------------------------------------
Common Share
Net Asset Value $15.21
- ------------------------------------
Premium/(Discount) to NAV -7.23%
- ------------------------------------
Market Yield 4.81%
- ------------------------------------
Taxable-Equivalent Yield1 7.18%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $366,405
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.59
- ------------------------------------
Leverage-Adjusted Duration 8.41
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 4.27% 4.06%
- ------------------------------------
5-Year 6.89% 6.84%
- ------------------------------------
10-Year 5.94% 6.48%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 31.0%
- ------------------------------------
U.S. Guaranteed 14.2%
- ------------------------------------
Education and Civic
Organizations 13.2%
- ------------------------------------
Health Care 9.9%
- ------------------------------------
Tax Obligation/General 8.6%
- ------------------------------------
Transportation 8.4%
- ------------------------------------
Utilities 7.3%
- ------------------------------------
Other 7.4%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.2715 per share.
14
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 11%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0665
Nov 0.0665
Dec 0.063
Jan 0.063
Feb 0.063
Mar 0.0595
Apr 0.0595
May 0.0595
Jun 0.057
Jul 0.057
Aug 0.057
Sep 0.057
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 14.89
14.84
14.83
14.75
14.67
14.66
14.64
14.51
14.4
14.38
14.26
14.1
14.07
14.16
14.2
14.24
14.24
14
14.07
14.13
14.2
14.22
14.12
14.22
14.18
14.27
14.31
14.27
14.02
14.05
13.99
14.05
13.97
14.0401
14.02
14.07
14.1
14.16
14.25
14.2301
14.45
14.38
14.42
14.57
14.42
14.4001
14.6
14.49
14.29
14.22
13.8
13.8
13.8
13.81
13.8
13.82
13.81
13.68
13.8
13.89
13.93
14.05
14.08
14.08
14.18
14.2
14.26
14.28
14.37
14.44
14.33
14.45
14.42
14.46
14.42
14.45
14.39
14.45
14.44
14.5
14.45
14.43
14.4
14.43
14.44
14.42
14.39
14.36
14.37
14.3
14.36
14.38
14.3
14.34
14.45
14.31
14.38
14.42
14.45
14.5
14.65
14.89
15.05
15.08
14.99
14.88
14.85
14.87
14.8
14.83
14.81
14.82
14.85
14.76
14.9
14.8
14.79
14.79
14.52
14.7
14.52
14.531
14.48
14.45
14.25
14.32
14.26
14.38
14.25
14.18
14.01
14.08
13.9601
13.84
13.91
13.81
13.83
13.93
13.91
13.99
14.06
14.04
14
14
13.96
13.96
14.23
14.24
14.24
14.34
14.24
14.22
14.23
14.3
13.8
13.7
13.82
13.84
13.76
13.75
13.7401
13.7
13.74
13.73
13.82
13.77
13.94
13.95
14.1
14.26
14.27
14.14
14.15
14.05
14.1
14.11
14.04
13.87
14.1
14.01
13.91
13.95
13.83
13.75
13.83
13.82
13.86
13.8399
13.88
13.85
14
13.9
13.9
13.88
13.92
14.11
14.05
14.05
13.94
13.82
13.79
13.8
13.73
13.74
13.86
14
14.07
14.18
14.25
14.27
14.43
14.4
14.4
14.5
14.58
14.46
14.68
14.71
14.64
14.75
14.8
14.77
14.65
14.72
14.84
14.74
14.7
14.7301
14.72
14.6501
14.71
14.75
14.84
14.84
14.71
14.57
14.57
14.59
14.47
14.48
14.4
14.35
14.31
14.32
14.28
14.3
14.35
14.4
14.34
14.44
14.42
14.35
14.26
9/30/06 14.26
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.26
- ------------------------------------
Common Share
Net Asset Value $15.31
- ------------------------------------
Premium/(Discount) to NAV -6.86%
- ------------------------------------
Market Yield 4.80%
- ------------------------------------
Taxable-Equivalent Yield1 7.16%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $127,546
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.73
- ------------------------------------
Leverage-Adjusted Duration 8.15
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 3.30% 3.96%
- ------------------------------------
5-Year 6.18% 6.43%
- ------------------------------------
10-Year 6.63% 6.80%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 32.3%
- ------------------------------------
Health Care 14.2%
- ------------------------------------
Education and Civic
Organizations 13.8%
- ------------------------------------
U.S. Guaranteed 10.9%
- ------------------------------------
Transportation 7.7%
- ------------------------------------
Tax Obligation/General 6.9%
- ------------------------------------
Water and Sewer 6.5%
- ------------------------------------
Other 7.7%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.3294 per share.
15
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 82%
U.S. Guaranteed 8%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 3%
BBB (Uninsured) 5%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.068
Nov 0.068
Dec 0.068
Jan 0.068
Feb 0.068
Mar 0.0645
Apr 0.0645
May 0.0645
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0615
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 14.57
14.51
14.49
14.49
14.43
14.41
14.44
14.35
14.23
14.26
14.12
14
14.08
14.04
14.1
14.13
14.2
14.19
14.15
14.2
14.3
14.28
14.12
14.3
14.28
14.29
14.36
14.4
14.38
14.62
14.2
14.07
14.07
14
14.06
14.05
14.04
14.09
14.1099
14.1
14.36
14.34
14.21
14.38
14.36
14.23
14.15
14.21
14.27
14.3
14.17
14.52
14.45
14.72
14.82
14.78
14.85
14.86
15.19
14.9
15.19
15.25
15.32
15.32
15.3
15.49
15.5
15.47
15.37
15.22
14.94
14.95
14.95
15.08
14.92
15.15
14.97
15.3
15.03
15.12
15.02
15.2
15.05
14.83
14.84
14.83
15.1
15.05
15.25
15.15
15.18
15.17
15.25
15.28
15.29
15.27
15.29
15.19
15.3
15.11
15.21
15.03
15.05
15.26
15.22
14.93
15.05
15
15
14.88
15.03
15
15
14.88
15.05
14.9
15.15
15.15
14.98
15.07
15.17
15.019
15
15.03
14.9
15.17
15.23
15.22
15.13
14.99
14.95
14.51
14.47
14.47
14.5
14.54
14.53
14.49
14.38
14.45
14.45
14.26
14.3689
14.25
14.42
14.42
14.32
14.32
14.3
14.35
14.48
14.4
14.7
14.73
14.4
14.17
14.2
14.26
14.15
14.03
14
14.14
14.19
14.01
14.32
14.3
14.3
14.5
14.56
14.6
14.65
14.28
14.2
14.25
14.2
14.37
14.19
14
14.03
14.03
14
14.25
14.36
14.15
14.35
14.04
13.95
13.84
13.96
13.8
14.04
13.99
13.97
14.25
14.1285
14.51
14.2
14.07
14.2199
14.4
14.52
14.3
14.21
14.28
14.3
14.34
14.44
14.68
14.85
14.8
14.78
14.84
15.04
15.27
15.14
14.8
14.7399
14.61
14.51
14.53
15
14.71
14.64
14.46
14.47
14.49
14.6
14.65
14.77
14.74
14.67
14.7
14.61
14.7
14.53
14.3
14.34
14.46
14.42
14.52
14.58
14.53
14.37
14.3
14.26
14.45
14.4
14.6
14.7
14.84
14.82
14.6
14.85
9/30/06 14.85
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.85
- ------------------------------------
Common Share
Net Asset Value $15.34
- ------------------------------------
Premium/(Discount) to NAV -3.19%
- ------------------------------------
Market Yield 4.97%
- ------------------------------------
Taxable-Equivalent Yield1 7.42%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $122,078
- ------------------------------------
Average Effective
Maturity on Securities (Years) 17.37
- ------------------------------------
Leverage-Adjusted Duration 7.92
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 7.92% 4.29%
- ------------------------------------
Since
Inception 6.40% 7.98%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 24.9%
- ------------------------------------
Health Care 16.7%
- ------------------------------------
Utilities 12.8%
- ------------------------------------
Education and Civic
Organizations 10.1%
- ------------------------------------
Tax Obligation/General 10.0%
- ------------------------------------
Transportation 8.4%
- ------------------------------------
U.S. Guaranteed 8.1%
- ------------------------------------
Other 9.0%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.1863 per share.
16
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of September 30, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 71%
U.S. Guaranteed 18%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 4%
A (Uninsured) 1%
BBB (Uninsured) 4%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0585
Nov 0.0585
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0585
Apr 0.0585
May 0.0585
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.0545
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/01/05 13.99
13.94
14.04
14.04
13.96
13.91
13.95
13.85
13.61
13.61
13.45
13.3
13.28
13.35
13.37
13.4
13.4
13.36
13.5
13.3
13.3
13.29
13.38
13.5
13.33
13.22
13.41
13.4
13.35
13.35
13.13
13.05
12.93
12.92
12.98
13
12.97
13.01
12.99
12.97
13.18
13.19
13.2
13.07
13
13.0301
13.04
13.03
13.09
13.05
12.95
12.88
12.9
13.03
12.97
13.06
12.99
13.02
13.14
13.09
13.27
13.35
13.35
13.35
13.47
13.52
13.72
13.71
13.72
13.84
13.78
13.85
13.82
13.82
13.8
13.67
13.5
13.65
13.9
13.89
13.81
13.7
13.7
13.75
13.82
13.75
13.6
13.45
13.45
13.51
13.61
13.74
13.74
13.65
13.82
13.74
13.79
13.82
13.97
14.05
14.03
14
14.16
14.1
14.08
13.82
13.6701
13.51
13.8
13.9
13.9
13.75
13.91
13.91
13.98
13.95
13.9
13.9
13.9
13.9
14.13
13.94
13.88
13.9
13.91
14
14.04
13.99
13.73
13.68
13.51
13.58
14
13.94
13.94
13.94
13.61
13.69
13.5
13.48
13.38
13.42
13.46
13.51
13.79
13.79
13.79
13.75
13.66
13.75
13.75
13.6
13.6
13.6399
13.33
13.62
13.64
13.52
13.26
13.3476
13.26
13.33
13.35
13.2
13.17
13.2
13.35
13.35
13.69
13.66
13.72
13.49
13.45
13.44
13.43
13.41
13.23
13.32
13.55
13.69
13.69
13.41
13.41
13.4
13.37
13.23
13.09
13.2
13.15
13.13
13.31
13.31
13.31
13.31
13.17
13.48
13.54
13.54
13.35
13.32
13.08
13.21
13.19
13.36
13.4
13.33
13.25
13.37
13.4
13.48
13.49
13.54
13.77
13.76
13.9
13.93
13.92
13.82
13.85
13.77
13.82
13.8
13.8
13.9
14
13.98
13.98
14
13.91
14.04
14
13.98
13.95
13.99
13.9
13.74
13.74
13.74
13.88
13.88
13.75
13.8
13.87
13.67
13.62
13.72
13.8091
13.82
13.9
13.94
14.03
13.97
14.08
9/30/06 14.08
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.08
- ------------------------------------
Common Share
Net Asset Value $14.92
- ------------------------------------
Premium/(Discount) to NAV -5.63%
- ------------------------------------
Market Yield 4.64%
- ------------------------------------
Taxable-Equivalent Yield1 6.93%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $52,425
- ------------------------------------
Average Effective
Maturity on Securities (Years) 14.92
- ------------------------------------
Leverage-Adjusted Duration 8.14
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 5.79% 4.38%
- ------------------------------------
Since
Inception 3.98% 6.55%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 28.2%
- ------------------------------------
U.S. Guaranteed 18.0%
- ------------------------------------
Health Care 15.2%
- ------------------------------------
Education and Civic
Organizations 13.5%
- ------------------------------------
Utilities 8.5%
- ------------------------------------
Tax Obligation/General 5.8%
- ------------------------------------
Transportation 5.5%
- ------------------------------------
Other 5.3%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0254 per share.
17
Report of
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
THE BOARDS OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Investment Quality Municipal
Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York
Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income
Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund
and Nuveen Insured New York Tax-Free Advantage Municipal Fund (the Funds) as of
September 30, 2006, and the related statements of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of September 30, 2006, by correspondence with the custodian
and brokers. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select
Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund,
Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen
Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York
Tax-Free Advantage Municipal Fund at September 30, 2006, the results of their
operations for the year then ended, changes in their net assets for each of the
two years in the period then ended, and the financial highlights for each of the
periods indicated therein in conformity with U.S. generally accepted accounting
principles.
