UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-21211
---------------------
Nuveen Insured New York Tax-Free Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: March 31, 2006
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT March 31, 2006
Nuveen Investments
Municipal Exchange-Traded
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: Man, woman and child at the beach.
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DEPENDABLE,
TAX-FREE INCOME BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the six-month period covered by
this report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Manager's Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.
Municipal bonds can be an important building block in 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. I encourage you to
contact your personal financial advisor who can help explain this important
investment strategy.
"PORTFOLIO DIVERSIFICATION IS A RECOGNIZED WAY TO TRY TO REDUCE SOME OF THE RISK
THAT COMES WITH INVESTING."
Nuveen Investments is pleased to offer you choices when it comes to receiving
your fund reports. As an alternative to mailed print copies, you can also sign
up to receive future Fund reports and other Fund information by e-mail and the
Internet. Not only will you be able to receive the information faster, but this
also may help lower your Fund's expenses. 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 3, 2006
Nuveen New York Municipal Exchange-Traded Closed-End Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews key investment strategies and the
six-month performance of these six New York Funds. With 15 years of investment
experience, including 9 years with Nuveen, Paul has managed NQN, NVN, NUN, and
NNF since 1999 and NKO and NRK since their inceptions in 2002.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX MONTHS
ENDED MARCH 31, 2006?
During this reporting period, we saw an increase in interest rates across the
yield curve, although short-term rates rose at a much faster pace than
longer-term rates. For example, between October 1, 2005 and March 31, 2006 the
Federal Reserve implemented four increases of 0.25% each in the fed funds rate,
raising this short-term target from 3.75% to 4.75%. In contrast, the yield on
the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term
municipal market rates, stood at 5.14% at the end of March 2006, an increase of
just 10 basis points from the beginning of October 2005. As interest rates
increased, bond valuations generally declined, and the yield curve flattened as
short-term rates approached the levels of longer-term rates.
In this environment, one of our key strategies continued to be careful duration1
management, part of which included efforts to more closely align the duration
and yield curve positioning of these six Funds. During this period, our purchase
activity focused mainly on attractively priced bonds maturing in 10 to 20 years.
As the yield curve continued to flatten, we believed that bonds in this part of
the curve generally offered better value and reward opportunities more
commensurate with their risk levels. To help us maintain the Funds' durations
within our preferred strategic range, we were also selectively selling holdings
with shorter durations (under 10 years), including bonds priced to short call
dates, bonds that were currently callable, and short-dated pre-refunded bonds.
Selling these shorter duration bonds and reinvesting further out in the 10- to
20-year part of the yield curve also helped to improve the Funds' overall call
protection profile.
1 Duration is a measure of a bond's price sensitivity as interest rates
change, with longer duration bonds displaying more sensitivity to these
changes than bonds with shorter durations.
4
As yields rose during this period, we also found some opportunities to sell a
few of our holdings that were purchased when yields were lower and replace them
with similar, newer credits that yielded comparatively more. This process
allowed us to maintain the Funds' current portfolio characteristics while
strengthening their income streams. It also enabled us to realize some capital
losses that can be used to offset any capital gains realized in 2006 or carried
forward to offset future realized gains.
In looking for potential purchase candidates, we still kept an opportunistic eye
toward all types of issuance that we believed could add value to the Funds'
portfolios. Overall, portfolio activity was relatively light during this period,
with turnover levels across the Funds falling into the 3% to 10% range. This was
due in part to the 13% decline in New York municipal supply during this
six-month period. The decrease in supply was even more evident during the first
three months of 2006, when new issuance in the state dropped 38% from the levels
of the first quarter of 2005. In general, much of the new supply was highly
rated and/or insured, and we participated in some of the larger issues of the
period, including the $950 million Long Island Power Authority (LIPA) offering
in March 2006. We purchased a significant amount of these insured bonds for each
of the Funds, both to replace the 1998 LIPA bonds that were advance refunded2
and to effectively add to our position in these credits.
In NKO and NRK, which can invest up to 20% of their assets in uninsured
investment-grade quality securities, we also continued to emphasize maintaining
an exposure to BBB rated credits. However, tighter supply and declining relative
valuations meant fewer opportunities to find additional lower-rated issues that
we believed represented value for shareholders or improved the structure of
these two Funds.
2 Advance refundings, also known as pre-refundings or refinancings, occur
when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in
lower borrowing costs for bond issuers.
5
HOW DID THE FUNDS PERFORM?
Individual results for these 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 3/31/06
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NQN -0.02% 3.74% 6.83% 6.54%
--------------------------------------------------------------------------------
NVN 0.06% 4.01% 6.99% 6.48%
--------------------------------------------------------------------------------
NUN 0.04% 3.86% 6.66% 6.46%
--------------------------------------------------------------------------------
NNF 0.00% 3.74% 6.40% 6.89%
--------------------------------------------------------------------------------
NKO 0.13% 4.46% NA NA
--------------------------------------------------------------------------------
NRK 0.25% 5.02% NA NA
--------------------------------------------------------------------------------
Lehman Brothers
NY Insured
Tax-Exempt
Bond Index3 1.16% 3.81% 5.44% 6.06%
--------------------------------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds Average4 0.85% 4.65% 5.90% 6.21%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Current performance may be
higher or lower than the data shown. Returns do not reflect the deduction of
taxes that shareholders may have to pay on Fund distributions or upon the sale
of Fund shares.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended March 31, 2006, the cumulative returns on NAV for all
of the New York Funds in this report underperformed their Lehman Brothers New
York Insured municipal benchmark. Each of the Funds also trailed the average
return for the Lipper New York Insured peer group.
One of the factors affecting the six-month performance of these Funds relative
to that of the unleveraged Lehman Brothers New York Insured Tax-Exempt Bond
Index was the Funds' use of financial leverage. Although leveraging provides
opportunities for additional income and total returns for common shareholders
when interest rates fall or remain
3 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an
unleveraged, unmanaged index containing a broad range of insured New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
4 The Lipper New York Insured Municipal Debt Funds average is calculated
using the returns of all closed-end exchange-traded funds in this category
for each period as follows: 6 months, 12; 1 year, 12; 5 years, 7; and 10
years, 6. Fund and Lipper returns assume reinvestment of dividends.
6
consistently low (as they have over the past several years), this benefit is
reduced when interest rates rise. With the increase in both short-term and
long-term interest rates during this six-month period, the decline in value of
the bonds in these Funds'portfolios was exacerbated by the effects of
leveraging. In addition, the benefits of leveraging are tied in part to the
short-term rates leveraged Funds pay their MuniPreferred(R) shareholders. During
periods of low short-term rates, these Funds generally pay lower dividends to
their MuniPreferred shareholders, which can leave more earnings to support
common share dividends. Conversely, when short-term interest rates rise, as they
did during this reporting period, the Funds' borrowing costs also rise,
impacting the Funds' income streams and total returns. However, we remain
convinced that, over the long term, the use of financial leverage should work to
the benefit of these Funds. This is demonstrated by the five-year and ten-year
return performance--both absolute and relative--of the older Funds in this
report.
During this reporting period, other factors having an impact on the Funds'
returns included yield curve and duration positioning; allocations to
lower-rated credits in NKO and NRK, which--as mentioned earlier--can invest up
to 20% of their assets in uninsured investment-grade quality securities; and
pre-refunded bonds.
As the yield curve continued to flatten over the course of this period,
intermediate bonds were generally the most impacted by the changes in the curve.
As a result, these bonds generally underperformed both very short bonds and
longer bonds, with credits having the longest maturities (i.e., 25 years and
longer) posting the best returns in the insured municipal market for this
period. Over this period, all of these Funds were underexposed to bonds in the
longest part of the curve, which hampered their performance, especially relative
to the Lehman insured index, which is heavily weighted in the longest maturity
bonds.
7
With bonds rated BBB or lower and nonrated bonds generally outperforming other
credit quality sectors during this period, NKO and NRK benefited from their
allocations of lower-quality credits. The performance of this sector was largely
the result of investor demand for the higher yields typically associated with
lower-quality bonds, which drove up their relative value and kept credit spreads
narrow. As of March 31, 2006, bonds rated BBB accounted for 5% and 4%,
respectively, of the portfolios of NKO and NRK. The performance of NQN, NVN,
NUN, and NNF were hurt by the fact that, as insured Funds, they could not hold
any of the lower-rated credits that performed so well.
We also continued to see a number of advance refundings during this period,
which benefited the Funds through price appreciation.
While advance refundings generally enhanced performance for this six-month
period, the rising interest rate environment--especially at the short end of the
yield curve--meant that many of the Funds' holdings of older, previously
pre-refunded bonds tended to underperform the general municipal market, due
primarily to the shorter effective maturities of these bonds. In addition to the
factors mentioned above, security-specific issues--including the timing and
amount of advance refundings--also accounted for some of the performance
differential among these Funds.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2006?
We continued to believe that maintaining strong credit quality was an important
requirement. As of March 31, 2006, NQN, NVN, NUN, and NNF continued to be 100%
invested in insured and/or U.S. guaranteed securities. NKO and NRK, which can
invest up to 20% of their assets in uninsured investment-grade quality
securities, had allocated 91% and 87% of their portfolios, respectively, to
insured and/or U.S. guaranteed securities.
8
As of March 31, 2006, potential call exposure for the period April 2006 through
the end of 2007 ranged from zero in NRK to 1% in NKO, 5% in NVN, 6% in NNF, 9%
in NQN, and 10% in NUN. We continued to work to manage the call structure of all
of these Funds. The number of actual bond calls will depend largely on future
market interest rates and borrower-specific circumstances.
9
Dividend and Share Price
INFORMATION
As previously noted, all of the Funds in this report use leverage to potentially
enhance opportunities for additional income for common shareholders. During
periods of rising short-term interest rates, as was the case during this
reporting period, the Funds' borrowing costs also rise, reducing the extent of
the benefits of leveraging. The Funds' income streams were also impacted as the
proceeds from older, higher-yielding bonds that matured or were called were
reinvested into bonds generally offering lower yields. These factors resulted in
one monthly dividend reduction in NUN and NKO and two reductions in NQN, NVN,
and NNF over the six-month period ended March 31, 2006. The dividend of NRK
remained stable throughout this reporting period.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds received capital gains and net ordinary income
distributions at the end of December 2005, as follows:
LONG-TERM CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NQN $0.5347 --
--------------------------------------------------------------------------------
NVN $0.2710 --
--------------------------------------------------------------------------------
NUN $0.2704 $0.0011
--------------------------------------------------------------------------------
NNF $0.3294 --
--------------------------------------------------------------------------------
NKO $0.1858 $0.0005
--------------------------------------------------------------------------------
NRK $0.0216 $0.0038
--------------------------------------------------------------------------------
These distributions, which represented an important part of the total returns of
these Funds for this period, were generated by bond calls and the sale of
appreciated securities. This had a slight negative impact on the Funds' earning
power per common share and was a factor in the common share dividend reductions
noted above.
10
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, 2006, all of the
Funds in this report except NRK had a positive UNII balance for financial
statement purposes and a positive UNII balance, based upon our best estimate,
for tax purposes. NRK had a positive UNII balance, based upon our best estimate,
for tax purposes, and a negative UNII balance for financial statement purposes.
