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 811-09473
---------------------
Nuveen Insured New York Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: March 31, 2007
------------------
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.
SEMIANNUAL REPORT March 31, 2007
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 six-month period covered
by this report your Fund continued to provide you with attractive monthly
tax-free income. For more details about the management strategy and
performance of your Fund, please read the Portfolio 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
May 15, 2007
Nuveen Investments Municipal Closed-End Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
COMMENTS
Portfolio manager Cathryn Steeves reviews key investment strategies and the
six-month 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 KEY STRATEGIES WERE USED TO MANAGE THESE NEW YORK FUNDS DURING THE
SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2007?
During this six-month period, we saw a modest increase in short-term municipal
interest rates, while longer-term rates continued to decline, resulting in
further flattening of the municipal yield curve. In this environment, where the
yield curve remained a dominant market factor, we continued to emphasize a
disciplined approach to duration1 management and yield curve positioning. As
part of this approach, our purchases for the Funds' portfolios focused mainly on
attractively priced bonds with maturities of 25 years and longer. We believed
that bonds in this part of the yield curve generally offered better value as
well as reward opportunities more commensurate with their risk levels. To help
us maintain the Funds' durations within our preferred strategic range, we also
selectively sold holdings with shorter durations.
Our duration management strategies during this period also included adding small
positions in inverse floating rate trusts,2 a type of derivative financial
instrument, in all six of these New York Funds. The inverse floaters had the
dual benefit of increasing the Funds' distributable income and bringing their
durations closer to our preferred strategic target.
During this period, we saw a number of larger deals in the New York municipal
market, which provided us with more bonds from which to choose. For the six
months ended March 31, 2007, municipal issuance in New York totaled $19.5
billion, up 18% compared with the six-month period ended March 31, 2006. During
the first three months of 2007, New York supply increased 13% over that of the
first three months of 2006 to $7.4 billion, making New York the third largest
state issuer in the nation behind California and Texas.
Much of this new supply was insured, and we found opportunities to add value
through purchases such as an insured shopping center credit issued by Syracuse,
New York, Industrial Development Agency for the Carousel Center Mall, which was
added to NQN, NVN, NUN, NNF, and NKO. In addition to looking for value in the
insured sector, we also continued to emphasize maintaining our weightings of
lower credit quality bonds in NKO and NRK, which can invest up to 20% of their
assets in uninsured investment-grade quality securities.
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
2 A financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen funds, that index is typically The Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA.) Inverse floaters,
including those inverse floating rate securities the Funds invested in
during the 12 month period, are further defined within the Notes to
Financial Statements and Glossary of Terms Used in This Report sections of
this shareholder report.
4
HOW DID THE FUNDS PERFORM?
Individual results for these Nuveen New York Funds, as well as relevant index
and peer group information, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 3/31/07
CUMULATIVE ANNUALIZED
------------- -----------------------------------------------
6-MONTH 1-YEAR 5-YEAR 10-YEAR
- --------------------------------------------------------------------------------
NQN 1.49% 5.60% 7.13% 6.62%
- --------------------------------------------------------------------------------
NVN 1.36% 5.45% 7.36% 6.49%
- --------------------------------------------------------------------------------
NUN 1.30% 5.37% 7.07% 6.45%
- --------------------------------------------------------------------------------
NNF 1.49% 5.51% 6.70% 6.84%
- --------------------------------------------------------------------------------
NKO 1.76% 5.98% 7.61% NA
- --------------------------------------------------------------------------------
NRK 1.86% 6.07% NA NA
- --------------------------------------------------------------------------------
Lehman Brothers
NY Insured
Tax-Exempt
Bond Index3 1.85% 5.32% 5.73% 6.07%
- --------------------------------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds Average4 1.88% 5.95% 6.41% 6.19%
- --------------------------------------------------------------------------------
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.
For the six months ended March 31, 2007, the cumulative returns on NAV for NRK
performed in line with the return on the Lehman Brothers New York Insured
Tax-Exempt Bond Index, while the returns for NQN, NVN, NUN, NNF and NKO trailed
this index return. Similarly, the six-month returns for NRK performed in line
with the average return for the Lipper New York Insured peer group, while the
remaining five New York Funds underperformed the group average for this period.
Factors that influenced the Funds' returns during this period included duration,
exposure to lower-rated credits in NKO and NRK, sector allocations, and the use
of financial leverage.
As the yield curve continued to flatten over the course of this period, bonds
with longer durations generally outperformed shorter duration bonds. Overall,
our duration management strategies during this period helped to bring the Funds'
durations closer in line with our preferred strategic range. Even though these
Funds remained relatively underexposed to the strong-performing long end of the
yield curve, they also held relatively few short bonds and a good allocation of
intermediate bonds. This overall positioning was generally neutral for
performance. However, NVN and NUN's heavier
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 Brothers index do not reflect any
expenses.
4 The Lipper New York Insured Municipal Debt Funds average is calculated
using the returns of all closed-end funds in this category for each period
as follows: 6 months, 12; 1 year, 12; 5 years, 8; and 10 years, 6. Fund and
Lipper returns assume reinvestment of dividends.
5
weightings of bonds with short call dates (inside five years) hampered the
performance of these two Funds over this period.
NKO and NRK have the ability to invest up to 20% of their assets in uninsured
investment-grade quality securities. During this period, bonds rated BBB or
lower generally outperformed other credit quality sectors, largely as the result
of investor demand for the higher yields typically associated with lower-rated
bonds, which drove up their value. The exposure of NKO and NRK to these
lower-rated credits, together with a fee reimbursement agreement, accounted for
the outperformance of these two Funds relative to the other four Funds in this
report.
Among the lower-rated holdings making contributions to the returns of NKO and
NRK were health care (including hospitals) credits and resource recovery bonds,
which ranked among the top performing revenue sectors in the national Lehman
Brothers Municipal Bond Index for this period. Lower-rated bonds backed by the
1998 master tobacco settlement agreement, which comprised approximately 3% of
the portfolios of these two Funds as of March 31, 2007, also performed well
during this period.
6
Dividend and Share Price
INFORMATION
The Funds in this report use leverage to potentially enhance opportunities for
additional income for common shareholders. While the Funds' leveraging strategy
continued to provide incremental income, the extent of this benefit was reduced
during this period due to higher short-term interest rates, which kept the
Funds' borrowing costs high. Older, higher-yielding bonds that matured or were
called also had an impact on the Funds' income streams, as proceeds were
reinvested into bonds currently available in the market, which generally offered
lower yields. Despite these factors, dividends of NQN, NVN, NNF, NKO and NKR
remained stable throughout the six-month reporting period ended March 31, 2007.
NUN, had one monthly dividend reduction during this six-month period.
Due to normal portfolio activity, common shareholders of these Funds received
capital gains and net ordinary income distributions at the end of December 2006,
as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
(PER SHARE) (PER SHARE)
- --------------------------------------------------------------------------------
NQN $0.0711 $0.0018
- --------------------------------------------------------------------------------
NVN $0.0322 --
- --------------------------------------------------------------------------------
NUN $0.0395 $0.0007
- --------------------------------------------------------------------------------
NNF $0.0355 --
- --------------------------------------------------------------------------------
NKO $0.0105 --
- --------------------------------------------------------------------------------
NRK $0.0097 --
- --------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of March 31, 2007, NQN, NVN,
and NNF had positive UNII balances for financial statement purposes and based on
our best estimates, positive UNII balances for tax purposes. NUN, NKO, and NRK
had positive UNII balances, based on our best estimates, for tax purposes and
negative UNII balances for financial statement purposes.
7
As of March 31, 2007, the Funds' share prices were trading at premiums or
discounts to their NAVs as shown in the accompanying chart:
3/31/07 6-MONTH AVERAGE
PREMIUM/DISCOUNT DISCOUNT
- --------------------------------------------------------------------------------
NQN -5.27% -6.86%
- --------------------------------------------------------------------------------
NVN -2.82% -5.32%
- --------------------------------------------------------------------------------
NUN -4.46% -6.87%
- --------------------------------------------------------------------------------
NNF -3.83% -6.35%
- --------------------------------------------------------------------------------
NKO +1.71% -2.45%
- --------------------------------------------------------------------------------
NRK +0.54% -4.04%
- --------------------------------------------------------------------------------
8
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 10%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0615
May 0.0615
Jun 0.0585
Jul 0.0585
Aug 0.0585
Sep 0.0555
Oct 0.0555
Nov 0.0555
Dec 0.0555
Jan 0.0555
Feb 0.0555
Mar 0.0555
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 14.3301
14.44
14.06
14.07
14.12
14.13
14.1899
14.05
13.95
13.95
13.92
13.58
13.46
13.54
13.58
13.4
13.6
13.77
14.05
14.02
14.04
14.2
14.05
13.95
13.91
13.93
14.03
13.94
13.87
13.8
13.85
13.95
13.97
14.0101
13.98
14.29
14.19
13.97
14.02
14.008
14.1
14.01
14.06
14.02
14.06
14.17
14.06
14.04
14.26
14.3
14.36
14.57
14.5
14.4601
14.36
14.21
3/31/07 14.21
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.21
- ------------------------------------
Common Share
Net Asset Value $15.00
- ------------------------------------
Premium/(Discount) to NAV -5.27%
- ------------------------------------
Market Yield 4.69%
- ------------------------------------
Taxable-Equivalent Yield1 6.99%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $265,738
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.77
- ------------------------------------
Leverage-Adjusted Duration 8.42
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 4.53% 1.49%
- ------------------------------------
1-Year 4.73% 5.60%
- ------------------------------------
5-Year 7.46% 7.13%
- ------------------------------------
10-Year 5.50% 6.62%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 31.1%
- ------------------------------------
Health Care 14.6%
- ------------------------------------
Education and Civic
Organizations 11.2%
- ------------------------------------
Transportation 10.9%
- ------------------------------------
U.S. Guaranteed 10.2%
- ------------------------------------
Tax Obligation/General 8.8%
- ------------------------------------
Utilities 5.0%
- ------------------------------------
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 32.9%. 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 2006 of $0.0729 per share.
