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: September 30, 2007
                                            ------------------

Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.





ITEM 1. REPORTS TO STOCKHOLDERS.

     ANNUAL REPORT
September 30, 2007

                        Nuveen Investments
                        MUNICIPAL CLOSED-END FUNDS

Photo of: Small child

                                                          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

IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)

LOGO: NUVEEN Investments



Photo of: Man working on computer

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 Investments Fund information is
    ready--no more waiting for delivery by regular mail. Just click on the link
    within the e-mail to see the report and save it on your computer if you
    wish.


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: Timothy R. Schwertfeger

Timothy R. Schwertfeger



Chairman of the Board

Once again, I am pleased to report that over the twelve-month period covered by
this report your Fund continued to provide you with attractive monthly tax-free
income. For more details about the management strategy and performance of your
Fund, please read the Portfolio Manager's Comments, the Dividend and Share Price
Information, and the Performance Overview sections of this report.

I also wanted to take this opportunity to report some important news about
Nuveen Investments. The firm recently was acquired by a group led by Madison
Dearborn Partners, LLC. While this affects the corporate structure of Nuveen
Investments, it has no impact on the investment objectives, portfolio management
strategies or dividend policy of your Fund.

With the recent volatility in the stock market, many have begun to wonder which
way the market is headed, and whether they need to adjust their holdings of
investments. No one knows what the future will bring, which is why we think a
well-balanced portfolio that is structured and carefully monitored with the help
of an investment professional is an important component in achieving your
long-term financial goals. A well-diversified portfolio may actually help to
reduce your overall investment risk, and we believe that investments like your
Nuveen Investments Fund can be important building blocks in a portfolio crafted
to perform well through a variety of market conditions.

We also are pleased to be able to offer you a choice concerning how you receive
your shareholder reports and other Fund information. As an alternative to mailed
copies, you can sign up to receive future Fund reports and other Fund
information by e-mail and the internet. The inside front cover of this report
contains information on how you can sign up.

We are grateful that you have chosen us as a partner as you pursue your
financial goals and we look forward to continuing to earn your trust in the
months and years ahead. At Nuveen Investments, our mission continues to be to
assist you and your financial advisor by offering investment services and
products that can help you to secure your financial objectives.


Sincerely,

/s/ Timothy R. Schwertfeger

Timothy R. Schwertfeger
Chairman of the Board
November 16, 2007



Portfolio Manager's COMMENTS

Nuveen Investments Municipal Closed-End Funds

NQN, NVN, NUN,
NNF, NKO, NRK


Portfolio manager Cathryn Steeves discusses national and state economic and
municipal market environments, key investment strategies, and the annual
performance of these six Nuveen New York Funds. Cathryn, who joined Nuveen in
1996, assumed portfolio management responsibility for the Funds in July 2006.

WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE ANNUAL
REPORTING PERIOD ENDED SEPTEMBER 30, 2007?

On September 30, 2007, yields on the benchmark 10-year U.S. Treasury note and
the Bond Buyer 25 Revenue Bond Index, a widely followed measure of longer-term
municipal bond interest rates, stood about where they were one year earlier. But
just looking at the yields on these two dates is misleading. Longer-term
municipal bond interest rates actually declined during much of this twelve-month
period. This changed in the summer of 2007, as developments in the financial
sector, especially in the credit markets, led to increased volatility, tightened
liquidity and a flight to quality. This was particularly evident in August, when
market concerns about defaults on subprime mortgages resulted in a liquidity
crisis across all fixed income asset classes. The inability to properly value
collateralized debt products with exposure to subprime mortgages drove down bond
prices and forced some owners of this type of debt to sell holdings into a very
weak market. (These Nuveen New York Municipal Closed-End Funds had no exposure
to the collateralized debt products that were at the center of this liquidity
crisis.)

After 14 months of remaining on the sidelines, the Federal Reserve responded to
credit market volatility by cutting the fed funds rate by 50 basis points--from
5.25% to 4.75%-- in September 2007. (On October 31, 2007, after the close of
this reporting period, the Fed reduced the fed funds rate another 25 basis
points to 4.50%.) The decline in shorter-term municipal bond interest rates and
the jump in longer-term municipal rates produced a slight steepening of the
municipal bond yield curve late in the reporting period. In addition, as the
markets repriced risk, credit spreads widened, and higher quality bonds
generally outperformed lower quality credits.



Discussions of specific investments are for illustrative purposes only and are
not intended as recommendations of individual investments. The views expressed
in this commentary represent those of the portfolio manager as of the date of
this report and are subject to change at any time, based on market conditions
and other factors. The Funds disclaim any obligation to advise shareholders of
such changes.


                                       4



The U.S. gross domestic product (GDP), a closely watched measure of economic
growth, expanded at below-trend levels of 2.1% in the fourth quarter of 2006 and
0.6% in the first quarter of 2007, before rebounding sharply to 3.8% in the
second quarter of 2007 (all GDP numbers annualized). In the third quarter of
2007, increases in consumer spending, business investment and exports helped GDP
growth reach 3.9%. While the Consumer Price Index (CPI) registered a 2.8%
year-over-year gain as of September 2007, the increase in this inflation gauge
for the first nine months of 2007 was 3.6%, driven largely by rises in energy
and food prices. The core CPI (which excludes food and energy prices) rose 2.1%
between January and September 2007, remaining just above the Fedunofficial
target of 2.0% or lower. The labor market continued to be tight, with a national
unemployment rate of 4.7% in September 2007, up from 4.6% in September 2006.
September 2007 marked the 49th consecutive month of employment growth, the
longest string in U.S. history.

Over the twelve months ended September 2007, municipal bond issuance nationwide
totaled $466.6 billion, an increase of 21% from the previous twelve months.
During the first nine months of 2007, municipal issuance remained on a record
pace, as $319.7 billion in new securities came to market, up 19% over the same
period in 2006. A major factor in 2007 volume was the 30% increase in advance
refundings,1 driven by attractive borrowing rates for issuers during the first
part of the year. For the majority of the period, the strength and diversity of
demand for municipal bonds were as important as supply, as the surge in issuance
was absorbed by a broad-based universe of traditional and nontraditional buyers,
including retail investors, property and casualty insurance companies, hedge
funds and arbitragers, and overseas investors.

HOW WERE THE ECONOMIC AND MARKET ENVIRONMENTS IN NEW YORK DURING THIS
REPORTINGPERIOD?

New York state's GDP grew 3.4% in 2006, on par with the national average. The
state's economy remained diverse, with financial services, education and health
care, professional and business services, retail trade and government serving as
key drivers. Although New York has seen its concentration of financial sector
jobs drop since the early 1990s, the state continued to have more relative
exposure to the financial industry than the rest of the nation on average.
Recent events stemming from the subprime mortgage situation led to weaker
financial performance by some major New York investment firms, layoffs in their
subprime loan divisions, and a slower hiring outlook for the financial industry
in New York City. Overall, however, the rate of job creation in New


1 Advance refundings, also known as pre-refundings or refinancings, occur when
an issuer sells new bonds and uses the proceeds to fund principal and interest
payments of older existing bonds. This process often results in lower borrowing
costs for bond issuers.


                                       5



York City in 2006 and the first nine months of 2007 was almost twice that of the
state as a whole. This reflected continued job losses in the manufacturing
industry in upstate New York, especially auto manufacturing. As of September
2007, the unemployment rate in New York was 4.6%, up from 4.3% in September 2006
and above the historical low of 4.0% set in March 2007. Demographic trends in
the state continued to lag those at the national level, with population growth
of 1.7% over the past six years, compared with the national average of 6.4%,
ranking New York 43rd in the nation.

Due chiefly to tax receipt growth, New York ended fiscal 2006-2007 with a $1.5
billion budget surplus. For fiscal 2007-2008, the $120.4 billion state budget
called for setting aside more than $1.6 billion in increased reserves, including
$175 million to fund a new rainy day reserve established as part of budget
reform. New York's budget remained extremely sensitive to fluctuations in the
financial services industry, with more than half of the state's general fund
receipts generated by personal income taxes, which continued to be heavily
dependent on high-income Wall Street employment and capital gains. For much of
the past decade, higher-than-projected revenues from this area of the state
economy helped to erase potential budget gaps. Despite recent improvements,
current forecasts estimate budget deficits of $3.6 billion in fiscal 2008-2009
and $6.6 billion in 2010-2011. Given recent events, we continued to monitor the
situation in the financial industry for signs of potential impact on the state's
economy and credit rating. As of September 30, 2007, Moody's, Standard & Poor's,
and Fitch rated New York general obligation debt at Aa3/AA/AA-, respectively.
Both Moody's and Standard & Poor's maintained stable outlooks for the state. For
the twelve months ended September 30, 2007, municipal issuance in New York
totaled $34.7 billion, down more than 4% from the previous twelve months. During
the first nine months of 2007, New York supply was similar to that of
January-September 2006, at $21.2 billion, an increase of 1%. For both the
twelve-month and year-to date periods, New York ranked as the third largest
state issuer in the nation, behind California and Texas. According to Moody's,
the state's outstanding debt continued to grow, swelling from $14 billion in
1990 to $48 billion in 2006. As a result, debt service was expected to become an
increasingly large burden on state finances.


                                       6



WHAT KEY STRATEGIES WERE USED TO MANAGE THE NEW YORK FUNDS DURING THIS REPORTING
PERIOD?

In the municipal bond interest rate market environment of the past twelve
months, we continued to emphasize a disciplined approach to duration2 management
and yield curve positioning.

Although New York issuance remained rather flat during this period, we continued
to find opportunities to make purchases with the potential to add value to the
Funds. In general, our focus was on buying attractively priced, premium coupon
bonds with longer durations. Some of these purchases were made in the charter
school, higher education, and health care segments of the market. Even though
these are insured Funds, we were also able to capitalize on the credit situation
by buying insured bonds with weaker underlying credits that represented value
prospects. Toward the end of the period, we added some short-term insured
securities to these Funds. These bonds, many of which had underlying credits
with which we were familiar through our research efforts, offered higher yields
and attractive pricing in the aftermath of the liquidity crisis.

To generate cash for purchases and to help move the Funds' durations closer to
our strategic target, we selectively sold holdings with shorter durations. As
interest rates rose late in the period, we also found a variety of opportunities
to sell holdings that were purchased when yields were lower and replace them
with similar, newer credits that yielded comparatively more. This process
allowed us to maintain the Funds' current portfolio characteristics while
strengthening their future income streams.

In all six of these Funds, our duration management strategies during this period
included the use of inverse floating rate securities3, a type of derivative
financial instrument. The inverse floaters had the dual benefit of bringing the
Funds' durations closer to our preferred strategic target and enhancing the
Funds' income- generation capabilities.

As discussed in past shareholder reports, we also have used forward interest
rate swaps (an additional type of derivative instrument) as a duration
management tool when we believed this supported our overall investment
management strategies. The goal of this strategy is to help us manage net asset
value (NAV) volatility without having a negative impact on the Funds' income
streams or common share dividends over the short term. During this reporting
period, we employed interest rate swaps in NUN and NRK of these New York Funds.


2 Duration is a measure of a bond's price sensitivity as interest rates change,
with longer duration bonds displaying more sensitivity to these changes than
bonds with shorter durations.

3 An inverse floating rate security 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 the reporting period, are further defined within the "Notes to
Financial Statements" and "Glossary of Terms Used in This Report" sections of
this shareholder report.


                                       7



HOW DID THE FUNDS PERFORM?

Individual results for these Nuveen Funds, as well as relevant index and peer
group information, are presented in the accompanying table.

Total Returns on Net Asset Value*
For periods ended 9/30/07

                                            1-Year       5-Year      10-Year
NQN                                          2.22%        4.48%        6.19%
NVN                                          1.75%        4.66%        5.98%
NUN                                          1.81%        4.42%        5.78%
NNF                                          1.85%        4.38%        5.89%
NKO                                          2.36%        5.05%          NA
NRK                                          2.69%          NA           NA

Lehman Brothers
NY Insured Tax-Exempt
Bond Index4                                  3.16%        4.10%        5.53%

Lipper NY Insured
Municipal Debt
Funds Average5                               2.20%        4.30%        5.53%

For the twelve months ended September 30, 2007, the total return on NAV for all
six of the Funds in this report underperformed the return on the Lehman Brothers
New York Insured Tax-Exempt Bond Index. NQN, NKO, and NRK outperformed the
average return for the Lipper New York Insured fund peer group, while NVN, NUN,
and NNF trailed their peer group average.

The major factors that influenced the Funds' returns during this period included
the use of financial leverage, duration and yield curve positioning, the
structure of various holdings and allocations to lower-rated credits in NKO and
NRK, which can invest up to 20% of their assets in uninsured investment-grade
quality securities.

One of the key factors in the annual performance of these Funds relative to that
of the unleveraged Lehman Brothers New York Insured Tax-Exempt Bond Index was
the use of financial leverage. All of these Funds were negatively impacted by
their use of leverage during this period. Although leveraging provides
opportunities overtime for additional income and total returns for common
shareholders, it can also expose shareholders to additional risk when market
conditions are unfavorable. With the dramatic increase in yields on longer
municipal bonds during the last part of this period, the impact of the valuation
changes in these bonds was magnified by the use of leverage in these six Funds.



*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.



4 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of insured New York municipal bonds.
Results for the Lehman index do not reflect any expenses.

5 The Lipper New York Insured Municipal Debt Funds Average is calculated using
the returns of all closed-end exchange-traded funds in this category for each
period as follows: 1 year, 12 funds; 5 years, 9 funds; and 10 years, 7 funds.
Fund and Lipper returns assume reinvestment of dividends.


                                       8



Some of the differential in the one-year returns among these Funds can be
attributed to the variation in the percentage of assets that was leveraged in
each Fund. The greater the leverage, the greater the negative impact on that
Fund's performance during this period. While the value provided by leverage was
limited over this reporting period, we firmly believe that the use of this
strategy should work to the benefit of the leveraged Funds over the long term.
This is demonstrated by the five-year and ten-year return performances--both in
absolute terms and relative to the Lehman Brothers New York Insured Tax-Exempt
Bond Index--of the Funds in this report.

In the interest rate environment over the past twelve months, bonds in the
Lehman Brothers Municipal Bond Index with maturities between two and eight years
benefited the most from changes in the interest rate environment. As a result,
these bonds generally outperformed credits with longer maturities. Bonds having
the longest maturities (22 years and longer) posted the worst returns for the
period. In general, the New York Funds tended to be most heavily weighted in the
intermediate part of the curve and relatively underexposed to the
poorly-performing longest part of the curve. Overall, the Funds' overall yield
curve positioning was a net positive for performance during this period.

As interest rates backed up during the summer of 2007, structure also played a
role in the relative performance of the bonds in our portfolios. Credits that
had higher coupons tended to remain at a premium as rates rose, enabling these
bonds to better retain their value during this period. At the same time, bonds
that did not have higher coupons were priced at par or even a slight discount,
leading to underperformance as spreads widened. Among these Funds, NQN held the
greatest percentage of these higher coupon bonds. This was due in part to the
greater availability of these bonds at the time NQN was assembled in 1990.

In addition, credit exposure was a factor in the performance of NKO and NRK over
this period. As interest rates on longer municipal bonds rose and credit spreads
widened, lower credit quality bonds generally underperformed the municipal
market as a whole for the first time in several years. As of September 30, 2007,
bonds rated BBB or lower and non-rated bonds accounted for 4% of these Funds'
portfolios. Generally, any bonds that carried credit risk, regardless of sector,
tended to underperform during this period. Revenue bonds in general, and
specifically the industrial development and health care sectors that had ranked
among the top performers in the Lehman Brothers


                                       9



Municipal Bond Index over the past few years, underperformed the general
municipal market for this period. Bonds backed by the 1998 master tobacco
settlement agreement also performed poorly during this period, due to the
overall lower credit quality of the tobacco sector as well as the current ample
supply and projected new issuance of these bonds. As of September 30, 2007, NKO
and NRK held approximately 2% to 3% of their portfolios in lower-rated tobacco
bonds.

Sectors of the market that performed well during this period included
transportation, water and sewer, and special tax-backed issues. Pre-refunded
bonds, especially those that were advance refunded before longer municipal
interest rates began to rise in mid-2007, also performed well during this
period.


                                       10



Dividend and Share Price
                 INFORMATION


As previously noted, all of these Funds use leverage to potentially enhance
opportunities for additional income for common shareholders. Although the Funds'
use of this strategy continued to provide incremental income, the extent of this
benefit was reduced during this period due to short-term interest rates that
remained relatively high, which--in turn--kept the Funds' borrowing costs high.
The Funds' income streams were also impacted as the proceeds from older,
higher-yielding bonds that matured or were called were reinvested into bonds
currently available in the market, which generally offered lower yields during
the majority of this period. These factors resulted in a single monthly dividend
reduction in NVN, NNF, and NKO and two reductions in NUN over the twelve-month
period ended September 30, 2007. The dividends of NQN and NRK remained stable
throughout this reporting period.

Due to capital gains generated by normal portfolio activity, common shareholders
of these Funds received capital gains and/or net ordinary income distributions
at the end of December 2006 as follows:

                                         Short-Term Capital Gains
               Long-Term Capital Gains     and/or Ordinary Income
                           (per share)                (per share)

NQN                            $0.0711                    $0.0018
NVN                            $0.0322                         --
NUN                            $0.0395                    $0.0007
NNF                            $0.0355                         --
NKO                            $0.0105                         --
NRK                            $0.0097                         --

All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time,


                                       11



pay all of its net investment income as dividends to shareholders. As of
September 30, 2007, all of the Funds in this report except NQN had positive UNII
balances for tax purposes and negative UNII balances for financial statement
purposes. NQN had positive UNII balances for both financial statement and tax
purposes.

SHARE REPURCHASE AND SHARE PRICE INFORMATION

On July 10, 2007, the Funds' Board of Directors/Trustees approved an open market
share repurchase program, as part of a broad, ongoing effort designed to support
the market prices of the Funds' common shares. Repurchases not only help to
support the market price but, because such purchases are made at a discount to
NAV, they have the effect of augmenting NAV. Under the terms of the program,
each Fund may repurchase up to 10% of its outstanding common shares. As of
September 30, 2007, NQN had repurchased 97,300 common shares, NVN had
repurchased 118,800 common shares and NUN had repurchased 171,600 common shares.

As of September 30, 2007, the Fund's share prices were trading at discounts to
their NAVs as shown in the accompanying chart:

                              9/30/07      Twelve-Month Average
                             Discount                  Discount

NQN                            -7.24%                   - 6.26%
NVN                            -7.48%                   - 5.48%
NUN                            -8.99%                   - 6.99%
NNF                            -9.01%                   - 6.10%
NKO                            -5.75%                   - 2.65%
NRK                            -6.21%                   - 4.25%


                                       12



NQN
Performance
OVERVIEW

Nuveen New York
Investment Quality
Municipal Fund, Inc.

                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         91%
U.S. Guaranteed                  8%
FHA/FNMA/ GNMA Guaranteed        1%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                           0.0555
Nov                           0.0555
Dec                           0.0555
Jan                           0.0555
Feb                           0.0555
Mar                           0.0555
Apr                           0.0555
May                           0.0555
Jun                           0.0555
Jul                           0.0555
Aug                           0.0555
Sep                           0.0555

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.03
                              13.9603
                              13.89
                              13.8
                              13.83
                              13.9
                              14.02
                              14
                              13.9905
                              14.24
                              14.21
                              13.93
                              13.95
                              13.99
                              14.08
                              14.07
                              14.03
                              14.03
                              14.07
                              14.18
                              14.07
                              14.04
                              14.23
                              14.259
                              14.35
                              14.43
                              14.21
                              14.34
                              14.34
                              14.28
                              14.4
                              14.41
                              14.44
                              14.28
                              14.13
                              14.01
                              13.84
                              13.48
                              13.6
                              13.56
                              13.57
                              13.45
                              13.56
                              13.54
                              13.61
                              13.62
                              13.5
                              13.8
                              13.83
                              13.89
                              13.85
                              13.58
9/30/07                       13.7


FUND SNAPSHOT
------------------------------------
Common Share Price            $13.70
------------------------------------
Common Share
Net Asset Value               $14.77
------------------------------------
Premium/(Discount) to NAV     -7.24%
------------------------------------
Market Yield                   4.86%
------------------------------------
Taxable-Equivalent Yield1      7.24%
------------------------------------
Net Assets Applicable to
Common Shares ($000)        $260,224
------------------------------------
Average Effective
Maturity on Securities (Years) 15.83
------------------------------------
Leverage-Adjusted Duration      8.12
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year          3.22%         2.22%
------------------------------------
5-Year          4.67%         4.48%
------------------------------------
10-Year         4.15%         6.19%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited         32.1%
------------------------------------
Health Care                    15.8%
------------------------------------
Transportation                 11.6%
------------------------------------
Tax Obligation/General         10.1%
------------------------------------
Education and Civic
   Organizations                8.9%
------------------------------------
U.S. Guaranteed                 8.0%
------------------------------------
Utilities                       5.2%
------------------------------------
Other                           8.3%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders capital gains and net ordinary income distributions
  in December 2006 of $0.0729 per share.


                                       13



NVN
Performance
OVERVIEW

Nuveen New York
Select Quality
Municipal Fund, Inc.

                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         88%
U.S. Guaranteed                 12%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                           0.0595
Nov                           0.0595
Dec                           0.0595
Jan                           0.0595
Feb                           0.0595
Mar                           0.0595
Apr                           0.0595
May                           0.0595
Jun                           0.0565
Jul                           0.0565
Aug                           0.0565
Sep                           0.0565

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.35
                              14.4
                              14.2
                              14.2051
                              14.3
                              14.42
                              14.61
                              14.56
                              14.59
                              14.7
                              14.51
                              14.45
                              14.39
                              14.43
                              14.45
                              14.44
                              14.65
                              14.58
                              14.75
                              14.87
                              14.59
                              14.58
                              14.73
                              14.84
                              14.83
                              14.9
                              14.84
                              14.9
                              14.63
                              14.64
                              14.55
                              14.69
                              14.52
                              14.46
                              14.35
                              14.34
                              14.11
                              13.83
                              13.71
                              13.71
                              13.75
                              13.6
                              13.58
                              13.7
                              13.95
                              13.75
                              13.71
                              13.89
                              14.05
                              14.16
                              13.99
                              13.7
9/30/07                       13.86

FUND SNAPSHOT
------------------------------------
Common Share Price            $13.86
------------------------------------
Common Share
Net Asset Value               $14.98
------------------------------------
Premium/(Discount) to NAV     -7.48%
------------------------------------
Market Yield                   4.89%
------------------------------------
Taxable-Equivalent Yield1      7.29%
------------------------------------
Net Assets Applicable to
Common Shares ($000)        $349,388
------------------------------------
Average Effective
Maturity on Securities (Years) 16.10
------------------------------------
Leverage-Adjusted Duration      8.45
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year          1.70%         1.75%
------------------------------------
5-Year          4.52%         4.66%
------------------------------------
10-Year         4.77%         5.98%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------

Tax Obligation/Limited         31.8%
------------------------------------
Health Care                    12.8%
------------------------------------
U.S. Guaranteed                12.4%
------------------------------------
Tax Obligation/General         10.7%
------------------------------------
Education and Civic
   Organizations                8.9%
------------------------------------
Transportation                  7.3%
------------------------------------
Utilities                       7.3%
------------------------------------
Other                           8.8%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders a capital gains distribution in December 2006 of
$0.0322 per share


                                       14



NUN
Performance
OVERVIEW

Nuveen New York
Quality Income
Municipal Fund, Inc.

                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         87%
U.S. Guaranteed                 12%
FHA/FNMA/ GNMA Guaranteed        1%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                           0.0565
Nov                           0.0565
Dec                           0.0565
Jan                           0.0565
Feb                           0.0565
Mar                            0.054
Apr                            0.054
May                            0.054
Jun                            0.051
Jul                            0.051
Aug                            0.051
Sep                            0.051

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.07
                              14.07
                              13.9
                              13.9
                              13.99
                              14.06
                              14.09
                              14.01
                              14.01
                              14.15
                              14.22
                              14.05
                              14.06
                              14.05
                              14.03
                              13.98
                              14.005
                              14.07
                              14.13
                              14.22
                              14.12
                              14.08
                              14.19
                              14.3
                              14.23
                              14.29
                              14.36
                              14.33
                              14.2
                              14.1
                              14.12
                              14.1
                              14.06
                              13.98
                              13.77
                              13.86
                              13.7001
                              13.28
                              13.27
                              13.45
                              13.45
                              13.42
                              13.43
                              13.6
                              13.65
                              13.43
                              13.2
                              13.3
                              13.35
                              13.53
                              13.55
                              13.41
9/30/07                       13.46

FUND SNAPSHOT
------------------------------------
Common Share Price            $13.46
------------------------------------
Common Share
Net Asset Value               $14.79
------------------------------------
Premium/(Discount) to NAV     -8.99%
------------------------------------
Market Yield                   4.55%
------------------------------------
Taxable-Equivalent Yield1      6.78%
------------------------------------
Net Assets Applicable to
Common Shares ($000)        $353,564
------------------------------------
Average Effective
Maturity on Securities (Years) 15.69
------------------------------------
Leverage-Adjusted Duration      8.81
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year          0.21%         1.81%
------------------------------------
5-Year          4.20%         4.42%
------------------------------------
10-Year         4.69%         5.78%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited         32.3%
------------------------------------
U.S. Guaranteed                12.2%
------------------------------------
Education and Civic
   Organizations               11.0%
------------------------------------
Health Care                    11.0%
------------------------------------
Transportation                 10.4%
------------------------------------
Tax Obligation/General          9.0%
------------------------------------
Utilities                       6.8%
------------------------------------
Other                           7.3%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders capital gains and net ordinary income distributions
  in December 2006 of $0.0402 per share.


                                       15



NNF
Performance
OVERVIEW

Nuveen Insured New York
Premium Income
Municipal Fund, Inc.

                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         92%
U.S. Guaranteed                  8%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                            0.057
Nov                            0.057
Dec                            0.057
Jan                            0.057
Feb                            0.057
Mar                            0.057
Apr                            0.057
May                            0.057
Jun                            0.054
Jul                            0.054
Aug                            0.054
Sep                            0.054

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.28
                              14.01
                              14.05
                              14.03
                              14.13
                              14.28
                              14.29
                              14.26
                              14.35
                              14.34
                              14.35
                              14.17
                              14.12
                              14.14
                              14.3
                              14.29
                              14.41
                              14.3
                              14.35
                              14.3
                              14.2
                              14.34
                              14.37
                              14.48
                              14.59
                              14.74
                              14.58
                              14.55
                              14.53
                              14.61
                              14.61
                              14.74
                              14.61
                              14.39
                              14.19
                              14.38
                              13.96
                              13.5
                              13.51
                              13.7
                              13.66
                              13.7
                              13.71
                              13.62
                              13.62
                              13.57
                              13.4
                              13.47
                              13.61
                              13.91
                              13.9
                              13.7
9/30/07                       13.54

FUND SNAPSHOT
------------------------------------
Common Share Price            $13.54
------------------------------------
Common Share
Net Asset Value               $14.88
------------------------------------
Premium/(Discount) to NAV     -9.01%
------------------------------------
Market Yield                   4.79%
------------------------------------
Taxable-Equivalent Yield1      7.14%
------------------------------------
Net Assets Applicable to
Common Shares ($000)        $123,956
------------------------------------
Average Effective
Maturity on Securities (Years) 15.98
------------------------------------
Leverage-Adjusted Duration      8.40
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year         -0.20%         1.85%
------------------------------------
5-Year          3.05%         4.38%
------------------------------------
10-Year         5.16%         5.89%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited         32.6%
------------------------------------
Health Care                    15.1%
------------------------------------
Education and Civic
   Organizations               12.9%
------------------------------------
Transportation                  9.6%
------------------------------------
Tax Obligation/General          8.3%
------------------------------------
U.S. Guaranteed                 8.0%
------------------------------------
Water and Sewer                 5.5%
------------------------------------
Other                           8.0%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders a capital gains distribution in December 2006 of
  $0.0355 per share.


                                       16



NKO
Performance
OVERVIEW

Nuveen Insured New York
Dividend Advantage
Municipal Fund
                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         82%
U.S. Guaranteed                  9%
FHA/FNMA/GNMA Guaranteed         2%
AA (Uninsured)                   3%
BBB (Uninsured)                  4%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                           0.0615
Nov                           0.0615
Dec                           0.0615
Jan                           0.0615
Feb                           0.0615
Mar                           0.0615
Apr                           0.0615
May                           0.0615
Jun                            0.058
Jul                            0.058
Aug                            0.058
Sep                            0.058

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.85
                              14.81
                              14.44
                              14.32
                              14.51
                              14.68
                              14.54
                              14.64
                              14.7
                              14.85
                              14.95
                              14.76
                              15.05
                              14.92
                              14.85
                              15.17
                              15.06
                              15.05
                              15.04
                              14.78
                              15.22
                              15.45
                              15.29
                              15.6
                              15.38
                              15.37
                              15.49
                              15.55
                              15.43
                              15.175
                              15.2699
                              15.15
                              15.27
                              15.01
                              15.08
                              15.18
                              14.44
                              14.15
                              14.2
                              14.11
                              14.27
                              14.25
                              13.99
                              13.75
                              13.94
                              13.96
                              13.47
                              13.7
                              14.26
                              14.39
                              14.28
                              14.07
9/30/07                       14.1

FUND SNAPSHOT
------------------------------------
Common Share Price            $14.10
------------------------------------
Common Share
Net Asset Value               $14.96
------------------------------------
Premium/(Discount) to NAV     -5.75%
------------------------------------
Market Yield                   4.94%
------------------------------------
Taxable-Equivalent Yield1      7.36%
------------------------------------
Net Assets Applicable to
Common Shares ($000)        $119,131
------------------------------------
Average Effective
Maturity on Securities (Years) 16.44
------------------------------------
Leverage-Adjusted Duration      7.74
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year         -0.21%         2.36%
------------------------------------
5-Year          4.66%         5.05%
------------------------------------
Since
Inception       5.17%         6.94%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited         27.1%
------------------------------------
Health Care                    15.8%
------------------------------------
Education and Civic
   Organizations               11.3%
------------------------------------
Tax Obligation/General          9.4%
------------------------------------
U.S. Guaranteed                 9.3%
------------------------------------
Transportation                  8.4%
------------------------------------
Utilities                       8.1%
------------------------------------
Other                          10.6%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders a capital gains distribution in December 2006 of
  $0.0105 per share.


                                       17



NRK
Performance
OVERVIEW

Nuveen Insured New York
Tax-Free Advantage
Municipal Fund

                            as of September 30, 2007

Pie Chart:
Credit Quality (as a % of total investments)
Insured                         73%
U.S. Guaranteed                 17%
FHA/FNMA/GNMA Guaranteed         1%
AA (Uninsured)                   4%
A (Uninsured)                    1%
BBB (Uninsured)                  4%

Bar Chart:
2006-2007 Monthly Tax-Free Dividends Per Share2
Oct                           0.0545
Nov                           0.0545
Dec                           0.0545
Jan                           0.0545
Feb                           0.0545
Mar                           0.0545
Apr                           0.0545
May                           0.0545
Jun                           0.0545
Jul                           0.0545
Aug                           0.0545
Sep                           0.0545

Line Chart:
Share Price Performance -- Weekly Closing Price
10/01/06                      14.11
                              14.01
                              13.85
                              13.91
                              14.17
                              14.14
                              14.17
                              13.96
                              14
                              14.2
                              14.45
                              14.29
                              14.02
                              14.3199
                              14.25
                              14
                              13.9
                              14.17
                              14.4399
                              14.72
                              14.7375
                              14.58
                              14.59
                              14.83
                              14.83
                              14.85
                              14.94
                              14.89
                              14.67
                              14.5
                              14.69
                              14.3225
                              14.29
                              14.4
                              14.2
                              14.2
                              13.9
                              13.65
                              13.76
                              13.73
                              13.59
                              13.68
                              13.5
                              13.4
                              13.46
                              13.71
                              13.32
                              13.39
                              13.95
                              14.05
                              13.75
                              13.65
9/30/07                       13.74

FUND SNAPSHOT
------------------------------------
Common Share Price            $13.74
------------------------------------
Common Share
Net Asset Value               $14.65
------------------------------------
Premium/(Discount) to NAV     -6.21%
------------------------------------
Market Yield                   4.76%
------------------------------------
Taxable-Equivalent Yield1      7.09%
------------------------------------
Net Assets Applicable to
Common Shares ($000)         $51,479
------------------------------------
Average Effective
Maturity on Securities (Years) 14.09
------------------------------------
Leverage-Adjusted Duration      8.70
------------------------------------

AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
           ON SHARE PRICE    ON NAV
------------------------------------
1-Year          2.24%         2.69%
------------------------------------
Since
Inception       3.62%         5.74%
------------------------------------

INDUSTRIES
(as a % of total investments)
------------------------------------
Tax Obligation/Limited         29.9%
------------------------------------
U.S. Guaranteed                17.8%
------------------------------------
Health Care                    15.8%
------------------------------------
Education and Civic
   Organizations               13.4%
------------------------------------
Transportation                  8.2%
------------------------------------
Tax Obligation/General          6.2%
------------------------------------
Utilities                       5.9%
------------------------------------
Other                           2.8%
------------------------------------

1 Taxable-Equivalent Yield represents the yield that must be earned on a fully
  taxable investment in order to equal the yield of the Fund on an after-tax
  basis. It is based on a combined federal and state income tax rate of 32.9%.
  When comparing this Fund to investments that generate qualified dividend
  income, the Taxable-Equivalent Yield is lower.

2 The Fund paid shareholders a capital gains distribution in December 2006 of
  $0.0097 per share.


                                       18



Report of
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM

THE BOARDS OF DIRECTORS/TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND


We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Investment Quality Municipal
Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York
Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income
Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund
and Nuveen Insured New York Tax-Free Advantage Municipal Fund (the "Funds") as
of September 30, 2007, and the related statements of operations for the year
then ended, the statements of changes in net assets for each of the two years in
the period then ended, and the financial highlights for each of the periods
indicated therein. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were
not engaged to perform an audit of the Funds' internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of September 30, 2007, by correspondence with the custodian
and brokers or by other applicable auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select
Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund,
Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen
Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York
Tax-Free Advantage Municipal Fund at September 30, 2007, the results of their
operations for the year then ended, the changes in their net assets for each of
the two years in the period then ended, and the financial highlights for each of
the periods indicated therein in conformity with U.S. generally accepted
accounting principles.

                                                           /s/ Ernst & Young LLP

Chicago, Illinois
November 20, 2007


                                       19


NQN
Nuveen New York Investment Quality Municipal Fund, Inc.
                            Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                EDUCATION AND CIVIC ORGANIZATIONS - 14.0% (8.9% OF TOTAL INVESTMENTS)

$       3,500   Dormitory Authority of the State of New York, Insured Revenue         7/09 at 101.00         AAA     $    3,606,365
                 Bonds, Culinary Institute of America, Series 1999,
                 5.000%, 7/01/22 - MBIA Insured

        6,500   Dormitory Authority of the State of New York, Insured Revenue         7/08 at 101.00         AAA          6,624,995
                 Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 -
                 MBIA Insured

        2,000   Dormitory Authority of the State of New York, Insured Revenue         7/11 at 100.00         AAA          2,083,560
                 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
                 AMBAC Insured

        3,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          3,228,540
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

          550   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            570,829
                 Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured

        1,150   Dormitory Authority of the State of New York, Revenue Bonds,          7/15 at 100.00         Aaa          1,207,581
                 Canisius College, Series 2005, 5.000%, 7/01/21 - MBIA Insured

        1,765   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          1,995,333
                 City University of New York, Series 2005A, 5.500%, 7/01/18 -
                 FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Rochester Institute of Technology, Series 2006A:
          575    5.250%, 7/01/20 - AMBAC Insured                                        No Opt. Call         Aaa            638,635
          460    5.250%, 7/01/21 - AMBAC Insured                                        No Opt. Call         Aaa            511,327

        4,500   Dormitory Authority of the State of New York, State and Local         7/15 at 100.00         AAA          4,781,295
                 Appropriation Lease Bonds, Upstate Community Colleges,
                 Series 2005A, 5.000%, 7/01/19 - FGIC Insured

        1,360   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA          1,524,873
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)

        2,390   New York City Industrial Development Agency, New York,                1/17 at 100.00         AAA          2,449,463
                 PILOT Revenue Bonds, Queens Baseball Stadium Project,
                 Series 2006, 5.000%, 1/01/46 - AMBAC Insured

        2,460   New York City Industrial Development Agency, New York,                9/16 at 100.00         AAA          2,687,452
                 Revenue Bonds, Yankee Stadium Pilots, Trust 2148,
                 6.892%, 3/01/36 - FGIC Insured (IF)

        2,000   New York City Industrial Development Agency, New York,                6/15 at 100.00         AAA          2,063,520
                 Revenue Bonds, Ethical Culture Fieldston School,
                 Series 2005B-1, 5.000%, 6/01/35 - XLCA Insured

          890   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA            922,049
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

          740   New York Industrial Development Agency, Revenue Bonds,                9/16 at 100.00         AAA            793,702
                 Yankee Stadium, Series 2006, Residuals 1875,
                 6.870%, 3/01/46 - FGIC Insured (IF)

          740   New York State Dormitory Authority, Revenue Bonds,                    7/17 at 100.00         Aaa            770,991
                 New York University, Series 2007, 5.000%, 7/01/32 -
                 AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       34,580   Total Education and Civic Organizations                                                                  36,460,510
------------------------------------------------------------------------------------------------------------------------------------


                HEALTH CARE - 25.0% (15.8% OF TOTAL INVESTMENTS)

          675   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA            692,341
                 Mortgage Hospital Revenue Bonds, Hospital for Special
                 Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured

                Dormitory Authority of the State of New York, FHA-Insured
                Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
                Series 1999:
          735    5.250%, 8/01/19 - AMBAC Insured                                      8/09 at 101.00         AAA            760,938
        4,000    5.500%, 8/01/38 - AMBAC Insured                                      8/09 at 101.00         AAA          4,148,960


                                       20



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                HEALTH CARE (continued)

$       7,080   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 101.00         AAA     $    7,117,736
                 Mortgage Hospital Revenue Bonds, New York and Presbyterian
                 Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured

        1,780   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA          1,858,213
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        2,575   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          2,655,392
                 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                 5.000%, 8/01/29 - FGIC Insured

        3,535   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          3,692,590
                 Revenue Bonds, Montefiore Medical Center, Series 2005,
                 5.000%, 2/01/22 - FGIC Insured

        1,500   Dormitory Authority of the State of New York, Hospital Revenue        7/09 at 101.00         AAA          1,560,570
                 Bonds, Catholic Health Services of Long Island Obligated
                 Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
                 MBIA Insured

        8,000   Dormitory Authority of the State of New York, Revenue Bonds,          7/09 at 101.00         AAA          8,317,440
                 Catholic Health Services of Long Island Obligated Group -
                 St. Charles Hospital and Rehabilitation Center, Series 1999A,
                 5.500%, 7/01/22 - MBIA Insured

        1,325   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA          1,398,935
                 Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
                 AGC Insured

        6,000   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00         AAA          6,338,700
                 Memorial Sloan-Kettering Cancer Center, Series 2003-1,
                 5.000%, 7/01/21 - MBIA Insured

        2,035   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          2,206,062
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

        1,805   Dormitory Authority of the State of New York, Revenue Bonds,         11/08 at 101.00         AAA          1,847,002
                 North Shore Health System Obligated Group, Series 1998,
                 5.000%, 11/01/23 - MBIA Insured

        1,585   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          1,620,552
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

        8,525   Dormitory Authority of the State of New York, Revenue Bonds,          7/11 at 101.00         AAA          8,954,149
                 Winthrop South Nassau University Health System Obligated
                 Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured

        3,135   Dormitory Authority of the State of New York, Secured Hospital        2/08 at 101.50         AAA          3,196,383
                 Insured Revenue Bonds, Southside Hospital, Series 1998,
                 5.000%, 2/15/25 - MBIA Insured

        2,000   New York City Health and Hospitals Corporation, New York,             2/09 at 101.00         AAA          2,055,120
                 Health System Revenue Bonds, Series 1999A,
                 5.125%, 2/15/14 - AMBAC Insured

                New York City Health and Hospitals Corporation, New York, Health
                System Revenue Bonds, Series 2003A:
        3,150    5.250%, 2/15/21 - AMBAC Insured                                      2/13 at 100.00         AAA          3,334,086
        2,100    5.250%, 2/15/22 - AMBAC Insured                                      2/13 at 100.00         AAA          2,222,724

          935   New York State Dormitory Authority, Revenue Bonds,                      No Opt. Call         AAA          1,047,312
                 North Shore Jewish Obligated Group, Series 2007A,
                 5.250%, 7/01/34 - FGIC Insured

------------------------------------------------------------------------------------------------------------------------------------
       62,475   Total Health Care                                                                                        65,025,205
------------------------------------------------------------------------------------------------------------------------------------


                HOUSING/MULTIFAMILY - 5.1% (3.2% OF TOTAL INVESTMENTS)