At the end of the reporting period, the Funds' share prices were trading at
premiums or discounts to their NAVs as shown in the accompanying chart:
3/31/06 6-MONTH AVERAGE
PREMIUM/DISCOUNT PREMIUM/DISCOUNT
--------------------------------------------------------------------------------
NQN -4.15% -5.99%
--------------------------------------------------------------------------------
NVN -3.55% -6.49%
--------------------------------------------------------------------------------
NUN -2.67% -5.81%
--------------------------------------------------------------------------------
NNF -4.98% -6.56%
--------------------------------------------------------------------------------
NKO +0.46% -3.95%
--------------------------------------------------------------------------------
NRK -4.50% -8.60%
--------------------------------------------------------------------------------
11
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 90%
U.S. Guaranteed 10%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0785
May 0.0785
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.065
Jan 0.065
Feb 0.065
Mar 0.0615
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.85
14.78
14.81
14.83
14.83
14.81
14.73
14.82
14.75
14.75
14.72
14.91
15.02
15.03
15.03
14.97
14.97
15.07
15.12
15.12
15.22
15.22
15.27
15.3
15.39
15.33
15.33
15.32
15.32
15.21
15.26
15.28
15.28
15.25
15.29
15.28
15.3
15.37
15.49
15.5
15.38
15.44
15.55
15.53
15.61
15.66
15.69
15.67
15.58
15.48
15.45
15.37
15.37
15.31
15.34
15.44
15.43
15.38
15.39
15.42
15.5
15.46
15.38
15.43
15.53
15.48
15.47
15.58
15.55
15.58
15.56
15.65
15.62
15.57
15.62
15.54
15.6
15.58
15.46
15.48
15.51
15.46
15.44
15.62
15.65
15.65
15.6
15.57
15.55
15.51
15.45
15.64
15.51
15.61
15.55
15.51
15.56
15.64
15.6
15.67
15.63
15.57
15.59
15.58
15.6
15.68
15.7
15.7
15.66
15.7
15.77
15.69
15.7
15.7
15.56
15.61
15.57
15.54
15.43
15.29
15.24
15.2
15.21
15.14
14.94
14.95
14.92
14.92
14.93
14.94
14.9
14.93
14.95
14.78
14.8
14.78
14.76
14.63
14.44
14.44
14.2
14.2
14.19
14.22
14.4
14.4
14.4
14.22
14.3
14.33
14.3
14.38
14.38
14.37
14.35
14.38
14.48
14.42
14.2
14.35
14.15
14.33
14.27
14.23
14.17
14.23
14.15
14.2
14.25
14.31
14.37
14.33
14.3
14.37
14.38
14.41
14.33
14.38
14.34
14.3
13.75
13.85
13.87
13.93
13.9
13.78
13.76
13.72
13.81
13.91
14.04
14.07
14.17
14.17
14.24
14.3
14.22
14.26
14.27
14.32
14.32
14.39
14.3
14.31
14.26
14.27
14.3
14.4
14.41
14.37
14.34
14.48
14.43
14.43
14.46
14.42
14.37
14.41
14.63
14.67
14.62
14.64
14.64
14.73
14.77
14.8
14.9
14.89
15
14.95
15
15.1
15.17
15.16
15.1
14.96
14.74
14.65
14.64
14.56
14.54
14.4
14.49
14.3
14.5
14.49
14.5
14.6
14.6
14.6
14.49
14.53
14.44
14.43
14.2
3/31/06 14.32
FUND SNAPSHOT
------------------------------------
Common Share Price $14.32
------------------------------------
Common Share
Net Asset Value $14.94
------------------------------------
Premium/(Discount) to NAV -4.15%
------------------------------------
Market Yield 5.15%
------------------------------------
Taxable-Equivalent Yield1 7.69%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $264,784
------------------------------------
Average Effective
Maturity on Securities (Years) 16.23
------------------------------------
Leverage-Adjusted Duration 8.35
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.20% -0.02%
------------------------------------
1-Year 6.41% 3.74%
------------------------------------
5-Year 7.24% 6.83%
------------------------------------
10-Year 5.46% 6.54%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 31.8%
------------------------------------
Health Care 16.3%
------------------------------------
Transportation 11.6%
------------------------------------
Tax Obligation/General 10.3%
------------------------------------
U.S. Guaranteed 9.6%
------------------------------------
Education and Civic
Organizations 6.5%
------------------------------------
Utilities 6.4%
------------------------------------
Other 7.5%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.5347 per share.
12
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
U.S. Guaranteed 15%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0765
May 0.0765
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.066
Jan 0.066
Feb 0.066
Mar 0.0625
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.52
14.46
14.54
14.54
14.51
14.51
14.54
14.59
14.47
14.47
14.48
14.53
14.58
14.59
14.53
14.56
14.51
14.64
14.7
14.7
14.8
14.8
14.87
14.99
15.1
15.15
14.99
15.05
15.13
15.11
15.1
15.08
15.11
15.11
15.15
15.16
15.15
15.18
15.32
15.31
15.35
15.27
15.32
15.44
15.41
15.45
15.39
15.42
15.39
15.35
15.28
15.16
15.2
15.23
15.24
15.15
15.2
15.18
15.45
15.49
15.48
15.5
15.5
15.5
15.47
15.48
15.53
15.55
15.55
15.57
15.55
15.69
15.59
15.57
15.34
15.32
15.3
15.18
15.19
15.3
15.19
15.32
15.39
15.5
15.55
15.55
15.49
15.5
15.55
15.42
15.4
15.39
15.34
15.42
15.45
15.38
15.43
15.56
15.55
15.62
15.54
15.46
15.6
15.56
15.52
15.65
15.73
15.58
15.6
15.6
15.76
15.6
15.5
15.43
15.44
15.42
15.27
15.22
15.15
15.08
15.02
15.07
15.05
15.03
14.84
14.89
14.6
14.71
14.71
14.74
14.71
14.78
14.83
14.77
14.65
14.73
14.7
14.57
14.33
14.22
14.13
14.14
14.18
14.3
14.49
14.6
14.55
14.46
14.49
14.44
14.47
14.55
14.48
14.46
14.29
14.39
14.29
14.3
14.14
14.33
14.04
14.04
14.01
14.11
14.14
14.23
14.21
14.2
14.21
14.26
14.4
14.35
14.32
14.39
14.29
14.25
14.2
14.27
14.25
14.34
13.9
13.97
13.9
13.96
13.91
13.92
13.92
13.89
14.04
14.11
14.08
14.21
14.17
14.17
14.28
14.3
14.29
14.32
14.46
14.47
14.46
14.44
14.49
14.5
14.5
14.5
14.59
14.6
14.53
14.52
14.38
14.4
14.28
14.4
14.43
14.46
14.52
14.45
14.59
14.74
14.76
14.88
14.88
15
15.11
15.1
15.2
15.22
15.23
15.12
15.14
15.2
15.3
15.28
15.1
14.94
14.77
14.74
14.94
14.84
14.75
14.77
14.7
14.59
14.68
14.71
14.68
14.76
14.66
14.67
14.85
14.77
14.6
14.69
14.62
3/31/06 14.67
FUND SNAPSHOT
------------------------------------
Common Share Price $14.67
------------------------------------
Common Share
Net Asset Value $15.21
------------------------------------
Premium/(Discount) to NAV -3.55%
------------------------------------
Market Yield 5.11%
------------------------------------
Taxable-Equivalent Yield1 7.63%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $356,375
------------------------------------
Average Effective
Maturity on Securities (Years) 16.33
------------------------------------
Leverage-Adjusted Duration 8.69
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 4.23% 0.06%
------------------------------------
1-Year 9.12% 4.01%
------------------------------------
5-Year 7.16% 6.99%
------------------------------------
10-Year 5.74% 6.48%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.1%
------------------------------------
U.S. Guaranteed 14.5%
------------------------------------
Tax Obligation/General 11.9%
------------------------------------
Health Care 11.8%
------------------------------------
Utilities 8.8%
------------------------------------
Transportation 7.9%
------------------------------------
Education and Civic
Organizations 6.7%
------------------------------------
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 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.2710 per share.
13
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 84%
U.S. Guaranteed 16%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0735
May 0.0735
Jun 0.0695
Jul 0.0695
Aug 0.0695
Sep 0.0665
Oct 0.0665
Nov 0.0665
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.063
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.3
14.29
14.28
14.32
14.32
14.29
14.35
14.37
14.31
14.3
14.24
14.38
14.67
14.56
14.45
14.47
14.43
14.6
14.69
14.69
14.77
14.77
14.85
14.85
14.95
14.89
14.75
14.7
14.89
14.68
14.89
14.87
14.84
14.82
14.83
14.91
14.8
14.86
14.87
14.91
14.86
14.83
14.94
14.98
14.95
15.03
15.05
15.09
14.99
15.02
14.81
14.69
14.7
14.68
14.72
14.77
14.8
14.84
14.92
14.98
15
14.99
14.96
14.94
14.92
15.01
15.08
15.12
15.13
15.13
15.18
15.17
15.13
15.09
15.08
15.06
15.01
14.96
14.84
14.94
14.78
14.8
14.8
15
14.98
14.98
14.9
15
14.9
14.86
14.74
14.71
14.61
14.71
14.62
14.66
14.66
14.72
14.71
14.67
14.65
14.68
14.71
14.7
14.71
14.78
14.8
14.83
14.84
14.83
14.92
14.93
14.85
14.87
14.85
14.87
14.8
14.72
14.65
14.59
14.59
14.58
14.56
14.48
14.5
14.54
14.42
14.51
14.53
14.53
14.51
14.6
14.63
14.53
14.55
14.48
14.46
14.25
14.05
13.97
13.75
13.75
13.78
13.8
14.14
14.2
14.15
14.04
14.09
14.11
14.15
14.18
14.01
13.98
13.88
13.88
13.99
13.95
13.91
13.89
13.85
13.82
13.83
13.75
13.74
13.83
13.84
13.82
13.88
13.87
14
14.01
13.95
13.98
13.95
13.92
13.86
14
13.96
13.98
13.71
13.7
13.69
13.72
13.75
13.75
13.65
13.7
13.73
13.87
13.98
13.95
14.16
14.16
14.26
14.32
14.43
14.54
14.61
14.64
14.53
14.58
14.6
14.68
14.62
14.71
14.71
14.87
14.86
14.92
14.69
14.8
14.65
14.69
14.7
14.77
14.7
14.65
14.85
14.82
14.92
15.04
15
15.1
15.11
15.08
15.2
15.24
15.22
15.16
15.16
15.2
15.2
15.17
15.08
15.02
14.81
14.89
14.91
14.86
14.92
14.73
14.73
14.6
14.6
14.75
14.75
14.68
14.67
14.63
14.7
14.63
14.63
14.65
14.59
3/31/06 14.58
FUND SNAPSHOT
------------------------------------
Common Share Price $14.58
------------------------------------
Common Share
Net Asset Value $14.98
------------------------------------
Premium/(Discount) to NAV -2.67%
------------------------------------
Market Yield 5.19%
------------------------------------
Taxable-Equivalent Yield1 7.75%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $360,766
------------------------------------
Average Effective
Maturity on Securities (Years) 15.64
------------------------------------
Leverage-Adjusted Duration 8.75
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 5.04% 0.04%
------------------------------------
1-Year 10.25% 3.86%
------------------------------------
5-Year 6.78% 6.66%
------------------------------------
10-Year 6.35% 6.46%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 29.8%
------------------------------------
U.S. Guaranteed 15.6%
------------------------------------
Education and Civic
Organizations 12.0%
------------------------------------
Health Care 9.8%
------------------------------------
Tax Obligation/General 9.6%
------------------------------------
Transportation 8.4%
------------------------------------
Utilities 7.8%
------------------------------------
Other 7.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.2715 per share.
