nko.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09473

Nuveen Insured New York Dividend Advantage Municipal Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: September 30

Date of reporting period: September 30, 2011

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.
 

 
 

 
 

 
 
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Table of Contents
 
Chairman’s Letter to Shareholders
4
Portfolio Manager’s Comments
5
Common Share Dividend and Share Price Information
14
Performance Overviews
16
Shareholder Meeting Report
22
Report of Independent Registered Public Accounting Firm
24
Portfolios of Investments
25
Statement of Assets and Liabilities
65
Statement of Operations
67
Statement of Changes in Net Assets
68
Statement of Cash Flows
70
Financial Highlights
72
Notes to Financial Statements
81
Board Members and Officers
94
Annual Investment Management Agreement Approval Process
99
Reinvest Automatically, Easily and Conveniently
108
Glossary of Terms Used in this Report
110
Other Useful Information
115

 
 

 
 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholders,
 
The global economy continues to be weighed down by an unusual combination of pressures facing the larger developed economies. Japanese leaders continue to work through the economic aftereffects of the March 2011 earthquake and tsunami. Political leaders in Europe and the U.S. have resolved some of the near term fiscal problems, but the financial markets are not convinced that these leaders are able to address more complex longer term fiscal issues. Despite improved earnings and capital increases, the largest banks in these countries continue to be vulnerable to deteriorating mortgage portfolios and sovereign credit exposure, adding another source of uncertainty to the global financial system.
 
In the U.S., recent economic statistics indicate that the economic recovery may be losing momentum. Consumption, which represents about 70% of the gross domestic product, faces an array of challenges from seemingly intractable declines in housing values, increased energy costs and limited growth in the job market. The failure of Congress and the administration to agree on the debt ceiling increase on a timely basis and the deep divisions between the political parties over fashioning a balanced program to address growing fiscal imbalances that led to the recent S&P ratings downgrade add considerable uncertainty to the domestic economic picture.
 
On a more positive note, corporate earnings continue to hold up well and the municipal bond market is recovering from recent weakness as states and municipalities implement various programs to reduce their budgetary deficits. In addition, the Federal Reserve has made it clear that it stands ready to take additional steps should the economic recovery falter. However, there are concerns that the Fed is approaching the limits of its resources to intervene in the economy.
 
These perplexing times highlight the importance of professional investment management. Your Nuveen investment team is working hard to develop an appropriate response to increased risk, and they continue to seek out opportunities created by stressful markets using proven investment disciplines designed to help your Fund achieve its investment objectives. On your behalf, we monitor their activities to assure that they maintain their investment disciplines.
 
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
Robert P. Bremner
Chairman of the Board
November 21, 2011
 
4   Nuveen Investments

 
 

 
 
Portfolio Manager’s Comments
 
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
 
Portfolio manager Scott Romans discusses economic and municipal market conditions at both the national and state levels, key investment strategies, and the twelve-month performance of these Nuveen New York Funds. Scott, who joined Nuveen in 2000, assumed portfolio management responsibility for these six New York Funds in January 2011 from Cathryn Steeves, who managed the Funds from 2006 to December 2010.
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended September 30, 2011?
 
During this period, the U.S. economy’s recovery from recession remained slow. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% that it had established in December 2008. At its September 2011 meeting, the central bank stated that economic conditions would likely warrant keeping this rate at “exceptionally low levels” at least through mid-2013. The Fed also announced that it would extend the average maturity of its holdings of Treasury securities by purchasing $400 billion of Treasury securities with maturities of six to thirty years and selling an equal amount of Treasury securities with maturities of three years or less. The goals of this program, which the Fed expects to complete by the end of June 2012, are to lower longer-term interest rates, support a stronger economic recovery and help ensure that inflation remains at levels consistent with the Fed’s mandates of maximum employment and price stability.
 
In the third quarter of 2011, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, the best growth number since the September quarter of 2010 and the ninth consecutive quarter of positive growth. At the same time, inflation posted its largest twelve-month gain in three years, as the Consumer Price Index (CPI) rose 3.9% year-over-year as of September 2011. The core CPI (which excludes food and energy) increased 2.0% over this period. Unemployment numbers remained high, with the September 2011 national jobless rate at 9.1% for the third consecutive month, slightly down from 9.6% a year earlier. The housing market also continued to be a major weak spot. For the twelve months ended August 2011 (the
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
 
 Nuveen Investments   5
 

 
 

 
 
most recent data available at the time this report was prepared), the average home price in the Standard & Poor’s (S&P)/Case-Shiller index of 20 major metropolitan areas lost 3.8%, putting housing prices on par with those seen in June/July 2003. In addition, the U.S. economic picture continued to be clouded by concerns about the European debt crisis and the efforts to reduce the federal deficit.
 
Municipal bond prices generally rose over the period, bouncing back from a reversal in the municipal market that began in the fourth quarter of 2010 as the result of investor concerns about inflation, the federal deficit and its impact on demand for U.S. Treasuries. Adding to this situation was media coverage of the strained finances of many state and local governments, which failed to differentiate between gaps in these governments’ operating budgets and their ability to meet their debt service obligations. As a result, money flowed out of municipal mutual funds, yields rose and valuations declined. As we moved into the second quarter of 2011, we saw the environment in the municipal market improve, as some buyers were attracted by municipal bond valuations and yields, resulting in declining yields and rising valuations.
 
During the second half of this reporting period, municipal bond prices generally rallied as yields declined. This was attributable in part to the continued depressed level of municipal bond issuance. Tax-exempt volume, which had been limited in 2010 by issuers’ extensive use of taxable Build America Bonds (BABs), continued to drift lower in 2011. Even though BABs were no longer an option for issuers (the BAB program expired at the end of 2010), some borrowers had accelerated issuance into 2010 in order to take advantage of the program’s favorable terms before its termination, fulfilling their capital program borrowing needs well into 2012. This reduced the need for many borrowers to come to market with new issues during this period. Over the twelve months ended September 30, 2011, municipal bond issuance nationwide totaled $330.6 billion, a decrease of 20% compared with the issuance of the twelve-month period ended September 30, 2010. During the majority of this period, demand for municipal bonds was strong.
 
How were the economic and market environments in New York during this period?
 