                New York City Housing Development Corporation, New York, Capital
                Fund Program Revenue Bonds, Series 2005A:
        1,230    5.000%, 7/01/14 - FGIC Insured                                         No Opt. Call         AAA          1,326,678
        1,230    5.000%, 7/01/16 - FGIC Insured                                       7/15 at 100.00         AAA          1,324,452
        5,740    7/01/25 - FGIC Insured                                               7/15 at 100.00         AAA          5,981,137

          420   New York City, New York, Multifamily Housing Revenue Bonds,           1/17 at 100.00         AAA            397,274
                 Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
                 AMBAC Insured (Alternative Minimum Tax)

           35   New York State Housing Finance Agency, FHA-Insured Multifamily        2/08 at 100.00         AAA             35,057
                 Housing Mortgage Revenue Bonds, Series 1994B,
                 6.250%, 8/15/14 - AMBAC Insured


                                       21


NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                HOUSING/MULTIFAMILY (continued)

                New York State Housing Finance Agency, Mortgage Revenue
                Refunding Bonds, Housing Project, Series 1996A:
$       1,490    6.100%, 11/01/15 - FSA Insured                                      11/07 at 101.00         AAA     $    1,507,835
        2,540    6.125%, 11/01/20 - FSA Insured                                      11/07 at 101.00         AAA          2,569,921

------------------------------------------------------------------------------------------------------------------------------------
       12,685   Total Housing/Multifamily                                                                                13,142,354
------------------------------------------------------------------------------------------------------------------------------------


                INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)

        2,770   Syracuse Industrial Development Authority, New York,                  1/17 at 100.00         AAA          2,804,625
                 PILOT Mortgage Revenue Bonds, Carousel Center Project,
                 Series 2007A, 5.000%, 1/01/36 - XLCA Insured
                 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 1.2% (0.7% OF TOTAL INVESTMENTS)

        3,000   Castle Rest Residential Healthcare Facility, Syracuse, New York,      2/08 at 102.00         AAA          3,037,590
                 FHA-Insured Mortgage Revenue Bonds, Series 1997A,
                 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 16.0% (10.1% OF TOTAL INVESTMENTS)

        3,000   Dormitory Authority of the State of New York, School Districts       10/15 at 100.00         AAA          3,102,990
                 Revenue Bond Financing Program, Peekskill City School
                 District, Series 2005D, 5.000%, 10/01/33 - MBIA Insured

        1,200   Erie County, New York, General Obligation Bonds,                      3/13 at 100.00         Aaa          1,293,084
                 Series 2003A, 5.250%, 3/15/16 - FGIC Insured

          635   Erie County, New York, General Obligation Bonds, Series 2004B,          No Opt. Call         Aaa            687,095
                 5.250%, 4/01/13 - MBIA Insured

        2,000   Hempstead Town, New York, General Obligation Bonds,                   1/11 at 101.00         Aaa          2,120,040
                 Series 2001A, 5.250%, 1/15/14 - MBIA Insured

       10,735   Hudson Yards Infrastructure Corporation, New York, Revenue            2/17 at 100.00         AAA         11,054,581
                 Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)

        1,000   Monroe County, New York, General Obligation Public Improvement        3/12 at 100.00         AAA          1,056,350
                 Bonds, Series 2002, 5.000%, 3/01/16 - FGIC Insured

                New York City, New York, General Obligation Bonds, Fiscal
                Series 2004E:
        3,000    5.000%, 11/01/19 - FSA Insured                                      11/14 at 100.00         AAA          3,185,640
        2,300    5.000%, 11/01/20 - FSA Insured                                      11/14 at 100.00         AAA          2,431,974

        2,300   New York City, New York, General Obligation Bonds, Fiscal             3/15 at 100.00         AAA          2,440,668
                 Series 2005J, 5.000%, 3/01/19 - FGIC Insured

                Oneida County, New York, General Obligation Public Improvement
                Bonds, Series 2000:
          500    5.375%, 4/15/18 - MBIA Insured                                       4/09 at 102.00         AAA            523,040
          500    5.375%, 4/15/19 - MBIA Insured                                       4/09 at 102.00         AAA            523,040

                Pavilion Central School District, Genesee County, New York,
                General Obligation Bonds, Series 2005:
        1,650    5.000%, 6/15/16 - FSA Insured                                        6/15 at 100.00         AAA          1,779,624
        1,815    5.000%, 6/15/18 - FSA Insured                                        6/15 at 100.00         AAA          1,936,823

        1,145   Three Village Central School District, Brookhaven and Smithtown,        No Opt. Call         Aaa          1,245,188
                 Suffolk County, New York, General Obligation Bonds,
                 Series 2005, 5.000%, 6/01/18 - FGIC Insured

        1,620   West Islip Union Free School District, Suffolk County, New York,     10/15 at 100.00         Aaa          1,750,815
                 General Obligation Bonds, Series 2005, 5.000%, 10/01/16 -
                 FSA Insured

        6,110   Yonkers, New York, General Obligation Bonds, Series 2005A,            8/15 at 100.00         AAA          6,578,393
                 5.000%, 8/01/16 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       39,510   Total Tax Obligation/General                                                                             41,709,345
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/LIMITED - 50.8% (32.1% OF TOTAL INVESTMENTS)

        1,275   Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue       9/15 at 100.00         AAA          1,347,956
                 State Aid Secured Bonds, Series 2005A, 5.000%, 9/01/20 -
                 MBIA Insured

        2,250   Dormitory Authority of the State of New York, 853 Schools             7/08 at 101.00         AAA          2,293,268
                 Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
                 Series 1998E, 5.000%, 7/01/18 - AMBAC Insured

                Dormitory Authority of the State of New York, Department of
                Health Revenue Bonds, Series 2005A:
        1,575    5.250%, 7/01/24 - CIFG Insured                                       7/15 at 100.00         AAA          1,671,107
          500    5.000%, 7/01/25 - CIFG Insured                                       7/15 at 100.00         AAA            519,340


                                       22



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                TAX OBLIGATION/LIMITED (continued)

$          10   Dormitory Authority of the State of New York, Improvement             2/08 at 100.00         AAA     $       10,058
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1996B, 5.375%, 2/15/26 - MBIA Insured

           10   Dormitory Authority of the State of New York, Improvement             2/08 at 101.00         Aaa             10,218
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1997A, 5.750%, 8/15/22 - MBIA Insured

           10   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         AAA             10,617
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2000D, 5.875%, 2/15/16 - FSA Insured

           25   Dormitory Authority of the State of New York, Improvement             8/11 at 100.00         AAA             26,589
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2001B, 5.500%, 8/15/19 - MBIA Insured

        1,340   Dormitory Authority of the State of New York, Insured Revenue         7/09 at 101.00         AAA          1,401,988
                 Bonds, 853 Schools Program - Anderson School, Series 1999E,
                 Issue 2, 5.750%, 7/01/19 - AMBAC Insured

        2,000   Dormitory Authority of the State of New York, Insured Revenue         7/09 at 101.00         AAA          2,092,520
                 Bonds, Special Act School District Program, Series 1999,
                 5.750%, 7/01/19 - MBIA Insured

        1,000   Dormitory Authority of the State of New York, Lease Revenue           8/11 at 100.00         AAA          1,048,500
                 Bonds, Nassau County Board of Cooperative Educational
                 Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured

        1,500   Dormitory Authority of the State of New York, Lease Revenue           8/14 at 100.00         AAA          1,560,540
                 Bonds, Wayne-Finger Lakes Board of Cooperative Education
                 Services, Series 2004, 5.000%, 8/15/23 - FSA Insured

        2,410   Dormitory Authority of the State of New York, Revenue Bonds,          7/14 at 100.00         AAA          2,550,310
                 Department of Health, Series 2004-2, 5.000%, 7/01/20 -
                 FGIC Insured

        1,270   Dormitory Authority of the State of New York, Revenue Bonds,          2/15 at 100.00         AAA          1,308,240
                 Mental Health Services Facilities Improvements, Series 2005B,
                 5.000%, 2/15/30 - AMBAC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Mental Health Services Facilities Improvements, Series 2005D1:
        2,120    5.000%, 2/15/15 - FGIC Insured                                         No Opt. Call         AAA          2,278,067
        1,200    5.000%, 8/15/23 - FGIC Insured                                       2/15 at 100.00         AAA          1,251,432

        4,600   Dormitory Authority of the State of New York, Revenue Bonds,         10/12 at 100.00         AAA          4,886,488
                 School Districts Financing Program, Series 2002D,
                 5.250%, 10/01/23 - MBIA Insured

          375   Dormitory Authority of the State of New York, State Personal          3/15 at 100.00         AAA            395,051
                 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                 FSA Insured

                Erie County Industrial Development Agency, New York, School
                Facility Revenue Bonds, Buffalo City School District, Series 2003:
        1,000    5.750%, 5/01/20 - FSA Insured                                        5/12 at 100.00         AAA          1,085,580
        1,200    5.750%, 5/01/22 - FSA Insured                                        5/12 at 100.00         AAA          1,296,120
        1,290   Erie County Industrial Development Agency, New York, School           5/14 at 100.00         AAA          1,433,822
                 Facility Revenue Bonds, Buffalo City School District,
                 Series 2004, 5.750%, 5/01/26 - FSA Insured

        5,630   Erie County Industrial Development Agency, New York, School           5/17 at 101.00         AAA          6,308,190
                 Facility Revenue Bonds, Buffalo City School District Project,
                 Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)

        6,000   Metropolitan Transportation Authority, New York, Dedicated Tax       11/12 at 100.00         AAA          6,324,540
                 Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured

        1,760   Metropolitan Transportation Authority, New York, Dedicated Tax       11/16 at 100.00         AAA          1,832,565
                 Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured

        2,760   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA          2,972,906
                 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured

                Metropolitan Transportation Authority, New York, State Service
                Contract Refunding Bonds, Series 2002A:
        4,500    5.750%, 7/01/18 - FSA Insured                                          No Opt. Call         AAA          5,184,855
        1,250    5.500%, 1/01/19 - MBIA Insured                                       7/12 at 100.00         AAA          1,346,425
        2,000    5.500%, 1/01/20 - MBIA Insured                                       7/12 at 100.00         AAA          2,152,460
        2,000    5.000%, 7/01/25 - FGIC Insured                                       7/12 at 100.00         AAA          2,073,300
        4,095    5.000%, 7/01/30 - AMBAC Insured                                      7/12 at 100.00         AAA          4,201,839

        4,820   Nassau County Interim Finance Authority, New York, Sales                No Opt. Call         AAA          5,255,198
                 and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 -
                 AMBAC Insured


                                       23


NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                TAX OBLIGATION/LIMITED (continued)

                Nassau County Interim Finance Authority, New York, Sales Tax
                Secured Revenue Bonds, Series 2003A:
$       2,115    5.000%, 11/15/18 - AMBAC Insured                                    11/13 at 100.00         AAA     $    2,241,266
        1,305    4.750%, 11/15/21 - AMBAC Insured                                    11/13 at 100.00         AAA          1,345,155
        1,305    4.750%, 11/15/22 - AMBAC Insured                                    11/13 at 100.00         AAA          1,341,605

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
        2,200    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA          2,298,846
        1,600    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA          1,669,904
        5,370    5.000%, 10/15/29 - AMBAC Insured                                    10/14 at 100.00         AAA          5,584,746
        1,500    5.000%, 10/15/32 - AMBAC Insured                                    10/14 at 100.00         AAA          1,554,450

        1,435   New York City Transitional Finance Authority, New York,               8/12 at 100.00         AAA          1,530,399
                 Future Tax Secured Bonds, Fiscal Series 2003C,
                 5.250%, 8/01/20 - AMBAC Insured

        1,660   New York City Transitional Finance Authority, New York,               2/13 at 100.00         AAA          1,759,633
                 Future Tax Secured Bonds, Fiscal Series 2003E,
                 5.250%, 2/01/22 - MBIA Insured

        2,000   New York City Transitional Finance Authority, New York,               2/14 at 100.00         AAA          2,121,300
                 Future Tax Secured Bonds, Fiscal Series 2004C,
                 5.000%, 2/01/19 - XLCA Insured

        3,910   New York City Transitional Finance Authority, New York,               2/13 at 100.00         AAA          4,088,531
                 Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
                 5.000%, 2/01/22 - MBIA Insured

                New York Convention Center Development Corporation, Hotel
                Unit Fee Revenue Bonds, Series 2005:
        2,100    5.000%, 11/15/30 - AMBAC Insured                                    11/15 at 100.00         AAA          2,178,687
        5,200    5.000%, 11/15/44 - AMBAC Insured                                    11/15 at 100.00         AAA          5,320,692

        3,000   New York State Local Government Assistance Corporation,                 No Opt. Call         AAA          3,273,600
                 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured

        1,750   New York State Local Government Assistance Corporation,               4/08 at 101.00         AAA          1,776,880
                 Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured

                New York State Thruway Authority, Highway and Bridge Trust
                Fund Bonds, Second Generation, Series 2005B:
        7,350    5.500%, 4/01/20 - AMBAC Insured                                        No Opt. Call         AAA          8,337,546
        1,500    5.000%, 4/01/21 - AMBAC Insured                                     10/15 at 100.00         AAA          1,581,930

        1,750   New York State Thruway Authority, State Personal Income               9/14 at 100.00         AAA          1,826,773
                 Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
                 AMBAC Insured

                New York State Tobacco Settlement Financing Corporation, Tobacco
                Settlement Asset-Backed and State Contingency Contract-Backed
                Bonds, Series 2003A-1:
        6,300    5.250%, 6/01/20 - AMBAC Insured                                      6/13 at 100.00         AAA          6,704,145
        1,000    5.250%, 6/01/21 - AMBAC Insured                                      6/13 at 100.00         AAA          1,062,580
        4,500    5.250%, 6/01/22 - AMBAC Insured                                      6/13 at 100.00         AAA          4,774,590

        1,000   New York State Urban Development Corporation, State                   3/15 at 100.00         AAA          1,036,190
                 Personal Income Tax Revenue Bonds, Series 2005B,
                 5.000%, 3/15/30 - FSA Insured

        1,000   Niagara Falls City School District, Niagara County, New York,         6/15 at 100.00         AAA          1,034,520
                 Certificates of Participation, High School Facility, Series 2005,
                 5.000%, 6/15/28 - FSA Insured

        1,435   Suffolk County Industrial Development Agency, New York,              10/10 at 102.00         Aaa          1,557,922
                 Revenue Bonds, Hampton Bays Public Library, Series 1999A,
                 6.000%, 10/01/19 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
      124,060   Total Tax Obligation/Limited                                                                            132,131,979
------------------------------------------------------------------------------------------------------------------------------------


                TRANSPORTATION - 18.3% (11.6% OF TOTAL INVESTMENTS)

        2,000   Metropolitan Transportation Authority, New York, Transportation      11/12 at 100.00         AAA          2,165,280
                 Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 -
                 AMBAC Insured

                New York State Thruway Authority, General Revenue Bonds,
                Series 2005F:
        1,955    5.000%, 1/01/20 - AMBAC Insured                                      1/15 at 100.00         AAA          2,065,751
        7,090    5.000%, 1/01/30 - AMBAC Insured                                      1/15 at 100.00         AAA          7,344,744


                                       24



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                TRANSPORTATION (continued)

$       1,500   New York State Thruway Authority, General Revenue Bonds,              7/15 at 100.00         AAA     $    1,561,020
                 Series 2005G, 5.000%, 1/01/30 - FSA Insured

        2,300   Niagara Frontier Airport Authority, New York, Airport Revenue         4/09 at 101.00         AAA          2,372,588
                 Bonds, Buffalo Niagara International Airport, Series 1999A,
                 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)

                Port Authority of New York and New Jersey, Consolidated Revenue
                Bonds, One Hundred Fortieth Series 2005:
        2,080    5.000%, 12/01/19 - FSA Insured                                       6/15 at 101.00         AAA          2,221,565
        2,625    5.000%, 12/01/28 - XLCA Insured                                      6/15 at 101.00         AAA          2,744,411
        1,475    5.000%, 12/01/31 - XLCA Insured                                      6/15 at 101.00         AAA          1,536,227

        1,160   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA          1,320,869
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

        5,025   Port Authority of New York and New Jersey, Special Project           12/07 at 100.00         AAA          5,040,025
                 Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
                 5.750%, 12/01/25 - MBIA Insured (Alternative Minimum Tax)

                Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
        4,345    7.000%, 7/01/14 - FGIC Insured (Alternative Minimum Tax)             1/08 at 100.00         AAA          4,363,510
       11,500    6.000%, 7/01/21 - FGIC Insured (Alternative Minimum Tax)             1/08 at 100.00         AAA         11,531,046

                Triborough Bridge and Tunnel Authority, New York, Subordinate
                Lien General Purpose Revenue Refunding Bonds, Series 2002E:
          780    5.500%, 11/15/20 - MBIA Insured                                        No Opt. Call         AAA            888,709
        2,300    5.250%, 11/15/22 - MBIA Insured                                     11/12 at 100.00         AAA          2,446,303

------------------------------------------------------------------------------------------------------------------------------------
       46,135   Total Transportation                                                                                     47,602,048
------------------------------------------------------------------------------------------------------------------------------------


                U.S. GUARANTEED - 12.6% (8.0% OF TOTAL INVESTMENTS) (4)

        3,655   Buffalo Municipal Water Finance Authority, New York, Water            7/09 at 101.00         AAA          3,849,117
                 System Revenue Bonds, Series 1999, 6.000%, 7/01/29
                 (Pre-refunded 7/01/09) - FSA Insured

           65   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         Aaa             69,238
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2000D, 5.875%, 2/15/16 (Pre-refunded 8/15/10) -
                 FSA Insured

           75   Dormitory Authority of the State of New York, Improvement             8/11 at 100.00         Aaa             80,410
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2001B, 5.500%, 8/15/19 (Pre-refunded 8/15/11) -
                 MBIA Insured

        1,200   Dormitory Authority of the State of New York, Insured Revenue         7/09 at 101.00         AAA          1,267,968
                 Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29
                 (Pre-refunded 7/01/09) - MBIA Insured

          905   Dormitory Authority of the State of New York, Judicial Facilities       No Opt. Call         AAA          1,053,049
                 Lease Revenue Bonds, Suffolk County Issue, Series 1986,
                 7.375%, 7/01/16 - BIGI Insured (ETM)

        1,475   Dormitory Authority of the State of New York, Revenue Bonds,         11/08 at 101.00         Aaa          1,514,014
                 North Shore Health System Obligated Group, Series 1998,
                 5.000%, 11/01/23 (Pre-refunded 11/01/08) - MBIA Insured

          700   Jericho Union Free School District, Nassau County, New York,          8/09 at 101.00         Aaa            733,621
                 General Obligation Bonds, Series 2000, 5.600%, 8/01/18
                 (Pre-refunded 8/01/09) - MBIA Insured

        2,500   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA          2,659,550
                 Revenue Bonds, Series 2001A, 5.250%, 9/01/28
                 (Pre-refunded 9/01/11) - FSA Insured

          945   Metropolitan Transportation Authority, New York, Commuter             1/08 at 102.00         AAA            964,892
                 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
                 AMBAC Insured (ETM)

                Metropolitan Transportation Authority, New York, Dedicated Tax
                Fund Bonds, Series 1998A:
        5,090    5.000%, 4/01/23 (Pre-refunded 10/01/15) - FGIC Insured              10/15 at 100.00         AAA          5,556,040
        7,600    4.750%, 4/01/28 (Pre-refunded 10/01/15) - FGIC Insured              10/15 at 100.00         AAA          8,165,060

        1,000   Metropolitan Transportation Authority, New York, Dedicated Tax       10/14 at 100.00         AAA          1,086,360
                 Fund Bonds, Series 1999A, 5.000%, 4/01/29
                 (Pre-refunded 10/01/14) - FSA Insured

          565   New York City Transitional Finance Authority, New York,               8/12 at 100.00         Aaa            607,929
                 Future Tax Secured Bonds, Fiscal Series 2003C,
                 5.250%, 8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured

        5,030   New York City Trust for Cultural Resources, New York, Revenue         7/09 at 101.00         AAA          5,270,585
                 Bonds, American Museum of Natural History, Series 1999A,
                 5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       30,805   Total U.S. Guaranteed                                                                                    32,877,833
------------------------------------------------------------------------------------------------------------------------------------


                                       25


NQN
Nuveen New York Investment Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                UTILITIES - 8.2% (5.2% OF TOTAL INVESTMENTS)

$       2,500   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA     $    2,586,225
                 Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured

        2,620   Long Island Power Authority, New York, Electric System General        9/13 at 100.00         AAA          2,802,535
                 Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        4,540    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          4,786,340
        6,160    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA          6,453,216

          625   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            644,256
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
                 CIFG Insured

        2,000   New York State Energy Research and Development Authority,             9/08 at 102.00         AAA          2,072,360
                 Pollution Control Revenue Bonds, Rochester Gas and Electric
                 Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
                 (Alternative Minimum Tax)

                Power Authority of the State of New York, General Revenue
                Bonds, Series 2006A:
        1,140    5.000%, 11/15/18 - FGIC Insured                                     11/15 at 100.00         AAA          1,220,039
          760    5.000%, 11/15/19 - FGIC Insured                                     11/15 at 100.00         AAA            808,693

------------------------------------------------------------------------------------------------------------------------------------
       20,345   Total Utilities                                                                                          21,373,664
------------------------------------------------------------------------------------------------------------------------------------


                WATER AND SEWER - 6.0% (3.8% OF TOTAL INVESTMENTS)

        1,660   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA          1,778,009
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.100%, 6/15/31 - MBIA Insured

        3,000   New York City Municipal Water Finance Authority, New York,            6/14 at 100.00         AAA          3,085,020
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2004C, 5.000%, 6/15/35 - AMBAC Insured

        5,030   New York City Municipal Water Finance Authority, New York,            6/15 at 100.00         AAA          5,243,674
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2005C, 5.000%, 6/15/27 - MBIA Insured

        5,200   Suffolk County Water Authority, New York, Waterworks                  6/15 at 100.00         AAA          5,413,096
                 Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
                 MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       14,890   Total Water and Sewer                                                                                    15,519,799
------------------------------------------------------------------------------------------------------------------------------------
$     391,255   Total Investments (cost $399,092,377) - 158.2%                                                          411,684,952
=============-----------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.2)%                                                                      (10,910,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 1.3%                                                                      3,449,105
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (55.3)%                                                       (144,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                        $  260,224,057
                ====================================================================================================================

                    All of the bonds in the Portfolio of Investments are either
                    covered by Original Issue Insurance, Secondary Market
                    Insurance or Portfolio Insurance, or are backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities, any of which ensure the timely
                    payment of principal and interest.

               (1)  All percentages shown in the Portfolio of Investments are
                    based on net assets applicable to Common shares unless
                    otherwise noted.

               (2)  Optional Call Provisions (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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.

             WI/DD  Purchased on a when-issued or delayed delivery basis. (ETM)
                    Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       26


NVN
Nuveen New York Select Quality Municipal Fund, Inc.
Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                EDUCATION AND CIVIC ORGANIZATIONS - 14.1% (8.9% OF TOTAL INVESTMENTS)

$         500   Amherst Industrial Development Agency, New York, Revenue              8/10 at 102.00         AAA     $      536,055
                 Bonds, UBF Faculty/Student Housing Corporation, University
                 of Buffalo Lakeside Cottage Project, Series 2000B,
                 5.625%, 8/01/20 - AMBAC Insured

                Amherst Industrial Development Agency, New York, Revenue Bonds,
                UBF Faculty/Student Housing Corporation, University of Buffalo
                Project, Series 2000A:
        1,315    5.625%, 8/01/20 - AMBAC Insured                                      8/10 at 102.00         AAA          1,409,825
          610    5.750%, 8/01/25 - AMBAC Insured                                      8/10 at 102.00         AAA            652,682

        2,500   Dormitory Authority of the State of New York, General Revenue           No Opt. Call         AAA          2,889,950
                 Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
                 AMBAC Insured

          105   Dormitory Authority of the State of New York, Insured Revenue         1/08 at 100.00         AAA            105,309
                 Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 -
                 AMBAC Insured

          695   Dormitory Authority of the State of New York, Insured Revenue         7/12 at 100.00         AAA            729,562
                 Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
                 FGIC Insured

        4,340   Dormitory Authority of the State of New York, Insured Revenue         7/08 at 101.00         Aaa          4,423,458
                 Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
                 AMBAC Insured

                Dormitory Authority of the State of New York, Insured Revenue
                Bonds, New York University, Series 2001-2:
        1,350    5.500%, 7/01/18 - AMBAC Insured                                      7/11 at 100.00         AAA          1,436,157
          800    5.500%, 7/01/20 - AMBAC Insured                                      7/11 at 100.00         AAA            851,056
          600    5.500%, 7/01/21 - AMBAC Insured                                      7/11 at 100.00         AAA            638,292

        2,125   Dormitory Authority of the State of New York, Insured Revenue         7/11 at 100.00         AAA          2,213,783
                 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
                 AMBAC Insured

        2,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          2,152,360
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

          735   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            762,834
                 Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Canisius College, Series 2000:
        1,000    5.100%, 7/01/20 - MBIA Insured                                       7/11 at 101.00         AAA          1,054,510
        2,875    5.250%, 7/01/30 - MBIA Insured                                       7/11 at 101.00         AAA          3,019,728

        2,000   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          2,261,000
                 City University of New York, Series 2005A, 5.500%, 7/01/18 -
                 FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Rochester Institute of Technology, Series 2006A:
          775    5.250%, 7/01/20 - AMBAC Insured                                        No Opt. Call         Aaa            860,769
          620    5.250%, 7/01/21 - AMBAC Insured                                        No Opt. Call         Aaa            689,180

        1,000   Nassau County Industrial Development Agency, New York,                7/08 at 102.00         AAA          1,028,990
                 Revenue Refunding Bonds, Hofstra University, Series 1998,
                 5.000%, 7/01/23 - MBIA Insured

        7,250   New York City Industrial Development Agency, New York,                1/09 at 101.00         AAA          7,373,975
                 Civic Facility Revenue Bonds, Horace Mann School,
                 Series 1998, 5.000%, 7/01/28 - MBIA Insured

        1,825   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA          2,046,245
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)


                                       27


NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                EDUCATION AND CIVIC ORGANIZATIONS (continued)

                New York City Industrial Development Agency, New York, PILOT
                Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
$       2,000    5.000%, 1/01/36 - AMBAC Insured                                      1/17 at 100.00         AAA     $    2,063,420
        3,200    5.000%, 1/01/46 - AMBAC Insured                                      1/17 at 100.00         AAA          3,279,616

        3,245   New York City Industrial Development Agency, New York, Revenue        9/16 at 100.00         AAA          3,545,033
                 Bonds, Yankee Stadium Pilots, Trust 2148, 6.892%, 3/01/36 -
                 FGIC Insured (IF)

        1,195   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA          1,238,032
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

          990   New York Industrial Development Agency, Revenue Bonds,                9/16 at 100.00         AAA          1,061,844
                 Yankee Stadium, Series 2006, Residuals 1875,
                 6.870%, 3/01/46 - FGIC Insured (IF)

          995   New York State Dormitory Authority, Revenue Bonds, New York           7/17 at 100.00         Aaa          1,036,671
                 University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       46,645   Total Education and Civic Organizations                                                                  49,360,336
------------------------------------------------------------------------------------------------------------------------------------


                HEALTH CARE - 20.3% (12.8% OF TOTAL INVESTMENTS)

          740   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA            759,011
                 Mortgage Hospital Revenue Bonds, Hospital for Special
                 Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured

        5,995   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 102.00         AAA          6,122,034
                 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
                 Series 1997, 5.375%, 2/01/32 - AMBAC Insured

        5,730   Dormitory Authority of the State of New York, FHA-Insured             8/09 at 101.00         AAA          5,943,385
                 Mortgage Hospital Revenue Bonds, Montefiore Medical
                 Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured

        3,000   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 101.00         AAA          3,015,990
                 Mortgage Hospital Revenue Bonds, New York and Presbyterian
                 Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured

        2,385   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA          2,489,797
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        2,655   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          2,737,889
                 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                 5.000%, 8/01/29 - FGIC Insured

        6,500   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 102.00         AAA          6,662,305
                 Mortgage Revenue Refunding Bonds, United Health Services,
                 Series 1997, 5.375%, 8/01/27 - AMBAC Insured

        1,000   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          1,044,580
                 Revenue Bonds, Montefiore Medical Center, Series 2005,
                 5.000%, 2/01/22 - FGIC Insured

        6,430   Dormitory Authority of the State of New York, Hospital Revenue        7/09 at 101.00         AAA          6,687,393
                 Bonds, Catholic Health Services of Long Island Obligated Group -
                 St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA
                 Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Health Quest System Inc., Series 2007B:
          955    5.250%, 7/01/27 - AGC Insured                                        7/17 at 100.00         AAA          1,008,289
          825    5.125%, 7/01/37 - AGC Insured                                        7/17 at 100.00         AAA            849,849

                Dormitory Authority of the State of New York, Revenue Bonds,
                Memorial Sloan-Kettering Cancer Center, Series 2003-1:
        2,500    5.000%, 7/01/21 - MBIA Insured                                       7/13 at 100.00         AAA          2,641,125
        3,210    5.000%, 7/01/22 - MBIA Insured                                       7/13 at 100.00         AAA          3,356,633

        2,820   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          3,057,049
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

        2,120   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          2,167,552
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

       12,020   Dormitory Authority of the State of New York, Revenue Bonds,          7/11 at 101.00         AAA         12,625,086
                 Winthrop South Nassau University Health System Obligated
                 Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured

        2,025   Dormitory Authority of the State of New York, Revenue Bonds,          7/11 at 101.00         AAA          2,126,939
                 Winthrop South Nassau University Health System Obligated
                 Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured


                                       28



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                HEALTH CARE (continued)

                New York City Health and Hospitals Corporation, New York, Health
                System Revenue Bonds, Series 2003A:
$       2,800    5.250%, 2/15/21 - AMBAC Insured                                      2/13 at 100.00         AAA     $    2,963,632
        3,065    5.250%, 2/15/22 - AMBAC Insured                                      2/13 at 100.00         AAA          3,244,119

        1,235   New York State Dormitory Authority, Revenue Bonds, North Shore          No Opt. Call         AAA          1,383,348
                 Jewish Obligated Group, Series 2007A, 5.250%, 7/01/34 -
                 FGIC Insured

------------------------------------------------------------------------------------------------------------------------------------
       68,010   Total Health Care                                                                                        70,886,005
------------------------------------------------------------------------------------------------------------------------------------


                HOUSING/MULTIFAMILY - 4.7% (2.9% OF TOTAL INVESTMENTS)

                New York City Housing Development Corporation, New York, Capital
                Fund Program Revenue Bonds, Series 2005A:
        1,470    5.000%, 7/01/14 - FGIC Insured                                         No Opt. Call         AAA          1,585,542
        1,470    5.000%, 7/01/16 - FGIC Insured                                       7/15 at 100.00         AAA          1,582,881
        5,445    7/01/25 - FGIC Insured                                               7/15 at 100.00         AAA          5,673,744

        2,655   New York City Housing Development Corporation, New York,             10/07 at 105.00         AAA          2,793,360
                 Multifamily Housing Revenue Bonds, Pass-Through Certificates,
                 Series 1991C, 6.500%, 2/20/19 - AMBAC Insured

          540   New York City, New York, Multifamily Housing Revenue Bonds,           1/17 at 100.00         AAA            510,781
                 Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
                 AMBAC Insured (Alternative Minimum Tax)

                New York State Housing Finance Agency, Mortgage Revenue
                Refunding Bonds, Housing Project, Series 1996A:
          755    6.100%, 11/01/15 - FSA Insured                                      11/07 at 101.00         AAA            764,037
        3,380    6.125%, 11/01/20 - FSA Insured                                      11/07 at 101.00         AAA          3,419,816

------------------------------------------------------------------------------------------------------------------------------------
       15,715   Total Housing/Multifamily                                                                                16,330,161
------------------------------------------------------------------------------------------------------------------------------------

                INDUSTRIALS - 1.1% (0.7% OF TOTAL INVESTMENTS)

        3,715   Syracuse Industrial Development Authority, New York,                  1/17 at 100.00         AAA          3,761,438
                 PILOT Mortgage Revenue Bonds, Carousel Center Project,
                 Series 2007A, 5.000%, 1/01/36 - XLCA Insured
                 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 2.4% (1.5% OF TOTAL INVESTMENTS)

        2,000   Babylon Industrial Development Agency, New York, Revenue              8/09 at 101.00         AAA          2,099,740
                 Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
                 MBIA Insured

        6,000   Dormitory Authority of the State of New York, FHA-Insured             8/11 at 101.00         AAA          6,233,040
                 Nursing Home Mortgage Revenue Bonds, Norwegian Christian
                 Home and Health Center, Series 2001, 5.200%, 8/01/36 -
                 MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
        8,000   Total Long-Term Care                                                                                      8,332,780
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 17.0% (10.7% OF TOTAL INVESTMENTS)

        1,500   Erie County, New York, General Obligation Bonds, Series 2003A,        3/13 at 100.00         Aaa          1,616,355
                 5.250%, 3/15/16 - FGIC Insured

          745   Erie County, New York, General Obligation Bonds, Series 2004B,          No Opt. Call         Aaa            806,120
                 5.250%, 4/01/13 - MBIA Insured

        2,000   Erie County, New York, General Obligation Bonds, Series 2005A,       12/15 at 100.00         AAA          2,141,060
                 5.000%, 12/01/18 - MBIA Insured

       14,405   Hudson Yards Infrastructure Corporation, New York, Revenue            2/17 at 100.00         AAA         14,833,837
                 Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)

           45   New York City, New York, General Obligation Bonds, Fiscal             2/08 at 100.00         AAA             45,097
                 Series 1992C, 6.250%, 8/01/10 - FSA Insured

                New York City, New York, General Obligation Bonds, Fiscal
                Series 1998H:
        3,780    5.125%, 8/01/25 - MBIA Insured                                       8/08 at 101.00         AAA          3,855,071
        5,410    5.375%, 8/01/27 - MBIA Insured                                       8/08 at 101.00         AAA          5,530,318

        3,920   New York City, New York, General Obligation Bonds, Fiscal             4/09 at 101.00         AAA          3,989,894
                 Series 1999I, 5.000%, 4/15/29 - MBIA Insured

        3,000   New York City, New York, General Obligation Bonds, Fiscal             8/10 at 101.00         AAA          3,137,790
                 Series 2001D, 5.000%, 8/01/16 - FGIC Insured


                                       29


NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/GENERAL (continued)

                New York City, New York, General Obligation Bonds, Fiscal
                Series 2004E:
$       3,250    5.000%, 11/01/19 - FSA Insured                                      11/14 at 100.00         AAA     $    3,451,110
        1,650    5.000%, 11/01/20 - FSA Insured                                      11/14 at 100.00         AAA          1,744,677

        2,900   New York City, New York, General Obligation Bonds, Fiscal             3/15 at 100.00         AAA          3,077,364
                 Series 2005J, 5.000%, 3/01/19 - FGIC Insured

                Oneida County, New York, General Obligation Public Improvement
                Bonds, Series 2000:
          100    5.375%, 4/15/18 - MBIA Insured                                       4/09 at 102.00         AAA            104,608
          100    5.375%, 4/15/19 - MBIA Insured                                       4/09 at 102.00         AAA            104,608

                Rensselaer County, New York, General Obligation Bonds,
                Series 1991:
          960    6.700%, 2/15/16 - AMBAC Insured                                        No Opt. Call         AAA          1,160,851
          960    6.700%, 2/15/17 - AMBAC Insured                                        No Opt. Call         AAA          1,165,642
          960    6.700%, 2/15/18 - AMBAC Insured                                        No Opt. Call         AAA          1,176,086
          960    6.700%, 2/15/19 - AMBAC Insured                                        No Opt. Call         AAA          1,185,523
          960    6.700%, 2/15/20 - AMBAC Insured                                        No Opt. Call         AAA          1,194,547
          747    6.700%, 2/15/21 - AMBAC Insured                                        No Opt. Call         AAA            937,246

                Rochester, New York, General Obligation Bonds, Series 1999:
          735    5.250%, 10/01/20 - MBIA Insured                                        No Opt. Call         AAA            818,378
          735    5.250%, 10/01/21 - MBIA Insured                                        No Opt. Call         AAA            819,819
          730    5.250%, 10/01/22 - MBIA Insured                                        No Opt. Call         AAA            814,264
          730    5.250%, 10/01/23 - MBIA Insured                                        No Opt. Call         AAA            816,410
          730    5.250%, 10/01/24 - MBIA Insured                                        No Opt. Call         AAA            816,344
          730    5.250%, 10/01/25 - MBIA Insured                                        No Opt. Call         AAA            816,804
          725    5.250%, 10/01/26 - MBIA Insured                                        No Opt. Call         AAA            813,320

        2,190   Yonkers, New York, General Obligation Bonds, Series 2005B,            8/15 at 100.00         AAA          2,323,787
                 5.000%, 8/01/19 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       55,657   Total Tax Obligation/General                                                                             59,296,930
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/LIMITED - 50.4% (31.8% OF TOTAL INVESTMENTS)

           10   Dormitory Authority of the State of New York, Improvement             2/08 at 100.00         AAA             10,058
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1996B, 5.375%, 2/15/26 - MBIA Insured

            5   Dormitory Authority of the State of New York, Improvement             2/08 at 101.00         Aaa              5,109
                 Revenue Bonds, Mental Health Services Facilities, Series 1997A,
                 5.750%, 8/15/22 - MBIA Insured

        7,145   Dormitory Authority of the State of New York, Insured Revenue         7/09 at 101.00         AAA          7,475,528
                 Bonds, Special Act School District Program, Series 1999,
                 5.750%, 7/01/19 - MBIA Insured

        3,610   Dormitory Authority of the State of New York, Revenue Bonds,          7/14 at 100.00         AAA          3,820,174
                 Department of Health, Series 2004-2, 5.000%, 7/01/20 -
                 FGIC Insured

        2,250   Dormitory Authority of the State of New York, Revenue Bonds,          2/15 at 100.00         AAA          2,317,748
                 Mental Health Services Facilities Improvements, Series 2005B,
                 5.000%, 2/15/30 - AMBAC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Mental Health Services Facilities Improvements, Series 2005D1:
          670    5.000%, 2/15/15 - FGIC Insured                                         No Opt. Call         AAA            719,955
        1,715    5.000%, 8/15/23 - FGIC Insured                                       2/15 at 100.00         AAA          1,788,505

        7,925   Dormitory Authority of the State of New York, Revenue Bonds,         10/12 at 100.00         AAA          8,418,568
                 School Districts Financing Program, Series 2002D,
                 5.250%, 10/01/23 - MBIA Insured

        1,090   Dormitory Authority of the State of New York, State Personal          3/15 at 100.00         AAA          1,148,282
                 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                 FSA Insured

                Erie County Industrial Development Agency, New York, School
                Facility Revenue Bonds, Buffalo City School District, Series 2003:
        1,230    5.750%, 5/01/20 - FSA Insured                                        5/12 at 100.00         AAA          1,335,263
        1,225    5.750%, 5/01/22 - FSA Insured                                        5/12 at 100.00         AAA          1,323,123

        1,700   Erie County Industrial Development Agency, New York,                  5/14 at 100.00         AAA          1,889,533
                 School Facility Revenue Bonds, Buffalo City School District,
                 Series 2004, 5.750%, 5/01/26 - FSA Insured

        7,545   Erie County Industrial Development Agency, New York, School           5/17 at 101.00         AAA          8,453,871
                 Facility Revenue Bonds, Buffalo City School District Project,
                 Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)


                                       30



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

$       7,500   Metropolitan Transportation Authority, New York, Dedicated Tax       11/12 at 100.00         AAA     $    7,905,675
                 Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured

        2,015   Metropolitan Transportation Authority, New York, Dedicated Tax       11/16 at 100.00         AAA          2,098,078
                 Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured

        4,600   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA          4,954,844
                 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured

                Metropolitan Transportation Authority, New York, State Service
                Contract Refunding Bonds, Series 2002A:
        2,000    5.750%, 7/01/18 - FSA Insured                                          No Opt. Call         AAA          2,304,380
        3,000    5.500%, 1/01/19 - MBIA Insured                                       7/12 at 100.00         AAA          3,231,420
        5,000    5.500%, 1/01/20 - MBIA Insured                                       7/12 at 100.00         AAA          5,381,150
        2,375    5.000%, 7/01/25 - FGIC Insured                                       7/12 at 100.00         AAA          2,462,044
        4,050    5.000%, 7/01/30 - AMBAC Insured                                      7/12 at 100.00         AAA          4,155,665

                Nassau County Interim Finance Authority, New York, Sales Tax
                Secured Revenue Bonds, Series 2003A:
        4,000    5.000%, 11/15/18 - AMBAC Insured                                    11/13 at 100.00         AAA          4,238,800
        1,560    4.750%, 11/15/21 - AMBAC Insured                                    11/13 at 100.00         AAA          1,608,001
        1,560    4.750%, 11/15/22 - AMBAC Insured                                    11/13 at 100.00         AAA          1,603,758

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
        3,640    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA          3,803,545
        1,960    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA          2,045,632
        3,170    5.000%, 10/15/29 - AMBAC Insured                                    10/14 at 100.00         AAA          3,296,768
        1,500    5.000%, 10/15/32 - AMBAC Insured                                    10/14 at 100.00         AAA          1,554,450