9
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
U.S. Guaranteed 15%
Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Apr 0.0625
May 0.0625
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0595
Oct 0.0595
Nov 0.0595
Dec 0.0595
Jan 0.0595
Feb 0.0595
Mar 0.0595
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 14.53
14.43
14.17
14.29
14.35
14.25
14.16
14.05
14
14
14.03
13.77
13.65
13.7
13.63
13.54
13.69
14.02
14.13
14.16
14.17
14.39
14.21
14.13
14.09
14.15
14.35
14.33
14.11
14.2
14.27
14.54
14.52
14.49
14.48
14.69
14.54
14.45
14.37
14.49
14.49
14.51
14.68
14.68
14.81
14.84
14.573
14.63
14.74
14.96
14.81
15
14.91
14.9305
14.84
14.84
3/31/07 14.84
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.84
- ------------------------------------
Common Share
Net Asset Value $15.27
- ------------------------------------
Premium/(Discount) to NAV -2.82%
- ------------------------------------
Market Yield 4.81%
- ------------------------------------
Taxable-Equivalent Yield1 7.17%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $357,775
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.94
- ------------------------------------
Leverage-Adjusted Duration 8.70
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 6.27% 1.36%
- ------------------------------------
1-Year 6.57% 5.45%
- ------------------------------------
5-Year 8.22% 7.36%
- ------------------------------------
10-Year 6.15% 6.49%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 30.0%
- ------------------------------------
U.S. Guaranteed 14.7%
- ------------------------------------
Education and Civic
Organizations 11.4%
- ------------------------------------
Health Care 11.3%
- ------------------------------------
Tax Obligation/General 9.5%
- ------------------------------------
Transportation 7.6%
- ------------------------------------
Utilities 7.2%
- ------------------------------------
Other 8.3%
- ------------------------------------
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 32.9%. 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 2006 of
$0.0322 per share.
10
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
U.S. Guaranteed 14%
FHA/FNMA/GNMA Guaranteed 1%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.063
May 0.063
Jun 0.0595
Jul 0.0595
Aug 0.0595
Sep 0.0565
Oct 0.0565
Nov 0.0565
Dec 0.0565
Jan 0.0565
Feb 0.0565
Mar 0.054
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 14.66
14.65
14.27
14.3
14.36
14.47
14.19
14.05
14.06
14.1
14.08
13.62
13.49
13.81
13.63
13.52
13.89
14
14.2
14.08
14.19
14.29
14.19
14.04
13.95
14.06
14.07
14.1
13.91
13.9
13.96
14.03
14.1
14
13.98
14.25
14.3
14.05
14.02
14.09
13.999
13.99
14.05
14.09
14.21
14.29
14.12
14.09
14.13
14.36
14.31
14.22
14.35
14.35
14.34
14.36
3/31/07 14.36
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.36
- ------------------------------------
Common Share
Net Asset Value $15.03
- ------------------------------------
Premium/(Discount) to NAV -4.46%
- ------------------------------------
Market Yield 4.51%
- ------------------------------------
Taxable-Equivalent Yield1 6.72%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $361,939
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.37
- ------------------------------------
Leverage-Adjusted Duration 8.88
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 4.51% 1.30%
- ------------------------------------
1-Year 3.74% 5.37%
- ------------------------------------
5-Year 7.14% 7.07%
- ------------------------------------
10-Year 6.07% 6.45%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 31.0%
- ------------------------------------
Education and Civic
Organizations 14.3%
- ------------------------------------
U.S. Guaranteed 14.0%
- ------------------------------------
Health Care 9.6%
- ------------------------------------
Tax Obligation/General 8.6%
- ------------------------------------
Transportation 8.4%
- ------------------------------------
Utilities 6.8%
- ------------------------------------
Other 7.3%
- ------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 32.9%. 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 2006 of $0.0402 per share.
11
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 90%
U.S. Guaranteed 10%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0595
May 0.0595
Jun 0.057
Jul 0.057
Aug 0.057
Sep 0.057
Oct 0.057
Nov 0.057
Dec 0.057
Jan 0.057
Feb 0.057
Mar 0.057
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 14.26
14.08
13.81
14.06
14.23
14.22
13.82
13.7
13.94
14.27
14.11
13.91
13.82
14
13.92
13.82
13.86
14.27
14.58
14.75
14.84
14.6501
14.71
14.47
14.32
14.34
14.28
14.1
14.01
14.02
14.08
14.34
14.17
14.31
14.27
14.44
14.44
14.18
14.05
14.24
14.38
14.28
14.4
14.31
14.38
14.38
14.29
14.3
14.47
14.49
14.49
14.64
14.62
14.6
14.66
14.58
3/31/07 14.58
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.58
- ------------------------------------
Common Share
Net Asset Value $15.16
- ------------------------------------
Premium/(Discount) to NAV -3.83%
- ------------------------------------
Market Yield 4.69%
- ------------------------------------
Taxable-Equivalent Yield1 6.99%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $126,253
- ------------------------------------
Average Effective
Maturity on Securities (Years) 15.74
- ------------------------------------
Leverage-Adjusted Duration 8.57
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 4.97% 1.49%
- ------------------------------------
1-Year 7.09% 5.51%
- ------------------------------------
5-Year 6.77% 6.70%
- ------------------------------------
10-Year 7.03% 6.84%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 32.3%
- ------------------------------------
Education and Civic
Organizations 15.4%
- ------------------------------------
Health Care 13.7%
- ------------------------------------
U.S. Guaranteed 10.1%
- ------------------------------------
Transportation 7.6%
- ------------------------------------
Tax Obligation/General 7.0%
- ------------------------------------
Water and Sewer 5.9%
- ------------------------------------
Other 8.0%
- ------------------------------------
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 32.9%. 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 2006 of
$0.0355 per share.
12
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 82%
U.S. Guaranteed 9%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 3%
BBB (Uninsured) 4%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0645
May 0.0645
Jun 0.0615
Jul 0.0615
Aug 0.0615
Sep 0.0615
Oct 0.0615
Nov 0.0615
Dec 0.0615
Jan 0.0615
Feb 0.0615
Mar 0.0615
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 15.23
14.51
14.54
14.45
14.32
14.4
14.2
14.14
14.3
14.65
14.37
14
14.04
14.04
14.1285
14.4
14.3
14.8
15.14
14.53
14.47
14.74
14.53
14.42
14.3
14.7
14.85
14.83
14.45
14.43
14.45
14.6804
14.56
14.59
14.73
14.81
14.95
14.73
15.05
15.1
15.11
15.08
14.97
14.9
14.98
15.1
15.14
15.28
15.22
15.45
15.25
15.44
15.56
15.43
15.3
15.49
3/31/07 15.49
FUND SNAPSHOT
- ------------------------------------
Common Share Price $15.49
- ------------------------------------
Common Share
Net Asset Value $15.23
- ------------------------------------
Premium/(Discount) to NAV 1.71%
- ------------------------------------
Market Yield 4.76%
- ------------------------------------
Taxable-Equivalent Yield1 7.09%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $121,192
- ------------------------------------
Average Effective
Maturity on Securities (Years) 17.22
- ------------------------------------
Leverage-Adjusted Duration 8.24
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 6.97% 1.76%
- ------------------------------------
1-Year 7.43% 5.98%
- ------------------------------------
5-Year 7.06% 7.61%
- ------------------------------------
Since
Inception 7.17% 7.53%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 24.9%
- ------------------------------------
Health Care 14.2%
- ------------------------------------
Education and Civic
Organizations 13.5%
- ------------------------------------
Utilities 10.7%
- ------------------------------------
Tax Obligation/General 9.9%
- ------------------------------------
U.S. Guaranteed 9.4%
- ------------------------------------
Transportation 8.0%
- ------------------------------------
Other 9.4%
- ------------------------------------
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 32.9%. 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 2006 of
$0.0105 per share.
13
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of March 31, 2007
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 65%
U.S. Guaranteed 18%
FHA/FNMA/GNMA Guaranteed 2%
AA (Uninsured) 10%
A (Uninsured) 1%
BBB (Uninsured) 4%
Bar Chart:
2006-2007 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0585
May 0.0585
Jun 0.0545
Jul 0.0545
Aug 0.0545
Sep 0.0545
Oct 0.0545
Nov 0.0545
Dec 0.0545
Jan 0.0545
Feb 0.0545
Mar 0.0545
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/06 14.04
13.58
13.94
13.38
13.79
13.6
13.64
13.33
13.35
13.72
13.41
13.69
13.23
13.31
13.17
13.32
13.4
13.48
13.9
13.77
14
14.04
13.9
13.88
13.67
13.9
14.11
13.98
13.8
14.19
14.1307
14.11
14.07
13.99
13.96
14.17
14.52
14.18
14.25
14.3
14.16
14.04
14.1
14.15
14.3901
14.75
14.7375
14.65
14.71
14.75
14.83
14.85
14.87
14.9
14.91
14.94
3/31/07 14.94
FUND SNAPSHOT
- ------------------------------------
Common Share Price $14.94
- ------------------------------------
Common Share
Net Asset Value $14.86
- ------------------------------------
Premium/(Discount) to NAV 0.54%
- ------------------------------------
Market Yield 4.38%
- ------------------------------------
Taxable-Equivalent Yield1 6.53%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $52,217
- ------------------------------------
Average Effective
Maturity on Securities (Years) 14.68
- ------------------------------------
Leverage-Adjusted Duration 7.90
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
6-Month
(Cumulative) 8.60% 1.86%
- ------------------------------------
1-Year 11.92% 6.07%
- ------------------------------------
Since
Inception 5.50% 6.23%
- ------------------------------------
INDUSTRIES
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 27.1%
- ------------------------------------
U.S. Guaranteed 17.5%
- ------------------------------------
Education and Civic
Organizations 16.9%
- ------------------------------------
Health Care 14.8%
- ------------------------------------
Utilities 8.3%
- ------------------------------------
Transportation 5.3%
- ------------------------------------
Other 10.1%
- ------------------------------------
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 32.9%. 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 2006 of
$0.0097 per share.
14
Shareholder
MEETING REPORT
The shareholder meeting was held at the offices of Nuveen Investments on April
4, 2007.