Over the twelve-month period, New York emerged as a state leader in the recovery from the recession, outpacing most of the other states in the Northeast. Hiring picked up in three of New York’s key industries—education and health services, professional and business services, and financial services—which represented about 40% of jobs in the state. As of September 2011, the unemployment rate in New York was 8.0%, down from 8.4% in September 2010 and well below the U.S. average of 9.1%. However, the outlook for continued economic improvement in New York has been somewhat tempered by concerns about Europe’s economic situation and its potential impact on the state’s exports of manufactured goods, as well as, on the many global financial
 
6   Nuveen Investments
 
 
 

 
 
companies headquartered in New York City. In the housing sector, the average home price in the New York City area fell 3.4% over the twelve months ended August 2011 (the most recent data available at the time this report was prepared).
 
In March 2011, New York passed its final state budget for fiscal 2012, marking the first time since 2006 that the state completed the task by the April 1st deadline. The $132.5 billion budget, which closed a $10 billion deficit, included a 1% cut in spending from fiscal 2011, but no new taxes or borrowing. As of September 30, 2011, Moody’s and Standard & Poor’s (S&P) rated New York general obligation debt at Aa2 and AA, respectively. For the twelve months ended September 30, 2011, municipal issuance in New York totaled $38.3 billion, a decrease of 4% from the previous twelve months.
 
What key strategies were used to manage the New York Funds during this reporting period?
 
During this period, finding appropriate insured bonds remained a challenge for funds like these that were required to invest a considerable portion of their assets in issued bonds because of the continued decline in insured bond issuance. Over the twelve months ended September 30, 2011, issuance of new insured bonds totaled approximately $16.9 billion, or just 5% of total municipal issuance, down 35% from the twelve months ended September 2010. Even though these Funds were able to invest up to 20% of their net assets in uninsured investment-grade credits rated BBB- or higher, the combination of tighter tax-exempt supply, little insured bond issuance and relatively lower yields meant fewer attractive opportunities for these Funds.
 
In this environment, we took an opportunistic approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. During this period, the New York Funds found value in health care, charter schools, utilities, transportation and tax-backed issues. We also took advantage of attractive valuation levels to add tobacco bonds to NQN, NVN, NUN and NNF.
 
Cash for new purchases during this period was generated primarily by the proceeds from bond calls and maturing bonds, which we worked to redeploy to keep the Funds fully invested. We occasionally sold bonds with very short maturities or short call dates in advance of their maturity or call date in order to take advantage of attractive purchase candidates as they became available in the market. In general, selling was minimal, as the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
 
As of September 30, 2011, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters as a form of leverage for a variety of reasons, including duration management, income enhancement and total return enhancement.
 
 Nuveen Investments   7
 
 
 

 
 
How did the Funds perform?
 
Individual results for these Nuveen New York Funds, as well as relevant index and peer group information, are presented in the accompanying table.
 
Average Annual Total Returns on Common Share Net Asset Value
For periods ended 9/30/11
                     
Fund
   
1-Year
   
5-Year
   
10-Year
 
NQN
   
4.68%
   
5.38%
   
6.13%
 
NVN
   
4.27%
   
5.27%
   
6.19%
 
NUN
   
4.26%
   
5.15%
   
5.99%
 
NNF
   
5.04%
   
5.29%
   
5.86%
 
NKO
   
4.98%
   
5.16%
   
N/A
 
NRK
   
2.91%
   
5.11%
   
N/A
 
                     
Standard & Poor’s (S&P) New York Municipal Bond Index*
   
3.70%
   
4.88%
   
5.15%
 
Standard & Poor’s (S&P) Insured National Municipal Bond Index*
   
3.96%
   
4.72%
   
5.16%
 
Lipper Single-State Insured Municipal Debt Classification Average*
   
4.43%
   
5.13%
   
5.76%
 
 
For the twelve months ended September 30, 2011, the total returns on common share net asset value (NAV) for NQN, NVN, NUN, NNF and NKO exceeded the returns for the Standard & Poor’s (S&P) New York Municipal Bond Index and the National S&P Insured Municipal Bond Index, while NRK underperformed these indexes. For this same period, NQN, NNF and NKO outperformed the average return for the Lipper Single-State Insured Municipal Debt Classification Average, while NVN, NUN and NRK trailed the Lipper peer group.
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. In addition, the use of structural leverage was an important positive factor in the Funds’ performance during this period. The impact of leverage is discussed in more detail later in this report.
 
During this period, as yields across the municipal bond yield curve declined, municipal bonds with longer maturities generally outperformed the shorter maturities. Among these Funds, NNF and NKO were the most advantageously situated in terms of duration and yield curve positioning, with better exposure to the segments of the yield curve that performed well and less exposure to the underperforming shorter end of the curve. The remaining four Funds, especially NRK, were not as well positioned for the market environment of this twelve-month period.
 
Credit exposure also played a role in performance during these twelve months, as bonds rated A typically outperformed those rated AAA, AA and BBB. NNF and NKO, in particular, benefited from the combination of higher allocations of bonds rated A and lower weightings in bonds rated BBB, while NQN, NVN and NRK had the heaviest weightings of BBB bonds.
 
Holdings that generally made positive contributions to the Funds’ returns during this period included health care, water and sewer and housing credits. All of these Funds tended to have good exposure to the health care sector.
   
 
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.
   
*
Refer to Glossary of Terms used in this Report for definitions.
 
  Nuveen Investments
 
 
 

 
 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were among the poorest performing market segments during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Among these Funds, NRK had the heaviest weighting of pre-refunded bonds, which detracted from its performance, while NQN held the fewest pre-refunded bonds. Among the revenue sectors, airports and utilities trailed the overall municipal market.
 
FUND POLICY CHANGES
 
On October 28, 2011, after the close of this reporting period, the Funds’ Board of Directors/Trustees approved changes to each Fund’s investment policy regarding its investment in insured municipal securities. These changes are designed to provide the Adviser with more flexibility regarding the types of securities available for investment by each Fund.
 
Effective January 2, 2012, each Fund will eliminate the investment policy requiring it, under normal circumstances, to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. Over the past few years, most municipal bond insurers have had their credit ratings downgraded and only one insurer is currently insuring new municipal bonds. As a result, the supply of insured municipal securities has decreased dramatically and the long-term viability of the municipal bond insurance market is uncertain. The Funds are not changing their investment objective and will continue to invest substantially all of their assets in a portfolio of investment grade quality municipal securities.
 