14
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 89%
U.S. Guaranteed 11%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.074
May 0.074
Jun 0.07
Jul 0.07
Aug 0.07
Sep 0.0665
Oct 0.0665
Nov 0.0665
Dec 0.063
Jan 0.063
Feb 0.063
Mar 0.0595
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.29
14.35
14.48
14.49
14.56
14.5
14.55
14.6
14.77
14.67
14.71
14.8
14.95
14.97
14.88
14.82
14.86
14.95
14.91
14.86
14.8
14.8
14.92
14.95
14.96
14.91
14.96
14.95
14.98
14.84
14.78
14.8
14.87
14.88
15
15.01
14.99
15.11
15.05
15.14
15.09
15.18
15.23
15.24
15.35
15.32
15.4
15.58
15.5
15.39
15.44
15.51
15.5
15.52
15.62
15.63
15.6
15.71
15.68
15.75
15.8
15.78
15.58
15.58
15.6
15.55
15.57
15.45
15.4
15.38
15.32
15.45
15.44
15.33
15.44
15.29
15.25
15.55
15.52
15.43
15.46
15.46
15.37
15.36
15.41
15.41
15.47
15.4
15.53
15.45
15.45
15.35
15.43
15.59
15.54
15.66
15.49
15.54
15.49
15.51
15.48
15.49
15.6
15.54
15.55
15.6
15.56
15.7
15.6
15.74
15.72
15.72
15.68
15.73
15.65
15.74
15.73
15.52
15.45
15.28
15.24
15.21
15.2
15.06
14.99
14.92
14.92
14.9
14.86
14.86
14.89
14.84
14.83
14.75
14.67
14.66
14.64
14.51
14.4
14.38
14.26
14.1
14.07
14.16
14.2
14.24
14.24
14
14.07
14.13
14.2
14.22
14.12
14.22
14.18
14.27
14.31
14.27
14.02
14.05
13.99
14.05
13.97
14.04
14.02
14.07
14.1
14.16
14.25
14.23
14.45
14.38
14.42
14.57
14.42
14.4
14.6
14.49
14.29
14.22
13.8
13.8
13.8
13.81
13.8
13.82
13.81
13.68
13.8
13.89
13.93
14.05
14.08
14.08
14.18
14.2
14.26
14.28
14.37
14.44
14.33
14.45
14.42
14.46
14.42
14.45
14.39
14.45
14.44
14.5
14.45
14.43
14.4
14.43
14.44
14.42
14.39
14.36
14.37
14.3
14.36
14.38
14.3
14.34
14.45
14.31
14.38
14.42
14.45
14.5
14.65
14.89
15.05
15.08
14.99
14.88
14.85
14.87
14.8
14.83
14.81
14.82
14.85
14.76
14.9
14.8
14.79
14.79
14.52
14.7
14.52
14.53
14.48
14.45
14.25
3/31/06 14.32
FUND SNAPSHOT
------------------------------------
Common Share Price $14.32
------------------------------------
Common Share
Net Asset Value $15.07
------------------------------------
Premium/(Discount) to NAV -4.98%
------------------------------------
Market Yield 4.99%
------------------------------------
Taxable-Equivalent Yield1 7.45%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $125,511
------------------------------------
Average Effective
Maturity on Securities (Years) 15.94
------------------------------------
Leverage-Adjusted Duration 8.47
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 1.25% 0.00%
------------------------------------
1-Year 8.25% 3.74%
------------------------------------
5-Year 6.57% 6.40%
------------------------------------
10-Year 7.02% 6.89%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 31.3%
------------------------------------
Health Care 14.1%
------------------------------------
Education and Civic
Organizations 12.2%
------------------------------------
U.S. Guaranteed 10.5%
------------------------------------
Tax Obligation/General 8.3%
------------------------------------
Transportation 7.6%
------------------------------------
Water and Sewer 6.6%
------------------------------------
Utilities 6.0%
------------------------------------
Other 3.4%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders a capital gains distribution in December 2005 of
$0.3294 per share.
15
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 81%
U.S. Guaranteed 10%
AAA (Uninsured) 1%
AA (Uninsured) 3%
BBB (Uninsured) 5%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0715
May 0.0715
Jun 0.068
Jul 0.068
Aug 0.068
Sep 0.068
Oct 0.068
Nov 0.068
Dec 0.068
Jan 0.068
Feb 0.068
Mar 0.0645
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 14.24
14.29
14.29
14.21
14.25
14.2
14.1
14.17
14.09
14.17
14.12
14.33
14.22
14.6
14.45
14.56
14.59
14.55
14.7
14.7
14.7
14.7
14.7
14.67
14.67
14.75
14.66
14.67
14.75
14.69
14.72
14.76
14.82
15.07
14.84
14.9
14.8
14.84
14.84
14.72
14.85
14.83
14.84
14.97
15
15.04
14.98
14.97
14.97
14.84
14.74
14.72
14.67
14.77
14.78
14.91
15.06
15.01
15.1
15.04
15.14
14.96
14.89
15.02
14.97
14.93
14.96
14.85
14.93
14.86
14.85
15.2
15.27
15.21
15.2
15.02
14.97
15.12
15.04
15.15
15.18
15.14
15.15
15.46
15.42
15.42
15.5
15.49
15.48
15.42
15.45
15.3
15.09
15.11
14.93
14.98
15.41
15.45
15.31
15.3
15.3
15.22
15.25
15.29
15.22
15.17
15.3
15.4
15.35
15.38
15.47
15.43
15.49
15.46
15.37
15.35
15.32
15.46
15.32
15.3
15.14
15.21
15.12
15.01
14.94
14.93
14.72
14.6
14.62
14.68
14.57
14.51
14.49
14.49
14.43
14.41
14.44
14.35
14.23
14.26
14.12
14
14.08
14.04
14.1
14.13
14.2
14.19
14.15
14.2
14.3
14.28
14.12
14.3
14.28
14.29
14.36
14.4
14.38
14.62
14.2
14.07
14.07
14
14.06
14.05
14.04
14.09
14.11
14.1
14.36
14.34
14.21
14.38
14.36
14.23
14.15
14.21
14.27
14.3
14.17
14.52
14.45
14.72
14.82
14.78
14.85
14.86
15.19
14.9
15.19
15.25
15.32
15.32
15.3
15.49
15.5
15.47
15.37
15.22
14.94
14.95
14.95
15.08
14.92
15.15
14.97
15.3
15.03
15.12
15.02
15.2
15.05
14.83
14.84
14.83
15.1
15.05
15.25
15.15
15.18
15.17
15.25
15.28
15.29
15.27
15.29
15.19
15.3
15.11
15.21
15.03
15.05
15.26
15.22
14.93
15.05
15
15
14.88
15.03
15
15
14.88
15.05
14.9
15.15
15.15
14.98
15.07
15.17
15.02
15
15.03
14.9
3/31/06 15.17
FUND SNAPSHOT
------------------------------------
Common Share Price $15.17
------------------------------------
Common Share
Net Asset Value $15.10
------------------------------------
Premium/(Discount) to NAV 0.46%
------------------------------------
Market Yield 5.10%
------------------------------------
Taxable-Equivalent Yield1 7.61%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $120,176
------------------------------------
Average Effective
Maturity on Securities (Years) 17.29
------------------------------------
Leverage-Adjusted Duration 8.17
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 7.45% 0.13%
------------------------------------
1-Year 14.98% 4.46%
------------------------------------
Since
Inception 7.11% 7.92%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 23.2%
------------------------------------
Health Care 16.4%
------------------------------------
Utilities 13.3%
------------------------------------
U.S. Guaranteed 9.9%
------------------------------------
Tax Obligation/General 9.9%
------------------------------------
Education and Civic
Organizations 8.6%
------------------------------------
Transportation 8.3%
------------------------------------
Other 10.4%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.1863 per share.
16
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of March 31, 2006
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 72%
U.S. Guaranteed 15%
AAA (Uninsured) 2%
AA (Uninsured) 6%
A (Uninsured) 1%
BBB (Uninsured) 4%
Bar Chart:
2005-2006 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0635
May 0.0635
Jun 0.0605
Jul 0.0605
Aug 0.0605
Sep 0.0585
Oct 0.0585
Nov 0.0585
Dec 0.0585
Jan 0.0585
Feb 0.0585
Mar 0.0585
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/01/05 13.4
13.4
13.31
13.3
13.27
13.16
13
13.12
13.16
13.1
13.25
13.26
13.33
13.34
13.18
13.27
13.23
13.19
13.21
13.24
13.37
13.37
13.41
13.48
13.36
13.42
13.42
13.36
13.39
13.38
13.4
13.44
13.51
13.77
13.72
13.72
13.77
13.82
13.78
13.66
13.78
13.61
13.8
13.85
13.98
14.05
14.12
14.17
13.97
13.88
13.87
13.95
13.83
13.72
13.85
13.86
13.9
13.98
13.97
13.98
13.97
13.94
13.95
13.95
13.98
14.08
14.08
13.97
13.97
13.97
14.01
14.15
14.15
14.2
14.15
14.39
14.15
14.33
14.61
14.7
14.9
14.8
14.55
14.5
14.4
14.4
14.17
14.17
14.15
14.02
13.96
13.65
13.53
13.72
13.64
13.81
13.81
13.84
13.89
13.93
13.9
13.89
13.88
13.98
14
14
14
14.06
14.03
14.13
14.16
14.11
14.12
14.19
14.14
14.13
14.09
14.13
14.13
14
13.82
13.8
13.69
13.73
13.77
14.15
14.07
13.99
13.99
14.02
13.99
13.94
14.04
14.04
13.96
13.91
13.95
13.85
13.61
13.61
13.45
13.3
13.28
13.35
13.37
13.4
13.4
13.36
13.5
13.3
13.3
13.29
13.38
13.5
13.33
13.22
13.41
13.4
13.35
13.35
13.13
13.05
12.93
12.92
12.98
13
12.97
13.01
12.99
12.97
13.18
13.19
13.2
13.07
13
13.03
13.04
13.03
13.09
13.05
12.95
12.88
12.9
13.03
12.97
13.06
12.99
13.02
13.14
13.09
13.27
13.35
13.35
13.35
13.47
13.52
13.72
13.71
13.72
13.84
13.78
13.85
13.82
13.82
13.8
13.67
13.5
13.65
13.9
13.89
13.81
13.7
13.7
13.75
13.82
13.75
13.6
13.45
13.45
13.51
13.61
13.74
13.74
13.65
13.82
13.74
13.79
13.82
13.97
14.05
14.03
14
14.16
14.1
14.08
13.82
13.67
13.51
13.8
13.9
13.9
13.75
13.91
13.91
13.98
13.95
13.9
13.9
13.9
13.9
14.13
13.94
13.88
13.9
13.91
3/31/06 14
FUND SNAPSHOT
------------------------------------
Common Share Price $14.00
------------------------------------
Common Share
Net Asset Value $14.66
------------------------------------
Premium/(Discount) to NAV -4.50%
------------------------------------
Market Yield 5.01%
------------------------------------
Taxable-Equivalent Yield1 7.48%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $51,509
------------------------------------
Average Effective
Maturity on Securities (Years) 15.47
------------------------------------
Leverage-Adjusted Duration 8.40
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.65% 0.25%
------------------------------------
1-Year 10.16% 5.02%
------------------------------------
Since
Inception 3.66% 6.28%
------------------------------------
INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 27.3%
------------------------------------
U.S. Guaranteed 15.2%
------------------------------------
Health Care 14.5%
------------------------------------
Utilities 13.8%
------------------------------------
Education and Civic
Organizations 13.0%
------------------------------------
Tax Obligation/General 5.8%
------------------------------------
Transportation 5.4%
------------------------------------
Other 5.0%
------------------------------------
1 Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. When comparing this Fund to investments that generate
qualified dividend income, the Taxable-Equivalent Yield is lower.
2 The Fund paid shareholders capital gains and net ordinary income
distributions in December 2005 of $0.0254 per share.
17
Shareholder
MEETING REPORT
The shareholder meeting was held in at the offices of Nuveen Investments on
March 29, 2006.