        5,600   New York City Transitional Finance Authority, New York, Building      1/17 at 100.00         AAA          5,864,656
                 Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 -
                 FGIC Insured

                New York City Transitional Finance Authority, New York, Future
                Tax Secured Bonds, Fiscal Series 2002B:
        2,820    5.250%, 5/01/16 - MBIA Insured                                      11/11 at 101.00         AAA          3,016,498
        1,000    5.250%, 5/01/17 - MBIA Insured                                      11/11 at 101.00         AAA          1,069,680

        6,680   New York City Transitional Finance Authority, New York, Future        8/12 at 100.00         AAA          7,124,086
                 Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 -
                 AMBAC Insured

        3,160   New York City Transitional Finance Authority, New York, Future        2/13 at 100.00         AAA          3,349,663
                 Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
                 MBIA Insured

        2,000   New York City Transitional Finance Authority, New York, Future        2/14 at 100.00         AAA          2,121,300
                 Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
                 XLCA Insured

        3,500   New York City Transitional Finance Authority, New York, Future Tax    2/13 at 100.00         AAA          3,659,810
                 Secured Refunding Bonds, Fiscal Series 2003D,
                 5.000%, 2/01/22 - MBIA Insured

                New York Convention Center Development Corporation,
                Hotel Unit Fee Revenue Bonds, Series 2005:
        2,500    5.000%, 11/15/30 - AMBAC Insured                                    11/15 at 100.00         AAA          2,593,675
        6,000    5.000%, 11/15/44 - AMBAC Insured                                    11/15 at 100.00         AAA          6,139,260

        3,750   New York State Local Government Assistance Corporation,                 No Opt. Call         AAA          4,092,000
                 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured

        7,750   New York State Local Government Assistance Corporation,               4/08 at 101.00         AAA          7,869,040
                 Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured

                New York State Municipal Bond Bank Agency, Buffalo, Special
                Program Revenue Bonds, Series 2001A:
          875    5.125%, 5/15/19 - AMBAC Insured                                      5/11 at 100.00         AAA            914,690
          920    5.125%, 5/15/20 - AMBAC Insured                                      5/11 at 100.00         AAA            961,731
          965    5.250%, 5/15/21 - AMBAC Insured                                      5/11 at 100.00         AAA          1,014,167
        1,015    5.250%, 5/15/22 - AMBAC Insured                                      5/11 at 100.00         AAA          1,060,574

        1,000   New York State Thruway Authority, Highway and Bridge Trust            4/14 at 100.00         AAA          1,051,830
                 Fund Bonds, Second Generation, Series 2004, 5.000%, 4/01/22 -
                 MBIA Insured


                                       31


NVN
Nuveen New York Select Quality Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

                New York State Thruway Authority, Highway and Bridge Trust
                Fund Bonds, Second Generation, Series 2005B:
$       8,455    5.500%, 4/01/20 - AMBAC Insured                                        No Opt. Call         AAA     $    9,591,013
        1,500    5.000%, 4/01/21 - AMBAC Insured                                     10/15 at 100.00         AAA          1,581,930

        1,000   New York State Thruway Authority, State Personal Income Tax           9/14 at 100.00         AAA          1,043,870
                 Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
                 AMBAC Insured

                New York State Tobacco Settlement Financing Corporation, Tobacco
                Settlement Asset-Backed and State Contingency Contract-Backed
                Bonds, Series 2003A-1:
       11,100    5.250%, 6/01/20 - AMBAC Insured                                      6/13 at 100.00         AAA         11,812,064
        1,000    5.250%, 6/01/21 - AMBAC Insured                                      6/13 at 100.00         AAA          1,062,580
        4,565    5.250%, 6/01/22 - AMBAC Insured                                      6/13 at 100.00         AAA          4,843,556

          500   New York State Urban Development Corporation, State Personal          3/15 at 100.00         AAA            518,095
                 Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
                 FSA Insured

        4,000   Puerto Rico Highway and Transportation Authority, Highway               No Opt. Call         AAA          4,533,240
                 Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
                 FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
      165,705   Total Tax Obligation/Limited                                                                            176,238,935
------------------------------------------------------------------------------------------------------------------------------------


                TRANSPORTATION - 11.6% (7.3% OF TOTAL INVESTMENTS)

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002A:
        6,000    5.500%, 11/15/18 - AMBAC Insured                                    11/12 at 100.00         AAA          6,495,840
        2,000    5.125%, 11/15/22 - FGIC Insured                                     11/12 at 100.00         AAA          2,109,980

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002E:
        1,335    5.500%, 11/15/21 - MBIA Insured                                     11/12 at 100.00         AAA          1,445,324
        4,575    5.000%, 11/15/25 - MBIA Insured                                     11/12 at 100.00         AAA          4,745,327

                New York State Thruway Authority, General Revenue Bonds,
                Series 2005F:
        2,625    5.000%, 1/01/20 - AMBAC Insured                                      1/15 at 100.00         AAA          2,773,706
        2,260    5.000%, 1/01/30 - AMBAC Insured                                      1/15 at 100.00         AAA          2,341,202

        1,650   New York State Thruway Authority, General Revenue Bonds,              7/15 at 100.00         AAA          1,717,122
                 Series 2005G, 5.000%, 1/01/30 - FSA Insured

        2,500   Niagara Frontier Airport Authority, New York, Airport Revenue         4/09 at 101.00         AAA          2,578,900
                 Bonds, Buffalo Niagara International Airport, Series 1999A,
                 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)

        1,675   Port Authority of New York and New Jersey, Consolidated               6/15 at 101.00         AAA          1,744,529
                 Revenue Bonds, One Hundred Fortieth Series 2005,
                 5.000%, 12/01/31 - XLCA Insured

        7,000   Port Authority of New York and New Jersey, Consolidated              10/07 at 101.00         AAA          7,079,870
                 Revenue Bonds, One Hundred Twentieth Series 2000,
                 5.750%, 10/15/26 - MBIA Insured (Alternative Minimum Tax)

        1,560   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA          1,776,341
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

                Triborough Bridge and Tunnel Authority, New York, Subordinate
                Lien General Purpose Revenue Refunding Bonds, Series 2002E:
        1,570    5.500%, 11/15/20 - MBIA Insured                                        No Opt. Call         AAA          1,788,811
        3,800    5.250%, 11/15/22 - MBIA Insured                                     11/12 at 100.00         AAA

------------------------------------------------------------------------------------------------------------------------------------
       38,550   Total Transportation                                                                                     40,638,670
------------------------------------------------------------------------------------------------------------------------------------


                U.S. GUARANTEED - 19.8% (12.4% OF TOTAL INVESTMENTS) (4)

        2,095   Dormitory Authority of the State of New York, Lease Revenue           7/11 at 100.00         AAA          2,241,608
                 Bonds, State University Dormitory Facilities, Series 2001,
                 5.500%, 7/01/18 (Pre-refunded 7/01/11) - FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                University of Rochester, Series 2000A:
        1,990    0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          1,816,591
        2,235    0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          2,040,242
        2,495    0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          2,277,586
        1,870    0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          1,707,048


                                       32



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                U.S. GUARANTEED (4) (continued)

$         505   Dormitory Authority of the State of New York, Suffolk County,           No Opt. Call    Baa1 (4)     $      668,378
                 Lease Revenue Bonds, Judicial Facilities, Series 1991A,
                 9.500%, 4/15/14 (ETM)

                Erie County, New York, General Obligation Bonds, Series 1999A:
          700    5.500%, 10/01/17 (Pre-refunded 10/01/09) - FGIC Insured             10/09 at 101.00         AAA            734,636
          700    5.250%, 10/01/19 (Pre-refunded 10/01/09) - FGIC Insured             10/09 at 101.00         AAA            731,269

        4,000   Long Island Power Authority, New York, Electric System General        6/08 at 101.00         AAA          4,087,480
                 Revenue Bonds, Series 1998A, 5.250%, 12/01/26
                 (Pre-refunded 6/01/08) - MBIA Insured

        3,125   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA          3,324,438
                 Revenue Bonds, Series 2001A, 5.250%, 9/01/28
                 (Pre-refunded 9/01/11) - FSA Insured

                Longwood Central School District, Suffolk County, New York,
                Series 2000:
        1,000    5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured                6/11 at 101.00         Aaa          1,086,640
        1,000    5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured                6/11 at 101.00         Aaa          1,086,640

        4,695   Metropolitan Transportation Authority, New York, Commuter             7/11 at 100.00         AAA          4,982,569
                 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
                 (Pre-refunded 7/01/11) - FGIC Insured

       11,000   Metropolitan Transportation Authority, New York, Dedicated           10/15 at 100.00         AAA         11,817,849
                 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
                 (Pre-refunded 10/01/15) - FGIC Insured

                Metropolitan Transportation Authority, New York, Dedicated Tax
                Fund Bonds, Series 1999A:
        4,000    5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured               10/14 at 100.00         AAA          4,345,440
        3,250    5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured               10/14 at 100.00         AAA          3,530,670

        2,330   Nassau County, North Hempstead, New York, General Obligation          3/08 at 101.00         Aaa          2,365,859
                 Refunding Bonds, Series 1998B, 4.750%, 3/01/18
                 (Pre-refunded 3/01/08) - FGIC Insured

          820   New York City Transitional Finance Authority, New York, Future        8/12 at 100.00         Aaa            882,304
                 Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
                 (Pre-refunded 8/01/12) - AMBAC Insured

        1,075   New York City Trust for Cultural Resources, New York, Revenue         7/09 at 101.00         AAA          1,126,417
                 Bonds, American Museum of Natural History, Series 1999A,
                 5.750%, 7/01/29 (Pre-refunded 7/01/09) - AMBAC Insured

                New York City, New York, General Obligation Bonds, Fiscal
                Series 1998H:
          370    5.125%, 8/01/25 (Pre-refunded 8/01/08) - MBIA Insured                8/08 at 101.00         AAA            378,754
           30    5.375%, 8/01/27 (Pre-refunded 8/01/08) - MBIA Insured                8/08 at 101.00         AAA             30,771

        1,080   New York City, New York, General Obligation Bonds, Fiscal             4/09 at 101.00         AAA          1,115,618
                 Series 1999I, 5.000%, 4/15/29 (Pre-refunded 4/15/09) -
                 MBIA Insured

        5,000   New York State Thruway Authority, Highway and Bridge Trust            4/12 at 100.00         AAA          5,363,050
                 Fund Bonds, Series 2002A, 5.250%, 4/01/19
                 (Pre-refunded 4/01/12) - FSA Insured

        6,000   New York State Urban Development Corporation, Service                 1/11 at 100.00         AAA          6,298,380
                 Contract Revenue Bonds, Correctional Facilities, Series 2000C,
                 5.125%, 1/01/23 (Pre-refunded 1/01/11) - FSA Insured

                Putnam Valley Central School District, Putnam and Westchester
                Counties, New York, General Obligation Bonds, Series 1999:
          525    5.875%, 6/15/17 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/18 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/20 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/21 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/22 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/23 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/24 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/26 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/28 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
------------------------------------------------------------------------------------------------------------------------------------
       66,090   Total U.S. Guaranteed                                                                                    69,056,252
------------------------------------------------------------------------------------------------------------------------------------


                UTILITIES - 11.6% (7.3% OF TOTAL INVESTMENTS)

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2000A:
        4,000    0.000%, 6/01/24 - FSA Insured                                          No Opt. Call         AAA          1,901,440
        4,000    0.000%, 6/01/25 - FSA Insured                                          No Opt. Call         AAA          1,802,840
       15,000    0.000%, 6/01/26 - FSA Insured                                          No Opt. Call         AAA          6,403,950
        3,000    0.000%, 6/01/27 - FSA Insured                                          No Opt. Call         AAA          1,214,340
        4,500    0.000%, 6/01/28 - FSA Insured                                          No Opt. Call         AAA          1,718,730
        3,000    0.000%, 6/01/29 - FSA Insured                                          No Opt. Call         AAA          1,086,750


                                       33


                                       NVN

                      Nuveen New York Select Quality Municipal Fund, Inc. (continued)
                      Portfolio of INVESTMENTS September 30, (2007)



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                UTILITIES (continued)
$       3,000   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA     $    3,103,470
                 Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        6,010    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          6,336,103
        7,735    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA          8,103,186

          750   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            773,108
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured

        6,000   New York State Energy Research and Development Authority,             9/08 at 102.00         AAA          6,217,080
                 Pollution Control Revenue Bonds, Rochester Gas and Electric
                 Corporation, Series 1998A, 5.950%, 9/01/33 - MBIA Insured
                 (Alternative Minimum Tax)

                Power Authority of the State of New York, General Revenue Bonds,
                Series 2006A:
          970    5.000%, 11/15/18 - FGIC Insured                                     11/15 at 100.00         AAA          1,038,104
          650    5.000%, 11/15/19 - FGIC Insured                                     11/15 at 100.00         AAA            691,646

------------------------------------------------------------------------------------------------------------------------------------
       58,615   Total Utilities                                                                                          40,390,747
------------------------------------------------------------------------------------------------------------------------------------


                WATER AND SEWER - 5.8% (3.7% OF TOTAL INVESTMENTS)
        1,245   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA          1,333,507
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.100%, 6/15/31 - MBIA Insured

        1,225   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA          1,308,949
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.000%, 6/15/33 - MBIA Insured

        3,000   New York City Municipal Water Finance Authority, New York,            6/14 at 100.00         AAA          3,085,020
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2004C, 5.000%, 6/15/35 - AMBAC Insured

        5,920   New York City Municipal Water Finance Authority, New York,            6/15 at 100.00         AAA          6,171,482
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2005C, 5.000%, 6/15/27 - MBIA Insured

        7,100   Suffolk County Water Authority, New York, Waterworks                  6/15 at 100.00         AAA          7,390,958
                 Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
                 MBIA Insured

        2,230   Upper Mohawk Valley Regional Water Finance Authority,                   No Opt. Call         Aaa          1,126,864
                 New York, Water System Revenue Bonds, Series 2000,
                 0.000%, 4/01/23 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       20,720   Total Water and Sewer                                                                                    20,416,780
------------------------------------------------------------------------------------------------------------------------------------
$     547,422   Total Investments (cost $531,280,728) - 158.8%                                                          554,709,034
=============-----------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.2)%                                                                      (14,635,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 0.6%                                                                      2,314,201
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (55.2)%                                                       (193,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                        $  349,388,235
                ====================================================================================================================

                    All of the bonds in the Portfolio of Investments are either
                    covered by Original Issue Insurance, Secondary Market
                    Insurance or Portfolio Insurance, or are backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities, any of which ensure the timely
                    payment of principal and interest.

                    The Fund may 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.

               (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 (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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.

             WI/DD  Purchased on a when-issued or delayed delivery basis.

             (ETM)  Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       34


NUN
Nuveen New York Quality Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                EDUCATION AND CIVIC ORGANIZATIONS - 17.4% (11.0% OF TOTAL INVESTMENTS)

$         500   Amherst Industrial Development Agency, New York, Revenue              8/10 at 102.00         AAA     $      536,055
                 Bonds, UBF Faculty/Student Housing Corporation, University
                 of Buffalo Lakeside Cottage Project, Series 2000B,
                 5.625%, 8/01/20 - AMBAC Insured

                Amherst Industrial Development Agency, New York, Revenue Bonds,
                UBF Faculty/Student Housing Corporation, University of Buffalo
                Project, Series 2000A:
        1,065    5.625%, 8/01/20 - AMBAC Insured                                      8/10 at 102.00         AAA          1,141,797
          610    5.750%, 8/01/25 - AMBAC Insured                                      8/10 at 102.00         AAA            652,682

        6,000   Dormitory Authority of the State of New York, Consolidated              No Opt. Call         AAA          6,462,300
                 Revenue Bonds, City University System, Series 1993A,
                 5.750%, 7/01/13 - MBIA Insured

        1,000   Dormitory Authority of the State of New York, General                   No Opt. Call         AAA          1,155,980
                 Revenue Bonds, New York University, Series 2001-1,
                 5.500%, 7/01/40 - AMBAC Insured

          670   Dormitory Authority of the State of New York, Insured                 7/12 at 100.00         AAA            703,319
                 Revenue Bonds, Fordham University, Series 2002,
                 5.000%, 7/01/19 - FGIC Insured

        2,750   Dormitory Authority of the State of New York, Insured                 7/11 at 100.00         AAA          2,841,025
                 Revenue Bonds, Yeshiva University, Series 2001,
                 5.000%, 7/01/26 - AMBAC Insured

        2,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          2,152,360
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

          745   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            773,213
                 Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured
        2,000   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          2,261,000
                 City University of New York, Series 2005A, 5.500%, 7/01/18 -
                 FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Rochester Institute of Technology, Series 2006A:
          800    5.250%, 7/01/20 - AMBAC Insured                                        No Opt. Call         Aaa            888,536
          640    5.250%, 7/01/21 - AMBAC Insured                                        No Opt. Call         Aaa            711,411

        4,000   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          4,572,960
                 State University Educational Facilities, 1989 Resolution,
                 Series 2000C, 5.750%, 5/15/16 - FSA Insured

        1,915   Dormitory Authority of the State of New York, Second General            No Opt. Call         AAA          2,161,365
                 Resolution Consolidated Revenue Bonds, City University
                 System, Series 1993A, 5.750%, 7/01/18 - FSA Insured

        2,000   Dormitory Authority of the State of New York, Third General           7/08 at 102.00         AAA          2,054,400
                 Resolution Consolidated Revenue Bonds, City University
                 System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured

        6,415   Nassau County Industrial Development Agency, New York,                7/08 at 102.00         AAA          6,600,971
                 Revenue Refunding Bonds, Hofstra University, Series 1998,
                 5.000%, 7/01/23 - MBIA Insured

        4,775   New York City Industrial Development Agency, New York,               12/07 at 102.00         AAA          4,875,562
                 Civic Facility Revenue Bonds, Trinity Episcopal School,
                 Series 1997, 5.250%, 6/15/27 - MBIA Insured

        1,850   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA          2,074,276
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)

                New York City Industrial Development Agency, New York, PILOT
                Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
        2,000    5.000%, 1/01/36 - AMBAC Insured                                      1/17 at 100.00         AAA          2,063,420
        3,240    5.000%, 1/01/46 - AMBAC Insured                                      1/17 at 100.00         AAA          3,320,611

        3,280   New York City Industrial Development Agency, New York,                9/16 at 100.00         AAA          3,583,269
                 Revenue Bonds, Yankee Stadium Pilots, Trust 2148,
                 6.892%, 3/01/36 - FGIC Insured (IF)


                                       35


NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                EDUCATION AND CIVIC ORGANIZATIONS (continued)

$       1,215   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA     $    1,258,752
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

        6,250   New York City Trust for Cultural Resources, New York, Revenue         1/08 at 101.00         AAA          6,385,063
                 Refunding Bonds, Museum of Modern Art, Series 1996A,
                 5.500%, 1/01/21 - AMBAC Insured

        1,005   New York Industrial Development Agency, Revenue Bonds,                9/16 at 100.00         AAA          1,077,933
                 Yankee Stadium, Series 2006, Residuals 1875,
                 6.870%, 3/01/46 - FGIC Insured (IF)

        1,005   New York State Dormitory Authority, Revenue Bonds, New York           7/17 at 100.00         Aaa          1,047,089
                 University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       57,730   Total Education and Civic Organizations                                                                  61,355,349
------------------------------------------------------------------------------------------------------------------------------------


                HEALTH CARE - 17.3% (11.0% OF TOTAL INVESTMENTS)

          750   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA            769,268
                 Mortgage Hospital Revenue Bonds, Hospital for Special
                 Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured

        3,995   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 102.00         AAA          4,079,654
                 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
                 Series 1997, 5.375%, 2/01/32 - AMBAC Insured

        7,000   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 101.00         AAA          7,037,310
                 Mortgage Hospital Revenue Bonds, New York and Presbyterian
                 Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured

        2,420   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA          2,526,335
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        2,700   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          2,784,294
                 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                 5.000%, 8/01/29 - FGIC Insured

        1,000   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          1,044,580
                 Revenue Bonds, Montefiore Medical Center, Series 2005,
                 5.000%, 2/01/22 - FGIC Insured

        9,000   Dormitory Authority of the State of New York, Hospital Revenue        7/09 at 101.00         AAA          9,360,270
                 Bonds, Catholic Health Services of Long Island Obligated
                 Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 -
                 MBIA Insured

        1,800   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA          1,854,216
                 Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
                 AGC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Memorial Sloan-Kettering Cancer Center, Series 2003-1:
        2,500    5.000%, 7/01/21 - MBIA Insured                                       7/13 at 100.00         AAA          2,641,125
        3,300    5.000%, 7/01/22 - MBIA Insured                                       7/13 at 100.00         AAA          3,450,744

        2,635   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          2,856,498
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

        2,150   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          2,198,225
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

        9,000   Dormitory Authority of the State of New York, Revenue Bonds,          7/11 at 101.00         AAA          9,453,060
                 Winthrop South Nassau University Health System Obligated
                 Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured

                New York City Health and Hospitals Corporation, New York, Health
                System Revenue Bonds, Series 2003A:
        2,800    5.250%, 2/15/21 - AMBAC Insured                                      2/13 at 100.00         AAA          2,963,632
        3,065    5.250%, 2/15/22 - AMBAC Insured                                      2/13 at 100.00         AAA          3,244,119

        1,265   New York State Dormitory Authority, Revenue Bonds,                      No Opt. Call         AAA          1,416,952
                 North Shore Jewish Obligated Group, Series 2007A,
                 5.250%, 7/01/34 - FGIC Insured

        3,350   New York State Medical Care Facilities Finance Agency,                2/08 at 100.00         AAA          3,414,588
                 FHA-Insured Mortgage Revenue Bonds, Montefiore Medical
                 Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       58,730   Total Health Care                                                                                        61,094,870
------------------------------------------------------------------------------------------------------------------------------------


                                       36


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                HOUSING/MULTIFAMILY - 3.8% (2.4% OF TOTAL INVESTMENTS)

                New York City Housing Development Corporation, New York, Capital
                Fund Program Revenue Bonds, Series 2005A:
$       1,500    5.000%, 7/01/14 - FGIC Insured                                         No Opt. Call         AAA     $    1,617,900
        1,500    5.000%, 7/01/16 - FGIC Insured                                       7/15 at 100.00         AAA          1,615,185
        5,515    5.000%, 7/01/25 - FGIC Insured                                       7/15 at 100.00         AAA          5,746,685

        2,208   New York City Housing Development Corporation, New York,             10/07 at 105.00         AAA          2,323,145
                 Multifamily Housing Revenue Bonds, Pass-Through Certificates,
                 Series 1991C, 6.500%, 2/20/19 - AMBAC Insured

          560   New York City, New York, Multifamily Housing Revenue Bonds,           1/17 at 100.00         AAA            529,698
                 Seaview Towers, Series 2006A, 4.750%, 7/15/39 - AMBAC
                 Insured (Alternative Minimum Tax)

           45   New York State Housing Finance Agency, FHA-Insured                    2/08 at 100.00         AAA             45,073
                 Multifamily Housing Mortgage Revenue Bonds, Series 1994B,
                 6.250%, 8/15/14 - AMBAC Insured

        1,440   New York State Housing Finance Agency, Mortgage Revenue              11/07 at 101.00         AAA          1,456,963
                 Refunding Bonds, Housing Project, Series 1996A,
                 6.125%, 11/01/20 - FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
       12,768   Total Housing/Multifamily                                                                                13,334,649
------------------------------------------------------------------------------------------------------------------------------------


                INDUSTRIALS - 1.0% (0.6% OF TOTAL INVESTMENTS)

        3,765   Syracuse Industrial Development Authority, New York,                  1/17 at 100.00         AAA          3,812,063
                 PILOT Mortgage Revenue Bonds, Carousel Center Project,
                 Series 2007A, 5.000%, 1/01/36 - XLCA Insured
                 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 1.3% (0.8% OF TOTAL INVESTMENTS)

        4,450   Castle Rest Residential Healthcare Facility, Syracuse, New York,      2/08 at 102.00         AAA          4,505,759
                 FHA-Insured Mortgage Revenue Bonds, Series 1997A,
                 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 14.2% (9.0% OF TOTAL INVESTMENTS)

        1,500   Erie County, New York, General Obligation Bonds, Series 2003A,        3/13 at 100.00         Aaa          1,616,355
                 5.250%, 3/15/16 - FGIC Insured

          805   Erie County, New York, General Obligation Bonds, Series 2004B,          No Opt. Call         Aaa            871,042
                 5.250%, 4/01/13 - MBIA Insured

       14,630   Hudson Yards Infrastructure Corporation, New York, Revenue            2/17 at 100.00         AAA         15,065,535
                 Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)

                Monroe County, New York, General Obligation Public Improvement
                Bonds, Series 2002:
        2,250    5.000%, 3/01/15 - FGIC Insured                                       3/12 at 100.00         AAA          2,376,788
        1,000    5.000%, 3/01/17 - FGIC Insured                                       3/12 at 100.00         AAA          1,050,500

                New York City, New York, General Obligation Bonds, Fiscal
                Series 2001D:
        5,360    5.250%, 8/01/15 - MBIA Insured                                       8/10 at 101.00         AAA          5,624,248
        2,095    5.250%, 8/01/15 - FSA Insured                                        8/10 at 101.00         AAA          2,198,284
        5,000    5.000%, 8/01/16 - FGIC Insured                                       8/10 at 101.00         AAA          5,229,650

          125   New York City, New York, General Obligation Bonds, Fiscal             3/12 at 100.00         AAA            130,955
                 Series 2002C, 5.125%, 3/15/25 - FSA Insured

                New York City, New York, General Obligation Bonds, Fiscal
                Series 2004E:
        3,350    5.000%, 11/01/19 - FSA Insured                                      11/14 at 100.00         AAA          3,557,298
        1,700    5.000%, 11/01/20 - FSA Insured                                      11/14 at 100.00         AAA          1,797,546

        4,130   New York City, New York, General Obligation Bonds, Fiscal             3/15 at 100.00         AAA          4,382,591
                 Series 2005J, 5.000%, 3/01/19 - FGIC Insured

                Peru Central School District, Clinton County, New York, General
                Obligation Refunding Bonds, Series 2002B:
        1,845    4.000%, 6/15/18 - FGIC Insured                                       6/12 at 100.00         AAA          1,844,908
        1,915    4.000%, 6/15/19 - FGIC Insured                                       6/12 at 100.00         AAA          1,891,963

        2,305   Yonkers, New York, General Obligation Bonds, Series 2005B,            8/15 at 100.00         AAA          2,435,670
                 5.000%, 8/01/20 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       48,010   Total Tax Obligation/General                                                                             50,073,333
------------------------------------------------------------------------------------------------------------------------------------


                                       37

NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED - 50.8% (32.3% OF TOTAL INVESTMENTS)

$       3,340   Dormitory Authority of the State of New York, 853 Schools             7/09 at 101.00         AAA     $    3,479,812
                 Program Insured Revenue Bonds, Harmony Heights School,
                 Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured

            5   Dormitory Authority of the State of New York, Improvement             2/08 at 100.00         AAA              5,026
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1996B, 5.125%, 8/15/21 - MBIA Insured

            5   Dormitory Authority of the State of New York, Improvement             2/08 at 101.00         Aaa              5,109
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1997A, 5.750%, 8/15/22 - MBIA Insured

          195   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         AAA            202,153
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2000D, 5.250%, 8/15/30 - FSA Insured

                Dormitory Authority of the State of New York, Lease Revenue
                Bonds, Madison-Oneida Board of Cooperative Educational
                Services, Series 2002:
        1,045    5.250%, 8/15/20 - FSA Insured                                        8/12 at 100.00         AAA          1,112,120
        1,100    5.250%, 8/15/21 - FSA Insured                                        8/12 at 100.00         AAA          1,170,653
        1,135    5.250%, 8/15/22 - FSA Insured                                        8/12 at 100.00         AAA          1,203,997

        3,610   Dormitory Authority of the State of New York, Revenue Bonds,          7/14 at 100.00         AAA          3,820,174
                 Department of Health, Series 2004-2, 5.000%, 7/01/20 -
                 FGIC Insured

        1,490   Dormitory Authority of the State of New York, Revenue Bonds,          2/15 at 100.00         AAA          1,534,864
                 Mental Health Services Facilities Improvements, Series 2005B,
                 5.000%, 2/15/30 - AMBAC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Mental Health Services Facilities Improvements, Series 2005D1:
        2,300    5.000%, 2/15/15 - FGIC Insured                                         No Opt. Call         AAA          2,471,488
        1,200    5.000%, 8/15/23 - FGIC Insured                                       2/15 at 100.00         AAA          1,251,432

        7,900   Dormitory Authority of the State of New York, Revenue Bonds,         10/12 at 100.00         AAA          8,392,012
                 School Districts Financing Program, Series 2002D,
                 5.250%, 10/01/23 - MBIA Insured

        1,040   Dormitory Authority of the State of New York, State Personal          3/15 at 100.00         AAA          1,095,609
                 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                 FSA Insured

                Erie County Industrial Development Agency, New York, School
                Facility Revenue Bonds, Buffalo City School District, Series
                2003:
        1,200    5.750%, 5/01/20 - FSA Insured                                        5/12 at 100.00         AAA          1,302,696
        1,000    5.750%, 5/01/22 - FSA Insured                                        5/12 at 100.00         AAA          1,080,100

        1,710   Erie County Industrial Development Agency, New York,                  5/14 at 100.00         AAA          1,900,648
                 School Facility Revenue Bonds, Buffalo City School District,
                 Series 2004, 5.750%, 5/01/26 - FSA Insured

                Erie County Industrial Development Agency, New York, School
                Facility Revenue Bonds, Buffalo City School District Project,
                Series 2007A:
        5,980    5.750%, 5/01/27 - FSA Insured (UB)                                   5/17 at 101.00         AAA          6,705,374
        1,670    5.750%, 5/01/28 - FSA Insured (UB)                                   5/17 at 101.00         AAA          1,871,168

        7,500   Metropolitan Transportation Authority, New York, Dedicated           11/12 at 100.00         AAA          7,905,675
                 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
                 FSA Insured

        4,100   Metropolitan Transportation Authority, New York, Dedicated Tax       11/16 at 100.00         AAA          4,269,043
                 Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured

        4,600   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA          4,954,844
                 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured

                Metropolitan Transportation Authority, New York, State Service
                Contract Refunding Bonds, Series 2002A:
        2,000    5.750%, 7/01/18 - FSA Insured                                          No Opt. Call         AAA          2,304,380
        3,000    5.500%, 1/01/19 - MBIA Insured                                       7/12 at 100.00         AAA          3,231,420
        6,000    5.500%, 1/01/20 - MBIA Insured                                       7/12 at 100.00         AAA          6,457,380
        3,000    5.000%, 7/01/25 - FGIC Insured                                       7/12 at 100.00         AAA          3,109,950
        8,000    5.000%, 7/01/30 - AMBAC Insured                                      7/12 at 100.00         AAA          8,208,720

                Nassau County Interim Finance Authority, New York, Sales Tax
                Secured Revenue Bonds, Series 2003A:
        1,555    4.750%, 11/15/21 - AMBAC Insured                                    11/13 at 100.00         AAA          1,602,847
        1,555    4.750%, 11/15/22 - AMBAC Insured                                    11/13 at 100.00         AAA          1,598,618


                                       38


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                TAX OBLIGATION/LIMITED (continued)

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
$       2,720    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA     $    2,842,210
        1,990    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA          2,076,943
        3,470    5.000%, 10/15/29 - AMBAC Insured                                    10/14 at 100.00         AAA          3,608,765
        1,500    5.000%, 10/15/32 - AMBAC Insured                                    10/14 at 100.00         AAA          1,554,450

        1,600   New York City Transitional Finance Authority, New York,               1/17 at 100.00         AAA          1,675,616
                 Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                 5.000%, 1/15/28 - FGIC Insured

                New York City Transitional Finance Authority, New York, Future
                Tax Secured Bonds, Fiscal Series 2002B:
       10,170    5.250%, 5/01/12 - MBIA Insured                                      11/11 at 101.00         AAA         10,860,744
        2,420    5.250%, 5/01/17 - MBIA Insured                                      11/11 at 101.00         AAA          2,588,626
          970    5/01/30 - MBIA Insured                                              11/11 at 101.00         AAA            995,589

        5,345   New York City Transitional Finance Authority, New York,               8/12 at 100.00         AAA          5,700,336
                 Future Tax Secured Bonds, Fiscal Series 2003C,
                 5.250%, 8/01/21 - AMBAC Insured

        1,995   New York City Transitional Finance Authority, New York,               2/13 at 100.00         AAA          2,114,740
                 Future Tax Secured Bonds, Fiscal Series 2003E,
                 5.250%, 2/01/22 - MBIA Insured

        1,845   New York City Transitional Finance Authority, New York,               2/14 at 100.00         AAA          1,956,899
                 Future Tax Secured Bonds, Fiscal Series 2004C,
                 5.000%, 2/01/19 - XLCA Insured

        3,500   New York City Transitional Finance Authority, New York,               2/13 at 100.00         AAA          3,659,810
                 Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
                 5.000%, 2/01/22 - MBIA Insured

                New York Convention Center Development Corporation,
                Hotel Unit Fee Revenue Bonds, Series 2005:
        2,535    5.000%, 11/15/30 - AMBAC Insured                                    11/15 at 100.00         AAA          2,629,986
        6,065    5.000%, 11/15/44 - AMBAC Insured                                    11/15 at 100.00         AAA          6,205,769

        3,750   New York State Local Government Assistance Corporation,                 No Opt. Call         AAA          4,092,000
                 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured

        1,000   New York State Thruway Authority, Highway and Bridge Trust            4/14 at 100.00         AAA          1,051,830
                 Fund Bonds, Second Generation, Series 2004,
                 5.000%, 4/01/22 - MBIA Insured

                New York State Thruway Authority, Highway and Bridge Trust
                Fund Bonds, Second Generation, Series 2005B:
        8,455    5.500%, 4/01/20 - AMBAC Insured                                        No Opt. Call         AAA          9,591,012
        2,600    5.000%, 4/01/21 - AMBAC Insured                                     10/15 at 100.00         AAA          2,742,012

        1,000   New York State Thruway Authority, State Personal Income Tax           9/14 at 100.00         AAA          1,043,870
                 Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
                 AMBAC Insured

                New York State Tobacco Settlement Financing Corporation, Tobacco
                Settlement Asset-Backed and State Contingency Contract-Backed
                Bonds, Series 2003A-1:
       12,400    5.250%, 6/01/20 - AMBAC Insured                                      6/13 at 100.00         AAA         13,195,457
        1,000    5.250%, 6/01/22 - AMBAC Insured                                      6/13 at 100.00         AAA          1,061,020

        3,190   New York State Urban Development Corporation, Revenue                   No Opt. Call         AAA          3,494,390
                 Refunding Bonds, State Facilities, Series 1995,
                 5.600%, 4/01/15 - MBIA Insured

          500   New York State Urban Development Corporation, State Personal          3/15 at 100.00         AAA            518,095
                 Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
                 FSA Insured

        1,980   Niagara Falls City School District, Niagara County, New York,         6/15 at 100.00         AAA          2,048,350
                 Certificates of Participation, High School Facility, Series 2005,
                 5.000%, 6/15/28 - FSA Insured

                Puerto Rico Highway and Transportation Authority, Highway
                Revenue Refunding Bonds, Series 2002E:
        3,000    5.500%, 7/01/14 - FSA Insured                                          No Opt. Call         AAA          3,332,430
        6,000    5.500%, 7/01/18 - FSA Insured                                          No Opt. Call         AAA          6,799,860

------------------------------------------------------------------------------------------------------------------------------------
      168,235   Total Tax Obligation/Limited                                                                            179,688,121
------------------------------------------------------------------------------------------------------------------------------------


                                       39

NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TRANSPORTATION - 16.4% (10.4% OF TOTAL INVESTMENTS)

$       9,700   Metropolitan Transportation Authority, New York, Transportation      11/16 at 100.00         AAA     $    9,476,219
                 Revenue Bonds, Series 2006B, 4.500%, 11/15/36 - FSA Insured

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002A:
        3,815    5.500%, 11/15/19 - AMBAC Insured                                    11/12 at 100.00         AAA          4,130,272
        4,000    5.125%, 11/15/22 - FGIC Insured                                     11/12 at 100.00         AAA          4,219,960

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002E:
        2,665    5.500%, 11/15/21 - MBIA Insured                                     11/12 at 100.00         AAA          2,885,236
        8,500    5.000%, 11/15/25 - MBIA Insured                                     11/12 at 100.00         AAA          8,816,455

                New York State Thruway Authority, General Revenue Bonds,
                Series 2005F:
        2,665    5.000%, 1/01/20 - AMBAC Insured                                      1/15 at 100.00         AAA          2,815,972
        6,395    5.000%, 1/01/30 - AMBAC Insured                                      1/15 at 100.00         AAA          6,624,772

        1,700   New York State Thruway Authority, General Revenue Bonds,              7/15 at 100.00         AAA          1,769,156
                 Series 2005G, 5.000%, 1/01/30 - FSA Insured

        2,500   Niagara Frontier Airport Authority, New York, Airport Revenue         4/09 at 101.00         AAA          2,578,900
                 Bonds, Buffalo Niagara International Airport, Series 1999A,
                 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)

        1,700   Port Authority of New York and New Jersey, Consolidated               6/15 at 101.00         AAA          1,770,567
                 Revenue Bonds, One Hundred Fortieth Series 2005,
                 5.000%, 12/01/31 - XLCA Insured

        1,570   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA          1,787,728
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

        5,000   Triborough Bridge and Tunnel Authority, New York, General             1/12 at 100.00         AAA          5,275,250
                 Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
                 FGIC Insured

                Triborough Bridge and Tunnel Authority, New York, Subordinate
                Lien General Purpose Revenue Refunding Bonds, Series 2002E:
        1,570    5.500%, 11/15/20 - MBIA Insured                                        No Opt. Call         AAA          1,788,811
        3,800    5.250%, 11/15/22 - MBIA Insured                                     11/12 at 100.00         AAA          4,041,718

------------------------------------------------------------------------------------------------------------------------------------
       55,580   Total Transportation                                                                                     57,981,016
------------------------------------------------------------------------------------------------------------------------------------


                U.S. GUARANTEED - 19.2% (12.2% OF TOTAL INVESTMENTS) (4)

          175   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         Aaa            183,439
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2000D, 5.250%, 8/15/30 (Pre-refunded 8/15/10) -
                 FSA Insured

        2,625   Dormitory Authority of the State of New York, Judicial Facilities       No Opt. Call         AAA          3,093,143
                 Lease Revenue Bonds, Suffolk County Issue, Series 1986,
                 7.375%, 7/01/16 (ETM)

        1,410   Dormitory Authority of the State of New York, Lease Revenue           7/11 at 100.00         AAA          1,508,672
                 Bonds, State University Dormitory Facilities, Series 2001,
                 5.500%, 7/01/20 (Pre-refunded 7/01/11) - FGIC Insured

        6,100   Dormitory Authority of the State of New York, Revenue Bonds,          5/12 at 101.00         AAA          6,572,018
                 State University Educational Facilities, Series 2002A,
                 5.125%, 5/15/19 (Pre-refunded 5/15/12) - FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                University of Rochester, Series 2000A:
        1,990    0.000%, 7/01/17 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          1,816,591
        2,230    0.000%, 7/01/18 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          2,035,678
        2,495    0.000%, 7/01/19 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          2,277,586
        1,870    0.000%, 7/01/21 (Pre-refunded 7/01/10) - MBIA Insured                7/10 at 101.00         AAA          1,707,048

        2,765   Long Island Power Authority, New York, Electric System General        6/08 at 101.00         AAA          2,823,176
                 Revenue Bonds, Series 1998A, 5.125%, 12/01/22
                 (Pre-refunded 6/01/08) - FSA Insured

        2,500   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA          2,659,550
                 Revenue Bonds, Series 2001A, 5.250%, 9/01/28
                 (Pre-refunded 9/01/11) - FSA Insured

                Longwood Central School District, Suffolk County, New York,
                Series 2000:
          910    5.750%, 6/15/19 (Pre-refunded 6/15/11) - FGIC Insured                6/11 at 101.00         Aaa            988,842
        1,410    5.750%, 6/15/20 (Pre-refunded 6/15/11) - FGIC Insured                6/11 at 101.00         Aaa          1,532,162


                                       40



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                U.S. GUARANTEED (4) (continued)

$       3,000   Metropolitan Transportation Authority, New York, Dedicated Tax       10/15 at 100.00         AAA     $    3,223,050
                 Fund Bonds, Series 1998A, 4.750%, 4/01/28
                 (Pre-refunded 10/01/15) - FGIC Insured

                Metropolitan Transportation Authority, New York, Dedicated Tax
                Fund Bonds, Series 1999A:
        4,000    5.000%, 4/01/17 (Pre-refunded 10/01/14) - FSA Insured               10/14 at 100.00         AAA          4,345,440
        1,000    5.000%, 4/01/29 (Pre-refunded 10/01/14) - FSA Insured               10/14 at 100.00         AAA          1,086,360

                Metropolitan Transportation Authority, New York, Transit Facilities
                Revenue Bonds, Series 1998B:
       10,000    4.875%, 7/01/18 - FGIC Insured (ETM)                                 7/08 at 101.00         AAA         10,187,898
        4,500    4.750%, 7/01/26 - FGIC Insured (ETM)                                 7/08 at 101.00         AAA          4,544,865

        2,000   New York City Municipal Water Finance Authority, New York,            6/11 at 100.00         AAA          2,151,940
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2002A, 5.750%, 6/15/27 (Pre-refunded 6/15/11) -
                 MBIA Insured

           30   New York City Transitional Finance Authority, New York, Future       11/11 at 101.00         Aaa             31,987
                 Tax Secured Bonds, Fiscal Series 2002B, 5.000%, 5/01/30
                 (Pre-refunded 11/01/11) - MBIA Insured

          655   New York City Transitional Finance Authority, New York, Future        8/12 at 100.00         Aaa            704,767
                 Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
                 (Pre-refunded 8/01/12) - AMBAC Insured

        4,875   New York City, New York, General Obligation Bonds, Fiscal             3/12 at 100.00         Aaa          5,196,994
                 Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
                 FSA Insured

        6,965   New York State Thruway Authority, Highway and Bridge Trust            4/12 at 100.00         AAA          7,470,729
                 Fund Bonds, Series 2002A, 5.250%, 4/01/20
                 (Pre-refunded 4/01/12) - FSA Insured

                Putnam Valley Central School District, Putnam and Westchester
                Counties, New York, General Obligation Bonds, Series 1999:
          525    5.875%, 6/15/19 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/25 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335
          525    5.875%, 6/15/27 (Pre-refunded 6/15/10) - FSA Insured                 6/10 at 100.00         Aaa            557,335

------------------------------------------------------------------------------------------------------------------------------------
       65,080   Total U.S. Guaranteed                                                                                    67,813,940
------------------------------------------------------------------------------------------------------------------------------------


                UTILITIES - 10.6% (6.8% OF TOTAL INVESTMENTS)

        1,650   Islip Resource Recovery Agency, New York, Revenue Bonds,                No Opt. Call         AAA          1,846,878
                 Series 1994B, 7.250%, 7/01/11 - AMBAC Insured
                 (Alternative Minimum Tax)

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2000A:
        4,000    0.000%, 6/01/24 - FSA Insured                                          No Opt. Call         AAA          1,901,440
        4,000    0.000%, 6/01/25 - FSA Insured                                          No Opt. Call         AAA          1,802,840
        5,000    0.000%, 6/01/26 - FSA Insured                                          No Opt. Call         AAA          2,134,650
        7,000    0.000%, 6/01/27 - FSA Insured                                          No Opt. Call         AAA          2,833,460
       10,500    0.000%, 6/01/28 - FSA Insured                                          No Opt. Call         AAA          4,010,370
        7,000    0.000%, 6/01/29 - FSA Insured                                          No Opt. Call         AAA          2,535,750

        2,500   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA          2,586,225
                 Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        6,180    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          6,515,327
        8,020    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA          8,401,752

          750   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            773,108
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
                 CIFG Insured

                Power Authority of the State of New York, General Revenue
                Bonds, Series 2006A:
        1,300    5.000%, 11/15/18 - FGIC Insured                                     11/15 at 100.00         AAA          1,391,273
          865    5.000%, 11/15/19 - FGIC Insured                                     11/15 at 100.00         AAA            920,421

------------------------------------------------------------------------------------------------------------------------------------
       58,765   Total Utilities                                                                                          37,653,494
------------------------------------------------------------------------------------------------------------------------------------


                                       41


NUN
Nuveen New York Quality Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                WATER AND SEWER - 5.5% (3.5% OF TOTAL INVESTMENTS)

$         830   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA     $      889,005
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.100%, 6/15/31 - MBIA Insured

        1,360   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA          1,453,201
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.000%, 6/15/33 - MBIA Insured

        3,000   New York City Municipal Water Finance Authority, New York,            6/14 at 100.00         AAA          3,085,020
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2004C, 5.000%, 6/15/35 - AMBAC Insured

        6,525   New York City Municipal Water Finance Authority, New York,            6/15 at 100.00         AAA          6,802,182
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2005C, 5.000%, 6/15/27 - MBIA Insured

        7,000   Suffolk County Water Authority, New York, Waterworks                  6/15 at 100.00         AAA          7,286,860
                 Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
                 MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       18,715   Total Water and Sewer                                                                                    19,516,268
------------------------------------------------------------------------------------------------------------------------------------
$     551,828   Total Investments (cost $536,134,644) - 157.5%                                                          556,828,862
=============-----------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.2)%                                                                      (14,845,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 2.4%                                                                      8,579,681
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (55.7)%                                                       (197,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                         $ 353,563,543
                ====================================================================================================================

FORWARD SWAPS OUTSTANDING AT SEPTEMBER 30, 2007:


                                    FUND                                         FIXED RATE                              UNREALIZED
                 NOTIONAL    PAY/RECEIVE       FLOATING RATE    FIXED RATE          PAYMENT   EFFECTIVE   TERMINATION  APPRECIATION
COUNTERPARTY       AMOUNT  FLOATING RATE               INDEX   (ANNUALIZED)       FREQUENCY     DATE (5)         DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
Goldman Sachs  $2,250,000        Receive   3-Month USD-LIBOR         5.593%   Semi-Annually     10/01/08      10/01/37     $(33,606)
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)

                    All of the bonds in the Portfolio of Investments are either
                    covered by Original Issue Insurance, Secondary Market
                    Insurance or Portfolio Insurance, or are backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities, any of which ensure the timely
                    payment of principal and interest.

