ThZeal - The Zeal

N-CSRS 1 nrk.txt NRK 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) Kevin J. McCarthy Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: September 30 ------------------ Date of reporting period: March 31, 2010 ------------------ 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. LOGO: NUVEEN INVESTMENTS Closed-End Funds Nuveen Investments Municipal Closed-End Funds IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Semi-Annual Report March 31, 2010 ------------------------ ------------------------ ------------------------ NUVEEN NEW YORK NUVEEN NEW YORK NUVEEN NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME MUNICIPAL FUND, INC. MUNICIPAL FUND, INC. MUNICIPAL FUND, INC. NQN NVN NUN ------------------------ ------------------------ ------------------------ NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK NUVEEN INSURED NEW YORK PREMIUM INCOME DIVIDEND ADVANTAGE TAX-FREE ADVANTAGE MUNICIPAL FUND, INC. MUNICIPAL FUND MUNICIPAL FUND NNF NKO NRK March 10 LIFE IS COMPLEX. Nuveen makes things e-simple. It only takes a minute to sign up for e-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. Free e-Reports right to your e-mail! WWW.INVESTORDELIVERY.COM If you receive your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS If you receive your Nuveen Fund dividends and statements directly from Nuveen. LOGO: NUVEEN INVESTMENTS Chairman's Letter to Shareholders [PHOTO OF ROBERT P. BREMNER] DEAR SHAREHOLDER, The economic environment in which your Fund operates reflects continuing but uneven economic recovery. The U.S. and other major industrial countries are experiencing steady but comparatively low levels of economic growth, while emerging market countries are seeing a resumption of relatively strong economic expansion. The largest source of economic uncertainty is the potential impact of steps being considered by many governments to counteract the extraordinary governmental spending and credit expansion carried out to deal with the financial and economic crisis of 2008. Consequently, the implications for future tax rates, government spending, interest rates and the pace of economic recovery in the U.S. and other leading economies are extremely difficult to predict at the present time. The long term health of the global economy depends on restoring some measure of fiscal discipline around the world, but since all of the corrective steps require economic pain, it is not surprising that governments are reluctant to undertake them. In the near term, governments remain committed to furthering economic recovery and realizing a meaningful reduction in their national unemployment rates. Such an environment should produce continued economic growth and, consequently, attractive investment opportunities. Over the longer term, the larger uncertainty mentioned earlier carries the risk of unexpected potholes in the road to sustained recovery. For this reason, Nuveen's investment management teams are working hard to balance return and risk by building well-diversified portfolios, among other strategies. I encourage you to read the following commentary on the management of your Fund. As always, I also encourage you to contact your financial consultant if you have any questions about your Nuveen Fund investment. Over the last six months, the Nuveen leveraged municipal closed-end funds continued to make progress in refinancing their auction rate preferred shares (ARPS). By the fall of 2009, all of the Nuveen taxable closed-end Funds had completed redemption of their ARPS at par value. As of April 30, 2010, approximately 39% of the municipal ARPS issued by the Nuveen Funds also had been redeemed. Please consult the Nuveen web site for the most recent information on this issue and all recent developments on your Nuveen Funds at: www.nuveen.com. On behalf of the other members of your Fund's Board, we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /S/ ROBERT P. BREMNER -------------------------------- Robert P. Bremner Chairman of the Board May 21, 2010 Nuveen Investments 1 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 Cathryn Steeves discusses key investment strategies and the six-month performance of the Nuveen New York Funds. Cathryn, who joined Nuveen in 1996, assumed portfolio management responsibility for these six Funds in 2006. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THE SIX-MONTH REPORTING PERIOD ENDED MARCH 31, 2010? Municipal market conditions began to show general signs of improvement throughout most of the period. This trend was bolstered by the reduced issuance of tax-exempt municipal debt in the marketplace, due in part to the introduction of the Build America Bond program in April 2009. Build America Bonds are a new class of taxable municipal debt created as part of the February 2009 economic stimulus package. These bonds currently offer municipal issuers a federal subsidy equal to 35% of the bonds' interest payments and therefore provide issuers with an attractive alternative to traditional tax-exempt debt. For the six-month period ended March 31, 2010, taxable Build America Bonds issuance totaled $55.3 billion, accounting for almost 25% of new bonds in the municipal market nationwide. In New York, the Build America Bond program had a significant impact on the availability of tax-exempt issuance, especially among the longer maturities that we typically seek to purchase for these Funds. For the six months ended March 31, 2010, Build America Bonds issuance in New York totaled $7.4 billion, which ranked the state as the second largest user of these bonds (after California). Although total municipal issuance, which includes tax-exempt as well as taxable bonds, was up substantially in New York for this period, Build America Bonds made up approximately 31.5% of that supply. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as good investment opportunities for the New York Funds. This tighter supply situation was compounded for these Funds by the severe decline in the issuance of AAA rated insured bonds. Over the six-month period, new insured paper accounted for approximately 5% of national issuance, compared with about 10% during the same period a year earlier and historical levels of approximately 50%. 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. 2 Nuveen Investments Despite the constrained issuance of tax-exempt municipal bonds, we continued to find attractive value opportunities, taking a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform relatively well over the long term. Areas of the market where we found value during this period included New York City water bonds, housing bonds backed by the Federal Housing Administration and bonds issued for New York University. As of January 2010, the Funds' Board of Directors/Trustees approved changes to the Funds' investment policies that enable them to invest up to 20% of their net assets in uninsured investment-grade securities. Subsequent to this, we purchased A rated dedicated tax bonds (that is, bonds supported by a specific revenue stream, such as sales taxes) issued by Puerto Rico, since the income from these bonds is exempt from both federal and state taxes. In general, our purchases during this period focused on bonds offering premium coupons as a defense against a potential rise in interest rates. Cash for new purchases was generated almost entirely from bond calls. As of March 31, 2010, all six of these Funds continued to use inverse floating rate securities.(1) We employ inverse floaters as a form of leverage for a variety of reasons, including leverage, duration management and both income and total return enhancement. HOW DID THE FUNDS PERFORM? Individual results for the 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 3/31/10