/s/ Ernst & Young LLP
Chicago, Illinois
November 10, 2006
18
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.5% (8.2% OF TOTAL INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA $ 3,641,190
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,292,196
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,710,210
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,109,200
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 AAA 3,274,590
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Aaa 1,226,728
Canisius College, Series 2005, 5.000%, 7/01/21 - MBIA Insured
1,765 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,031,850
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
575 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 654,040
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 524,970
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 4,860,450
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,250 New York City Industrial Development Agency, New York, Civic No Opt. Call AAA 1,356,650
Facility Revenue Bonds, USTA National Tennis Center Inc.,
Series 2004, 5.000%, 11/15/13 - FSA Insured
2,625 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,785,991
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
890 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 946,150
1,125 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 1,192,219
890 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 941,549
- ------------------------------------------------------------------------------------------------------------------------------------
31,430 Total Education and Civic Organizations 33,547,983
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.7% (15.6% OF TOTAL INVESTMENTS)
675 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 709,128
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
785 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 822,476
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,221,520
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,178,837
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,575 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,713,896
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 3,758,872
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 1,586,415
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA $ 8,452,239
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
6,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 6,430,620
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
4,065 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,440,565
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
3,280 Dormitory Authority of the State of New York, Revenue Bonds, 11/08 at 101.00 AAA 3,390,536
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,066,081
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
3,135 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 3,230,837
Insured Revenue Bonds, Southside Hospital, Series 1998,
5.000%, 2/15/25 - MBIA Insured
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,080,680
Health System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 -
AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,384,266
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,256,177
- ------------------------------------------------------------------------------------------------------------------------------------
60,405 Total Health Care 63,723,145
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.9% (3.2% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,230 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 1,333,000
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,334,698
5,740 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 6,122,973
35 New York State Housing Finance Agency, FHA-Insured 2/07 at 100.00 AAA 35,055
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,570 6.100%, 11/01/15 - FSA Insured 11/06 at 102.00 AAA 1,604,242
2,655 6.125%, 11/01/20 - FSA Insured 11/06 at 102.00 AAA 2,713,410
- ------------------------------------------------------------------------------------------------------------------------------------
12,460 Total Housing/Multifamily 13,143,378
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.1% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/07 at 102.00 AAA 3,075,150
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,228,809
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,185 Total Long-Term Care 4,303,959
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.4% (8.8% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 AAA 3,168,060
Revenue Bond Financing Program, Peekskill City School
District, Series 2005D, 5.000%, 10/01/33 - MBIA Insured
1,200 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa 1,303,920
5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 694,900
5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,147,280
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 744,821
General Obligation Bonds, Series 2000, 5.600%, 8/01/18 -
MBIA Insured
1,000 Monroe County, New York, General Obligation Public Improvement 3/12 at 100.00 AAA 1,068,380
Bonds, Series 2002, 5.000%, 3/01/16 - FGIC Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
$ 3,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA $ 3,220,500
2,300 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 2,467,394
2,300 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 2,472,040
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
4,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 4,306,280
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 530,835
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 530,835
Pavilion Central School District, Genesee County, New York,
General Obligation Bonds, Series 2005:
1,650 5.000%, 6/15/16 - FSA Insured 6/15 at 100.00 AAA 1,797,626
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,966,734
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aaa 1,264,962
Smithtown, Suffolk County, New York, General Obligation
Bonds, Series 2005, 5.000%, 6/01/18 - FGIC Insured
1,620 West Islip Union Free School District, Suffolk County, 10/15 at 100.00 Aaa 1,768,376
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/16 - FSA Insured
6,110 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 6,614,258
5.000%, 8/01/16 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
33,475 Total Tax Obligation/General 36,067,201
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 49.1% (32.4% OF TOTAL INVESTMENTS)
1,275 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,371,326
State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/20 -
MBIA Insured
2,250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 2,322,765
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
Dormitory Authority of the State of New York, Department of
Health Revenue Bonds, Series 2005A:
1,575 5.250%, 7/01/24 - CIFG Insured 7/15 at 100.00 AAA 1,712,450
500 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 528,835
75 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 76,595
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - MBIA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 41,129
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
75 Dormitory Authority of the State of New York, Improvement No Opt. Call AAA 80,924
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.875%, 2/15/16 - FSA Insured
100 Dormitory Authority of the State of New York, Improvement 8/11 at 100.00 AAA 107,846
Revenue Bonds, Mental Health Services Facilities,
Series 2001B, 5.500%, 8/15/19 - MBIA Insured
1,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,426,819
Bonds, 853 Schools Program - Anderson School, Series 1999E,
Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 2,129,580
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,063,960
Bonds, Nassau County Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,584,345
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 2,584,147
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 1,338,783
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC 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 AAA 2,306,221
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,277,184
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA $ 4,965,378
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 401,550
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,104,470
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,321,860
1,290 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,456,255
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
6,000 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 6,423,960
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
3,760 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 4,001,091
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 3,020,489
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,285,700
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,367,975
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,188,760
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,117,300
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,285,622
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,306,338
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 2,274,133
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,365,539
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,362,237
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,599,630
2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,343,000
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,701,744
5,370 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 5,685,004
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,581,690
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,159,720
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 1,786,625
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,137,820
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,133,535
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation,
Hotel Unit Fee Revenue Bonds, Series 2005:
2,100 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,222,094
5,200 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 5,436,964
2,265 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,281,580
Special Obligation Revenue Refunding Bonds, Riverbank
State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,346,860
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 1,794,975
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 7,350 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA $ 8,554,591
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,750 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,859,078
Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,793,164
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,075,850
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,833,090
1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,053,690
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,585,288
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
122,495 Total Tax Obligation/Limited 132,167,558
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.3% (11.4% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,199,700
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
3,390 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 3,578,552
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
1,500 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 1,589,880
4,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 4,971,049
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,416,012
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
2,080 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 2,256,322
2,625 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,797,436
1,475 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 1,567,468
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,139,218
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 - MBIA Insured (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
4,815 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 1/07 at 100.00 AAA 4,889,921
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 1/07 at 100.00 AAA 11,618,909
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 913,146
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,485,909
- ------------------------------------------------------------------------------------------------------------------------------------
44,490 Total Transportation 46,423,522
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.6% (9.6% OF TOTAL INVESTMENTS) (4)
3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 3,928,540
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
(Pre-refunded 7/01/09) - FSA Insured
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 71,985
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
3,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,205,800
Bonds, New Island Hospital, Series 1999A,
5.750%, 7/01/19 (Pre-refunded 7/01/09) - AMBAC Insured
965 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 1,144,895
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 - BIGI Insured (ETM)
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,081,790
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
3,405 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 3,528,602
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
23
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA $ 2,276,853
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured (ETM)
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,582,661
7,600 4.750%, 4/01/28 (Pre-refunded 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,167,263
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,092,620
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 5,359,314
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/19) - AMBAC Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,792,460
Fund Bonds, Series 2002A, 5.250%, 4/01/17 (Pre-refunded
4/01/12) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
36,525 Total U.S. Guaranteed 39,232,783
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.8% (5.8% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,614,025
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,654,350
2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 2,811,679
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 AAA 4,872,691
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 6,585,964
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,115,540
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
New York State Power Authority, General Revenue Bonds,
Series 2006A:
1,140 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,238,770
760 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 822,806
- ------------------------------------------------------------------------------------------------------------------------------------
22,220 Total Utilities 23,715,825
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.9% (3.9% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,814,679
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,114,180
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 1,048,480
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA $ 5,349,053
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
5,200 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 5,520,840
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,890 Total Water and Sewer 15,847,232
- ------------------------------------------------------------------------------------------------------------------------------------
$ 382,575 Total Investments (cost $390,511,063) - 151.7% 408,172,586
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 4,813,117
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.5)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 268,985,703
====================================================================================================================
All of the bonds in the Portfolio of Investments, are
either covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance, or are backed
by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, any of
which ensure the timely payment of principal and
interest.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.2% (8.0% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 543,845
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA 1,430,312
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 665,162
2,500 Dormitory Authority of the State of New York, General No Opt. Call AAA 3,023,875
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
1,015 Dormitory Authority of the State of New York, Insured Revenue 1/07 at 100.00 AAA 1,017,923
Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 -
AMBAC Insured
695 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 739,376
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
4,340 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,480,356
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
Dormitory Authority of the State of New York, Insured Revenue
Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,457,136
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 863,488
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 647,616
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,241,025
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 AAA 2,183,060
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,067,300
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,066,648
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,302,380
City University of New York, Series 2005A,
5.500%, 7/01/18 - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
775 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 881,531
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 707,569
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,039,380
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,447,780
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,481,462
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
2,750 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,918,658
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 1,270,393
1,350 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 1,430,662
1,195 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 1,264,214
- ------------------------------------------------------------------------------------------------------------------------------------
41,225 Total Education and Civic Organizations 44,171,151
- ------------------------------------------------------------------------------------------------------------------------------------
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 18.0% (11.9% OF TOTAL INVESTMENTS)
$ 740 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 777,414
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
5,995 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 103.00 AAA 6,182,524
Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 6,047,327
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 3,041,880
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,798,211
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
6,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 6,767,020
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,063,330
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
6,430 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 6,796,960
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,679,425
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,411,877
4,065 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,440,565
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
12,020 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 12,782,908
Winthrop South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured
2,025 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 2,153,527
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,008,236
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,292,944
- ------------------------------------------------------------------------------------------------------------------------------------
61,735 Total Health Care 65,244,148
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8% (3.1% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,470 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 1,593,098
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,595,126
5,445 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 5,808,290
3,630 New York City Housing Development Corporation, New York, 10/06 at 105.00 AAA 3,819,250
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
790 6.100%, 11/01/15 - FSA Insured 11/06 at 102.00 AAA 807,230
3,535 6.125%, 11/01/20 - FSA Insured 11/06 at 102.00 AAA 3,612,770
- ------------------------------------------------------------------------------------------------------------------------------------
16,340 Total Housing/Multifamily 17,235,764
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.5% (1.6% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,142,480
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
6,000 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 6,368,580
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
8,000 Total Long-Term Care 8,511,060
- ------------------------------------------------------------------------------------------------------------------------------------
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.7% (10.4% OF TOTAL INVESTMENTS)
$ 1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa $ 1,629,900
5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 815,276
5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 12/15 at 100.00 AAA 2,173,960
5.000%, 12/01/18 - MBIA Insured
45 New York City, New York, General Obligation Bonds, Fiscal 2/07 at 100.00 AAA 45,095
Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
3,995 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,123,799
5,430 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 5,636,774
4,880 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,016,494
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AAA 3,166,500
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,250 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,488,875
1,650 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,770,087
2,900 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 3,116,920
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,382,850
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 106,167
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 106,167
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 565,262
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 565,262
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 566,396
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 566,396
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 566,396
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 566,396
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 566,396
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 564,412
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 564,412
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,182,374
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,188,758
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,202,525
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,215,907
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,229,578
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 965,580
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 839,164
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 841,046
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 837,566
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 840,332
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 841,727
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 842,705
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 838,608
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,366,667
5.000%, 8/01/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
52,172 Total Tax Obligation/General 56,902,729
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.5% (31.3% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health
Services Facilities, Series 1996B:
45 5.375%, 2/15/26 - MBIA Insured 2/08 at 100.00 AAA 45,957
40 5.375%, 2/15/26 - FSA Insured 2/08 at 100.00 AAA 40,851
35 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 35,988
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA $ 7,607,925
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,870,859
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
2,250 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 2,371,860
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
2,270 5.000%, 2/15/15 - FGIC Insured No Opt. Call AAA 2,469,397
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,825,309
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,554,483
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,090 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,167,172
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,358,498
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,349,399
1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,919,096
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 8,029,950
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
5,015 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 5,336,562
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,034,148
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,349,200
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,283,140
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,471,900
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,514,294
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,238,528
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 4,300,960
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,632,368
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,628,422
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,599,630
3,640 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,876,600
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,084,636
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,355,952
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,581,690
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,049,830
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,079,320
7,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 8,098,950
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,401,045
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,137,820
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,700,095
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
$ 2,500 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA $ 2,645,350
6,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,273,420
2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,014,640
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,183,575
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 7,949,175
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 926,214
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 973,848
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,027,831
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,075,991
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,063,280
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/22 -
MBIA Insured
8,455 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 9,840,690
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
1,000 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,062,330
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 11,968,908
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,075,850
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,902,901
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,600,680
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
159,585 Total Tax Obligation/Limited 171,986,517
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.9% (7.9% 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 AAA 6,599,100
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,141,300
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,468,300
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,846,984
2,760 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,913,511
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured New York State
Thruway Authority, General Revenue Bonds, Series 2005G:
1,650 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 1,748,868
5,600 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 5,922,952
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,626,100
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
1,675 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AAA 1,780,006
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/31 - XLCA Insured
7,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,209,650
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,837,999
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,107,154
- ------------------------------------------------------------------------------------------------------------------------------------
40,465 Total Transportation 43,201,924
- ------------------------------------------------------------------------------------------------------------------------------------
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.7% (13.6% OF TOTAL INVESTMENTS) (4)
$ 70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA $ 71,985
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,279,360
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/18 (Pre-refunded 7/01/11) - FGIC Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,622,685
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
5,795 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,273,725
State University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded 5/15/12) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,755,578
2,235 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,971,717
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,201,089
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,649,714
505 Dormitory Authority of the State of New York, Suffolk County, 10/06 at 109.40 Baa1 (4) 689,471
Lease Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14 (ETM)
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 AAA 746,641
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 AAA 741,685
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
5,650 5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured 6/08 at 101.00 AAA 5,855,095
4,000 5.250%, 12/01/26 (Pre-refunded 6/01/08) - MBIA Insured 6/08 at 101.00 AAA 4,153,280
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 Aaa 1,106,430
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,106,430
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,057,125
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded 7/01/11) - FGIC Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 11,821,040
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,370,480
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,551,015
2,330 Nassau County, North Hempstead, New York, General Obligation 3/08 at 101.00 Aaa 2,393,656
Refunding Bonds, Series 1998B, 4.750%, 3/01/18