Concurrent with the investment policy changes, certain Funds will change their names as follows:
     
 
Nuveen Insured NY Premium Income Municipal Fund, Inc. (NNF) will change to Nuveen New York Premium Income Municipal Fund, Inc. (NNF),
 
Nuveen Insured NY Dividend Advantage Municipal Fund (NKO) will change to Nuveen New York Dividend Advantage Municipal Income Fund (NKO) and
 
Nuveen Insured NY Tax Free Advantage Municipal Fund (NRK) will change to Nuveen New York AMT-Free Municipal Income Fund (NRK).
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
One important factor impacting the returns of all these Funds relative to the comparative indexes was the Funds’ use of leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for common shareholders. However, use of leverage also can expose common shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on common share net asset value and common shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of these Funds over this reporting period.
 
 Nuveen Investments   9
 
 
 

 
 
 
RECENT DEVELOPMENTS REGARDING THE FUNDS’ REDEMPTION OF AUCTION RATE PREFERRED SHARES
 
Shortly after their respective inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create structural leverage. As noted in past shareholder reports, the ARPS issued by many closed-end funds, including these Funds, have been hampered by a lack of liquidity since February 2008. Since that time, more ARPS have been submitted for sale in each of their regularly scheduled auctions than there have been offers to buy. In fact, offers to buy have been almost completely nonexistent since late February 2008. This means that these auctions have “failed to clear,” and that many, or all, of the ARPS shareholders who wanted to sell their shares in these auctions were unable to do so. This lack of liquidity in ARPS did not lower the credit quality of these shares, and ARPS shareholders unable to sell their shares continued to receive distributions at the “maximum rate” applicable to failed auctions, as calculated in accordance with the pre-established terms of the ARPS. In the recent market, with short term rates at multi-generational lows, those maximum rates also have been low.
 
One continuing implication for common shareholders from the auction failures is that each Fund’s cost of leverage likely has been incrementally higher at times than it otherwise might have been had the auctions continued to be successful. As a result, each Fund’s common share earnings likely have been incrementally lower at times than they otherwise might have been.
 
As noted in past shareholder reports, the Nuveen funds’ Board of Directors/Trustees authorized several methods that can be used separately or in combination to refinance a portion of the Nuveen funds’ outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as inverse floating rate securities, for leverage purposes. The amount of TOBs that a fund may use varies according to the composition of each fund’s portfolio. Some funds have a greater ability to use TOBs than others. Some funds have issued Variable Rate Demand Preferred (VRDP) Shares or Variable MuniFund Term Preferred (VMTP) Shares, which are floating rate forms of preferred stock with a mandatory term redemption. Some funds have issued MuniFund Term Preferred (MTP) Shares, a fixed rate form of preferred stock with a mandatory redemption period of three to five years.
 
During 2010 and 2011, certain Nuveen leveraged closed-end funds (including NVN and NUN) received a demand letter from a law firm on behalf of purported holders of common shares of each such fund, alleging that Nuveen and the funds’ officers and Board of Directors/Trustees breached their fiduciary duties related to the redemption at par of the funds’ ARPS. In response, the Board established an ad hoc Demand Committee consisting of certain of its disinterested and independent Board members to investigate the claims. The Demand Committee retained independent counsel to assist it in conducting an extensive investigation. Based upon its investigation, the Demand Committee found that it was not in the best interests of each fund or its shareholders to take the actions suggested in the demand letters, and recommended that the full Board reject the demands made in the demand letters. After reviewing the findings and recommendation of the Demand Committee, the full Board of each fund unanimously adopted the Demand Committee’s recommendation.
 
10   Nuveen Investments
 
 
 

 
 
Subsequently, 33 of the funds that received demand letters (including NUN) were named in a consolidated complaint as nominal defendants in a putative shareholder derivative action captioned Martin Safier, et al. v. Nuveen Asset Management, et al. that was filed in the Circuit Court of Cook County, Illinois, Chancery Division (the “Cook County Chancery Court”) on February 18, 2011 (the “Complaint”). The Complaint, filed on behalf of purported holders of each fund’s common shares, also names Nuveen Fund Advisors, Inc. as a defendant, together with current and former Officers and interested Director/Trustees of each of the funds (together with the nominal defendants, collectively, the “Defendants”). The Complaint contains the same basic allegations contained in the demand letters. The suits seek a declaration that the Defendants have breached their fiduciary duties, an order directing the Defendants not to redeem any ARPS at their liquidation value using fund assets, indeterminate monetary damages in favor of the funds and an award of plaintiffs’ costs and disbursements in pursuing the action. The Court has heard arguments on the funds’ motion to dismiss the suit and has taken the matter under advisement. Nuveen Fund Advisors, Inc. believes that the Complaint is without merit, and is defending vigorously against these charges.
 
As of September 30, 2011, each of the Funds has redeemed and/or noticed for redemption all of their outstanding ARPS at liquidation value.
 
As of September 30, 2011, the Funds have issued and outstanding MTP Shares, VMTP Shares and VRDP Shares as shown in the accompanying tables.
 
MTP Shares
                           
Fund
   
Series
   
MTP Shares Issued at Liquidation Value
   
Annual Interest Rate
   
NYSE Ticker
 
NRK
   
2015
   
$ 27,680,000
   
2.55%
   
NRK PrC
 

VMTP Shares

Fund
   
VMTP Series
   
VMTP Shares Issued at Liquidation Value
 
NNF
   
2014
   
$ 50,700,000
 

VRDP Shares

Fund
   
VRDP Shares Issued at Liquidation Value
 
NQN
 
 
$112,300,000
 
NVN
 
 
$164,800,000
 
NUN
 
 
$161,700,000
 
NKO
 
 
$  50,000,000
 
 
(Refer to Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies and Footnote 4 – Fund Shares for further details on MTP Shares, VMTP Shares and VRDP Shares.)
 
As of October 5, 2011, after the close of this reporting period, all 84 of the Nuveen closed-end municipal funds that had issued ARPS, approximately $11.0 billion, have redeemed at liquidation value all of these shares.
 
 Nuveen Investments   11
 
 
 

 

For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps.
 
Regulatory Matters
 
During May 2011, Nuveen Securities, LLC, known as Nuveen Investments, LLC prior to April 30, 2011, entered into a settlement with the Financial Industry Regulatory Authority (FINRA) with respect to certain allegations regarding Nuveen-sponsored closed-end fund ARPS marketing brochures. As part of this settlement, Nuveen Securities, LLC neither admitted to nor denied FINRA’s allegations. Nuveen Securities, LLC is the broker-dealer subsidiary of Nuveen Investments.
 