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 14,803,857 -- 19,531,687 -- 19,620,981 --
Withhold 145,389 -- 207,874 -- 214,748 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
Lawrence H. Brown
For 14,804,424 -- 19,527,617 -- 19,623,327 --
Withhold 144,822 -- 211,944 -- 212,402 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
Jack B. Evans
For 14,817,227 -- 19,539,723 -- 19,630,584 --
Withhold 132,019 -- 199,838 -- 205,145 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
William C. Hunter
For 14,816,571 -- 19,541,293 -- 19,632,973 --
Withhold 132,675 -- 198,268 -- 202,756 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
David J. Kundert
For 14,819,757 -- 19,542,674 -- 19,631,579 --
Withhold 129,489 -- 196,887 -- 204,150 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
William J. Schneider
For -- 4,564 -- 6,521 -- 7,072
Withhold -- 20 -- 18 -- 46
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,584 -- 6,539 -- 7,118
====================================================================================================================================
Timothy R. Schwertfeger
For -- 4,564 -- 6,521 -- 7,072
Withhold -- 20 -- 18 -- 46
------------------------------------------------------------------------------------------------------------------------------------
Total -- 4,584 -- 6,539 -- 7,118
====================================================================================================================================
Judith M. Stockdale
For 14,809,974 -- 19,548,191 -- 19,624,443 --
Withhold 139,272 -- 191,370 -- 211,286 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
Eugene S. Sunshine
For 14,811,397 -- 19,538,131 -- 19,625,527 --
Withhold 137,849 -- 201,430 -- 210,202 --
------------------------------------------------------------------------------------------------------------------------------------
Total 14,949,246 -- 19,739,561 -- 19,835,729 --
====================================================================================================================================
18
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 6,959,497 -- 7,322,908 -- 3,173,345 --
Withhold 60,029 -- 76,142 -- 129,553 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
Lawrence H. Brown
For 6,960,178 -- 7,327,843 -- 3,175,850 --
Withhold 59,348 -- 71,207 -- 127,048 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
Jack B. Evans
For 6,960,678 -- 7,329,340 -- 3,175,264 --
Withhold 58,848 -- 69,710 -- 127,634 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
William C. Hunter
For 6,960,678 -- 7,321,585 -- 3,174,095 --
Withhold 58,848 -- 77,465 -- 128,803 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
David J. Kundert
For 6,960,678 -- 7,325,807 -- 3,172,009 --
Withhold 58,848 -- 73,243 -- 130,889 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
William J. Schneider
For -- 1,998 -- 2,379 -- 1,069
Withhold -- -- -- 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,998 -- 2,400 -- 1,073
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,998 -- 2,379 -- 1,069
Withhold -- -- -- 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,998 -- 2,400 -- 1,073
====================================================================================================================================
Judith M. Stockdale
For 6,960,678 -- 7,326,177 -- 3,174,095 --
Withhold 58,848 -- 72,873 -- 128,803 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
Eugene S. Sunshine
For 6,960,678 -- 7,330,392 -- 3,175,264 --
Withhold 58,848 -- 68,658 -- 127,634 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,019,526 -- 7,399,050 -- 3,302,898 --
====================================================================================================================================
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.9% (6.5% OF TOTAL INVESTMENTS)
$ 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA $ 3,648,645
Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,303,848
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,737,445
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,098,080
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 3,242,610
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 1,204,119
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 1,985,554
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 4,767,975
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,250 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,335,013
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
24,865 Total Education and Civic Organizations 26,323,289
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.7% (16.3% OF TOTAL INVESTMENTS)
675 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 699,678
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:
805 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 823,032
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,230,360
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,130,126
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 2,674,498
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,535 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,629,201
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
1,500 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 1,592,340
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
3,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,205,050
Bonds, New Island Hospital, Series 1999A, 5.750%, 7/01/19 -
AMBAC Insured
8,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 8,482,399
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 6,253,140
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
4,085 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,382,837
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 3,412,217
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
20
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA $ 9,004,616
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 2/08 at 101.50 AAA 3,250,682
Hospital 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 2,074,920
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 3,350,340
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,233,560
------------------------------------------------------------------------------------------------------------------------------------
62,445 Total Health Care 65,428,996
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.9% (2.6% OF TOTAL INVESTMENTS)
5,740 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 5,974,651
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
105 New York State Housing Finance Agency, FHA-Insured 8/06 at 100.00 AAA 105,705
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,570 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,604,305
2,655 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,713,543
------------------------------------------------------------------------------------------------------------------------------------
10,070 Total Housing/Multifamily 10,398,204
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7% (1.0% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,087,270
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 1,240,257
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,185 Total Long-Term Care 4,327,527
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.6% (10.3% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, School Districts 10/15 at 100.00 AAA 3,123,150
Revenue Bond Financing Program, Peekskill City School
District, Series 2005D, 5.000%, 10/01/33 - MBIA Insured
Erie County, New York, General Obligation Bonds, Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,079,950
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,287,936
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,395,758
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,503,124
635 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 686,264
5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,142,740
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 748,258
General Obligation Bonds, Series 2000, 5.600%, 8/01/18 -
MBIA Insured
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AAA 1,053,270
Improvement Bonds, Series 2002, 5.000%, 3/01/16 -
FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,400 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,492,162
2,600 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 2,777,892
3,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,159,210
2,300 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 2,416,978
4,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 4,222,720
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
$ 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA $ 532,935
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 532,935
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 1,761,639
1,815 5.000%, 6/15/18 - FSA Insured 6/15 at 100.00 AAA 1,926,931
1,145 Three Village Central School District, Brookhaven and No Opt. Call Aaa 1,234,333
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 1,731,407
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 6,472,751
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
38,875 Total Tax Obligation/General 41,282,343
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 48.4% (31.8% OF TOTAL INVESTMENTS)
1,275 Buffalo Fiscal Stability Authority, New York, Sales Tax 9/15 at 100.00 AAA 1,343,978
Revenue 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 2,330,460
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 1,688,715
500 5.000%, 7/01/25 - CIFG Insured 7/15 at 100.00 AAA 519,670
75 Dormitory Authority of the State of New York, Improvement 2/08 at 100.00 AAA 76,594
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - MBIA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 41,552
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 81,117
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 107,658
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 1,435,837
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 2,143,040
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 1,057,610
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 1,558,650
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 2,531,946
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 1,322,095
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
2,120 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,262,231
Mental Health Services Facilities Improvements, Series 2005D-1,
5.000%, 2/15/15 - FGIC Insured
1,145 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,219,230
Mental Health Services Facilities Improvements, Series 2005D,
5.000%, 2/15/14 - FGIC Insured
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,914,042
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 395,048
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 1,101,110
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,313,916
22
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,290 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA $ 1,432,984
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 6,372,720
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 3,001,859
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 5,169,285
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,359,538
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,175,260
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,077,560
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,245,819
4,820 Nassau County Interim Finance Authority, New York, Sales and No Opt. Call AAA 5,209,938
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 11/18 at 100.00 AAA 2,242,408
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,342,336
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,338,917
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 1,573,800
2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,308,240
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,676,400
5,370 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 5,618,577
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,567,260
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,147,440
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
1,660 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,769,311
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 2,102,340
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 4,093,457
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
New York Convention Center Development Corporation, Hotel
Unit Fee Revenue Bonds, Series 2005:
2,100 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA 2,190,342
5,200 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 5,364,892
2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,297,956
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,257,100
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 1,798,283
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
1,750 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,836,415
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/21 -
MBIA Insured
7,350 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 8,357,831
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
1,550 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 1,621,176
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 6,711,390
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,064,020
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,782,375
23
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 Niagara Falls City School District, Niagara County, New York, 6/15 at 100.00 AAA $ 1,036,130
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 1,595,634
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
120,230 Total Tax Obligation/Limited 128,183,492
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.6% (11.6% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,182,640
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 3,529,905
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 1,565,955
4,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 4,899,374
2,300 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,424,108
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 2,217,155
2,625 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 2,753,126
1,475 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 1,541,065
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,180,373
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:
5,250 7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax) 7/06 at 100.00 AAA 5,288,430
11,500 6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax) 7/06 at 100.00 AAA 11,559,222
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 888,537
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,459,229
------------------------------------------------------------------------------------------------------------------------------------
44,925 Total Transportation 46,489,119
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.6% (9.6% OF TOTAL INVESTMENTS) (4)
3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 3,951,165
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
(Pre-refunded 7/01/09) - FSA Insured
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 72,718
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
1,010 Dormitory Authority of the State of New York, Judicial Facilities 7/06 at 100.00 AAA 1,188,013
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 1,069,510
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,289,494
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 5,504,479
7,600 4.750%, 4/01/28 (Pre-refunded 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,057,291
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,074,070
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
5,030 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 5,392,160
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/19) - AMBAC Insured
2,225 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,413,836
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/22 (Pre-refunded 4/01/13) - MBIA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,072,490
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/20
(Pre-refunded 4/01/14) - MBIA Insured
24
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA $ 3,778,775
Fund Bonds, Series 2002A, 5.250%, 4/01/17 (Pre-refunded
4/01/12) - FSA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,401,340
1,300 5.375%, 4/01/18 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,412,203
------------------------------------------------------------------------------------------------------------------------------------
35,980 Total U.S. Guaranteed 38,677,544
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.7% (6.4% OF TOTAL INVESTMENTS)
5,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 5,190,850
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,572,100
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,645,375
2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 2,766,825
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 4,770,587
3,460 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 3,624,142
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,130,760
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
New York State Power Authority, General Revenue Bonds,
Series 2006A:
1,140 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,212,914
760 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 806,755
------------------------------------------------------------------------------------------------------------------------------------
24,520 Total Utilities 25,720,308
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.9% (3.9% OF TOTAL INVESTMENTS)
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,820,290
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,109,400
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 1,035,660
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 5,258,060
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
5,200 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 5,430,984
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,890 Total Water and Sewer 15,654,394
------------------------------------------------------------------------------------------------------------------------------------
$ 380,985 Total Investments (cost $389,617,099) - 152.0% 402,485,216
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.4% 6,298,998
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.4)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 264,784,214
====================================================================================================================
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.
See accompanying notes to financial statements.