(Pre-refunded 3/01/08) - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 1998A:
10 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 10,231
50 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 51,157
1,075 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 1,145,380
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/19) - AMBAC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
155 5.125%, 8/01/25 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 160,994
10 5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 10,431
120 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 125,516
Series 1999I, 5.000%, 4/15/29 (Pre-refunded 4/15/09) -
MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,417,800
Fund Bonds, Series 2002A, 5.250%, 4/01/19 (Pre-refunded
4/01/12) - FSA Insured
New York State Urban Development Corporation, Service
Contract Revenue Bonds, Correctional Facilities, Series 2000C:
6,000 5.125%, 1/01/23 (Pre-refunded 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,373,500
2,000 5.250%, 1/01/30 (Pre-refunded 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,134,300
- ------------------------------------------------------------------------------------------------------------------------------------
71,300 Total U.S. Guaranteed 74,847,510
- ------------------------------------------------------------------------------------------------------------------------------------
31
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.1% (8.0% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
$ 4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA $ 1,925,560
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,847,520
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 6,634,650
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,267,890
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,816,470
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,156,200
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,136,830
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,317,938
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 AAA 6,450,413
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 8,269,875
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,346,620
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
New York State Power Authority, General Revenue Bonds,
Series 2006A:
975 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,059,474
650 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 703,716
- ------------------------------------------------------------------------------------------------------------------------------------
60,995 Total Utilities 43,933,156
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3% (4.2% OF TOTAL INVESTMENTS)
1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,361,009
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,225 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,334,919
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,285,450
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
5,920 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,295,506
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
7,100 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AAA 7,538,070
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 1,128,402
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
22,720 Total Water and Sewer 22,943,356
- ------------------------------------------------------------------------------------------------------------------------------------
$ 534,537 Total Investments (cost $516,936,353) - 151.7% 548,977,315
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,967,535
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.3)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 361,944,850
====================================================================================================================
All of the bonds in the Portfolio of Investments, are
either covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance, or are backed
by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, any of
which ensure the timely payment of principal and
interest.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
32
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.1% (13.2% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 543,845
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA 1,158,390
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 665,162
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,583,020
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 1,209,550
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,723,328
Bonds, Barnard College, Series 1996, 5.250%, 7/01/26 -
AMBAC Insured
670 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 712,780
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,873,915
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,183,060
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,302,380
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
800 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 909,968
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 730,394
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,197,424
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,644,120
Educational Facilities Revenue Bonds, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,073,200
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,667,623
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,915,146
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,503,168
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
2,750 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 2,918,658
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 1,291,654
1,350 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 1,430,662
1,215 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 1,285,373
13,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 13,766,084
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 6,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA $ 6,403,562
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
69,430 Total Education and Civic Organizations 73,692,466
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.1% (9.9% OF TOTAL INVESTMENTS)
750 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 787,920
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
3,995 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 103.00 AAA 4,119,964
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,097,720
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,845,638
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 AAA 1,063,330
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,513,630
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,679,425
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,507,537
4,070 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,446,027
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,571,230
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,008,236
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,292,944
3,350 New York State Medical Care Facilities Finance Agency, 2/07 at 100.00 AAA 3,355,394
FHA-Insured Mortgage Revenue Bonds, Montefiore Medical
Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
52,530 Total Health Care 55,288,995
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.5% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,500 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 1,625,610
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,627,680
5,515 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 5,882,961
3,019 New York City Housing Development Corporation, New York, 10/06 at 105.00 AAA 3,176,343
Multifamily Housing Revenue Bonds, Pass-Through Certificates,
Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
55 New York State Housing Finance Agency, FHA-Insured 2/07 at 100.00 AAA 55,086
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
1,505 New York State Housing Finance Agency, Mortgage Revenue 11/06 at 102.00 AAA 1,538,110
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
13,094 Total Housing/Multifamily 13,905,790
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (0.8% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/07 at 102.00 AAA 4,561,473
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
- ------------------------------------------------------------------------------------------------------------------------------------
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.0% (8.6% OF TOTAL INVESTMENTS)
$ 1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa $ 1,629,900
5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 880,936
5.250%, 4/01/13 - MBIA Insured
Monroe County, New York, General Obligation Public Improvement
Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,403,855
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,061,540
New York City, New York, General Obligation Bonds, Fiscal
Series 2001D:
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,689,211
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,223,675
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,277,500
5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,313,750
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,350 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,596,225
1,700 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,823,726
4,130 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 4,438,924
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,382,850
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,858,044
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,921,702
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 565,262
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 564,412
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 564,412
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,486,657
5.000%, 8/01/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
44,830 Total Tax Obligation/General 47,682,581
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.1% (31.0% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,534,689
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
40 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 40,725
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 - MBIA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 41,129
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
370 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 388,615
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
Dormitory Authority of the State of New York, Lease Revenue
Bonds, Madison-Oneida Board of Cooperative Educational
Services, Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,128,955
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,188,374
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,223,394
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,870,859
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
1,490 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 1,570,698
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC 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 AAA 2,502,032
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,277,184
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,527,497
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA $ 1,113,632
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series
2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,325,364
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,101,550
1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,930,385
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 8,029,950
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
5,100 Metropolitan Transportation Authority, New York, Dedicated Tax 11/16 at 100.00 AAA 5,427,012
Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,034,148
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,349,200
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,283,140
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,566,280
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,175,950
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,372,400
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 1,627,136
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,623,202
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 1,599,630
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,896,800
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,116,544
3,470 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,673,550
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,581,690
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,012,381
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,611,954
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,042,820
6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,479,160
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,147,179
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,972,139
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,700,095
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
2,535 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,682,385
6,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,341,382
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,183,575
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,063,280
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/22 -
MBIA Insured
8,455 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 9,840,690
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA $ 1,062,330
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 AAA 13,370,672
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,074,020
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,553,947
Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
1,980 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 2,086,306
Certificates of Participation, High School Facility,
Series 2005, 5.000%, 6/15/28 - FSA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,366,390
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,901,020
- ------------------------------------------------------------------------------------------------------------------------------------
159,315 Total Tax Obligation/Limited 172,613,439
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.8% (8.4% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,195,928
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,282,600
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,931,100
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 9,005,325
2,795 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,950,458
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
1,700 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 1,801,864
5,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 6,028,719
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,626,100
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
1,700 Port Authority of New York and New Jersey, Consolidated 6/15 at 101.00 AAA 1,806,573
Revenue Bonds, One Hundred Fortieth Series 2005,
5.000%, 12/01/31 - XLCA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,353,200
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,837,999
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,107,154
- ------------------------------------------------------------------------------------------------------------------------------------
43,745 Total Transportation 46,927,020
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.6% (14.2% OF TOTAL INVESTMENTS) (4)
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 71,985
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
3,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,615,535
Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26
(Pre-refunded 7/01/07) - AMBAC Insured
2,795 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,362,720
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,534,080
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,622,685
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
37
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA $ 8,820,414
State University Educational Facilities, Series 2002A,
5.125%, 5/15/19 (Pre-refunded 5/15/12) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,755,578
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,967,306
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,201,089
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,649,714
4,765 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,937,970
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
Longwood Central School District, Suffolk County, New York,
Series 2000:
910 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,006,851
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,560,066
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,223,920
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,370,480
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,092,620
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured (ETM) 7/08 at 101.00 AAA 10,300,700
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 7/08 at 101.00 AAA 4,605,300
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,186,960
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.750%, 6/15/27 (Pre-refunded 6/15/11) -
MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 1998A:
15 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 15,347
75 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 76,735
4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,314,787
Fund Bonds, Series 2001B, 5.250%, 4/01/17 (Pre-refunded
10/01/11) - MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,546,995
Fund Bonds, Series 2002A, 5.250%, 4/01/20 (Pre-refunded
4/01/12) - FSA Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,402,900
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.250%, 1/01/30 (Pre-refunded 1/01/11) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
75,530 Total U.S. Guaranteed 79,242,737
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.1% (7.3% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,902,368
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured (Alternative
Minimum Tax)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,925,560
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,847,520
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 2,211,550
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,958,410
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 4,238,430
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,697,800
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,614,025
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,654,350
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 AAA 6,632,870
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 8,574,583
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
New York State Power Authority, General Revenue Bonds,
Series 2006A:
$ 1,300 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA $ 1,412,632
865 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 936,484
- ------------------------------------------------------------------------------------------------------------------------------------
60,515 Total Utilities 40,606,582
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3% (4.1% OF TOTAL INVESTMENTS)
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 907,339
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,360 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,482,033
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,228,360
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,096,960
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
6,525 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,938,881
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
7,000 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AAA 7,431,900
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
21,715 Total Water and Sewer 23,085,473
- ------------------------------------------------------------------------------------------------------------------------------------
$ 545,154 Total Investments (cost $527,989,209) - 152.2% 557,606,556
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 5,798,665
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.8)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 366,405,221
====================================================================================================================
All of the bonds in the Portfolio of Investments, are
either covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance, or are backed
by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, any of
which ensure the timely payment of principal and
interest.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.6% (13.8% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 271,923
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 272,608
Dormitory Authority of the State of New York, General Revenue
Bonds, New York University, Series 2001-1:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,770,255
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 604,775
4,820 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,975,875
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 854,226
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,091,530
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
700 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 805,833
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
250 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 284,365
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 228,248
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,148,060
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 1,365,212
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,524,456
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
1,935 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 2,089,994
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,250 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,326,663
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 441,182
450 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 476,887
415 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 439,037
4,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 4,081,400
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/22 - MBIA Insured
1,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,280,712
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
24,465 Total Education and Civic Organizations 26,333,241
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.2% (14.2% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 101.00 AAA 3,034,770
Mortgage Hospital Revenue Bonds, Ellis Hospital,
Series 1995, 5.600%, 8/01/25 - MBIA Insured
200 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 210,112
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,950,624
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA $ 1,470,434
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
1,405 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,480,786
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 3,169,590
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 2,936,650
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
2,435 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,659,970
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 1/08 at 102.00 AAA 1,556,355
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 3,668,971
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 1,088,790
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,745,851
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,074,370
- ------------------------------------------------------------------------------------------------------------------------------------
25,665 Total Health Care 27,047,273
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.2% (2.7% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
400 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 433,496
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 434,048
2,165 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 2,309,449
1,990 New York State Housing Finance Agency, Mortgage Revenue 11/06 at 102.00 AAA 2,033,780
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,955 Total Housing/Multifamily 5,210,773
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.1% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,071,240
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 898,289
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,969,529
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.3% (6.9% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa 543,300
5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 344,714
5.250%, 4/01/13 - MBIA Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 239,595
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,059,340
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,073,500
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,180,058
1,000 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 1,074,800
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
41
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA $ 2,153,140
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,217,130
Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 -
MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,070,310
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
500 West Islip Union Free School District, Suffolk County, 10/15 at 100.00 Aaa 545,795
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/16 - FSA Insured
1,525 Yonkers, New York, General Obligation Bonds, Series 2005A, 8/15 at 100.00 AAA 1,650,858
5.000%, 8/01/16 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,150 Total Tax Obligation/General 13,152,540
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.3% (32.3% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AAA 750,216
of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
145 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 152,295
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 528,115
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 1,297,435
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 790,620
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D-1:
925 5.000%, 2/15/15 - FGIC Insured No Opt. Call AAA 1,006,252
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 638,592
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,641,549
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 912,047
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 401,550
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 828,353
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 564,440
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,676,650
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
1,700 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 1,809,004
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 -
MBIA Insured
1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,477,413
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,761,900
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,641,570
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,093,100
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 1,075,240
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 606,906
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 605,439
42
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:
$ 500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA $ 533,210
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 979,800
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 723,241
3,840 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,065,254
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,079,860
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,532,272
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,076,280
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,068,910
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,585,755
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
1,035 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 1,095,175
2,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 2,159,102
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,673,430
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,061,290
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/23 -
MBIA Insured
2,960 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,445,114
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 796,748
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
2,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,264,388
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,081,276
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,057,871
Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
FSA Insured
345 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 363,523
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,150,170
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,570,815
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
57,070 Total Tax Obligation/Limited 61,622,170
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.4% (7.7% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 549,925
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 2,129,494
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,118,900
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
MBIA Insured
1,475 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,557,040
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
600 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 635,952
1,900 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 2,009,573
43
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA $ 525,220
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,065,690
565 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 600,420
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 913,146
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,485,909
- ------------------------------------------------------------------------------------------------------------------------------------
13,630 Total Transportation 14,591,269
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.2% (10.9% OF TOTAL INVESTMENTS) (4)
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,163,580
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,836,273
University of Rochester, Series 2000A, 0.000%, 7/01/24
(Pre-refunded 7/01/10) - MBIA Insured
3,440 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 3,564,872
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 Aaa 553,215
Series 2000, 5.750%, 6/15/20 (Pre-refunded 6/15/11) -
FGIC Insured
1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,611,960
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded 10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 546,310
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
750 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 822,345
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/23 (Pre-refunded 4/01/13) - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002A:
1,500 5.250%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,625,340
1,000 5.250%, 4/01/18 (Pre-refunded 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,083,560
