Investment Company Act file number 811-21211
Nuveen Insured New York Tax-Free Advantage Municipal Fund
(Exact name of registrant as specified in charter)
333 West Wacker Drive, Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Jessica R. Droeger—Vice President and Secretary
333 West Wacker Drive, Chicago, Illinois 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: 312-917-7700
Date of fiscal year end: 09/30
Date of reporting period: 12/31/04
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the 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. § 3507.
Item 1. Schedule of Investments
Portfolio of Investments (Unaudited)
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
December 31, 2004
| Principal |
Optional Call |
Market |
||||
|---|---|---|---|---|---|---|
| Amount (000) |
Description(1) |
Provisions* |
Ratings** |
Value |
||
Consumer Staples - 4.3% (2.9% of Total Investments) |
||||||
|
||||||
| $ | 370 |
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series |
5/12 at 100.00 |
BBB |
$ 353,409 |
|
2002, 5.375%, 5/15/33 |
||||||
1,500 |
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003, 5.750%, |
6/13 at 100.00 |
BBB |
1,451,040 |
||
6/01/33 |
||||||
450 |
TSASC Inc., New York, Tobacco Flexible Amortization Bonds, Series 1999-1, 6.250%, 7/15/34 |
7/09 at 101.00 |
BBB |
455,643 |
||
Education and Civic Organizations - 22.6% (15.1% of Total Investments) |
||||||
|
||||||
1,000 |
New York City Trust for Cultural Resources, New York, Revenue Refunding Bonds, Museum of Modern |
1/07 at 102.00 |
AAA |
1,067,230 |
||
Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured |
||||||
1,000 |
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory |
No Opt. Call |
AAA |
1,107,170 |
||
Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured |
||||||
395 |
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory |
7/09 at 101.00 |
AAA |
408,272 |
||
Facilities, Series 1999B, 5.125%, 7/01/28 - MBIA Insured |
||||||
2,000 |
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of |
No Opt. Call |
AAA |
2,196,400 |
||
Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured |
||||||
100 |
Dormitory Authority of the State of New York, Insured Revenue Bonds, Rochester Institute of |
7/07 at 101.00 |
AAA |
106,209 |
||
Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured |
||||||
1,000 |
Dormitory Authority of the State of New York, Second General Resolution Consolidated Revenue |
7/10 at 101.00 |
AAA |
1,155,390 |
||
Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured |
||||||
2,000 |
Dormitory Authority of the State of New York, Insured Revenue Bonds, Long Island University, Series |
9/12 at 100.00 |
AA |
2,042,640 |
||
2003A, 5.000%, 9/01/32 - RAAI Insured |
||||||
1,000 |
Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series 2003, |
7/13 at 100.00 |
AA |
1,018,370 |
||
5.000%, 7/01/32 - RAAI Insured |
||||||
2,500 |
Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, |
7/12 at 100.00 |
Aaa |
2,696,575 |
||
Series 2002A, 5.250%, 7/01/22 - AMBAC Insured |
||||||
Healthcare - 20.7% (13.8% of Total Investments) |
||||||
|
||||||
500 |
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series |
2/12 at 100.00 |
AAA |
556,470 |
||
2002A, 5.500%, 2/15/17 - FSA Insured |
||||||
2,640 |
New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series |
2/13 at 100.00 |
AAA |
2,848,771 |
||
2003A, 5.250%, 2/15/21 - AMBAC Insured |
||||||
830 |
Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian Hospital, |
8/14 at 100.00 |
AAA |
926,413 |
||
Series 2004A, 5.250%, 8/15/15 - FSA Insured |
||||||
25 |
Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer |
7/13 at 100.00 |
AAA |
26,537 |
||
Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured |
||||||
750 |
Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities Hospital, |
7/13 at 100.00 |
Baa1 |
792,188 |
||
Series 2003B, 5.500%, 7/01/23 |
||||||
500 |
Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Group, |
5/13 at 100.00 |
A3 |
526,010 |
||
Series 2003, 5.375%, 5/01/23 |
||||||
2,000 |
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Lutheran |
2/13 at 100.00 |
AAA |
2,052,740 |
||
Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured |
||||||
3,000 |
Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St. |
8/12 at 100.00 |
AAA |
3,075,000 |
||
Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC Insured |
||||||
Long-Term Care - 2.4% (1.6% of Total Investments) |
||||||
|
||||||
1,185 |
Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds, |
2/13 at 102.00 |
AAA |
1,236,939 |
||
Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 |
||||||
Tax Obligation/General - 5.7% (3.8% of Total Investments) |
||||||
|
||||||
2,400 |
New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA |
8/08 at 101.00 |
AAA |
2,545,392 |
||
Insured |
||||||
225 |
New York City, New York, General Obligation Bonds, Fiscal Series 2004B, 5.250%, 8/01/15 |
8/14 at 100.00 |
A |
246,879 |
||
195 |
New York, General Obligation Bonds, Series 1998B, 5.000%, 3/01/17 - AMBAC Insured |
3/08 at 101.00 |
AAA |
208,802 |
||
Tax Obligation/Limited - 52.9% (35.4% of Total Investments) |
||||||
|
||||||
2,695 |
Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds, Series |
No Opt. Call |
AAA |
3,049,419 |
||
2004A, 5.250%, 8/15/12 - MBIA Insured |
||||||
1,000 |
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series |
7/12 at 100.00 |
AAA |
1,042,190 |
||
2002A, 5.000%, 7/01/25 - FGIC Insured |
||||||
560 |
Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003, 5.500%, |
1/13 at 102.00 |
BBB |
578,710 |
||
1/01/34 |
||||||
3,000 |
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series |
8/12 at 100.00 |
AAA |
3,301,410 |
||
2003C, 5.250%, 8/01/18 - AMBAC Insured |
||||||
2,000 |
New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds, Fiscal |
2/13 at 100.00 |
AAA |
2,109,340 |
||
Series 2003D, 5.000%, 2/01/22 - MBIA Insured |
||||||
145 |
Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services |
8/09 at 101.00 |
AAA |
152,675 |
||
Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured |
||||||
1,290 |
New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds, |
1/13 at 100.00 |
AAA |
1,356,371 |
||
Series 2002A, 5.000%, 1/01/23 - FGIC Insured |
||||||
2,500 |
Dormitory Authority of the State of New York, Revenue Bonds, State Personal Income Tax, Series |
3/13 at 100.00 |
AAA |
2,564,950 |
||
2003A, 5.000%, 3/15/32 - FGIC Insured |
||||||
3,000 |
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, |
10/12 at 100.00 |
AAA |
3,270,960 |
||
Series 2002D, 5.250%, 10/01/23 - MBIA Insured |
||||||
3,500 |
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B, 5.000%, |
4/12 at 100.00 |
AAA |
3,712,520 |
||
4/01/20 - AMBAC Insured |
||||||
565 |
New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2004B, 5.250%, |
No Opt. Call |
AAA |
636,077 |
||
4/01/12 - AMBAC Insured |
||||||
100 |
New York State Urban Development Corporation, Correctional Capital Facilities Revenue Refunding |
1/08 at 102.00 |
AAA |
106,225 |
||
Bonds, Series 1998, 5.000%, 1/01/20 - MBIA Insured |
||||||
2,000 |
New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and |
No Opt. Call |
AA- |
2,229,100 |
||
Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) |
||||||
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 |
643,538 |
||
455 |
5.000%, 10/15/26 - MBIA Insured |
10/14 at 100.00 |
AAA |
477,418 |
||
1,200 |
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State |
6/13 at 100.00 |
AAA |
1,304,028 |
||
Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured |
||||||
750 |
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State |
6/13 at 100.00 |
AA- |
822,120 |
||
Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 |
||||||
250 |
Yonkers Industrial Development Agency, New York, Revenue Bonds, Community Development Properties - |
2/11 at 100.00 |
BBB- |
273,255 |
||
Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16 |
||||||
Transportation - 12.0% (8.1% of Total Investments) |
||||||
|
||||||
1,000 |
Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series |
11/12 at 100.00 |
AAA |
1,043,900 |
||
2002A, 5.000%, 11/15/25 - FGIC Insured |
||||||
3,030 |
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Twenty-Eighth |
11/12 at 101.00 |
AAA |
3,211,042 |
||
Series 2002, 5.000%, 11/01/22 - FSA Insured |
||||||
1,975 |
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2002A, |
1/12 at 100.00 |
AAA |
2,040,629 |
||
5.125%, 1/01/31 - MBIA Insured |
||||||
U.S. Guaranteed *** - 10.7% (7.2% of Total Investments) |
||||||
|
||||||
100 |
Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 - AMBAC |
12/09 at 100.00 |
AAA |
120,893 |
||
Insured |
||||||
990 |
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory |
7/09 at 101.00 |
AAA |
1,105,889 |
||
Facilities, Series 1999B, 5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured |
||||||
1,855 |
Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services |
8/09 at 101.00 |