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 10.2% (6.7% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 545,935
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 1,435,809
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 666,876
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,946,675
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
1,870 Dormitory Authority of the State of New York, Insured Revenue 7/06 at 100.00 AAA 1,875,479
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 733,253
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 4,495,198
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 1,455,219
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 862,352
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 644,256
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,229,210
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 2,161,740
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 1,060,320
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,046,091
2,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,249,920
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,041,580
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 7,424,435
Facility Revenue Bonds, Horace Mann School, Series 1998,
5.000%, 7/01/28 - MBIA Insured
1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,457,834
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
34,195 Total Education and Civic Organizations 36,332,182
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 17.9% (11.8% OF TOTAL INVESTMENTS)
740 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 767,054
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 8/06 at 103.00 AAA 6,242,234
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 6,059,991
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 3,021,240
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
26
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 2,757,589
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 6,806,280
Mortgage Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
6,430 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 6,821,780
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 2,605,475
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,339,363
4,090 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,388,202
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 12,696,243
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 2,129,085
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 2,978,080
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,259,934
------------------------------------------------------------------------------------------------------------------------------------
60,760 Total Health Care 63,872,550
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.1% (2.7% OF TOTAL INVESTMENTS)
5,445 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 5,667,592
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
4,294 New York City Housing Development Corporation, New York, 4/06 at 105.00 AAA 4,517,051
Multifamily Housing Revenue Bonds, Pass-Through
Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC
Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
790 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 807,262
3,535 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,612,947
------------------------------------------------------------------------------------------------------------------------------------
14,064 Total Housing/Multifamily 14,604,852
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.4% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,156,680
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 6,209,760
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 8,366,440
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.7% (11.7% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,522,730
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,609,920
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,621,227
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,755,434
745 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 805,144
5.250%, 4/01/13 - MBIA Insured
2,000 Erie County, New York, General Obligation Bonds, Series 2005A, 12/15 at 100.00 AAA 2,128,380
5.000%, 12/01/18 - MBIA Insured
45 New York City, New York, General Obligation Bonds, Fiscal 8/06 at 100.00 AAA 45,096
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 4,138,341
5,430 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 5,665,934
4,880 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,002,976
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AAA $ 3,151,710
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,660 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,769,278
3,070 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,280,049
3,250 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,422,478
1,650 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,733,919
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,278,400
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 106,587
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 106,587
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 569,405
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 569,405
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 570,470
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 568,743
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 568,743
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 568,743
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 568,743
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 566,538
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 566,538
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,162,742
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,167,984
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,179,974
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,192,906
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,205,347
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 945,941
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 818,599
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 820,047
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 816,410
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 817,074
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 819,367
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 818,345
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 813,443
2,190 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,321,400
5.000%, 8/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
58,557 Total Tax Obligation/General 63,161,097
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 45.8% (30.1% 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 45,956
40 5.375%, 2/15/26 - FSA Insured 2/08 at 100.00 AAA 40,850
35 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 36,358
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 7,656,010
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 3,792,666
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 2,342,295
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
2,270 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,422,294
Mental Health Services Facilities Improvements,
Series 2005D-1, 5.000%, 2/15/15 - FGIC Insured
28
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,210 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA $ 1,288,444
Mental Health Services Facilities Improvements, Series 2005D,
5.000%, 2/15/14 - FGIC Insured
7,925 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,466,040
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 1,148,271
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 1,354,365
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,341,289
1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,888,428
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 7,965,900
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,003,098
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 2,297,460
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,262,890
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,438,150
2,375 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,467,103
4,050 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,199,162
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured 11/18 at 100.00 AAA 4,240,960
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,604,632
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,600,544
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 1,573,800
3,640 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 3,819,088
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,053,590
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,316,739
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,567,260
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 3,031,697
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,075,430
7,500 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 8,018,625
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
3,160 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,368,086
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 2,102,340
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,664,220
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 2,607,550
6,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,190,260
2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,029,100
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,071,375
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA $ 7,963,823
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 922,014
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 969,432
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,020,555
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,070,551
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,047,310
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 9,614,349
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
11,100 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 11,824,829
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,064,020
4,565 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,851,454
4,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 4,483,520
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
153,065 Total Tax Obligation/Limited 163,224,182
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0% (7.9% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA 6,547,920
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,116,200
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 1,448,248
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,754,706
2,760 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,873,905
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 1,722,551
5,600 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 5,837,552
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,634,900
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 1,750,023
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 7,270,970
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 1,788,466
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,063,074
------------------------------------------------------------------------------------------------------------------------------------
40,465 Total Transportation 42,808,515
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.0% (14.5% OF TOTAL INVESTMENTS) (4)
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 72,718
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
1,015 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,083,594
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18
(Pre-refunded 7/01/12) - FGIC Insured
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,274,877
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 1,604,265
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
30
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 5,795 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA $ 6,228,930
State University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded 5/15/12) - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,713,828
2,235 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,924,827
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,148,744
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,610,481
505 Dormitory Authority of the State of New York, Suffolk County, 4/06 at 109.85 Baa1 (4) 686,739
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 748,951
700 5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured 10/09 at 101.00 AAA 743,246
4,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 4,177,880
Revenue Bonds, Series 1998A, 5.250%, 12/01/26
(Pre-refunded 6/01/08) - MBIA 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 1,105,410
1,000 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,105,410
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,042,571
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 11,661,869
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 4,296,280
3,250 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,490,728
2,330 Nassau County, North Hempstead, New York, General Obligation 3/08 at 101.00 Aaa 2,403,442
Refunding Bonds, Series 1998B, 4.750%, 3/01/18 (Pre-refunded
3/01/08) - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 1998A:
10 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 10,296
50 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 51,481
1,075 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 1,152,400
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded 7/01/19) - AMBAC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
155 5.125%, 8/01/25 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 161,894
10 5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured 8/08 at 101.00 AAA 10,500
120 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 125,842
Series 1999I, 5.000%, 4/15/29 (Pre-refunded 4/15/09) -
MBIA Insured
2,375 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,576,566
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/22 (Pre-refunded 4/01/13) - MBIA Insured
2,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 2,144,980
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/20
(Pre-refunded 4/01/14) - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,398,250
Fund Bonds, Series 2002A, 5.250%, 4/01/19 (Pre-refunded
4/01/12) - FSA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,835 5.375%, 4/01/17 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,993,379
2,100 5.375%, 4/01/18 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 2,281,251
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 6,381,060
2,000 5.250%, 1/01/30 (Pre-refunded 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,137,840
------------------------------------------------------------------------------------------------------------------------------------
74,975 Total U.S. Guaranteed 78,550,529
------------------------------------------------------------------------------------------------------------------------------------
31
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.4% (8.8% OF TOTAL INVESTMENTS)
$ 8,300 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA $ 8,616,810
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
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 1,793,000
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,711,040
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 6,114,150
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,159,980
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,659,960
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,053,180
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,086,520
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,306,719
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 6,315,248
4,590 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 4,807,750
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,392,280
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
(Alternative Minimum Tax)
New York State Power Authority, General Revenue Bonds,
Series 2006A:
975 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,037,361
650 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 689,988
------------------------------------------------------------------------------------------------------------------------------------
66,150 Total Utilities 47,743,986
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.4% (4.2% OF TOTAL INVESTMENTS)
1,245 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,365,217
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 1,338,558
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,273,500
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
5,920 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,188,413
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 Revenue 6/15 at 100.00 AAA 7,415,382
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 1,055,258
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
22,720 Total Water and Sewer 22,636,328
------------------------------------------------------------------------------------------------------------------------------------
$ 532,951 Total Long-Term Investments (cost $515,341,200) - 151.9% 541,300,661
=============-----------------------------------------------------------------------------------------------------------------------
32
PRINCIPAL
AMOUNT (000) DESCRIPTION (1) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.2% (0.2% OF TOTAL INVESTMENTS)
$ 850 New York City, New York, General Obligation Bonds, Variable A-1+ $ 850,000
Rate Demand Obligations, Fiscal Series 2002A-7,
2.980%, 11/01/24 - AMBAC Insured (5)
------------------------------------------------------------------------------------------------------------------------------------
$ 850 Total Short-Term Investments (cost $850,000) 850,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $516,191,200) - 152.1% 542,150,661
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 7,224,260
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.2)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 356,374,921
====================================================================================================================
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.
(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 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.
See accompanying notes to financial statements.
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.3% (12.0% OF TOTAL INVESTMENTS)
$ 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA $ 545,935
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 1,162,842
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 666,876
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,505,440
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 1,178,670
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,758,570
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 706,803
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 2,828,375
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 2,161,740
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 2,249,920
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,158,052
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,550,640
Educational Facilities Revenue Bonds, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,065,480
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 6,681,736
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 4,947,950
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,479,194
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
13,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 13,883,531
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
7,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 7,493,383
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
62,460 Total Education and Civic Organizations 66,025,137
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 14.9% (9.8% OF TOTAL INVESTMENTS)
750 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 777,420
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 8/06 at 103.00 AAA 4,159,754
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 7,049,560
Mortgage Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
34
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA $ 2,804,328
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
9,000 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 9,548,370
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 2,605,475
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,432,990
4,090 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,388,202
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 9,462,600
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 2,978,080
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,259,934
3,350 New York State Medical Care Facilities Finance Agency, 8/06 at 101.00 AAA 3,380,720
FHA-Insured Mortgage Revenue Bonds, Montefiore Medical
Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
51,550 Total Health Care 53,847,433
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.1% (2.0% OF TOTAL INVESTMENTS)
5,515 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 5,740,453
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
3,571 New York City Housing Development Corporation, New York, 4/06 at 105.00 AAA 3,756,680
Multifamily Housing Revenue Bonds, Pass-Through Certificates,
Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
165 New York State Housing Finance Agency, FHA-Insured 8/06 at 100.00 AAA 166,107
Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
6.250%, 8/15/14 - AMBAC Insured
1,505 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 1,538,185
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
10,756 Total Housing/Multifamily 11,201,425
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.3% (0.9% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/07 at 102.00 AAA 4,579,451
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.7% (9.6% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,619,925
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,609,920
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,717,856
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,825,222
805 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 869,988
5.250%, 4/01/13 - MBIA Insured
Monroe County, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,375,932
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,054,240
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 5,676,454
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,218,689
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,252,850
5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,258,600
Series 2002C, 5.125%, 3/15/25 - FSA Insured
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
$ 1,690 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA $ 1,801,253
3,120 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,333,470
3,350 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 3,527,785
1,700 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,786,462
5,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 5,278,400
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,805,628
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,864,061
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 569,405
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 566,538
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 566,538
2,305 Yonkers, New York, General Obligation Bonds, Series 2005B, 8/15 at 100.00 AAA 2,437,837
5.000%, 8/01/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
50,310 Total Tax Obligation/General 53,017,053
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 45.5% (29.8% OF TOTAL INVESTMENTS)
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,550,353
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 40,843
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 - MBIA Insured
40 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 41,552
Revenue Bonds, Mental Health Services Facilities, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
370 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 388,637
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 1,122,037
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,173,942
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,211,295
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,792,666
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 1,551,120
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
2,300 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 2,454,307
Mental Health Services Facilities Improvements, Series 2005D-1,
5.000%, 2/15/15 - FGIC Insured
1,230 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,309,741
Mental Health Services Facilities Improvements, Series 2005D,
5.000%, 2/15/14 - FGIC Insured
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,439,333
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 1,095,598
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 1,321,332
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,094,930
1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,899,536
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 7,965,900
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
36
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA $ 5,003,098
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 2,297,460
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,262,890
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,525,780
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,116,340
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,294,640
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 1,599,489
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,595,414
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 1,573,800
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,853,824
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,085,023
3,470 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,630,626
1,500 5.000%, 10/15/32 - AMBAC Insured 10/14 at 100.00 AAA 1,567,260
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 10,932,445
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,602,541
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,032,490
6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,414,900
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
1,995 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,126,371
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
1,845 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,939,409
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
3,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 3,664,220
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 2,644,056
6,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 6,257,321
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,071,375
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,047,310
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 9,614,350
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 13,209,720
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,062,750
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,526,641
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 2,051,537
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 3,316,710
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,725,280
------------------------------------------------------------------------------------------------------------------------------------
153,245 Total Tax Obligation/Limited 164,098,192
------------------------------------------------------------------------------------------------------------------------------------
37
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.8% (8.4% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
$ 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA $ 4,163,386
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,232,400
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 2,891,072
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,833,880
2,795 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 2,910,350
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 1,774,749
5,700 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 5,941,794
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,634,900
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 1,776,143
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 5,332,450
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 1,788,466
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,063,074
------------------------------------------------------------------------------------------------------------------------------------
43,745 Total Transportation 46,342,664
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.8% (15.6% OF TOTAL INVESTMENTS) (4)
70 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 72,718
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded 2/15/07) -
MBIA Insured
3,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,641,750
Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26
(Pre-refunded 7/01/07) - AMBAC Insured
2,945 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 3,513,650
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 1,531,063
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,604,265
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 8,761,446
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 1,713,828
2,230 0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,920,521
2,495 0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 2,148,744
1,870 0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured 7/10 at 101.00 AAA 1,610,481
Longwood Central School District, Suffolk County, New York,
Series 2000:
910 5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,005,923
1,410 5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,558,628
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,180,510
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 4,296,280
1,000 5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,074,070
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 10,341,900
4,500 4.750%, 7/01/26 - FGIC Insured (ETM) 7/08 at 101.00 AAA 4,575,870
38
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA $ 2,184,380
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.750%, 6/15/27 (Pre-refunded 6/15/11) -
MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 1998A:
15 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 15,444
75 5.000%, 8/15/27 (Pre-refunded 8/15/07) - MBIA Insured 8/07 at 101.00 AAA 77,222
2,400 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,603,688
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/22 (Pre-refunded 4/01/13) - MBIA Insured
2,200 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 2,359,478
Fund Bonds, Second Generation, Series 2004,
5.000%, 4/01/20 (Pre-refunded 4/01/14) - MBIA Insured
4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,305,863
Fund Bonds, Series 2001B, 5.250%, 4/01/17 (Pre-refunded
10/01/11) - MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,519,762
Fund Bonds, Series 2002A, 5.250%, 4/01/20 (Pre-refunded
4/01/12) - FSA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
3,125 5.375%, 4/01/17 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 3,394,719
3,000 5.375%, 4/01/18 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 3,258,930
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,413,520
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.250%, 1/01/30 (Pre-refunded 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
81,640 Total U.S. Guaranteed 85,684,653
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.8% (7.8% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,904,496
Series 1994B, 7.250%, 7/01/11 - AMBAC Insured (Alternative
Minimum Tax)
7,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 7,267,190
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
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 1,793,000
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,711,040
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 2,038,050
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,706,620
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,873,240
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,457,420
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,572,100
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,645,375
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 6,493,882
4,720 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 4,943,917
New York State Power Authority, General Revenue Bonds,
Series 2006A:
1,300 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 1,383,148
865 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 918,215
------------------------------------------------------------------------------------------------------------------------------------
64,215 Total Utilities 42,707,693
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.3% (4.1% OF TOTAL INVESTMENTS)
830 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 910,145
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 1,486,072
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.000%, 6/15/33 - MBIA Insured
4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,218,800
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,071,320
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
39
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 6,525 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA $ 6,820,844
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 7,310,940
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
21,715 Total Water and Sewer 22,818,121
------------------------------------------------------------------------------------------------------------------------------------
$ 544,086 Total Investments (cost $527,074,403) - 152.5% 550,321,822
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 7,444,300
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (54.6)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 360,766,122
====================================================================================================================
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.