NQN NVN NUN
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 15,566,506 -- 20,886,584 -- 21,675,855 --
Withhold 191,456 -- 227,325 -- 395,819 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
Lawrence H. Brown
For 15,560,241 -- 20,883,598 -- 21,680,127 --
Withhold 197,721 -- 230,311 -- 391,547 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
Jack B. Evans
For 15,566,850 -- 20,885,683 -- 21,687,751 --
Withhold 191,112 -- 228,226 -- 383,923 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
William C. Hunter
For 15,568,837 -- 20,888,384 -- 21,686,611 --
Withhold 189,125 -- 225,525 -- 385,063 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
David J. Kundert
For 15,568,537 -- 20,884,434 -- 21,685,917 --
Withhold 189,425 -- 229,475 -- 385,757 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
William J. Schneider
For -- 5,579 -- 7,366 -- 7,690
Withhold -- 38 -- 18 -- 43
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,617 -- 7,384 -- 7,733
====================================================================================================================================
Timothy R. Schwertfeger
For -- 5,579 -- 7,366 -- 7,690
Withhold -- 38 -- 18 -- 43
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,617 -- 7,384 -- 7,733
====================================================================================================================================
Judith M. Stockdale
For 15,567,721 -- 20,886,859 -- 21,675,967 --
Withhold 190,241 -- 227,050 -- 395,707 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
Carole E. Stone
For 15,570,108 -- 20,882,984 -- 21,690,559 --
Withhold 187,854 -- 230,925 -- 381,115 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
Eugene S. Sunshine
For 15,568,537 -- 20,881,115 -- 21,690,569 --
Withhold 189,425 -- 232,794 -- 381,105 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 15,757,962 -- 21,113,909 -- 22,071,674 --
====================================================================================================================================
15
Shareholder
MEETING REPORT (continued)
NNF NKO NRK
- ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 7,570,152 -- 7,487,651 -- 3,361,635 --
Withhold 69,286 -- 83,743 -- 34,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
Lawrence H. Brown
For 7,569,152 -- 7,483,348 -- 3,361,635 --
Withhold 70,286 -- 88,046 -- 34,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
Jack B. Evans
For 7,576,077 -- 7,489,221 -- 3,361,472 --
Withhold 63,361 -- 82,173 -- 34,775 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
William C. Hunter
For 7,576,077 -- 7,487,649 -- 3,362,635 --
Withhold 63,361 -- 83,745 -- 33,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
David J. Kundert
For 7,570,577 -- 7,487,649 -- 3,362,635 --
Withhold 68,861 -- 83,745 -- 33,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
William J. Schneider
For -- 2,581 -- 2,431 -- 1,080
Withhold -- 2 -- 1 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,583 -- 2,432 -- 1,080
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,581 -- 2,431 -- 1,080
Withhold -- 2 -- 1 -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,583 -- 2,432 -- 1,080
====================================================================================================================================
Judith M. Stockdale
For 7,575,877 -- 7,487,651 -- 3,361,635 --
Withhold 63,561 -- 83,743 -- 34,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
Carole E. Stone
For 7,564,845 -- 7,487,649 -- 3,362,635 --
Withhold 74,593 -- 83,745 -- 33,612 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
Eugene S. Sunshine
For 7,569,387 -- 7,487,651 -- 3,361,232 --
Withhold 70,051 -- 83,743 -- 35,015 --
- ------------------------------------------------------------------------------------------------------------------------------------
Total 7,639,438 -- 7,571,394 -- 3,396,247 --
====================================================================================================================================
16
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.6% (11.2% OF TOTAL INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA $ 3,624,110
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,672,705
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 7/11 at 100.00 AAA 2,100,940
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/18 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 3,242,490
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 1,219,713
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 2,014,077
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 647,393
460 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 520,099
4,500 Dormitory Authority of the State of New York, State and 7/15 at 100.00 AAA 4,830,390
Local Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
2,625 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 2,786,070
9,865 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 10,454,138
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
890 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 944,530
1,125 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 1,192,140
6,255 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 6,628,298
- ------------------------------------------------------------------------------------------------------------------------------------
44,210 Total Education and Civic Organizations 46,877,093
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 23.0% (14.6% OF TOTAL INVESTMENTS)
675 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 710,168
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:
760 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 791,768
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,181,560
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,164,748
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 2,712,067
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 3,737,697
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 1,571,565
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
17
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
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 $ 8,374,558
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 6,409,080
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
2,050 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,228,945
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 3,372,365
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 9,040,334
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 3,213,250
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 2,065,880
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 3,372,926
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,248,617
- ------------------------------------------------------------------------------------------------------------------------------------
58,365 Total Health Care 61,195,528
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.0% (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 1,325,559
1,230 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,325,965
5,740 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 6,096,167
420 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 418,253
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
35 New York State Housing Finance Agency, FHA-Insured 8/07 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:
1,505 6.100%, 11/01/15 - FSA Insured 5/07 at 101.00 AAA 1,537,884
2,565 6.125%, 11/01/20 - FSA Insured 5/07 at 101.00 AAA 2,621,020
- ------------------------------------------------------------------------------------------------------------------------------------
12,725 Total Housing/Multifamily 13,359,903
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
2,770 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 AAA 2,889,304
Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,064,650
New York, 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 1,216,094
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,185 Total Long-Term Care 4,280,744
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.0% (8.8% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 AAA 3,173,430
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, 3/13 at 100.00 Aaa 1,295,964
Series 2003A, 5.250%, 3/15/16 - FGIC Insured
635 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 687,724
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
18
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa $ 2,129,680
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Series 2006A:
5,030 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 4,973,614
1,210 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 1,281,414
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AAA 1,058,870
Improvement Bonds, Series 2002, 5.000%, 3/01/16 -
FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
3,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,208,710
2,300 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 2,455,181
2,300 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 2,461,023
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 527,170
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 527,170
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 1,786,719
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,953,975
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aaa 1,256,466
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 1,757,668
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 6,589,941
5.000%, 8/01/16 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
35,015 Total Tax Obligation/General 37,124,719
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 49.3% (31.1% OF TOTAL INVESTMENTS)
1,275 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue 9/15 at 100.00 AAA 1,360,170
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 2,309,783
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 1,706,938
500 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 527,800
75 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 75,839
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 8/07 at 102.00 AAA 40,868
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 79,956
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 107,100
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 1,414,236
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 2,110,800
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 1,058,720
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 1,577,790
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA $ 2,572,796
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 1,337,907
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 2,292,102
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,270,764
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,937,824
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 400,811
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 1,093,970
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,310,148
1,290 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,443,239
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 6,414,660
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 4,003,610
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 2,994,352
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 5,236,515
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,356,138
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,167,820
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,107,360
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,258,472
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,254,619
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 2,266,815
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,356,404
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,353,337
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 1,593,285
2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,335,344
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,697,376
5,370 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 5,686,078
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,586,295
1,955 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AAA 2,106,239
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/21 - FGIC Insured
1,435 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,542,094
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 1,780,350
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 2,129,560
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
3,910 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 4,126,106
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
$ 2,100 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA $ 2,221,191
5,200 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 5,464,316
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,292,590
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 1,787,188
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
7,350 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 8,471,461
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 1,852,025
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 6,770,988
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,073,050
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,821,120
1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA 1,052,510
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 1,570,981
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
121,620 Total Tax Obligation/Limited 130,759,810
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.5% (10.9% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,180,680
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 3,575,704
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 1,588,770
4,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 4,971,425
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,396,416
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 2,243,197
2,625 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,794,050
1,475 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 1,564,724
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,087,009
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) 7/07 at 100.00 AAA 4,826,075
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 7/07 at 100.00 AAA 11,516,903
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 903,279
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,472,201
- ------------------------------------------------------------------------------------------------------------------------------------
44,490 Total Transportation 46,120,433
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.9% (10.2% OF TOTAL INVESTMENTS) (4)
3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 3,880,367
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
(Pre-refunded 7/01/09) - FSA Insured
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,279,620
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29
(Pre-refunded 7/01/09) - MBIA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA $ 3,168,870
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 1,126,001
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 1,071,970
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 738,549
General Obligation Bonds, Series 2000, 5.600%, 8/01/18
(Pre-refunded 8/01/09) - MBIA Insured
3,405 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 3,497,037
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,667,600
General Revenue Bonds, Series 2001A, 5.250%, 9/01/28
(Pre-refunded 9/01/11) - FSA Insured
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,261,957
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 5,553,445
7,600 4.750%, 4/01/28 (Pre-refunded 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,154,646
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,085,170
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,127,280
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 (Pre-refunded 6/15/11) -
FGIC Insured
565 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 609,437
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured
5,030 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 5,309,769
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
39,920 Total U.S. Guaranteed 42,531,718
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.9% (5.0% OF TOTAL INVESTMENTS)
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,602,650
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,805,234
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
4,540 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 4,840,503
6,160 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 6,557,998
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,092,880
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
1,140 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,230,356
760 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 817,122
- ------------------------------------------------------------------------------------------------------------------------------------
19,720 Total Utilities 20,946,743
- ------------------------------------------------------------------------------------------------------------------------------------
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.1% (3.3% OF TOTAL INVESTMENTS)
$ 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,791,771
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, 6/14 at 100.00 AAA 1,049,570
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 5,333,510
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 6/15 at 100.00 AAA 5,508,880
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,890 Total Water and Sewer 13,683,731
- ------------------------------------------------------------------------------------------------------------------------------------
$ 395,910 Total Investments (cost $404,065,129) - 158.0% 419,769,726
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.6)% (14,900,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 4,868,571
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.2)% (144,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 265,738,297
====================================================================================================================
All of the bonds in the Portfolio of Investments are either
covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance, or are backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities, any of which ensure the timely
payment of principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
23
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 17.9% (11.4% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 539,835
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 1,419,766
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 659,068
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,985,250
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 7/07 at 100.00 AAA 1,017,883
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 736,881
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 4,455,314
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 1,446,647
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 857,272
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 642,954
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,232,249
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 2,161,660
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 1,062,920
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,055,780
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,282,240
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 872,573
620 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 701,003
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,033,940
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
7,250 New York City Industrial Development Agency, New York, Civic 1/09 at 101.00 AAA 7,422,043
Facility Revenue Bonds, Horace Mann School, Series 1998,
5.000%, 7/01/28 - MBIA Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
2,750 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 2,918,740
13,245 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 14,035,991
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,195 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 1,268,218
1,350 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 1,430,568
8,385 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 8,885,417
- ------------------------------------------------------------------------------------------------------------------------------------
60,295 Total Education and Civic Organizations 64,124,212
- ------------------------------------------------------------------------------------------------------------------------------------
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.8% (11.3% OF TOTAL INVESTMENTS)
$ 740 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 778,554
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 8/07 at 102.00 AAA 6,181,804
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 5,990,085
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 3,035,910
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 2,796,326
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 6,710,145
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 1,057,340
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 6,733,946
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 2,670,450
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,398,588
2,845 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 3,093,340
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 12,746,604
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 2,147,411
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,998,156
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,281,910