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,071,160
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 2,215,960
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded
3/15/13) - FGIC Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,316,940
Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 -
MBIA Insured (Alternative Minimum Tax) (ETM)
265 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA 286,176
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured (ETM)
- ------------------------------------------------------------------------------------------------------------------------------------
19,785 Total U.S. Guaranteed 20,697,691
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.8% (3.9% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 522,805
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 663,588
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 AAA 2,436,346
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 3,132,610
New York State Power Authority, General Revenue Bonds,
Series 2006A:
375 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 407,490
250 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 270,660
- ------------------------------------------------------------------------------------------------------------------------------------
6,950 Total Utilities 7,433,499
- ------------------------------------------------------------------------------------------------------------------------------------
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.8% (6.5% OF TOTAL INVESTMENTS)
$ 1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA $ 1,953,562
Revenue Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,814,679
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,057,090
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,096,960
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 2,105,591
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA 792,911
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 AAA 2,654,250
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,705 Total Water and Sewer 12,475,043
- ------------------------------------------------------------------------------------------------------------------------------------
$ 178,225 Total Investments (cost $182,075,138) - 149.4% 190,533,028
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 2,013,180
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.0)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 127,546,208
====================================================================================================================
All of the bonds in the Portfolio of Investments, are
either covered by Original Issue Insurance, Secondary
Market Insurance or Portfolio Insurance, or are backed
by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, any of
which ensure the timely payment of principal and
interest.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
45
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.8% (2.6% OF TOTAL INVESTMENTS)
$ 2,650 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 2,712,381
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,055,370
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
865 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 892,239
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
4,515 Total Consumer Staples 4,659,990
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.9% (10.1% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,463,960
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 1,321,395
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,091,530
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 575,595
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 3,893,533
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
1,250 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 1,326,663
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
395 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 419,921
450 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 476,887
395 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 417,878
25 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 25,509
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/22 - MBIA Insured
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AAA 4,224,840
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
16,545 Total Education and Civic Organizations 18,237,711
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.6% (16.7% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,027,920
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,470,434
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,402,697
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.600%, 2/15/39 -
AMBAC Insured
1,500 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,594,995
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,168,101
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 179,610
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
46
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA $ 1,848,803
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,620 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,769,672
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 637,626
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 2,582,600
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 751,265
Health System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 -
FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,611,555
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,074,370
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 784,131
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,112,162
- ------------------------------------------------------------------------------------------------------------------------------------
28,325 Total Health Care 30,015,941
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.5% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,828,605
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,426,068
- ------------------------------------------------------------------------------------------------------------------------------------
4,100 Total Housing/Multifamily 4,254,673
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7% (1.8% OF TOTAL INVESTMENTS)
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 1,072,130
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,602,015
525 New York State Dormitory Authority, GNMA Collateralized 2/17 at 103.00 AA 567,158
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41 (WI/DD, Settling 10/12/06)
- ------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 3,241,303
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.7% (10.0% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,625,218
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,590,531
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,352,406
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AAA 3,220,170
Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,453,938
Series 2002C, 5.125%, 3/15/25 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,700 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,824,950
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,180,058
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 571,200
Series 2006C, 5.000%, 8/01/16 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,153,140
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
16,680 Total Tax Obligation/General 17,971,611
- ------------------------------------------------------------------------------------------------------------------------------------
47
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 36.8% (24.9% OF TOTAL INVESTMENTS)
$ 250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA $ 259,182
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 230,461
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
300 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 316,248
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,238,290
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 171,328
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 441,788
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,451,811
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
1,615 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 1,718,554
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 -
MBIA Insured
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,234,600
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
1,000 Nassau County Interim Finance Authority, New York, Sales 11/13 at 100.00 AAA 1,075,240
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:
500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 533,210
3,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,621,000
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,106,134
5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA 5,407,500
Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 1,079,860
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
500 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 534,455
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
500 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 529,070
1,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 1,045,570
2,625 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,055,211
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,048,732
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,074,020
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,668
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 9,910,726
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
41,050 Total Tax Obligation/Limited 44,896,658
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.3% (8.4% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,141,300
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,237,800
140 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 147,787
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
$ 350 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA $ 370,972
1,000 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,057,670
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 89,287
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Fortieth Series 2005:
500 5.000%, 12/01/19 - FSA Insured 6/15 at 101.00 AAA 542,385
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,065,690
345 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 366,628
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,130,040
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 - FGIC Insured (Alternative Minimum Tax)
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 913,146
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,200 Total Transportation 15,062,705
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 12.0% (8.1% OF TOTAL INVESTMENTS) (4)
170 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 204,530
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 (ETM)
4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,142,398
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded 5/15/12) - FGIC Insured
680 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 704,684
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,040,318
Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)
3,000 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AAA 3,230,640
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A, 5.125%, 3/15/27 (Pre-refunded 3/15/12)
2,575 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 2,772,812
Bonds, Series 2000A, 5.500%, 10/01/40
1,420 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,539,408
Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
- ------------------------------------------------------------------------------------------------------------------------------------
13,530 Total U.S. Guaranteed 14,634,790
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.8% (12.8% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,228,050
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,882,624
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 AAA 1,824,576
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 1,389,895
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,232,550
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 -
AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,291,000
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,110,666
Westchester County, New York, Resource Recovery Revenue
Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
21,805 Total Utilities 22,959,361
- ------------------------------------------------------------------------------------------------------------------------------------
49
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3% (2.2% OF TOTAL INVESTMENTS)
$ 1,500 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA $ 1,581,180
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
2,295 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 2,436,602
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
3,795 Total Water and Sewer 4,017,782
- ------------------------------------------------------------------------------------------------------------------------------------
$ 167,570 Total Investments (cost $170,984,877) - 147.4% 179,952,525
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.6% 3,125,391
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.0)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 122,077,916
====================================================================================================================
At least 80% of the Fund's net assets (including net
assets attributable to Preferred shares) are invested
in municipal securities that are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance which ensures the timely payment of
principal and interest. Up to 20% of the Fund's net
assets (including net assets attributable to Preferred
shares) may be invested in municipal securities that
are (i) either backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities (also ensuring the timely payment of
principal and interest), or (ii) rated, at the time of
investment, within the four highest grades (Baa or BBB
or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
50
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.7% (2.5% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,583,055
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
350 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 361,022
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Consumer Staples 1,944,077
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.2% (13.5% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,074,040
Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 -
RAAI Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 2,231,980
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,091,530
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,037,330
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 Aaa 2,691,025
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Rochester Institute of Technology, Series 2006A:
100 5.250%, 7/01/20 - AMBAC Insured No Opt. Call Aaa 113,746
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 91,299
625 New York City Industrial Development Agency, New York, 1/17 at 100.00 AAA 663,331
Revenue Bonds, Queens Baseball Stadium, Series 2006,
5.000%, 1/01/36 - AMBAC Insured
New York City Industrial Development Authority, New York,
Revenue Bonds, Yankee Stadium Project, Series 2006:
170 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 180,725
225 5.000%, 3/01/36 - FGIC Insured 9/16 at 100.00 AAA 238,444
170 5.000%, 1/01/39 - AMBAC Insured 1/17 at 100.00 AAA 179,846
- ------------------------------------------------------------------------------------------------------------------------------------
9,870 Total Education and Civic Organizations 10,593,296
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.7% (15.2% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,086,420
Mortgage Hospital Revenue Bonds, Lutheran Medical Center,
Series 2003, 5.000%, 8/01/31 - MBIA Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 3,120,600
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,063,330
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 26,794
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
820 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 895,760
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 A3 532,750
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 797,033
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 544,395
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
51
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA $ 2,836,337
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,235 Total Health Care 11,903,419
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 3.0% (2.0% OF TOTAL INVESTMENTS)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,263,198
Nursing Home Mortgage Revenue Bonds, Shorefront
Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
300 New York State Dormitory Authority, GNMA Collateralized 2/17 at 103.00 AA 324,090
Revenue Bonds, Cabrini of Westchester Project, Series 2006,
5.200%, 2/15/41 (WI/DD, Settling 10/12/06)
- ------------------------------------------------------------------------------------------------------------------------------------
1,485 Total Long-Term Care 1,587,288
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.6% (5.8% OF TOTAL INVESTMENTS)
2,310 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 2,384,474
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
250 New York City, New York, General Obligation Bonds, Fiscal 11/14 at 100.00 AAA 268,375
Series 2004E, 5.000%, 11/01/19 - FSA Insured
225 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 244,800
Series 2006C, 5.000%, 8/01/16 - FSA Insured
1,500 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 1,614,855
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,285 Total Tax Obligation/General 4,512,504
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.2% (28.2% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,934,963
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
MBIA Insured
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 151,895
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,238,290
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
715 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 760,846
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 -
MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,058,650
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 587,776
Revenue Bonds, Series 2003, 5.500%, 1/01/34
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
610 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 649,650
555 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 590,292
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,239,580
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 2,114,340
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,365,813
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
950 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 1,105,696
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,293,936
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,668
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
100 New York State Urban Development Corporation, Revenue 1/08 at 102.00 AAA 103,567
Refunding Bonds, Correctional Capital Facilities, Series 1998,
5.000%, 1/01/20 - MBIA Insured
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AA- $ 2,136,760
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
- ------------------------------------------------------------------------------------------------------------------------------------
20,570 Total Tax Obligation/Limited 22,145,722
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2% (5.5% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,059,450
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,236,343
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,030 Total Transportation 4,295,793
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 26.9% (18.0% OF TOTAL INVESTMENTS) (4)
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 415,129
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,704,475
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
100 Erie County Water Authority, New York, Water Revenue Bonds, No Opt. Call AAA 115,132
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
1,000 5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured 6/08 at 101.00 AAA 1,036,300
2,725 5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured 6/08 at 101.00 AAA 2,823,918
90 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 93,480
Series 1998H, 5.125%, 8/01/25 (Pre-refunded 8/01/08) -
MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,749,059
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
500 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 553,990
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,126,265
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded 1/01/12) - MBIA Insured
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 486,041
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
- ------------------------------------------------------------------------------------------------------------------------------------
13,235 Total U.S. Guaranteed 14,103,789
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.8% (8.5% 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 AAA 1,212,806
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 930,161
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,130,580
Series 2002A, 5.000%, 11/15/20
New York State Power Authority, General Revenue Bonds,
Series 2006A:
165 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 179,296
110 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 119,090
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,116,400
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,275 Total Utilities 6,688,333
- ------------------------------------------------------------------------------------------------------------------------------------
53
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS September 30, 2006
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.3% (0.8% OF TOTAL INVESTMENTS)
$ 640 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA $ 674,637
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 73,475 Total Investments (cost $75,391,010) - 149.6% 78,448,858
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 975,721
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.5)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 52,424,579
====================================================================================================================
At least 80% of the Fund's net assets (including net
assets attributable to Preferred shares) are invested
in municipal securities that are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance which ensures the timely payment of
principal and interest. Up to 20% of the Fund's net
assets (including net assets attributable to Preferred
shares) may be invested in municipal securities that
are (i) either backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities (also ensuring the timely payment of
principal and interest), or (ii) rated, at the time of
investment, within the four highest grades (Baa or BBB
or better by Moody's, S&P or Fitch) or unrated but
judged to be of comparable quality by the Adviser.
(1) All percentages shown in the Portfolio of Investments
are based on net assets applicable to Common shares
unless otherwise noted.
(2) Optional Call Provisions (not covered by the report of
independent registered public accounting firm): Dates
(month and year) and prices of the earliest optional
call or redemption. There may be other call provisions
at varying prices at later dates. Certain
mortgage-backed securities may be subject to periodic
principal paydowns.
(3) Ratings (not covered by the report of independent
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating. Ratings below BBB
by Standard & Poor's Group or Baa by Moody's Investor
Service, Inc. 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.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
See accompanying notes to financial statements.
54
Statement of
ASSETS AND LIABILITIES September 30, 2006
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $390,511,063, $516,936,353 and
$527,989,209, respectively) $408,172,586 $548,977,315 $557,606,556
Cash -- -- --
Receivables:
Interest 5,807,318 7,527,534 7,620,331
Investments sold 3,996,975 4,922,013 5,186,913
Other assets 40,232 50,162 59,931
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 418,017,111 561,477,024 570,473,731
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 1,732,047 2,666,283 3,006,235
Payable for investments purchased 2,924,838 3,406,895 3,574,802
Accrued expenses:
Management fees 210,769 281,281 285,386
Other 106,400 132,496 134,327
Preferred share dividends payable 57,354 45,219 67,760
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 5,031,408 6,532,174 7,068,510
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $268,985,703 $361,944,850 $366,405,221
====================================================================================================================================
Common shares outstanding 17,720,933 23,435,202 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.18 $ 15.44 $ 15.21
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837
Paid-in surplus 248,904,099 327,923,797 335,102,933
Undistributed (Over-distribution of) net investment income 708,393 804,030 392,711
Accumulated net realized gain (loss) from investments
and derivative transactions 1,534,479 941,709 1,051,393
Net unrealized appreciation (depreciation) of investments 17,661,523 32,040,962 29,617,347
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $268,985,703 $361,944,850 $366,405,221
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
55
Statement of
ASSETS AND LIABILITIES September 30, 2006 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $182,075,138, $170,984,877 and
$75,391,010, respectively) $190,533,028 $179,952,525 $78,448,858
Cash -- 156,519 --
Receivables:
Interest 2,694,601 2,508,708 970,934
Investments sold 1,836,837 1,111,217 1,111,217
Other assets 5,791 5,979 2,596
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 195,070,257 183,734,948 80,533,605
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 1,058,476 -- 746,535
Payable for investments purchased 1,299,928 559,897 319,941
Accrued expenses:
Management fees 99,717 49,839 20,573
Other 39,966 34,761 16,428
Preferred share dividends payable 25,962 12,535 5,549
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,524,049 657,032 1,109,026
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $127,546,208 $122,077,916 $52,424,579
====================================================================================================================================
Common shares outstanding 8,329,215 7,957,934 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.31 $ 15.34 $ 14.92
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128
Paid-in surplus 118,406,693 112,920,342 49,501,696
Undistributed (Over-distribution of) net investment income 278,452 15,184 (95,526)
Accumulated net realized gain (loss) from investments
and derivative transactions 319,881 95,163 (74,567)
Net unrealized appreciation (depreciation) of investments 8,457,890 8,967,648 3,057,848
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $127,546,208 $122,077,916 $52,424,579
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
56
Statement of
OPERATIONS Year Ended September 30, 2006
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $19,135,442 $25,959,191 $26,009,237
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,574,390 3,427,242 3,478,106
Preferred shares - auction fees 360,121 482,798 492,759
Preferred shares - dividend disbursing agent fees 30,000 30,000 40,000
Shareholders' servicing agent fees and expenses 37,055 39,313 37,767
Custodian's fees and expenses 104,408 130,735 149,315
Directors'/Trustees' fees and expenses 8,791 12,043 12,163
Professional fees 24,587 28,741 30,119
Shareholders' reports - printing and mailing expenses 41,040 50,829 53,576
Stock exchange listing fees 9,983 9,977 9,964
Investor relations expense 41,462 54,296 55,220
Portfolio insurance expense -- 6,428 --
Other expenses 34,321 42,617 40,092
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,266,158 4,315,019 4,399,081
Custodian fee credit (38,045) (69,909) (54,204)
Expense reimbursement -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,228,113 4,245,110 4,344,877
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 15,907,329 21,714,081 21,664,360
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 1,505,810 782,279 923,472
Change in net unrealized appreciation (depreciation)
of investments (2,357,937) (2,287,599) (1,988,253)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (852,127) (1,505,320) (1,064,781)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,983,982) (4,842,564) (4,914,770)
From accumulated net realized gains (1,531,013) (1,136,286) (1,218,931)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (4,514,995) (5,978,850) (6,133,701)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $10,540,207 $14,229,911 $14,465,878
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
OPERATIONS Year Ended September 30, 2006 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $8,823,800 $8,451,802 $3,562,380
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,215,113 1,154,579 502,558
Preferred shares - auction fees 162,601 152,594 67,541
Preferred shares - dividend disbursing agent fees 20,000 10,000 10,000
Shareholders' servicing agent fees and expenses 15,495 1,997 872
Custodian's fees and expenses 52,985 50,711 25,058
Directors'/Trustees' fees and expenses 4,236 3,824 1,578
Professional fees 16,632 16,213 12,636
Shareholders' reports - printing and mailing expenses 14,194 19,717 11,394
Stock exchange listing fees 9,971 677 299
Investor relations expense 20,666 19,650 10,235
Portfolio insurance expense -- -- --
Other expenses 14,575 16,996 13,136
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,546,468 1,446,958 655,307
Custodian fee credit (21,353) (13,147) (8,014)
Expense reimbursement -- (545,630) (251,783)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,525,115 888,181 395,510
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,298,685 7,563,621 3,166,870
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 293,978 95,249 89,791
Change in net unrealized appreciation (depreciation)
of investments (707,934) (701,606) (257,428)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (413,956) (606,357) (167,637)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (1,528,170) (1,625,107) (745,283)
From accumulated net realized gains (419,333) (237,461) (12,658)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (1,947,503) (1,862,568) (757,941)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $4,937,226 $5,094,696 $2,241,292
====================================================================================================================================
See accompanying notes to financial statements.