See accompanying notes to financial statements.
40
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.3% (12.2% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 272,968
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 273,310
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 1,726,950
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 589,335
4,820 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,992,363
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 849,722
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 7/32 at 100.00 AAA 1,080,870
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 787,472
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,123,080
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 1,344,511
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 2,479,224
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 2,050,229
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 4,121,720
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
1,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,291,963
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
21,485 Total Education and Civic Organizations 22,983,717
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.2% (14.1% OF TOTAL INVESTMENTS)
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/06 at 101.00 AAA 3,064,560
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 207,312
Mortgage Hospital Revenue Bonds, Hospital for Special
Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,930,603
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 1,454,306
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
1,205 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,251,561
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 3,180,900
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 2,855,601
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
41
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,450 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA $ 2,628,630
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 1,564,875
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 3,627,330
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 1,080,530
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 1,728,350
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,600
------------------------------------------------------------------------------------------------------------------------------------
25,480 Total Health Care 26,638,158
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.4% (2.3% OF TOTAL INVESTMENTS)
2,165 New York City Housing Development Corporation, New York, 7/15 at 100.00 AAA 2,253,505
Capital Fund Program Revenue Bonds, Series 2005A,
5.000%, 7/01/25 - FGIC Insured
1,990 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 2,033,879
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,155 Total Housing/Multifamily 4,287,384
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7% (1.1% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,078,340
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 882,113
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
1,850 Total Long-Term Care 1,960,453
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.5% (8.3% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 539,975
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 536,640
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 644,196
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 644,196
315 Erie County, New York, General Obligation Bonds, Series 2004B, No Opt. Call Aaa 340,430
5.250%, 4/01/13 - MBIA Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 234,694
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 2,072,880
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
650 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 692,790
1,180 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 1,260,736
1,000 5.000%, 11/01/19 - FSA Insured 11/14 at 100.00 AAA 1,053,070
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,155,946
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,111,360
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,210,960
Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 -
MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,061,620
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
500 West Islip Union Free School District, Suffolk County, New York, 10/15 at 100.00 Aaa 534,385
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 1,615,539
5.000%, 8/01/16 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,680 Total Tax Obligation/General 15,709,417
------------------------------------------------------------------------------------------------------------------------------------
42
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.0% (31.3% OF TOTAL INVESTMENTS)
$ 690 Dormitory Authority of the State of New York, Department of 7/15 at 100.00 AAA $ 739,818
Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
CIFG Insured
145 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 152,304
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 519,550
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 1,271,226
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 780,765
Mental Health Services Facilities Improvements, Series 2005B,
5.000%, 2/15/30 - AMBAC Insured
925 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 987,058
Mental Health Services Facilities Improvements,
Series 2005D-1, 5.000%, 2/15/15 - FGIC Insured
495 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 527,091
Mental Health Services Facilities Improvements, Series 2005D,
5.000%, 2/15/14 - FGIC Insured
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 4,593,561
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 903,149
375 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 395,048
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 825,833
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 555,420
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 2,655,300
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,468,301
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,723,095
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,631,445
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,073,660
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured 11/18 at 100.00 AAA 1,060,240
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 596,594
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 595,074
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 524,600
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 965,264
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 712,470
3,840 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 4,017,754
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,073,720
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,507,157
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,065,850
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,051,170
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,570,380
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
43
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
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:
$ 1,035 5.000%, 11/15/30 - AMBAC Insured 11/15 at 100.00 AAA $ 1,079,526
2,065 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 2,130,481
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,628,550
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,045,240
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/23 -
MBIA Insured
2,960 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 3,365,875
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 784,440
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 2,237,130
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,038,450
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,039,270
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 357,465
Certificates of Participation, High School Facility, Series 2005,
5.000%, 6/15/28 - FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,120,880
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 1,575,390
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
55,265 Total Tax Obligation/Limited 58,945,594
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.4% (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 545,660
2,010 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 2,088,953
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,078,560
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 1,535,873
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 626,382
1,900 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,980,598
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 526,980
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 1,048,810
565 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 590,306
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 888,537
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,459,229
------------------------------------------------------------------------------------------------------------------------------------
13,630 Total Transportation 14,369,888
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.8% (10.5% OF TOTAL INVESTMENTS) (4)
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,139,020
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 2,768,822
University of Rochester, Series 2000A, 0.000%, 7/01/24
(Pre-refunded 7/01/10) - MBIA Insured
44
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 500 Longwood Central School District, Suffolk County, New York, 6/11 at 101.00 Aaa $ 552,705
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 1,590,255
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded
10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 537,035
Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
10/01/14) - FSA Insured
1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,356,087
Fund Bonds, Second Generation, Series 2003A, 5.250%, 4/01/23
(Pre-refunded 4/01/13) - MBIA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/14 at 100.00 AAA 1,072,490
Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/20
(Pre-refunded 4/01/14) - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002A:
1,500 5.250%, 4/01/17 (Pre-refunded 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,619,475
1,000 5.250%, 4/01/18 (Pre-refunded 4/01/12) - FSA Insured 4/12 at 100.00 AAA 1,079,650
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
545 5.375%, 4/01/17 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 592,039
600 5.375%, 4/01/18 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 651,786
1,000 5.000%, 4/01/20 (Pre-refunded 4/01/12) - AMBAC Insured 4/12 at 100.00 AAA 1,066,330
2,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 2,199,520
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
FGIC Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,341,072
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 284,250
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
18,990 Total U.S. Guaranteed 19,850,536
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 9.0% (6.0% OF TOTAL INVESTMENTS)
5,050 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 5,242,756
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 514,420
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 661,344
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 2,385,293
1,730 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 1,812,071
New York State Power Authority, General Revenue Bonds,
Series 2006A:
375 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 398,985
250 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 265,380
------------------------------------------------------------------------------------------------------------------------------------
10,800 Total Utilities 11,280,249
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.8% (6.6% OF TOTAL INVESTMENTS)
1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,931,089
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 1,820,290
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,054,700
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,071,320
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 2,069,773
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
735 Suffolk County Water Authority, New York, Subordinate Lien No Opt. Call AAA 784,965
Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
45
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 2,500 Suffolk County Water Authority, New York, Waterworks 6/15 at 100.00 AAA $ 2,611,050
Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
11,705 Total Water and Sewer 12,343,187
------------------------------------------------------------------------------------------------------------------------------------
$ 178,040 Total Investments (cost $182,126,572) - 150.1% 188,368,583
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 2,142,753
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.8)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 125,511,336
====================================================================================================================
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.
See accompanying notes to financial statements.
46
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.1% (2.8% OF TOTAL INVESTMENTS)
$ 2,890 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB $ 2,926,963
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 1,041,270
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
875 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 893,690
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
4,765 Total Consumer Staples 4,861,923
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.7% (8.6% OF TOTAL INVESTMENTS)
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,349,720
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 1,326,758
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 7/32 at 100.00 AAA 1,080,870
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 562,480
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 3,810,625
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
25 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 25,761
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 4,155,600
Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
14,055 Total Education and Civic Organizations 15,311,814
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 24.4% (16.4% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,014,160
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 1,454,306
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 10,432,196
Mortgage Revenue Bonds, New York Hospital Medical Center
of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 1,037,160
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,176,198
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 180,251
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 1,797,778
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
1,630 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,748,843
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 630,096
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
47
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE (continued)
$ 2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA $ 2,597,275
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 745,566
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 1,595,400
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,600
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 775,475
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,095,108
------------------------------------------------------------------------------------------------------------------------------------
27,835 Total Health Care 29,343,412
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.7% (3.9% OF TOTAL INVESTMENTS)
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,061,760
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,593,675
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 2,821,220
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,414,614
------------------------------------------------------------------------------------------------------------------------------------
6,600 Total Housing/Multifamily 6,891,269
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.8% (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 1,613,491
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,571,840
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,345,809
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AAA 3,209,250
Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,418,090
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 1,790,219
1,100 5.000%, 11/01/20 - FSA Insured 11/14 at 100.00 AAA 1,155,946
525 New York City, New York, General Obligation Bonds, Fiscal 8/15 at 100.00 AAA 559,088
Series 2006C, 5.000%, 8/01/16 - FSA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 2,111,360
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
16,680 Total Tax Obligation/General 17,775,093
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.6% (23.2% OF TOTAL INVESTMENTS)
250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 260,607
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 230,993
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
300 Dormitory Authority of the State of New York, Revenue Bonds, 2/15 at 100.00 AAA 312,306
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 3,204,810
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
160 Dormitory Authority of the State of New York, State Personal 3/15 at 100.00 AAA 168,554
Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
FSA Insured
48
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA $ 440,444
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 2,432,255
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,155,120
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
1,000 Nassau County Interim Finance Authority, New York, Sales Tax 11/18 at 100.00 AAA 1,060,240
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 524,600
1,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,468,880
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,089,660
5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA 5,375,350
Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 1,069,150
Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
AMBAC Insured
500 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 525,585
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 521,510
1,000 5.000%, 11/15/44 - AMBAC Insured 11/15 at 100.00 AAA 1,031,710
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,039,770
Revenue Bonds, Series 1998A, 5.000%, 4/01/15 - FGIC Insured
2,625 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,984,940
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,024,070
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,062,750
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 809,033
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 9,730,470
Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
38,435 Total Tax Obligation/Limited 41,522,807
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.4% (8.3% 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 2,116,200
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,157,120
140 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 145,778
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 365,390
1,000 5.000%, 1/01/32 - FSA Insured 7/15 at 100.00 AAA 1,042,420
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 89,587
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 532,970
1,000 5.000%, 12/01/28 - XLCA Insured 6/15 at 101.00 AAA 1,048,810
345 5.000%, 12/01/31 - XLCA Insured 6/15 at 101.00 AAA 360,453
49
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA $ 4,129,960
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 888,537
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
14,200 Total Transportation 14,877,225
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 14.8% (9.9% OF TOTAL INVESTMENTS) (4)
180 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 214,756
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 5,105,680
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded 5/15/12) - FGIC Insured
935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,054,708
Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,084,870
Fund Bonds, Second Generation, Series 2003A,
5.250%, 4/01/23 (Pre-refunded 4/01/13) - MBIA Insured
3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AAA 3,218,130
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
3/15/12)
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 (Pre-refunded 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,099,760
1,500 5.500%, 3/15/21 (Pre-refunded 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,649,640
2,575 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 2,762,434
Bonds, Series 2000A, 5.500%, 10/01/40 (ETM)
1,475 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 AAA 1,588,605
Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)
------------------------------------------------------------------------------------------------------------------------------------
16,415 Total U.S. Guaranteed 17,778,583
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 19.8% (13.3% OF TOTAL INVESTMENTS)
1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,038,170
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,144,200
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,872,877
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 1,786,343
1,300 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 1,361,672
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,231,800
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 5,289,800
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,114,536
Westchester County, New York, Resource Recovery Revenue
Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
22,805 Total Utilities 23,839,398
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.6% (3.7% OF TOTAL INVESTMENTS)
2,665 Albany Municipal Water Finance Authority, New York, Second 6/08 at 100.00 AAA 2,750,493
Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 -
MBIA Insured
50
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,500 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA $ 1,554,600
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
2,295 Suffolk County Water Authority, New York, Waterworks Revenue 6/15 at 100.00 AAA 2,396,944
Bonds, Series 2005C, 5.000%, 6/01/28 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
6,460 Total Water and Sewer 6,702,037
------------------------------------------------------------------------------------------------------------------------------------
$ 168,250 Total Investments (cost $171,827,267) - 148.9% 178,903,561
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 2,272,753
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.8)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 120,176,314
====================================================================================================================
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.
See accompanying notes to financial statements.