                    The Fund may 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.

               (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 (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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)  Effective date represents the date on which both the Fund
                    and counterparty commence interest payment accruals on each
                    forward swap contract.

             WI/DD  Purchased on a when-issued or delayed delivery basis.

             (ETM)  Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       42


NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                EDUCATION AND CIVIC ORGANIZATIONS - 20.0% (12.9% OF TOTAL INVESTMENTS)

                Amherst Industrial Development Agency, New York, Revenue Bonds,
                UBF Faculty/Student Housing Corporation, University of Buffalo
                Project, Series 2000A:
$         250    5.625%, 8/01/20 - AMBAC Insured                                      8/10 at 102.00         AAA     $      268,028
          250    5.750%, 8/01/25 - AMBAC Insured                                      8/10 at 102.00         AAA            267,493

                Dormitory Authority of the State of New York, General Revenue
                Bonds, New York University, Series 2001-1:
        1,500    5.500%, 7/01/24 - AMBAC Insured                                        No Opt. Call         AAA          1,716,210
          500    5.500%, 7/01/40 - AMBAC Insured                                        No Opt. Call         AAA            577,990

        4,820   Dormitory Authority of the State of New York, Insured Revenue         7/08 at 101.00         Aaa          4,912,687
                 Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
                 AMBAC Insured

          810   Dormitory Authority of the State of New York, Insured Revenue         7/11 at 100.00         AAA            843,842
                 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
                 AMBAC Insured

        1,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          1,076,180
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

          255   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            264,657
                 Barnard College, Series 2007A, 5.000%, 7/01/37 -
                 FGIC Insured

          700   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA            791,350
                 City University of New York, Series 2005A, 5.500%, 7/01/18 -
                 FGIC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Rochester Institute of Technology, Series 2006A:
          250    5.250%, 7/01/20 - AMBAC Insured                                        No Opt. Call         Aaa            277,668
          200    5.250%, 7/01/21 - AMBAC Insured                                        No Opt. Call         Aaa            222,316

        1,000   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          1,122,320
                 State University Educational Facilities, Series 1993A,
                 5.500%, 5/15/19 - AMBAC Insured

        1,270   Dormitory Authority of the State of New York, Revenue Bonds,          5/12 at 101.00         AAA          1,353,680
                 State University Educational Facilities, Series 2002A,
                 5.000%, 5/15/16 - FGIC Insured

        2,200   Dormitory Authority of the State of New York, Second General            No Opt. Call         AAA          2,483,030
                 Resolution Consolidated Revenue Bonds, City University
                 System, Series 1993A, 5.750%, 7/01/18 - FSA Insured

        1,935   Dormitory Authority of the State of New York, State and Local         7/15 at 100.00         AAA          2,055,957
                 Appropriation Lease Bonds, Upstate Community Colleges,
                 Series 2005A, 5.000%, 7/01/19 - FGIC Insured

          635   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA            711,981
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)

        1,110   New York City Industrial Development Agency, New York,                1/17 at 100.00         AAA          1,137,617
                 PILOT Revenue Bonds, Queens Baseball Stadium Project,
                 Series 2006, 5.000%, 1/01/46 - AMBAC Insured

        1,120   New York City Industrial Development Agency, New York,                9/16 at 100.00         AAA          1,223,555
                 Revenue Bonds, Yankee Stadium Pilots, Trust 2148,
                 6.892%, 3/01/36 - FGIC Insured (IF)

        1,000   New York City Industrial Development Agency, New York,                6/15 at 100.00         AAA          1,031,760
                 Revenue Bonds, Ethical Culture Fieldston School,
                 Series 2005B-1, 5.000%, 6/01/35 - XLCA Insured

          415   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA            429,944
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

        1,250   New York City Trust for Cultural Resources, New York,                 1/08 at 101.00         AAA          1,277,013
                 Revenue Refunding Bonds, Museum of Modern Art,
                 Series 1996A, 5.500%, 1/01/21 - AMBAC Insured


                                       43

NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                EDUCATION AND CIVIC ORGANIZATIONS (continued)

$         350   New York Industrial Development Agency, Revenue Bonds,                9/16 at 100.00         AAA     $      375,400
                 Yankee Stadium, Series 2006, Residuals 1875,
                 6.870%, 3/01/46 - FGIC Insured (IF)

          345   New York State Dormitory Authority, Revenue Bonds, New York           7/17 at 100.00         Aaa            359,449
                 University, Series 2007, 5.000%, 7/01/32 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       23,165   Total Education and Civic Organizations                                                                  24,780,127
------------------------------------------------------------------------------------------------------------------------------------


                HEALTH CARE - 23.3% (15.1% OF TOTAL INVESTMENTS)

        3,000   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 100.00         AAA          3,004,380
                 Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995,
                 5.600%, 8/01/25 - MBIA Insured

          200   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA            205,138
                 Mortgage Hospital Revenue Bonds, Hospital for Special
                 Surgery, Series 2005, 5.000%, 8/15/33 - MBIA Insured

        2,910   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 101.00         AAA          2,925,510
                 Mortgage Hospital Revenue Bonds, New York and Presbyterian
                 Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured

        1,400   Dormitory Authority of the State of New York, FHA-Insured             8/12 at 100.00         AAA          1,465,744
                 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
                 Series 2002A, 5.125%, 2/01/22 - AMBAC Insured

          830   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA            866,470
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        1,405   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          1,448,864
                 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
                 5.000%, 8/01/29 - FGIC Insured

        3,000   Dormitory Authority of the State of New York, Revenue Bonds,          7/09 at 101.00         AAA          3,119,040
                 Catholic Health Services of Long Island Obligated Group -
                 St. Charles Hospital and Rehabilitation Center, Series 1999A,
                 5.500%, 7/01/22 - MBIA Insured

          620   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            638,674
                 Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
                 AGC Insured

        2,740   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00         AAA          2,894,673
                 Memorial Sloan-Kettering Cancer Center, Series 2003-1,
                 5.000%, 7/01/21 - MBIA Insured

        1,910   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA          2,070,555
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

          740   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA            756,598
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

        1,500   Dormitory Authority of the State of New York, Revenue Bonds,          1/08 at 102.00         AAA          1,535,520
                 Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
                 FSA Insured

        3,450   Dormitory Authority of the State of New York, Revenue Bonds,          7/11 at 101.00         AAA          3,623,672
                 Winthrop South Nassau University Health System Obligated
                 Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured

        1,000   New York City Health and Hospitals Corporation, New York,             2/12 at 100.00         AAA          1,070,880
                 Health System Revenue Bonds, Series 2002A,
                 5.500%, 2/15/17 - FSA Insured

                New York City Health and Hospitals Corporation, New York, Health
                System Revenue Bonds, Series 2003A:
        1,625    5.250%, 2/15/21 - AMBAC Insured                                      2/13 at 100.00         AAA          1,719,965
        1,000    5.250%, 2/15/22 - AMBAC Insured                                      2/13 at 100.00         AAA          1,058,440

          435   New York State Dormitory Authority, Revenue Bonds,                      No Opt. Call         AAA            487,252
                 North Shore Jewish Obligated Group, Series 2007A,
                 5.250%, 7/01/34 - FGIC Insured

------------------------------------------------------------------------------------------------------------------------------------
       27,765   Total Health Care                                                                                        28,891,375
------------------------------------------------------------------------------------------------------------------------------------


                HOUSING/MULTIFAMILY - 4.2% (2.7% OF TOTAL INVESTMENTS)

                New York City Housing Development Corporation, New York, Capital
                Fund Program Revenue Bonds, Series 2005A:
          400    5.000%, 7/01/14 - FGIC Insured                                         No Opt. Call         AAA            431,440
          400    5.000%, 7/01/16 - FGIC Insured                                       7/15 at 100.00         AAA            430,716
        2,165    5.000%, 7/01/25 - FGIC Insured                                       7/15 at 100.00         AAA          2,255,952


                                       44


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                HOUSING/MULTIFAMILY (continued)

$         200   New York City, New York, Multifamily Housing Revenue Bonds,           1/17 at 100.00         AAA     $      189,178
                 Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
                 AMBAC Insured (Alternative Minimum Tax)

        1,900   New York State Housing Finance Agency, Mortgage Revenue              11/07 at 101.00         AAA          1,922,382
                 Refunding Bonds, Housing Project, Series 1996A,
                 6.125%, 11/01/20 - FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
        5,065   Total Housing/Multifamily                                                                                 5,229,668
------------------------------------------------------------------------------------------------------------------------------------


                INDUSTRIALS - 1.0% (0.7% OF TOTAL INVESTMENTS)

        1,290   Syracuse Industrial Development Authority, New York,                  1/17 at 100.00         AAA          1,306,125
                 PILOT Mortgage Revenue Bonds, Carousel Center Project,
                 Series 2007A, 5.000%, 1/01/36 - XLCA Insured
                 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 1.6% (1.0% OF TOTAL INVESTMENTS)

        1,000   Babylon Industrial Development Agency, New York, Revenue              8/09 at 101.00         AAA          1,049,870
                 Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
                 MBIA Insured

          850   Dormitory Authority of the State of New York, Insured Revenue         7/11 at 102.00         AAA            885,641
                 Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
                 FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
        1,850   Total Long-Term Care                                                                                      1,935,511
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 12.8% (8.3% OF TOTAL INVESTMENTS)

          500   Erie County, New York, General Obligation Bonds, Series 2003A,        3/13 at 100.00         Aaa            538,785
                 5.250%, 3/15/16 - FGIC Insured

          315   Erie County, New York, General Obligation Bonds, Series 2004B,          No Opt. Call         Aaa            340,843
                 5.250%, 4/01/13 - MBIA Insured

        5,005   Hudson Yards Infrastructure Corporation, New York, Revenue            2/17 at 100.00         AAA          5,153,999
                 Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)

          210   Nassau County, New York, General Obligation Improvement                 No Opt. Call         AAA            236,441
                 Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured

        2,000   New York City, New York, General Obligation Bonds, Fiscal             2/08 at 101.00         AAA          2,031,040
                 Series 1998F, 5.250%, 8/01/16 - FGIC Insured

                New York City, New York, General Obligation Bonds, Fiscal
                Series 2004E:
        1,000    5.000%, 11/01/19 - FSA Insured                                      11/14 at 100.00         AAA          1,061,880
        1,100    5.000%, 11/01/20 - FSA Insured                                      11/14 at 100.00         AAA          1,163,118

        1,000   New York City, New York, General Obligation Bonds, Fiscal             3/15 at 100.00         AAA          1,061,160
                 Series 2005J, 5.000%, 3/01/19 - FGIC Insured

          915   Niagara Falls, New York, General Obligation Bonds, Series 1994,         No Opt. Call         AAA          1,086,425
                 7.500%, 3/01/13 - MBIA Insured

        1,000   Red Hook Central School District, Dutchess County, New York,          6/12 at 100.00         Aaa          1,055,530
                 General Obligation Refunding Bonds, Series 2002,
                 5.125%, 6/15/18 - FSA Insured

          500   West Islip Union Free School District, Suffolk County, New York,     10/15 at 100.00         Aaa            540,375
                 General Obligation Bonds, Series 2005, 5.000%, 10/01/16 -
                 FSA Insured

        1,525   Yonkers, New York, General Obligation Bonds, Series 2005A,            8/15 at 100.00         AAA          1,641,907
                 5.000%, 8/01/16 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       15,070   Total Tax Obligation/General                                                                             15,911,503
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/LIMITED - 50.3% (32.6% OF TOTAL INVESTMENTS)

          690   Dormitory Authority of the State of New York, Department of           7/15 at 100.00         AAA            732,104
                 Health Revenue Bonds, Series 2005A, 5.250%, 7/01/24 -
                 CIFG Insured

           75   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         AAA             77,751
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 2000D, 5.250%, 8/15/30 - FSA Insured

          500   Dormitory Authority of the State of New York, Lease Revenue           8/14 at 100.00         AAA            520,180
                 Bonds, Wayne-Finger Lakes Board of Cooperative Education
                 Services, Series 2004, 5.000%, 8/15/23 - FSA Insured

        1,210   Dormitory Authority of the State of New York, Revenue Bonds,          7/14 at 100.00         AAA          1,280,446
                 Department of Health, Series 2004-2, 5.000%, 7/01/20 -
                 FGIC Insured

          750   Dormitory Authority of the State of New York, Revenue Bonds,          2/15 at 100.00         AAA            772,583
                 Mental Health Services Facilities Improvements, Series 2005B,
                 5.000%, 2/15/30 - AMBAC Insured


                                       45

NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

                Dormitory Authority of the State of New York, Revenue Bonds,
                Mental Health Services Facilities Improvements, Series 2005D1:
$         925    5.000%, 2/15/15 - FGIC Insured                                         No Opt. Call         AAA     $      993,968
          600    5.000%, 8/15/23 - FGIC Insured                                       2/15 at 100.00         AAA            625,716

                Dormitory Authority of the State of New York, Revenue Bonds,
                School Districts Financing Program, Series 2002D:
        4,300    5.250%, 10/01/23 - MBIA Insured                                     10/12 at 100.00         AAA          4,567,803
          875    5.000%, 10/01/30 - MBIA Insured                                     10/12 at 100.00         AAA            902,493

          375   Dormitory Authority of the State of New York, State Personal          3/15 at 100.00         AAA            395,051
                 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                 FSA Insured

          750   Erie County Industrial Development Agency, New York, School           5/12 at 100.00         AAA            814,185
                 Facility Revenue Bonds, Buffalo City School District,
                 Series 2003, 5.750%, 5/01/19 - FSA Insured

          500   Erie County Industrial Development Agency, New York, School           5/14 at 100.00         AAA            555,745
                 Facility Revenue Bonds, Buffalo City School District,
                 Series 2004, 5.750%, 5/01/26 - FSA Insured

        2,615   Erie County Industrial Development Agency, New York, School           5/17 at 101.00         AAA          2,930,003
                 Facility Revenue Bonds, Buffalo City School District Project,
                 Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)

        2,500   Metropolitan Transportation Authority, New York, Dedicated Tax       11/12 at 100.00         AAA          2,635,225
                 Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured

          700   Metropolitan Transportation Authority, New York, Dedicated Tax       11/16 at 100.00         AAA            728,861
                 Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured

        1,350   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA          1,454,139
                 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured

                Metropolitan Transportation Authority, New York, State Service
                Contract Refunding Bonds, Series 2002A:
        1,500    5.750%, 7/01/18 - FSA Insured                                          No Opt. Call         AAA          1,728,285
        1,500    5.500%, 1/01/20 - MBIA Insured                                       7/12 at 100.00         AAA          1,614,345
        2,000    5.000%, 7/01/30 - AMBAC Insured                                      7/12 at 100.00         AAA          2,052,180

                Nassau County Interim Finance Authority, New York, Sales Tax
                Secured Revenue Bonds, Series 2003A:
        1,000    5.000%, 11/15/18 - AMBAC Insured                                    11/13 at 100.00         AAA          1,059,700
          580    4.750%, 11/15/21 - AMBAC Insured                                    11/13 at 100.00         AAA            597,847
          580    4.750%, 11/15/22 - AMBAC Insured                                    11/13 at 100.00         AAA            596,269

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
          920    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA            961,336
          680    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA            709,709
        3,840    5.000%, 10/15/29 - AMBAC Insured                                    10/14 at 100.00         AAA          3,993,561

                New York City Transitional Finance Authority, New York, Future
                Tax Secured Bonds, Fiscal Series 2003C:
          715    5.250%, 8/01/20 - AMBAC Insured                                      8/12 at 100.00         AAA            762,533
        2,090    5.250%, 8/01/21 - AMBAC Insured                                      8/12 at 100.00         AAA          2,228,943

        1,000   New York City Transitional Finance Authority, New York, Future        2/13 at 100.00         AAA          1,060,020
                 Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
                 MBIA Insured

        1,000   New York City Transitional Finance Authority, New York, Future        2/14 at 100.00         AAA          1,060,650
                 Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
                 XLCA Insured

        1,500   New York City Transitional Finance Authority, New York, Future        2/13 at 100.00         AAA          1,568,490
                 Tax Secured Refunding Bonds, Fiscal Series 2003D,
                 5.000%, 2/01/22 - MBIA Insured

                New York Convention Center Development Corporation,
                Hotel Unit Fee Revenue Bonds, Series 2005:
        1,035    5.000%, 11/15/30 - AMBAC Insured                                    11/15 at 100.00         AAA          1,073,781
        2,065    5.000%, 11/15/44 - AMBAC Insured                                    11/15 at 100.00         AAA          2,112,929

        1,500   New York State Local Government Assistance Corporation,                 No Opt. Call         AAA          1,636,800
                 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured


                                       46


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

$       1,000   New York State Thruway Authority, Highway and Bridge Trust            4/14 at 100.00         AAA     $    1,044,270
                 Fund Bonds, Second Generation, Series 2004,
                 5.000%, 4/01/23 - MBIA Insured

                New York State Thruway Authority, Highway and Bridge Trust
                Fund Bonds, Second Generation, Series 2005B:
        2,960    5.500%, 4/01/20 - AMBAC Insured                                        No Opt. Call         AAA          3,357,706
          500    5.000%, 4/01/21 - AMBAC Insured                                     10/15 at 100.00         AAA            527,310

          750   New York State Thruway Authority, State Personal Income Tax           9/14 at 100.00         AAA            782,903
                 Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
                 AMBAC Insured

                New York State Tobacco Settlement Financing Corporation, Tobacco
                Settlement Asset-Backed and State Contingency Contract-Backed
                Bonds, Series 2003A-1:
        2,100    5.250%, 6/01/20 - AMBAC Insured                                      6/13 at 100.00         AAA          2,234,715
        3,800    5.250%, 6/01/22 - AMBAC Insured                                      6/13 at 100.00         AAA          4,031,875

        1,900   New York State Urban Development Corporation, Revenue                   No Opt. Call         AAA          2,030,758
                 Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
                 FSA Insured

          500   New York State Urban Development Corporation, State Personal          3/15 at 100.00         AAA            518,095
                 Income Tax Revenue Bonds, Series 2005B, 5.000%, 3/15/30 -
                 FSA Insured

          345   Niagara Falls City School District, Niagara County, New York,         6/15 at 100.00         AAA            356,909
                 Certificates of Participation, High School Facility, Series 2005,
                 5.000%, 6/15/28 - FSA Insured

        1,000   Puerto Rico Highway and Transportation Authority, Highway               No Opt. Call         AAA          1,133,310
                 Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
                 FSA Insured

        1,500   Suffolk County Judicial Facilities Agency, New York, Service         10/09 at 101.00         AAA          1,556,205
                 Agreement Revenue Bonds, John P. Colahan Court Complex,
                 Series 1999, 5.000%, 4/15/16 - AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       58,575   Total Tax Obligation/Limited                                                                             62,377,687
------------------------------------------------------------------------------------------------------------------------------------


                TRANSPORTATION - 14.8% (9.6% OF TOTAL INVESTMENTS)

        3,000   Metropolitan Transportation Authority, New York, Transportation      11/16 at 100.00         AAA          2,930,790
                 Revenue Bonds, Series 2006B, 4.500%, 11/15/36 - FSA Insured

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002A:
          500    5.500%, 11/15/19 - AMBAC Insured                                    11/12 at 100.00         AAA            541,320
        2,010    5.000%, 11/15/25 - FGIC Insured                                     11/12 at 100.00         AAA          2,084,832

        2,000   Metropolitan Transportation Authority, New York, Transportation      11/12 at 100.00         AAA          2,074,460
                 Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
                 MBIA Insured

                New York State Thruway Authority, General Revenue Bonds,
                Series 2005F:
          925    5.000%, 1/01/20 - AMBAC Insured                                      1/15 at 100.00         AAA            977,401
        2,875    5.000%, 1/01/30 - AMBAC Insured                                      1/15 at 100.00         AAA          2,978,299

          600   New York State Thruway Authority, General Revenue Bonds,              7/15 at 100.00         AAA            624,408
                 Series 2005G, 5.000%, 1/01/30 - FSA Insured

          500   Niagara Frontier Airport Authority, New York, Airport Revenue         4/09 at 101.00         AAA            515,780
                 Bonds, Buffalo Niagara International Airport, Series 1999A,
                 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)

                Port Authority of New York and New Jersey, Consolidated Revenue
                Bonds, One Hundred Fortieth Series 2005:
        1,000    5.000%, 12/01/28 - XLCA Insured                                      6/15 at 101.00         AAA          1,045,490
          565    5.000%, 12/01/31 - XLCA Insured                                      6/15 at 101.00         AAA            588,453

          545   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA            620,581
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

                Triborough Bridge and Tunnel Authority, New York, Subordinate
                Lien General Purpose Revenue Refunding Bonds, Series 2002E:
          780    5.500%, 11/15/20 - MBIA Insured                                        No Opt. Call         AAA            888,709
        2,300    5.250%, 11/15/22 - MBIA Insured                                     11/12 at 100.00         AAA          2,446,303

------------------------------------------------------------------------------------------------------------------------------------
       17,600   Total Transportation                                                                                     18,316,826
------------------------------------------------------------------------------------------------------------------------------------


                                       47


NNF
Nuveen Insured New York Premium Income Municipal Fund, Inc. (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                U.S. GUARANTEED - 12.3% (8.0% OF TOTAL INVESTMENTS) (4)

$          70   Dormitory Authority of the State of New York, Improvement             8/10 at 100.00         Aaa     $       73,375
                 Revenue Bonds, Mental Health Services Facilities, Series 2000D,
                 5.250%, 8/15/30 (Pre-refunded 8/15/10) - FSA Insured

        3,215   Dormitory Authority of the State of New York, Revenue Bonds,          7/10 at 101.00         AAA          2,934,845
                 University of Rochester, Series 2000A, 0.000%, 7/01/24
                 (Pre-refunded 7/01/10) - MBIA Insured

        1,345   Long Island Power Authority, New York, Electric System General        6/08 at 101.00         AAA          1,373,299
                 Revenue Bonds, Series 1998A, 5.125%, 12/01/22
                 (Pre-refunded 6/01/08) - FSA Insured

          625   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA            664,888
                 Revenue Bonds, Series 2001A, 5.250%, 9/01/28
                 (Pre-refunded 9/01/11) - FSA Insured

          500   Longwood Central School District, Suffolk County, New York,           6/11 at 101.00         Aaa            543,320
                 Series 2000, 5.750%, 6/15/20 (Pre-refunded 6/15/11) -
                 FGIC Insured

        1,500   Metropolitan Transportation Authority, New York, Dedicated Tax       10/15 at 100.00         AAA          1,611,525
                 Fund Bonds, Series 1998A, 4.750%, 4/01/28
                 (Pre-refunded 10/01/15) - FGIC Insured

          500   Metropolitan Transportation Authority, New York, Dedicated Tax       10/14 at 100.00         AAA            543,180
                 Fund Bonds, Series 1999A, 5.000%, 4/01/29
                 (Pre-refunded 10/01/14) - FSA Insured

                New York City Transitional Finance Authority, New York, Future
                Tax Secured Bonds, Fiscal Series 2003C:
          285    5.250%, 8/01/20 (Pre-refunded 8/01/12) - AMBAC Insured               8/12 at 100.00         Aaa            306,654
          255    5.250%, 8/01/21 (Pre-refunded 8/01/12) - AMBAC Insured               8/12 at 100.00         Aaa            274,375

        1,000   New York State Thruway Authority, Highway and Bridge Trust            4/12 at 100.00         AAA          1,072,610
                 Fund Bonds, Series 2002A, 5.250%, 4/01/18
                 (Pre-refunded 4/01/12) - FSA Insured

        1,000   New York State Thruway Authority, Highway and Bridge Trust            4/12 at 100.00         AAA          1,062,270
                 Fund Bonds, Series 2002B, 5.000%, 4/01/20
                 (Pre-refunded 4/01/12) - AMBAC Insured

        2,000   New York State Urban Development Corporation, State                   3/13 at 100.00         AAA          2,192,220
                 Personal Income Tax Revenue Bonds, State Facilities and
                 Equipment, Series 2002C-1, 5.500%, 3/15/21
                 (Pre-refunded 3/15/13) - FGIC Insured

           85   Niagara Falls, New York, General Obligation Bonds,                      No Opt. Call         AAA            101,257
                 Series 1994, 7.500%, 3/01/13 - MBIA Insured (ETM)

        2,115   Niagara Falls, Niagara County, New York, General Obligation             No Opt. Call         AAA          2,224,261
                 Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 -
                 MBIA Insured (Alternative Minimum Tax) (ETM)

          265   Suffolk County Water Authority, New York, Subordinate Lien              No Opt. Call         AAA            283,102
                 Waterworks Revenue Bonds, Series 1993, 5.100%, 6/01/12 -
                 MBIA Insured (ETM)

------------------------------------------------------------------------------------------------------------------------------------
       14,760   Total U.S. Guaranteed                                                                                    15,261,181
------------------------------------------------------------------------------------------------------------------------------------


                UTILITIES - 5.6% (3.6% OF TOTAL INVESTMENTS)

          500   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA            517,245
                 Revenue Bonds, Series 2001A, 5.000%, 9/01/27 - FSA Insured

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        2,270    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          2,393,170
        2,930    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA          3,069,468

          250   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            257,703
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured

                Power Authority of the State of New York, General Revenue
                Bonds, Series 2006A:
          375    5.000%, 11/15/18 - FGIC Insured                                     11/15 at 100.00         AAA            401,329
          250    5.000%, 11/15/19 - FGIC Insured                                     11/15 at 100.00         AAA            266,018

------------------------------------------------------------------------------------------------------------------------------------
        6,575   Total Utilities                                                                                           6,904,933
------------------------------------------------------------------------------------------------------------------------------------


                                       48


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                WATER AND SEWER - 8.6% (5.5% OF TOTAL INVESTMENTS)

$       1,660   New York City Municipal Water Finance Authority, New York,            6/10 at 101.00         AAA     $    1,778,009
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2000B, 6.100%, 6/15/31 - MBIA Insured

        3,305   New York City Municipal Water Finance Authority, New York,            6/14 at 100.00         AAA          3,398,664
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2004C, 5.000%, 6/15/35 - AMBAC Insured

        1,980   New York City Municipal Water Finance Authority, New York,            6/15 at 100.00         AAA          2,064,110
                 Water and Sewerage System Revenue Bonds, Fiscal
                 Series 2005C, 5.000%, 6/15/27 - MBIA Insured

          735   Suffolk County Water Authority, New York, Subordinate                   No Opt. Call         AAA            783,216
                 Lien Waterworks Revenue Bonds, Series 1993,
                 5.100%, 6/01/12 - MBIA Insured

        2,500   Suffolk County Water Authority, New York, Waterworks                  6/15 at 100.00         AAA          2,602,450
                 Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
                 MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
       10,180   Total Water and Sewer                                                                                    10,626,449
------------------------------------------------------------------------------------------------------------------------------------
$     181,895   Total Investments (cost $185,764,612) - 154.5%                                                          191,541,385
=============-----------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.1)%                                                                       (5,080,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 2.0%                                                                      2,494,845
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (52.4)%                                                        (65,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                        $  123,956,230
                ====================================================================================================================

                    All of the bonds in the Portfolio of Investments are either
                    covered by Original Issue Insurance, Secondary Market
                    Insurance or Portfolio Insurance, or are backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities, any of which ensure the timely
                    payment of principal and interest.

                    The Fund may 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.

               (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 (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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.

             WI/DD  Purchased on a when-issued or delayed delivery basis.

             (ETM)  Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       49


NKO
Nuveen Insured New York Dividend Advantage Municipal Fund
Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                CONSUMER STAPLES - 3.6% (2.3% OF TOTAL INVESTMENTS)

$       2,390   New York Counties Tobacco Trust II, Tobacco Settlement                6/11 at 101.00         BBB     $    2,390,406
                 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25

        1,000   New York Counties Tobacco Trust III, Tobacco Settlement               6/13 at 100.00         BBB          1,016,530
                 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33

          840   Puerto Rico, The Children's Trust Fund, Tobacco Settlement            5/12 at 100.00         BBB            836,472
                 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33

------------------------------------------------------------------------------------------------------------------------------------
        4,230   Total Consumer Staples                                                                                    4,243,408
------------------------------------------------------------------------------------------------------------------------------------


                EDUCATION AND CIVIC ORGANIZATIONS - 17.3% (11.3% OF TOTAL INVESTMENTS)

        4,000   Dormitory Authority of the State of New York, Insured Revenue           No Opt. Call         AAA          4,308,320
                 Bonds, Mount Sinai School of Medicine, Series 1994A,
                 5.150%, 7/01/24 - MBIA Insured

        1,280   Dormitory Authority of the State of New York, Insured Revenue         7/08 at 101.00         AAA          1,304,614
                 Bonds, New York Medical College, Series 1998,
                 5.000%, 7/01/21 - MBIA Insured

        1,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          1,076,180
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

          240   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            249,089
                 Barnard College, Series 2007A, 5.000%, 7/01/37 - FGIC Insured

          500   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA            565,250
                 City University of New York, Series 2005A, 5.500%, 7/01/18 -
                 FGIC Insured

        3,250   Dormitory Authority of the State of New York, Revenue Bonds,            No Opt. Call         AAA          3,815,078
                 New York University, Series 1998A, 6.000%, 7/01/18 -
                 MBIA Insured

          600   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA            672,738
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)

                New York City Industrial Development Agency, New York, PILOT
                Revenue Bonds, Queens Baseball Stadium Project, Series 2006:
        1,000    5.000%, 1/01/36 - AMBAC Insured                                      1/17 at 100.00         AAA          1,031,710
        1,060    5.000%, 1/01/46 - AMBAC Insured                                      1/17 at 100.00         AAA          1,086,373

        1,070   New York City Industrial Development Agency, New York,                9/16 at 100.00         AAA          1,168,932
                 Revenue Bonds, Yankee Stadium Pilots, Trust 2148,
                 6.892%, 3/01/36 - FGIC Insured (IF)

          395   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA            409,224
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

        4,000   New York City Trust for Cultural Resources, New York,                 7/12 at 100.00         AAA          4,174,640
                 Revenue Bonds, Museum of Modern Art, Series 2001D,
                 5.125%, 7/01/31 - AMBAC Insured

          330   New York Industrial Development Agency, Revenue Bonds,                9/16 at 100.00         AAA            353,948
                 Yankee Stadium, Series 2006, Residuals 1875,
                 6.870%, 3/01/46 - FGIC Insured (IF)

          330   New York State Dormitory Authority, Revenue Bonds,                    7/17 at 100.00         Aaa            343,820
                 New York University, Series 2007, 5.000%, 7/01/32 -
                 AMBAC Insured

------------------------------------------------------------------------------------------------------------------------------------
       19,055   Total Education and Civic Organizations                                                                  20,559,916
------------------------------------------------------------------------------------------------------------------------------------


                                       50



    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                HEALTH CARE - 24.2% (15.8% OF TOTAL INVESTMENTS)

$       2,000   Dormitory Authority of the State of New York, FHA-Insured             2/08 at 101.00         AAA     $    2,010,660
                 Mortgage Hospital Revenue Bonds, New York and Presbyterian
                 Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured

        1,400   Dormitory Authority of the State of New York, FHA-Insured             8/12 at 100.00         AAA          1,465,744
                 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
                 Series 2002A, 5.125%, 2/01/22 - AMBAC Insured

          785   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA            819,493
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        9,800   Dormitory Authority of the State of New York, FHA-Insured             8/09 at 101.00         AAA         10,206,307
                 Mortgage Revenue Bonds, New York Hospital Medical Center
                 of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured

        1,500   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          1,566,870
                 Revenue Bonds, Montefiore Medical Center, Series 2005,
                 5.000%, 2/01/22 - FGIC Insured
        2,050   Dormitory Authority of the State of New York, Hospital Revenue        7/09 at 101.00         AAA          2,132,779
                 Bonds, Catholic Health Services of Long Island Obligated
                 Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
                 MBIA Insured

          170   Dormitory Authority of the State of New York, Revenue Bonds,          7/09 at 101.00         AAA            176,746
                 Catholic Health Services of Long Island Obligated Group -
                 St. Charles Hospital and Rehabilitation Center, Series 1999A,
                 5.500%, 7/01/22 - MBIA Insured

          585   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA            617,643
                 Health Quest System Inc., Series 2007B, 5.250%, 7/01/27 -
                 AGC Insured

        1,725   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00         AAA          1,822,376
                 Memorial Sloan-Kettering Cancer Center, Series 2003-1,
                 5.000%, 7/01/21 - MBIA Insured

          910   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA            986,495
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

          600   Dormitory Authority of the State of New York, Revenue                 7/13 at 100.00        Baa1            615,858
                 Bonds, South Nassau Communities Hospital, Series 2003B,
                 5.500%, 7/01/23

          700   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA            715,701
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

          690   New York City Health and Hospitals Corporation, New York,             2/12 at 100.00         AAA            738,907
                 Health System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 -
                 FSA Insured

                New York City Health and Hospitals Corporation, New York, Health
                System Revenue Bonds, Series 2003A:
        1,500    5.250%, 2/15/21 - AMBAC Insured                                      2/13 at 100.00         AAA          1,587,660
        1,000    5.250%, 2/15/22 - AMBAC Insured                                      2/13 at 100.00         AAA          1,058,440

          395   New York State Dormitory Authority, Revenue Bonds,                      No Opt. Call         AAA            442,447
                 North Shore Jewish Obligated Group, Series 2007A,
                 5.250%, 7/01/34 - FGIC Insured

                Suffolk County Industrial Development Agency, New York,
                Revenue Bonds, Huntington Hospital, Series 2002C:
          725    6.000%, 11/01/22                                                    11/12 at 100.00        Baa1            759,017
        1,045    5.875%, 11/01/32                                                    11/12 at 100.00        Baa1          1,074,730

------------------------------------------------------------------------------------------------------------------------------------
       27,580   Total Health Care                                                                                        28,797,873
------------------------------------------------------------------------------------------------------------------------------------


                HOUSING/MULTIFAMILY - 3.6% (2.4% OF TOTAL INVESTMENTS)

                New York City Housing Development Corporation, New York,
                Multifamily Housing Revenue Bonds, Series 2002A:
        2,725    5.375%, 11/01/23 (Alternative Minimum Tax)                           5/12 at 100.00          AA          2,774,050
        1,375    5.500%, 11/01/34 (Alternative Minimum Tax)                           5/12 at 100.00          AA          1,396,918

          180   New York City, New York, Multifamily Housing Revenue Bonds,           1/17 at 100.00         AAA            170,260
                 Seaview Towers, Series 2006A, 4.750%, 7/15/39 -
                 AMBAC Insured (Alternative Minimum Tax)

------------------------------------------------------------------------------------------------------------------------------------
        4,280   Total Housing/Multifamily                                                                                 4,341,228
------------------------------------------------------------------------------------------------------------------------------------


                                       51


NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                INDUSTRIALS - 1.0% (0.7% OF TOTAL INVESTMENTS)

$       1,225   Syracuse Industrial Development Authority, New York,                  1/17 at 100.00         AAA     $    1,240,313
                 PILOT Mortgage Revenue Bonds, Carousel Center Project,
                 Series 2007A, 5.000%, 1/01/36 - XLCA Insured
                 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 2.7% (1.7% OF TOTAL INVESTMENTS)

          525   Dormitory Authority of the State of New York, GNMA                    2/17 at 103.00          AA            552,069
                 Collateralized Revenue Bonds, Cabrini of Westchester
                 Project, Series 2006, 5.200%, 2/15/41

                Dormitory Authority of the State of New York, GNMA
                Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
        1,000    5.250%, 2/01/22                                                      8/12 at 101.00         AAA          1,051,670
        1,500    5.400%, 2/01/34                                                      8/12 at 101.00         AAA          1,571,085

------------------------------------------------------------------------------------------------------------------------------------
        3,025   Total Long-Term Care                                                                                      3,174,824
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 14.4% (9.4% OF TOTAL INVESTMENTS)

           Buffalo, New York, General Obligation Bonds, Series 2002B:
        1,490    5.375%, 11/15/18 - MBIA Insured                                     11/12 at 100.00         AAA          1,601,616
        2,375    5.375%, 11/15/20 - MBIA Insured                                     11/12 at 100.00         AAA          2,552,911