The settlement with FINRA concludes an investigation that followed the widespread failure of auctions for ARPS and other auction rate securities, which generally began in mid-February 2008. In the settlement, FINRA alleged that certain marketing materials provided by Nuveen Securities, LLC were false and misleading. Nuveen Securities, LLC agreed to a censure and the payment of a $3 million fine.
 
12    Nuveen Investments
 
 
 

 
 
RISK CONSIDERATIONS
 
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
 
Investment Risk. The possible loss of the entire principal amount that you invest.
 
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
 
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
 
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
 
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
 
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
 
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
 
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
 
 Nuveen Investments   13
 
 
 

 
 
Common Share Dividend
and Share Price Information
 
During the twelve-month reporting period ended September 30, 2011, NQN, NVN, NUN, NNF and NKO each had one monthly dividend increase, while the monthly dividend of NRK was cut effective September 2011.
 
Due to normal portfolio activity, common shareholders of the following Funds received capital gains distributions in December 2010 as follows:

Fund
   
Long-Term Capital Gains
(per share)
 
NQN
   
$0.0507
 
NVN
 
 
$0.0292
 
NUN
 
 
$0.0044
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of September 30, 2011, all the Funds had positive UNII balances for both tax and financial reporting purposes.
 
14   Nuveen Investments
 
 
 

 
 
COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
As of September 30, 2011, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their common shares as shown in the accompanying table.

Fund
   
Common Shares
Repurchased and Retired
   
% of Outstanding
Common Shares
NQN
   
105,600
   
0.6
%
NVN
   
118,000
   
0.5
%
NUN
   
159,800
   
0.7
%
NNF
   
85,700
   
1.0
%
NKO
   
27,000
   
0.3
%
NRK
   
6,800
   
0.2
%
 
During the twelve-month reporting period, the Funds did not repurchase any of their outstanding common shares.
 
As of September 30, 2011, the Funds’ common share prices were trading at (-) discounts to their common share NAVs as shown in the accompanying table.

Fund
   
9/30/11
(-)Discount
   
Twelve-Month Average
(-)Discount
NQN
   
(-)6.32%
   
(-)6.80%
NVN
   
(-)4.96%
   
(-)5.88%
NUN
   
(-)3.14%
   
(-)5.40%
NNF
   
(-)5.86%
   
(-)5.98%
NKO
   
(-)7.69%
   
(-)7.25%
NRK
   
(-)7.78%
   
(-)7.29%
 
 Nuveen Investments   15
 
 
 

 
 
NQN
 
Nuveen New York
Performance
 
Investment Quality
OVERVIEW
 
Municipal Fund, Inc.
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
14.37
 
Common Share
       
Net Asset Value (NAV)
 
$
15.34
 
Premium/(Discount) to NAV
   
-6.32
Market Yield
   
5.76
Taxable-Equivalent Yield3
   
8.58
Net Assets Applicable to
       
Common Shares ($000)
 
$
268,793
 

Leverage
       
Structural Leverage
   
29.47
Effective Leverage
   
37.29

Average Annual Total Return
           
(Inception 11/20/90)
           
     
On Share Price
   
On NAV
1-Year
   
2.39%
   
4.68%
5-Year
   
6.21%
   
5.38%
10-Year
   
6.54%
   
6.13%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
33.9%
Education and Civic Organizations
   
16.9%
Health Care
   
11.5%
Transportation
   
8.4%
Tax Obligation/General
   
7.8%
Utilities
   
6.7%
Water and Sewer
   
5.9%
Other
   
8.9%

Insurers4
     
(as a % of total Insured investments)
     
NPFG5
   
32.4%
AMBAC
   
25.9%
AGM
   
18.4%
FGIC
   
16.5%
Other
   
6.8%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 90% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
6
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0507 per share.
 
16    Nuveen Investments
 
 
 

 
 
NVN
 
Nuveen New York
Performance
 
Select Quality
OVERVIEW
 
Municipal Fund, Inc.
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
14.76
 
Common Share
       
Net Asset Value (NAV)
 
$
15.53
 
Premium/(Discount) to NAV
   
-4.96
Market Yield
   
5.89
Taxable-Equivalent Yield3
   
8.78
Net Assets Applicable to
       
Common Shares ($000)
 
$
360,332
 

Leverage
       
Structural Leverage
   
31.38
Effective Leverage
   
37.69

Average Annual Total Return
           
(Inception 5/22/91)
           
     
On Share Price
   
On NAV
1-Year
   
1.95%
   
4.27%
5-Year
   
6.29%
   
5.27%
10-Year
   
6.74%
   
6.19%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
32.9%
Education and Civic Organizations
   
17.3%
Health Care
   
9.4%
Utilities
   
9.0%
U.S. Guaranteed
   
8.6%
Transportation
   
7.2%
Water and Sewer
   
6.4%
Tax Obligation/General
   
5.5%
Other
   
3.7%

Insurers4
     
(as a % of total Insured investments)
     
NPFG5
   
32.2%
AMBAC
   
27.8%
AGM
   
19.7%
FGIC
   
16.3%
Other
   
4.0%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 88% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
6
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0292 per share.
 
 Nuveen Investments   17
 
 
 

 
 
NUN
 
Nuveen New York
Performance
 
Quality Income
OVERVIEW
 
Municipal Fund, Inc.
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
14.80
 
Common Share
       
Net Asset Value (NAV)
 
$
15.28
 
Premium/(Discount) to NAV
   
-3.14
Market Yield
   
5.92
Taxable-Equivalent Yield3
   
8.82
Net Assets Applicable to
       
Common Shares ($000)
 
$
362,829
 

Leverage
       
Structural Leverage
   
30.83
Effective Leverage
   
37.37

Average Annual Total Return
           
(Inception 11/20/91)
           
     
On Share Price
   
On NAV
1-Year
   
4.01%
   
4.26%
5-Year
   
6.59%
   
5.15%
10-Year
   
6.74%
   
5.99%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
33.2%
Education and Civic Organizations
   
15.6%
U.S. Guaranteed
   
11.3%
Transportation
   
10.0%
Health Care
   
9.7%
Utilities
   
7.4%
Water and Sewer
   
5.3%
Other
   
7.5%

Insurers4
     
(as a % of total Insured investments)
     
NPFG5
   
29.4%
AGM
   
27.0%
AMBAC
   
22.0%
FGIC
   
18.6%
Other
   
3.0%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 91% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
6
The Fund paid shareholders a capital gains distribution in December 2010 of $0.0044 per share.
 