- ------------------------------------------------------------------------------------------------------------------------------------
60,515 Total Health Care 63,620,569
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.6% (3.0% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,470 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 1,584,204
1,470 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,584,689
5,445 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 5,782,862
2,735 New York City Housing Development Corporation, New York, 4/07 at 105.00 AAA 2,877,926
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
540 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 537,754
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
760 6.100%, 11/01/15 - FSA Insured 5/07 at 101.00 AAA 776,606
3,415 6.125%, 11/01/20 - FSA Insured 5/07 at 101.00 AAA 3,489,584
- ------------------------------------------------------------------------------------------------------------------------------------
15,835 Total Housing/Multifamily 16,633,625
- ------------------------------------------------------------------------------------------------------------------------------------
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
$ 3,715 Syracuse Industrial Development Authority, New York, PILOT 1/17 at 100.00 AAA $ 3,875,005
Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.5% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,118,440
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 6,350,940
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 8,469,380
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.0% (9.5% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa 1,619,955
5.250%, 3/15/16 - FGIC Insured
745 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 806,857
5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 12/15 at 100.00 AAA 2,158,880
5.000%, 12/01/18 - MBIA Insured
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Series 2006A:
5,975 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 5,908,020
1,500 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 1,588,530
45 New York City, New York, General Obligation Bonds, Fiscal 8/07 at 100.00 AAA 45,093
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 4,097,951
5,410 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 5,571,110
4,880 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,002,781
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 3,147,750
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 3,476,103
1,650 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,761,326
2,900 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 3,103,029
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 105,434
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 105,434
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,170,854
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,179,744
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,191,024
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,203,581
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,216,003
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 955,234
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 831,366
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 834,056
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 831,485
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 834,215
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 836,595
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 839,668
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 835,671
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,337,278
5.000%, 8/01/19 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
49,902 Total Tax Obligation/General 53,595,027
- ------------------------------------------------------------------------------------------------------------------------------------
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.4% (30.0% 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 $ 45,503
40 5.375%, 2/15/26 - FSA Insured 2/08 at 100.00 AAA 40,447
35 Dormitory Authority of the State of New York, Improvement 8/07 at 102.00 AAA 35,760
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
7,145 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 7,540,833
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 3,853,856
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 2,370,308
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:
670 5.000%, 2/15/15 - FGIC Insured No Opt. Call AAA 724,391
1,715 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,816,134
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,507,010
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 1,165,025
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 1,345,583
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,337,443
1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,901,943
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 8,018,325
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 5,339,922
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 4,990,586
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 2,327,340
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,254,730
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,419,550
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,502,490
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,211,676
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 4,287,120
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,621,448
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,617,782
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 1,593,285
3,640 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,863,933
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,079,286
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,356,586
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,586,295
2,625 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AAA 2,828,070
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/21 - FGIC Insured
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
$ 2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA $ 3,025,324
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,072,810
6,680 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 7,178,528
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 3,389,100
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 2,129,560
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 3,693,445
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:
2,500 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,644,275
6,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,304,980
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,115,738
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 7,914,688
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 922,084
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 969,505
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,021,887
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,070,652
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,064,950
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 9,745,062
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,000 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,058,300
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:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 11,929,834
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,073,050
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,890,758
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,576,240
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
157,790 Total Tax Obligation/Limited 169,373,430
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0% (7.6% 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 6,542,040
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,131,940
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 1,455,604
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,836,233
2,760 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,911,193
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 1,747,647
5,600 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 5,923,400
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA $ 2,604,800
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 1,776,890
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 7,140,350
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 1,818,139
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,084,506
- ------------------------------------------------------------------------------------------------------------------------------------
40,465 Total Transportation 42,972,742
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.1% (14.7% OF TOTAL INVESTMENTS) (4)
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,250,973
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 1,607,955
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - 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 1,782,821
2,235 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,002,314
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,235,246
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,675,314
505 Dormitory Authority of the State of New York, Suffolk County, 4/07 at 108.92 Baa1 (4) 676,660
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 738,738
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 AAA 734,580
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 5,802,720
4,000 5.250%, 12/01/26 (Pre-refunded 6/01/08) - MBIA Insured 6/08 at 101.00 AAA 4,113,760
3,125 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 3,334,500
General Revenue Bonds, Series 2001A, 5.250%, 9/01/28
(Pre-refunded 9/01/11) - FSA Insured
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 1,092,020
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,092,020
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 4,998,626
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 11,802,778
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 4,340,680
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,526,803
2,330 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 2,377,462
Obligation Refunding Bonds, Series 1998B, 4.750%, 3/01/18
(Pre-refunded 3/01/08) - FGIC Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,318,200
Water and Sewerage System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 (Pre-refunded 6/15/11) -
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 10,148
50 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 50,742
820 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 884,493
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,075 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA $ 1,134,792
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded 7/01/09) -
AMBAC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 1998H:
155 5.125%, 8/01/25 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 159,579
30 5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 30,983
120 New York City, New York, General Obligation Bonds, 4/09 at 101.00 AAA 124,500
Fiscal 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 5,373,450
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 6,319,260
2,000 5.250%, 1/01/30 (Pre-refunded 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,115,120
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/18 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/20 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/21 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/22 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/23 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/24 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/26 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/28 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
- ------------------------------------------------------------------------------------------------------------------------------------
79,125 Total U.S. Guaranteed 82,760,107
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.3% (7.2% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,944,320
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,854,400
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 6,642,150
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,265,910
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,811,790
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,152,060
3,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 3,123,180
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
6,010 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 6,407,802
7,735 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 8,234,758
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,278,640
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33 -
MBIA Insured (Alternative Minimum Tax)
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
970 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,046,882
650 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 698,854
- ------------------------------------------------------------------------------------------------------------------------------------
57,865 Total Utilities 40,460,746
- ------------------------------------------------------------------------------------------------------------------------------------
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.9% (3.1% OF TOTAL INVESTMENTS)
$ 1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,343,828
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 1,318,578
Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.000%, 6/15/33 - MBIA Insured
5,920 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,277,213
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 7,521,740
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 1,141,269
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,720 Total Water and Sewer 17,602,628
- ------------------------------------------------------------------------------------------------------------------------------------
$ 551,227 Total Investments (cost $534,610,316) - 157.5% 563,487,471
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.4)% (19,400,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 6,687,295
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.9)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 357,774,766
====================================================================================================================
All of the bonds in the Portfolio of Investments are either
covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance, or are backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities, any of which ensure the timely
payment of principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
31
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.1% (14.3% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 539,835
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 1,149,849
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 659,068
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,503,580
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General No Opt. Call AAA 1,194,100
Revenue 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 7/07 at 101.00 AAA 4,686,929
Revenue 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 710,374
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 2,861,320
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 2,161,660
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 2,282,240
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 900,720
640 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 723,616
4,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 4,600,520
State University Educational Facilities, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,177,585
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,064,180
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 6,632,725
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 4,882,676
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
2,750 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 2,918,740
13,455 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 14,258,532
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
1,215 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 1,289,443
1,350 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 1,430,568
8,490 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 8,996,683
6,250 New York City Trust for Cultural Resources, New York, 7/07 at 102.00 AAA 6,384,500
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
75,275 Total Education and Civic Organizations 80,009,443
- ------------------------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 14.8% (9.6% OF TOTAL INVESTMENTS)
$ 750 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 789,075
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 8/07 at 102.00 AAA 4,119,484
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 7,083,790
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 2,843,721
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 1,057,340
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
9,000 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 9,425,430
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 2,670,450
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,493,875
2,655 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,886,755
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 9,544,050
Winthrop South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,998,156
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,281,910
3,350 New York State Medical Care Facilities Finance Agency, 8/07 at 100.00 AAA 3,355,427
FHA-Insured Mortgage Revenue Bonds, Montefiore
Medical Center, Series 1995A, 5.750%, 2/15/25 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
51,115 Total Health Care 53,549,463
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.8% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
1,500 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 1,616,535
1,500 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 1,617,030
5,515 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 5,857,206
2,275 New York City Housing Development Corporation, New York, 4/07 at 105.00 AAA 2,393,475
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
560 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 557,670
Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
AMBAC Insured (Alternative Minimum Tax)
50 New York State Housing Finance Agency, FHA-Insured 8/07 at 100.00 AAA 50,079
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
1,455 New York State Housing Finance Agency, Mortgage Revenue 5/07 at 101.00 AAA 1,486,777
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,855 Total Housing/Multifamily 13,578,772
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
3,765 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 AAA 3,927,159
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (0.8% OF TOTAL INVESTMENTS)
$ 4,450 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA $ 4,545,898
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.2% (8.6% OF TOTAL INVESTMENTS)
1,500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa 1,619,955
5.250%, 3/15/16 - FGIC Insured
805 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 871,839
5.250%, 4/01/13 - MBIA Insured
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, 2006A:
5,975 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 5,908,020
1,500 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 1,588,530
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 2,382,458
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,052,440
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 5,646,653
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,207,041
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,246,250
5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,289,800
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 3,583,060
1,700 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,814,699
4,130 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 4,419,141
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,839,963
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,896,654
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,454,295
5.000%, 8/01/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
45,730 Total Tax Obligation/General 47,820,798
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.0% (31.0% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,507,134
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 40,443
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 8/07 at 102.00 AAA 40,868
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 386,232
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 1,121,933
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,180,982
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,216,561
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,853,856
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 1,569,670
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 2,486,714
1,200 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 1,270,764
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA $ 8,480,176
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,040 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 1,111,583
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 1,312,764
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,091,790
1,710 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,913,131
School 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 8,018,325
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
5,100 Metropolitan Transportation Authority, New York, Dedicated 11/16 at 100.00 AAA 5,430,429