For the six months ended March 31, 2010, the cumulative returns on common share net asset value (NAV) for all six of these New York Funds outperformed the Standard & Poor's (S&P) New York Municipal Bond Index, the Standard & Poor's (S&P) Insured National Municipal Bond Index and the Lipper Single-State Insured Municipal Debt Funds Average. Key management factors that influenced the Funds' returns during this period included yield curve and duration positioning, credit exposure and sector allocation. In addition, the use of leverage was an important factor affecting each Fund's performance over this period. The impact of leverage is discussed in more detail on page five. * Six-month returns are cumulative; returns for one-year, five-year and ten-year 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. (1) An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term tax-exempt interest at a rate that varies inversely with a short-term tax-exempt interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets (SIFM) Municipal Swap Index (previously referred to as the Bond Market Association Index or BMA). Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report. (2) The Standard & Poor's (S&P) New York Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the investment-grade New York municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (3) The Standard & Poor's (S&P) Insured National Municipal Bond Index is a national unleveraged, market value-weighted index designed to measure the performance of the insured U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment. (4) The Lipper Single-State Insured Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: six-month 33 funds,1-year, 33 funds; 5-year, 33 funds; and 10-year, 18 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper average is not available for direct investment. Nuveen Investments 3 During this period, short and intermediate-term bonds generally outperformed credits with longer maturities, with bonds maturing in 20 years or more posting negative returns for the period. Overall, duration and yield curve positioning was slightly positive for the performances of these Funds, with the exception of NKO, where the impact from duration was neutral. Although the Funds benefited from being underweight in the underperforming longer end of the yield curve, this was offset to some degree by their underexposure to the shorter part of the curve that outperformed. Credit exposure played an important role in performance of these Funds. The demand for municipal bonds increased during this period, driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations, and a growing appetite for additional risk. At the same time, the supply of issuance of new tax-exempt municipal securities declined. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. On the whole, the Funds' performance benefited from their allocations to lower quality credits. This was especially true in NQN and NRK, which had the heaviest weightings of bonds rated BBB or lower among these six Funds. Holdings that generally contributed positively to the Fund's performance during this period included housing and health care bonds. These Funds tended to be overweight in both housing and health care credits, which enhanced their returns. Revenue bonds as a whole performed well, with resource recovery, electric utilities, leasing and transportation among the sectors also outperforming the general municipal market for this period. In addition, pre-refunded bonds, which are typically backed by U.S. Treasury securities, were among the stronger performers, primarily due to their shorter effective maturities. As of March 31, 2010, NRK had the largest allocation of pre-refunded bonds among these six Funds, which benefited its performance. Zero coupon bonds, special tax credits, and general obligation (GO) bonds generally posted negative returns for this period, while education and water and sewer bonds failed to keep pace with the overall municipal market for the six months. 4 Nuveen Investments IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE One important factor impacting the returns of most of these Funds relative to the comparative indexes was the Funds' use of financial leverage. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total returns 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 bond prices generally are rising. Leverage made a significant positive contribution to the performance of these Funds over this reporting period. RECENT DEVELOPMENTS REGARDING THE FUNDS' LEVERAGED CAPITAL STRUCTURE Shortly after their inceptions, each of the Funds issued auction rate preferred shares (ARPS) to create financial 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 non-existent 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 received 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 to refinance a portion of the Nuveen funds' outstanding ARPS. Some funds have utilized tender option bonds (TOBs), also known as 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. As of March 31, 2010, some funds have issued Variable Rate Demand Preferred Shares (VRDP), but these issuances have been limited since it has been difficult to find liquidity providers on economically viable terms given the constrained credit environment. Some funds have issued MuniFund Term Preferred Shares (MTP), a fixed rate form of preferred stock with a mandatory redemption period of five years. Nuveen Investments 5 While all these efforts have reduced the total amount of outstanding ARPS issued by the Nuveen funds, the Funds cannot provide any assurance on when the remaining outstanding ARPS might be redeemed. As of March 31, 2010, the amounts of ARPS redeemed at par by the following Funds are as shown in the accompanying table. AUCTION RATE % OF ORIGINAL PREFERRED SHARES AUCTION RATE FUND REDEEMED PREFERRED SHARES -------------------------------------------------------------------------------- NQN $ 32,500,000 22.6% NVN $ 29,100,000 15.1% NUN $ 36,225,000 18.4% NNF $ 14,650,000 22.5% NKO $ 61,000,000 100.0% -------------------------------------------------------------------------------- Subsequent to the reporting period, NRK completed the issuance of $27.68 million of 2.55%, Series 2015 MTP. The net proceeds from this offering were used to refinance the Fund's outstanding ARPS at par. The newly-issued MTP shares trade on the New York Stock Exchange (NYSE) under the symbol "NRK Pr C". MTP is a fixed-rate form of preferred stock with a mandatory redemption period, in this case, of five years. By issuing MTP, the Fund seeks to take advantage of the current historically low interest rate environment to lock in an attractive federally tax-exempt cost of leverage for a period as long as the term of the MTP. The Fund's managers believe that issuing MTP may help the Fund mitigate the risk of a significant increase in their cost of leverage should short-term interest rates rise sharply in the coming years. Subsequent to the reporting period, NRK noticed for redemption at par all $27.0 million of its outstanding ARPS using the proceeds from the issuance of MTP described above. As of March 31, 2010, 82 out of the 84 Nuveen closed-end municipal funds that had issued ARPS have redeemed at par all or a portion of these shares. These redemptions bring the total amount of Nuveen's municipal closed-end funds' ARPS redemptions to approximately $4.3 billion of the approximately $11.0 billion originally outstanding. On April 9, 2010, twenty-six Nuveen leveraged closed-end funds, including NUN, received a demand letter from a law firm on behalf of the each such fund's common shareholders, alleging that Nuveen and the fund's officers and Board of Directors breached their fiduciary duties related to the redemption at par of the fund's ARPS. The funds' independent Board is evaluating the demand letters for each fund. For up-to-date information, please visit the Nuveen CEF Auction Rate Preferred Resource Center at: http://www.nuveen.com/arps. 6 Nuveen Investments RECENT CHANGES TO INVESTMENT POLICIES OF NUVEEN INSURED FUNDS On May 3, 2010, after the close of this reporting period, the Funds' Board of Directors/Trustees approved changes to each Fund's investment policies. The Board took this action in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund's investment policies are intended to increase the Funds' investment flexibility in pursuing their investment objective, while retaining the insured nature of its portfolio. The changes, effective immediately, provide that under normal circumstances, the Funds invest at least 80% of their net assets (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. For purposes of this 80%, insurers must have a claims paying ability rated at least "BBB-" at the time of purchase by at least one independent rating agency. In addition, each Fund invests at least 80% of its net assets in municipal securities that are rated at least "BBB-" at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by the Nuveen Asset Management, or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Each Fund may also invest up to 20% of its net assets in municipal securities rated at least "BBB-" (based on the higher rating of the insurer, if any, or the underlying bond) or are unrated but judged to be of comparable quality by Nuveen Asset Management). Nuveen Investments 7 Common Share Dividend and Share Price Information During the six-month reporting period ended March 31, 2010, NVN, NUN and NNF each had two monthly dividend increases, while NQN, NKO, and NRK each had one monthly dividend increase. Due to normal portfolio activity, common shareholders of the following Funds received capital gains and net ordinary income distributions at the end of December 2009 as follows: SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME FUND (PER SHARE) (PER SHARE) -------------------------------------------------------------------------------- NKO $ 0.0019 $ 0.0007 NRK $ 0.0407 $ 0.0245 -------------------------------------------------------------------------------- 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, 2010, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes, and positive UNII balances for financial reporting purposes. COMMON SHARE REPURCHASES AND SHARE PRICE INFORMATION As of March 31, 2010, the Funds cumulatively repurchased and retired common shares as shown in the accompanying table. COMMON SHARES % OF OUTSTANDING FUND REPURCHASED 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 six-month reporting period, the following Funds repurchased and retired common shares at a weighted average price and a weighted average discount per common share as shown in the accompanying table. 