18    Nuveen Investments
 
 
 

 
 
NNF
 
Nuveen Insured New York
Performance
 
Premium Income
OVERVIEW
 
Municipal Fund, Inc.
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
14.77
 
Common Share
       
Net Asset Value (NAV)
 
$
15.69
 
Premium/(Discount) to NAV
   
-5.86
Market Yield
   
5.65
Taxable-Equivalent Yield3
   
8.42
Net Assets Applicable to
       
Common Shares ($000)
 
$
129,319
 

Leverage
       
Structural Leverage
   
28.16
Effective Leverage
   
36.06

Average Annual Total Return
           
(Inception 12/17/92)
           
     
On Share Price
   
On NAV
1-Year
   
2.78%
   
5.04%
5-Year
   
6.02%
   
5.29%
10-Year
   
6.10%
   
5.86%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
36.9%
Education and Civic Organizations
   
14.7%
Health Care
   
12.6%
Transportation
   
10.0%
U.S. Guaranteed
   
7.0%
Water and Sewer
   
6.0%
Other
   
12.8%

Insurers4
     
(as a % of total Insured investments)
     
AMBAC
   
29.1%
NPFG5
   
24.9%
AGM
   
23.2%
FGIC
   
16.8%
Other
   
6.0%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 91% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
 
 Nuveen Investments   19
 
 
 

 
 
NKO
 
Nuveen Insured New York
Performance
 
Dividend Advantage
OVERVIEW
 
Municipal Fund
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
14.16
 
Common Share
       
Net Asset Value (NAV)
 
$
15.34
 
Premium/(Discount) to NAV
   
-7.69
Market Yield
   
5.76
Taxable-Equivalent Yield3
   
8.58
Net Assets Applicable to
       
Common Shares ($000)
 
$
121,775
 

Leverage
       
Structural Leverage
   
29.11
Effective Leverage
   
34.56

Average Annual Total Return
           
(Inception 3/25/02)
           
     
On Share Price
   
On NAV
1-Year
   
1.77%
   
4.98%
5-Year
   
4.65%
   
5.16%
Since
           
Inception
   
5.47%
   
6.49%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
33.4%
Education and Civic Organizations
   
17.3%
Health Care
   
9.9%
Transportation
   
9.7%
U.S. Guaranteed
   
9.3%
Utilities
   
8.5%
Other
   
11.9%

Insurers4
     
(as a % of total Insured investments)
     
AGM
   
29.0%
NPFG5
   
28.1%
AMBAC
   
20.1%
FGIC
   
17.0%
Other
   
5.8%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 87% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
 
20    Nuveen Investments
 
 
 

 
 
NRK
 
Nuveen Insured New York
Performance
 
Tax-Free Advantage
OVERVIEW
 
Municipal Fund
   
                      as of September 30, 2011


Fund Snapshot
       
Common Share Price
 
$
13.86
 
Common Share
       
Net Asset Value (NAV)
 
$
15.03
 
Premium/(Discount) to NAV
   
-7.78
Market Yield
   
5.06
Taxable-Equivalent Yield3
   
7.54
Net Assets Applicable to
       
Common Shares ($000)
 
$
52,694
 

Leverage
       
Structural Leverage
   
34.44
Effective Leverage
   
37.45

Average Annual Total Return
           
(Inception 11/21/02)
           
     
On Share Price
   
On NAV
1-Year
   
-0.81%
   
2.91%
5-Year
   
5.04%
   
5.11%
Since
           
Inception
   
4.58%
   
5.74%

Portfolio Composition4
     
(as a % of total investments)
     
Tax Obligation/Limited
   
28.4%
Education and Civic Organizations
   
20.1%
U.S. Guaranteed
   
18.3%
Health Care
   
14.5%
Transportation
   
9.1%
Other
   
9.6%

Insurers4
     
(as a % of total Insured investments)
     
NPFG5
   
32.4%
AMBAC
   
24.3%
FGIC
   
17.2%
AGM
   
12.5%
AGC
   
7.7%
Other
   
5.9%

 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1
The Fund intends to invest at least 80% of its managed assets in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 –General Information and Significant Accounting Policies, Insurance for more information. At the end of the reporting period, 90% of the Fund’s total investments are invested in Insured securities.
2
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
3
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 32.9%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
4
Holdings are subject to change.
5
MBIA’s public finance subsidiary.
 
 Nuveen Investments   21
 
 
 

 
 
NQN
 
Shareholder Meeting Report
NVN
   
NUN
 
The annual meeting of shareholders was held in the offices of Nuveen Investments on May 6, 2011; at this meeting the shareholders were asked to vote on the election of Board Members.

   
NQN
 
NVN
 
NUN
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
14,958,121
   
   
20,834,826
   
   
20,600,290
   
 
Withhold
   
455,733
   
   
519,829
   
   
822,237
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
Robert P. Bremner
                                     
For
   
14,853,999
   
   
20,833,229
   
   
20,597,703
   
 
Withhold
   
559,855
   
   
521,426
   
   
824,824
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
Jack B. Evans
                                     
For
   
14,849,282
   
   
20,781,500
   
   
20,614,713
   
 
Withhold
   
564,572
   
   
573,155
   
   
807,814
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
William C. Hunter
                                     
For
   
   
923
   
   
1,338
   
   
1,307
 
Withhold
   
   
   
   
   
   
 
Total
   
   
923
   
   
1,338
   
   
1,307
 
David J. Kundert
                                     
For
   
14,849,424
   
   
20,812,075
   
   
20,592,994
   
 
Withhold
   
564,430
   
   
542,580
   
   
829,533
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
William J. Schneider
                                     
For
   
   
923
   
   
1,338
   
   
1,307
 
Withhold
   
   
   
   
   
   
 
Total
   
   
923
   
   
1,338
   
   
1,307
 
Judith M. Stockdale
                                     
For
   
14,880,246
   
   
20,764,351
   
   
20,573,821
   
 
Withhold
   
533,608
   
   
590,304
   
   
848,706
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
Carole E. Stone
                                     
For
   
14,874,706
   
   
20,787,045
   
   
20,594,697
   
 
Withhold
   
539,148
   
   
567,610
   
   
827,830
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
Virginia L. Stringer
                                     