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 4,990,586
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 2,327,340
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,254,730
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,503,460
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,161,040
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,319,360
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 1,616,251
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,612,597
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 1,593,285
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,887,334
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,111,111
3,470 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,674,244
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,586,295
2,665 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AAA 2,871,164
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/21 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 10,889,528
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,596,200
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,041,200
5,345 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,743,897
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 2,139,638
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 1,964,519
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 3,693,445
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 2,681,295
6,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,373,284
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,115,738
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA $ 1,064,950
Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/22 - MBIA Insured
8,455 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 9,745,064
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
1,000 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,058,300
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 13,327,022
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,071,360
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,508,171
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 2,083,970
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 3,341,580
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,864,360
- ------------------------------------------------------------------------------------------------------------------------------------
161,325 Total Tax Obligation/Limited 173,845,673
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.9% (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 4,159,647
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,263,880
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 2,905,756
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,985,350
2,795 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,948,110
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 1,800,606
5,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 6,029,175
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,604,800
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 1,803,411
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 5,320,050
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,818,139
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,084,506
- ------------------------------------------------------------------------------------------------------------------------------------
43,745 Total Transportation 46,723,430
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.7% (14.0% OF TOTAL INVESTMENTS) (4)
3,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,583,090
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 3,300,755
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 1,514,975
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA $ 1,607,955
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
6,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,580,863
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 1,782,821
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,997,835
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,235,246
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,675,314
2,765 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 2,839,738
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
2,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,667,600
General Revenue Bonds, Series 2001A, 5.250%, 9/01/28
(Pre-refunded 9/01/11) - 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 993,738
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,539,748
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,218,940
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 4,340,680
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,085,170
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 10,254,300
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 7/08 at 101.00 AAA 4,583,385
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2002A:
2,000 5.750%, 6/15/27 (Pre-refunded 6/15/11) - MBIA Insured 6/11 at 100.00 AAA 2,160,320
4,000 5.250%, 6/15/33 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 100.00 AAA 4,254,560
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 15,222
75 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 76,112
655 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 706,516
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
6,965 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 7,485,216
Trust 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 6,345,360
Contract Revenue Bonds, Correctional Facilities,
Series 2000C, 5.250%, 1/01/30 (Pre-refunded 1/01/11) -
FSA Insured
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
525 5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured 6/10 at 100.00 Aaa 561,430
- ------------------------------------------------------------------------------------------------------------------------------------
75,260 Total U.S. Guaranteed 78,529,749
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.4% (6.8% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,867,305
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured
(Alternative Minimum Tax)
37
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
$ 4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA $ 1,944,320
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,854,400
5,000 0.000%, 6/01/26 -FSA Insured No Opt. Call AAA 2,214,050
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,953,790
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 4,227,510
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,688,140
2,500 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 AAA 2,602,650
Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
6,180 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 6,589,054
8,020 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 8,538,172
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
1,300 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,403,038
865 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 930,013
- ------------------------------------------------------------------------------------------------------------------------------------
58,015 Total Utilities 37,812,442
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.2% (3.4% OF TOTAL INVESTMENTS)
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 895,885
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 1,463,890
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,099,140
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 6,918,719
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 Revenue 6/15 at 100.00 AAA 7,415,800
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,715 Total Water and Sewer 18,793,434
- ------------------------------------------------------------------------------------------------------------------------------------
$ 549,250 Total Investments (cost $532,944,288) - 154.5% 559,136,261
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.4)% (19,610,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.3% 19,412,300
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.4)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 361,938,561
====================================================================================================================
All of the bonds in the Portfolio of Investments are either
covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance, or are backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities, any of which ensure the timely
payment of principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
38
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 23.5% (15.4% 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 $ 269,918
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 270,110
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 1,758,810
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 597,050
4,820 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,948,067
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 850,881
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 1,080,830
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 798,784
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 281,475
200 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 226,130
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,133,480
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 1,355,928
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 2,501,664
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 2,077,068
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
1,250 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 1,326,700
4,600 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 4,874,711
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
415 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 440,427
450 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 476,856
2,910 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 3,083,669
1,250 New York City Trust for Cultural Resources, New York, 7/07 at 102.00 AAA 1,276,900
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
27,560 Total Education and Civic Organizations 29,629,458
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 20.9% (13.7% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/07 at 100.00 AAA 3,018,090
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 210,420
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA $ 2,944,833
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 1,481,130
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 1,479,788
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 3,140,460
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 2,926,813
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,925 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,093,033
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 1,545,510
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 3,658,553
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 1,074,960
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 1,740,001
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,070,770
- ------------------------------------------------------------------------------------------------------------------------------------
25,155 Total Health Care 26,384,361
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.2% (2.8% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York, Capital
Fund Program Revenue Bonds, Series 2005A:
400 5.000%, 7/01/14 - FGIC Insured No Opt. Call AAA 431,076
400 5.000%, 7/01/16 - FGIC Insured 7/15 at 100.00 AAA 431,208
2,165 5.000%, 7/01/25 - FGIC Insured 7/15 at 100.00 AAA 2,299,338
200 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 199,168
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
1,920 New York State Housing Finance Agency, Mortgage Revenue 5/07 at 101.00 AAA 1,961,933
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
5,085 Total Housing/Multifamily 5,322,723
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
1,290 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 AAA 1,345,560
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.0% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,059,220
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 897,039
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,956,259
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.7% (7.0% OF TOTAL INVESTMENTS)
500 Erie County, New York, General Obligation Bonds, Series 2003A, 3/13 at 100.00 Aaa 539,985
5.250%, 3/15/16 - FGIC Insured
315 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 341,154
5.250%, 4/01/13 - MBIA Insured
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Series 2006A:
2,185 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 2,160,506
495 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 524,215
40
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA $ 237,699
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 2,045,080
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 1,069,570
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,174,217
1,000 New York City, New York, General Obligation Bonds, Fiscal 3/15 at 100.00 AAA 1,070,010
Series 2005J, 5.000%, 3/01/19 - FGIC Insured
915 Niagara Falls, New York, General Obligation Bonds, Series 1994, No Opt. Call AAA 1,093,452
7.500%, 3/01/13 - MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,065,670
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
500 West Islip Union Free School District, Suffolk County, 10/15 at 100.00 Aaa 542,490
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 1,644,789
5.000%, 8/01/16 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
12,745 Total Tax Obligation/General 13,508,837
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 49.0% (32.3% OF TOTAL INVESTMENTS)
690 Dormitory Authority of the State of New York, Department 7/15 at 100.00 AAA 747,801
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 151,361
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 525,930
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 1,291,736
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 790,103
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 1,000,092
600 5.000%, 8/15/23 - FGIC Insured 2/15 at 100.00 AAA 635,382
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 4,615,792
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 918,715
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 400,811
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
750 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 820,478
School Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
500 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 559,395
School 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 2,672,775
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 1,810,143
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,464,629
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
41
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
$ 1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA $ 1,745,505
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,625,865
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,079,840
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 1,071,780
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 602,846
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 601,483
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
500 5.000%, 10/15/24 - MBIA Insured 10/14 at 100.00 AAA 531,095
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 976,598
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 721,385
3,840 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,066,022
925 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AAA 996,558
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/21 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
715 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 768,360
2,090 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,245,977
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,072,500
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 1,064,780
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 1,582,905
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 1,094,730
2,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 2,169,964
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,646,295
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge 4/14 at 100.00 AAA 1,055,860
Trust Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/23 - MBIA Insured
2,960 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 3,411,637
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
750 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 793,725
Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
2,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,256,996
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,071,168
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,028,440
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 363,116
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA $ 1,144,060
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 1,563,135
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
57,455 Total Tax Obligation/Limited 61,757,768
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.5% (7.6% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 545,170
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 2,124,771
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,114,200
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 1,555,801
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 635,508
1,900 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 2,009,725
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 520,960
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 1,064,400
565 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 599,369
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 903,279
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,472,201
- ------------------------------------------------------------------------------------------------------------------------------------
13,630 Total Transportation 14,545,384
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.4% (10.1% OF TOTAL INVESTMENTS) (4)
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,143,940
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 2,880,286
University of Rochester, Series 2000A, 0.000%, 7/01/24
(Pre-refunded 7/01/10) - MBIA Insured
2,345 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 2,408,385
Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
625 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 666,900
General Revenue Bonds, Series 2001A, 5.250%, 9/01/28
(Pre-refunded 9/01/11) - FSA Insured
500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 Aaa 546,010
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 1,609,470
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 542,585
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded 10/01/14) - FSA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,063,640
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 (Pre-refunded 6/15/11) -
FGIC Insured
43
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
$ 285 5.250%, 8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured 8/12 at 100.00 Aaa $ 307,415
255 5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured 8/12 at 100.00 Aaa 275,056
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,074,690
Fund Bonds, Series 2002A, 5.250%, 4/01/18
(Pre-refunded 4/01/12) - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,063,340
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 2,197,060
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded
3/15/13) - FGIC Insured
85 Niagara Falls, New York, General Obligation Bonds, No Opt. Call AAA 102,101
Series 1994, 7.500%, 3/01/13 - MBIA Insured (ETM)
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,267,682
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 283,521
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured (ETM)
- ------------------------------------------------------------------------------------------------------------------------------------
18,690 Total U.S. Guaranteed 19,432,081
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3% (3.5% OF TOTAL INVESTMENTS)
500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 520,530
General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2006A:
2,270 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 2,420,251
2,930 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 3,119,307
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
375 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 404,723
250 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 268,790
- ------------------------------------------------------------------------------------------------------------------------------------
6,325 Total Utilities 6,733,601
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.0% (5.9% OF TOTAL INVESTMENTS)
1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,946,827
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 1,791,771
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, 6/14 at 100.00 AAA 2,099,140
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 2,099,473
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA $ 784,649
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 2,648,500
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
10,705 Total Water and Sewer 11,370,360
- ------------------------------------------------------------------------------------------------------------------------------------
$ 180,490 Total Investments (cost $184,491,208) - 152.1% 191,986,392
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (5.4)% (6,795,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.8% 6,061,965