58
Statement of
CHANGES IN NET ASSETS
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
----------------------------- ------------------------------ -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/06 9/30/05 9/30/06 9/30/05 9/30/06 9/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 15,907,329 $ 16,823,792 $ 21,714,081 $ 22,714,987 $ 21,664,360 $ 22,347,087
Net realized gain (loss)
from investments 1,505,810 11,280,637 782,279 7,520,987 923,472 7,715,858
Net realized gain (loss)
from forward swaps -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments (2,357,937) (14,661,338) (2,287,599) (9,640,550) (1,988,253) (9,585,443)
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- -- --
Distributions to
Preferred Shareholders:
From net investment income (2,983,982) (2,241,432) (4,842,564) (3,192,789) (4,914,770) (3,322,753)
From accumulated net
realized gains (1,531,013) (207,408) (1,136,286) (165,437) (1,218,931) (134,345)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common
shares from operations 10,540,207 10,994,251 14,229,911 17,237,198 14,465,878 17,020,404
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (13,281,844) (16,586,798) (17,869,346) (21,419,779) (18,245,845) (21,167,079)
From accumulated net
realized gains (9,475,383) (4,864,391) (6,350,504) (2,999,710) (6,512,243) (2,167,643)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (22,757,227) (21,451,189) (24,219,850) (24,419,489) (24,758,088) (23,334,722)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (12,217,020) (10,456,938) (9,989,939) (7,182,291) (10,292,210) (6,314,318)
Net assets applicable
to Common shares at
the beginning of year 281,202,723 291,659,661 371,934,789 379,117,080 376,697,431 383,011,749
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable
to Common shares at
the end of year $268,985,703 $281,202,723 $361,944,850 $371,934,789 $366,405,221 $376,697,431
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income
at the end of year $ 708,393 $ 1,076,914 $ 804,030 $ 1,962,665 $ 392,711 $ 2,027,816
====================================================================================================================================
See accompanying notes to financial statements.
59
Statement of
CHANGES IN NET ASSETS (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
---------------------------- ----------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/06 9/30/05 9/30/06 9/30/05 9/30/06 9/30/05
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,298,685 $ 7,599,744 $ 7,563,621 $ 7,780,214 $ 3,166,870 $ 3,159,002
Net realized gain (loss)
from investments 293,978 3,350,095 95,249 1,654,938 89,791 194,563
Net realized gain (loss)
from forward swaps -- -- -- -- -- (164,162)
Change in net unrealized
appreciation (depreciation)
of investments (707,934) (4,007,124) (701,606) (804,193) (257,428) 748,362
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- -- 71,962
Distributions to
Preferred Shareholders:
From net investment income (1,528,170) (977,190) (1,625,107) (1,006,110) (745,283) (443,675)
From accumulated net
realized gains (419,333) (91,205) (237,461) (58,911) (12,658) --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common
shares from operations 4,937,226 5,874,320 5,094,696 7,565,938 2,241,292 3,566,052
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (6,067,834) (7,358,861) (6,203,208) (6,835,866) (2,409,814) (2,701,380)
From accumulated net
realized gains (2,743,643) (1,528,887) (1,482,563) (921,520) (89,226) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (8,811,477) (8,887,748) (7,685,771) (7,757,386) (2,499,040) (2,701,380)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (3,874,251) (3,013,428) (2,591,075) (191,448) (257,748) 864,672
Net assets applicable to
Common shares at the
beginning of year 131,420,459 134,433,887 124,668,991 124,860,439 52,682,327 51,817,655
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $127,546,208 $131,420,459 $122,077,916 $124,668,991 $52,424,579 $52,682,327
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income
at the end of year $ 278,452 $ 602,243 $ 15,184 $ 279,899 $ (95,526) $ (109,502)
====================================================================================================================================
See accompanying notes to financial statements.
60
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc.
(NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured
New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York
Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free
Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New
York Stock Exchange, with the exception of Insured New York Dividend Advantage's
(NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common
shares, which trade on the American Stock Exchange. The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service establishes fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or a forward
swap contract, each Fund may use a market price or fair market value quote
provided by a major broker/dealer in such investments. If it is determined that
the market price or fair market value for an investment is unavailable or
inappropriate, the Board of Directors/Trustees of the Funds, or its designee,
may establish a fair value for the investment. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term investments are valued at amortized cost, which approximates market
value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At September 30, 2006,
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) had outstanding when-issued/delayed delivery purchase
commitments of $559,897 and $319,941, respectively. There were no such
outstanding purchase commitments in any of the other 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 net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. All monthly tax-exempt
income dividends paid during the fiscal year ended September 30, 2006, have been
designated Exempt Interest Dividends. Net realized capital gains and ordinary
income distributions paid by the Funds are subject to federal taxation.
61
Notes to
FINANCIAL STATEMENTS (continued)
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate paid 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.
The number of Preferred shares outstanding, by Series and in total, for each
Fund is as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------
Number of shares:
Series M 960 -- 2,200 1,320 -- --
Series T 2,400 1,720 -- 1,280 -- --
Series W -- 2,400 2,200 -- -- --
Series TH -- 3,600 2,400 -- 2,440 1,080
Series F 2,400 -- 1,080 -- -- --
- ------------------------------------------------------------------------------------------------------------
Total 5,760 7,720 7,880 2,600 2,440 1,080
============================================================================================================
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest only in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets (including net assets
attributable to Preferred shares) in municipal securities that are covered by
insurance. Each Fund may also invest up to 20% of its net assets (including net
assets attributable to Preferred shares) in municipal securities which are
either (i) backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities, or (ii) rated, at the time of investment,
within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch)
or unrated but judged to be of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
62
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
The Funds' use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount. At September 30, 2006, the
Funds did not have any forward swap contracts outstanding.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
None of the Funds engaged in transactions in their own shares during the fiscal
year ended September 30, 2006, nor during the fiscal year ended September 30,
2005.
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the fiscal year ended September 30, 2006,
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 $66,266,905 $82,361,141 $79,222,563 $27,262,730 $20,287,785 $6,228,567
Sales and maturities 75,334,068 89,118,466 87,526,706 28,510,344 19,806,837 5,864,530
============================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount and timing differences in recognizing
certain gains and losses on investment transactions. 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.
63
Notes to
FINANCIAL STATEMENTS (continued)
At September 30, 2006, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- --------------------------------------------------------------------------------
Cost of investments $390,288,399 $516,820,406 $527,870,711
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Cost of investments $182,024,297 $170,927,488 $75,509,660
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2006, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $17,946,059 $32,202,215 $29,791,155
Depreciation (61,872) (45,306) (55,310)
- --------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $17,884,187 $32,156,909 $29,735,845
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $8,539,582 $9,068,959 $3,060,352
Depreciation (30,851) (43,922) (121,154)
- --------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $8,508,731 $9,025,037 $2,939,198
================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2006, the Funds' tax year end,
were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $1,486,801 $2,127,474 $1,671,486 $728,205 $459,741 $101,272
Undistributed net ordinary income ** 39,794 220 22,007 133 -- --
Undistributed net long-term capital gains 1,534,546 941,709 1,060,604 319,882 95,163 44,282
=====================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2006, paid on October 2, 2006.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
64
The tax character of distributions paid during the tax years ended September 30,
2006 and September 30, 2005, 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
2006 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -----------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $16,493,057 $22,926,465 $23,334,752 $7,663,027 $7,871,436 $3,163,396
Distributions from net ordinary income ** -- -- 31,444 -- 4,227 --
Distributions from net long-term
capital gains *** 11,006,407 7,486,790 7,731,174 3,162,976 1,716,383 104,088
=======================================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
2005 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -----------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $19,017,826 $24,849,577 $24,701,084 $8,413,676 $7,899,143 $3,186,364
Distributions from net ordinary income ** -- -- 22,888 -- 3,793 --
Distributions from net long-term
capital gains 5,071,799 3,165,147 2,301,988 1,620,092 976,638 --
=======================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** The Funds designated as a long-term capital gain dividend, pursuant to
Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the
earnings and profits of the Funds related to net capital gain to zero for
the tax year ended September 30, 2006.
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. ("Nuveen"), and a specific fund-level component, based only on
the amount of assets within each individual fund. This pricing structure enables
Nuveen fund shareholders to benefit from growth in the assets within each
individual fund as well as from growth in the amount of complex-wide assets
managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of September 30, 2006, the complex-level fee rate was .1857%.
65
Notes to
FINANCIAL STATEMENTS (continued)
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to its Officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
- --------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
66
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
- --------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
6. NEW ACCOUNTING PRONOUNCEMENTS
Financial Accounting Standards Board Interpretation No. 48
On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48 Accounting for Uncertainty in Income Taxes (FIN 48). FIN
48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Fund's tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006 and is to be applied
to all open tax years as of the effective date. At this time, management is
evaluating the implications of FIN 48 and does not expect the adoption of FIN 48
will have a significant impact on the net assets or results of operations of the
Funds.
Financial Accounting Standards Board Statement on Financial Accounting Standards
No. 157 In September 2006, the Financial Accounting Standards Board (FASB)
issued Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of September 30, 2006, the Funds do not believe the adoption of
SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.
7. SUBSEQUENT EVENT
Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 1, 2006, to shareholders of record
on October 15, 2006, 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 $.0555 $.0595 $.0565 $.0570 $.0615 $.0545
============================================================================================================
67
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $15.87 $ .90 $ (.05) $(.17) $(.09) $ .59 $(.75) $(.53) $(1.28)
2005 16.46 .95 (.19) (.13) (.01) .62 (.94) (.27) (1.21)
2004 16.80 1.02 .12 (.05) (.03) 1.06 (.99) (.41) (1.40)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
NEW YORK SELECT
QUALITY (NVN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 15.87 .93 (.07) (.21) (.05) .60 (.76) (.27) (1.03)
2005 16.18 .97 (.09) (.14) (.01) .73 (.91) (.13) (1.04)
2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
NEW YORK QUALITY
INCOME (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 15.64 .90 (.05) (.20) (.05) .60 (.76) (.27) (1.03)
2005 15.90 .93 (.07) (.14) (.01) .71 (.88) (.09) (.97)
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
====================================================================================================================================
Total Returns
----------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value* Value*
==========================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- ------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $ -- $15.18 $13.99 2.39% 4.03%
2005 -- 15.87 14.94 4.08 3.90
2004 -- 16.46 15.52 10.21 6.61
2003 -- 16.80 15.38 3.63 5.68
2002 -- 16.92 15.86 14.54 14.52
NEW YORK SELECT
QUALITY (NVN)
- ------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 -- 15.44 14.34 4.53 4.10
2005 -- 15.87 14.74 4.93 4.64
2004 -- 16.18 15.04 6.96 7.27
2003 -- 16.28 15.22 4.57 5.63
2002 -- 16.48 15.62 15.35 14.27
NEW YORK QUALITY
INCOME (NUN)
- ------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 -- 15.21 14.11 4.27 4.06
2005 -- 15.64 14.53 5.52 4.56
2004 -- 15.90 14.70 6.77 6.41
2003 -- 16.09 14.89 4.37 5.32
2002 -- 16.37 15.35 13.79 14.14
==========================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement**
------------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=============================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- -----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $268,986 1.22% 5.92% 1.21% 5.94% 16%
2005 281,203 1.19 5.88 1.18 5.89 30
2004 291,660 1.18 6.26 1.18 6.26 11
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
NEW YORK SELECT
QUALITY (NVN)
- -----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 361,945 1.20 6.03 1.18 6.05 15
2005 371,935 1.18 6.03 1.18 6.04 17
2004 379,117 1.19 6.31 1.19 6.32 8
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
NEW YORK QUALITY
INCOME (NUN)
- -----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 366,405 1.21 5.95 1.20 5.96 14
2005 376,697 1.19 5.86 1.18 5.86 17
2004 383,012 1.19 6.21 1.19 6.21 10
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
=============================================================================================================================
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:
2006 $144,000 $25,000 $71,699
2005 144,000 25,000 73,820
2004 144,000 25,000 75,635
2003 144,000 25,000 76,617
2002 144,000 25,000 76,992
NEW YORK SELECT
QUALITY (NVN)
- --------------------------------------------------------------------
Year Ended 9/30:
2006 193,000 25,000 71,884
2005 193,000 25,000 73,178
2004 193,000 25,000 74,108
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
NEW YORK QUALITY
INCOME (NUN)
- --------------------------------------------------------------------
Year Ended 9/30:
2006 197,000 25,000 71,498
2005 197,000 25,000 72,804
2004 197,000 25,000 73,606
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
====================================================================
* Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
See accompanying notes to financial statements.