For
   
14,990,259
   
   
20,786,070
   
   
20,588,241
   
 
Withhold
   
423,595
   
   
568,585
   
   
834,286
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
Terence J. Toth
                                     
For
   
14,862,259
   
   
20,824,255
   
   
20,603,294
   
 
Withhold
   
551,595
   
   
530,400
   
   
819,233
   
 
Total
   
15,413,854
   
   
21,354,655
   
   
21,422,527
   
 
 
 
22    Nuveen Investments
 
 
 

 
 
NNF
   
NKO
   
NRK
   

   
NNF
 
NKO
 
NRK
 
   
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Common and Preferred shares voting together as a class
 
Preferred shares voting together as a class
 
Approval of the Board Members was reached as follows:
                                     
John P. Amboian
                                     
For
   
7,201,360
   
   
7,116,041
   
   
4,950,362
   
 
Withhold
   
374,318
   
   
364,139
   
   
986,337
   
 
Total
   
7,575,678
   
   
7,480,180
   
   
5,936,699
   
 
Robert P. Bremner
                                     
For
   
7,200,860
   
   
   
   
   
 
Withhold
   
374,818
   
   
   
   
   
 
Total
   
7,575,678
   
   
   
   
   
 
Jack B. Evans
                                     
For
   
7,198,116
   
   
   
   
   
 
Withhold
   
377,562
   
   
   
   
   
 
Total
   
7,575,678
   
   
   
   
   
 
William C. Hunter
                                     
For
   
   
863
   
   
273
   
   
1,739,057
 
Withhold
   
   
70
   
   
   
   
910,038
 
Total
   
   
933
   
   
273
   
   
2,649,095
 
David J. Kundert
                                     
For
   
7,197,360
   
   
7,116,041
   
   
4,951,460
   
 
Withhold
   
378,318
   
   
364,139
   
   
985,239
   
 
Total
   
7,575,678
   
   
7,480,180
   
   
5,936,699
   
 
William J. Schneider
                                     
For
   
   
863
   
   
273
   
   
1,739,057
 
Withhold
   
   
70
   
   
   
   
910,038
 
Total
   
   
933
   
   
273
   
   
2,649,095
 
Judith M. Stockdale
                                     
For
   
7,212,538
   
   
   
   
   
 
Withhold
   
363,140
   
   
   
   
   
 
Total
   
7,575,678
   
   
   
   
   
 
Carole E. Stone
                                     
For
   
7,212,538
   
   
   
   
   
 
Withhold
   
363,140
   
   
   
   
   
 
Total
   
7,575,678
   
   
   
   
   
 
Virginia L. Stringer
                                     
For
   
7,203,043
   
   
   
   
   
 
Withhold
   
372,635
   
   
   
   
   
 
Total
   
7,575,678
   
   
   
   
   
 
Terence J. Toth
                                     
For
   
7,198,116
   
   
7,115,041
   
   
4,951,460
   
 
Withhold
   
377,562
   
   
365,139
   
   
985,239
   
 
Total
   
7,575,678
   
   
7,480,180
   
   
5,936,699
   
 
 
 Nuveen Investments   23
 
 
 

 
 
Report of Independent
Registered Public Accounting Firm
 
The Board of Directors/Trustees and Shareholders
Nuveen New York Investment Quality Municipal Fund, Inc.
Nuveen New York Select Quality Municipal Fund, Inc.
Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Nuveen Insured New York Dividend Advantage Municipal Fund
Nuveen Insured New York Tax-Free Advantage Municipal Fund
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund, and Nuveen Insured New York Tax-Free Advantage Municipal Fund (the “Funds”), as of September 30, 2011, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2011, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund, and Nuveen Insured New York Tax-Free Advantage Municipal Fund at September 30, 2011, and the results of their operations and their cash flows for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
November 28, 2011
 
24   Nuveen Investments
 
 
 

 
 

   
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
 
Portfolio of Investments
     
   
September 30, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Consumer Staples – 1.7% (1.1% of Total Investments)
           
$
6,470
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.125%, 6/01/42
6/16 at 100.00
 
BBB–
$
4,547,375
 
     
Education and Civic Organizations – 25.7% (16.9% of Total Investments)
           
 
3,500
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Culinary Institute of America, Series 1999, 5.000%, 7/01/22 – NPFG Insured
1/12 at 100.00
 
Baa1
 
3,503,500
 
 
1,685
 
Dormitory Authority of the State of New York, 853 Schools Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 – AMBAC Insured
1/12 at 100.00
 
N/R
 
1,690,021
 
 
3,000
 
Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2007A, 5.250%, 7/01/32 – NPFG Insured
7/17 at 100.00
 
A–
 
3,122,730
 
 
935
 
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007, 5.250%, 7/01/34 – FGIC Insured
No Opt. Call
 
BBB
 
960,684
 
 
6,500
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 – NPFG Insured
1/12 at 100.00
 
Baa1
 
6,518,785
 
 
2,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 – AMBAC Insured
1/12 at 100.00
 
A2
 
2,004,580
 
 
3,000
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured
No Opt. Call
 
Aa2
 
3,221,760
 
 
1,730
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2004A, 5.000%, 7/01/29 – NPFG Insured
7/15 at 100.00
 
Aa2
 
1,799,719
 
 
2,080
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured
7/16 at 100.00
 
Aa2
 
2,165,904
 
 
550
 
Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Series 2007A, 5.000%, 7/01/37 – FGIC Insured
7/17 at 100.00
 
BBB
 
559,999
 
 
1,150
 
Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2005, 5.000%, 7/01/21 – NPFG Insured
7/15 at 100.00
 
Baa1
 
1,184,178
 
 
1,980
 
Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.750%, 11/01/40 – AGM Insured
5/21 at 100.00
 
AA+
 
2,160,437
 
 
740
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2007, 5.000%, 7/01/32 – AMBAC Insured
7/17 at 100.00
 
AA–
 
788,803
 
 
2,400
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009A, 5.250%, 7/01/34
7/19 at 100.00
 
AA–
 
2,642,664
 
 
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2009B, 5.000%, 7/01/39
7/19 at 100.00
 
AA–
 
3,197,070
 
 
1,200
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37
7/20 at 100.00
 
Aa1
 
1,316,136
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2010A:
           
 
5,000
 
5.000%, 7/01/35
7/20 at 100.00
 
Aa1
 
5,480,000
 
 
5,000
 
5.000%, 7/01/40
7/20 at 100.00
 
Aa1
 
5,480,000
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2006A:
           