51
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.7% (2.5% OF TOTAL INVESTMENTS)
$ 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB $ 1,561,905
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
355 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB 362,583
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
1,855 Total Consumer Staples 1,924,488
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.6% (13.0% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,055,680
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 2,174,860
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 7/32 at 100.00 AAA 1,080,870
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 1,026,520
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 2,665,450
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Second General 7/10 at 101.00 AAA 1,100,770
Resolution Consolidated Revenue Refunding Bonds, City
University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
9,500 Total Education and Civic Organizations 10,104,150
------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 21.8% (14.5% OF TOTAL INVESTMENTS)
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,065,860
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 3,092,520
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
500 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 518,580
Revenue Bonds, Montefiore Medical Center, Series 2005,
5.000%, 2/01/28 - FGIC Insured
25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 26,055
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
825 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 885,151
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 527,970
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 787,620
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 540,265
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 2,807,904
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
10,740 Total Health Care 11,251,925
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.6% OF TOTAL INVESTMENTS)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,247,402
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
------------------------------------------------------------------------------------------------------------------------------------
52
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.7% (5.8% OF TOTAL INVESTMENTS)
$ 2,310 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA $ 2,392,883
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 263,268
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 239,609
Series 2006C, 5.000%, 8/01/16 - FSA Insured
1,500 New York City, New York, General Obligation Bonds, Fiscal 9/15 at 100.00 AAA 1,583,520
Series 2006F-1, 5.000%, 9/01/19 - XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,285 Total Tax Obligation/General 4,479,280
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.1% (27.3% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,904,401
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 152,246
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 3,204,810
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,038,780
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 585,049
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 640,012
555 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 581,501
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,221,160
Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 -
AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,093,840
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,343,561
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 1,080,264
Fund Bonds, Second Generation, Series 2005B, 5.500%, 4/01/20 -
AMBAC Insured
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,278,360
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- 809,033
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
100 New York State Urban Development Corporation, Revenue 1/08 at 102.00 AAA 103,911
Refunding Bonds, Correctional Capital Facilities, Series 1998,
5.000%, 1/01/20 - MBIA Insured
2,000 New York State Urban Development Corporation, Service 1/17 at 100.00 AA- 2,136,960
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
------------------------------------------------------------------------------------------------------------------------------------
19,855 Total Tax Obligation/Limited 21,173,888
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2% (5.4% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,039,280
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 3,183,773
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
4,030 Total Transportation 4,223,053
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.0% (15.2% OF TOTAL INVESTMENTS) (4)
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 416,504
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA Insured
53
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS March 31, 2006 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (4) (continued)
$ 2,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA $ 2,673,775
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded 3/15/13) - FGIC Insured
100 Erie County Water Authority, New York, Water Revenue Bonds, 12/09 at 100.00 AAA 114,777
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)
90 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 94,003
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 3,732,155
Fund Bonds, Series 2002B, 5.000%, 4/01/20 (Pre-refunded
4/01/12) - AMBAC Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 (Pre-refunded 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,099,760
1,000 5.500%, 3/15/21 (Pre-refunded 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,099,760
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,115,758
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 489,407
Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
(Pre-refunded 7/15/09)
------------------------------------------------------------------------------------------------------------------------------------
11,010 Total U.S. Guaranteed 11,835,899
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 20.9% (13.8% OF TOTAL INVESTMENTS)
4,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 4,152,678
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
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 1,187,393
870 5.000%, 12/01/25 - FGIC Insured 6/16 at 100.00 AAA 911,273
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,093,800
Series 2002A, 5.000%, 11/15/20
New York State Power Authority, General Revenue Bonds,
Series 2006A:
165 5.000%, 11/15/18 - FGIC Insured 11/15 at 100.00 AAA 175,553
110 5.000%, 11/15/19 - FGIC Insured 11/15 at 100.00 AAA 116,767
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,115,920
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
10,275 Total Utilities 10,753,384
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.4% (0.9% OF TOTAL INVESTMENTS)
640 Niagara Falls Public Water Authority, New York, Water and 7/15 at 100.00 AAA 663,296
Sewerage Revenue Bonds, Series 2005, 5.000%, 7/15/28 -
XLCA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 73,375 Total Investments (cost $75,485,314) - 150.8% 77,656,765
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 852,002
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 51,508,767
====================================================================================================================
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.
See accompanying notes to financial statements.
54
Statement of
ASSETS AND LIABILITIES (Unaudited) March 31, 2006
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $389,617,099, $516,191,200 and
$527,074,403, respectively) $402,485,216 $542,150,661 $550,321,822
Cash 850,381 51,951 --
Receivables:
Interest 5,762,894 7,549,430 7,678,008
Investments sold -- -- 2,001,115
Other assets 38,925 48,091 42,836
------------------------------------------------------------------------------------------------------------------------------------
Total assets 409,137,416 549,800,133 560,043,781
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 1,828,340
Accrued expenses:
Management fees 218,405 291,739 296,060
Other 87,098 105,411 108,996
Preferred share dividends payable 47,699 28,062 44,263
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 353,202 425,212 2,277,659
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $264,784,214 $356,374,921 $360,766,122
====================================================================================================================================
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) $ 14.94 $ 15.21 $ 14.98
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837
Paid-in surplus 248,922,800 327,923,797 335,102,933
Undistributed (Over-distribution of) net investment income 1,345,116 1,787,584 1,649,706
Accumulated net realized gain (loss) from investments 1,470,972 469,727 525,227
Net unrealized appreciation (depreciation) of investments 12,868,117 25,959,461 23,247,419
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $264,784,214 $356,374,921 $360,766,122
====================================================================================================================================
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, 2006 (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 $182,126,572, $171,827,267 and
$75,485,314, respectively) $188,368,583 $178,903,561 $77,656,765
Cash -- -- --
Receivables:
Interest 2,699,704 2,500,605 942,141
Investments sold -- -- --
Other assets 11,229 1,301 7,861
------------------------------------------------------------------------------------------------------------------------------------
Total assets 191,079,516 181,405,467 78,606,767
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 402,655 145,427 62,908
Accrued expenses:
Management fees 103,328 51,847 21,386
Other 45,659 26,365 11,487
Preferred share dividends payable 16,538 5,514 2,219
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 568,180 229,153 98,000
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $125,511,336 $120,176,314 $51,508,767
====================================================================================================================================
Common shares outstanding 8,329,215 7,957,934 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.07 $ 15.10 $ 14.66
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128
Paid-in surplus 118,406,693 112,920,342 49,501,696
Undistributed (Over-distribution of) net investment income 566,659 178,181 (83,529)
Accumulated net realized gain (loss) from investments 212,681 (78,082) (115,979)
Net unrealized appreciation (depreciation) of investments 6,242,011 7,076,294 2,171,451
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $125,511,336 $120,176,314 $51,508,767
====================================================================================================================================
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, 2006 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 9,629,539 $13,088,570 $13,095,984
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,298,113 1,725,013 1,750,698
Preferred shares - auction fees 179,628 240,887 245,834
Preferred shares - dividend disbursing agent fees 14,959 14,959 19,945
Shareholders' servicing agent fees and expenses 19,790 21,026 20,284
Custodian's fees and expenses 41,167 62,013 65,291
Directors'/Trustees' fees and expenses 4,679 6,466 6,425
Professional fees 11,660 13,939 14,085
Shareholders' reports - printing and mailing expenses 20,847 26,243 28,182
Stock exchange listing fees 4,871 5,052 5,039
Investor relations expense 15,059 19,777 19,908
Portfolio insurance expense -- 5,607 --
Other expenses 15,329 22,323 19,554
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,626,102 2,163,305 2,195,245
Custodian fee credit (30,695) (45,728) (38,452)
Expense reimbursement -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,595,407 2,117,577 2,156,793
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,034,132 10,970,993 10,939,191
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 1,471,028 471,103 536,156
Change in net unrealized appreciation (depreciation)
of investments (7,151,343) (8,369,100) (8,358,181)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (5,680,315) (7,897,997) (7,822,025)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (757,299) (1,783,709) (1,765,687)
From accumulated net realized gains (1,531,013) (1,136,286) (1,218,931)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (2,288,312) (2,919,995) (2,984,618)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 65,505 $ 153,001 $ 132,548
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
OPERATIONS Six Months Ended March 31, 2006 (Unaudited) (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 4,424,010 $ 4,216,456 $ 1,779,395
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 611,716 580,373 252,108
Preferred shares - auction fees 81,128 76,135 33,699
Preferred shares - dividend disbursing agent fees 9,973 4,986 4,986
Shareholders' servicing agent fees and expenses 7,787 1,030 486
Custodian's fees and expenses 25,027 21,468 10,383
Directors'/Trustees' fees and expenses 2,197 2,178 876
Professional fees 7,902 7,804 6,221
Shareholders' reports - printing and mailing expenses 8,438 10,591 6,044
Stock exchange listing fees 5,046 338 149
Investor relations expense 8,301 8,028 4,974
Portfolio insurance expense -- -- --
Other expenses 8,471 7,759 5,802
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 775,986 720,690 325,728
Custodian fee credit (14,077) (11,521) (4,629)
Expense reimbursement -- (273,952) (126,148)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 761,909 435,217 194,951
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,662,101 3,781,239 1,584,444
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 213,250 (77,389) 48,379
Change in net unrealized appreciation (depreciation)
of investments (2,923,813) (2,592,960) (1,143,825)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (2,710,563) (2,670,349) (1,095,446)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (520,089) (663,973) (325,463)
From accumulated net realized gains (419,333) (238,047) (14,861)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (939,422) (902,020) (340,324)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets applicable to Common
shares from operations $ 12,116 $ 208,870 $ 148,674
====================================================================================================================================
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 ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/06 9/30/05 3/31/06 9/30/05 3/31/06 9/30/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,034,132 $ 16,823,792 $ 10,970,993 $ 22,714,987 $ 10,939,191 $ 22,347,087
Net realized gain (loss)
from investments 1,471,028 11,280,637 471,103 7,520,987 536,156 7,715,858
Net realized gain (loss)
from forward swaps -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments (7,151,343) (14,661,338) (8,369,100) (9,640,550) (8,358,181) (9,585,443)
Change in net unrealized appreciation
(depreciation) of forward swaps -- -- -- -- -- --
Distributions to Preferred
Shareholders:
From net investment income (757,299) (2,241,432) (1,783,709) (3,192,789) (1,765,687) (3,322,753)
From accumulated net
realized gains (1,531,013) (207,408) (1,136,286) (165,437) (1,218,931) (134,345)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common
shares from operations 65,505 10,994,251 153,001 17,237,198 132,548 17,020,404
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON
SHAREHOLDERS
From net investment income (7,008,631) (16,586,798) (9,362,365) (21,419,779) (9,551,614) (21,167,079)
From accumulated net
realized gains (9,475,383) (4,864,391) (6,350,504) (2,999,710) (6,512,243) (2,167,643)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (16,484,014) (21,451,189) (15,712,869) (24,419,489) (16,063,857) (23,334,722)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets applicable
to Common shares (16,418,509) (10,456,938) (15,559,868) (7,182,291) (15,931,309) (6,314,318)
Net assets applicable to
Common shares at the
beginning of period 281,202,723 291,659,661 371,934,789 379,117,080 376,697,431 383,011,749
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $264,784,214 $281,202,723 $356,374,921 $371,934,789 $360,766,122 $376,697,431
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,345,116 $ 1,076,914 $ 1,787,584 $ 1,962,665 $ 1,649,706 $ 2,027,816
====================================================================================================================================
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 ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/06 9/30/05 3/31/06 9/30/05 3/31/06 9/30/05
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,662,101 $ 7,599,744 $ 3,781,239 $ 7,780,214 $ 1,584,444 $ 3,159,002
Net realized gain (loss)
from investments 213,250 3,350,095 (77,389) 1,654,938 48,379 194,563
Net realized gain (loss)
from forward swaps -- -- -- -- -- (164,162)
Change in net unrealized
appreciation (depreciation)
of investments (2,923,813) (4,007,124) (2,592,960) (804,193) (1,143,825) 748,362
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- -- 71,962
Distributions to Preferred
Shareholders:
From net investment income (520,089) (977,190) (663,973) (1,006,110) (325,463) (443,675)
From accumulated net
realized gains (419,333) (91,205) (238,047) (58,911) (14,861) --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common
shares from operations 12,116 5,874,320 208,870 7,565,938 148,674 3,566,052
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,177,596) (7,358,861) (3,218,984) (6,835,866) (1,233,008) (2,701,380)
From accumulated net
realized gains (2,743,643) (1,528,887) (1,482,563) (921,520) (89,226) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (5,921,239) (8,887,748) (4,701,547) (7,757,386) (1,322,234) (2,701,380)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets applicable
to Common shares (5,909,123) (3,013,428) (4,492,677) (191,448) (1,173,560) 864,672
Net assets applicable to
Common shares at the
beginning of period 131,420,459 134,433,887 124,668,991 124,860,439 52,682,327 51,817,655
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $125,511,336 $131,420,459 $120,176,314 $124,668,991 $51,508,767 $52,682,327
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 566,659 $ 602,243 $ 178,181 $ 279,899 $ (83,529) $ (109,502)
====================================================================================================================================
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 or, in the absence of a pricing
service for a particular security, the Board of Directors/Trustees of the Funds,
or its designee, may establish fair market value using a wide variety of market
data including yields or prices of municipal bonds of comparable quality, type
of issue, coupon, maturity and rating, market quotes or indications of value
from securities dealers, evaluations of anticipated cash flows or collateral,
general market conditions and other information and analysis, including the
obligor's credit characteristics considered relevant by the pricing service or
the Board of Directors'/Trustees' designee. Temporary investments in securities
that have variable rate and demand features qualifying them as short-term
investments are valued at amortized cost, which approximates market value.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At March 31, 2006, 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
==========================================================================================================
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 applicable to Preferred shares) in municipal securities which are either
(i) backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities, or (ii) rated, at the time of investment, within
the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or
unrated but judged to be of comparable quality by the Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
62
Forward Swap Transactions
The Funds are authorized to invest in certain derivative financial instruments.