68-69 spread
Financial HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- --------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $15.78 $ .88 $ (.06) $(.18) $(.05) $ .59 $(.73) $(.33) $(1.06)
2005 16.14 .91 (.08) (.12) (.01) .70 (.88) (.18) (1.06)
2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 15.67 .95 (.08) (.20) (.03) .64 (.78) (.19) (.97)
2005 15.69 .98 .12 (.13) (.01) .96 (.86) (.12) (.98)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 15.00 .90 (.05) (.21) --**** .64 (.69) (.03) (.72)
2005 14.75 .90 .25 (.13) -- 1.02 (.77) -- (.77)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
====================================================================================================================================
Total Returns
-----------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
===============================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- -----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $ -- $15.31 $14.26 3.30% 3.96%
2005 -- 15.78 14.86 4.64 4.50
2004 -- 16.14 15.23 7.14 6.40
2003 -- 16.07 15.10 .56 5.26
2002 -- 16.17 15.94 15.88 12.21
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- -----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 -- 15.34 14.85 7.92 4.29
2005 -- 15.67 14.68 9.28 6.23
2004 -- 15.69 14.35 7.55 8.48
2003 -- 15.44 14.30 (.77) 4.01
2002(a) (.13) 15.82 15.39 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- -----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 -- 14.92 14.08 5.79 4.38
2005 -- 15.00 14.02 8.65 7.05
2004 -- 14.75 13.64 5.83 8.58
2003(b) (.23) 14.42 13.71 (4.40) 5.29
===============================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------- -------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 $127,546 1.22% 5.75% 1.21% 5.77% 14%
2005 131,420 1.20 5.71 1.20 5.71 22
2004 134,434 1.21 6.11 1.20 6.11 16
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 122,078 1.20 5.79 .73 6.26 11
2005 124,669 1.18 5.75 .72 6.21 12
2004 124,860 1.20 5.91 .74 6.37 9
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006 52,425 1.27 5.62 .77 6.13 8
2005 52,682 1.25 5.53 .76 6.01 7
2004 51,818 1.26 5.85 .76 6.35 16
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
===================================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
============================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- ----------------------------------------------------------------------------
Year Ended 9/30:
2006 $65,000 $25,000 $74,056
2005 65,000 25,000 75,546
2004 65,000 25,000 76,705
2003 65,000 25,000 76,436
2002 65,000 25,000 76,759
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- ----------------------------------------------------------------------------
Year Ended 9/30:
2006 61,000 25,000 75,032
2005 61,000 25,000 76,094
2004 61,000 25,000 76,172
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- ----------------------------------------------------------------------------
Year Ended 9/30:
2006 27,000 25,000 73,541
2005 27,000 25,000 73,780
2004 27,000 25,000 72,979
2003(b) 27,000 25,000 71,894
============================================================================
* Annualized.
** Total Return on Market Value is the combination of changes in the market
price per share and the effect of reinvested dividend income and reinvested
capital gains distributions, if any, at the average price paid per share at
the time of reinvestment. Total Return on Common Share Net Asset Value is
the combination of changes in Common share net asset value, reinvested
dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
**** Per Share Distributions from Capital Gain to Preferred Shareholders rounds
to less than $.01 per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
70-71 spread
Board Members
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at nine. None of the board members who are not "interested" persons of the Funds
has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger(1) Chairman of 1994 Chairman (since 1996) and Director of Nuveen Investments, 167
3/28/49 the Board Inc., Nuveen Investments, LLC, Nuveen Advisory Corp. and
333 W. Wacker Drive and Board Nuveen Institutional Advisory Corp.(3); formerly, Director
Chicago, IL 60606 Member (1996-2006) of Institutional Capital Corporation; Chairman
and Director (since 1997) of Nuveen Asset Management;
Chairman and Director of Rittenhouse Asset Management,
Inc. (since 1999); Chairman of Nuveen Investments
Advisers Inc. (since 2002).
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Lead Independent 1997 Private Investor and Management Consultant. 167
8/22/40 Board member
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Board member 1993 Retired (since 1989) as Senior Vice President of The 167
7/29/34 Northern Trust Company; Director (since 2002) Community
333 W. Wacker Drive Advisory Board for Highland Park and Highwood, United
Chicago, IL 60606 Way of the North Shore.
- ------------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a private philanthropic 167
10/22/48 corporation (since 1996); Director and Vice Chairman, United
333 W. Wacker Drive Fire Group, a publicly held company; Adjunct Faculty Member,
Chicago, IL 60606 University of Iowa; Director, Gazette Companies; Life Trustee
of Coe College and Iowa College Foundation; formerly,
Director, Alliant Energy; formerly, Director, Federal Reserve
Bank of Chicago; formerly, President and Chief Operating Officer,
SCI Financial Group, Inc., a regional financial services firm.
- ------------------------------------------------------------------------------------------------------------------------------------
William C. Hunter Board member 2004 Dean, Tippie College of Business, University of Iowa (since 167
3/6/48 June 2006); formerly, Dean and Distinguished Professor of Finance,
333 W. Wacker Drive School of Business at the University of Connecticut (2003-2006);
Chicago, IL 60606 previously, Senior Vice President and Director of Research
at the Federal Reserve Bank of Chicago (1995-2003);
Director (since 1997), Credit Research Center at Georgetown
University; Director (since 2004) of Xerox Corporation; Director,
SS&C Technologies, Inc. (May 2005 - October 2005).
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Kundert Board member 2005 Retired (since 2004) as Chairman, JPMorgan Fleming Asset 165
10/28/42 Management, President and CEO, Banc One Investment
333 W. Wacker Drive Advisors Corporation, and President, One Group Mutual
Chicago, IL 60606 Funds; prior thereto, Executive Vice President, Banc One
Corporation and Chairman and CEO, Banc One Investment
Management Group; Board of Regents, Luther College;
member of the Wisconsin Bar Association; member of Board
of Directors, Friends of Boerner Botanical Gardens.
72
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Board member 1997 Chairman of Miller-Valentine Partners Ltd., a real estate 167
9/24/44 investment company; formerly, Senior Partner and Chief
333 W. Wacker Drive Operating Officer (retired, 2004) of Miller-Valentine
Chicago, IL 60606 Group; formerly, Vice President, Miller-Valentine Realty;
Board Member, Chair of the Finance Committee and
member of the Audit Committee of Premier Health Partners,
the not-for-profit company of Miami Valley Hospital; Vice
President, Dayton Philharmonic Orchestra Association; Board
Member, Regional Leaders Forum, which promotes cooperation
on economic development issues; Director, Dayton Development
Coalition; formerly, Member, Community Advisory Board,
National City Bank, Dayton, Ohio and Business Advisory
Council, Cleveland Federal Reserve Bank.
- ------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Board member 1997 Executive Director, Gaylord and Dorothy Donnelley 167
12/29/47 Foundation (since 1994); prior thereto, Executive Director,
333 W. Wacker Drive Great Lakes Protection Fund (from 1990 to 1994).
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Eugene S. Sunshine Board member 2005 Senior Vice President for Business and Finance, 167
1/22/50 Northwestern University (since 1997); Director (since 2003),
333 W. Wacker Drive Chicago Board Options Exchange; formerly, Director
Chicago, IL 60606 National Mentor Holdings, a privately-held, national provider
of home and community-based services; Chairman (since 1997),
Board of Directors, Rubicon, a pure captive insurance
company owned by Northwestern University; Director
(since 1997), Evanston Chamber of Commerce and Evanston
Inventure, a business development organization.
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUND:
- ------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary and 167
9/9/56 Administrative Associate General Counsel, formerly, Vice President and
333 W. Wacker Drive Officer Assistant General Counsel, of Nuveen Investments, LLC;
Chicago, IL 60606 Managing Director (2002-2004), General Counsel (1998-2004)
and Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.(3);
Managing Director (since 2002) and Assistant Secretary and
Associate General Counsel, formerly, Vice President
(since 1997), of Nuveen Asset Management; Managing Director
(since 2004) and Assistant Secretary (since 1994) of Nuveen
Investments, Inc.; Assistant Secretary of NWQ Investment
Management Company, LLC. (since 2002); Vice President and
Assistant Secretary of Nuveen Investments Advisers Inc.
(since 2002); Managing Director, Associate General Counsel
and Assistant Secretary of Rittenhouse Asset Management,
Inc., Symphony Asset Management LLC (since 2003) Tradewinds
NWQ Global Investors, LLC and Santa Barbara Asset Management,
LLC; (since 2006); Chartered Financial Analyst.
73
Board Members
AND OFFICERS (CONTINUED)
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
Julia L. Antonatos Vice President 2004 Managing Director (since 2005), formerly Vice President 167
9/22/63 (since 2002); formerly, Assistant Vice President (since 2000)
333 W. Wacker Drive of Nuveen Investments, LLC; Chartered Financial Analyst.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant Vice 167
2/3/66 and Assistant President (since 2000) of Nuveen Investments, LLC.
333 W. Wacker Drive Secretary
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President and Treasurer of Nuveen Investments, LLC 167
11/28/67 and of Nuveen Investments, Inc. (since 1999); Vice President
333 W. Wacker Drive and Treasurer of Nuveen Asset Management (since 2002)
Chicago, IL 60606 and of Nuveen Investments Advisers Inc. (since 2002); Assistant
Treasurer of NWQ Investment Management Company, LLC.
(since 2002); Vice President and Treasurer of Nuveen
Rittenhouse Asset Management, Inc. (since 2003); Treasurer
of Symphony Asset Management LLC (since 2003) and Santa
Barbara Asset Management, LLC (since 2006); Assistant
Treasurer, Tradewinds NWQ Global Investors, LLC (since 2006);
formerly, Vice President and Treasurer (1999-2004) of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.(3);
Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
John N. Desmond Vice President 2005 Vice President, Director of Investment Operations, Nuveen 167
8/24/61 Investments, LLC (since January 2005); formerly, Director,
333 W. Wacker Drive Business Manager, Deutsche Asset Management (2003-2004),
Chicago, IL 60606 Director, Business Development and Transformation, Deutsche
Trust Bank Japan (2002-2003); previously, Senior Vice
President, Head of Investment Operations and Systems,
Scudder Investments Japan, (2000-2002), Senior Vice
President, Head of Plan Administration and Participant
Services, Scudder Investments (1995-2002).
- ------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 1998 Vice President (since 2002), Assistant Secretary and 167
9/24/64 and Secretary Assistant General Counsel (since 1998) formerly, Assistant
333 W. Wacker Drive Vice President (since 1998) of Nuveen Investments, LLC;
Chicago, IL 60606 Vice President (2002-2004) and Assistant Secretary (1998-2004)
formerly, Assistant Vice President of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp.(3); Vice President and
Assistant Secretary (since 2005) of Nuveen Asset Management.
- ------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Managing Director (since 2004), formerly, Vice President of 167
10/24/45 Nuveen Investments, LLC, Managing Director (2004) formerly,
333 W. Wacker Drive Vice President (1998-2004) of Nuveen Advisory Corp. and
Chicago, IL 60606 Nuveen Institutional Advisory Corp.(3); Managing Director
(since 2005) of Nuveen Asset Management.
- ------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002), formerly, Vice President of 167
3/2/64 Nuveen Investments; Managing Director (1997-2004) of
333 W. Wacker Drive Nuveen Advisory Corp. and Nuveen Institutional Advisory
Chicago, IL 60606 Corp.(3); Managing Director (since 2001) of Nuveen Asset
Management; Vice President (since 2002) of Nuveen
Investments Advisers Inc.; Chartered Financial Analyst.
74
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(4) DURING PAST 5 YEARS OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice President 1998 Vice President (since 1993) and Funds Controller (since 1998) 167
5/31/54 and Controller of Nuveen Investments, LLC; formerly, Vice President and
333 W. Wacker Drive Funds Controller (1998-2004) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Walter M. Kelly Chief 2003 Assistant Vice President and Assistant Secretary of the 167
2/24/70 Compliance Nuveen Funds (since 2003); Assistant Vice President and
333 West Wacker Drive Officer and Assistant General Counsel (since 2003) of Nuveen Investments,
Chicago, IL 60606 Assistant LLC; previously, Associate (2001-2003) at the law firm of Vedder,
Vice President Price, Kaufman & Kammholz.
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 167
3/22/63 LLC; Certified Public Accountant.
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President of Nuveen Investments, LLC (since 1999). 167
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice President 1988 Vice President, Assistant Secretary and Assistant General 167
7/27/51 and Assistant Counsel of Nuveen Investments, LLC; formerly, Vice President
333 W. Wacker Drive Secretary and Assistant Secretary of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.(3); Vice President (since 2005)
and Assistant Secretary of Nuveen Investments, Inc.; Vice
President (since 2005) and Assistant Secretary (since 1997)
of Nuveen Asset Management; Vice President (since 2000),
Assistant Secretary and Assistant General Counsel (since
1998) of Rittenhouse Asset Management, Inc.; Vice President
and Assistant Secretary of Nuveen Investments Advisers Inc.
(since 2002); Assistant Secretary of NWQ Investment
Management Company, LLC (since 2002), Symphony Asset
Management LLC (since 2003) and Tradewinds NWQ Global
Investors, LLC and Santa Barbara Asset Management, LLC
(since 2006).
(1) Mr. Schwertfeger is an "interested person'' of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and board member
of the Adviser.
(2) Board members serve an indefinite term until his/her successor is elected.
The year first elected or appointed represents the year in which the board
member was first elected or appointed to any fund in the Nuveen Complex.
(3) Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
reorganized into Nuveen Asset Management, effective January 1, 2005.
(4) Officers serve one year terms through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
75
ANNUAL INVESTMENT
MANAGEMENT AGREEMENT
APPROVAL PROCESS
The Board of Trustees is responsible for overseeing the performance of the
investment adviser to the Funds and determining whether to continue the advisory
arrangements. At a meeting held on May 23-25, 2006 (the "May Meeting"), the
Board of Trustees of the Funds, including the independent Trustees, unanimously
approved the continuance of the Investment Management Agreement between each
Fund and NAM (the "Fund Adviser").