AAA |
2,078,602 |
||
Facilities, Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) - FSA Insured |
||||||
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State |
||||||
Facilities and Equipment, Series 2002C-1: |
||||||
1,000 |
5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured |
3/13 at 100.00 |
AAA |
1,155,490 |
||
1,000 |
5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured |
3/13 at 100.00 |
AAA |
1,155,490 |
||
Utilities - 16.4% (10.9% of Total Investments) |
||||||
|
||||||
4,000 |
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A, |
6/08 at 101.00 |
AAA |
4,295,240 |
||
5.125%, 12/01/22 - FSA Insured |
||||||
2,000 |
New York State Power Authority, General Revenue Bonds, Series 2002A, 5.000%, 11/15/20 |
11/12 at 100.00 |
Aa2 |
2,127,580 |
||
2,000 |
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA |
7/10 at 101.00 |
AAA |
2,127,920 |
||
Insured |
||||||
Water and Sewer - 1.7% (1.2% of Total Investments) |
||||||
|
||||||
870 |
Niagara Falls Public Water Authority, New York, Water and Sewerage Revenue Bonds, Series 2003A, |
7/06 at 100.00 |
AAA |
905,478 |
||
5.500%, 7/15/24 - MBIA Insured |
||||||
| $ | 73,005 |
Total Long-Term Investments (cost $75,075,362) - 149.4% |
78,098,948 |
|||
Other Assets Less Liabilities - 2.3% |
1,171,455 |
|||||
Preferred Shares, at Liquidation Value - (51.7)% |
(27,000,000) |
|||||
Net Assets Applicable to Common Shares - 100% |
$52,270,403 |
|||||
|
Forward Swap Contracts outstanding at December 31, 2004: |
Swap | Unrealized | |||||
|---|---|---|---|---|---|---|
Notional |
Effective |
Termination |
Appreciation |
|||
Amount | Date(2) | Date | (Depreciation) |
|||
Agreement with Morgan Stanley dated August 4, 2004, |
||||||
to pay semi-annually the notional amount multiplied by |
||||||
5.660% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the three-month USD-LIBOR |
||||||
(United States Dollar-London Inter-Bank Offered Rates). |
$800,000 |
2/16/05 |
2/16/35 |
$(50,389) |
||
Agreement with Morgan Stanley dated August 10, 2004, |
||||||
to pay semi-annually the notional amount multiplied by |
||||||
5.489% (annualized) and receive quarterly the notional |
||||||
amount multiplied by the three-month USD-LIBOR |
||||||
(United States Dollar-London Inter-Bank Offered Rates). |
600,000 |
1/14/05 |
1/14/35 |
(23,715) |
||
$(74,104) |
||||||
|
At least 80% of the Fund's net assets 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 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) municipal bonds that are rated, |
|||
at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or |
|||
unrated but judged to be of comparable quality by the Adviser. |
|||
(1) |
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares |
||
unless otherwise noted. |
|||
(2) |
Effective date represents the date on which both the Fund and counterparty commence interest payment |
||
accruals on each forward swap contract. |
|||
* |
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There |
||
may be other call provisions at varying prices at later dates. |
|||
** |
Ratings: Using the higher of Standard & Poor's or Moody's rating. |
||
*** |
Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency |
||
securities which ensures the timely payment of principal and interest. |
|||
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 timing differences in recognizing income on |
|||
taxable market discount securities and timing differences in recognizing certain gains and losses on security |
|||
transactions. |
|||
At December 31, 2004, the cost of investments was $75,075,279. |
|||
Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2004, were as |
|||
follows: |
|||
Gross unrealized: |
|||
Appreciation |
$3,057,133 |
||
Depreciation |
(33,464) |
||
Net unrealized appreciation of investments |
$3,023,669 |
||
Item 2. Controls and Procedures.
Item 3. Exhibits.
File as exhibits as part of this Form 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)), exactly as set forth below: EX-99 CERT Attached hereto.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund
By (Signature and Title)* /s/ Jessica R. Droeger--Vice President and Secretary
Date 02/28/05
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--Chief Administrative Officer (principal executive officer)
Date 02/28/05
By (Signature and Title)* /s/ Stephen D. Foy--Vice President and Controller (principal financial officer)
Date 02/28/05
* Print the name and title of each signing officer under his or her signature.