        1,240   Canandaigua City School District, Ontario County, New York,           4/12 at 101.00         Aaa          1,333,880
                 General Obligation Refunding Bonds, Series 2002A,
                 5.375%, 4/01/17 - FSA Insured

        4,760   Hudson Yards Infrastructure Corporation, New York,                    2/17 at 100.00         AAA          4,901,705
                 Revenue Bonds, Series 2006A, 5.000%, 2/15/47 -
                 FGIC Insured (UB)

        3,000   New York City, New York, General Obligation Bonds,                    3/11 at 101.00         AAA          3,183,300
                 Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured

           80   New York City, New York, General Obligation Bonds,                    3/12 at 100.00         AAA             83,811
                 Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured

                New York City, New York, General Obligation Bonds,
                Fiscal Series 2004E:
        1,700    5.000%, 11/01/19 - FSA Insured                                      11/14 at 100.00         AAA          1,805,196
        1,100    5.000%, 11/01/20 - FSA Insured                                      11/14 at 100.00         AAA          1,163,118

          525   New York City, New York, General Obligation Bonds,                    8/15 at 100.00         AAA            566,354
                 Fiscal Series 2006C, 5.000%, 8/01/16 - FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
       16,270   Total Tax Obligation/General                                                                             17,191,891
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/LIMITED - 41.5% (27.1% OF TOTAL INVESTMENTS)

          250   Dormitory Authority of the State of New York, 853 Schools             7/08 at 101.00         AAA            255,458
                 Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
                 Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured

          220   Dormitory Authority of the State of New York, Improvement             8/09 at 101.00         AAA            227,696
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1999D, 5.250%, 2/15/29 - FSA Insured

          300   Dormitory Authority of the State of New York, Revenue Bonds,          2/15 at 100.00         AAA            309,033
                 Mental Health Services Facilities Improvements,
                 Series 2005B, 5.000%, 2/15/30 - AMBAC Insured

        3,000   Dormitory Authority of the State of New York, Revenue Bonds,         10/12 at 100.00         AAA          3,186,840
                 School Districts Financing Program, Series 2002D,
                 5.250%, 10/01/23 - MBIA Insured

          160   Dormitory Authority of the State of New York, State Personal          3/15 at 100.00         AAA            168,555
                 Income Tax Revenue Bonds, Series 2005F, 5.000%, 3/15/21 -
                 FSA Insured

          400   Erie County Industrial Development Agency, New York, School           5/12 at 100.00         AAA            434,232
                 Facility Revenue Bonds, Buffalo City School District,
                 Series 2003, 5.750%, 5/01/20 - FSA Insured

        2,485   Erie County Industrial Development Agency, New York, School           5/17 at 101.00         AAA          2,784,343
                 Facility Revenue Bonds, Buffalo City School District Project,
                 Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)

        2,290   Metropolitan Transportation Authority, New York, Dedicated           11/12 at 100.00         AAA          2,413,866
                 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
                 FSA Insured

        1,615   Metropolitan Transportation Authority, New York, Dedicated           11/16 at 100.00         AAA          1,681,586
                 Tax Fund Bonds, Series 2006, 5.000%, 11/15/31 -
                 MBIA Insured


                                       52


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

$       4,000   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA     $    4,146,600
                 Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
                 FGIC Insured

        1,000   Nassau County Interim Finance Authority, New York, Sales             11/13 at 100.00         AAA          1,059,700
                 Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 -
                 AMBAC Insured

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
        3,400    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA          3,552,762
        1,040    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA          1,085,438

        2,500   New York City Transitional Finance Authority, New York,               1/17 at 100.00         AAA          2,618,150
                 Building Aid Revenue Bonds, Fiscal Series 2007S-2,
                 5.000%, 1/15/28 - FGIC Insured

        5,000   New York City Transitional Finance Authority, New York,              11/11 at 101.00         AAA          5,348,400
                 Future Tax Secured Bonds, Fiscal Series 2002B,
                 5.250%, 5/01/16 - MBIA Insured

          890   New York City Transitional Finance Authority, New York,               8/12 at 100.00         AAA            949,167
                 Future Tax Secured Bonds, Fiscal Series 2003C,
                 5.250%, 8/01/21 - AMBAC Insured

          500   New York City Transitional Finance Authority, New York,               2/14 at 100.00         AAA            530,325
                 Future Tax Secured Bonds, Fiscal Series 2004C,
                 5.000%, 2/01/19 - XLCA Insured

                New York Convention Center Development Corporation,
                Hotel Unit Fee Revenue Bonds, Series 2005:
          500    5.000%, 11/15/30 - AMBAC Insured                                    11/15 at 100.00         AAA            518,735
        1,000    5.000%, 11/15/44 - AMBAC Insured                                    11/15 at 100.00         AAA          1,023,210

                New York State Thruway Authority, Highway and Bridge Trust
                Fund Bonds, Second Generation, Series 2005B:
        2,625    5.500%, 4/01/20 - AMBAC Insured                                        No Opt. Call         AAA          2,977,695
          500    5.000%, 4/01/21 - AMBAC Insured                                     10/15 at 100.00         AAA            527,310

                New York State Tobacco Settlement Financing Corporation, Tobacco
                Settlement Asset-Backed and State Contingency Contract-Backed
                Bonds, Series 2003A-1:
        1,900    5.250%, 6/01/20 - AMBAC Insured                                      6/13 at 100.00         AAA          2,021,885
        1,000    5.250%, 6/01/22 - AMBAC Insured                                      6/13 at 100.00         AAA          1,061,020

          750   New York State Tobacco Settlement Financing Corporation,              6/13 at 100.00         AA-            801,270
                 Tobacco Settlement Asset-Backed and State Contingency
                 Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21

        8,600   New York State Urban Development Corporation, Revenue                   No Opt. Call         AAA          9,757,216
                 Refunding Bonds, State Facilities, Series 1995,
                 5.700%, 4/01/20 - FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
       45,925   Total Tax Obligation/Limited                                                                             49,440,492
------------------------------------------------------------------------------------------------------------------------------------


                TRANSPORTATION - 12.8% (8.4% OF TOTAL INVESTMENTS)

                Metropolitan Transportation Authority, New York, Transportation
                Revenue Refunding Bonds, Series 2002A:
        2,000    5.125%, 11/15/22 - FGIC Insured                                     11/12 at 100.00         AAA          2,109,980
        4,000    5.000%, 11/15/25 - FGIC Insured                                     11/12 at 100.00         AAA          4,148,920

                New York State Thruway Authority, General Revenue Bonds,
                Series 2005F:
          865    5.000%, 1/01/20 - AMBAC Insured                                      1/15 at 100.00         AAA            914,002
          140    5.000%, 1/01/30 - AMBAC Insured                                      1/15 at 100.00         AAA            145,030

          350   New York State Thruway Authority, General Revenue Bonds,              7/15 at 100.00         AAA            364,238
                 Series 2005G, 5.000%, 1/01/30 - FSA Insured

           85   Niagara Frontier Airport Authority, New York, Airport Revenue         4/09 at 101.00         AAA             87,683
                 Bonds, Buffalo Niagara International Airport, Series 1999A,
                 5.625%, 4/01/29 - MBIA Insured (Alternative Minimum Tax)

                Port Authority of New York and New Jersey, Consolidated Revenue
                Bonds, One Hundred Fortieth Series 2005:
          500    5.000%, 12/01/19 - FSA Insured                                       6/15 at 101.00         AAA            534,030
        1,000    5.000%, 12/01/28 - XLCA Insured                                      6/15 at 101.00         AAA          1,045,490
          345    5.000%, 12/01/31 - XLCA Insured                                      6/15 at 101.00         AAA            359,321

        4,000   Port Authority of New York and New Jersey, Consolidated               8/08 at 101.00         AAA          4,080,280
                 Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
                 5.000%, 8/01/11 - FGIC Insured (Alternative Minimum Tax)


                                       53

NKO
Nuveen Insured New York Dividend Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         
                TRANSPORTATION (continued)

$         515   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA     $      586,420
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

          780   Triborough Bridge and Tunnel Authority, New York, Subordinate           No Opt. Call         AAA            888,709
                 Lien General Purpose Revenue Refunding Bonds, Series 2002E,
                 5.500%, 11/15/20 - MBIA Insured

------------------------------------------------------------------------------------------------------------------------------------
       14,580   Total Transportation                                                                                     15,264,103
------------------------------------------------------------------------------------------------------------------------------------


                U.S. GUARANTEED - 14.2% (9.3% OF TOTAL INVESTMENTS) (4)

          160   Dormitory Authority of the State of New York, Judicial Facilities       No Opt. Call         AAA            188,534
                 Lease Revenue Bonds, Suffolk County Issue, Series 1986,
                 7.375%, 7/01/16 (ETM)

        2,715   Long Island Power Authority, New York, Electric System General        9/11 at 100.00         AAA          2,888,271
                 Revenue Bonds, Series 2001A, 5.250%, 9/01/28
                 (Pre-refunded 9/01/11) - FSA Insured

          110   New York City Transitional Finance Authority, New York, Future        8/12 at 100.00         Aaa            118,358
                 Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21
                 (Pre-refunded 8/01/12) - AMBAC Insured

        3,170   New York City, New York, General Obligation Bonds, Fiscal             3/12 at 100.00         Aaa          3,379,379
                 Series 2002C, 5.125%, 3/15/25 (Pre-refunded 3/15/12) -
                 FSA Insured

          850   New York State Housing Finance Agency, Construction Fund                No Opt. Call         AAA            916,997
                 Bonds, State University, Series 1986A, 8.000%, 5/01/11 (ETM)

        5,000   Puerto Rico Electric Power Authority, Power Revenue Bonds,            7/10 at 101.00         AAA          5,280,750
                 Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
                 FSA Insured

        2,575   Puerto Rico Infrastructure Financing Authority, Special Obligation   10/10 at 101.00         AAA          2,716,419
                 Bonds, Series 2000A, 5.500%, 10/01/40

        1,375   TSASC Inc., New York, Tobacco Asset-Backed Bonds,                     7/12 at 100.00         AAA          1,475,609
                 Series 2002-1, 5.500%, 7/15/24 (Pre-refunded 7/15/12)

------------------------------------------------------------------------------------------------------------------------------------
       15,955   Total U.S. Guaranteed                                                                                    16,964,317
------------------------------------------------------------------------------------------------------------------------------------


                UTILITIES - 12.5% (8.1% OF TOTAL INVESTMENTS)

        5,000   Long Island Power Authority, New York, Electric System                9/11 at 100.00         AAA          5,172,450
                 General Revenue Bonds, Series 2001A, 5.000%, 9/01/27 -
                 FSA Insured

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        1,700    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          1,792,242
        1,300    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA          1,361,880

          250   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            257,703
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 - CIFG Insured

        5,000   New York State Energy Research and Development Authority,            11/08 at 102.00         AAA          5,164,750
                 Pollution Control Revenue Refunding Bonds, Niagara
                 Mohawk Power Corporation, Series 1998A,
                 5.150%, 11/01/25 - AMBAC Insured

        1,090   Westchester County Industrial Development Agency,                     7/08 at 100.00         BBB          1,100,431
                 Westchester County, New York, Resource Recovery Revenue
                 Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09
                 (Alternative Minimum Tax)

------------------------------------------------------------------------------------------------------------------------------------
       14,340   Total Utilities                                                                                          14,849,456
------------------------------------------------------------------------------------------------------------------------------------


                WATER AND SEWER - 2.0% (1.3% OF TOTAL INVESTMENTS)

        2,295   Suffolk County Water Authority, New York, Waterworks                  6/15 at 100.00         AAA          2,389,050
                 Revenue Bonds, Series 2005C, 5.000%, 6/01/28 -
                 MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$     168,760   Total Long-Term Investments (cost $172,403,607) - 149.8%                                                178,456,871
=============-----------------------------------------------------------------------------------------------------------------------


                                       54

    PRINCIPAL
 AMOUNT (000)   DESCRIPTION (1)                                                                       RATINGS (3)             VALUE
------------------------------------------------------------------------------------------------------------------------------------
                SHORT-TERM INVESTMENTS - 3.4% (2.2% OF TOTAL INVESTMENTS)

$       4,000   Puerto Rico Government Development Bank, Adjustable                                       VMIG-1     $    4,000,000
                 Refunding Bonds, Variable Rate Demand Obligations,
                 Series 1985, 3.620%, 12/01/15 - MBIA Insured (5)
=============-----------------------------------------------------------------------------------------------------------------------
                Total Short-Term Investments (cost $4,000,000)                                                            4,000,000
                --------------------------------------------------------------------------------------------------------------------
                Total Investments (cost $176,403,607) - 153.2%                                                          182,456,871
                --------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.1)%                                                                       (4,830,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 2.1%                                                                      2,504,304
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (51.2)%                                                        (61,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                        $  119,131,175
                ====================================================================================================================

                    At least 80% of the Fund's net assets (including net assets
                    attributable to Preferred shares) are invested in municipal
                    securities that are either covered by Original Issue
                    Insurance, Secondary Market Insurance or Portfolio Insurance
                    which ensures the timely payment of principal and interest.
                    Up to 20% of the Fund's net assets (including net assets
                    attributable to Preferred shares) may be invested in
                    municipal securities that are (i) either backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities (also ensuring the timely
                    payment of principal and interest), or (ii) rated, at the
                    time of investment, within the four highest grades (Baa or
                    BBB or better by Moody's, Standard &Poor's or Fitch) or
                    unrated but judged to be of comparable quality by the
                    Adviser.

               (1)  All percentages shown in the Portfolio of Investments are
                    based on net assets applicable to Common shares unless
                    otherwise noted.

               (2)  Optional Call Provisions (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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)  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.

             WI/DD  Purchased on a when-issued or delayed delivery basis.

             (ETM)  Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       55


NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund
Portfolio of INVESTMENTS
                                                              September 30, 2007


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                CONSUMER STAPLES - 3.6% (2.4% OF TOTAL INVESTMENTS)

$       1,500   New York Counties Tobacco Trust III, Tobacco Settlement               6/13 at 100.00         BBB     $    1,524,795
                 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33

          340   Puerto Rico, The Children's Trust Fund, Tobacco Settlement            5/12 at 100.00         BBB            338,572
                 Asset-Backed Refunding Bonds, Series 2002,
                 5.375%, 5/15/33

------------------------------------------------------------------------------------------------------------------------------------
        1,840   Total Consumer Staples                                                                                    1,863,367
------------------------------------------------------------------------------------------------------------------------------------


                EDUCATION AND CIVIC ORGANIZATIONS - 20.5% (13.4% OF TOTAL INVESTMENTS)

        2,000   Dormitory Authority of the State of New York, Insured Revenue         9/12 at 100.00          AA          1,980,240
                 Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 -
                 RAAI Insured

        2,000   Dormitory Authority of the State of New York, Insured Revenue           No Opt. Call         AAA          2,154,160
                 Bonds, Mount Sinai School of Medicine, Series 1994A,
                 5.150%, 7/01/24 - MBIA Insured

        1,000   Dormitory Authority of the State of New York, Lease Revenue             No Opt. Call         AAA          1,076,180
                 Bonds, State University Dormitory Facilities, Series 2003B,
                 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured

        1,000   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00          AA            990,110
                 Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
                 RAAI Insured

        2,500   Dormitory Authority of the State of New York, Revenue Bonds,          7/12 at 100.00         Aaa          2,648,475
                 Rochester Institute of Technology, Series 2002A,
                 5.250%, 7/01/22 - AMBAC Insured

                Dormitory Authority of the State of New York, Revenue Bonds,
                Rochester Institute of Technology, Series 2006A:
          100    5.250%, 7/01/20 - AMBAC Insured                                        No Opt. Call         Aaa            111,067
           80    5.250%, 7/01/21 - AMBAC Insured                                        No Opt. Call         Aaa             88,926

          260   New York City Industrial Development Agency, New York,                9/16 at 101.00         AAA            291,520
                 PILOT Revenue Bonds, Yankee Stadium Project, Residual
                 Series 07-1032, 6.250%, 3/01/39 - FGIC Insured (IF)

          475   New York City Industrial Development Agency, New York,                9/16 at 100.00         AAA            518,919
                 Revenue Bonds, Yankee Stadium Pilots, Trust 2148,
                 6.892%, 3/01/36 - FGIC Insured (IF)

          500   New York City Industrial Development Agency, New York,                6/15 at 100.00         AAA            515,880
                 Revenue Bonds, Ethical Culture Fieldston School,
                 Series 2005B-1, 5.000%, 6/01/35 - XLCA Insured

          170   New York City Industrial Development Authority, New York,             9/16 at 100.00         AAA            176,122
                 PILOT Revenue Bonds, Yankee Stadium Project, Series 2006,
                 5.000%, 3/01/31 - FGIC Insured

------------------------------------------------------------------------------------------------------------------------------------
       10,085   Total Education and Civic Organizations                                                                  10,551,599
------------------------------------------------------------------------------------------------------------------------------------


                HEALTH CARE - 24.2% (15.8% OF TOTAL INVESTMENTS)

        2,000   Dormitory Authority of the State of New York, FHA-Insured             2/13 at 100.00         AAA          2,058,180
                 Mortgage Hospital Revenue Bonds, Lutheran Medical Center,
                 Series 2003, 5.000%, 8/01/31 - MBIA Insured

        3,000   Dormitory Authority of the State of New York, FHA-Insured             8/12 at 100.00         AAA          3,086,130
                 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
                 Series 2002A, 5.000%, 2/01/31 - AMBAC Insured

          345   Dormitory Authority of the State of New York, FHA-Insured             8/17 at 100.00         AAA            360,159
                 Mortgage Revenue Bonds, Hudson Valley Hospital Center,
                 Series 2007, 5.000%, 8/15/27 (WI/DD, Settling 10/11/07) -
                 FSA Insured

        1,000   Dormitory Authority of the State of New York, FHA-Insured             2/15 at 100.00         AAA          1,044,580
                 Revenue Bonds, Montefiore Medical Center, Series 2005,
                 5.000%, 2/01/22 - FGIC Insured


                                       56


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                HEALTH CARE (continued)

$         255   Dormitory Authority of the State of New York, Revenue Bonds,          7/17 at 100.00         AAA     $      262,681
                 Health Quest System Inc., Series 2007B, 5.125%, 7/01/37 -
                 AGC Insured

           25   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00         AAA             26,411
                 Memorial Sloan-Kettering Cancer Center, Series 2003-1,
                 5.000%, 7/01/21 - MBIA Insured

          810   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA            878,089
                 New York and Presbyterian Hospital, Series 2004A,
                 5.250%, 8/15/15 - FSA Insured

          750   Dormitory Authority of the State of New York, Revenue Bonds,          7/13 at 100.00        Baa1            769,823
                 South Nassau Communities Hospital, Series 2003B,
                 5.500%, 7/01/23

          305   Dormitory Authority of the State of New York, Revenue Bonds,          8/14 at 100.00         AAA            311,841
                 The New York and Presbyterian Hospital Project, Series 2007,
                 5.000%, 8/15/36 - FSA Insured

          500   New York City Health and Hospitals Corporation, New York,             2/12 at 100.00         AAA            535,440
                 Health System Revenue Bonds, Series 2002A,
                 5.500%, 2/15/17 - FSA Insured

        2,640   New York City Health and Hospitals Corporation, New York,             2/13 at 100.00         AAA          2,794,282
                 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 -
                 AMBAC Insured

          320   New York State Dormitory Authority, Revenue Bonds, North              5/17 at 100.00          A3            319,984
                 Shore Jewish Obligated Group, Series 2007A, 5.000%, 5/01/32

------------------------------------------------------------------------------------------------------------------------------------
       11,950   Total Health Care                                                                                        12,447,600
------------------------------------------------------------------------------------------------------------------------------------


                LONG-TERM CARE - 0.6% (0.4% OF TOTAL INVESTMENTS)

          300   Dormitory Authority of the State of New York, GNMA Collateralized     2/17 at 103.00          AA            315,468
                 Revenue Bonds, Cabrini of Westchester Project, Series 2006,
                 5.200%, 2/15/41
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/GENERAL - 9.4% (6.2% OF TOTAL INVESTMENTS)

        2,055   Hudson Yards Infrastructure Corporation, New York, Revenue            2/17 at 100.00         AAA          2,116,177
                 Bonds, Series 2006A, 5.000%, 2/15/47 - FGIC Insured (UB)

        2,185   New York City, New York, General Obligation Bonds, Fiscal             8/08 at 101.00         AAA          2,228,394
                 Series 1998H, 5.125%, 8/01/25 - MBIA Insured

          250   New York City, New York, General Obligation Bonds, Fiscal            11/14 at 100.00         AAA            265,470
                 Series 2004E, 5.000%, 11/01/19 - FSA Insured

          225   New York City, New York, General Obligation Bonds, Fiscal             8/15 at 100.00         AAA            242,723
                 Series 2006C, 5.000%, 8/01/16 - FSA Insured

------------------------------------------------------------------------------------------------------------------------------------
        4,715   Total Tax Obligation/General                                                                              4,852,764
------------------------------------------------------------------------------------------------------------------------------------


                TAX OBLIGATION/LIMITED - 45.7% (29.9% OF TOTAL INVESTMENTS)

        2,695   Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue         No Opt. Call         AAA          2,896,667
                 State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
                 MBIA Insured

          145   Dormitory Authority of the State of New York, Improvement             8/09 at 101.00         AAA            150,072
                 Revenue Bonds, Mental Health Services Facilities,
                 Series 1999D, 5.250%, 2/15/29 - FSA Insured

        3,000   Dormitory Authority of the State of New York, Revenue Bonds,         10/12 at 100.00         AAA          3,186,840
                 School Districts Financing Program, Series 2002D,
                 5.250%, 10/01/23 - MBIA Insured

        1,085   Erie County Industrial Development Agency, New York, School           5/17 at 101.00         AAA          1,215,699
                 Facility Revenue Bonds, Buffalo City School District Project,
                 Series 2007A, 5.750%, 5/01/28 - FSA Insured (UB)

          715   Metropolitan Transportation Authority, New York, Dedicated Tax       11/16 at 100.00         AAA            744,479
                 Fund Bonds, Series 2006, 5.000%, 11/15/31 - MBIA Insured

        1,000   Metropolitan Transportation Authority, New York, State Service        7/12 at 100.00         AAA          1,036,650
                 Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
                 FGIC Insured


                                       57

NRK
Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, (2007)

    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                TAX OBLIGATION/LIMITED (continued)

$         560   Monroe Newpower Corporation, New York, Power Facilities               1/13 at 102.00         BBB     $      561,445
                 Revenue Bonds, Series 2003, 5.500%, 1/01/34

                New York City Sales Tax Asset Receivable Corporation, New York,
                Dedicated Revenue Bonds, Local Government Assistance
                Corporation, Series 2004A:
          610    5.000%, 10/15/25 - MBIA Insured                                     10/14 at 100.00         AAA            637,407
          555    5.000%, 10/15/26 - MBIA Insured                                     10/14 at 100.00         AAA            579,248

          740   New York City Transitional Finance Authority, New York, Building      1/17 at 100.00         AAA            774,972
                 Aid Revenue Bonds, Fiscal Series 2007S-2, 5.000%, 1/15/28 -
                 FGIC Insured

        3,000   New York City Transitional Finance Authority, New York, Future        8/12 at 100.00         AAA          3,199,440
                 Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 -
                 AMBAC Insured

        2,000   New York City Transitional Finance Authority, New York, Future        2/13 at 100.00         AAA          2,091,320
                 Tax Secured Refunding Bonds, Fiscal Series 2003D,
                 5.000%, 2/01/22 - MBIA Insured

        1,290   New York State Environmental Facilities Corporation, State            1/13 at 100.00         AAA          1,342,980
                 Personal Income Tax Revenue Bonds, Series 2002A,
                 5.000%, 1/01/23 - FGIC Insured

          950   New York State Thruway Authority, Highway and Bridge Trust              No Opt. Call         AAA          1,077,642
                 Fund Bonds, Second Generation, Series 2005B,
                 5.500%, 4/01/20 - AMBAC Insured

        1,200   New York State Tobacco Settlement Financing Corporation,              6/13 at 100.00         AAA          1,276,980
                 Tobacco Settlement Asset-Backed and State Contingency
                 Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
                 AMBAC Insured

          750   New York State Tobacco Settlement Financing Corporation,              6/13 at 100.00         AA-            801,270
                 Tobacco Settlement Asset-Backed and State Contingency
                 Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21

        1,860   New York State Urban Development Corporation, Service                   No Opt. Call         AA-          1,967,341
                 Contract Revenue Bonds, Correctional and Youth Facilities,
                 Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)

------------------------------------------------------------------------------------------------------------------------------------
       22,155   Total Tax Obligation/Limited                                                                             23,540,452
------------------------------------------------------------------------------------------------------------------------------------


                TRANSPORTATION - 12.6% (8.2% OF TOTAL INVESTMENTS)

        1,000   Metropolitan Transportation Authority, New York, Transportation      11/12 at 100.00         AAA          1,037,230
                 Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
                 FGIC Insured

        1,875   New York State Thruway Authority, General Revenue Bonds,              1/15 at 100.00         AAA          1,981,219
                 Series 2005F, 5.000%, 1/01/20 - AMBAC Insured

        3,030   Port Authority of New York and New Jersey, Consolidated              11/12 at 101.00         AAA          3,190,560
                 Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
                 5.000%, 11/01/22 - FSA Insured

          225   Port Authority of New York and New Jersey, One Hundred and            8/17 at 100.00         AAA            256,203
                 Forty Eighth Consolidated Revenue Bonds, RITES Trust 1516,
                 6.651%, 8/15/32 - FSA Insured (IF)

------------------------------------------------------------------------------------------------------------------------------------
        6,130   Total Transportation                                                                                      6,465,212
------------------------------------------------------------------------------------------------------------------------------------


                U.S. GUARANTEED - 27.2% (17.8% OF TOTAL INVESTMENTS) (4)

        1,185   Dormitory Authority of the State of New York, FHA-Insured             2/13 at 102.00         AAA          1,297,314
                 Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
                 Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
                 (Pre-refunded 2/01/13)

          395   Dormitory Authority of the State of New York, Lease Revenue           7/09 at 101.00         AAA            410,132
                 Bonds, State University Dormitory Facilities, Series 1999B,
                 5.125%, 7/01/28 (Pre-refunded 7/01/09) - MBIA Insured

          500   Dormitory Authority of the State of New York, Revenue Bonds,          5/13 at 100.00         Aaa            545,045
                 North Shore Long Island Jewish Group, Series 2003,
                 5.375%, 5/01/23 (Pre-refunded 5/01/13)

          100   Erie County Water Authority, New York, Water Revenue Bonds,             No Opt. Call         AAA            112,530
                 Series 1990B, 6.750%, 12/01/14 - AMBAC Insured (ETM)

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 1998A:
        1,000    5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured                6/08 at 101.00         AAA          1,021,040
        1,310    5.125%, 12/01/22 (Pre-refunded 6/01/08) - FSA Insured                6/08 at 101.00         AAA          1,337,562


                                       58


    PRINCIPAL                                                                          OPTIONAL CALL
 AMOUNT (000)   DESCRIPTION (1)                                                        PROVISIONS (2)    RATINGS (3)          VALUE
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                         

                U.S. GUARANTEED (4) (continued)

$         215   New York City, New York, General Obligation Bonds,                    8/08 at 101.00         AAA     $      220,087
                 Fiscal Series 1998H, 5.125%, 8/01/25
                 (Pre-refunded 8/01/08) - MBIA Insured

        3,500   New York State Thruway Authority, Highway and Bridge                  4/12 at 100.00         AAA          3,717,944
                 Trust Fund Bonds, Series 2002B, 5.000%, 4/01/20
                 (Pre-refunded 4/01/12) - AMBAC Insured

          100   New York State Urban Development Corporation, Revenue                 1/08 at 102.00         AAA            102,375
                 Refunding Bonds, Correctional Capital Facilities, Series 1998,
                 5.000%, 1/01/20 (Pre-refunded 1/01/08) - MBIA Insured

          500   New York State Urban Development Corporation, State Personal          3/13 at 100.00         AAA            548,055
                 Income Tax Revenue Bonds, State Facilities and Equipment,
                 Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) -
                 FGIC Insured

        2,000   Puerto Rico Electric Power Authority, Power Revenue Bonds,            7/10 at 101.00         AAA          2,112,300
                 Series 2000HH, 5.250%, 7/01/29 (Pre-refunded 7/01/10) -
                 FSA Insured

        1,975   Triborough Bridge and Tunnel Authority, New York, General             1/12 at 100.00         AAA          2,102,052
                 Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31
                 (Pre-refunded 1/01/12) - MBIA Insured

          450   TSASC Inc., New York, Tobacco Flexible Amortization Bonds,            7/09 at 101.00         AAA            475,695
                 Series 1999-1, 6.250%, 7/15/34 (Mandatory put 7/15/24)
                 (Pre-refunded 7/15/09)

------------------------------------------------------------------------------------------------------------------------------------
       13,230   Total U.S. Guaranteed                                                                                    14,002,131
------------------------------------------------------------------------------------------------------------------------------------


                UTILITIES - 9.0% (5.9% OF TOTAL INVESTMENTS)

                Long Island Power Authority, New York, Electric System General
                Revenue Bonds, Series 2006A:
        1,130    5.000%, 12/01/23 - FGIC Insured                                      6/16 at 100.00         AAA          1,191,314
          870    5.000%, 12/01/25 - FGIC Insured                                      6/16 at 100.00         AAA            911,412

          125   Long Island Power Authority, New York, Electric System General        6/16 at 100.00         AAA            128,851
                 Revenue Bonds, Series 2006B, 5.000%, 12/01/35 -
                 CIFG Insured

        2,000   Power Authority of the State of New York, General Revenue            11/12 at 100.00         Aa2          2,106,540
                 Bonds, Series 2002A, 5.000%, 11/15/20

                Power Authority of the State of New York, General Revenue
                Bonds, Series 2006A:
          165    5.000%, 11/15/18 - FGIC Insured                                     11/15 at 100.00         AAA            176,585
          110    5.000%, 11/15/19 - FGIC Insured                                     11/15 at 100.00         AAA            117,048

------------------------------------------------------------------------------------------------------------------------------------
        4,400   Total Utilities                                                                                           4,631,750
------------------------------------------------------------------------------------------------------------------------------------
$      74,805   Total Investments (cost $76,630,773) - 152.8%                                                            78,670,343
=============-----------------------------------------------------------------------------------------------------------------------
                Floating Rate Obligations - (4.1)%                                                                       (2,095,000)
                --------------------------------------------------------------------------------------------------------------------
                Other Assets Less Liabilities - 3.7%                                                                      1,903,369
                --------------------------------------------------------------------------------------------------------------------
                Preferred Shares, at Liquidation Value - (52.4)%                                                        (27,000,000)
                --------------------------------------------------------------------------------------------------------------------
                Net Assets Applicable to Common Shares - 100%                                                        $   51,478,712
                ====================================================================================================================


                                       59


Nuveen Insured New York Tax-Free Advantage Municipal Fund (continued)
Portfolio of INVESTMENTS September 30, (2007)
FORWARD SWAPS OUTSTANDING AT SEPTEMBER 30, 2007:


                                    FUND                                         FIXED RATE                              UNREALIZED
                 NOTIONAL    PAY/RECEIVE       FLOATING RATE    FIXED RATE          PAYMENT   EFFECTIVE   TERMINATION  APPRECIATION
COUNTERPARTY       AMOUNT  FLOATING RATE               INDEX   (ANNUALIZED)       FREQUENCY     DATE (5)         DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   
JPMorgan       $750,000              Pay   3-Month USD-LIBOR         5.388%   Semi-Annually     4/25/08       4/25/35      $ (6,878)
Royal Bank
   of Canada    900,000              Pay                SIFM         4.335        Quarterly     8/06/08       8/06/37        27,956
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                             $21,078
====================================================================================================================================
USD-LIBOR (United States Dollar-London Inter-Bank Offered Rate)

SIFM-The daily arithmetic average of the weekly SIFM (Securities Industry and
Financial Markets) Municipal Swap Index.

                    At least 80% of the Fund's net assets (including net assets
                    attributable to Preferred shares) are invested in municipal
                    securities that are either covered by Original Issue
                    Insurance, Secondary Market Insurance or Portfolio Insurance
                    which ensures the timely payment of principal and interest.
                    Up to 20% of the Fund's net assets (including net assets
                    attributable to Preferred shares) may be invested in
                    municipal securities that are (i) either backed by an escrow
                    or trust containing sufficient U.S. Government or U.S.
                    Government agency securities (also ensuring the timely
                    payment of principal and interest), or (ii) rated, at the
                    time of investment, within the four highest grades (Baa or
                    BBB or better by Moody's, Standard &Poor's or Fitch) or
                    unrated but judged to be of comparable quality by the
                    Adviser.

               (1)  All percentages shown in the Portfolio of Investments are
                    based on net assets applicable to Common shares unless
                    otherwise noted.

               (2)  Optional Call Provisions (not covered by the report of
                    independent registered public accounting firm): 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 (not covered by the report of independent registered
                    public accounting firm): 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)  Effective date represents the date on which both the Fund
                    and counterparty commence interest payment accruals on each
                    forward swap contract.

             WI/DD  Purchased on a when-issued or delayed delivery basis.

             (ETM)  Escrowed to maturity.

              (IF)  Inverse floating rate investment.

              (UB)  Underlying bond of an inverse floating rate trust reflected
                    as a financing transaction pursuant to the provisions of
                    SFAS No. 140.

                                 See accompanying notes to financial statements.


                                       60



                        Statement of
                        ASSETS & LIABILITIES
                                                              September 30, 2007

                                                                                           INSURED         INSURED          INSURED
                                       NEW YORK         NEW YORK         NEW YORK         NEW YORK        NEW YORK         NEW YORK
                                     INVESTMENT           SELECT          QUALITY          PREMIUM        DIVIDEND         TAX-FREE
                                        QUALITY          QUALITY           INCOME           INCOME       ADVANTAGE        ADVANTAGE
                                          (NQN)            (NVN)            (NUN)            (NNF)           (NKO)            (NRK)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
ASSETS
Investments, at value (cost $399,092,377,
   $531,280,728, $536,134,644,
   $185,764,612, $176,403,607 and
   $76,630,773, respectively)      $411,684,952     $554,709,034     $556,828,862     $191,541,385    $182,456,871      $78,670,343
Cash                                    773,885               --        5,396,778        1,280,260       1,370,492        1,477,005
Unrealized appreciation on forward swaps     --               --               --               --              --           27,956
Receivables:
   Interest                           5,631,279        7,380,780        7,241,645        2,605,993       2,487,239          992,378
   Investments sold                      41,142           41,143           15,429           20,572              --               --
Other assets                             50,121           63,181           73,135            6,879           7,114            3,447
------------------------------------------------------------------------------------------------------------------------------------
      Total assets                  418,181,379      562,194,138      569,555,849      195,455,089     186,321,716       81,171,129
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft                               --        1,105,323               --               --              --               --
Floating rate obligations            10,910,000       14,635,000       14,845,000        5,080,000       4,830,000        2,095,000
Unrealized depreciation on forward swaps     --               --           33,606               --              --            6,878
Payables:
   Investments purchased              1,855,792        2,486,553        2,523,044          865,341         818,425          359,690
   Shares repurchased                        --               --           48,356               --              --               --
Accrued expenses:
   Management fees                      205,584          274,155          278,093           97,478          56,048           20,147
   Other                                 99,877          130,220          136,533           40,178          33,679           21,583
Common share dividends payable          810,118        1,098,716        1,030,348          382,933         434,842          181,352
Preferred share dividends payable        75,951           75,936           97,326           32,929          17,547            7,767
------------------------------------------------------------------------------------------------------------------------------------
      Total liabilities              13,957,322       19,805,903       18,992,306        6,498,859       6,190,541        2,692,417
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at
   liquidation value                144,000,000      193,000,000      197,000,000       65,000,000      61,000,000       27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to
   Common shares                   $260,224,057     $349,388,235     $353,563,543     $123,956,230    $119,131,175      $51,478,712
====================================================================================================================================
Common shares outstanding            17,623,633       23,316,402       23,912,139        8,329,215       7,964,131        3,513,360
====================================================================================================================================
Net asset value per Common share
   outstanding (net assets
   applicable to Common
   shares, divided by Common
   shares outstanding)             $      14.77     $      14.98     $      14.79     $      14.88    $      14.96      $     14.65
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01
   par value per share             $    176,236     $    233,164     $    239,121     $     83,292    $     79,641      $    35,134
Paid-in surplus                     247,581,994      326,283,892      332,786,619      118,406,693     113,014,433       49,509,303
Undistributed (Over-distribution of)
   net investment income                172,841         (463,260)        (464,816)        (156,836)       (311,784)         (21,367)
Accumulated net realized gain
   (loss) from investments and
   derivative transactions             (299,589)         (93,867)         342,007         (153,692)        295,621         (105,006)
Net unrealized appreciation
   (depreciation) of investments
   and derivative transactions       12,592,575       23,428,306       20,660,612        5,776,773       6,053,264        2,060,648
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable
   to Common shares                $260,224,057     $349,388,235     $353,563,543     $123,956,230    $119,131,175      $51,478,712
====================================================================================================================================
Authorized shares:
   Common                           200,000,000      200,000,000      200,000,000      200,000,000       Unlimited        Unlimited
   Preferred                          1,000,000        1,000,000        1,000,000        1,000,000       Unlimited        Unlimited
====================================================================================================================================

                                 See accompanying notes to financial statements.


                                       61



                        Statement of
                        OPERATIONS
                                                   Year Ended September 30, 2007

                                                                                         INSURED           INSURED          INSURED
                                    NEW YORK         NEW YORK          NEW YORK         NEW YORK          NEW YORK         NEW YORK
                                  INVESTMENT           SELECT           QUALITY          PREMIUM          DIVIDEND         TAX-FREE
                                     QUALITY          QUALITY            INCOME           INCOME         ADVANTAGE        ADVANTAGE
                                       (NQN)            (NVN)             (NUN)            (NNF)             (NKO)            (NRK)
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                       
INVESTMENT INCOME                $19,475,675      $26,344,151       $26,312,296       $9,006,074        $8,672,362       $3,650,880
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees                    2,530,370        3,376,759         3,425,409        1,198,022         1,142,072          499,432
Preferred shares - auction fees      360,000          482,501           492,502          162,502           152,501           67,499
Preferred shares - dividend
   disbursing agent fees              30,000           30,000            40,000           20,000            10,000           10,000
Shareholders' servicing agent
   fees and expenses                  32,649           34,240            33,008           11,488             1,444              761
Interest expense on floating
   rate obligations                  463,960          624,068          631,384           212,857           215,245           77,556
Custodian's fees and expenses        117,953          131,736           122,293           52,907            54,561           24,128
Directors'/Trustees'
  fees and expenses                   10,428          14,020            13,976             4,782             4,782            2,112
Professional fees                     28,274           34,908            34,845           18,511            17,863           13,373
Shareholders' reports - printing
   and mailing expenses               40,906           49,441            49,321           18,336            19,868           11,335
Stock exchange listing fees            9,682            9,682             9,682            9,682               676              299
Investor relations expense            43,139           56,230            57,458           20,368            19,200            8,752
Portfolio insurance expense               --            1,595                --               --                --               --
Other expenses                        28,828           40,815            41,330           20,410            17,077           10,540
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian
   fee credit and expense
   reimbursement                   3,696,189        4,885,995         4,951,208        1,749,865         1,655,289          725,787
   Custodian fee credit              (22,292)         (22,974)          (48,812)         (14,240)          (22,210)          (9,536)
   Expense reimbursement                  --               --                --               --          (498,859)        (252,159)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses                       3,673,897        4,863,021         4,902,396        1,735,625         1,134,220          464,092
------------------------------------------------------------------------------------------------------------------------------------
Net investment income             15,801,778       21,481,130        21,409,900        7,270,449         7,538,142        3,186,788
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from
   investments                      (289,832)         (70,227)          489,723         (100,953)          290,925           14,123
Change in net unrealized
   appreciation (depreciation) of:
   Investments                    (5,068,948)      (8,612,656)       (8,923,129)      (2,681,117)       (2,914,384)      (1,018,278)
   Forward swaps                          --               --           (33,606)              --                --           21,078
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized
   gain (loss)                    (5,358,780)      (8,682,883)       (8,467,012)      (2,782,070)       (2,623,459)        (983,077)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income        (4,510,422)      (6,304,083)       (6,627,607)      (2,107,436)       (2,085,917)        (815,059)
From accumulated net
   realized gains                   (286,874)        (213,591)         (264,550)         (78,002)          (22,551)         (10,487)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions
   to Preferred shareholders      (4,797,296)      (6,517,674)       (6,892,157)      (2,185,438)       (2,108,468)        (825,546)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from operations               $ 5,645,702      $ 6,280,573       $ 6,050,731       $2,302,941        $2,806,215       $1,378,165
====================================================================================================================================

                                 See accompanying notes to financial statements.