8 Nuveen Investments WEIGHTED AVERAGE WEIGHTED AVERAGE COMMON SHARES PRICE PER SHARE DISCOUNT PER SHARE FUND REPURCHASED REPURCHASED REPURCHASED -------------------------------------------------------------------------------- NUN 1,700 $ 12.81 12.38% NNF 12,700 $ 13.02 11.83% -------------------------------------------------------------------------------- As of March 31, 2010, the Funds' common share prices were trading at (-)discounts to their common share NAVs as shown in the accompanying table. 3/31/10 SIX-MONTH AVERAGE FUND (-)DISCOUNT (-)DISCOUNT -------------------------------------------------------------------------------- NQN -4.25% -8.01% NVN -7.75% -9.99% NUN -6.99% -9.75% NNF -7.72% -10.41% NKO -8.48% -9.90% NRK -5.78% -8.68% -------------------------------------------------------------------------------- Nuveen Investments 9 NQN Performance OVERVIEW | Nuveen New York Investment Quality Municipal Fund, Inc. as of March 31, 2010 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 14.19 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.82 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -4.25% ------------------------------------------------------------------------------- Market Yield 5.37% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 8.00% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 259,571 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.62 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 6.98 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) 3.24% 0.82% ------------------------------------------------------------------------------- 1-Year 31.65% 14.09% ------------------------------------------------------------------------------- 5-Year 5.41% 4.49% ------------------------------------------------------------------------------- 10-Year 7.39% 6.74% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 36.6% ------------------------------------------------------------------------------- Health Care 14.7% ------------------------------------------------------------------------------- Education and Civic Organizations 12.0% ------------------------------------------------------------------------------- Transportation 11.2% ------------------------------------------------------------------------------- Tax Obligation/General 8.3% ------------------------------------------------------------------------------- Water and Sewer 5.3% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 1.7% ------------------------------------------------------------------------------- Other 10.2% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- NPFG(4) 28.2% ------------------------------------------------------------------------------- AMBAC 27.1% ------------------------------------------------------------------------------- FGIC 22.0% ------------------------------------------------------------------------------- AGM 16.3% ------------------------------------------------------------------------------- Other 6.4% ------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 93% U.S. Guaranteed* 3% AAA (Uninsured) -%** AA (Uninsured) 4% * U.S. Guaranteed includes 3% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. ** Rounds to less than 1%. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Apr $ 0.056 May 0.0615 Jun 0.0615 Jul 0.0615 Aug 0.0615 Sep 0.0625 Oct 0.0625 Nov 0.0625 Dec 0.0635 Jan 0.0635 Feb 0.0635 Mar 0.0635 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.45 11.75 11.86 11.94 12 12.27 12.54 12.52 12.61 12.59 12.95 12.09 12.4 12.7 12.5 12.8199 12.73 13.03 13.33 13.38 13.27 13.98 14.23 14.34 14.14 14 14.026 14.15 13.88 13.15 13.21 13.24 13.45 13.13 13.17 13.2 13.31 13.4173 13.61 13.29 13.34 13.51 13.49 13.5 13.5 13.62 13.7201 13.79 14.31 14.15 14.07 14.36 14.35 3/31/10 14.19 (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) MBIA's public finance subsidiary. 10 Nuveen Investments NVN Performance OVERVIEW | Nuveen New York Select Quality Municipal Fund, Inc. as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 84% U.S. Guaranteed* 9% AAA (Uninsured) 1% AA (Uninsured) 6% * U.S. Guaranteed includes 9% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Apr $ 0.0545 May 0.0595 Jun 0.0595 Jul 0.0595 Aug 0.0595 Sep 0.062 Oct 0.062 Nov 0.062 Dec 0.064 Jan 0.064 Feb 0.064 Mar 0.065 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.35 11.61 11.68 11.63 11.71 12.07 12.26 12.14 12.19 12.21 12.22 12 11.98 12.25 12.16 12.33 12.38 12.76 13.084 13.18 13.25 13.27 13.42 13.61 13.6 13.73 13.8664 14.06 13.95 13.17 13.4 13.19 13.44 13.12 13.11 13.16 13.12 13.45 13.45 13.47 13.55 13.54 13.64 13.52 13.57 13.6805 13.74 13.55 13.65 13.97 13.86 13.92 13.88 3/31/10 13.92 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 13.92 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.09 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.75% ------------------------------------------------------------------------------- Market Yield 5.60% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 8.35% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 349,961 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 15.56 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.99 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) 4.05% 0.69% ------------------------------------------------------------------------------- 1-Year 29.77% 14.75% ------------------------------------------------------------------------------- 5-Year 5.07% 4.54% ------------------------------------------------------------------------------- 10-Year 7.00% 6.57% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 34.2% ------------------------------------------------------------------------------- Education and Civic Organizations 14.3% ------------------------------------------------------------------------------- Health Care 11.3% ------------------------------------------------------------------------------- U.S. Guaranteed 9.3% ------------------------------------------------------------------------------- Utilities 7.7% ------------------------------------------------------------------------------- Tax Obligation/General 5.9% ------------------------------------------------------------------------------- Transportation 5.9% ------------------------------------------------------------------------------- Water and Sewer 5.4% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 1.7% ------------------------------------------------------------------------------- Other 4.3% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- NPFG(4) 29.9% ------------------------------------------------------------------------------- AMBAC 29.2% ------------------------------------------------------------------------------- FGIC 19.2% ------------------------------------------------------------------------------- AGM 17.8% ------------------------------------------------------------------------------- Other 3.9% ------------------------------------------------------------------------------- (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) MBIA's public finance subsidiary. Nuveen Investments 11 NUN Performance OVERVIEW | Nuveen New York Quality Income Municipal Fund, Inc. as of March 31, 2010 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 13.83 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.87 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -6.99% ------------------------------------------------------------------------------- Market Yield 5.81% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 8.66% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 353,204 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.99 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.83 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) 3.98% 0.68% ------------------------------------------------------------------------------- 1-Year 30.78% 14.51% ------------------------------------------------------------------------------- 5-Year 5.21% 4.45% ------------------------------------------------------------------------------- 10-Year 7.14% 6.36% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 32.9% ------------------------------------------------------------------------------- Education and Civic Organizations 14.2% ------------------------------------------------------------------------------- U.S. Guaranteed 12.4% ------------------------------------------------------------------------------- Health Care 10.0% ------------------------------------------------------------------------------- Transportation 9.8% ------------------------------------------------------------------------------- Utilities 7.1% ------------------------------------------------------------------------------- Tax Obligation/General 6.3% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 0.3% ------------------------------------------------------------------------------- Other 7.0% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- NPFG(4) 29.0% ------------------------------------------------------------------------------- AMBAC 23.8% ------------------------------------------------------------------------------- AGM 21.9% ------------------------------------------------------------------------------- FGIC 21.6% ------------------------------------------------------------------------------- Other 3.7% ------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 85% U.S. Guaranteed* 12% AAA (Uninsured) -%** AA (Uninsured) 3% * U.S. Guaranteed includes 12% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. ** Rounds to less than 1%. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Apr $ 0.054 May 0.059 Jun 0.059 Jul 0.059 Aug 0.059 Sep 0.061 Oct 0.061 Nov 0.061 Dec 0.063 Jan 0.063 Feb 0.063 Mar 0.067 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.2073 11.5 11.7364 11.55 11.75 12.01 12.23 12.12 12.1 12.2 12.11 11.9532 11.93 12.11 12.17 12.16 12.32 12.76 12.93 12.96 12.97 13.16 13.22 13.38 13.44 13.6 13.69 13.82 13.52 13.09 13.26 13.11 13.22 12.93 12.86 13.04 13.07 13.25 13.17 13.19 13.3 13.39 13.35 13.35 13.59 13.64 13.54 13.5 13.4505 13.78 13.95 13.9499 13.83 3/31/10 13.8305 (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) MBIA's public finance subsidiary. 12 Nuveen Investments NNF Performance OVERVIEW | Nuveen Insured New York Premium Income Municipal Fund, Inc. as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 89% U.S. Guaranteed* 6% AAA (Uninsured) -%** AA (Uninsured) 5% A (Uninsured) -%** * U.S. Guaranteed includes 6% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. ** Rounds to less than 1%. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE [BAR CHART] Apr $ 0.0505 May 0.055 Jun 0.055 Jul 0.055 Aug 0.055 Sep 0.056 Oct 0.056 Nov 0.056 Dec 0.06 Jan 0.06 Feb 0.06 Mar 0.062 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.29 11.42 11.7199 11.72 11.96 12.11 12.34 12.4 12.2 12.25 12.2 12 12 12.1 12.06 12.25 12.34 12.6 13.23 13.1 13.26 13.27 13.44 13.58 13.6 13.81 13.76 13.81 13.774 12.91 13.27 13.06 13.3 13.05 13.028 13.19 13.18 13.25 13.29 13.3595 13.39 13.46 13.39 13.46 13.45 13.49 13.55 13.5 13.56 13.74 13.917 14.002 13.85 3/31/10 13.87 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 13.87 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 15.03 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -7.72% ------------------------------------------------------------------------------- Market Yield 5.36% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 7.99% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $123,915 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 14.63 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.34 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) 4.39% 0.65% ------------------------------------------------------------------------------- 1-Year 28.92% 12.73% ------------------------------------------------------------------------------- 5-Year 5.08% 4.37% ------------------------------------------------------------------------------- 10-Year 6.87% 6.40% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 37.4% ------------------------------------------------------------------------------- Education and Civic Organizations 15.0% ------------------------------------------------------------------------------- Health Care 14.8% ------------------------------------------------------------------------------- Transportation 7.9% ------------------------------------------------------------------------------- Water and Sewer 7.4% ------------------------------------------------------------------------------- U.S. Guaranteed 5.9% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 0.9% ------------------------------------------------------------------------------- Other 10.7% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- AMBAC 29.6% ------------------------------------------------------------------------------- NPFG(4) 27.0% ------------------------------------------------------------------------------- AGM 17.7% ------------------------------------------------------------------------------- FGIC 17.0% ------------------------------------------------------------------------------- Other 8.7% ------------------------------------------------------------------------------- (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) MBIA's public finance subsidiary. Nuveen Investments 13 NKO Performance OVERVIEW | Nuveen Insured New York Dividend Advantage Municipal Fund as of March 31, 2010 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 13.60 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.86 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -8.48% ------------------------------------------------------------------------------- Market Yield 5.69% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 8.48% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 117,917 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 16.08 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 6.39 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) -0.51% 0.55% ------------------------------------------------------------------------------- 1-Year 24.78% 12.87% ------------------------------------------------------------------------------- 5-Year 5.08% 4.62% ------------------------------------------------------------------------------- Since Inception 4.90% 6.28% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 29.3% ------------------------------------------------------------------------------- Health Care 15.6% ------------------------------------------------------------------------------- Education and Civic Organizations 13.7% ------------------------------------------------------------------------------- Transportation 9.8% ------------------------------------------------------------------------------- Utilities 7.6% ------------------------------------------------------------------------------- Tax Obligation/General 7.1% ------------------------------------------------------------------------------- U.S. Guaranteed 5.3% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 2.0% ------------------------------------------------------------------------------- Other 9.6% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- NPFG(5) 26.5% ------------------------------------------------------------------------------- AMBAC 25.3% ------------------------------------------------------------------------------- AGM 22.8% ------------------------------------------------------------------------------- FGIC 21.3% ------------------------------------------------------------------------------- Other 4.1% ------------------------------------------------------------------------------- CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 75% U.S. Guaranteed* 5% FHA/FNMA/GNMA Guaranteed 12% AA (Uninsured) 5% BBB (Uninsured) 3% * U.S. Guaranteed includes 3% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE (4) [BAR CHART] Apr $ 0.055 May 0.062 Jun 0.062 Jul 0.062 Aug 0.062 Sep 0.0635 Oct 0.0635 Nov 0.0635 Dec 0.0645 Jan 0.0645 Feb 0.0645 Mar 0.0645 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.46 11.5 11.57 11.71 11.97 12.49 12.31 12.3801 12.27 12.31 12.4499 12.3 12.12 12.21 12.3001 12.42 12.42 12.6701 13.14 12.9 12.89 13.08 13.13 13.47 13.46 13.62 14.031 14.0555 13.96 13.0701 13.2346 13.2 13.06 13.06 13.212 13.4 13.2 13.15 13.13 13.14 13.1 13.19 13.4 13.268 13.35 13.45 13.39 13.42 13.55 13.6001 13.66 13.68 13.8 3/31/10 13.6 (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0026 per share. (5) MBIA's public finance subsidiary. 14 Nuveen Investments NRK Performance OVERVIEW | Nuveen Insured New York Tax-Free Advantage Municipal Fund as of March 31, 2010 CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(1,2) [PIE CHART] Insured 65% U.S. Guaranteed* 17% FHA/FNMA/GNMA Guaranteed 11% AA (Uninsured) 3% BBB (Uninsured) 4% * U.S. Guaranteed includes 12% (as a % of total investments, excluding Euro Dollar Time Deposit) of Insured securities. 2009-2010 MONTHLY TAX-FREE DIVIDENDS PER COMMON SHARE (4) [BAR CHART] Apr $ 0.0545 May 0.0545 Jun 0.0545 Jul 0.0545 Aug 0.0545 Sep 0.058 Oct 0.058 Nov 0.058 Dec 0.0615 Jan 0.0615 Feb 0.0615 Mar 0.0615 COMMON SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE [LINE CHART] 4/01/09 $ 11.72 11.72 12.0702 11.7001 12.37 12.69 12.65 12.4 12.633 12.7743 12.93 12.6 12.25 12.43 12.25 12.382 12.68 12.92 13.35 13.33 13.1 13.45 13.7499 13.65 13.4901 13.8501 13.71 14.07 13.86 13.36 13.89 13.32 13.3525 13.16 13.16 13.045 13.2999 13.45 13.25 13.39 13.57 13.3999 13.61 13.4818 13.53 13.68 13.7 13.66 13.51 13.88 13.76 13.88 13.92 3/31/10 14.03 FUND SNAPSHOT ------------------------------------------------------------------------------- Common Share Price $ 14.03 ------------------------------------------------------------------------------- Common Share Net Asset Value $ 14.89 ------------------------------------------------------------------------------- Premium/(Discount) to NAV -5.78% ------------------------------------------------------------------------------- Market Yield 5.26% ------------------------------------------------------------------------------- Taxable-Equivalent Yield(3) 7.84% ------------------------------------------------------------------------------- Net Assets Applicable to Common Shares ($000) $ 52,198 ------------------------------------------------------------------------------- Average Effective Maturity on Securities (Years) 13.86 ------------------------------------------------------------------------------- Leverage-Adjusted Duration 7.01 ------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) ------------------------------------------------------------------------------- ON SHARE PRICE ON NAV ------------------------------------------------------------------------------- 6-Month (Cumulative) 5.68% 0.95% ------------------------------------------------------------------------------- 1-Year 26.99% 13.96% ------------------------------------------------------------------------------- 5-Year 6.30% 5.23% ------------------------------------------------------------------------------- Since Inception 4.58% 5.73% ------------------------------------------------------------------------------- PORTFOLIO COMPOSITION (as a % of total investments) ------------------------------------------------------------------------------- Tax Obligation/Limited 30.7% ------------------------------------------------------------------------------- U.S. Guaranteed 16.6% ------------------------------------------------------------------------------- Education and Civic Organizations 15.7% ------------------------------------------------------------------------------- Health Care 14.7% ------------------------------------------------------------------------------- Transportation 8.0% ------------------------------------------------------------------------------- Euro Dollar Time Deposit 4.3% ------------------------------------------------------------------------------- Other 10.0% ------------------------------------------------------------------------------- INSURERS (as a % of total Insured investments) ------------------------------------------------------------------------------- AMBAC 30.8% ------------------------------------------------------------------------------- NPFG(5) 29.2% ------------------------------------------------------------------------------- FGIC 16.3% ------------------------------------------------------------------------------- AGM 11.0% ------------------------------------------------------------------------------- AGC 6.5% ------------------------------------------------------------------------------- Other 6.2% ------------------------------------------------------------------------------- (1) At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (2) Excluding Euro Dollar Time Deposit. (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) The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0652 per share. (5) MBIA's public finance subsidiary. Nuveen Investments 15 NQN | Shareholder Meeting Report NVN | The annual meeting of shareholders was held in the offices of Nuveen NUN | Investments on April 6, 2010; at this meeting the shareholders were asked to vote on the election of Board Members.