 
575
 
5.250%, 7/01/20 – AMBAC Insured
No Opt. Call
 
A1
 
681,697
 
 
460
 
5.250%, 7/01/21 – AMBAC Insured
No Opt. Call
 
A1
 
546,719
 
 
4,500
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 – FGIC Insured
7/15 at 100.00
 
AA–
 
5,007,150
 
 
2,390
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured
1/17 at 100.00
 
BB+
 
1,965,512
 
     
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006:
           
 
890
 
5.000%, 3/01/31 – FGIC Insured
9/16 at 100.00
 
BBB–
 
894,779
 
 
6,080
 
5.000%, 3/01/36 – NPFG Insured
9/16 at 100.00
 
Baa1
 
6,058,477
 
 
3,685
 
4.500%, 3/01/39 – FGIC Insured
9/16 at 100.00
 
BBB–
 
3,346,680
 
 
 Nuveen Investments   25
 
 
 

 

   
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
NQN
 
Portfolio of Investments
September 30, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Education and Civic Organizations (continued)
           
$
2,000
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of Natural History, Series 2004A, 5.000%, 7/01/36 – NPFG Insured
7/14 at 100.00
 
AA
$
2,058,100
 
 
800
 
Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40
9/20 at 100.00
 
A–
 
818,944
 
 
66,830
 
Total Education and Civic Organizations
       
69,175,028
 
     
Health Care – 17.5% (11.5% of Total Investments)
           
 
590
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Hospital for Special Surgery, Series 2009, 6.250%, 8/15/34
8/19 at 100.00
 
AA+
 
696,578
 
 
1,715
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – AGM Insured
8/17 at 100.00
 
AA+
 
1,829,356
 
 
2,575
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 – FGIC Insured
2/15 at 100.00
 
BBB
 
2,771,601
 
 
3,535
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured
2/15 at 100.00
 
BBB
 
3,865,452
 
 
1,500
 
Dormitory Authority of the State of New York, Hospital Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 – NPFG Insured
1/12 at 100.00
 
A–
 
1,501,860
 
 
8,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group – St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 – NPFG Insured
1/12 at 100.00
 
A–
 
8,009,920
 
 
1,325
 
Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 – AGC Insured
7/17 at 100.00
 
AA+
 
1,401,254
 
 
6,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 – NPFG Insured
7/13 at 100.00
 
AA
 
6,351,600
 
 
1,945
 
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 – AGM Insured
8/14 at 100.00
 
AA+
 
2,124,368
 
 
1,805
 
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 – NPFG Insured
12/11 at 100.00
 
Baa1
 
1,806,191
 
 
1,585
 
Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian Hospital Project, Series 2007, 5.000%, 8/15/36 – AGM Insured
8/14 at 100.00
 
AA+
 
1,621,724
 
 
8,525
 
Dormitory Authority of the State of New York, Revenue Bonds, Winthrop South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 – AMBAC Insured
7/12 at 100.00
 
Baa1
 
8,552,706
 
     
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
 
Aa3
 
3,301,862
 
 
2,100
 
5.250%, 2/15/22 – AMBAC Insured
2/13 at 100.00
 
Aa3
 
2,202,165
 
 
935
 
Westchester County Health Care Corporation, New York, Senior Lien Revenue Bonds, Series 2010-C2, 6.125%, 11/01/37
11/20 at 100.00
 
A3
 
971,895
 
 
45,285
 
Total Health Care
       
47,008,532
 
     
Housing/Multifamily – 4.4% (2.9% of Total Investments)
           
     
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A:
           
 
1,230
 
5.000%, 7/01/14 – NPFG Insured
No Opt. Call
 
AA+
 
1,356,346
 
 
1,230
 
5.000%, 7/01/16 – NPFG Insured
7/15 at 100.00
 
AA+
 
1,375,976
 
 
5,740
 
New York City Housing Development Corporation, New York, Capital Fund Program Revenue Bonds, Series 2005A, 5.000%, 7/01/25 – NPFG Insured (UB)
7/15 at 100.00
 
AA+
 
6,036,930
 
 
420
 
New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Seaview Towers, Series 2006A, 4.750%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
1/17 at 100.00
 
Aaa
 
410,151
 
 
2,000
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2007B, 5.300%, 11/01/37 (Alternative Minimum Tax)
11/17 at 100.00
 
Aa2
 
2,022,180
 
 
450
 
New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Series 2009B, 4.500%, 11/01/29
5/19 at 100.00
 
Aa2
 
452,570
 
 
26    Nuveen Investments
 
 
 

 
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Housing/Multifamily (continued)
           
     
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A:
           
$
95
 
6.100%, 11/01/15 – AGM Insured
11/11 at 100.00
 
AA+
$
95,429
 
 
150
 
6.125%, 11/01/20 – AGM Insured
11/11 at 100.00
 
AA+
 
150,249
 
 
11,315
 
Total Housing/Multifamily
       
11,899,831
 
     
Tax Obligation/General – 11.9% (7.8% of Total Investments)
           
 
3,000
 
Dormitory Authority of the State of New York, School Districts Revenue Bond Financing Program, Peekskill City School District, Series 2005D, 5.000%, 10/01/33 – NPFG Insured
10/15 at 100.00
 
Aa3
 
3,080,340
 
 
1,200
 
Erie County, New York, General Obligation Bonds, Series 2003A, 5.250%, 3/15/16 – NPFG Insured
3/13 at 100.00
 
A2
 
1,263,396
 
 
635
 
Erie County, New York, General Obligation Bonds, Series 2004B, 5.250%, 4/01/13 – NPFG Insured
No Opt. Call
 
A2
 
671,309
 
 
1,000
 
Monroe County, New York, General Obligation Public Improvement Bonds, Series 2002, 5.000%, 3/01/16 – FGIC Insured
3/12 at 100.00
 
A3
 
1,011,350
 
 
400
 
New York City, New York, General Obligation Bonds, Fiscal 2009 Series E, 5.000%, 8/01/28
8/19 at 100.00
 
AA
 
435,728
 
 
3,000
 
New York City, New York, General Obligation Bonds, Fiscal 2010 Series C, 5.000%, 8/01/23
8/19 at 100.00
 
AA
 
3,411,630
 
 
2,300
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/19 – FGIC Insured
3/15 at 100.00
 