                                       62

                        Statement of
                        CHANGES in NET ASSETS


                                           NEW YORK                             NEW YORK                           NEW YORK
                                   INVESTMENT QUALITY (NQN)               SELECT QUALITY (NVN)               QUALITY INCOME (NUN)
                                -----------------------------      -----------------------------      ------------------------------
                                  YEAR ENDED       YEAR ENDED        YEAR ENDED       YEAR ENDED        YEAR ENDED       YEAR ENDED
                                     9/30/07          9/30/06           9/30/07          9/30/06           9/30/07          9/30/06
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                     
OPERATIONS
Net investment income           $ 15,801,778     $ 15,907,329      $ 21,481,130     $ 21,714,081      $ 21,409,900     $ 21,664,360
Net realized gain (loss)
   from investments                 (289,832)       1,505,810           (70,227)         782,279           489,723          923,472
Change in net unrealized
   appreciation (depreciation) of:
   Investments                    (5,068,948)      (2,357,937)       (8,612,656)      (2,287,599)       (8,923,129)      (1,988,253)
   Forward swaps                          --               --                --               --           (33,606)              --
Distributions to Preferred Shareholders:
   From net investment income     (4,510,422)      (2,983,982)       (6,304,083)      (4,842,564)       (6,627,607)      (4,914,770)
   From accumulated net
      realized gains                (286,874)      (1,531,013)         (213,591)      (1,136,286)         (264,550)      (1,218,931)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from operations                 5,645,702       10,540,207         6,280,573       14,229,911         6,050,731       14,465,878
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income       (11,824,817)     (13,281,844)      (16,441,617)     (17,869,346)      (15,623,437)     (18,245,845)
From accumulated net
   realized gains                 (1,259,452)      (9,475,383)         (754,478)      (6,350,504)         (950,942)      (6,512,243)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions
   to Common shareholders        (13,084,269)     (22,757,227)      (17,196,095)     (24,219,850)      (16,574,379)     (24,758,088)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
   Repurchased                    (1,323,079)              --        (1,641,093)              --        (2,318,030)              --
   Net proceeds from shares issued
      to shareholders due to
      reinvestment of distributions       --               --                --               --                --               --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common
   shares from capital
   share transactions             (1,323,079)              --        (1,641,093)              --        (2,318,030)              --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares    (8,761,646)     (12,217,020)      (12,556,615)      (9,989,939)      (12,841,678)     (10,292,210)
Net assets applicable to Common
   shares at the beginning
   of year                       268,985,703      281,202,723       361,944,850      371,934,789       366,405,221      376,697,431
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
   shares at the end of year    $260,224,057     $268,985,703      $349,388,235     $361,944,850      $353,563,543     $366,405,221
------------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
   net investment income at the
   end of year                  $    172,841     $    708,393      $   (463,260)    $    804,030      $   (464,816)    $    392,711
====================================================================================================================================

                                 See accompanying notes to financial statements.


                                       63

                        Statement of
                        CHANGES in NET ASSETS (continued)


                                       INSURED NEW YORK                     INSURED NEW YORK                   INSURED NEW YORK
                                     PREMIUM INCOME (NNF)               DIVIDEND ADVANTAGE (NKO)           TAX-FREE ADVANTAGE (NRK)
                                -----------------------------      -----------------------------      ------------------------------
                                 YEAR ENDED       YEAR ENDED         YEAR ENDED       YEAR ENDED        YEAR ENDED       YEAR ENDED
                                    9/30/07           9/30/06           9/30/07          9/30/06           9/30/07          9/30/06
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                      
OPERATIONS
Net investment income           $ 7,270,449       $ 7,298,685       $ 7,538,142      $ 7,563,621       $ 3,186,788      $ 3,166,870
Net realized gain (loss)
   from investments                (100,953)          293,978           290,925           95,249            14,123           89,791
Change in net unrealized appreciation
   (depreciation) of:
   Investments                   (2,681,117)         (707,934)       (2,914,384)        (701,606)       (1,018,278)        (257,428)
   Forward swaps                         --                --                --               --            21,078               --
Distributions to Preferred Shareholders:
   From net investment income    (2,107,436)       (1,528,170)       (2,085,917)      (1,625,107)         (815,059)        (745,283)
   From accumulated net
      realized gains                 78,002)         (419,333)          (22,551)        (237,461)          (10,487)         (12,658)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from operations                 2,302,941        4,937,226         2,806,215        5,094,696         1,378,165        2,241,292
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income        (5,597,338)      (6,067,834)       (5,763,556)      (6,203,208)       (2,297,570)      (2,409,814)
From accumulated net
   realized gains                   (295,581)      (2,743,643)          (83,553)      (1,482,563)          (34,075)         (89,226)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
   Common shares from distributions
   to Common shareholders         (5,892,919)      (8,811,477)       (5,847,109)      (7,685,771)       (2,331,645)      (2,499,040)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
   Repurchased                            --               --                --               --                --               --
   Net proceeds from shares issued
      to shareholders due to
      reinvestment of distributions       --               --            94,153               --             7,613               --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares
   from capital share transactions        --               --            94,153               --             7,613               --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
   applicable to Common shares    (3,589,978)      (3,874,251)       (2,946,741)      (2,591,075)         (945,867)        (257,748)
Net assets applicable to Common
   shares at the beginning
   of year1                       27,546,208      131,420,459       122,077,916      124,668,991        52,424,579       52,682,327
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
   shares at the end of year    $123,956,230     $127,546,208      $119,131,175     $122,077,916       $51,478,712      $52,424,579
------------------------------------------------------------------------------------------------------------------------------------
Undistributed (Over-distribution of)
   net investment income at the
   end of year                  $   (156,836)    $    278,452      $   (311,784)    $     15,184       $   (21,367)     $   (95,526)
====================================================================================================================================

                                 See accompanying notes to financial statements.


                                       64


Notes to
FINANCIAL STATEMENTS


1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES

The New York funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc.
(NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured
New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York
Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free
Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New
York Stock Exchange, with the exception of Insured New York Dividend Advantage's
(NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common
shares, which trade on the American Stock Exchange. The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end management
investment companies.

Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York or
certain U.S. territories.

The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.

Investment Valuation

The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
market price quotes are not readily available (which is usually the case for
municipal securities), the pricing service may establish fair value based on
yields or prices of municipal bonds of comparable quality, type of issue,
coupon, maturity and rating, indications of value from securities dealers,
evaluations of anticipated cash flows or collateral and general market
conditions. Prices of forward swap contracts are also provided by an independent
pricing service approved by each Fund's Board of Directors/Trustees. If the
pricing service is unable to supply a price for a municipal bond or forward swap
contract, each Fund may use a market price or fair market value quote provided
by a major broker/dealer in such investments. If it is determined that the
market price or fair market value for an investment or derivative transaction is
unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or
its designee, may establish a fair value for the investment. Temporary
investments in securities that have variable rate and demand features qualifying
them as short-term investments are valued at amortized cost, which approximates
market value.

Investment Transactions

Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At September 30, 2007, New
York Investment Quality (NQN), New York Select Quality (NVN), New York Quality
Income (NUN), Insured New York Premium Income (NNF), Insured New York Dividend
Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) had outstanding
when-issued/delayed delivery purchase commitments of $1,855,792, $2,486,553,
$2,523,044, $865,341, $818,425 and $359,690, respectively.

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.


                                       65


Notes to
FINANCIAL STATEMENTS (continued)


Income Taxes

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and ordinary income distributions paid by the Funds are subject to federal
taxation.

Dividends and Distributions to Common Shareholders

Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.

Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.

Preferred Shares

The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate paid by the Funds on each
Series is determined every seven days, pursuant to a dutch auction process
overseen by the auction agent, and is payable at the end of each rate period.
The number of Preferred shares outstanding, by Series and in total, for each
Fund is as follows:


                                                                                   INSURED      INSURED     INSURED
                                          NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK    NEW YORK
                                        INVESTMENT        SELECT      QUALITY      PREMIUM     DIVIDEND    TAX-FREE
                                           QUALITY       QUALITY       INCOME       INCOME    ADVANTAGE   ADVANTAGE
                                             (NQN)         (NVN)        (NUN)        (NNF)        (NKO)       (NRK)
-------------------------------------------------------------------------------------------------------------------
                                                                                            
Number of shares:
     Series M                                  960            --        2,200        1,320           --          --
     Series T                                2,400         1,720           --        1,280           --          --
     Series W                                   --         2,400        2,200           --           --          --
     Series TH                                  --         3,600        2,400           --        2,440       1,080
     Series F                                2,400            --        1,080           --           --          --
-------------------------------------------------------------------------------------------------------------------
Total                                        5,760         7,720        7,880        2,600        2,440       1,080
===================================================================================================================


Insurance

New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest only in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.

Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets (including net assets
attributable to Preferred shares) in municipal securities that are covered by
insurance. Each Fund may also invest up to 20% of its net assets (including net
assets attributable to Preferred shares) in municipal securities which are
either (i) backed by an escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities, or (ii)


                                       66



rated, at the time of investment, within the four highest grades (Baa or BBB or
better by Moody's, Standard & Poor's or Fitch) or unrated but judged to be of
comparable quality by Nuveen Asset Management (the "Adviser"), a wholly owned
subsidiary of Nuveen Investments, Inc. ("Nuveen").

Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.

Inverse Floating Rate Securities

Each Fund may invest in inverse floating rate securities. An inverse floating
rate security is created by depositing a municipal bond, typically with a fixed
interest rate, into a special purpose trust created by a broker-dealer. In turn,
this trust (a) issues floating rate certificates, in face amounts equal to some
fraction of the deposited bond's par amount or market value, that typically pay
short-term tax-exempt interest rates to third parties, and (b) issues to a
long-term investor (such as one of the Funds) an inverse floating rate
certificate (sometimes referred to as an "inverse floater") that represents all
remaining or residual interest in the trust. The income received by the inverse
floater holder varies inversely with the short-term rate paid to the floating
rate certificates' holders, and in most circumstances the inverse floater holder
bears substantially all of the underlying bond's downside investment risk and
also benefits disproportionately from any potential appreciation of the
underlying bond's value. The price of an inverse floating rate security will be
more volatile than that of the underlying bond because the interest rate is
dependent on not only the fixed coupon rate of the underlying bond but also on
the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater
face value of the underlying bond.

A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). An investment in an externally-deposited
inverse floater is identified in the Portfolio of Investments as an "Inverse
floating rate investment". An investment in a self-deposited inverse floater is
accounted for as a financing transaction in accordance with Statement of
Financial Accounting Standards (SFAS) No. 140 "Accounting for Transfers and
Servicing of Financial Assets and Extinguishment of Liabilities". In such
instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as an "Underlying bond of an inverse
floating rate trust", with the Fund accounting for the short-term floating rate
certificates issued by the trust as "Floating rate obligations" on the Statement
of Assets and Liabilities. In addition, the Fund reflects in Investment Income
the entire earnings of the underlying bond and accounts for the related interest
paid to the holders of the short-term floating rate certificates as "Interest
expense on floating rate obligations" in the Statement of Operations.

During the fiscal year ended September 30, 2007, each Fund invested in
externally deposited inverse floaters and/or self-deposited inverse floaters.

The average floating rate obligations outstanding and average annual interest
rate and fees related to self-deposited inverse floaters during the fiscal year
ended September 30, 2007, were as follows:



                                                                                   INSURED      INSURED     INSURED
                                          NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK    NEW YORK
                                        INVESTMENT        SELECT      QUALITY      PREMIUM     DIVIDEND    TAX-FREE
                                           QUALITY       QUALITY       INCOME       INCOME    ADVANTAGE   ADVANTAGE
                                             (NQN)         (NVN)        (NUN)        (NNF)        (NKO)       (NRK)
-------------------------------------------------------------------------------------------------------------------
                                                                                            
Average floating rate obligations      $11,962,329   $16,090,685  $16,279,205   $5,487,918   $5,548,959  $1,998,767
Average annual interest rate and fees        3.88%         3.88%        3.88%        3.88%        3.88%       3.88%
===================================================================================================================



                                       67

Notes to
FINANCIAL STATEMENTS (continued)


Forward Swap Transactions

The Funds are authorized to invest in forward interest rate swap transactions.
Each Fund's use of forward interest rate swap transactions is intended to help
the Fund manage its overall interest rate sensitivity, either shorter or longer,
generally to more closely align the Fund's interest rate sensitivity with that
of the broader municipal market. Forward interest rate swap transactions involve
each Fund's agreement with a counterparty to pay, in the future, a fixed or
variable rate payment in exchange for the counterparty paying the Fund a
variable or fixed rate payment, the accruals for which would begin at a
specified date in the future (the "effective date"). The amount of the payment
obligation is based on the notional amount of the forward swap contract and the
termination date of the swap (which is akin to a bond's maturity). The value of
the Fund's swap commitment would increase or decrease based primarily on the
extent to which long-term interest rates for bonds having a maturity of the
swap's termination date increases or decreases. The Funds may terminate a swap
contract prior to the effective date, at which point a realized gain or loss is
recognized. When a forward swap is terminated, it ordinarily does not involve
the delivery of securities or other underlying assets or principal, but rather
is settled in cash on a net basis. Each Fund intends, but is not obligated, to
terminate its forward swaps before the effective date. Accordingly, the risk of
loss with respect to the swap counterparty on such transactions is limited to
the credit risk associated with a counterparty failing to honor its commitment
to pay any realized gain to the Fund upon termination. To reduce such credit
risk, all counterparties are required to pledge collateral daily (based on the
daily valuation of each swap) on behalf of each Fund with a value approximately
equal to the amount of any unrealized gain above a pre-determined threshold.
Reciprocally, when any of the Funds have an unrealized loss on a swap contract,
the Funds have instructed the custodian to pledge assets of the Funds as
collateral with a value approximately equal to the amount of the unrealized loss
above a pre-determined threshold. Collateral pledges are monitored and
subsequently adjusted if and when the swap valuations fluctuate, either up or
down, by at least the predetermined threshold amount.

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 the Fund overdraws its accounts 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 U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.


                                       68

2. FUND SHARES

On July 10, 2007, the Board of Directors of New York Investment Quality (NQN),
New York Select Quality (NVN) and New York Quality Income (NUN) approved an
open-market share repurchase program, as part of a board, ongoing effort
designed to support the market prices of the Funds' Common shares. Under the
terms of the program, each Fund may repurchase up to 10% of its outstanding
Common shares.

Transactions in Common shares were as follows:


                                             NEW YORK                  NEW YORK                  NEW YORK
                                     INVESTMENT QUALITY (NQN)    SELECT QUALITY (NVN)      QUALITY INCOME (NUN)
                                     ------------------------   -----------------------   -----------------------
                                     YEAR ENDED    YEAR ENDED   YEAR ENDED   YEAR ENDED   YEAR ENDED   YEAR ENDED
                                        9/30/07       9/30/06      9/30/07      9/30/06      9/30/07      9/30/06
-----------------------------------------------------------------------------------------------------------------
                                                                                            
Common shares:
   Shares issued to shareholders due
   to reinvestment of distributions          --            --           --           --           --           --
   Shares repurchased                   (97,300)           --     (118,800)          --     (171,600)          --
-----------------------------------------------------------------------------------------------------------------
Weighted average price per
   Common share repurchased              $13.58            --       $13.79           --       $13.49           --
Weighted average discount
   per Common share                       7.19%            --        7.12%           --        7.74%           --
=================================================================================================================

                                        INSURED NEW YORK           INSURED NEW YORK          INSURED NEW YORK
                                       PREMIUM INCOME (NNF)     DIVIDEND ADVANTAGE (NKO)  TAX-FREE ADVANTAGE (NRK)
                                     ------------------------   -----------------------   -----------------------
                                     YEAR ENDED    YEAR ENDED   YEAR ENDED   YEAR ENDED   YEAR ENDED   YEAR ENDED
                                        9/30/07       9/30/06      9/30/07      9/30/06      9/30/07      9/30/06
-----------------------------------------------------------------------------------------------------------------
                                                                                            
Common shares:
   Shares issued to shareholders due
   to reinvestment of distributions          --            --        6,197           --          512           --
   Shares repurchased                        --            --           --           --           --           --
-----------------------------------------------------------------------------------------------------------------
Weighted average price per
   Common share repurchased                  --            --           --           --           --           --
Weighted average discount
   per Common share                          --            --           --           --           --           --
=================================================================================================================

3. INVESTMENT TRANSACTIONS

Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the fiscal year ended September 30, 2007,
were as follows:



                                                                                    INSURED      INSURED      INSURED
                                          NEW YORK      NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK
                                        INVESTMENT        SELECT       QUALITY      PREMIUM     DIVIDEND     TAX-FREE
                                           QUALITY       QUALITY        INCOME       INCOME    ADVANTAGE    ADVANTAGE
                                             (NQN)         (NVN)         (NUN)        (NNF)        (NKO)        (NRK)
---------------------------------------------------------------------------------------------------------------------
                                                                                        
Purchases                              $90,644,298  $110,489,524  $124,915,207  $44,608,611  $36,840,936  $15,058,618
Sales and maturities                    81,452,613    97,002,014   117,910,826   40,771,381   35,608,647   13,705,616
=====================================================================================================================


4. INCOME TAX INFORMATION

The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses, timing differences
in recognizing taxable market discount, timing differences in recognizing
certain gains and losses on investment transactions and the treatment of
investments in inverse floating rate transactions subject to SFAS No. 140. To
the extent that differences arise that are permanent in nature, such amounts are
reclassified within the capital accounts on the Statement of Assets and
Liabilities presented in the annual report, based on their federal tax basis
treatment; temporary differences do not require reclassification. Temporary and
permanent differences do not impact the net asset values of the Funds.

At September 30, 2007, the cost of investments was as follows:



                                                                                   INSURED       INSURED      INSURED
                                        NEW YORK      NEW YORK      NEW YORK      NEW YORK      NEW YORK     NEW YORK
                                      INVESTMENT        SELECT       QUALITY       PREMIUM      DIVIDEND     TAX-FREE
                                         QUALITY       QUALITY        INCOME        INCOME     ADVANTAGE    ADVANTAGE
                                           (NQN)         (NVN)         (NUN)         (NNF)         (NKO)        (NRK)
---------------------------------------------------------------------------------------------------------------------
                                                                                        
Cost of investments                 $387,927,131  $516,522,406  $521,168,503  $180,622,938  $171,520,998  $74,552,721
=====================================================================================================================


                                       69



Notes to
FINANCIAL STATEMENTS (continued)


Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2007, were as follows:



                                                                                   INSURED       INSURED      INSURED
                                        NEW YORK      NEW YORK      NEW YORK      NEW YORK      NEW YORK     NEW YORK
                                      INVESTMENT        SELECT       QUALITY       PREMIUM      DIVIDEND     TAX-FREE
                                         QUALITY       QUALITY        INCOME        INCOME     ADVANTAGE    ADVANTAGE
                                           (NQN)         (NVN)         (NUN)         (NNF)         (NKO)        (NRK)
---------------------------------------------------------------------------------------------------------------------
                                                                                        
Gross unrealized:
   Appreciation                      $13,394,585   $24,068,679   $21,548,362    $6,125,729    $6,296,279   $2,083,219
   Depreciation                         (539,116)     (506,333)     (724,881)     (283,977)     (186,366)     (59,643)
---------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation
   (depreciation) of investments     $12,855,469   $23,562,346   $20,823,481    $5,841,752    $6,109,913   $2,023,576
=====================================================================================================================

The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at September 30, 2007, the Funds' tax year end,
were as follows:


                                                                                   INSURED       INSURED      INSURED
                                        NEW YORK      NEW YORK      NEW YORK      NEW YORK      NEW YORK     NEW YORK
                                      INVESTMENT        SELECT       QUALITY       PREMIUM      DIVIDEND     TAX-FREE
                                         QUALITY       QUALITY        INCOME        INCOME     ADVANTAGE    ADVANTAGE
                                           (NQN)         (NVN)         (NUN)         (NNF)         (NKO)        (NRK)
---------------------------------------------------------------------------------------------------------------------
                                                                                           
Undistributed net tax-exempt income *   $964,095      $790,834      $714,768      $260,147      $111,030     $177,605
Undistributed net ordinary income **          --         6,318             3           744            --           --
Undistributed net long-term
   capital gains                          10,122         1,362       351,216           548       295,621        8,007
=====================================================================================================================

*    Undistributed net tax-exempt income (on a tax basis) has not been reduced
     for the dividend declared on September 4, 2007, paid on October 1, 2007.
**   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' the tax years ended
September 30, 2007 and September 30, 2006, was designated for purposes of the
dividends paid deduction as follows:


                                                                                INSURED      INSURED      INSURED
                                       NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK     NEW YORK
                                     INVESTMENT        SELECT      QUALITY      PREMIUM     DIVIDEND     TAX-FREE
                                        QUALITY       QUALITY       INCOME       INCOME    ADVANTAGE    ADVANTAGE
2007                                      (NQN)         (NVN)        (NUN)        (NNF)        (NKO)        (NRK)
-----------------------------------------------------------------------------------------------------------------
                                                                                     
Distributions from net
   tax-exempt income ***            $16,282,164   $22,790,638  $22,339,468   $7,722,662   $7,871,954   $3,110,383
Distributions from net
   ordinary income **                    39,794           220       22,007          133           --           --
Distributions from net long-term
   capital gains ****                 1,546,326       968,069    1,215,492      373,583      106,104       44,562
=================================================================================================================

                                                                                INSURED      INSURED      INSURED
                                       NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK     NEW YORK
                                     INVESTMENT        SELECT      QUALITY      PREMIUM     DIVIDEND     TAX-FREE
                                        QUALITY       QUALITY       INCOME       INCOME    ADVANTAGE    ADVANTAGE
2006                                      (NQN)         (NVN)        (NUN)        (NNF)        (NKO)        (NRK)
-----------------------------------------------------------------------------------------------------------------
                                                                                     
Distributions from net
   tax-exempt income                $16,493,057   $22,926,465  $23,334,752   $7,663,027   $7,871,436   $3,163,396
Distributions from net
   ordinary income **                        --            --       31,444           --        4,227           --
Distributions from net long-term
   capital gains                     11,006,407     7,486,790    7,731,174    3,162,976    1,716,383      104,088
=================================================================================================================

**   Net ordinary income consists of taxable market discount income and net
     short-term capital gains, if any.
***  The Funds hereby designate these amounts paid during the fiscal year ended
     September 30, 2007, as Exempt Interest Dividends.
**** The Funds hereby designate these amounts paid during the fiscal year ended
     September 30, 2007, as long-term capital gain dividends pursuant to
     Internal Revenue Code Section 852(b)(3).


                                       70

The following Funds have elected to defer net realized losses from investments
incurred from November 1, 2006 through September 30, 2007, the Funds' tax year
end, ("post-October losses") in accordance with federal income tax regulations.
Post-October losses are treated as having arisen on the first day of the
following fiscal year:

                                 NEW YORK                   INSURED      INSURED
                               INVESTMENT     NEW YORK     NEW YORK     NEW YORK
                                  QUALITY       SELECT      PREMIUM     TAX-FREE
                                     MUNI      QUALITY       INCOME    ADVANTAGE
                                    (NQN)        (NVN)        (NNF)        (NRK)
--------------------------------------------------------------------------------
                                 $309,645      $95,228     $154,238      $96,747
================================================================================

5. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES

Each Fund's management fee is separated into two components - a complex-level
component, based on the aggregate amount of all fund assets managed by the
Adviser, and a specific fund-level component, based only on the amount of assets
within each individual fund. This pricing structure enables Nuveen fund
shareholders to benefit from growth in the assets within each individual fund as
well as from growth in the amount of complex-wide assets managed by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is based upon the
average daily net assets (including net assets attributable to Preferred shares)
of each Fund as follows:

                                               NEW YORK INVESTMENT QUALITY (NQN)
                                                   NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS                           NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS                      INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES)                            FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million                                                .4500%
For the next $125 million                                                 .4375
For the next $250 million                                                 .4250
For the next $500 million                                                 .4125
For the next $1 billion                                                   .4000
For the next $3 billion                                                   .3875
For net assets over $5 billion                                            .3750
================================================================================


AVERAGE DAILY NET ASSETS               INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS                  INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES)                            FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million                                                .4500%
For the next $125 million                                                 .4375
For the next $250 million                                                 .4250
For the next $500 million                                                 .4125
For the next $1 billion                                                   .4000
For net assets over $2 billion                                            .3750
================================================================================

The annual complex-level fee, payable monthly, which is additive to the
fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the
aggregate amount of total fund assets managed as stated in the table below. As
of September 30, 2007, the complex-level fee rate was .1831%.


                                       71


Notes to
FINANCIAL STATEMENTS (continued)


Effective August 20, 2007, the complex-level fee schedule is as follows:

COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1)      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
================================================================================

Prior to August 20, 2007, the complex-level fee schedule was as follows:

COMPLEX-LEVEL ASSET BREAKPOINT LEVEL (1)      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                                                               .1698
$125 billion                                                              .1617
$200 billion                                                              .1536
$250 billion                                                              .1509
$300 billion                                                              .1490
================================================================================

(1)  The complex-level fee component of the management fee for the funds is
     calculated based upon the aggregate Managed Assets ("Managed Assets" means
     the average daily net assets of each fund including assets attributable to
     preferred stock issued by or borrowings by the Nuveen funds) of
     Nuveen-sponsored funds in the U.S.

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.


                                       72



For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                                           YEAR ENDING
MARCH 31,                                             MARCH 31,
--------------------------------------------------------------------------------
2002*                       .30%                      2008                  .25%
2003                        .30                       2009                  .20
2004                        .30                       2010                  .15
2005                        .30                       2011                  .10
2006                        .30                       2012                  .05
2007                        .30
================================================================================
*    From the commencement of operations.

The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.

For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:

YEAR ENDING                                           YEAR ENDING
NOVEMBER 30,                                          NOVEMBER 30,
--------------------------------------------------------------------------------
2002*                       .32%                      2007                  .32%
2003                        .32                       2008                  .24
2004                        .32                       2009                  .16
2005                        .32                       2010                  .08
2006                        .32
================================================================================
*    From the commencement of operations.

The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.

Agreement and Plan of Merger

On June 20, 2007, Nuveen Investments announced that it had entered into a
definitive Agreement and Plan of Merger ("Merger Agreement") with Windy City
Investments, Inc. ("Windy City"), a corporation formed by investors led by
Madison Dearborn Partners, LLC ("Madison Dearborn"), pursuant to which Windy
City would acquire Nuveen Investments. Madison Dearborn is a private equity
investment firm based in Chicago, Illinois. The merger was consummated on
November 13, 2007.

The consummation of the merger was deemed to be an "assignment" (as that term is
defined in the Investment Company Act of 1940) of the investment management
agreement between each Fund and the Adviser, and resulted in the automatic
termination of each Fund's agreement. The Board of Directors/Trustees of each
Fund considered and approved a new investment management agreement with the
Adviser. The new ongoing agreement was approved by the shareholders of each Fund
and took effect on November 13, 2007.

The investors led by Madison Dearborn include an affiliate of Merrill Lynch. As
a result, Merrill Lynch is an indirect "affiliated person" (as that term is
defined in the Investment Company Act of 1940) of each Fund. Certain conflicts
of interest may arise as a result of such indirect affiliation. For example, the
Funds are generally prohibited from entering into principal transactions with
Merrill Lynch and its affiliates. The Adviser does not believe that any such
prohibitions or limitations as a result of Merrill Lynch's affiliation will
significantly impact the ability of the Funds to pursue their investment
objectives and policies.


                                       73



Notes to
FINANCIAL STATEMENTS (continued)


6. NEW ACCOUNTING PRONOUNCEMENTS

Financial Accounting Standards Board Interpretation No. 48

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB
Interpretation No. 48, "Accounting for Uncertainty in Income Taxes" (FIN 48).
FIN 48 provides guidance for how uncertain tax positions should be recognized,
measured, presented and disclosed in the financial statements. FIN 48 requires
the evaluation of tax positions taken or expected to be taken in the course of
preparing the Funds' tax returns to determine whether the tax positions are
"more-likely-than-not" of being sustained by the applicable tax authority. Tax
positions not deemed to meet the more-likely-than-not threshold would be
recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is
required for fiscal years beginning after December 15, 2006, and is to be
applied to all open tax years as of the effective date. SEC guidance allows
funds to delay implementing FIN 48 into NAV calculations until the fund's last
NAV calculation in the first required financial statement reporting period. As a
result, the Funds must begin to incorporate FIN 48 into their NAV calculations
by March 31, 2008. At this time, management is continuing to evaluate the
implications of FIN 48 and does not expect the adoption of FIN 48 will have a
significant impact on the net assets or results of operations of the Funds.

Financial Accounting Standards Board Statement of Financial Accounting Standards
No. 157

In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007, and interim periods within those fiscal
years. The changes to current generally accepted accounting principles from the
application of this standard relate to the definition of fair value, the methods
used to measure fair value, and the expanded disclosures about fair value
measurements. As of September 30, 2007, management does not believe the adoption
of SFAS No. 157 will impact the financial statement amounts; however, additional
disclosures may be required about the inputs used to develop the measurements
and the effect of certain of the measurements included within the Statement of
Operations for the period.

7. SUBSEQUENT EVENTS

Distributions to Common Shareholders

The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 1, 2007, to shareholders of record
on October 15, 2007, as follows:


                                                                                   INSURED      INSURED     INSURED
                                          NEW YORK      NEW YORK     NEW YORK     NEW YORK     NEW YORK    NEW YORK
                                        INVESTMENT        SELECT      QUALITY      PREMIUM     DIVIDEND    TAX-FREE
                                           QUALITY       QUALITY       INCOME       INCOME    ADVANTAGE   ADVANTAGE
                                             (NQN)         (NVN)        (NUN)        (NNF)        (NKO)       (NRK)
-------------------------------------------------------------------------------------------------------------------
                                                                                           
Dividend per share                          $.0520        $.0530       $.0510       $.0505       $.0550      $.0545
===================================================================================================================



                                       74


Financial
HIGHLIGHTS



                                       75



                        Financial
                        HIGHLIGHTS

Selected data for a Common share outstanding throughout each period:

                                               Investment Operations                               Less Distributions
                           ---------------------------------------------------------------  --------------------------------
                                                    Distributions   Distributions
                                                         from Net            from                  Net
                Beginning                              Investment         Capital           Investment   Capital
                   Common                     Net       Income to        Gains to            Income to  Gains to
                    Share         Net   Realized/      Preferred        Preferred               Common    Common
                Net Asset  Investment  Unrealized          Share-          Share-               Share-    Share-
                    Value      Income  Gain (Loss)        holders+        holders+   Total     holders   holders      Total
============================================================================================================================
                                                                                          
NEW YORK INVESTMENT QUALITY (NQN)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007              $15.18        $ .89      $ (.29)          $(.25)          $(.02)   $ .33      $(.67)     $(.07)    $ (.74)
2006               15.87          .90        (.05)           (.17)           (.09)     .59       (.75)      (.53)     (1.28)
2005               16.46          .95        (.19)           (.13)           (.01)     .62       (.94)      (.27)     (1.21)
2004               16.80         1.02         .12            (.05)           (.03)    1.06       (.99)      (.41)     (1.40)
2003               16.92         1.07        (.07)           (.07)           (.01)     .92       (.95)      (.09)     (1.04)

NEW YORK SELECT QUALITY (NVN)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007               15.44          .92        (.37)           (.27)           (.01)     .27       (.70)      (.03)      (.73)
2006               15.87          .93        (.07)           (.21)           (.05)     .60       (.76)      (.27)     (1.03)
2005               16.18          .97        (.09)           (.14)           (.01)     .73       (.91)      (.13)     (1.04)
2004               16.28         1.01         .19            (.06)           (.02)    1.12       (.95)      (.27)     (1.22)
2003               16.48         1.05        (.09)           (.07)           (.01)     .88       (.94)      (.14)     (1.08)
============================================================================================================================

                                                                  Total Returns
                                                               -------------------
                        Offering                                            Based
                       Costs and      Ending                                   on
                       Preferred      Common                    Based      Common
                           Share       Share     Ending            on   Share Net
                    Underwriting   Net Asset     Market        Market       Asset
                       Discounts       Value      Value         Value*      Value*
==================================================================================
                                                              
NEW YORK INVESTMENT QUALITY (NQN)
----------------------------------------------------------------------------------
Year Ended 9/30:
2007                        $ --      $14.77     $13.70          3.22%       2.22%
2006                          --       15.18      13.99          2.39        4.03
2005                          --       15.87      14.94          4.08        3.90
2004                          --       16.46      15.52         10.21        6.61
2003                          --       16.80      15.38          3.63        5.68

NEW YORK SELECT QUALITY (NVN)
----------------------------------------------------------------------------------
Year Ended 9/30:
2007                          --       14.98      13.86          1.70        1.75
2006                          --       15.44      14.34          4.53        4.10
2005                          --       15.87      14.74          4.93        4.64
2004                          --       16.18      15.04          6.96        7.27
2003                          --       16.28      15.22          4.57        5.63
==================================================================================

                                                                 Ratios/Supplemental Data
                 -------------------------------------------------------------------------------------------------------------------
                                         Ratios to Average Net Assets                Ratios to Average Net Assets
                                          Applicable to Common Shares                 Applicable to Common Shares
                                          Before Credit/Reimbursement                 After Credit/Reimbursement**
                               --------------------------------------------  -------------------------------------------
                      Ending
                         Net
                      Assets
                  Applicable    Expenses        Expenses              Net     Expenses        Expenses             Net    Portfolio
                   to Common   Including       Excluding       Investment    Including       Excluding      Investment     Turnover
                 Shares (000)   Interest++(a)   Interest++(a)      Income++   Interest++(a)   Interest++(a)     Income++       Rate
====================================================================================================================================
                                                                                                         
NEW YORK INVESTMENT QUALITY (NQN)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                $260,224        1.40%           1.22%            5.98%        1.39%           1.22%           5.99%          19%
2006                 268,986        1.22            1.22             5.92         1.21            1.21            5.94           16
2005                 281,203        1.19            1.19             5.88         1.18            1.18            5.89           30
2004                 291,660        1.18            1.18             6.26         1.18            1.18            6.26           11
2003                 297,312        1.19            1.19             6.42         1.18            1.18            6.42           19

NEW YORK SELECT QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                 349,388        1.38            1.20             6.05         1.37            1.19            6.05           17
2006                 361,945        1.20            1.20             6.03         1.18            1.18            6.05           15
2005                 371,935        1.18            1.18             6.03         1.18            1.18            6.04           17
2004                 379,117        1.19            1.19             6.31         1.19            1.19            6.32            8
2003                 381,274        1.19            1.19             6.49         1.18            1.18            6.50           16
====================================================================================================================================

                                                      Floating Rate Obligations
                Preferred Shares at End of Period          at End of Period
              --------------------------------------  --------------------------
                Aggregate   Liquidation                 Aggregate
                   Amount    and Market        Asset       Amount         Asset
              Outstanding         Value     Coverage  Outstanding      Coverage
                    (000)     Per Share    Per Share         (000)   Per $1,000
================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007             $144,000       $25,000      $70,178      $10,910       $38,051
2006              144,000        25,000       71,699           --            --
2005              144,000        25,000       73,820           --            --
2004              144,000        25,000       75,635           --            --
2003              144,000        25,000       76,617           --            --
NEW YORK SELECT QUALITY (NVN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007              193,000        25,000      70,258        14,635        38,061
2006              193,000        25,000      71,884            --            --
2005              193,000        25,000      73,178            --            --
2004              193,000        25,000      74,108            --            --
2003              193,000        25,000      74,388            --            --
================================================================================

*    Total Return on Market Value is the combination of changes in the market
     price per share and the effect of reinvested dividend income and reinvested
     capital gains distributions, if any, at the average price paid per share at
     the time of reinvestment. 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 takes 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 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.
**   After custodian fee credit and expense reimbursement, where applicable.
+    The amounts shown are based on Common share equivalents.
++   Ratios do not reflect the effect of dividend payments to Preferred
     shareholders; income ratios reflect income earned on assets attributable to
     Preferred shares.
(a)  Interest expense arises from the application of SFAS No. 140 to certain
     inverse floating rate transactions entered into by the Fund as more fully
     described in Footnote 1 - Inverse Floating Rate Securities.

                                 See accompanying notes to financial statements.


                                  76-77 spread


                        Financial
                        HIGHLIGHTS (continued)


     Selected data for a Common share outstanding throughout each period:

                                               Investment Operations                               Less Distributions
                           ---------------------------------------------------------------  --------------------------------
                                                    Distributions   Distributions
                                                         from Net            from                  Net
                Beginning                              Investment         Capital           Investment   Capital
                   Common                     Net       Income to        Gains to            Income to  Gains to
                    Share         Net   Realized/      Preferred        Preferred               Common    Common
                Net Asset  Investment  Unrealized          Share-          Share-               Share-    Share-
                    Value      Income  Gain (Loss)        holders+        holders+   Total     holders   holders      Total
============================================================================================================================
                                                                                          
NEW YORK QUALITY INCOME (NUN)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007              $15.21        $ .89      $ (.33)          $(.28)          $(.01)   $ .27       $(.65)    $(.04)    $ (.69)
2006               15.64          .90        (.05)           (.20)           (.05)     .60        (.76)     (.27)     (1.03)
2005               15.90          .93        (.07)           (.14)           (.01)     .71        (.88)     (.09)      (.97)
2004               16.09          .98         .09            (.06)           (.02)     .99        (.92)     (.26)     (1.18)
2003               16.37         1.01        (.11)           (.06)           (.02)     .82        (.91)     (.19)     (1.10)

INSURED NEW YORK PREMIUM INCOME (NNF)
----------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007               15.31          .87        (.33)           (.25)           (.01)     .28        (.67)     (.04)      (.71)
2006               15.78          .88        (.06)           (.18)           (.05)     .59        (.73)     (.33)     (1.06)
2005               16.14          .91        (.08)           (.12)           (.01)     .70        (.88)     (.18)     (1.06)
2004               16.07          .97         .08            (.06)             --      .99        (.92)       --       (.92)
2003               16.17         1.02        (.13)           (.07)             --      .82        (.92)       --       (.92)
============================================================================================================================

                                                                Total Returns
                                                             -------------------
                      Offering                                            Based
                     Costs and      Ending                                   on
                     Preferred      Common                    Based      Common
                         Share       Share     Ending            on   Share Net
                  Underwriting   Net Asset     Market        Market       Asset
                     Discounts       Value      Value         Value*      Value*
================================================================================
                                                            
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007                      $ --      $14.79     $13.46           .21%       1.81%
2006                        --       15.21      14.11          4.27        4.06
2005                        --       15.64      14.53          5.52        4.56
2004                        --       15.90      14.70          6.77        6.41
2003                        --       16.09      14.89          4.37        5.32

INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007                        --       14.88      13.54          (.20)       1.85
2006                        --       15.31      14.26          3.30        3.96
2005                        --       15.78      14.86          4.64        4.50
2004                        --       16.14      15.23          7.14        6.40
2003                        --       16.07      15.10           .56        5.26
================================================================================

                                                                 Ratios/Supplemental Data
                  ------------------------------------------------------------------------------------------------------------------
                                          Ratios to Average Net Assets               Ratios to Average Net Assets
                                           Applicable to Common Shares                Applicable to Common Shares
                                          Before Credit/Reimbursement                After Credit/Reimbursement**
                               --------------------------------------------  -------------------------------------------
                       Ending
                          Net
                       Assets
                   Applicable   Expenses        Expenses              Net     Expenses        Expenses             Net    Portfolio
                    to Common  Including       Excluding       Investment    Including       Excluding      Investment     Turnover
                  Shares (000)  Interest++(a)   Interest++(a)      Income++   Interest++(a)   Interest++(a)     Income++       Rate
====================================================================================================================================
                                                                                                         
NEW YORK QUALITY INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                 $353,564       1.38%           1.20%            5.95%        1.37%           1.19%          5.96%           21%
2006                  366,405       1.21            1.21             5.95         1.20            1.20           5.96            14
2005                  376,697       1.19            1.19             5.86         1.18            1.18           5.86            17
2004                  383,012       1.19            1.19             6.21         1.19            1.19           6.21            10
2003                  387,439       1.20            1.20             6.31         1.19            1.19           6.32            14

INSURED NEW YORK PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                  123,956       1.40            1.23             5.79         1.39            1.22           5.80            21
2006                  127,546       1.22            1.22             5.75         1.21            1.21           5.77            14
2005                  131,420       1.20            1.20             5.71         1.20            1.20           5.71            22
2004                  134,434       1.21            1.21             6.11         1.20            1.20           6.11            16
2003                  133,735       1.21            1.21             6.38         1.21            1.21           6.38            21
====================================================================================================================================

                                                      Floating Rate Obligations
                Preferred Shares at End of Period          at End of Period
              --------------------------------------  --------------------------
                Aggregate   Liquidation                 Aggregate
                   Amount    and Market        Asset       Amount         Asset
              Outstanding         Value     Coverage  Outstanding      Coverage
                    (000)     Per Share    Per Share         (000)   Per $1,000
================================================================================
NEW YORK QUALITY INCOME (NUN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007             $197,000       $25,000      $69,868      $14,845       $38,087
2006              197,000        25,000       71,498           --            --
2005              197,000        25,000       72,804           --            --
2004              197,000        25,000       73,606           --            --
2003              197,000        25,000       74,167           --            --

INSURED NEW YORK PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007               65,000        25,000       72,675        5,080        38,196
2006               65,000        25,000       74,056           --            --
2005               65,000        25,000       75,546           --            --
2004               65,000        25,000       76,705           --            --
2003               65,000        25,000       76,436           --            --
================================================================================

*    Total Return on Market Value is the combination of changes in the market
     price per share and the effect of reinvested dividend income and reinvested
     capital gains distributions, if any, at the average price paid per share at
     the time of reinvestment. 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 takes 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 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.
**   After custodian fee credit and expense reimbursement, where applicable.
+    The amounts shown are based on Common share equivalents.
++   Ratios do not reflect the effect of dividend payments to Preferred
     shareholders; income ratios reflect income earned on assets attributable to
     Preferred shares.
(a)  Interest expense arises from the application of SFAS No. 140 to certain
     inverse floating rate transactions entered into by the Fund as more fully
     described in Footnote 1 - Inverse Floating Rate Securities.

