-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Czuy9wj2T0R2JAoHIOtRCZtp9WwbtCDhzfbm8zadFPAD3WwvRVNXBMn/M/AuskqB /bDgzWbSCp6V6dUM6QKH1w== 0000891804-07-001659.txt : 20070608 0000891804-07-001659.hdr.sgml : 20070608 20070608103850 ACCESSION NUMBER: 0000891804-07-001659 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070608 DATE AS OF CHANGE: 20070608 EFFECTIVENESS DATE: 20070608 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001090123 IRS NUMBER: 752998724 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09473 FILM NUMBER: 07908504 BUSINESS ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-CSRS 1 file001.txt NUVEEN INSURED NEW YORK DIVIDEND ADV MUNI FUND 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 ------------------------------------------------------------------------------ (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 Photo of: Woman and man at the beach. Photo of: A child. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments Photo of: Woman Photo of: Woman Photo of: Man and child NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ------------------------ DELIVERY DIRECT TO YOUR E-MAIL INBOX ------------------------ IT'S FAST, EASY & FREE: WWW.INVESTORDELIVERY.COM if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS Once again, I am pleased to report that over the 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. EX-99.CERT 2 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured New York Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 8, 2007 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured New York Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) disclosed in this report any change in the registrant's internal control over financial reporting 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 8, 2007 /s/ Stephen D. Foy ------------------------- -------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) EX-99.906CERT 3 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Insured New York Dividend Advantage Municipal Fund (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended March 31, 2007 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: June 8, 2007 ----------------------- /s/ Gifford R. Zimmerman --------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) /s/ Stephen D. Foy --------------------------------- Stephen D. Foy Vice President, Controller (principal financial officer) -----END PRIVACY-ENHANCED MESSAGE-----