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.5)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 126,253,357
====================================================================================================================
All of the bonds in the Portfolio of Investments are either
covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance, or are backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities, any of which ensure the timely
payment of principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
45
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.9% (2.5% OF TOTAL INVESTMENTS)
$ 2,650 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 2,730,613
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 1,062,140
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
860 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 900,661
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
4,510 Total Consumer Staples 4,693,414
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.8% (13.5% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,422,760
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 1,314,010
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 1,080,830
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 570,560
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 3,855,215
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
1,250 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 1,326,700
4,375 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 4,636,276
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
395 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 419,202
450 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 476,856
2,760 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 2,924,717
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 4,226,560
Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
23,260 Total Education and Civic Organizations 25,253,686
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.9% (14.2% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,023,940
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 1,481,130
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 10,295,290
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 1,586,010
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/22 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 2,147,806
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, 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)
$ 170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA $ 177,959
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 1,842,611
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
915 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 994,870
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 635,022
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 741,722
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 1,606,155
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,070,770
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 778,708
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,110,720
- ------------------------------------------------------------------------------------------------------------------------------------
25,120 Total Health Care 26,492,713
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.6% (2.4% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,824,681
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,421,365
180 New York City, New York, Multifamily Housing Revenue Bonds, 1/17 at 100.00 AAA 179,251
Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
Insured (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
4,280 Total Housing/Multifamily 4,425,297
- ------------------------------------------------------------------------------------------------------------------------------------
INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)
1,225 Syracuse Industrial Development Authority, New York, 1/17 at 100.00 AAA 1,277,761
PILOT Mortgage Revenue Bonds, Carousel Center Project,
Series 2007A, 5.000%, 1/01/36 - XLCA Insured (Alternative
Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.7% (1.7% OF TOTAL INVESTMENTS)
525 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 570,287
Collateralized Revenue Bonds, Cabrini of Westchester Project,
Series 2006, 5.200%, 2/15/41
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,066,330
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,602,000
- ------------------------------------------------------------------------------------------------------------------------------------
3,025 Total Long-Term Care 3,238,617
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.2% (9.9% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,614,445
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,573,360
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,339,076
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
Hudson Yards Infrastructure Corporation, New York,
Revenue Bonds Series 2006:
2,185 4,500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 2,160,506
510 5.000%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 540,100
3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,194,520
Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured
47
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 3,250 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA $ 3,438,370
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 1,818,269
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,174,217
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 567,793
Series 2006C, 5.000%, 8/01/16 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
17,375 Total Tax Obligation/General 18,420,656
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 38.4% (24.9% OF TOTAL INVESTMENTS)
250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 257,400
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 228,875
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 2/15 at 100.00 AAA 316,041
Bonds, 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 3,220,320
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 171,013
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, Series 2006C:
330 5.000%, 12/15/31 (UB) 12/16 at 100.00 AAA 352,074
690 5.000%, 12/15/35 (UB) 12/16 at 100.00 AAA 735,016
400 Erie County Industrial Development Agency, New York, 5/12 at 100.00 AAA 437,588
School 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 2,448,262
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 1,719,636
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 4,214,720
Service 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 1,071,780
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 531,095
3,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,609,168
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,103,294
865 New York City Transitional Finance Authority, New York, 1/17 at 100.00 AAA 931,916
Building Aid Revenue Bonds, Fiscal Series 2007S-2,
5.000%, 1/15/21 - FGIC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,364,049
Future Tax Secured Bonds, Fiscal Series 2002B,
5.250%, 5/01/16 - MBIA Insured
890 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 956,421
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 532,390
Future 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 528,855
1,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 1,050,830
2,625 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 3,025,523
Trust Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
$ 1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA $ 2,042,044
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,071,360
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 812,415
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 9,858,179
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
42,825 Total Tax Obligation/Limited 46,590,264
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.4% (8.0% 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 2,131,940
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,228,400
140 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 147,669
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
New York State Thruway Authority, General Revenue Bonds,
Series 2005G:
350 5.000%, 1/01/30 - FSA Insured 7/15 at 100.00 AAA 370,713
1,000 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,057,750
85 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 88,563
Revenue 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 539,230
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,064,400
345 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 365,986
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,099,800
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 903,279
Lien General Purpose Revenue Refunding Bonds,
Series 2002E, 5.500%, 11/15/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
14,200 Total Transportation 14,997,730
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.4% (9.4% OF TOTAL INVESTMENTS) (4)
170 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 200,762
Facilities 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 5,096,893
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 6/08 at 101.00 AAA 698,380
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22
(Pre-refunded 6/01/08) - FSA Insured
2,715 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 2,897,014
General Revenue Bonds, Series 2001A, 5.250%, 9/01/28
(Pre-refunded 9/01/11) - FSA Insured
110 New York City Transitional Finance Authority, New York, 8/12 at 100.00 Aaa 118,652
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured
935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,019,795
Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)
3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AAA 3,205,320
Personal 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 10/10 at 101.00 AAA 2,755,199
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
1,420 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,526,543
Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
- ------------------------------------------------------------------------------------------------------------------------------------
16,355 Total U.S. Guaranteed 17,518,558
- ------------------------------------------------------------------------------------------------------------------------------------
49
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.5% (10.7% OF TOTAL INVESTMENTS)
$ 5,000 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA $ 5,205,299
General Revenue Bonds, Series 2001A,
5.000%, 9/01/27 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2006A:
1,700 5.000%, 12/01/23 - FGIC Insured 6/16 at 100.00 AAA 1,812,523
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 1,383,993
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,194,300
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 5,262,249
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,104,050
Westchester County, New York, Resource Recovery Revenue
Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
19,090 Total Utilities 19,962,414
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3% (2.1% OF TOTAL INVESTMENTS)
1,500 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA 1,579,440
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
2,295 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AAA 2,431,323
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
3,795 Total Water and Sewer 4,010,763
- ------------------------------------------------------------------------------------------------------------------------------------
$ 175,060 Total Investments (cost $178,652,250) - 154.2% 186,881,873
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (6.0)% (7,230,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 2,540,159
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.3)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 121,192,032
====================================================================================================================
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: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
50
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.8% (2.4% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,593,210
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 366,548
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
- ------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Consumer Staples 1,959,758
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.1% (16.9% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,074,320
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 2,211,380
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 1,080,830
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 1,038,790
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 2,675,900
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 112,590
80 5.250%, 7/01/21 - AMBAC Insured No Opt. Call Aaa 90,452
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
625 5.000%, 1/01/36 - AMBAC Insured 1/17 at 100.00 AAA 663,350
1,890 5.000%, 1/01/39 - AMBAC Insured (UB) 1/17 at 100.00 AAA 2,002,871
New York City Industrial Development Authority, New York, PILOT
Revenue Bonds, Yankee Stadium Project, Series 2006:
170 5.000%, 3/01/31 - FGIC Insured 9/16 at 100.00 AAA 180,416
225 5.000%, 3/01/36 - MBIA Insured 9/16 at 100.00 AAA 238,428
1,200 5.000%, 3/01/36 - MBIA Insured (UB) 9/16 at 100.00 AAA 1,271,616
- ------------------------------------------------------------------------------------------------------------------------------------
12,790 Total Education and Civic Organizations 13,640,943
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 22.8% (14.8% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,104,140
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 3,145,650
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 1,057,340
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 26,705
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
815 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 886,141
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 531,105
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23
51
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 $ 793,778
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 537,480
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,826,833
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
11,230 Total Health Care 11,909,172
- ------------------------------------------------------------------------------------------------------------------------------------
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 1,266,054
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
300 Dormitory Authority of the State of New York, GNMA 2/17 at 103.00 AA 325,878
Collateralized Revenue Bonds, Cabrini of Westchester
Project, Series 2006, 5.200%, 2/15/41
- ------------------------------------------------------------------------------------------------------------------------------------
1,485 Total Long-Term Care 1,591,932
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.7% (4.3% OF TOTAL INVESTMENTS)
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds Series 2006A:
405 4.500%, 2/15/47 - MBIA Insured (UB) 2/17 at 100.00 AAA 400,460
195 5.000%, 2/15/47 - FGIC Insured (UB) 2/17 at 100.00 AAA 206,509
2,310 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 2,369,529
Fiscal 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 267,393
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 243,340
Series 2006C, 5.000%, 8/01/16 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
3,385 Total Tax Obligation/General 3,487,231
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.8% (27.1% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,902,919
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 150,849
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 3,220,320
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 761,325
Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 -
MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,053,680
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 589,338
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 647,527
555 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 588,777
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,223,890
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 2,110,540
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,290 New York State Environmental Facilities Corporation, 1/13 at 100.00 AAA 1,360,370
State 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 1,094,951
Fund Bonds, Second Generation, Series 2005B,
5.500%, 4/01/20 - AMBAC Insured
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA $ 1,289,712
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- 812,415
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 102,976
Refunding Bonds, Correctional Capital Facilities, Series 1998,
5.000%, 1/01/20 - MBIA Insured
1,860 New York State Urban Development Corporation, Service No Opt. Call AA- 1,972,511
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
- ------------------------------------------------------------------------------------------------------------------------------------
20,430 Total Tax Obligation/Limited 21,882,100
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2% (5.3% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,057,100
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/25 - FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,218,618
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
4,030 Total Transportation 4,275,718
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 27.1% (17.5% OF TOTAL INVESTMENTS) (4)
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 411,938
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 2,679,925
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 No Opt. Call AAA 113,388
Bonds, 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 1,027,030
2,725 5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured 6/08 at 101.00 AAA 2,798,657
90 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 92,659
Fiscal 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 3,721,688
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
140 New York State Urban Development Corporation, Service 1/11 at 100.00 AA- (4) 149,276
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Pre-refunded 1/01/11)
500 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 549,265
Personal 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 2,104,935
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
(Pre-refunded 1/01/12) - MBIA Insured
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 AAA 479,970
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
- ------------------------------------------------------------------------------------------------------------------------------------
13,375 Total U.S. Guaranteed 14,128,731
- ------------------------------------------------------------------------------------------------------------------------------------
53
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS March 31, 2007 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.8% (8.3% 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 $ 1,204,795
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 926,211
2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 2,128,240
Bonds, Series 2002A, 5.000%, 11/15/20
Power Authority of the State of New York, General Revenue
Bonds, Series 2006A:
165 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 178,078
110 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 118,268
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,104,900
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
6,275 Total Utilities 6,660,492
- ------------------------------------------------------------------------------------------------------------------------------------
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 673,894
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 75,490 Total Long-Term Investments (cost $77,364,610) - 153.6% 80,209,971
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.0% (0.6% OF TOTAL INVESTMENTS)
100 New York City Municipal Water Finance Authority, New York, A-1+ 100,000
Water and Sewerage System Revenue Bonds, Variable Rate
Demand Obligations, Fiscal Series 1993C, 3.760%, 6/15/22 -
FGIC Insured (5)
400 Puerto Rico Government Development Bank, Adjustable A-1+ 400,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 3.470%, 12/01/15 - MBIA Insured (5)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 500 Total Short-Term Investments (cost $500,000) 500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $77,864,610) - 154.6% 80,709,971
-------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (4.7)% (2,460,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 966,678
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.7)% (27,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 52,216,649
====================================================================================================================
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: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
Certain mortgage-backed securities may be subject to
periodic principal paydowns.
(3) Ratings: Using the higher of Standard & Poor's 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.
(5) Investment has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term investment. The rate disclosed is that in effect
at the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
(ETM) Escrowed to maturity.
(UB) Underlying bond of an inverse floating rate trust reflected
as a financing transaction pursuant to the provisions of
SFAS No. 140.
See accompanying notes to financial statements.