AA
 
2,556,657
 
     
New York City, New York, General Obligation Bonds, Series 2004A:
           
 
3,000
 
5.000%, 11/01/19 – AGM Insured (UB)
11/14 at 100.00
 
AA+
 
3,309,540
 
 
2,300
 
5.000%, 11/01/20 – AGM Insured (UB)
11/14 at 100.00
 
AA+
 
2,532,185
 
     
Pavilion Central School District, Genesee County, New York, General Obligation Bonds, Series 2005:
           
 
1,650
 
5.000%, 6/15/16 – AGM Insured
6/15 at 100.00
 
AA+
 
1,844,403
 
 
1,815
 
5.000%, 6/15/18 – AGM Insured
6/15 at 100.00
 
AA+
 
2,017,572
 
 
1,145
 
Three Village Central School District, Brookhaven and Smithtown, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 6/01/18 – FGIC Insured
No Opt. Call
 
Aa2
 
1,367,920
 
 
1,620
 
West Islip Union Free School District, Suffolk County, New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/16 – AGM Insured
10/15 at 100.00
 
Aa3
 
1,859,890
 
 
6,110
 
Yonkers, New York, General Obligation Bonds, Series 2005A, 5.000%, 8/01/16 – NPFG Insured
8/15 at 100.00
 
A2
 
6,720,939
 
 
29,175
 
Total Tax Obligation/General
       
32,082,859
 
     
Tax Obligation/Limited – 51.5% (33.9% of Total Investments)
           
 
1,575
 
Dormitory Authority of the State of New York, Department of Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 – CIFG Insured
7/15 at 100.00
 
AA–
 
1,694,306
 
 
1,220
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program – Anderson School, Series 1999E, Issue 2, 5.750%,
7/01/19 – AMBAC Insured
1/12 at 100.00
 
N/R
 
1,224,441
 
 
2,000
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 – NPFG Insured
1/12 at 100.00
 
Baa1
 
2,007,100
 
 
1,500
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 – AGM Insured
8/14 at 100.00
 
AA+
 
1,570,815
 
 
2,410
 
Dormitory Authority of the State of New York, Revenue Bonds, Department of Health, Series 2004-2, 5.000%, 7/01/20 – FGIC Insured
7/14 at 100.00
 
AA–
 
2,575,206
 
     
Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D-1:
           
 
2,120
 
5.000%, 2/15/15 – FGIC Insured
No Opt. Call
 
AA–
 
2,390,088
 
 
1,200
 
5.000%, 8/15/23 – FGIC Insured
2/15 at 100.00
 
AA–
 
1,277,844
 
 
4,600
 
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured
10/12 at 100.00
 
A+
 
4,769,648
 
 
3,135
 
Dormitory Authority of the State of New York, Secured Hospital Insured Revenue Bonds, Southside Hospital, Series 1998, 5.000%, 2/15/25 – NPFG Insured
2/12 at 100.00
 
Aa3
 
3,136,944
 
 
375
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 – AGM Insured
3/15 at 100.00
 
AAA
 
418,196
 
 
 Nuveen Investments   27
 
 
 

 

   
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
NQN
 
Portfolio of Investments
September 30, 2011
 
 
Principal
   
Optional Call
         
 
Amount (000)
 
Description (1)
Provisions (2)
 
Ratings (3)
 
Value
 
     
Tax Obligation/Limited (continued)
           
$
2,400
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District Project, Series 2009A, 5.000%, 5/01/31
No Opt. Call
 
AA–
$
2,537,112
 
     
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2004:
           
 
1,290
 
5.750%, 5/01/26 – AGM Insured (UB)
5/14 at 100.00
 
AA+
 
1,372,367
 
 
1,780
 
5.750%, 5/01/27 – AGM Insured (UB)
5/18 at 100.00
 
AA+
 
1,998,673
 
 
5,630
 
Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2007A, 5.750%, 5/01/28 – AGM Insured (UB)
5/17 at 100.00
 
AA+
 
6,217,885
 
 
10,735
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
 
10,620,136
 
 
6,000
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 – AGM Insured
11/12 at 100.00
 
AA+
 
6,245,700
 
 
2,760
 
Metropolitan Transportation Authority, New York, State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 – NPFG Insured
7/12 at 100.00
 
AA–
 
2,851,494
 
 
4,500
 
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A, 5.750%, 7/01/18 – AGM Insured (UB)
No Opt. Call
 
AA+
 
5,516,190
 
     
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A:
           
 
1,250
 
5.500%, 1/01/19 – NPFG Insured
7/12 at 100.00
 
AA–
 
1,290,663
 
 
2,000
 
5.500%, 1/01/20 – NPFG Insured
7/12 at 100.00
 
AA–
 
2,063,520
 
 
2,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
 
AA–
 
2,052,080
 
 
4,095
 
5.000%, 7/01/30 – AMBAC Insured
7/12 at 100.00
 
AA–
 
4,188,243
 
 
4,820
 
Nassau County Interim Finance Authority, New York, Sales and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 – AMBAC Insured
No Opt. Call
 
AAA
 
5,309,278
 
     
Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A:
           
 
2,115
 
5.000%, 11/15/18 – AMBAC Insured
11/13 at 100.00
 
AAA
 
2,294,056
 
 
1,305
 
4.750%, 11/15/21 – AMBAC Insured
11/13 at 100.00
 
AAA
 
1,394,066
 
 
1,305
 
4.750%, 11/15/22 – AMBAC Insured
11/13 at 100.00
 
AAA
 
1,396,050
 
     
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A:
           
 
2,200
 
5.000%, 10/15/25 – NPFG Insured (UB)
10/14 at 100.00
 
AAA
 
2,413,268
 
 
1,600
 
5.000%, 10/15/26 – NPFG Insured (UB)
10/14 at 100.00
 
AAA
 
1,750,368
 
 
6,640
 
5.000%, 10/15/29 – AMBAC Insured (UB)
10/14 at 100.00
 
AAA
 
7,112,502
 
 
1,500
 
5.000%, 10/15/32 – AMBAC Insured (UB)
10/14 at 100.00
 
AAA
 
1,596,105
 
 
35
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 – NPFG Insured
2/13 at 100.00
 
AAA
 
36,856
 
 
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 – SYNCORA GTY Insured
2/14 at 100.00
 
AAA
 
5,425
 
 
630
 
New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 – NPFG Insured
2/13 at 100.00
 
AAA
 
661,412