THE APPROVAL PROCESS
During the course of the year, the Board received a wide variety of materials
relating to the services provided by the Fund Adviser and the performance of
each Fund. To assist the Board in its evaluation of the advisory contract with
the Fund Adviser at the May Meeting, the independent Trustees received extensive
materials in advance of their meeting which outlined, among other things:
o the nature, extent and quality of services provided by the Fund
Adviser;
o the organization and business operations of the Fund Adviser,
including the responsibilities of various departments and key
personnel;
o the Fund's past performance, the Fund's performance compared to funds
of similar investment objectives compiled by an independent third
party and to customized benchmarks;
o the profitability of the Fund Adviser and certain industry
profitability analyses for unaffiliated advisers;
o the expenses of the Fund Adviser in providing the various services;
o the advisory fees (gross and net management fees) and total expense
ratios of the Fund, including comparisons of such fees and expenses
with those of comparable, unaffiliated funds based on information and
data provided by Lipper (the "Peer Universe") as well as compared to a
subset of funds within the Peer Universe (the "Peer Group") to the
respective Fund (as applicable);
o the advisory fees the Fund Adviser assesses to other types of
investment products or clients;
o the soft dollar practices of the Fund Adviser, if any; and
o from independent legal counsel, a legal memorandum describing, among
other things, the duties of the Trustees under the Investment Company
Act of 1940 (the "1940 Act") as well as the general principles of
relevant state law in reviewing and approving advisory contracts; the
requirements of the 1940 Act in such matters; an adviser's fiduciary
duty with respect to advisory agreements and compensation; the
standards used by courts in determining whether investment company
boards of directors have fulfilled their duties; and factors to be
considered by the Board in voting on advisory agreements.
At the May Meeting, the Fund Adviser made a presentation to and responded to
questions from the Board. After the presentations and after reviewing the
written materials, the independent Trustees met privately with their legal
counsel to review the Board's duties in reviewing advisory contracts and
consider the renewal of the advisory contracts. It is with this background that
the Trustees considered the advisory contract with the Fund Adviser. The
independent Trustees, in consultation with independent counsel, reviewed the
factors set out in judicial decisions and SEC directives relating to the renewal
of advisory contracts. As outlined in more detail below, the Trustees considered
all factors they believed relevant with respect to each Fund, including the
following: (a) the nature, extent and quality of the services to be provided by
the Fund Adviser; (b) the investment performance of the Fund and the Fund
Adviser; (c) the costs of the services to be provided and profitability of the
Fund Adviser and its affiliates; (d) the extent to which economies of scale
would be realized as the Fund grows; and (e) whether fee levels reflect these
economies of scale for the benefit of Fund investors.
A. NATURE, EXTENT AND QUALITY OF SERVICES
In reviewing the Fund Adviser, the Trustees considered the nature, extent and
quality of the Fund Adviser's services. The Trustees reviewed materials
outlining, among other things, the Fund Adviser's organization and business; the
types of services that the Fund Adviser or its affiliates provide and are
expected to provide to the Funds; the performance record of the applicable Fund
(as described in further detail below); and any initiatives and enhancements
Nuveen has taken for its municipal fund product line. In connection with their
continued service as Trustees, the Trustees also have a good understanding of
the Fund Adviser's organization, operations and personnel. In this regard, the
Trustees are familiar with and have evaluated the professional experience,
qualifications and credentials of the Fund Adviser's personnel. The Trustees
further reviewed materials describing, among other things, the teams and
personnel
76
involved in the investment, research, risk-management and operational processes
involved in managing municipal funds and their respective functions. Given the
Trustees' experience with the Funds and Fund Adviser, the Trustees recognized
the demonstrated history of care and depth of experience of the respective
personnel in managing these Funds. In this regard, the Trustees considered the
continued quality of the Fund Adviser's investment process in making portfolio
management decisions as well as additional refinements and improvements adopted
to the portfolio management processes noted below. With respect to the services
provided to municipal funds, including the Funds, the Trustees noted that the
Fund Adviser continues to make refinements to its portfolio management process
including, among other things, the increased use of derivatives to enhance
management of risk, additional analytical software for research staff and
improved municipal pricing processes.
In addition to advisory services, the independent Trustees considered the
quality of any administrative or non-advisory services provided. The Fund
Adviser provides the Funds with such administrative and other services
(exclusive of, and in addition to, any such services provided by others for the
Funds) and officers and other personnel as are necessary for the operations of
the respective Fund. In connection with the review of the Investment Management
Agreement, the Trustees considered the extent and quality of these other
services which include, among other things, providing: product management (e.g.,
product positioning, performance benchmarking, risk management); fund
administration (e.g., daily net asset value pricing and reconciliation, tax
reporting, fulfilling regulatory filing requirements); oversight of third party
service providers; administration of board relations (e.g., organizing board
meetings and preparing related materials); compliance (e.g., monitoring
compliance with investment policies and guidelines and regulatory requirements);
and legal support (e.g., helping prepare and file registration statements,
amendments thereto, proxy statements and responding to regulatory requests
and/or inquiries). As the Funds operate in a highly regulated industry and given
the importance of compliance, the Trustees considered, in particular, the
additions of experienced personnel to the compliance teams and the enhancements
to technology and related systems to support the compliance activities for the
Funds (including a new reporting system for quarterly portfolio holdings).
In addition to the foregoing, the Trustees also noted the additional services
that the Fund Adviser or its affiliates provide to closed-end funds, including,
in particular, secondary market support activities. The Trustees recognized
Nuveen's continued commitment to supporting the secondary market for the common
shares of its closed-end funds through a variety of initiatives designed to
raise investor and analyst awareness and understanding of closed-end funds.
These efforts include providing advertising and other media relations programs,
continued contact with analysts, maintaining and enhancing its website for
closed-end funds, and targeted advisor communication programs. With respect to
funds that utilize leverage through the issuance of preferred shares, the
Trustees noted Nuveen's continued support for the preferred shares by
maintaining, among other things, an in-house preferred trading desk; designating
a product manager whose responsibilities include creating and disseminating
product information and managing relations in connection with the preferred
share auction; and maintaining systems necessary to test compliance with rating
agency requirements.
Based on their review, the Trustees found that, overall, the nature, extent and
quality of services provided (and expected to be provided) to the respective
Funds under the Investment Management Agreement were of a high level and were
satisfactory.
B. THE INVESTMENT PERFORMANCE OF THE FUND AND FUND ADVISER
The Board considered the investment performance for each Fund, including the
Fund's historic performance as well as its performance compared to funds with
similar investment objectives identified by an independent third party (the
"Performance Peer Group") and portfolio level performance against customized
benchmarks, as described below. In evaluating the performance information, in
certain instances, the Trustees noted that the closest Performance Peer Group
for a Fund still may not adequately reflect such Fund's investment objectives,
strategies and portfolio duration, thereby limiting the usefulness of the
comparisons of such Fund's performance with that of the Performance Peer Group.
With respect to state specific municipal funds, the Trustees recognized that
certain state municipal funds do not have a corresponding state specific
Performance Peer Group in which case their performance is measured against a
more general municipal category for various states. The closed-end state
municipal funds that do not have corresponding state-specific Performance Peer
Groups are from Arizona, Connecticut, Georgia, Maryland, Massachusetts,
Missouri, North Carolina, Ohio, Texas, and Virginia. Further, due to a lack of
state-specific unleveraged categories, certain unleveraged state municipal funds
are included in their leveraged state category (such as, the Nuveen California
Select Tax-Free Income Fund, Nuveen California Municipal Value Fund, Nuveen New
York Select Tax-Free Income Fund and Nuveen New York Municipal Value Fund).
In reviewing performance, the Trustees reviewed performance information
including, among other things, total return information compared with the Fund's
Performance Peer Group for the one-, three- and five-year periods (as
applicable) ending December 31, 2005. The Trustees also reviewed the Fund's
portfolio level performance (which does not reflect fund level fees and
expenses) compared to customized portfolio-level benchmarks for the one- and
three-year periods ending December 31, 2005 (as applicable). This analysis is
designed to assess the efficacy of investment decisions against appropriate
measures of risk and total return, within specific market segments. This
information supplements the Fund performance information provided to the Board
at each of their quarterly meetings. Based on their review, the Trustees
determined that the respective Fund's absolute and relative investment
performance over time had been satisfactory.
C. FEES, EXPENSES AND PROFITABILITY
1. FEES AND EXPENSES
In evaluating the management fees and expenses of a Fund, the Board
reviewed, among other things, the Fund's advisory fees (net and gross
management fees) and total expense ratios (before and after expense
reimbursements and/or waivers) in absolute terms as well as comparisons to
the gross management fees (before waivers), net management fees (after
waivers) and total expense ratios (before and after waivers) of comparable
funds in the Peer Universe and the Peer Group. The Trustees reviewed data
regarding the construction of Peer Groups as well as the methods of
measurement for the fee and expense analysis and the performance analysis.
In certain cases, due to the small number of peers in the Peer Universe,
the Peer Universe and Peer Group may be the same. Further, the Trustees
recognized that in certain cases the closest Peer Universe and/or Peer
Group did not
77
ANNUAL INVESTMENT MANAGEMENT
AGREEMENT APPROVAL PROCESS (continued)
adequately reflect the Fund's investment objectives and strategies limiting
the usefulness of comparisons. In reviewing comparisons, the Trustees also
considered the size of the Peer Universe and/or Peer Group, the composition
of the Peer Group (including differences in the use of leverage and
insurance) as well as differing levels of fee waivers and/or expense
reimbursements. In this regard, the Trustees considered the fund-level and
complex-wide breakpoint schedules (described in further detail below) and
any fee waivers and reimbursements provided by Nuveen (applicable, in
particular, for certain funds launched since 1999). Based on their review
of the fee and expense information provided, the Trustees determined that
each Fund's net total expense ratio was within an acceptable range compared
to peers.
2. COMPARISONS WITH THE FEES OF OTHER CLIENTS
The Trustees further reviewed data comparing the advisory fees of the Fund
Adviser with fees the Fund Adviser charges to other clients, including
municipal managed accounts. In general, the fees charged for separate
accounts are somewhat lower than the fees assessed to the Funds. The
Trustees recognized that the differences in fees are attributable to a
variety of factors, including the differences in services provided, product
distribution, portfolio investment policies, investor profiles, account
sizes and regulatory requirements. The Trustees noted, in particular, that
the range of services provided to the Funds is more extensive than that
provided to managed separate accounts. As described in further detail
above, such additional services include, but are not limited to, providing:
product management, fund administration, oversight of third party service
providers, administration of board relations, and legal support. Funds
further operate in a highly regulated industry requiring extensive
compliance functions compared to the other investment products. In addition
to the costs of the additional services, administrative costs may also be
greater for funds as the average account size for separate accounts is
notably larger than the retail accounts of funds. Given the differences in
the product structures, particularly the extensive services provided to
closed-end municipal funds, the Trustees believe such facts justify the
different levels of fees.
3. PROFITABILITY OF FUND ADVISER
In conjunction with its review of fees, the Trustees also considered the
profitability of Nuveen Investments for advisory activities (which
incorporated Nuveen's wholly-owned affiliated sub-advisers). The Trustees
reviewed data comparing Nuveen's profitability with other fund sponsors
prepared by three independent third party service providers as well as
comparisons of the revenues, expenses and profits margins of various
unaffiliated management firms with similar amounts of assets under
management prepared by Nuveen. The Trustees further reviewed the 2005
Annual Report for Nuveen Investments. In considering profitability, the
Trustees recognized the inherent limitations in determining profitability
as well as the difficulties in comparing the profitability of other
unaffiliated advisers. Profitability may be affected by numerous factors,
including the methodology for allocating expenses, the adviser's business
mix, the types of funds managed, the adviser's capital structure and cost
of capital. Further, individual fund or product line profitability of other
sponsors is generally not publicly available. Accordingly, the
profitability information that is publicly available from various
investment advisory or management firms may not be representative of the
industry.
Notwithstanding the foregoing, in reviewing profitability, the Trustees reviewed
Nuveen's methodology and assumptions for allocating expenses across product
lines to determine profitability. In this regard, the methods of allocation used
appeared reasonable. The Trustees also, to the extent available, compared
Nuveen's profitability margins (including pre- and post-marketing profit
margins) with the profitability of various unaffiliated management firms. The
Trustees noted that Nuveen's profitability is enhanced due to its efficient
internal business model. The Trustees also recognized that while a number of
factors affect profitability, Nuveen's profitability may change as fee waivers
and/or expense reimbursement commitments of Nuveen to various funds in the
Nuveen complex expire. To keep apprised of profitability and developments that
may affect profitability, the Trustees have requested profitability analysis be
provided periodically during the year. Based on their review, the Trustees were
satisfied that the Fund Adviser's level of profitability was reasonable in light
of the services provided.
In evaluating the reasonableness of the compensation, the Trustees also
considered any other revenues paid to the Fund Adviser as well as any indirect
benefits (such as soft dollar arrangements, if any) the Fund Adviser and its
affiliates are expected to receive that are directly attributable to their
management of the Funds, if any. See Section E below for additional information.
Based on their review of the overall fee arrangements of the applicable Fund,
the Trustees determined that the advisory fees and expenses of the respective
Fund were reasonable.
78
D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE
With respect to economies of scale, the Trustees recognized the potential
benefits resulting from the costs of a fund being spread over a larger asset
base as a fund grows. To help ensure the shareholders share in these benefits,
the Trustees have reviewed and considered the breakpoints in the advisory fee
schedules that reduce advisory fees as the applicable Fund's assets grow. In
addition to advisory fee breakpoints as assets in a respective Fund rise, after
lengthy discussions with management, the Board also approved a complex-wide fee
arrangement that was introduced on August 1, 2004. Pursuant to the complex-wide
fee arrangement, the fees of the funds in the Nuveen complex, including the
Funds, are reduced as the assets in the fund complex reach certain levels. In
evaluating the complex-wide fee arrangement, the Trustees considered, among
other things, the historic and expected fee savings to shareholders as assets
grow, the amount of fee reductions at various asset levels, and that the
arrangement would extend to all funds in the Nuveen complex. The Trustees noted
that 2005 was the first full year to reflect the fee reductions from the complex
wide fee arrangement. The Trustees also considered the impact, if any, the
complex-wide fee arrangement may have on the level of services provided. Based
on their review, the Trustees concluded that the breakpoint schedule and
complex-wide fee arrangement currently was acceptable and desirable in providing
benefits from economies of scale to shareholders.