The Funds' use of forward interest rate swap transactions is intended to
mitigate the negative impact that an increase in long-term interest rates could
have on Common share net asset value. Forward interest rate swap transactions
involve each Fund's agreement with the counterparty to pay, in the future, a
fixed rate payment in exchange for the counterparty paying the Fund a variable
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 would increase or decrease
in value based primarily on the extent to which long-term interest rates for
bonds having a maturity of the swaps' termination date were to increase or
decrease. The Funds may close out a contract prior to the effective date, at
which point a realized gain or loss would be 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 minimize 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.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, their Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
None of the Funds engaged in transactions in their own shares during the six
months ended March 31, 2006, nor during the fiscal year ended September 30,
2005.
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
3. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended March 31, 2006, were as
follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------
Purchases $42,401,218 $55,464,899 $51,167,817 $18,351,972 $11,752,835 $2,677,145
Sales and maturities 52,856,651 63,541,553 60,178,601 19,664,122 10,480,933 2,292,027
============================================================================================================
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.
At March 31, 2006, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Cost of investments $389,414,805 $516,052,736 $526,940,844
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Cost of investments $182,061,151 $171,776,618 $75,649,311
================================================================================
64
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2006, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $14,886,405 $27,344,186 $24,669,815
Depreciation (1,815,994) (1,246,261) (1,288,837)
------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $13,070,411 $26,097,925 $23,380,978
===========================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $6,929,919 $7,460,085 $2,319,148
Depreciation (622,487) (333,142) (311,694)
-----------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $6,307,432 $7,126,943 $2,007,454
===========================================================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2005, 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 * $ 2,106,435 $3,484,665 $3,462,953 $1,108,940 $ 782,123 $97,865
Undistributed net ordinary income ** -- -- 31,355 -- 4,227 15,427
Undistributed net long-term capital gains 11,006,407 7,485,414 7,729,456 3,162,408 1,715,690 88,465
======================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2005, paid on October 31, 2005.
** 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, 2005, was designated for purposes of the dividends paid deduction
as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
----------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $19,017,826 $24,849,577 $24,701,084 $8,413,676 $7,899,143 $3,186,364
Distributions from net ordinary income ** -- -- 22,888 -- 3,793 --
Distributions from net long-term
capital gains 5,071,799 3,165,147 2,301,988 1,620,092 976,638 --
=======================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
65
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by Nuveen
Asset Management (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc., 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, 2006, the complex-level fee rate was .1887%.
66
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their 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.
67
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
6. 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, 2006, to shareholders of record on
April 15, 2006, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
-----------------------------------------------------------------------------------------------------------------------
Dividend per share $.0615 $.0625 $.0630 $.0595 $.0645 $.0585
=======================================================================================================================
68
Financial
HIGHLIGHTS (Unaudited)
69
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- -------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
=============================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) $15.87 $ .45 $ (.32) $(.04) $(.09) $ -- $(.40) $(.53) $ (.93)
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)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
NEW YORK SELECT
QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) 15.87 .47 (.33) (.08) (.05) .01 (.40) (.27) (.67)
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)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
NEW YORK QUALITY
INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) 15.64 .45 (.32) (.07) (.05) .01 (.40) (.27) (.67)
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)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
=============================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
==========================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) $ -- $14.94 $14.32 2.20% (.02)%
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
2001 -- 15.67 14.72 12.44 14.12
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) -- 15.21 14.67 4.23 .06
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
2001 -- 15.41 14.50 10.43 11.99
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) -- 14.98 14.58 5.04 .04
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
2001 -- 15.20 14.33 12.63 11.39
===========================================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
======================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) $264,784 1.20%* 5.90%* 1.18%* 5.92%* 10%
2005 281,203 1.19 5.88 1.18 5.89 30
2004 291,660 1.18 6.26 1.18 6.26 11
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
NEW YORK SELECT
QUALITY (NVN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) 356,375 1.19* 6.03* 1.17* 6.05* 10
2005 371,935 1.18 6.03 1.18 6.04 17
2004 379,117 1.19 6.31 1.19 6.32 8
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
NEW YORK QUALITY
INCOME (NUN)
----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(a) 360,766 1.20* 5.94* 1.18* 5.96* 9
2005 376,697 1.19 5.86 1.18 5.86 17
2004 383,012 1.19 6.21 1.19 6.21 10
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
======================================================================================================================
Preferred Shares at End of Period
---------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
===================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-------------------------------------------------------------------
Year Ended 9/30:
2006(a) $144,000 $25,000 $70,969
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
2001 144,000 25,000 73,156
NEW YORK SELECT
QUALITY (NVN)
-------------------------------------------------------------------
Year Ended 9/30:
2006(a) 193,000 25,000 71,163
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
2001 193,000 25,000 71,737
NEW YORK QUALITY
INCOME (NUN)
-------------------------------------------------------------------
Year Ended 9/30:
2006(a) 197,000 25,000 70,783
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
2001 197,000 25,000 71,443
===================================================================
* 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) For the six months ended March 31, 2006.
See accompanying notes to financial statements.
70-71 spread
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- -------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
=============================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) $15.78 $ .44 $ (.33) $(.06) $(.05) $ -- $(.38) $(.33) $ (.71)
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)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) 15.67 .48 (.35) (.08) (.03) .02 (.40) (.19) (.59)
2005 15.69 .98 .12 (.13) (.01) .96 (.86) (.12) (.98)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) 15.00 .45 (.32) (.09) -- .04 (.35) (.03) (.38)
2005 14.75 .90 .25 (.13) -- 1.02 (.77) -- (.77)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
=============================================================================================================================
Total Returns
---------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
==============================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) $ -- $15.07 $14.32 1.25% .00%
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
2001 -- 15.26 14.57 15.32 13.11
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) -- 15.10 15.17 7.45 .13
2005 -- 15.67 14.68 9.28 6.23
2004 -- 15.69 14.35 7.55 8.48
2003 -- 15.44 14.30 (.77) 4.01
2002(a) (.13) 15.82 15.39 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
----------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) -- 14.66 14.00 2.65 .25
2005 -- 15.00 14.02 8.65 7.05
2004 -- 14.75 13.64 5.83 8.58
2003(b) (.23) 14.42 13.71 (4.40) 5.29
==============================================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- ------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==========================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) $125,511 1.21%* 5.71%* 1.19%* 5.73%* 10%
2005 131,420 1.20 5.71 1.20 5.71 22
2004 134,434 1.21 6.11 1.20 6.11 16
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) 120,176 1.18* 5.74* .71* 6.21* 6
2005 124,669 1.18 5.75 .72 6.21 12
2004 124,860 1.20 5.91 .74 6.37 9
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2006(c) 51,509 1.25* 5.60* .75* 6.10* 3
2005 52,682 1.25 5.53 .76 6.01 7
2004 51,818 1.26 5.85 .76 6.35 16
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
==========================================================================================================================
Preferred Shares at End of Period
---------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=======================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
----------------------------------------------------------------------
Year Ended 9/30:
2006(c) $65,000 $25,000 $73,274
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
2001 65,000 25,000 73,711
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
----------------------------------------------------------------------
Year Ended 9/30:
2006(c) 61,000 25,000 74,253
2005 61,000 25,000 76,094
2004 61,000 25,000 76,172
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
----------------------------------------------------------------------
Year Ended 9/30:
2006(c) 27,000 25,000 72,693
2005 27,000 25,000 73,780
2004 27,000 25,000 72,979
2003(b) 27,000 25,000 71,894
=======================================================================
* Annualized.
** Total Investment 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) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
(c) For the six months ended March 31, 2006.
See accompanying notes to financial statements.
72-73 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 EXCHANGE-TRADED CLOSED-END FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Exchange-Traded Closed-End Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
74
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, 2005, 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.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
MODIFIED DURATION: Duration is a measure of the expected period over which a
bond's principal and interest will be paid and consequently is a measure of the
sensitivity of a bond's or bond Fund's value to changes when market interest
rates change. Generally, the longer a bond's or Fund's duration, the more the
price of the bond or Fund will change as interest rates change.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or
preferred stock in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the period covered by this report.
Any future repurchases will be reported to shareholders in the next annual or
semiannual report.
75
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $145 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/CEF o Interactive planning tools
Logo: NUVEEN Investments
ESA-B-0306D
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.
During this reporting period, the registrant's Board of Trustees implemented a
change to the procedures by which shareholders may recommend nominees to the
registrant's board of trustees by amending the registrant's by-laws to include a
provision specifying the date by which shareholder nominations for election as
trustee at a subsequent meeting must be submitted to the registrant.
Shareholders must deliver or mail notice to the registrant not less than
forty-five days nor more than sixty days prior to the first anniversary date of
the date on which the registrant first mailed its proxy materials for the prior
year's annual meeting; provided, however, if and only if the annual meeting is
not scheduled to be held within a period that commences thirty days before the
first anniversary date of the annual meeting for the preceding year and ends
thirty days after such anniversary date (an annual meeting date outside such
period being referred to as an "Other Annual Meeting Date" hereafter), the
shareholder notice must be given no later than the close of business on the date
forty-five days prior to such Other Annual Meeting Date or the tenth business
day following the date such Other Annual Meeting Date is first publicly
announced or disclosed. The shareholder's notice must be in writing and set
forth the name, age, date of birth, business address, residence address and
nationality of the person(s) being nominated and the class or series, number of
all shares of the registrant owned of record or beneficially be each such
person(s), any other information regarding such person required by Item 401 of
Regulation S-K or Item 22 of Rule 14a-101 (Schedule 14A) under the Securities
Exchange Act of 1934, as amended, any other information regarding the person(s)
to be nominated that would be required to be disclosed in a proxy statement or
other filings required to be made in connection with solicitation of proxies for
election of trustees, and whether such shareholder believes any nominee is or
will be an "interested person" (as that term is defined in the Investment
Company Act of 1940, as amended) of the registrant or sufficient information to
enable the registrant to make that determination and the written and signed
consent of the person(s) to be nominated.
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 Tax-Free Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: June 8, 2006
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2006
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2006
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.