54
Statement of
ASSETS AND LIABILITIES March 31, 2007 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $404,065,129, $534,610,316 and
$532,944,288, respectively) $419,769,726 $563,487,471 $559,136,261
Cash -- -- --
Receivables:
Interest 5,774,810 7,553,790 7,512,520
Investments sold 2,265,000 2,000,000 13,690,087
Other assets 43,236 54,197 49,035
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 427,852,772 573,095,458 580,387,903
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 2,851,164 2,478,810 1,373,132
Floating rate obligations 14,900,000 19,400,000 19,610,000
Accrued expenses:
Management fees 216,775 289,538 293,651
Other 81,941 100,374 106,786
Preferred share dividends payable 64,595 51,970 65,773
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 18,114,475 22,320,692 21,449,342
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $265,738,297 $357,774,766 $361,938,561
====================================================================================================================================
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) $ 15.00 $ 15.27 $ 15.03
====================================================================================================================================
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 627,481 297,353 (54,550)
Accumulated net realized gain (loss) from investments
and derivative transactions 324,911 442,109 457,368
Net unrealized appreciation (depreciation) of investments 15,704,597 28,877,155 26,191,973
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $265,738,297 $357,774,766 $361,938,561
====================================================================================================================================
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 March 31, 2007 (Unaudited) (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 $184,491,208, $178,652,250 and
$77,864,610, respectively) $191,986,392 $186,881,873 $80,709,971
Cash -- 41,021 7,096
Receivables:
Interest 2,661,304 2,563,399 992,300
Investments sold 4,056,322 25,352 --
Other assets 11,083 1,812 8,089
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 198,715,101 189,513,457 81,717,456
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 502,611 -- --
Floating rate obligations 6,795,000 7,230,000 2,460,000
Accrued expenses:
Management fees 102,711 51,241 21,182
Other 34,874 27,813 15,481
Preferred share dividends payable 26,548 12,371 4,144
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 7,461,744 7,321,425 2,500,807
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $126,253,357 $121,192,032 $52,216,649
====================================================================================================================================
Common shares outstanding 8,329,215 7,959,488 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.16 $ 15.23 $ 14.86
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,595 $ 35,128
Paid-in surplus 118,406,693 112,944,195 49,501,696
Undistributed (Over-distribution of) net investment income 116,129 (111,617) (52,354)
Accumulated net realized gain (loss) from investments
and derivative transactions 152,059 50,236 (113,182)
Net unrealized appreciation (depreciation) of investments 7,495,184 8,229,623 2,845,361
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $126,253,357 $121,192,032 $52,216,649
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
56
Statement of
OPERATIONS Six Months Ended March 31, 2007 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,749,517 $13,188,357 $13,214,508
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,274,981 1,702,444 1,726,782
Preferred shares - auction fees 179,507 240,589 245,576
Preferred shares - dividend disbursing agent fees 14,959 14,959 19,946
Shareholders' servicing agent fees and expenses 17,150 17,911 17,193
Floating rate obligations interest expense and fees 210,957 276,863 280,158
Custodian's fees and expenses 56,876 67,961 59,715
Directors'/Trustees' fees and expenses 4,949 6,198 5,820
Professional fees 11,851 15,343 12,882
Shareholders' reports - printing and mailing expenses 20,039 24,365 24,939
Stock exchange listing fees 4,851 4,851 4,851
Investor relations expense 18,815 24,732 25,218
Portfolio insurance expense -- 800 --
Other expenses 15,509 22,253 22,865
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,830,444 2,419,269 2,445,945
Custodian fee credit (4,630) (4,369) (14,057)
Expense reimbursement -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,825,814 2,414,900 2,431,888
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,923,703 10,773,457 10,782,620
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 336,758 468,469 621,467
Change in net unrealized appreciation (depreciation)
of investments (1,956,926) (3,163,807) (3,425,374)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (1,620,168) (2,695,338) (2,803,907)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (2,071,134) (2,913,596) (3,108,487)
From accumulated net realized gains (286,874) (213,591) (264,550)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (2,358,008) (3,127,187) (3,373,037)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 3,945,527 $ 4,950,932 $ 4,605,676
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
OPERATIONS Six Months Ended March 31, 2007 (Unaudited) (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 4,515,588 $ 4,337,602 $1,821,314
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 603,720 575,003 251,212
Preferred shares - auction fees 81,028 76,041 33,657
Preferred shares - dividend disbursing agent fees 9,973 4,986 4,986
Shareholders' servicing agent fees and expenses 5,543 752 417
Floating rate obligations interest expense and fees 96,771 102,598 36,278
Custodian's fees and expenses 24,570 32,806 12,081
Directors'/Trustees' fees and expenses 2,074 2,127 1,038
Professional fees 7,963 7,376 5,785
Shareholders' reports - printing and mailing expenses 8,137 9,366 6,361
Stock exchange listing fees 4,851 337 149
Investor relations expense 8,907 8,405 3,894
Portfolio insurance expense -- -- --
Other expenses 11,106 8,508 5,957
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 864,643 828,305 361,815
Custodian fee credit (4,757) (7,826) (4,692)
Expense reimbursement -- (273,585) (126,700)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 859,886 546,894 230,423
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,655,702 3,790,708 1,590,891
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 205,761 61,177 5,947
Change in net unrealized appreciation (depreciation)
of investments (962,706) (738,025) (212,487)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (756,945) (676,848) (206,540)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (969,329) (980,936) (399,016)
From accumulated net realized gains (78,002) (22,551) (10,487)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (1,047,331) (1,003,487) (409,503)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 1,851,426 $2,110,373 $ 974,848
====================================================================================================================================
See accompanying notes to financial statements.
58
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
---------------------------- ----------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06 3/31/07 9/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 7,923,703 $ 15,907,329 $ 10,773,457 $ 21,714,081 $10,782,620 $ 21,664,360
Net realized gain (loss)
from investments 336,758 1,505,810 468,469 782,279 621,467 923,472
Change in net unrealized
appreciation (depreciation)
of investments (1,956,926) (2,357,937) (3,163,807) (2,287,599) (3,425,374) (1,988,253)
Distributions to
Preferred Shareholders:
From net investment income (2,071,134) (2,983,982) (2,913,596) (4,842,564) (3,108,487) (4,914,770)
From accumulated net
realized gains (286,874) (1,531,013) (213,591) (1,136,286) (264,550) (1,218,931)
Net increase (decrease)
in net assets applicable
to Common shares
from operations 3,945,527 10,540,207 4,950,932 14,229,911 4,605,676 14,465,878
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (5,933,481) (13,281,844) (8,366,538) (17,869,346) (8,121,394) (18,245,845)
From accumulated net
realized gains (1,259,452) (9,475,383) (754,478) (6,350,504) (950,942) (6,512,243)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (7,192,933) (22,757,227) (9,121,016) (24,219,850) (9,072,336) (24,758,088)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets applicable
to Common shares (3,247,406) (12,217,020) (4,170,084) (9,989,939) (4,466,660) (10,292,210)
Net assets applicable to
Common shares at
the beginning of period 268,985,703 281,202,723 361,944,850 371,934,789 366,405,221 376,697,431
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $265,738,297 $268,985,703 $357,774,766 $361,944,850 $361,938,561 $366,405,221
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 627,481 $ 708,393 $ 297,353 $ 804,030 $ (54,550) $ 392,711
====================================================================================================================================
See accompanying notes to financial statements.
59
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
---------------------------- ----------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06 3/31/07 9/30/06
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,655,702 $ 7,298,685 $ 3,790,708 $ 7,563,621 $ 1,590,891 $ 3,166,870
Net realized gain (loss)
from investments 205,761 293,978 61,177 95,249 5,947 89,791
Change in net unrealized
appreciation (depreciation)
of investments (962,706) (707,934) (738,025) (701,606) (212,487) (257,428)
Distributions to
Preferred Shareholders:
From net investment income (969,329) (1,528,170) (980,936) (1,625,107) (399,016) (745,283)
From accumulated net
realized gains (78,002) (419,333) (22,551) (237,461) (10,487) (12,658)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares
from operations 1,851,426 4,937,226 2,110,373 5,094,696 974,848 2,241,292
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (2,848,696) (6,067,834) (2,936,573) (6,203,208) (1,148,703) (2,409,814)
From accumulated net realized gains (295,581) (2,743,643) (83,553) (1,482,563) (34,075) (89,226)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (3,144,277) (8,811,477) (3,020,126) (7,685,771) (1,182,778) (2,499,040)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- -- 23,869 -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from capital share transactions -- -- 23,869 -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (1,292,851) (3,874,251) (885,884) (2,591,075) (207,930) (257,748)
Net assets applicable to Common
shares at the beginning
of period 127,546,208 131,420,459 122,077,916 124,668,991 52,424,579 52,682,327
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $126,253,357 $127,546,208 $121,192,032 $122,077,916 $52,216,649 $52,424,579
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 116,129 $ 278,452 $ (111,617) $ 15,184 $ (52,354) $ (95,526)
====================================================================================================================================
See accompanying notes to financial statements.
60
Notes to
FINANCIAL STATEMENTS (Unaudited)
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 may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or forward swap
contract, each Fund may use 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/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At March 31, 2007, there were
no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and ordinary income distributions paid by the Funds are subject to federal
taxation.
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (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
=========================================================================================================
Inverse Floating Rate Securities
Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.
62
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). An investment in an externally-deposited
inverse floater is identified in the Portfolio of Investments as an "Inverse
floating rate investment". An investment in a self-deposited inverse floater is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Floating
rate obligations interest expense and fees" in the Statement of Operations.
During the six months ended March 31, 2007, each Fund invested in externally
deposited inverse floaters and/or self-deposited inverse floaters.
The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the six months
ended March 31, 2007, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Average floating
rate obligations $11,093,681 $14,557,857 $14,730,934 $5,088,544 $5,393,791 $1,906,703
Average annual interest
rate and fees 3.81% 3.81% 3.81% 3.81% 3.81% 3.82%
=========================================================================================================
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 Nuveen Asset Management
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc.
("Nuveen").
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.
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount. Although the Funds are
authorized to invest in such instruments, and have done so in the past, they did
not invest in any such instruments during the six months ended March 31, 2007.
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.
64
2. FUND SHARES
Transactions in Common shares were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY (NQN) SELECT QUALITY (NVN) QUALITY INCOME (NUN)
------------------------- ------------------------ ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06 3/31/07 9/30/06
- ---------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due
to reinvestment
of distributions -- -- -- -- -- --
=========================================================================================================
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------- ------------------------ ------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
3/31/07 9/30/06 3/31/07 9/30/06 3/31/07 9/30/06
- ---------------------------------------------------------------------------------------------------------
Common shares issued to
shareholders due
to reinvestment
of distributions -- -- 1,554 -- -- --
=========================================================================================================
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments)
during the six months ended March 31, 2007, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -------------------------------------------------------------------------------------------------------------
Purchases $27,619,468 $37,481,680 $38,021,616 $12,681,554 $13,096,418 $3,965,053
Sales and maturities 13,859,995 20,258,545 33,523,147 10,276,096 5,275,770 1,883,619
=============================================================================================================
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 and the treatment of
investments in inverse floating rate transactions subject to SFAS No. 140. To
the extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts on the Statement of Assets and
Liabilities presented in the annual report, based on their federal tax basis
treatment; temporary differences do not require reclassification. Temporary and
permanent differences do not impact the net asset values of the Funds.