                                 See accompanying notes to financial statements.


                                  78-79 spread



Financial
HIGHLIGHTS (continued)


     Selected data for a Common share outstanding throughout each period:

                                               Investment Operations                                   Less Distributions
                           ---------------------------------------------------------------     --------------------------------
                                                    Distributions   Distributions
                                                         from Net            from                     Net
                Beginning                              Investment         Capital              Investment   Capital
                   Common                     Net       Income to        Gains to               Income to  Gains to
                    Share         Net   Realized/      Preferred        Preferred                  Common    Common
                Net Asset  Investment  Unrealized          Share-          Share-                  Share-    Share-
                    Value      Income  Gain (Loss)        holders+        holders+      Total     holders   holders      Total
===============================================================================================================================
                                                                                             
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007              $15.34        $ .95       $(.34)          $(.26)           $ --****  $ .35        $(.72)    $(.01)    $ (.73)
2006               15.67          .95        (.08)           (.20)           (.03)       .64         (.78)     (.19)      (.97)
2005               15.69          .98         .12            (.13)           (.01)       .96         (.86)     (.12)      (.98)
2004               15.44          .98         .35            (.06)           (.01)      1.26         (.89)     (.12)     (1.01)
2003               15.82         1.00        (.32)           (.08)           (.01)       .59         (.89)     (.08)      (.97)

INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
-------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007               14.92          .91        (.29)           (.23)             --****     .39         (.65)    (.01)      (.66)
2006               15.00          .90        (.05)           (.21)             --****     .64         (.69)    (.03)      (.72)
2005               14.75          .90         .25            (.13)             --        1.02         (.77)      --       (.77)
2004               14.42          .92         .35            (.07)             --        1.20         (.87)      --       (.87)
2003(b)            14.33          .68         .34            (.05)             --         .97         (.65)      --       (.65)
===============================================================================================================================

                                                               Total Returns
                                                            -------------------
                     Offering                                            Based
                    Costs and      Ending                                   on
                    Preferred      Common                    Based      Common
                        Share       Share     Ending            on   Share Net
                 Underwriting   Net Asset     Market        Market       Asset
                    Discounts       Value      Value         Value**     Value**
================================================================================
                                                           
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007                     $ --      $14.96     $14.10          (.21)%      2.36%
2006                       --       15.34      14.85          7.92        4.29
2005                       --       15.67      14.68          9.28        6.23
2004                       --       15.69      14.35          7.55        8.48
2003                       --       15.44      14.30          (.77)       4.01

INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007                       --       14.65      13.74          2.24        2.69
2006                       --       14.92      14.08          5.79        4.38
2005                       --       15.00      14.02          8.65        7.05
2004                       --       14.75      13.64          5.83        8.58
2003(b)                  (.23)      14.42      13.71         (4.40)       5.29
================================================================================

                                                                 Ratios/Supplemental Data
                 -------------------------------------------------------------------------------------------------------------------
                                           Ratios to Average Net Assets               Ratios to Average Net Assets
                                            Applicable to Common Shares                Applicable to Common Shares
                                            Before Credit/Reimbursement               After Credit/Reimbursement***
                                -------------------------------------------  --------------------------------------------
                      Ending
                         Net
                      Assets
                  Applicable     Expenses        Expenses             Net     Expenses        Expenses              Net   Portfolio
                   to Common    Including       Excluding      Investment    Including       Excluding       Investment    Turnover
                 Shares (000)    Interest++(a)   Interest++(a)     Income++   Interest++(a)   Interest++(a)      Income++      Rate
====================================================================================================================================
                                                                                                         
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                $119,131         1.38%           1.20%           5.83%         .94%            .76%            6.27%         19%
2006                 122,078         1.20            1.20            5.79          .73             .73             6.26          11
2005                 124,669         1.18            1.18            5.75          .72             .72             6.21          12
2004                 124,860         1.20            1.20            5.91          .74             .74             6.37           9
2003                 122,901         1.20            1.20            6.07          .74             .74             6.53          15

INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2007                  51,479         1.40            1.25            5.65          .90             .75             6.15          17
2006                  52,425         1.27            1.27            5.62          .77             .77             6.13           8
2005                  52,682         1.25            1.25            5.53          .76             .76             6.01           7
2004                  51,818         1.26            1.26            5.85          .76             .76             6.35          16
2003(b)               50,645         1.19*           1.19*           5.10*         .70*            .70*            5.59*          5
====================================================================================================================================

                                                      Floating Rate Obligations
                Preferred Shares at End of Period          at End of Period
              --------------------------------------  --------------------------
                Aggregate   Liquidation                 Aggregate
                   Amount    and Market        Asset       Amount         Asset
              Outstanding         Value     Coverage  Outstanding      Coverage
                    (000)     Per Share    Per Share         (000)   Per $1,000
================================================================================
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007              $61,000       $25,000      $73,824       $4,830       $38,294
2006               61,000        25,000       75,032           --            --
2005               61,000        25,000       76,094           --            --
2004               61,000        25,000       76,172           --            --
2003               61,000        25,000       75,369           --            --

INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------
Year Ended 9/30:
2007               27,000        25,000       72,665        2,095        38,460
2006               27,000        25,000       73,541           --            --
2005               27,000        25,000       73,780           --            --
2004               27,000        25,000       72,979           --            --
2003(b)            27,000        25,000       71,894           --            --
================================================================================
*    Annualized.
**   Total Return on Market Value is the combination of changes in the market
     price per share and the effect of reinvested dividend income and reinvested
     capital gains distributions, if any, at the average price paid per share at
     the time of reinvestment. 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 takes 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 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.

***  After custodian fee credit and expense reimbursement, where applicable.
**** Per Share Distributions from Capital Gains to Preferred Shareholders rounds
     to less than $.01 per share.
+    The amounts shown are based on Common share equivalents.
++   Ratios do not reflect the effect of dividend payments to Preferred
     shareholders; income ratios reflect income earned on assets attributable to
     Preferred shares.
(a)  Interest expense arises from the application of SFAS No. 140 to certain
     inverse floating rate transactions entered into by the Fund as more fully
     described in Footnote 1 - Inverse Floating Rate Securities.
(b)  For the period November 21, 2002 (commencement of operations) through
     September 30, 2003. See accompanying notes to financial statements.

                                  80-81 spread


Board Members & Officers

The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board
Members of the Funds. The number of board members of the Fund is currently set
at eight. None of the board members who are not "interested" persons of the
Funds has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members and officers
of the Funds, their principal occupations and other affiliations during the past
five years, the number of portfolios each oversees and other directorships they
hold are set forth below.


   Name,                       Position(s) Held      Year First     Number              Principal
   Birthdate                   with the Funds        Elected or     of Portfolios       Occupation(s)
   & Address                                         Appointed      in Fund Complex     Including other
                                                     and Term(2)    Overseen by         Directorships
                                                                    Board Member        During Past 5 Years

BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
                                                                            
[] TIMOTHY R. SCHWERTFEGER(1)                                                           Former director (1994-November 12,
   3/28/49                     Chairman of           1994                               2007), Chairman (1996-June 30, 2007),
   333 W. Wacker Drive         the Board             ANNUAL                178          Non-Executive Chairman (July 1,
   Chicago, IL 60606           and Board Member                                         2007-November 12, 2007) and Chief
                                                                                        Executive Officer (1996-June 30, 2007)
                                                                                        of Nuveen Investments, Inc. and Nuveen
                                                                                        Asset Management and certain other
                                                                                        subsidiaries of Nuveen Investments,
                                                                                        Inc.; formerly, Director (1992-2006) of
                                                                                        Institutional Capital Corporation.

BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:

[] ROBERT P. BREMNER                                                                    Private Investor and Management Consultant.
   8/22/40                     Lead                  1997
   333 W. Wacker Drive         Independent           CLASS III             178
   Chicago, IL 60606           Board member

[] JACK B. EVANS                                                                        President, The Hall-Perrine Foundation,
   10/22/48                                          1999                               a private philanthropic corporation
   333 W. Wacker Drive         Board member          CLASS III             178          (since 1996); Director and Vice
   Chicago, IL 60606                                                                    Chairman, United Fire Group, a publicly
                                                                                        held company; Member of the Board of
                                                                                        Regents for the State of Iowa University
                                                                                        System; Director, Gazette Companies;
                                                                                        Life Trustee of Coe College and Iowa
                                                                                        College Foundation; Member of the
                                                                                        Advisory Council of the Department of
                                                                                        Finance in the Tippie College of
                                                                                        Business, University of Iowa; formerly,
                                                                                        Director, Alliant Energy; formerly,
                                                                                        Director, Federal Reserve Bank of
                                                                                        Chicago; formerly, President and Chief
                                                                                        Operating Officer, SCI Financial Group,
                                                                                        Inc., a regional financial services
                                                                                        firm.

[] WILLIAM C. HUNTER                                                                    Dean, Tippie College of Business,
   3/6/48                                            2004                               University of Iowa (since July 2006);
   333 W. Wacker Drive         Board member          CLASS II              178          formerly, Dean and Distinguished
   Chicago, IL 60606                                                                    Professor of Finance, School of Business
                                                                                        at the University of Connecticut
                                                                                        (2003-2006); previously, Senior Vice
                                                                                        President and Director of Research at
                                                                                        the Federal Reserve Bank of Chicago
                                                                                        (1995-2003); Director (since 1997),
                                                                                        Credit Research Center at Georgetown
                                                                                        University; Director (since 2004) of
                                                                                        Xerox Corporation; Director, SS&C
                                                                                        Technologies, Inc. (May 2005-October
                                                                                        2005).


                                       82



   Name,                       Position(s) Held      Year First     Number              Principal
   Birthdate                   with the Funds        Elected or     of Portfolios       Occupation(s)
   & Address                                         Appointed      in Fund Complex     Including other
                                                     and Term(2)    Overseen by         Directorships
                                                                    Board Member        During Past 5 Years
                                                                            
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:

[] DAVID J. KUNDERT                                                                     Director, Northwestern Mutual Wealth
   10/28/42                                          2005                               Management Company; Retired (since 2004)
   333 W. Wacker Drive         Board member          CLASS II              176          as Chairman, JPMorgan Fleming Asset
   Chicago, IL 60606                                                                    Management, President and CEO, Banc One
                                                                                        Investment Advisors Corporation, and
                                                                                        President, One Group Mutual Funds; prior
                                                                                        thereto, Executive Vice President, Banc
                                                                                        One Corporation and Chairman and CEO,
                                                                                        Banc One Investment Management Group;
                                                                                        Member, Board of Regents, Luther
                                                                                        College; member of the Wisconsin Bar
                                                                                        Association; member of Board of
                                                                                        Directors, Friends of Boerner Botanical
                                                                                        Gardens; member of Board of Directors,
                                                                                        Milwaukee Repertory Theater.

[] WILLIAM J. SCHNEIDER                                                                 Chairman of Miller-Valentine Partners
   9/24/44                                           1997                               Ltd., a real estate investment company;
   333 W. Wacker Drive         Board member          ANNUAL                178          formerly, Senior Partner and Chief
   Chicago, IL 60606                                                                    Operating Officer (retired, 2004) of
                                                                                        Miller-Valentine Group; formerly, Vice
                                                                                        President, Miller-Valentine Realty;
                                                                                        Board Member, Chair of the Finance
                                                                                        Committee and member of the Audit
                                                                                        Committee of Premier Health Partners,
                                                                                        the not-for-profit company of Miami
                                                                                        Valley Hospital; Vice President, Dayton
                                                                                        Philharmonic Orchestra Association;
                                                                                        Board Member, Regional Leaders Forum,
                                                                                        which promotes cooperation on economic
                                                                                        development issues; Director, Dayton
                                                                                        Development Coalition; formerly, Member,
                                                                                        Community Advisory Board, National City
                                                                                        Bank, Dayton, Ohio and Business Advisory
                                                                                        Council, Cleveland Federal Reserve Bank.

[] JUDITH M. STOCKDALE                                                                  Executive Director, Gaylord and Dorothy
   12/29/47                                          1997                               Donnelley Foundation (since 1994); prior
   333 W. Wacker Drive         Board member          CLASS I               178          thereto, Executive Director, Great Lakes
   Chicago, IL 60606                                                                    Protection Fund (from 1990 to 1994).

[] CAROLE E. STONE                                                                      Director, Chicago Board Options Exchange
   6/28/47                                           2007                               (since 2006); Chair New York Racing
   333 West Wacker Drive       Board member          CLASS I               178          Association Oversight Board (since
   Chicago, IL 60606                                                                    2005); Commissioner, New York State
                                                                                        Commission on Public Authority Reform
                                                                                        (since 2005); formerly Director, New
                                                                                        York State Division of the Budget
                                                                                        (2000-2004), Chair, Public Authorities
                                                                                        Control Board (2000-2004) and Director,
                                                                                        Local Government Assistance Corporation
                                                                                        (2000-2004).


                                       83



   Name,                       Position(s) Held      Year First     Number              Principal
   Birthdate                   with the Funds        Elected or     of Portfolios       Occupation(s)
   and Address                                       Appointed(4)   in Fund Complex     During Past 5 Years
                                                                    Overseen
                                                                    by Officer
                                                                            
OFFICERS OF THE FUND:

[] GIFFORD R. ZIMMERMAN                                                                 Managing Director (since 2002),
   9/9/56                      Chief                                                    Assistant Secretary and Associate
   333 W. Wacker Drive         Administrative        1988                  178          General Counsel, formerly, Vice
   Chicago, IL 60606           Officer                                                  President and Assistant General Counsel,
                                                                                        of Nuveen Investments, LLC; Managing
                                                                                        Director (since 2002), Associate General
                                                                                        Counsel and Assistant Secretary, of
                                                                                        Nuveen Asset Management; Vice President
                                                                                        and Assistant Secretary of NWQ
                                                                                        Investment Management Company, LLC.
                                                                                        (since 2002), Nuveen Investments
                                                                                        Advisers Inc. (since 2002), Symphony
                                                                                        Asset Management LLC, and NWQ Investment
                                                                                        Management Company, LLC (since 2003),
                                                                                        Tradewinds Global Investors, LLC, and
                                                                                        Santa Barbara Asset Management, LLC
                                                                                        (since 2006); Nuveen HydePark Group LLC
                                                                                        and Richards & Tierney, Inc. (since
                                                                                        2007); Managing Director, Associate
                                                                                        General Counsel and Assistant Secretary
                                                                                        of Rittenhouse Asset Management, Inc.
                                                                                        (since 2003); Managing Director (since
                                                                                        2004) and Assistant Secretary (since
                                                                                        1994) of Nuveen Investments, Inc.,
                                                                                        Assistant Secretary (since 2003) of
                                                                                        Symphony Asset Management LLC.

[] WILLIAMS ADAMS IV                                                                    Executive Vice President, U.S.
   6/9/55                                                                               Structured Products of Nuveen
   333 West Wacker Drive       Vice President        2007                  120          Investments, LLC, (since 1999), prior
   Chicago, IL 60606                                                                    thereto, Managing Director of Structured
                                                                                        Investments.

[] JULIA L. ANTONATOS                                                                   Managing Director (since 2005), formerly
   9/22/63                                                                              Vice President (since 2002) of Nuveen
   333 W. Wacker Drive         Vice President        2004                  178          Investments, LLC; Chartered Financial
   Chicago, IL 60606                                                                    Analyst.

[] CEDRIC H. ANTOSIEWICZ                                                                Managing Director, (since 2004)
   1/11/62                                                                              previously, Vice President (1993-2004)
   333 W. Wacker Drive         Vice President        2007                  120          of Nuveen Investments, LLC.
   Chicago, IL 60606

[] MICHAEL T. ATKINSON                                                                  Vice President (since 2002) of Nuveen
   2/3/66                      Vice President                                           Investments, LLC.
   333 W. Wacker Drive         and Assistant         2000                  178
   Chicago, IL 60606           Secretary

[] PETER H. D'ARRIGO                                                                    Vice President and Treasurer of Nuveen
   11/28/67                                                                             Investments, LLC and Nuveen Investments,
   333 W. Wacker Drive         Vice President        1999                  178          Inc.; Vice President and Treasurer of
   Chicago, IL 60606                                                                    Nuveen Asset Management (since 2002),
                                                                                        Nuveen Investments Advisers Inc. (since
                                                                                        2002); NWQ Investment Management
                                                                                        Company, LLC. (since 2002); Rittenhouse
                                                                                        Asset Management, Inc. (since 2003),
                                                                                        Tradewinds NWQ Global Investors, LLC
                                                                                        (since 2006), Santa Barbara Asset
                                                                                        Management, LLC (since 2006) and Nuveen
                                                                                        HydePark Group, LLC and Richards
                                                                                        &Tierney, Inc. (since 2007); Treasurer
                                                                                        of Symphony Asset Management LLC (since
                                                                                        2003); formerly, Vice President and
                                                                                        Treasurer (1999-2004) of Nuveen Advisory
                                                                                        Corp. and Nuveen Institutional Advisory
                                                                                        Corp.(3), Chartered Financial Analyst.

[] LORNA C. FERGUSON                                                                    Managing Director (since 2004),
   10/24/45                                                                             formerly, Vice President of Nuveen
   333 W. Wacker Drive         Vice President        1998                  178          Investments, LLC, Managing Director
   Chicago, IL 60606                                                                    (2004) formerly, Vice President
                                                                                        (1998-2004) of Nuveen Advisory Corp. and
                                                                                        Nuveen Institutional Advisory Corp.(3);
                                                                                        Managing Director (since 2005) of Nuveen
                                                                                        Asset Management.

[] WILLIAM M. FITZGERALD                                                                Managing Director (since 2002),
   3/2/64                                                                               formerly, Vice President of Nuveen
   333 W. Wacker Drive         Vice President        1995                  178          Investments, LLC; Managing Director
   Chicago, IL 60606                                                                    (1997-2004) of Nuveen Advisory Corp. and
                                                                                        Nuveen Institutional Advisory Corp.(3);
                                                                                        Managing Director (since 2001) of Nuveen
                                                                                        Asset Management; Vice President (since
                                                                                        2002) of Nuveen Investments Advisers
                                                                                        Inc.; Chartered Financial Analyst.


                                       84


   Name,                       Position(s) Held      Year First     Number              Principal
   Birthdate                   with the Funds        Elected or     of Portfolios       Occupation(s)
   and Address                                       Appointed(4)   in Fund Complex     During Past 5 Years
                                                                    Overseen
                                                                    by Officer

OFFICERS OF THE FUND:

[] STEPHEN D. FOY                                                                       Vice President (since 1993) and Funds
   5/31/54                     Vice President                                           Controller (since 1998) of Nuveen
   333 W. Wacker Drive         and Controller        1998                  178          Investments, LLC; formerly, Vice
   Chicago, IL 60606                                                                    President and Funds Controller
                                                                                        (1998-2004) of Nuveen Investments, Inc.;
                                                                                        Certified Public Accountant.

[] WALTER M. KELLY                                                                      Vice President (since 2006) formerly,
   2/24/70                     Chief Compliance                                         Assistant Vice President and Assistant
   333 West Wacker Drive       Officer and           2003                  178          General Counsel (2003-2006) of Nuveen
   Chicago, IL 60606           Vice President                                           Investments, LLC; Assistant Vice
                                                                                        President and Assistant Secretary of the
                                                                                        Nuveen Funds (2003-2006); previously,
                                                                                        Associate (2001-2003) at the law firm of
                                                                                        Vedder, Price, Kaufman & Kammholz.

[] DAVID J. LAMB
   Investments,                                                                         Vice President (since 2000) of Nuveen
   3/22/63                                                                              LLC; Certified Public Accountant.
   333 W. Wacker Drive         Vice President        2000                  178
   Chicago, IL 60606

[] TINA M. LAZAR                                                                        Vice President of Nuveen Investments, LLC
   8/27/61                                                                              (since 1999).
   333 W. Wacker Drive         Vice President        2002                  178
   Chicago, IL 60606

[] LARRY W. MARTIN                                                                      Vice President, Assistant Secretary and
   7/27/51                     Vice President                                           Assistant General Counsel of Nuveen
   333 W. Wacker Drive         and Assistant         1988                  178          Investments, LLC; formerly, Vice
   Chicago, IL 60606           Secretary                                                President and Assistant Secretary of
                                                                                        Nuveen Advisory Corp. and Nuveen
                                                                                        Institutional Advisory Corp.(3); Vice
                                                                                        President (since 2005) and Assistant
                                                                                        Secretary of Nuveen Investments, Inc.;
                                                                                        Vice President (since 2005) and
                                                                                        Assistant Secretary (since 1997) of
                                                                                        Nuveen Asset Management; Vice President
                                                                                        (since 2000), Assistant Secretary and
                                                                                        Assistant General Counsel (since 1998)
                                                                                        of Rittenhouse Asset Management, Inc.;
                                                                                        Vice President and Assistant Secretary
                                                                                        of Nuveen Investments Advisers Inc.
                                                                                        (since 2002); NWQ Investment Management
                                                                                        Company, LLC (since 2002), Symphony
                                                                                        Asset Management LLC (since 2003),
                                                                                        Tradewinds NWQ Global Investors, LLC,
                                                                                        Santa Barbara Asset Management LLC
                                                                                        (since 2006) and of Nuveen HydePark
                                                                                        Group, LLC and Richards &Tierney, Inc.
                                                                                        (since 2007).

[] KEVIN J. MCCARTHY                                                                    Vice President, Nuveen Investments, LLC
   3/26/66                     Vice President                                           (since 2007); Vice President, and
   333 W. Wacker Drive         and Secretary         2007                  178          Assistant Secretary, Nuveen Asset
   Chicago, IL 60606                                                                    Management, Rittenhouse Asset
                                                                                        Management, Inc., Nuveen Investment
                                                                                        Advisers Inc., Nuveen Investment
                                                                                        Institutional Services Group LLC, NWQ
                                                                                        Investment Management Company, LLC,
                                                                                        Tradewinds Global Investors LLC,
                                                                                        NWQHoldings, LLC, Symphony Asset
                                                                                        Management LLC, Santa Barbara Asset
                                                                                        Management LLC, Nuveen HydePark Group,
                                                                                        LLC and Richards &Tierney, Inc. (since
                                                                                        2007); Vice President and Assistant
                                                                                        General Counsel, Nuveen Investments,
                                                                                        Inc. (since 2007). prior thereto,
                                                                                        Partner, Bell, Boyd & Lloyd LLP
                                                                                        (1997-2007).

[] JOHN V. MILLER                                                                       Managing Director (since 2007),
   4/10/67                                                                              formerly, Vice President (2002-2007) of
   333 W. Wacker Drive         Vice President        2007                  178          Nuveen Investments, LLC; Chartered
   Chicago, IL 60606                                                                    Financial Analyst.

[] JAMES F. RUANE                                                                       Vice President, Nuveen Investments since
   7/3/62                      Vice President                                           2007; prior thereto, Partner, Deloitte &
   333 W. Wacker Drive         and Assistant         2007                  178          Touche USA LLP (since 2005), formerly,
   Chicago, IL 60606           Secretary                                                senior tax manager (since 2002);
                                                                                        Certified Public Accountant.

(1)  Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
     Investment Company Act of 1940, by reason of being the former Chairman and
     Chief Executive Officer of Nuveen Investments, Inc. and having previously
     served in various other capacities with Nuveen Investments, Inc. and its
     subsidiaries. It is expected that Mr. Schwertfeger will resign from the
     Board of Trustees by the end of the Second quarter of 2008.
(2)  For Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
     Advantage (NRK), Board Members serve three year terms, except for two board
     members who are elected by the holders of Preferred Shares. The Board of
     Trustees for NKO and NRK is divided into three classes, Class I, Class II,
     and Class III, with each being elected to serve until the third succeeding
     annual shareholders' meeting subsequent to its election or thereafter in
     each case when its respective successors are duly elected or appointed,
     except two board members are elected by the holders of Preferred Shares to
     serve until the next annual shareholders' meeting subsequent to its
     election or thereafter in each case when its respective successors are duly
     elected or appointed. For New York Investment Quality (NQN), New York
     Select Quality (NVN) New York Quality Income (NUN) and Insured New York
     Premium Income (NNF), the Board Members serve a one year term to serve
     until the next annual meeting or until their successors shall have been
     duly elected and qualified. The first year elected or appointed represents
     the year in which the board member was first elected or appointed to any
     fund in the Nuveen Complex.
(3)  Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. were
     reorganized into Nuveen Asset Management, effective January 1, 2005.
(4)  Officers serve one year terms through July of each year. The year first
     elected or appointed represents the year in which the Officer was first
     elected or appointed to any fund in the Nuveen Complex.


                                       85



Annual Investment
Management Agreement
       APPROVAL PROCESS


The Board Members are responsible for overseeing the performance of the
investment adviser to the Funds and determining whether to continue the advisory
arrangements. At the annual review meeting held on May 21, 2007 (the "May
Meeting"), the Board Members of the Funds, including the Independent Board
Members, unanimously approved the continuance of the Investment Management
Agreement between each Fund (each, a "Fund") and Nuveen Asset Management
("NAM"). The foregoing Investment Management Agreements with NAM are hereafter
referred to as the "Original Investment Management Agreements."

Subsequent to the May Meeting, Nuveen Investments, Inc. ("Nuveen"), the parent
company of NAM, entered into a merger agreement providing for the acquisition of
Nuveen by Windy City Investments, Inc., a corporation formed by investors led by
Madison Dearborn Partners, LLC ("MDP"), a private equity investment firm (the
"Transaction"). Each Original Investment Management Agreement, as required by
Section 15 of the Investment Company Act of 1940 (the "1940 Act"), provides for
its automatic termination in the event of its "assignment" (as defined in the
1940 Act). Any change in control of the adviser is deemed to be an assignment.
The consummation of the Transaction will result in a change of control of NAM as
well as its affiliated sub-advisers and therefore cause the automatic
termination of each Original Investment Management Agreement, as required by the
1940 Act. Accordingly, in anticipation of the Transaction, at a meeting held on
July 31, 2007 (the "July Meeting"), the Board Members, including the Independent
Board Members, unanimously approved new Investment Management Agreements (the
"New Investment Management Agreements") with NAM on behalf of each Fund to take
effect immediately after the Transaction or shareholder approval of the new
advisory contracts, whichever is later. The 1940 Act also requires that each New
Investment Management Agreement be approved by the respective Fund's
shareholders in order for it to become effective. Accordingly, to ensure
continuity of advisory services, the Board Members, including the Independent
Board Members, unanimously approved Interim Investment Management Agreements to
take effect upon the closing of the Transaction if shareholders have not yet
approved the New Investment Management Agreements.

Because the information provided and considerations made at the annual review
continue to be relevant with respect to the evaluation of the New Investment
Management Agreements, the Board considered the foregoing as part of its
deliberations of the New Investment Management Agreements. Accordingly, as
indicated, the discussions immediately below outline the materials and
information presented to the Board in connection with the Board's prior annual
review and the analysis undertaken and the conclusions reached by Board Members
when determining to continue the Original Investment Management Agreements.

I. APPROVAL OF THE ORIGINAL INVESTMENT MANAGEMENT AGREEMENTS

During the course of the year, the Board received a wide variety of materials
relating to the services provided by NAM and the performance of the Funds. At
each of its quarterly meetings, the Board reviewed investment performance and
various matters relating to the operations of the Funds and other Nuveen funds,
including the compliance program, shareholder services, valuation, custody,
distribution and other information relating to the nature, extent and quality of
services provided by NAM. Between the regularly scheduled quarterly meetings,
the Board Members received information on particular matters as the need arose.

In preparation for their considerations at the May Meeting, the Independent
Board Members received extensive materials, well in advance of the meeting,
which outlined or are related to, among other things:

[]   the nature, extent and quality of services provided by NAM;

[]   the organization and business operations of NAM, including the
     responsibilities of various departments and key personnel;


                                       86



[]   each Fund's past performance as well as the Fund's performance compared to
     funds with similar investment objectives based on data and information
     provided by an independent third party and to customized benchmarks;

[]   the profitability of Nuveen and certain industry profitability analyses for
     unaffiliated advisers;

[]   the expenses of Nuveen in providing the various services;

[]   the advisory fees and total expense ratios of each Fund, including
     comparisons of such fees and expenses with those of comparable,
     unaffiliated funds based on information and data provided by an independent
     third party (the "Peer Universe") as well as compared to a subset of funds
     within the Peer Universe (the "Peer Group") of the respective Fund (as
     applicable);

[]   the advisory fees NAM assesses to other types of investment products or
     clients;

[]   the soft dollar practices of NAM, if any; and

[]   from independent legal counsel, a legal memorandum describing among other
     things, applicable laws, regulations and duties in reviewing and approving
     advisory contracts.

At the May Meeting, NAM made a presentation to, and responded to questions from,
the Board. Prior to and after the presentations and reviewing the written
materials, the Independent Board Members met privately with their legal counsel
to review the Boardduties in reviewing advisory contracts and considering the
renewal of the advisory contracts. The Independent Board Members, in
consultation with independent counsel, reviewed the factors set out in judicial
decisions and Securities and Exchange Commission ("SEC") directives relating to
the renewal of advisory contracts. As outlined in more detail below, the Board
Members considered all factors they believed relevant with respect to each Fund,
including, but not limited to, the following: (a) the nature, extent and quality
of the services to be provided by NAM; (b) the investment performance of the
Fund and NAM; (c) the costs of the services to be provided and profits to be
realized by Nuveen and its affiliates; (d) the extent to which economies of
scale would be realized; and (e) whether fee levels reflect those economies of
scale for the benefit of the Fund's investors. In addition, as noted, the Board
Members met regularly throughout the year to oversee the Funds. In evaluating
the Original Investment Management Agreements, the Board Members also relied
upon their knowledge of NAM, its services and the Funds resulting from their
meetings and other interactions throughout the year. It is with this background
that the Board Members considered each Original Investment Management Agreement.

A. NATURE, EXTENT AND QUALITY OF SERVICES

In considering the renewal of the Original Investment Management Agreements, the
Board Members considered the nature, extent and quality of NAM's services. The
Board Members reviewed materials outlining, among other things, Nuveen's
organization and business; the types of services that NAM or its affiliates
provide and are expected to provide to the Funds; the performance record of the
applicable Fund (as described in further detail below); and, any initiatives
Nuveen had taken for the municipal fund product line. As noted, at the annual
review, the Board Members were already familiar with the organization,
operations and personnel of NAM due to the Board Members' experience in
governing the respective Funds and working with NAM on matters relating to the
Funds. With respect to personnel, the Board Members recognized NAM's investment
in additional qualified personnel throughout the various groups in the
organization and recommended to NAM that it continue to review staffing needs as
necessary. In addition, the Board Members reviewed materials describing the
current status and, in particular, the developments in 2006 with respect to
NAM's investment process, investment strategies (including additional tools used
in executing such strategies), personnel (including portfolio management and
research teams), trading process, hedging activities, risk management operations
(e.g., reviewing credit quality, duration limits, and derivatives use, as
applicable), and investment operations (such as enhancements to trading
procedures, pricing procedures, and client services). The Board Members
recognized NAM's investment of resources and efforts to continue to enhance and
refine its investment process.

In addition to advisory services, the Independent Board Members considered the
quality of administrative and non-advisory services provided by NAM and noted
that NAM and its affiliates provide the Funds with a wide variety of services
and officers and other personnel as are necessary for the operations of the
Funds, including:


                                       87



ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)


[] product management;

[] fund administration;

[] oversight by shareholder services and other fund service providers;

[] administration of Board relations;

[] regulatory and portfolio compliance; and

[] legal support.

As the Funds operate in a highly regulated industry and given the importance of
compliance, the Board Members considered, in particular, Nuveen's compliance
activities for the Funds and enhancements thereto. In this regard, the Board
Members recognized the quality of Nuveen's compliance team. The Board Members
further noted Nuveen's negotiations with other service providers and the
corresponding reduction in certain service providers' fees at the May Meeting.

In addition to the foregoing services, the Board Members also noted the
additional services that NAM or its affiliates provide to Nuveen's closed-end
funds, including, in particular, its secondary market support activities. The
Board Members recognized Nuveen's continued commitment to supporting the
secondary market for the common shares of its closed-end funds through a variety
of programs designed to raise investor and analyst awareness and understanding
of closed-end funds. These efforts include:

[]   maintaining shareholder communications;

[]   providing advertising for the Nuveen closed-end funds;

[]   maintaining its closed-end fund website;

[]   maintaining continual contact with financial advisers;

[]   providing educational symposia;

[]   conducting research with investors and financial analysis regarding
     closed-end funds; and

[]   evaluating secondary market performance.

     With respect to the Nuveen closed-end funds that utilize leverage through
     the issuance of preferred shares ("Preferred Shares"), the Board Members
     noted Nuveen's continued support for the holders of Preferred Shares by,
     among other things:

[]   maintaining an in-house trading desk;

[]   maintaining a product manager for the Preferred Shares;

[]   developing distribution for Preferred Shares with new market participants;

[]   maintaining an orderly auction process;

[]   managing leverage and risk management of leverage; and

[]   maintaining systems necessary to test compliance with rating agency
     criteria.

     Based on their review, the Board Members found that, overall, the nature,
     extent and quality of services provided (and expected to be provided) to
     the respective Funds under the Original Investment Management Agreements
     were satisfactory.

B.   THE INVESTMENT PERFORMANCE OF THE FUNDS AND NAM

At the May Meeting, the Board considered the investment performance for each
Fund, including the Fund's historic performance as well as its performance
compared to funds with similar investment objectives (the "Performance Peer
Group") based on data provided by an independent third party (as described
below). The Board Members also reviewed the respective Fund's portfolio level
performance (which does not reflect fund level fees and expenses, and leverage)
against customized benchmarks, described in further detail below.


                                       88



In evaluating the performance information during the annual review at the May
Meeting, in certain instances, the Board Members noted that the closest
Performance Peer Group for a fund may not adequately reflect such fund's
investment objectives and strategies, thereby limiting the usefulness of the
comparisons of such fund's performance with that of the Performance Peer Group.

With respect to state-specific municipal funds, the Board Members also
recognized that certain funds do not have a corresponding state-specific
Performance Peer Group in which case their performance is measured against a
more general municipal category for various states. With respect to municipal
closed-end funds, funds that do not have corresponding state-specific
Performance Peer Groups are from states other than New York, California,
Florida, New Jersey, Michigan and Pennsylvania. However, with respect to funds
based in Florida, New Jersey, Michigan and Pennsylvania, the peer group may be
so small or the Nuveen funds may dominate the category to such an extent that
performance information for such funds was also compared to the more general
category for all states (other than New York and California).

The Board Members reviewed performance information including, among other
things, total return information compared with the Fund's Performance Peer Group
for the one-, three- and five-year periods (as applicable) ending December 31,
2006. The Board Members also reviewed the Fund's portfolio level performance
(which does not reflect fund level fees and expenses, and leverage) compared to
customized portfolio level benchmarks for the one- and three-year periods ending
December 31, 2006 (as applicable). The analysis was used to assess the efficacy
of investment decisions against appropriate measures of risk and total return,
within specific market segments. This information supplemented the Fund
performance information provided to the Board at each of its quarterly meetings.
Based on their review, the Board Members determined that each Fund's investment
performance over time had been satisfactory, subject to the following. With
respect to various municipal closed-end funds, the Board Members noted relative
total return underperformance in recent years compared to peers. The Board
Members reviewed materials and discussed with NAM the factors contributing to
the shift in performance including, among other things, the degree of risk
undertaken by peers compared to the municipal closed-end funds (such as through
the increased use of leverage or taking concentrated positions in high risk
credits). In addition, the Board Members also considered a fund's dividend
performance and the extent of any secondary market discounts. The Board Members
noted NAM's efforts to evaluate the factors affecting performance and determine
whether modification to a fund's investment strategy is necessary or
appropriate, and concluded that they were satisfied with the steps being taken.

C.   FEES, EXPENSES AND PROFITABILITY

     1. FEES AND EXPENSES

     During the annual review, in evaluating the management fees and expenses of
     a Fund, the Board reviewed, among other things, the Fund's advisory fees
     (net and gross management fees) and total expense ratios (before and after
     expense reimbursements and/or waivers) in absolute terms as well as
     comparisons to the gross management fees (before waivers), net management
     fees (after waivers) and total expense ratios (before and after waivers) of
     comparable funds in the Peer Universe and the Peer Group. In reviewing the
     fee schedule for a Fund, the Board Members considered the fund-level and
     complex-wide breakpoint schedules (described in further detail below) and
     any fee waivers and reimbursements provided by Nuveen (applicable, in
     particular, for certain funds launched since 1999). The Board Members
     further reviewed data regarding the construction of Peer Groups as well as
     the methods of measurement for the fee and expense analysis and the
     performance analysis. In certain cases, due to the small number of peers in
     the Peer Universe, the Peer Universe and Peer Group had significant overlap
     or even consisted entirely of the same unaffiliated funds. In reviewing the
     comparisons of fee and expense information, the Board Members recognized
     that in certain cases, the fund size relative to peers, the small size and
     odd composition of the Peer Group (including differences in objectives and
     strategies), expense anomalies, timing of information used or other factors
     impacting the comparisons thereby limited some of the usefulness of the
     comparative data. The Board Members also considered the differences in the
     use of leverage. Based on their review of the fee and expense information
     provided, the Board Members determined that each Fund's net total expense
     ratio was within an acceptable range compared to peers.


                                       89



ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)


     2.   COMPARISONS WITH THE FEES OF OTHER CLIENTS

     At the annual review, the Board Members further reviewed data comparing the
     advisory fees of NAM with fees NAM charges to other clients. With respect
     to municipal funds, such clients include NAM's municipal separately managed
     accounts. In general, the advisory fees charged for separate accounts are
     somewhat lower than the advisory fees assessed to the Funds. The Board
     Members considered the differences in the product types, including, but not
     limited to, the services provided, the structure and operations, product
     distribution and costs thereof, portfolio investment policies, investor
     profiles, account sizes and regulatory requirements. The Board Members
     noted, in particular, that the range of services provided to the Funds (as
     discussed above) is much more extensive than that provided to separately
     managed accounts. As described in further detail above, such additional
     services include, but are not limited to: product management, fund
     administration, oversight of third party service providers, administration
     of Board relations, and legal support. The Board Members noted that the
     Funds operate in a highly regulated industry requiring extensive compliance
     functions compared to other investment products. Given the inherent
     differences in the products, particularly the extensive services provided
     to the Funds, the Board Members believe such facts justify the different
     levels of fees.

     3.   PROFITABILITY OF NUVEEN

     In conjunction with its review of fees, the Board Members also considered
     the profitability of Nuveen for its advisory activities (which incorporated
     Nuveen's wholly-owned affiliated sub-advisers) and its financial condition.
     At the annual review, the Board Members reviewed the revenues and expenses
     of Nuveen's advisory activities for the last three years, the allocation
     methodology used in preparing the profitability data as well as the 2006
     Annual Report for Nuveen. The Board Members noted this information
     supplemented the profitability information requested and received during
     the year to help keep them apprised of developments affecting profitability
     (such as changes in fee waivers and expense reimbursement commitments). In
     this regard, the Board Members noted the enhanced dialogue and information
     regarding profitability with NAM during the year, including more frequent
     meetings and updates from Nuveen's corporate finance group. The Board
     Members also reviewed data comparing Nuveen's profitability with other fund
     sponsors prepared by three independent third party service providers as
     well as comparisons of the revenues, expenses and profit margins of various
     unaffiliated management firms with similar amounts of assets under
     management prepared by Nuveen.

     In reviewing profitability, the Board Members recognized the subjective
     nature of determining profitability which may be affected by numerous
     factors, including the allocation of expenses. Further, the Board Members
     recognized the difficulties in making comparisons as the profitability of
     other advisers generally is not publicly available and the profitability
     information that is available for certain advisers or management firms may
     not be representative of the industry and may be affected by, among other
     things, the adviser's particular business mix, capital costs, types of
     funds managed and expense allocations.

Notwithstanding the foregoing, the Board Members reviewed Nuveen's methodology
and assumptions for allocating expenses across product lines to determine
profitability. Last year, the Board Members also designated an Independent Board
Member as a point person for the Board to review the methodology determinations
during the year and any refinements thereto, which relevant information produced
from such process was reported to the full Board. In reviewing profitability,
the Board Members recognized Nuveen's increased investment in its fund business.
Based on its review, the Board Members concluded that Nuveen's level of
profitability for its advisory activities was reasonable in light of the
services provided.