16 Nuveen Investments NNF | NKO | NRK |

Nuveen Investments 17 NQN | Nuveen New York Investment Quality Municipal Fund, Inc. Portfolio of Investments March 31, 2010 (Unaudited)

18 Nuveen Investments

Nuveen Investments 19 NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

20 Nuveen Investments

Nuveen Investments 21 NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

22 Nuveen Investments

Nuveen Investments 23 NQN | Nuveen New York Investment Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 27.7%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 24 Nuveen Investments NVN | Nuveen New York Select Quality Municipal Fund, Inc. | Portfolio of Investments March 31, 2010 (Unaudited)

Nuveen Investments 25 NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

26 Nuveen Investments

Nuveen Investments 27 NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

28 Nuveen Investments

Nuveen Investments 29 NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

30 Nuveen Investments

Nuveen Investments 31 NVN | Nuveen New York Select Quality Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 30.3%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 32 Nuveen Investments NUN | Nuveen New York Quality Income Municipal Fund, Inc. | Portfolio of Investments March 31, 2010 (Unaudited)

Nuveen Investments 33 NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

34 Nuveen Investments

Nuveen Investments 35 NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

36 Nuveen Investments

Nuveen Investments 37 NUN | Nuveen New York Quality Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

38 Nuveen Investments

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.3%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 39 NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. | Portfolio of Investments March 31, 2010 (Unaudited)

40 Nuveen Investments

Nuveen Investments 41 NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

42 Nuveen Investments

Nuveen Investments 43 NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

44 Nuveen Investments

Nuveen Investments 45 NNF | Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be below investment grade. (4) Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensure the timely payment of principal and interest. Such investments are normally considered to be equivalent to AAA rated securities. (5) Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. (6) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 26.6%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. 46 Nuveen Investments NKO | Nuveen Insured New York Dividend Advantage Municipal Fund | Portfolio of Investments March 31, 2010 (Unaudited)

Nuveen Investments 47 NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

48 Nuveen Investments

Nuveen Investments 49 NKO | Nuveen Insured New York Dividend Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

50 Nuveen Investments

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's 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. (5) Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 28.3%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 51 NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund | Portfolio of Investments March 31, 2010 (Unaudited)

52 Nuveen Investments

Nuveen Investments 53 NRK | Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued) | Portfolio of Investments March 31, 2010 (Unaudited)

54 Nuveen Investments

At least 80% of the Fund's net assets are invested in municipal securities that guarantee the timely payment of principal and interest. See Notes to Financial Statements, Footnote 1 - Insurance, for more information. (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 Group ("Standard & Poor's") or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's 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) Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.4%. N/A Not applicable. N/R Not rated. (ETM) Escrowed to maturity. (IF) Inverse floating rate investment. (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 - Inverse Floating Rate Securities for more information. See accompanying notes to financial statements. Nuveen Investments 55 | Statement of Assets & Liabilities March 31, 2010 (Unaudited)