65
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
At March 31, 2007, 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 $388,922,237 $515,079,983 $513,202,894
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Cost of investments $177,636,745 $171,357,585 $75,523,224
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2007, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $16,252,612 $29,308,893 $26,636,026
Depreciation (304,616) (301,490) (312,743)
- --------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $15,947,996 $29,007,403 $26,323,283
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $7,687,941 $8,425,485 $2,875,002
Depreciation (133,936) (130,947) (148,256)
- --------------------------------------------------------------------------------
Net unrealized appreciation
(depreciation) of investments $7,554,005 $8,294,538 $2,726,746
================================================================================
66
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2006, the Funds' last tax year
end, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -------------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income * $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.
The tax character of distributions paid during the Funds' last tax year ended
September 30, 2006, was designated for purposes of the dividends paid deduction
as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -------------------------------------------------------------------------------------------------------------
Distributions from
net tax-exempt income $16,493,057 $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
=============================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
67
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of March 31, 2007, the complex-level fee rate was .1834%.
68
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
preferred stock issued by or borrowings 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.
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.
69
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
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 Funds' 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. Recent SEC guidance
allows funds to delay implementing FIN 48 into NAV calculations until the fund's
last NAV calculation in the first required financial statement reporting period.
As a result, the Funds must begin to incorporate FIN 48 into their NAV
calculations by September 28, 2007. At this time, management is continuing to
evaluate 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 of Financial Accounting Standards
No. 157
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of 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 March 31, 2007, 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 May 1, 2007, to shareholders of record on
April 15, 2007, 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 $.0540 $.0570 $.0615 $.0545
=============================================================================================================
70
Financial
HIGHLIGHTS (Unaudited)
71
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $15.18 $ .45 $ (.09) $(.12) $(.02) $ .22 $(.33) $(.07) $(.40)
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:
2007(b) 15.44 .46 (.11) (.12) (.01) .22 (.36) (.03) (.39)
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:
2007(b) 15.21 .45 (.11) (.13) (.01) .20 (.34) (.04) (.38)
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:
2007(b) $ -- $15.00 $14.21 4.53% 1.49%
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:
2007(b) -- 15.27 14.84 6.27 1.36
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:
2007(b) -- 15.03 14.36 4.51 1.30
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
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
NEW YORK
INVESTMENT
QUALITY (NQN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $265,738 1.37%* 1.21%* 5.93%* 1.37%* 1.21%* 5.93%* 3%
2006 268,986 1.22 1.22 5.92 1.21 1.21 5.94 16
2005 281,203 1.19 1.19 5.88 1.18 1.18 5.89 30
2004 291,660 1.18 1.18 6.26 1.18 1.18 6.26 11
2003 297,312 1.19 1.19 6.42 1.18 1.18 6.42 19
2002 299,475 1.22 1.22 6.90 1.21 1.21 6.92 9
NEW YORK
SELECT
QUALITY (NVN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 357,775 1.35* 1.19* 5.99* 1.34* 1.19* 5.99* 4
2006 361,945 1.20 1.20 6.03 1.18 1.18 6.05 15
2005 371,935 1.18 1.18 6.03 1.18 1.18 6.04 17
2004 379,117 1.19 1.19 6.31 1.19 1.19 6.32 8
2003 381,274 1.19 1.19 6.49 1.18 1.18 6.50 16
2002 386,011 1.23 1.23 7.06 1.22 1.22 7.07 15
NEW YORK
QUALITY
INCOME (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) 361,939 1.34* 1.19* 5.92* 1.34* 1.18* 5.93* 6
2006 366,405 1.21 1.21 5.95 1.20 1.20 5.96 14
2005 376,697 1.19 1.19 5.86 1.18 1.18 5.86 17
2004 383,012 1.19 1.19 6.21 1.19 1.19 6.21 10
2003 387,439 1.20 1.20 6.31 1.19 1.19 6.32 14
2002 394,330 1.24 1.24 7.02 1.23 1.23 7.03 32
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- --------------------------------------------------------------------------------
Year Ended 9/30:
2007(b) $144,000 $25,000 $71,135 $14,900 $28,499
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:
2007(b) 193,000 25,000 71,344 19,400 29,390
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:
2007(b) 197,000 25,000 70,931 19,610 29,503
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 -- --
================================================================================
* 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.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the six months ended March 31, 2007.
See accompanying notes to financial statements.
72-73 spread
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) $15.31 $ .44 $ (.08) $(.12) $(.01) $ .23 $(.34) $(.04) $ (.38)
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:
2007(d) 15.34 .48 (.09) (.12) --**** .27 (.37) (.01) (.38)
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(b) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) 14.92 .45 (.06) (.11) --**** .28 (.33) (.01) (.34)
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(c) 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:
2007(d) $ -- $15.16 $14.58 4.97% 1.49%
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:
2007(d) -- 15.23 15.49 6.97 1.76
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(b) (.13) 15.82 15.39 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
- ------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) -- 14.86 14.94 8.60 1.86
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(c) (.23) 14.42 13.71 (4.40) 5.29
====================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------------------------
Ratios to Average Net Assets Ratios to Average Net Assets
Applicable to Common Shares Applicable to Common Shares
Before Credit/Reimbursement After Credit/Reimbursement***
-------------------------------------------- -------------------------------------------
Ending
Net
Assets
Applicable Expenses Expenses Net Expenses Expenses Net Portfolio
to Common Including Excluding Investment Including Excluding Investment Turnover
Shares (000) Interest++(a) Interest++(a) Income++ Interest++(a) Interest++(a) Income++ Rate
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME
(NNF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) $126,253 1.36%* 1.21%* 5.76%* 1.36%* 1.20%* 5.77%* 5%
2006 127,546 1.22 1.22 5.75 1.21 1.21 5.77 14
2005 131,420 1.20 1.20 5.71 1.20 1.20 5.71 22
2004 134,434 1.21 1.21 6.11 1.20 1.20 6.11 16
2003 133,735 1.21 1.21 6.38 1.21 1.21 6.38 21
2002 134,574 1.25 1.25 6.92 1.24 1.24 6.92 17
INSURED NEW YORK
DIVIDEND ADVANTAGE
(NKO)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) 121,192 1.36* 1.19* 5.77* .90* .73* 6.24* 3
2006 122,078 1.20 1.20 5.79 .73 .73 6.26 11
2005 124,669 1.18 1.18 5.75 .72 .72 6.21 12
2004 124,860 1.20 1.20 5.91 .74 .74 6.37 9
2003 122,901 1.20 1.20 6.07 .74 .74 6.53 15
2002(b) 125,893 1.15* 1.15* 5.07* .65* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) 52,217 1.38* 1.25* 5.59* .88* .74* 6.09* 2
2006 52,425 1.27 1.27 5.62 .77 .77 6.13 8
2005 52,682 1.25 1.25 5.53 .76 .76 6.01 7
2004 51,818 1.26 1.26 5.85 .76 .76 6.35 16
2003(c) 50,645 1.19* 1.19* 5.10* .70* .70* 5.59* 5
====================================================================================================================================
Floating Rate Obligations
Preferred Shares at End of Period at End of Period
-------------------------------------- -------------------------
Aggregate Liquidation Aggregate
Amount and Market Asset Amount Asset
Outstanding Value Coverage Outstanding Coverage
(000) Per Share Per Share (000) Per $1,000
================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF)
- --------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) $65,000 $25,000 $73,559 $6,795 $29,146
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:
2007(d) 61,000 25,000 74,669 7,230 26,199
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(b) 61,000 25,000 76,596 -- --
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
- --------------------------------------------------------------------------------
Year Ended 9/30:
2007(d) 27,000 25,000 73,349 2,460 33,202
2006 27,000 25,000 73,541 -- --
2005 27,000 25,000 73,780 -- --
2004 27,000 25,000 72,979 -- --
2003(c) 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) Interest expense arises from the application of SFAS No. 140 to certain
inverse floating rate transactions entered into by the Fund as more fully
described in Footnote 1 - Inverse Floating Rate Securities.
(b) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(c) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
(d) For the six months ended March 31, 2007.
See accompanying notes to financial statements.
74-75 spread
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
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price per share may exceed
the market price at the time of valuation, resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
76
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.
77
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 the number of years to maturity of
the bonds in a Fund's portfolio, computed by weighting each bond's time to
maturity (the date the security comes due) by the market value of the security.
This figure does not account for the likelihood of prepayments or the exercise
of call provisions unless an escrow account has been established to redeem the
bond before maturity. The market value weighting for an investment in an inverse
floating rate security is the value of the portfolio's residual interest in the
inverse floating rate trust, and does not include the value of the floating rate
securities issued by the trust.
INVERSE FLOATERS: Inverse floating rate securities are created by depositing a
municipal bond, typically with a fixed interest rate, into a special purpose
trust created by a broker-dealer. This trust, in turn, (a) issues floating rate
certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate (sometimes
referred to as an "inverse floater") to an investor (such as a Fund) interested
in gaining investment exposure to a long-term municipal bond. The income
received by the holder of the inverse floater varies inversely with the
short-term rate paid to the floating rate certificates' holders, and in most
circumstances the holder of the inverse floater bears substantially all of the
underlying bond's downside investment risk. The holder of the inverse floater
typically also benefits disproportionately from any potential appreciation of
the underlying bond's value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any 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.
78
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
For Funds listed on the New York Stock Exchange, each Fund's Chief Executive
Officer has submitted to the 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.
INVESTMENT POLICY CHANGE
In February 2007, the Funds' Board of Directors/Trustees voted to remove
investment policy restrictions that limited the territorial bond holdings of the
Funds to a maximum of 10 percent of net assets. This change will give the Funds'
portfolio manager greater flexibility to achieve its investment objectives.
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
Carol E. Stone
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.
79
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 $166 billion in assets, as of March 31, 2007, Nuveen Investments offers
access to a number of different asset classes and investing solutions through a
variety of products. Nuveen Investments markets its capabilities under six
distinct brands: NWQ, specializing in value-style equities; Nuveen, managing
fixed-income investments; Santa Barbara, committed to growth equities;
Tradewinds, specializing in global value equities; Rittenhouse, focused on
"blue-chip" growth equities; and Symphony, with expertise in alternative
investments as well as equity and income portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/CEF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
ESA-B-0307D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Portfolio of Investments in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured New York Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
Vice President and Secretary
Date: June 8, 2007
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2007
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2007
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.