E. INDIRECT BENEFITS
In evaluating fees, the Trustees also considered any indirect benefits or
profits the Fund Adviser or its affiliates may receive as a result of its
relationship with each Fund. In this regard, the Trustees considered revenues
received by affiliates of the Fund Adviser for serving as agent at Nuveen's
preferred trading desk and for serving as a co-manager in the initial public
offering of new closed-end exchange traded funds.
In addition to the above, the Trustees considered whether the Fund Adviser
received any benefits from soft dollar arrangements. With respect to NAM, the
Trustees noted that NAM does not currently have any soft dollar arrangements and
does not pay excess brokerage commissions (or spreads on principal transactions)
in order to receive research services; however, the Fund Adviser may from time
to time receive and have access to research generally provided to institutional
clients.
The Trustees did not identify any single factor discussed previously as
all-important or controlling. The Trustees, including a majority of independent
Trustees, concluded that the terms of the Investment Management Agreements were
fair and reasonable, that the Fund Adviser's fees are reasonable in light of the
services provided to each Fund, and that the renewal of the Investment
Management Agreements should be approved.
79
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN 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
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
80
Automatic Dividend
REINVESTMENT PLAN
NOTICE OF AMENDMENT TO THE TERMS AND CONDITIONS
These Funds are amending the terms and conditions of their Automatic Dividend
Reinvestment Plan (the "Plan") as further described below effective with the
close of business on January 2, 2007. THESE CHANGES ARE INTENDED TO ENABLE PLAN
PARTICIPANTS UNDER CERTAIN CIRCUMSTANCES TO REINVEST FUND DISTRIBUTIONS AT A
LOWER AGGREGATE COST THAN IS POSSIBLE UNDER THE EXISTING PLAN. Shareholders who
do not wish to continue as participants under the amended Plan may withdraw from
the Plan by notifying the Plan Agent prior to the effective date of the
amendments. Participants should refer to their Plan document for notification
instructions, or may simply call Nuveen at (800) 257-8787.
Fund shareholders who elect to participate in the Plan are able to have Fund
distributions consisting of income dividends, realized capital gains and returns
of capital automatically reinvested in additional Fund shares. Under the Plan's
existing terms, the Plan Agent purchases Fund shares in the open market if the
Fund's shares are trading at a discount to their net asset value on the payable
date for the distribution. If the Fund's shares are trading at or above their
net asset value on the payable date for the distribution, the Plan Agent
purchases newly-issued Fund shares directly from the Fund at a price equal to
the greater of the shares' net asset value or 95% of the shares' market value.
Under the Plan's amended terms, 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. This change will permit Plan
participants under these circumstances to reinvest Fund distributions at a lower
aggregate cost than is possible under the existing Plan.
81
Notes
82
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2006, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange
the annual CEO certification as required by Section 303A.12(a) of the NYSE
Listed Company Manual.
Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
MODIFIED DURATION: Duration is a measure of the expected period over which a
bond's principal and interest will be paid and consequently is a measure of the
sensitivity of a bond's or bond Fund's value to changes when market interest
rates change. Generally, the longer a bond's or Fund's duration, the more the
price of the bond or Fund will change as interest rates change.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
83
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $149 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
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EAN-B-0906D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. There were no amendments to or waivers
from the Code during the period covered by this report. The registrant has
posted the code of ethics on its website at www.nuveen.com/etf. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Directors or Trustees determined that the registrant
has at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its Audit Committee. The registrant's audit committee
financial expert is Jack B. Evans, Chairman of the Audit Committee, who is
"independent" for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Nuveen New York Quality Income Municipal Fund, Inc.
The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP the Audit Committee approved in advance all
audit services and non-audit services that Ernst & Young LLP provided to the
Fund, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The
pre-approval exception for services provided directly to the Fund waives the
pre-approval requirement for services other than audit, review or attest
services if: (A) the aggregate amount of all such services provided constitutes
no more than 5% of the total amount of revenues paid by the Fund to its
accountant during the fiscal year in which the services are provided; (B) the
Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND (1) BILLED TO FUND (2) BILLED TO FUND (3) BILLED TO FUND (4)
- ----------------------------------------------------------------------------------------------------------------------
September 30, 2006 $ 20,048 $ 0 $ 400 $ 2,950
- ----------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
- ----------------------------------------------------------------------------------------------------------------------
September 30, 2005 $ 19,079 $ 0 $ 464 $ 2,750
- ----------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0% 0%
pursuant to
pre-approval
exception
- ----------------------------------------------------------------------------------------------------------------------
(1) "Audit Fees" are the aggregate fees billed for professional services for
the audit of the Fund's annual financial statements and services provided
in connection with statutory and regulatory filings or engagements.
(2) "Audit Related Fees" are the aggregate fees billed for assurance and
related services reasonably related to the performance of the audit or
review of financial statements and are not reported under "Audit Fees".
(3) "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.
(4) "All Other Fees" are the aggregate fees billed for products and services
other than "Audit Fees", "Audit Related Fees", and "Tax Fees".
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS (1) SERVICE PROVIDERS
- --------------------------------------------------------------------------------------------------
September 30, 2006 $ 0 $ 2,200 $ 0
- --------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
- --------------------------------------------------------------------------------------------------
September 30, 2005 $ 0 $ 2,200 $ 0
- --------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
- --------------------------------------------------------------------------------------------------
(1) The amounts reported for the Fund under the column heading "Tax Fees"
represents amounts billed to the Adviser exclusively for the preparation
for the Fund's tax return, the cost of which is borne by the Adviser. In
the aggregate, for all Nuveen funds for which Ernst & Young LLP serves as
independent registered public accounting firm, these fees amounted to
$275,000 in 2006 and $282,575 in 2005.
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. The Audit
Committee is required to pre-approve non-audit services that Ernst & Young LLP
provides to the Adviser and any Affiliated Fund Services Provider, if the
engagement related directly to the Fund's operations and financial reporting
(except for those subject to the de minimis exception described above). The
Audit Committee requested and received information from Ernst & Young LLP about
any non-audit services that Ernst & Young LLP rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating Ernst & Young LLP's
independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
- -------------------------------------------------------------------------------------------------------------------
September 30, 2006 $ 3,350 $ 2,200 $ 0 $ 5,550
September 30, 2005 $ 3,214 $ 2,200 $ 0 $ 5,414
"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax
Fees" billed to Adviser in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The registrant's Board of Directors or Trustees has a separately designated
Audit Committee established in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The
members of the audit committee are Robert P. Bremner, Lawrence H. Brown, Jack B.
Evans, William J. Schneider and Eugene S. Sunshine.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The registrant invests its assets primarily in municipal bonds and cash
management securities. On rare occasions the registrant may acquire, directly or
through a special purpose vehicle, equity securities of a municipal bond issuer
whose bonds the registrant already owns when such bonds have deteriorated or are
expected shortly to deteriorate significantly in credit quality. The purpose of
acquiring equity securities generally will be to acquire control of the
municipal bond issuer and to seek to prevent the credit deterioration or
facilitate the liquidation or other workout of the distressed issuer's credit
problem. In the course of exercising control of a distressed municipal issuer,
NAM may pursue the registrant's interests in a variety of ways, which may entail
negotiating and executing consents, agreements and other arrangements, and
otherwise influencing the management of the issuer. NAM does not consider such
activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but
nevertheless provides reports to the registrant's Board of Trustees on its
control activities on a quarterly basis.
In the rare event that a municipal issuer were to issue a proxy or that the
registrant were to receive a proxy issued by a cash management security, NAM
would either engage an independent third party to determine how the proxy should
be voted or vote the proxy with the consent, or based on the instructions, of
the registrant's Board of Trustees or its representative. A member of NAM's
legal department would oversee the administration of the voting, and ensure that
records were maintained in accordance with Rule 206(4)-6, reports were filed
with the SEC on Form N-PX, and the results provided to the registrant's Board of
Trustees and made available to shareholders as required by applicable rules.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
THE PORTFOLIO MANAGER
The following individual has primary responsibility for the day-to-day
implementation of the registrant's investment strategies:
NAME FUND
Cathryn Steeves Nuveen New York Quality Income Municipal Fund, Inc.
Other Accounts Managed. In addition to managing the registrant, the portfolio
manager is also primarily responsible for the day-to-day portfolio management of
the following accounts:
NUMBER OF
PORTFOLIO MANAGER TYPE OF ACCOUNT MANAGED ACCOUNTS ASSETS*
- --------------------------------------------------------------------------------
Cathryn Steeves Registered Investment Company 67 $13.04 billion
Other Pooled Investment Vehicles 0 $0
Other Accounts 0 $0
* Assets are as of September 30, 2006. None of the assets in these accounts
are subject to an advisory fee based on performance.
Compensation. Each portfolio manager's compensation consists of three basic
elements--base salary, cash bonus and long-term incentive compensation. The
compensation strategy is to annually compare overall compensation, including
these three elements, to the market in order to create a compensation structure
that is competitive and consistent with similar financial services companies. As
discussed below, several factors are considered in determining each portfolio
manager's total compensation. In any year these factors may include, among
others, the effectiveness of the investment strategies recommended by the
portfolio manager's investment team, the investment performance of the accounts
managed by the portfolio manager, and the overall performance of Nuveen
Investments, Inc. (the parent company of NAM). Although investment performance
is a factor in determining the portfolio manager's compensation, it is not
necessarily a decisive factor. The portfolio manager's performance is evaluated
in part by comparing manager's performance against a specified investment
benchmark. This fund-specific benchmark is a customized subset (limited to bonds
in each Fund's specific state and with certain maturity parameters) of the
S&P/Investortools Municipal Bond index, an index comprised of bonds held by
managed municipal bond fund customers of Standard & Poor's Securities Pricing,
Inc. that are priced daily and whose fund holdings aggregate at least $2
million. As of August 30, 2006, the S&P/Investortools Municipal Bond index was
comprised of 47,346 securities with an aggregate current market value of $879
billion.
Base salary. Each portfolio manager is paid a base salary that is set at a level
determined by NAM in accordance with its overall compensation strategy discussed
above. NAM is not under any current contractual obligation to increase a
portfolio manager's base salary.
Cash bonus. Each portfolio manager is also eligible to receive an annual cash
bonus. The level of this bonus is based upon evaluations and determinations made
by each portfolio manager's supervisors, along with reviews submitted by his
peers. These reviews and evaluations often take into account a number of
factors, including the effectiveness of the investment strategies recommended to
the NAM's investment team, the performance of the accounts for which he/she
serves as portfolio manager relative to any benchmarks established for those
accounts, his/her effectiveness in communicating investment performance to
stockholders and their representatives, and his/her contribution to the NAM
investment process and to the execution of investment strategies. The cash bonus
component is also impacted by the overall performance of Nuveen Investments,
Inc. in achieving its business objectives.
Long-term incentive compensation. Each portfolio manager is eligible to receive
bonus compensation in the form of equity-based awards issued in securities
issued by Nuveen Investments, Inc. The amount of such compensation is dependent
upon the same factors articulated for cash bonus awards but also factors in his
long-term potential with the firm.
Material Conflicts of Interest. Each portfolio manager's simultaneous management
of the registrant and the other accounts noted above may present actual or
apparent conflicts of interest with respect to the allocation and aggregation of
securities orders placed on behalf of the Registrant and the other account. NAM,
however, believes that such potential conflicts are mitigated by the fact that
the NAM has adopted several policies that address potential conflicts of
interest, including best execution and trade allocation policies that are
designed to ensure (1) that portfolio management is seeking the best price for
portfolio securities under the circumstances, (2) fair and equitable allocation
of investment opportunities among accounts over time and (3) compliance with
applicable regulatory requirements. All accounts are to be treated in a
non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager. In addition,
NAM has adopted a Code of Conduct that sets forth policies regarding conflicts
of interest.
Beneficial Ownership of Securities. As of the September 30, 2006, the portfolio
manager beneficially owned the following dollar range of equity securities
issued by the Registrant and other Nuveen Funds managed by NAM's municipal
investment team.
- -------------------------------------------------------------------------------------------------------------------------
DOLLAR
RANGE OF
DOLLAR EQUITY
RANGE OF SECURITIES
EQUITY BENEFICIALLY
SECURITIES OWNED IN
BENEFICIALLY THE
OWNED IN REMAINDER
FUND OF NUVEEN
FUNDS
MANAGED BY
NAM'S
MUNICIPAL
INVESTMENT
NAME OF PORTFOLIO MANAGER FUND TEAM
- -------------------------------------------------------------------------------------------------------------------------
Cathryn Steeves Nuveen New York Quality Income Municipal Fund, Inc. $0 $10,001-$50,000
- -------------------------------------------------------------------------------------------------------------------------
PORTFOLIO MANAGER BIO:
Cathryn Steeves, PhD is currently a portfolio manager for 68 state-specific
municipal bond funds. She joined Nuveen in 1996 and worked as a senior analyst
in the healthcare sector. Cathryn has an undergraduate degree from Wake Forest
University, an MA, MPhil and a PhD from Columbia University.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrants Board implemented after the registrant
last provided disclosure in response to this item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")
(17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because the code is posted on registrant's website at www.nuveen.com/etf and
there were no amendments during the period covered by this report. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then Code of Conduct.)
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Quality Income Municipal Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: December 6, 2006
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: December 6, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: December 6, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.