In evaluating the reasonableness of the compensation, the Board Members also
considered other amounts paid to NAM by the Funds as well as any indirect
benefits (such as soft dollar arrangements, if any) NAM and its affiliates
receive, or are expected to receive, that are directly attributable to the
management of the Funds, if any. See Section E below for additional information
on indirect benefits NAM may receive as a result of its relationship with the
Funds. Based on their review of the overall fee arrangements of each Fund, the
Board Members determined that the advisory fees and expenses of the Funds were
reasonable.


                                       90



D. ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

With respect to economies of scale, the Board Members recognized the potential
benefits resulting from the costs of a Fund being spread over a larger asset
base. To help ensure the shareholders share in these benefits, the Board Members
reviewed and considered the breakpoints in the advisory fee schedules that
reduce advisory fees. In addition to advisory fee breakpoints, the Board also
approved a complex-wide fee arrangement in 2004. Pursuant to the complex-wide
fee arrangement, the fees of the funds in the Nuveen complex, including the
Funds, are reduced as the assets in the fund complex reach certain levels. In
evaluating the complex-wide fee arrangement, the Board Members noted that the
last complex-wide asset level breakpoint for the complex-wide fee schedule was
at $91 billion and that the Board Members anticipated further review and/or
negotiations prior to the assets of the Nuveen complex reaching such threshold.
Based on their review, the Board Members concluded that the breakpoint schedule
and complex-wide fee arrangement were acceptable and desirable in providing
benefits from economies of scale to shareholders, subject to further evaluation
of the complex-wide fee schedule as assets in the complex increase. See Section
II, Paragraph D - "Approval of the New Investment Management Agreements -
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale" for
information regarding subsequent modifications to the complex-wide fee.

E. INDIRECT BENEFITS

In evaluating fees, the Board Members also considered any indirect benefits or
profits NAM or its affiliates may receive as a result of its relationship with
each Fund. With respect to closed-end funds, the Board Members considered the
revenues received by affiliates of NAM for serving as agent at Nuveen's
preferred trading desk and for serving as a co-manager in the initial public
offering of new closed-end exchange traded funds.

In addition to the above, the Board Members considered whether NAM received any
benefits from soft dollar arrangements whereby a portion of the commissions paid
by a Fund for brokerage may be used to acquire research that may be useful to
NAM in managing the assets of the Funds and other clients. With respect to NAM,
the Board Members noted that NAM does not currently have any soft dollar
arrangements; however, to the extent certain bona fide agency transactions that
occur on markets that traditionally trade on a principal basis and riskless
principal transactions are considered as generating "commissions," NAM intends
to comply with the applicable safe harbor provisions.

Based on their review, the Board Members concluded that any indirect benefits
received by NAM as a result of its relationship with the Funds were reasonable
and within acceptable parameters.

F. OTHER CONSIDERATIONS

The Board Members did not identify any single factor discussed previously as
all-important or controlling in their considerations to continue an advisory
contract. The Board Members, including the Independent Board Members,
unanimously concluded that the terms of the Original Investment Management
Agreements are fair and reasonable, that NAM's fees are reasonable in light of
the services provided to each Fund and that the renewal of the Original
Investment Management Agreements be approved.

II. APPROVAL OF THE NEW INVESTMENT MANAGEMENT AGREEMENTS

Following the May Meeting, the Board Members were advised of the potential
Transaction. As noted above, the completion of the Transaction would terminate
each of the Original Investment Management Agreements. Accordingly, at the July
Meeting, the Board of each Fund, including the Independent Board Members,
unanimously approved the New Investment Management Agreements on behalf of the
respective Funds. Leading up to the July Meeting, the Board Members had several
meetings and deliberations with and without Nuveen management present, and with
the advice of legal counsel, regarding the proposed Transaction as outlined
below.

On June 8, 2007, the Board Members held a special telephonic meeting to discuss
the proposed Transaction. At that meeting, the Board Members established a
special ad hoc committee comprised solely of Independent Board Members to focus
on the Transaction and to keep the Independent Board Members updated with
developments regarding the Transaction. On June 15, 2007, the ad hoc committee
discussed with representatives of NAM the Transaction and modifications to the
complex-wide fee schedule that


                                       91



ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)


would generate additional fee savings at specified levels of complex-wide asset
growth. Following the foregoing meetings and several subsequent telephonic
conferences among Independent Board Members and independent counsel, and between
Independent Board Members and representatives of Nuveen, the Board met on June
18, 2007 to further discuss the proposed Transaction. Immediately prior to and
then again during the June 18, 2007 meeting, the Independent Board Members met
privately with their independent legal counsel. At that meeting, the Board met
with representatives of MDP, of Goldman Sachs, Nuveen's financial adviser in the
Transaction, and of the Nuveen Board to discuss, among other things, the history
and structure of MDP, the terms of the proposed Transaction (including the
financing terms), and MDP's general plans and intentions with respect to Nuveen
(including with respect to management, employees, and future growth prospects).
On July 9, 2007, the Board also met to be updated on the Transaction as part of
a special telephonic Board meeting. The Board Members were further updated at a
special in-person Board meeting held on July 19, 2007 (one Independent Board
Member participated telephonically). Subsequently, on July 27, 2007, the ad hoc
committee held a telephonic conference with representatives of Nuveen and MDP to
further discuss, among other things, the Transaction, the financing of the
Transaction, retention and incentive plans for key employees, the effect of
regulatory restrictions on transactions with affiliates after the Transaction,
and current volatile market conditions and their impact on the Transaction.

In connection with their review of the New Investment Management Agreements, the
Independent Board Members, through their independent legal counsel, also
requested in writing and received additional information regarding the proposed
Transaction and its impact on the provision of services by NAM and its
affiliates.

The Independent Board Members received, well in advance of the July Meeting,
materials which outlined, among other things:

[]   the structure and terms of the Transaction, including MDP's co-investor
     entities and their expected ownership interests, and the financing
     arrangements that will exist for Nuveen following the closing of the
     Transaction;

[]   the strategic plan for Nuveen following the Transaction;

[]   the governance structure for Nuveen following the Transaction;

[]   any anticipated changes in the operations of the Nuveen funds following the
     Transaction, including changes to NAM's and Nuveen's day-to-day management,
     infrastructure and ability to provide advisory, distribution or other
     applicable services to the Funds;

[]   any changes to senior management or key personnel who work on Fund related
     matters (including portfolio management, investment oversight, and
     legal/compliance) and any retention or incentive arrangements for such
     persons;

[]   any anticipated effect on each Fund's expense ratio (including advisory
     fees) following the Transaction;

[]   any benefits or undue burdens imposed on the Funds as a result of the
     Transaction;

[]   any legal issues for the Funds as a result of the Transaction;

[]   the nature, quality and extent of services expected to be provided to the
     Funds following the Transaction, changes to any existing services and
     policies affecting the Funds, and cost-cutting efforts, if any, that may
     impact such services or policies;

[]   any conflicts of interest that may arise for Nuveen or MDP with respect to
     the Funds;

[]   the costs associated with obtaining necessary shareholder approvals and who
     would bear those costs; and

[]   from legal counsel, a memorandum describing the applicable laws,
     regulations and duties in approving advisory contracts, including, in
     particular, with respect to a change of control.


                                       92



Immediately preceding the July Meeting, representatives of MDP met with the
Board to further respond to questions regarding the Transaction. After the
meeting with MDP, the Independent Board Members met with independent legal
counsel in executive session. At the July Meeting, Nuveen also made a
presentation and responded to questions. Following the presentations and
discussions of the materials presented to the Board, the Independent Board
Members met again in executive session with their counsel. As outlined in more
detail below, the Independent Board Members considered all factors they believed
relevant with respect to each Fund, including the impact that the Transaction
could be expected to have on the following: (a) the nature, extent and quality
of services to be provided; (b) the investment performance of the Funds; (c) the
costs of the services and profits to be realized by Nuveen and its affiliates;
(d) the extent to which economies of scale would be realized; and (e) whether
fee levels reflect those economies of scale for the benefit of investors. As
noted above, the Board Members had completed their annual review of the
respective Original Investment Management Agreements at the May Meeting and many
of the factors considered at the annual review were applicable to their
evaluation of the New Investment Management Agreements. Accordingly, in
evaluating the New Investment Management Agreements, the Board Members relied
upon their knowledge and experience with NAM and considered the information
received and their evaluations and conclusions drawn at the annual review. While
the Board reviewed many Nuveen funds at the July Meeting, the Independent Board
Members evaluated all information available to them on a fund-by-fund basis, and
their determinations were made separately in respect of each Fund.

A.   NATURE, EXTENT AND QUALITY OF SERVICES

In evaluating the nature, quality and extent of the services expected to be
provided by NAM under the New Investment Management Agreements, the Independent
Board Members considered, among other things, the expected impact, if any, of
the Transaction on the operations, facilities, organization and personnel of
NAM; the potential implications of regulatory restrictions on the Funds
following the Transaction; the ability of NAM and its affiliates to perform
their duties after the Transaction; and any anticipated changes to the current
investment and other practices of the Funds.

The Board noted that the terms of each New Investment Management Agreement,
including the fees payable thereunder, are substantially identical to those of
the Original Investment Management Agreement relating to the same Fund (with
both reflecting reductions to fee levels in the complex-wide fee schedule for
complex-wide assets in excess of $80 billion that have an effective date of
August 20, 2007). The Board considered that the services to be provided and the
standard of care under the New Investment Management Agreements are the same as
the Original Investment Management Agreements. The Board Members further noted
that key personnel who have responsibility for the Funds in each area, including
portfolio management, investment oversight, fund management, fund operations,
product management, legal/compliance and board support functions, are expected
to be the same following the Transaction. The Board Members considered and are
familiar with the qualifications, skills and experience of such personnel. The
Board also considered certain information regarding anticipated retention or
incentive plans designed to retain key personnel. Further, the Board Members
noted that no changes to Nuveen's infrastructure or operations as a result of
the Transaction were anticipated other than potential enhancements as a result
of an expected increase in the level of investment in such infrastructure and
personnel. The Board noted MDP's representations that it does not plan to have a
direct role in the management of Nuveen, appointing new management personnel, or
directly impacting individual staffing decisions. The Board Members also noted
that there were not any planned "cost cutting" measures that could be expected
to reduce the nature, extent or quality of services. After consideration of the
foregoing, the Board Members concluded that no diminution in the nature, quality
and extent of services provided to the Funds and their shareholders is expected.

In addition to the above, the Board Members considered potential changes in the
operations of each Fund. In this regard, the Board Members considered the
potential effect of regulatory restrictions on the Funds' transactions with
future affiliated persons. During their deliberations, it was noted that, after
the Transaction, a subsidiary of Merrill Lynch is expected to have an ownership
interest in Nuveen at a level that will make Merrill Lynch an affiliated person
of Nuveen. The Board Members recognized that applicable law would generally
prohibit the Funds from engaging in securities transactions with Merrill Lynch
as principal, and would also impose restrictions on using Merrill Lynch for
agency transactions. They recognized that having MDP and Merrill Lynch as
affiliates may restrict the Nuveen funds' ability to invest in securities of
issuers controlled by MDP or issued by Merrill Lynch and its affiliates even if
not bought directly from MDP or Merrill


                                       93



ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)


Lynch as principal. They also recognized that various regulations may require
the Nuveen funds to apply investment limitations on a combined basis with
affiliates of Merrill Lynch. The Board Members considered information provided
by NAM regarding the potential impact on the Nuveen funds' operations as a
result of these regulatory restrictions. The Board Members considered, in
particular, the Nuveen funds that may be impacted most by the restricted access
to Merrill Lynch, including: municipal funds (particularly certain
state-specific funds), senior loan funds, taxable fixed income funds, preferred
security funds and funds that heavily use derivatives. The Board Members
considered such funds' historic use of Merrill Lynch as principal in their
transactions and information provided by NAM regarding the expected impact
resulting from Merrill Lynch's affiliation with Nuveen and available measures
that could be taken to minimize such impact. NAM informed the Board Members
that, although difficult to determine with certainty, its management did not
believe that MDP's or Merrill Lynch's status as an affiliate of Nuveen would
have a material adverse effect on any Nuveen fund's ability to pursue its
investment objectives and policies.

In addition to the regulatory restrictions considered by the Board, the Board
Members also considered potential conflicts of interest that could arise between
the Nuveen funds and various parties to the Transaction and discussed possible
ways of addressing such conflicts.

Based on its review along with its considerations regarding services at the
annual review, the Board concluded that the Transaction was not expected to
adversely affect the nature, quality or extent of services provided by NAM and
that the expected nature, quality and extent of such services supported approval
of the New Investment Management Agreements.

B.   PERFORMANCE OF THE FUNDS

With respect to the performance of the Funds, the Board considered that the
portfolio management personnel responsible for the management of the Funds'
portfolios were expected to continue to manage the portfolios following the
completion of the Transaction.

In addition, the Board Members recently reviewed Fund performance at the May
Meeting, as described above, and determined that Fund performance was
satisfactory or better, subject to the following. With respect to certain
municipal closed-end funds with relative short-term underperformance, the Board
Members concluded NAM was taking steps to evaluate the factors affecting
performance and those steps would continue following the Transaction. Further,
the investment policies and strategies were not expected to change as a result
of the Transaction.

In light of the foregoing factors, along with the prior findings regarding
performance at the annual review, the Board concluded that its findings with
respect to performance supported approval of the New Investment Management
Agreements.

C.   FEES, EXPENSES AND PROFITABILITY

As described in more detail above, during the annual review, the Board Members
considered, among other things, the management fees and expenses of the Funds,
the breakpoint schedules, and comparisons of such fees and expenses with peers.
At the annual review, the Board Members determined that the respective Fund's
advisory fees and expenses were reasonable. In evaluating the costs of services
to be provided by NAM under the New Investment Management Agreements and the
profitability of Nuveen for its advisory activities, the Board Members
considered their prior conclusions at the annual review and whether the
management fees or other expenses would change as a result of the Transaction.
As described above, the investment management fee is composed of two
components--a fund-level component and complex-wide level component. The fee
schedule under the New Investment Management Agreements to be paid to NAM is
identical to that under the Original Investment Management Agreements, including
the modified complex-wide fee schedule. As noted above, the Board recently
approved a modified complex-wide fee schedule that would generate additional fee
savings on complex-wide assets above $80 billion. The modifications have an
effective date of August 20, 2007 and are part of the Original Investment
Management Agreements. Accordingly, the terms of the complex-wide component
under the New Investment Management Agreements are the same as under the
Original Investment Management Agreements. The Board Members also noted that
Nuveen has committed for a period of two years from the


                                       94



date of closing of the Transaction that it will not increase gross management
fees for any Nuveen fund and will not reduce voluntary expense reimbursement
levels for any Nuveen fund from their currently scheduled prospective levels.
Based on the information provided, the Board Members did not expect that overall
Fund expenses would increase as a result of the Transaction.

In addition, the Board Members considered that additional fund launches were
anticipated after the Transaction which would result in an increase in total
assets under management in the complex and a corresponding decrease in overall
management fees under the complex-wide fee schedule. Taking into consideration
the Board's prior evaluation of fees and expenses at the annual renewal, and the
modification to the complex-wide fee schedule, the Board determined that the
management fees and expenses were reasonable.

While it is difficult to predict with any degree of certainty the impact of the
Transaction on Nuveen's profitability, at the recent annual review, the Board
Members were satisfied that Nuveen's level of profitability for its advisory
activities was reasonable. During the year, the Board Members had noted the
enhanced dialogue regarding profitability and the appointment of an Independent
Board Member as a point person to review methodology determinations and
refinements in calculating profitability. Given their considerations at the
annual review and the modifications to the complex-wide fee schedule, the Board
Members were satisfied that Nuveen's level of profitability for its advisory
activities continues to be reasonable.

D.   ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

The Board Members have been cognizant of economies of scale and the potential
benefits resulting from the costs of a Fund being spread over a larger asset
base. To help ensure that shareholders share in the benefits derived from
economies of scale, the Board adopted the complex-wide fee arrangement in 2004.
At the May Meeting, the Board Members reviewed the complex-wide fee arrangements
and noted that additional negotiations may be necessary or appropriate as the
assets in the complex approached the $91 billion threshold. In light of this
assessment coupled with the upcoming Transaction, at the June 15, 2007 meeting,
the ad hoc committee met with representatives of Nuveen to further discuss
modifications to the complex-wide fee schedule that would generate additional
savings for shareholders as the assets of the complex grow. The proposed terms
for the complex-wide fee schedule are expressed in terms of targeted cumulative
savings at specified levels of complex-wide assets, rather than in terms of
targeted marginal complex-wide fee rates. Under the modified schedule, the
schedule would generate additional fee savings beginning at complex-wide assets
of $80 billion in order to achieve targeted cumulative annual savings at $91
billion of $28 million on a complex-wide level (approximately $0.6 million
higher than those generated under the then current schedule) and generate
additional fee savings for asset growth above complex-wide assets of $91 billion
in order to achieve targeted annual savings at $125 billion of assets of
approximately $50 million on a complex-wide level (approximately $2.2 million
higher annually than that generated under the then current schedule). At the
July Meeting, the Board approved the modified complex-wide fee schedule for the
Original Investment Management Agreements and these same terms will apply to the
New Investment Management Agreements. Accordingly, the Board Members believe
that the breakpoint schedules and revised complex-wide fee schedule are
appropriate and desirable in ensuring that shareholders participate in the
benefits derived from economies of scale.

E.   INDIRECT BENEFITS

During their recent annual review, the Board Members considered any indirect
benefits that NAM may receive as a result of its relationship with the Funds, as
described above. As the policies and operations of Nuveen are not anticipated to
change significantly after the Transaction, such indirect benefits should remain
after the Transaction. The Board Members further considered any additional
indirect benefits to be received by NAM or its affiliates after the Transaction.
The Board Members noted that other than benefits from its ownership interest in
Nuveen and indirect benefits from fee revenues paid by the Funds under the
management agreements and other Board-approved relationships, it was currently
not expected that MDP or its affiliates would derive any benefit from the Funds
as a result of the Transaction or transact any business with or on behalf of the
Funds (other than perhaps potential Fund acquisitions, in secondary market
transactions, of securities issued by MDP portfolio companies); or that Merrill
Lynch or its affiliates would derive any benefits from the Funds as a result of
the Transaction (noting that, indeed, Merrill Lynch would stand to experience
the discontinuation of principal transaction activity with the Nuveen funds and
likely would experience a noticeable reduction in the volume of agency
transactions with the Nuveen funds).


                                       95



ANNUAL INVESTMENT MANAGEMENT AGREEMENT
APPROVAL PROCESS (continued)


F.   OTHER CONSIDERATIONS

In addition to the factors above, the Board Members also considered the
following with respect to the Funds:

[]   Nuveen would rely on the provisions of Section 15(f) of the 1940 Act.
     Section 15(f) provides, in substance, that when a sale of a controlling
     interest in an investment adviser occurs, the investment adviser or any of
     its affiliated persons may receive any amount or benefit in connection with
     the sale so long as (i) during the three-year period following the
     consummation of a transaction, at least 75% of the investment company's
     board of directors must not be "interested persons" (as defined in the 1940
     Act) of the investment adviser or predecessor adviser and (ii) an "unfair
     burden" (as defined in the 1940 Act, including any interpretations or
     no-action letters of the SEC) must not be imposed on the investment company
     as a result of the transaction relating to the sale of such interest, or
     any express or implied terms, conditions or understanding applicable
     thereto. In this regard, to help ensure that an unfair burden is not
     imposed on the Nuveen funds, Nuveen has committed for a period of two years
     from the date of the closing of the Transaction (i) not to increase gross
     management fees for any Nuveen fund; (ii) not to reduce voluntary expense
     reimbursement levels for any Nuveen fund from their currently scheduled
     prospective levels during that period; (iii) that no Nuveen fund whose
     portfolio is managed by a Nuveen affiliate shall use Merrill Lynch as a
     broker with respect to portfolio transactions done on an agency basis,
     except as may be approved in the future by the Compliance Committee of the
     Board; and (iv) that NAM shall not cause the Funds and other municipal
     funds that NAM manages, as a whole, to enter into portfolio transactions
     with or through the other minority owners of Nuveen, on either a principal
     or an agency basis, to a significantly greater extent than both what one
     would expect an investment team to use such firm in the normal course of
     business, and what NAM has historically done, without prior Board or
     Compliance Committee approval (excluding the impact of proportionally
     increasing the use of such other "minority owners" to fill the void
     necessitated by not being able to use Merrill Lynch).

[]   The Funds would not incur any costs in seeking the necessary shareholder
     approvals for the New Investment Management Agreements (except for any
     costs attributed to seeking shareholder approvals of Fund specific matters
     unrelated to the Transaction, such as approval of Board Members, in which
     case a portion of such costs will be borne by the applicable Funds).

[]   The reputation, financial strength and resources of MDP.

[]   The long-term investment philosophy of MDP and anticipated plans to grow
     Nuveen's business to the benefit of the Nuveen funds.

[]   The benefits to the Nuveen funds as a result of the Transaction including:
     (i) as a private company, Nuveen may have more flexibility in making
     additional investments in its business; (ii) as a private company, Nuveen
     may be better able to structure compensation packages to attract and retain
     talented personnel; (iii) as certain of Nuveen's distribution partners are
     expected to be equity or debt investors in Nuveen, Nuveen may be able to
     take advantage of new or enhanced distribution arrangements with such
     partners; and (iv) MDP's experience, capabilities and resources that may
     help Nuveen identify and acquire investment teams or firms and finance such
     acquisitions.

[]   The historic premium and discount levels at which the shares of the Nuveen
     funds have traded at specified dates with particular focus on the premiums
     and discounts after the announcement of the Transaction, taking into
     consideration recent volatile market conditions and steps or initiatives
     considered or undertaken by NAM to address discount levels.


                                       96



G.   CONCLUSION

The Board Members did not identify any single factor discussed previously as
all-important or controlling. The Board Members, including the Independent Board
Members, unanimously concluded that the terms of the New Investment Management
Agreements are fair and reasonable, that the fees therein are reasonable in
light of the services to be provided to each Fund and that the New Investment
Management Agreements should be approved and recommended to shareholders.

III. APPROVAL OF INTERIM CONTRACTS

As noted above, at the July Meeting, the Board Members, including the
Independent Board Members, unanimously approved the Interim Investment
Management Agreements. If necessary to assure continuity of advisory services,
the Interim Investment Management Agreements will take effect upon the closing
of the Transaction if shareholders have not yet approved the New Investment
Management Agreements. The terms of each Interim Investment Management Agreement
are substantially identical to those of the corresponding Original Investment
Management Agreement and New Investment Management Agreement, respectively,
except for certain term and escrow provisions. In light of the foregoing, the
Board Members, including the Independent Board Members, unanimously determined
that the scope and quality of services to be provided to the Funds under the
respective Interim Investment Management Agreement are at least equivalent to
the scope and quality of services provided under the applicable Original
Investment Management Agreement.


                                       97


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 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.


                                       98



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.


                                       99



NOTES



                                       100



NOTES



                                       101



Glossary of
TERMS USED in this REPORT


[]   AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
     investment's performance over a particular, usually multi-year time period.
     It expresses the return that would have been necessary each year to equal
     the investment's actual cumulative performance (including change in NAV or
     market price and reinvested dividends and capital gains distributions, if
     any) over the time period being considered.

[]   AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
     of the bonds in a Fund's portfolio, computed by weighting each bond's time
     to maturity (the date the security comes due) by the market value of the
     security. This figure does not account for the likelihood of prepayments or
     the exercise of call provisions unless an escrow account has been
     established to redeem the bond before maturity. The market value weighting
     for an investment in an inverse floating rate security is the value of the
     portfolio's residual interest in the inverse floating rate trust, and does
     not include the value of the floating rate securities issued by the trust.

[]   INVERSE FLOATERS: Inverse floating rate securities are created by
     depositing a municipal bond, typically with a fixed interest rate, into a
     special purpose trust created by a broker-dealer. This trust, in turn, (a)
     issues floating rate certificates typically paying short-term tax-exempt
     interest rates to third parties in amounts equal to some fraction of the
     deposited bond's par amount or market value, and (b) issues an inverse
     floating rate certificate (sometimes referred to as an "inverse floater")
     to an investor (such as a Fund) interested in gaining investment exposure
     to a long-term municipal bond. The income received by the holder of the
     inverse floater varies inversely with the short-term rate paid to the
     floating rate certificates' holders, and in most circumstances the holder
     of the inverse floater bears substantially all of the underlying bond's
     downside investment risk. The holder of the inverse floater typically also
     benefits disproportionately from any potential appreciation of the
     underlying bond's value. Hence, an inverse floater essentially represents
     an investment in the underlying bond on a leveraged basis.

[]   LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period
     over which a bond's principal and interest will be paid, and consequently
     is a measure of the sensitivity of a bond's or bond Fund's value to changes
     when market interest rates change. Generally, the longer a bond's or Fund's
     duration, the more the price of the bond or Fund will change as interest
     rates change. Leverage-adjusted duration takes into account the leveraging
     process for a Fund and therefore is longer than the duration of the Fund's
     portfolio of bonds.

[]   MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
     investment's current annualized dividend divided by its current market
     price.

[]   NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
     subtracting the liabilities of the Fund (including any MuniPreferred shares
     issued in order to leverage the Fund) from its total assets and then
     dividing the remainder by the number of shares outstanding. Fund NAVs are
     calculated at the end of each business day.

[]   TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
     investment to equal, on an after-tax basis, the yield of a municipal bond
     investment.

[]   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.


                                       102




Other Useful INFORMATION


QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION

Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
twelve-month period ended June 30, 2007, and (iii) a description of the policies
and procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.

You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.

CEO CERTIFICATION DISCLOSURE

Each Fund's Chief Executive Officer has submitted to the Exchange the annual CEO
certification as required by Section 303A.12(a) of the NYSE Listed Company
Manual.

Each Fund has filed with the Securities and Exchange Commission the
certification of its Chief Executive Officer and Chief Financial Officer
required by Section 302 of the Sarbanes-Oxley Act.

INVESTMENT POLICY CHANGES

In May 2007, the Funds' Board of Directors/Trustees voted to permit the Funds'
to make loans from Fund assets to certain bond issuers. The amounts of these
loans are subject to strict limits. This policy is designed to enhance the
Funds' ability to meet their Funds' investment objectives by providing for
increased portfolio management flexibility, greater diversification potential,
and opportunities for increased capital appreciation over time.


BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Carole E. Stone

FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606

CUSTODIAN
State Street Bank & Trust Company
Boston, MA

TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787

LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL

Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. During the
period covered by this report, NQN, NVN, and NUN repurchased 97,300, 118,800,
and 171,600 common shares, respectively. Any future repurchases will be reported
to shareholders in the next annual or semi-annual report.


                                       103



Nuveen Investments:
--------------------------------------------------------------------------------

SERVING INVESTORS FOR GENERATIONS

Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.

Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.

WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.

Managing $170 billion in assets as of September 30, 2007, Nuveen Investments
offers access to a number of different asset classes and investing solutions
through a variety of products. Nuveen Investments markets its capabilities under
six distinct brands: Nuveen, a leader in fixed-income investments; NWQ, a leader
in value-style equities; Rittenhouse, a leader in growth-style equities;
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios; Santa Barbara, a leader in growth equities; and
Tradewinds, a leader in global equities.

FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.

To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest. Be sure to obtain a
prospectus, where applicable. Investors should consider the investment objective
and policies, risk considerations, charges and expenses of the Fund carefully
before investing. The prospectus contains this and other information relevant to
an investment in the Fund. For a prospectus, please contact your securities
representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.


LEARN MORE ABOUT NUVEEN FUNDS AT:                 WWW.NUVEEN.COM/ETF

                                                  SHARE PRICES
                                                  FUND DETAILS
                                                  DAILY FINANCIAL NEWS
                                                  INVESTOR EDUCATION
                                                  INTERACTIVE PLANNING TOOLS

                                                                     EAN-B-0907D



ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a
code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. There were no amendments to or waivers
from the Code during the period covered by this report. The registrant has
posted the code of ethics on its website at www.nuveen.com/etf. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees determined that the registrant
has at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its Audit Committee. The registrant's audit committee
financial expert is Jack B. Evans, Chairman of the Audit Committee, who is
"independent" for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

            Nuveen Insured New York Tax-Free Advantage Municipal Fund

The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP the Audit Committee approved in advance all
audit services and non-audit services that Ernst & Young LLP provided to the
Fund, except for those non-audit services that were subject to the pre-approval
exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The
pre-approval exception for services provided directly to the Fund waives the
pre-approval requirement for services other than audit, review or attest
services if: (A) the aggregate amount of all such services provided constitutes
no more than 5% of the total amount of revenues paid by the Fund to its
accountant during the fiscal year in which the services are provided; (B) the
Fund did not recognize the services as non-audit services at the time of the
engagement; and (C) the services are promptly brought to the Audit Committee's
attention, and the Committee (or its delegate) approves the services before the
audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).

               SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND




                                      AUDIT FEES BILLED     AUDIT-RELATED FEES           TAX FEES             ALL OTHER FEES
FISCAL YEAR ENDED                        TO FUND (1)        BILLED TO FUND (2)      BILLED TO FUND (3)      BILLED TO FUND (4)
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                        
September 30, 2007                        $ 8,438                  $ 0                    $ 500                     $ 1,550
----------------------------------------------------------------------------------------------------------------------------------
Percentage approved                            0%                   0%                       0%                          0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------------
September 30, 2006                        $ 8,011                  $ 0                    $ 400                     $ 2,950
----------------------------------------------------------------------------------------------------------------------------------
Percentage approved                            0%                   0%                       0%                          0%
pursuant to
pre-approval
exception
----------------------------------------------------------------------------------------------------------------------------------

(1) "Audit Fees" are the aggregate fees billed for professional services for the
audit of the Fund's annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.

(2) "Audit Related Fees" are the aggregate fees billed for assurance and related
services reasonably related to the performance of the audit or review of
financial statements and are not reported under "Audit Fees".

(3) "Tax Fees" are the aggregate fees billed for professional services for tax
advice, tax compliance, and tax planning.

(4) "All Other Fees" are the aggregate fees billed for products and services
for agreed upon procedures engagements performed for leveraged funds.


                 SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
                  ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Asset Management ("NAM" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAM ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.




FISCAL YEAR ENDED                     AUDIT-RELATED FEES      TAX FEES BILLED TO       ALL OTHER FEES
                                     BILLED TO ADVISER AND       ADVISER AND         BILLED TO ADVISER
                                       AFFILIATED FUND         AFFILIATED FUND      AND AFFILIATED FUND
                                      SERVICE PROVIDERS       SERVICE PROVIDERS      SERVICE PROVIDERS
---------------------------------------------------------------------------------------------------------
                                                                                   
September 30, 2007                           $ 0                     $ 0                    $ 0
---------------------------------------------------------------------------------------------------------
Percentage approved                           0%                      0%                     0%
pursuant to
pre-approval
exception
---------------------------------------------------------------------------------------------------------
September 30, 2006                           $ 0                     $ 0                    $ 0
---------------------------------------------------------------------------------------------------------
Percentage approved                           0%                      0%                     0%
pursuant to
pre-approval
exception
---------------------------------------------------------------------------------------------------------



                               NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. The Audit
Committee is required to pre-approve non-audit services that Ernst & Young LLP
provides to the Adviser and any Affiliated Fund Services Provider, if the
engagement related directly to the Fund's operations and financial reporting
(except for those subject to the de minimis exception described above). The
Audit Committee requested and received information from Ernst & Young LLP about
any non-audit services that Ernst & Young LLP rendered during the Fund's last
fiscal year to the Adviser and any Affiliated Fund Service Provider. The
Committee considered this information in evaluating Ernst & Young LLP's
independence.




FISCAL YEAR ENDED                                             TOTAL NON-AUDIT FEES
                                                             BILLED TO ADVISER AND
                                                            AFFILIATED FUND SERVICE    TOTAL NON-AUDIT FEES
                                                             PROVIDERS (ENGAGEMENTS    BILLED TO ADVISER AND
                                                            RELATED DIRECTLY TO THE   AFFILIATED FUND SERVICE
                                     TOTAL NON-AUDIT FEES  OPERATIONS AND FINANCIAL   PROVIDERS (ALL OTHER
                                        BILLED TO FUND       REPORTING OF THE FUND)        ENGAGEMENTS)          TOTAL
-----------------------------------------------------------------------------------------------------------------------
                                                                                                    
September 30, 2007                           $ 2,050                 $ 0                       $ 0              $ 2,050
September 30, 2006                           $ 3,350                 $ 0                       $ 0              $ 3,350

"Non-Audit Fees billed to Adviser" for both fiscal year ends represent "Tax
Fees" billed to Adviser in their respective amounts from the previous table.


Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit
Committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the Audit Committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the Audit Committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the Audit Committee at
the next Audit Committee meeting if they are expected to be for an amount under
$5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board of Directors or Trustees has a separately designated
Audit Committee established in accordance with Section 3(a)(58)(A) of the
Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The
members of the audit committee are Robert P. Bremner, Jack B. Evans, William J.
Schneider and David J. Kundert. Mr. Eugene S. Sunshine, who also served as a
member of the Committee during this reporting period, resigned from the Board of
Directors effective July 31, 2007.

ITEM 6. SCHEDULE OF INVESTMENTS.

See Portfolio of Investments in Item 1.

ITEM 7.  DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.

The registrant invests its assets primarily in municipal bonds and cash
management securities. On rare occasions the registrant may acquire, directly or
through a special purpose vehicle, equity securities of a municipal bond issuer
whose bonds the registrant already owns when such bonds have deteriorated or are
expected shortly to deteriorate significantly in credit quality. The purpose of
acquiring equity securities generally will be to acquire control of the
municipal bond issuer and to seek to prevent the credit deterioration or
facilitate the liquidation or other workout of the distressed issuer's credit
problem. In the course of exercising control of a distressed municipal issuer,
NAM may pursue the registrant's interests in a variety of ways, which may entail
negotiating and executing consents, agreements and other arrangements, and
otherwise influencing the management of the issuer. NAM does not consider such
activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but
nevertheless provides reports to the registrant's Board of Trustees on its
control activities on a quarterly basis.

In the rare event that a municipal issuer were to issue a proxy or that the
registrant were to receive a proxy issued by a cash management security, NAM
would either engage an independent third party to determine how the proxy should
be voted or vote the proxy with the consent, or based on the instructions, of
the registrant's Board of Trustees or its representative. A member of NAM's
legal department would oversee the administration of the voting, and ensure that
records were maintained in accordance with Rule 206(4)-6, reports were filed
with the SEC on Form N-PX, and the results provided to the registrant's Board of
Trustees and made available to shareholders as required by applicable rules.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

THE PORTFOLIO MANAGER

The following individual has primary responsibility for the day-to-day
implementation of the registrant's investment strategies:

NAME                   FUND
CATHRYN P. STEEVES     Nuveen Insured New York Tax-Free Advantage Municipal Fund

Other Accounts Managed. In addition to managing the registrant, the portfolio
manager is also primarily responsible for the day-to-day portfolio management of
the following accounts:

                                                      NUMBER OF
PORTFOLIO MANAGER   TYPE OF ACCOUNT MANAGED           ACCOUNTS    ASSETS
--------------------------------------------------------------------------------
Cathryn P. Steeves  Registered Investment Company     41          $8.259 billion
                    Other Pooled Investment Vehicles  0           $0
                    Other Accounts                    0           $0

*    Assets are as of September 30, 2007. None of the assets in these accounts
     are subject to an advisory fee based on performance.

Compensation. Each portfolio manager's compensation consists of three basic
elements--base salary, cash bonus and long-term incentive compensation. The
compensation strategy is to annually compare overall compensation, including
these three elements, to the market in order to create a compensation structure
that is competitive and consistent with similar financial services companies. As
discussed below, several factors are considered in determining each portfolio
manager's total compensation. In any year these factors may include, among
others, the effectiveness of the investment strategies recommended by the
portfolio manager's investment team, the investment performance of the accounts
managed by the portfolio manager, and the overall performance of Nuveen
Investments, Inc. (the parent company of NAM). Although investment performance
is a factor in determining the portfolio manager's compensation, it is not
necessarily a decisive factor. The portfolio manager's performance is evaluated
in part by comparing manager's performance against a specified investment
benchmark. This fund-specific benchmark is a customized subset (limited to bonds
in each Fund's specific state and with certain maturity parameters) of the
S&P/Investortools Municipal Bond index, an index comprised of bonds held by
managed municipal bond fund customers of Standard & Poor's Securities Pricing,
Inc. that are priced daily and whose fund holdings aggregate at least $2
million. As of October 31, 2007, the S&P/Investortools Municipal Bond Index was
comprised of 51,960 securities with an aggregate current market value of $1,017
billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level
determined by NAM in accordance with its overall compensation strategy discussed
above. NAM is not under any current contractual obligation to increase a
portfolio manager's base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash
bonus. The level of this bonus is based upon evaluations and determinations made
by each portfolio manager's supervisors, along with reviews submitted by his
peers. These reviews and evaluations often take into account a number of
factors, including the effectiveness of the investment strategies recommended to
the NAM's investment team, the performance of the accounts for which he serves
as portfolio manager relative to any benchmarks established for those accounts,
his effectiveness in communicating investment performance to stockholders and
their representatives, and his contribution to the NAM's investment process and
to the execution of investment strategies. The cash bonus component is also
impacted by the overall performance of Nuveen Investments, Inc. in achieving its
business objectives.

Long-term incentive compensation. Each portfolio manager is eligible to receive
bonus compensation in the form of equity-based awards issued in securities
issued by Nuveen Investments, Inc. The amount of such compensation is dependent
upon the same factors articulated for cash bonus awards but also factors in his
long-term potential with the firm.

Material Conflicts of Interest. Each portfolio manager's simultaneous management
of the registrant and the other accounts noted above may present actual or
apparent conflicts of interest with respect to the allocation and aggregation of
securities orders placed on behalf of the Registrant and the other account. NAM,
however, believes that such potential conflicts are mitigated by the fact that
the NAM has adopted several policies that address potential conflicts of
interest, including best execution and trade allocation policies that are
designed to ensure (1) that portfolio management is seeking the best price for
portfolio securities under the circumstances, (2) fair and equitable allocation
of investment opportunities among accounts over time and (3) compliance with
applicable regulatory requirements. All accounts are to be treated in a
non-preferential manner, such that allocations are not based upon account
performance, fee structure or preference of the portfolio manager, although the
allocation procedures may provide allocation preferences to funds with special
characteristics (such as favoring state funds versus national funds for
allocations of in-state bonds). In addition, NAM has adopted a Code of Conduct
that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of September 30, 2007, the portfolio
manager beneficially owned the following dollar range of equity securities
issued by the Registrant and other Nuveen Funds managed by NAM's municipal
investment team.



                                                                                            DOLLAR RANGE OF
                                                                                            EQUITY SECURITIES
                                                                          DOLLAR RANGE OF   BENEFICIALLY OWNED
                                                                          EQUITY            IN THE REMAINDER OF
                                                                          SECURITIES        NUVEEN FUNDS MANAGED
                                                                          BENEFICIALLY      BY NAM'S MUNICIPAL
NAME OF PORTFOLIO MANAGER  FUND                                           OWNED IN FUND     INVESTMENT TEAM
----------------------------------------------------------------------------------------------------------------
                                                                                   
                           Nuveen Insured New York Tax-Free Advantage     $0                $10,000-$50,000
Cathryn Steeves            Municipal Fund


PORTFOLIO MANAGER BIO:

Cathryn P. Steeves, PhD is currently a portfolio manager for 42 state-specific
municipal bond funds. She joined Nuveen in 1996 and worked as a senior analyst
in the healthcare sector. Ms. Steeves has an undergraduate degree from Wake
Forest University, an MA, MPhil and a PhD from Columbia University.

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 registrants Board implemented after the registrant
last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

     (a)  The registrant's principal executive and principal financial officers,
          or persons performing similar functions, have concluded that the
          registrant's disclosure controls and procedures (as defined in Rule
          30a-3(c) under the Investment Company Act of 1940, as amended (the
          "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
          90 days of the filing date of this report that includes the disclosure
          required by this paragraph, based on their evaluation of the controls
          and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
          270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
          Exchange Act of 1934, as amended (the "Exchange Act")
          (17 CFR 240.13a-15(b) or 240.15d-15(b)).

     (b)  There were no changes in the registrant's internal control over
          financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
          (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
          of the period covered by this report that has materially affected, or
          is reasonably likely to materially affect, the registrant's internal
          control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(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
because the code is posted on registrant's website at www.nuveen.com/etf and
there were no amendments during the period covered by this report. (To view the
code, click on the Investor Resources drop down menu box, click on Fund
Governance and then Code of Conduct.)

(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.



                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund
            -----------------------------------------------------------

By (Signature and Title)* /s/ Kevin J. McCarthy
                         ----------------------------------------------
                          Kevin J. McCarthy
                          Vice President and Secretary

Date: December 6, 2007
    -------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

By (Signature and Title)* /s/ Gifford R. Zimmerman
                         ----------------------------------------------
                          Gifford R. Zimmerman
                          Chief Administrative Officer
                          (principal executive officer)

Date: December 6, 2007
    -------------------------------------------------------------------

By (Signature and Title)* /s/ Stephen D. Foy
                         ----------------------------------------------
                          Stephen D. Foy
                          Vice President and Controller
                          (principal financial officer)

Date: December 6, 2007
    -------------------------------------------------------------------



* Print the name and title of each signing officer under his or her signature.