See accompanying notes to financial statement. 56 Nuveen Investments

See accompanying notes to financial statement. Nuveen Investments 57 | Statement of Operations Six Months Ended March 31, 2010 (Unaudited)

See accompanying notes to financial statements. 58 Nuveen Investments | Statement of Changes in Net Assets (Unaudited)

See accompanying notes to financial statements. Nuveen Investments 59 | Statement of Changes in Net Assets (Unaudited) (continued)

See accompanying notes to financial statements. 60 Nuveen Investments | Statement of Cash Flows Six Months Ended March 31, 2010 (Unaudited)

See accompanying notes to financial statement. Nuveen Investments 61 | Statement of Cash Flows (continued) Six Months Ended March 31, 2010 (Unaudited)

See accompanying notes to financial statement. 62 Nuveen Investments | Notes to Financial Statements(Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES 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) (collectively, the "Funds"). Common shares of New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium Income (NNF) are traded on the New York Stock Exchange ("NYSE") while Common shares of Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) are traded on the NYSE Amex. 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 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 US 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. Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and asked prices. 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 investment or derivative instrument, the Board of Directors/Trustees of the Fund, or its designee, may establish fair value using a wide variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates value. Investment Transactions Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At March 31, 2010, 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 of its 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 that 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. Nuveen Investments 63 | Notes to Financial Statements (Unaudited) (continued) For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. 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 at least 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 US generally accepted accounting principles. Auction Rate Preferred Shares The following Funds have issued and outstanding Auction Rate Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Auction Rate 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. As of March 31, 2010, the number of Auction Rate Preferred shares outstanding, by Series and in total, for each Fund is as follows: INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM TAX-FEE QUALITY QUALITY INCOME INCOME ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NRK) ---------------------------------------------------------------------------- Number of shares: Series M 744 -- 1,794 1,022 -- Series T 1,858 1,461 -- 992 -- Series W -- 2,038 1,796 -- -- Series TH -- 3,057 1,959 -- 1,080 Series F 1,858 -- 882 -- -- ---------------------------------------------------------------------------- Total 4,460 6,556 6,431 2,014 1,080 ============================================================================ Beginning in February 2008, more shares for sale were submitted in the regularly scheduled auctions for the Auction Rate Preferred shares issued by the Funds than there were offers to buy. This meant that these auctions "failed to clear," and that many Auction Rate Preferred shareholders who wanted to sell their shares in these auctions were unable to do so. Auction Rate Preferred shareholders unable to sell their shares received distributions at the "maximum rate" applicable to failed auctions as calculated in accordance with the pre-established terms of the Auction Rate Preferred shares. As of March 31, 2010, the aggregate amount of outstanding Auction Rate Preferred shares redeemed by each Fund is as follows:

Variable Rate Demand Preferred Shares Insured New York Dividend Advantage (NKO) has issued and outstanding 500 Series 1 Variable Rate Demand Preferred shares, $100,000 liquidation value per share. Variable Rate Preferred shares were issued in a privately negotiated offering. Proceeds of this offering were used to redeem a portion of the Fund's outstanding Auction Rate Preferred shares. The Variable Rate Demand Preferred shares were offered to institutional buyers as defined pursuant to Rule 144A under the Securities Act of 1933, have a maturity date of August 1, 2038 and include a liquidity feature that allows the Variable Rate Demand Preferred shareholders to have their shares purchased by the liquidity provider in the event that sell orders are not matched with purchase orders in a remarketing. Dividends on the Variable Rate Demand Preferred shares (which are treated as interest payments for financial reporting purposes) are set weekly at a rate established by a remarketing agent; therefore, the liquidation value of the Variable Rate Demand Preferred shares approximates fair value. Subject to certain conditions, Variable Rate Demand Preferred shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also redeem certain of the Variable Rate Demand Preferred shares if the Fund fails to maintain certain asset coverage requirements and 64 Nuveen Investments such failures are not cured by the applicable cure date. The redemption price per share is equal to the sum of the liquidation value per share plus any accumulated but unpaid dividends. Insured New York Dividend Advantage (NKO) had all of its $50,000,000 Variable Rate Demand Preferred shares outstanding during the six months ended March 31, 2010, with an annualized interest rate of 0.24%. For financial reporting purposes only, the liquidation value of Variable Rate Demand Preferred shares is recorded as a liability on the Statement of Assets and Liabilities. Unpaid dividends on Variable Rate Preferred shares are recognized as "Interest payable" on the Statement of Assets and Liabilities. Dividends paid on the Variable Rate Demand Preferred shares are included as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. In addition to interest expense, the Fund also pays a per annum liquidity fee, which is recognized as "Liquidity fees" on the Statement of Operations. Insurance Under normal circumstances, and during the six months ended March 31, 2010. the Fund invest at least 80% of their net assets (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. For purposes of this 80%, insurers must have a claims paying ability rated at least "A" at the time of purchase by at least one independent rating agency. In addition, each Fund invests at least 80% of its net assets in municipal securities that are rated at least "BBB" at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by Nuveen Asset Management (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"), or are backed by an escrow or trust account containing sufficient U.S. government o U.S. government agency securities or U.S. Treasury-issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Each Fund may also invest up to 20% of its net assets in municipal securities rated at least "BBB" (based on the higher rating of the insurer, if any, or the underlying bond) or are 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. Inverse Floating Rate Securities Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond's par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an "inverse floater") that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond's downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond's value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond. A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an "externally-deposited inverse floater"), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a "self-deposited inverse floater"). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as "(IF) - Inverse floating rate investment." An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as "(UB) - Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund accounting for the short-term floating rate certificates issued by the trust as "Floating rate obligations" on the Statement of Assets and Liabilities. In addition, the Fund reflects in "Investment Income" the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as "Interest expense and amortization of offering costs" on the Statement of Operations. Nuveen Investments 65 | Notes to Financial Statements (Unaudited) (continued) During the six months ended March 31, 2010, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters. Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse trust" or "credit recovery swap") (such agreements referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund's inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities. At March 31, 2010, each Fund's maximum exposure to externally-deposited Recourse Trusts is as follows:

The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended March 31, 2010, were as follows:

Futures Contracts Each Fund is subject to interest rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the "initial margin." Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as "Deposits with brokers for open futures contracts" on the Statement of Assets and Liabilities. Subsequent payments ("variation margin") are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for "Variation margin on futures contracts" on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by "marking-to-market" on a daily basis to reflect the changes in market value of the contract and is recognized as "Change in net unrealized appreciation (depreciation) of futures contracts" on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into and is recognized as "Net realized gain (loss) from futures contracts" on the Statement of Operations. Risks of investments in futures contracts include the possible adverse movement of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not invest in futures contracts during the six months ended March 31, 2010. Market and Counterparty Credit Risk In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange's clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default. 66 Nuveen Investments Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, 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 valuations fluctuate, either up or down, by at least the predetermined threshold amount. Zero Coupon Securities Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. Such securities are included in the Portfolio of Investments with a 0.000% coupon rate in their description. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically. Offering Costs Costs incurred by Insured New York Dividend Advantage (NKO) in connection with its offering of the Variable Rate Demand Preferred shares ($675,000) were recorded as a deferred charge which will be amortized over the 30-year life of the shares and are included as a component of "Interest expense and amortization of offering costs" on the Statement of Operations. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank. 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 US 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. FAIR VALUE MEASUREMENTS In determining the value of each Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below: Level 1 - Quoted prices in active markets for identical securities. Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 - Significant unobservable inputs (including management's assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of March 31, 2010:

Nuveen Investments 67 | Notes to Financial Statements (Unaudited) (continued)

3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are considered to be non-hedge transactions for financial reporting purposes. The Funds did not invest in derivative instruments during the six months ended March 31, 2010. 4. FUND SHARES Common Shares Transactions in Common shares were as follows:

68 Nuveen Investments Preferred Shares New York Select Quality (NVN) and Insured New York Tax-Free Advantage (NRK) did not redeem any of their Auction Rate Preferred shares during the six months ended March 31, 2010 or the fiscal year ended September 30, 2009. Transactions in Auction Rate Preferred shares were as follows:

INSURED NEW YORK PREMIUM INCOME (NNF) --------------------------------------------------- SIX MONTHS ENDED YEAR ENDED 3/31/10 9/30/09 ---------------------------------------------------- SHARES AMOUNT SHARES AMOUNT -------------------------------------------------------------------------------- Auction Rate Preferred shares redeemed: Series M -- $ -- 34 $ 850,000 Series T -- -- 32 800,000 Series W -- -- -- -- Series TH -- -- -- -- Series F -- -- -- -- -------------------------------------------------------------------------------- Total -- $ -- 66 $ 1,650,000 ================================================================================ 5. INVESTMENT TRANSACTIONS Purchases and sales (including maturities but excluding short-term investments) during the six months ended March 31, 2010, were as follows:

6. 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 timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds. At March 31, 2010, the cost of investments was as follows:

Nuveen Investments 69 | Notes to Financial Statements (Unaudited) (continued) Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2010, were as follows:

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at September 30, 2009, the Funds' last tax year end, were as follows:

* Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2009, paid on October 1, 2009. ** 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, 2009, was designated for purposes of the dividends paid deduction as follows:

** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At September 30, 2009, the Funds' last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: INSURED NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM QUALITY QUALITY INCOME INCOME (NQN) (NVN) (NUN) (NNF) ------------------------------------------------------------------------------- Expiration: September 30, 2016 $ 205,863 $ -- $ -- $ 74,117 September 30, 2017 -- 174,040 505,047 -- ------------------------------------------------------------------------------- Total $ 205,863 $ 174,040 $ 505,047 $ 74,117 =============================================================================== 7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES Each Fund's management fee is separated into two components - a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund's shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser. 70 Nuveen Investments The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule: NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) INSURED NEW YORK PREMIUM INCOME (NNF) AVERAGE DAILY NET ASSETS* 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 =============================================================================== INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) AVERAGE DAILY NET ASSETS* 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 for each Fund, payable monthly, is calculated according to the following schedule: COMPLEX-LEVEL ASSET BREAKPOINT LEVEL* EFFECTIVE RATE AT BREAKPOINT LEVEL ------------------------------------------------------------------------------- $55 billion .2000% $56 billion .1996 $57 billion .1989 $60 billion .1961 $63 billion .1931 $66 billion .1900 $71 billion .1851 $76 billion .1806 $80 billion .1773 $91 billion .1691 $125 billion .1599 $200 billion .1505 $250 billion .1469 $300 billion .1445 =============================================================================== * The complex-level fee component of the management fee for the funds is calculated based upon the aggregate daily managed assets of all Nuveen funds, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. For the complex-level and fund-level fees, daily managed assets include assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds' use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser to limit the amount of such assets for determining managed assets in certain circumstances. As of March 31, 2010, the complex-level fee rate was .1867%. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds. For the first ten years of Insured New York Dividend Advantage's (NKO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, for fees and expenses in the amounts and for the time periods set forth below: Nuveen Investments 71 | Notes to Financial Statements (Unaudited) (continued) YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, ------------------------------------------------------------------------------ 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ============================================================================== * From the commencement of operations. The Adviser has not agreed to reimburse Insured New York Dividend Advantage (NKO) for any portion of its fees and expenses beyond March 31, 2012. For the first eight years of Insured New York Tax-Free Advantage's (NRK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets, 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. 8. NEW ACCOUNTING STANDARDS Accounting for Transfers of Financial Assets During June 2009, the Financial Accounting Standards Board (FASB) issued changes to the authoritative guidance under generally accepted accounting principles (GAAP) on accounting for transfers of financial assets. The objective of this guidance is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor's continuing involvement, if any, in transferred financial assets. This guidance is effective as of the beginning of each reporting entity's first annual reporting period that begins after November 15, 2009, for interim periods within that first annual reporting period and for interim and annual reporting periods thereafter. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the disclosure provisions of this guidance should be applied to transfers that occurred both before and after the effective date of this guidance. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and disclosures, if any. Fair Value Measurements On January 21, 2010, FASB issued changes to the authoritative guidance under GAAP for fair value measurements. The objective of this guidance is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities to disclose i) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for both Level 2 and Level 3 positions, ii) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e., transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfer and iii) purchases, sales, issuances and settlements in the Level 3 rollforward must be shown on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2009, however, the requirement to provide the Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statement amounts and footnote disclosures, if any. 72 Nuveen Investments 9. SUBSEQUENT EVENTS Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income, which were paid on May 3, 2010, to shareholders of record on April 15, 2010, as follows:

MuniFund Term Preferred Shares As discussed in the Portfolio Manager's Comments section, during April 2010, Insured New York Tax-Free Advantage (NRK) successfully completed the issuance of $27.68 million of 2.55%, Series 2015 MuniFund Term Preferred shares ("MTP"). The newly-issued MTP shares trade on the NYSE under the symbol "NRK Pr C." Auction Rate Preferred Shares Noticed for Redemption During April 2010, Insured New York Tax-Free Advantage (NRK) noticed for redemption all $27.0 million of its Auction Rate Preferred shares, at liquidation value, using the proceeds from the issuance of MTP described above. Investment Policy Changes - Insurance On May 3, 2010, the Funds' Board of Directors/Trustees approved changes to each Fund's insurance investment policies in response to the continuing challenges faced by municipal bond insurers. The changes to each Fund's investment policies are intended to increase the Fund's investment flexibility in pursuing its investment objective, while retaining the insured nature of its portfolio. The changes, effective immediately, provide that under normal circumstances, the Funds invest at least 80% of their net assets (as defined in Footnote 7 - Management Fees and Other Transactions with Affiliates) in municipal securities that are covered by insurance guaranteeing the timely payment of principal and interest. For purposes of this 80%, insurers must have a claims paying ability rated at least "BBB-" at the time of purchase by at least one independent rating agency. In addition, each Fund invests at least 80% of its net assets in municipal securities that are rated at least "BBB-" at the time of purchase (based on the higher of the rating of the insurer, if any, or the underlying security) by at least one independent rating agency, or are unrated but judged to be of similar credit quality by the Adviser, or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities or U.S. Treasury- issued State and Local Government Series securities to ensure timely payment of principal and interest. Inverse floating rate securities whose underlying bonds are covered by insurance are included for purposes of the 80%. Each Fund may also invest up to 20% of its net assets in municipal securities rated at least "BBB-" (based on the higher rating of the insurer, if any, or the underlying bond) or are unrated but judged to be of comparable quality by the Adviser.). Nuveen Investments 73 | Financial | Highlights(Unaudited) Selected data for a Common share outstanding throughout each period:

AUCTION RATE 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: 2010(d) $ 111,500 $ 25,000 $ 83,200 2009 111,500 25,000 84,231 2008 114,925 25,000 75,664 2007 144,000 25,000 70,178 2006 144,000 25,000 71,699 2005 144,000 25,000 73,820 NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) 163,900 25,000 78,380 2009 163,900 25,000 79,376 2008 163,900 25,000 72,427 2007 193,000 25,000 70,258 2006 193,000 25,000 71,884 2005 193,000 25,000 73,178 ============================================================================== 74 Nuveen Investments

* Annualized. ** Rounds to less than $.01 per share. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares. (a) Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. (b) After expense reimbursement from Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, as described in Footnote 1 - Inverse Floating Rate Securities. (d) For the six months ended March 31, 2010. See accompanying notes to financial statements. Nuveen Investments 75 | Financial | Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:

AUCTION RATE PREFERRED SHARES AT END OF PERIOD ----------------------------------------- AGGREGATE LIQUIDATION AMOUNT AND MARKET ASSET OUTSTANDING VALUE COVERAGE (000) PER SHARE PER SHARE -------------------------------------------------------------------------------- NEW YORK QUALITY INCOME (NUN) -------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) $ 160,775 $ 25,000 $ 79,922 2009 160,775 25,000 80,952 2008 165,375 25,000 72,696 2007 197,000 25,000 69,868 2006 197,000 25,000 71,498 2005 197,000 25,000 72,804 INSURED NEW YORK PREMIUM INCOME (NNF) -------------------------------------------------------------------------------- Year Ended 9/30: 2010(d) 50,350 25,000 86,527 2009 50,350 25,000 87,691 2008 52,000 25,000 78,619 2007 65,000 25,000 72,675 2006 65,000 25,000 74,056 2005 65,000 25,000 75,546 =============================================================================== 76 Nuveen Investments

78 Nuveen Investments

* Annualized. ** Rounds to less than $.01 per share. *** Calculates to less than 1%. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Auction Rate Preferred shareholders; Net Investment Income ratios reflect income earned and expenses incurred on assets attributable to Auction Rate Preferred shares and/or Variable Rate Demand Preferred shares, where applicable. (a) Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. Total Return Based 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. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. (b) After expense reimbursement from Adviser, where applicable. Expense ratios do not reflect the reduction of custodian fee credits earned on the Fund's net cash on deposit with the custodian bank, where applicable. (c) The expense ratios reflect, among other things, and where applicable, payments to Variable Rate Demand Preferred shareholders and the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, both as described in Footnote 1 - Variable Rate Demand Preferred Shares and Inverse Floating Rate Securities, respectively. (d) For the six months ended March 31, 2010. See accompanying notes to financial statements. Nuveen Investments 79 Reinvest Automatically Easily and Conveniently Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price 80 Nuveen Investments 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. Nuveen Investments 81 Glossary of Terms Used in this Report o AUCTION RATE BOND: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have "failed", with current holders receiving a formula-based interest rate until the next scheduled auction. o AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an invest- ment'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. o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity of the bonds in a Fund's portfolio, computed by weighting each bond's time to maturity (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions unless an escrow account has been established to redeem the bond before maturity. The market value weighting for an investment in an inverse floating rate security is the value of the portfolio's residual interest in the inverse floating rate trust, and does not include the value of the floating rate securities issued by the trust. o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis. 82 Nuveen Investments o 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. o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. o NET ASSET VALUE (NAV): A Fund's NAV per common share is calculated by subtracting the liabilities of the Fund (including any Preferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of common shares outstanding. Fund NAVs are calculated at the end of each business day. o PRE-REFUNDING: Pre-refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value. o 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. o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. Nuveen Investments 83 Notes 84 Nuveen Investments Other Useful Information QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION You may obtain (i) each Fund's quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the twelve-month period ended June 30, 2009, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities 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 (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 a 100 F Street NE, Washington, D.C. 20549. CEO CERTIFICATION DISCLOSURE Each Fund's Chief Executive Officer has submitted to the New York Stock Exchange ("NYSE") the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act. COMMON AND PREFERRED SHARE INFORMATION Each Fund intends to repurchase and/or redeem shares of its own common and/or auction rate preferred stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased and/or redeemed shares of their common and/or auction rate preferred stock as shown in the accompanying table. COMMON SHARES PREFERRED SHARES FUND REPURCHASED REDEEMED NQN -- -- NVN -- -- NUN 1,700 -- NNF 12,700 -- NKO -- -- NRK -- -- Any future repurchases and/or redemptions will be reported to shareholders in the next annual or semi-annual report. BOARD OF DIRECTORS/TRUSTEES John P. Amboian Robert P. Bremner Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Judith M. Stockdale Carole E. Stone Terence J. Toth 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 Nuveen Investments 85 Nuveen Investments: Serving Investors for Generations Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, longterm investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. FOCUSED ON MEETING INVESTOR NEEDS. Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $150 billion of assets on March 31, 2010. FIND OUT HOW WE CAN HELP YOU. To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain 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. Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF o Share prices o Fund details o Daily financial news o Investor education o Interactive planning tools Distributed by ESA-B-0310D Nuveen Investments, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com 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. (a) See Portfolio of Investments in Item 1. (b) Not applicable. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors or Trustees implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See 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: See 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/ Kevin J. McCarthy ---------------------------------------------- Kevin J. McCarthy (Vice President and Secretary) Date: June 7, 2010 ------------------------------------------------------------------- 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 7, 2010 ------------------------------------------------------------------- By (Signature and Title) /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: June 7, 2010 -------------------------------------------------------------------