nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
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, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
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:            9/30          
 
Date of reporting period:         12/31/09         
 
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, 2009       
Principal    Optional Call     
Amount (000)  Description (1)  Provisions (2)  Ratings (3)  Value 
  Consumer Staples – 3.3% (2.1% of Total Investments)       
$     1,500  New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, Series 2003,  6/13 at 100.00  BBB  $    1,410,060 
  5.750%, 6/01/33       
300  Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,  5/12 at 100.00  BBB  287,847 
  Series 2002, 5.375%, 5/15/33       
1,800  Total Consumer Staples      1,697,907 
  Education and Civic Organizations – 24.0% (15.6% of Total Investments)       
2,000  Dormitory Authority of the State of New York, Insured Revenue Bonds, Long Island University,  9/12 at 100.00  Baa3  1,863,840 
  Series 2003A, 5.000%, 9/01/32 – RAAI Insured       
2,000  Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of  No Opt. Call  A  2,040,200 
  Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured       
1,000  Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory  No Opt. Call  AA–  1,106,120 
  Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) – SYNCORA GTY Insured       
410  Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory  7/16 at 100.00  AA–  420,512 
  Facilities, Series 2006A, 5.000%, 7/01/31 – NPFG Insured       
1,000  Dormitory Authority of the State of New York, Revenue Bonds, Mount St. Mary College, Series  7/13 at 100.00  N/R  932,250 
  2003, 5.000%, 7/01/32 – RAAI Insured       
2,500  Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of  7/12 at 100.00  A1  2,532,075 
  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  A1  109,286 
80  5.250%, 7/01/21 – AMBAC Insured  No Opt. Call  A1  87,332 
225  Madison County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Colgate  7/15 at 100.00  AA+  240,518 
  University, Tender Option Bond Trust 3127, 12.821%, 7/01/40 – BHAC Insured (IF)       
300  New York City Industrial Development Agency, New York, Payment in Lieu of Taxes Revenue Bonds,  1/19 at 100.00  AAA  338,070 
  Queens Baseball Stadium Project, Series 2009, 6.125%, 1/01/29 – AGC Insured       
495  New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project  3/19 at 100.00  AAA  570,626 
  Pilot, Series 2009A, 7.000%, 3/01/49 – AGC Insured       
  New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium       
  Project, Series 2006:       
170  5.000%, 3/01/31 – FGIC Insured  9/16 at 100.00  BBB–  162,503 
1,425  5.000%, 3/01/36 – NPFG Insured  9/16 at 100.00  A  1,319,237 
840  4.500%, 3/01/39 – FGIC Insured  9/16 at 100.00  BBB–  701,064 
12,545  Total Education and Civic Organizations      12,423,633 
  Health Care – 23.0% (14.9% of Total Investments)       
2,000  Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds,  2/13 at 100.00  A  2,027,840 
  Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 – NPFG Insured       
3,000  Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, St.  8/12 at 100.00  N/R  3,045,600 
  Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 – AMBAC Insured       
345  Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Hudson  8/17 at 100.00  AAA  356,009 
  Valley Hospital Center, Series 2007, 5.000%, 8/15/27 – FSA Insured       
1,000  Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical  2/15 at 100.00  A  1,015,640 
  Center, Series 2005, 5.000%, 2/01/22 – FGIC Insured       
255  Dormitory Authority of the State of New York, Revenue Bonds, Health Quest System Inc., Series  7/17 at 100.00  AAA  258,726 
  2007B, 5.125%, 7/01/37 – AGC Insured       
25  Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer  7/13 at 100.00  AA  26,037 
  Center, Series 2003-1, 5.000%, 7/01/21 – NPFG Insured       
810  Dormitory Authority of the State of New York, Revenue Bonds, New York and Presbyterian  8/14 at 100.00  AAA  875,942 
  Hospital, Series 2004A, 5.250%, 8/15/15 – FSA Insured       
750  Dormitory Authority of the State of New York, Revenue Bonds, South Nassau Communities  7/13 at 100.00  Baa1  750,233 
  Hospital, Series 2003B, 5.500%, 7/01/23       
305  Dormitory Authority of the State of New York, Revenue Bonds, The New York and Presbyterian  8/14 at 100.00  AAA  308,367 
  Hospital Project, Series 2007, 5.000%, 8/15/36 – FSA Insured       
500  New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series  2/12 at 100.00  AAA  523,865 
  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  A+  2,709,010 
  2003A, 5.250%, 2/15/21 – AMBAC Insured       
11,630  Total Health Care      11,897,269 
  Long-Term Care – 0.6% (0.4% of Total Investments)       
300  Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Cabrini of  2/17 at 103.00  A–  297,513 
  Westchester Project, Series 2006, 5.200%, 2/15/41       
  Tax Obligation/General – 4.1% (2.7% of Total Investments)       
1,000  Nassau County, New York, General Obligation Bonds, General Improvement Series 2009C, 5.000%,  10/19 at 100.00  AAA  1,072,500 
  10/01/29 – AGC Insured       
535  New York City, New York, General Obligation Bonds, Fiscal Series 1998H, 5.125%, 8/01/25 –  2/10 at 100.50  AA  538,017 
  MBIA Insured       
225  New York City, New York, General Obligation Bonds, Fiscal Series 2006C, 5.000%, 8/01/16 –  8/15 at 100.00  AAA  249,926 
  FSA Insured       
250  New York City, New York, General Obligation Bonds, 5.000%, 11/01/20 – FSA Insured (UB)  11/14 at 100.00  AAA  266,990 
2,010  Total Tax Obligation/General      2,127,433 
  Tax Obligation/Limited – 52.8% (34.3% of Total Investments)       
2,695  Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue State Aid Secured Bonds,  No Opt. Call  Aa2  2,993,498 
  Series 2004A, 5.250%, 8/15/12 – NPFG Insured       
1,000  Dormitory Authority of the State of New York, Master Lease Program Revenue Bonds, Nassau  8/19 at 100.00  AAA  1,043,420 
  County Board of Cooperative Educational Services, Series 2009A, 5.000%, 8/15/28 – AGC Insured       
3,000  Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing  10/12 at 100.00  A+  3,085,050 
  Program, Series 2002D, 5.250%, 10/01/23 – NPFG Insured       
1,000  Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing  10/19 at 100.00  AAA  1,085,460 
  Program, Series 2009A, 5.625%, 10/01/29 – AGC Insured       
340  Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo  5/18 at 100.00  AAA  376,207 
  City School District, 5.750%, 5/01/27 – FSA Insured (UB)       
1,085  Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo  5/17 at 100.00  AAA  1,185,840 
  City School District, Series 2007A, 5.750%, 5/01/28 – FSA Insured (UB)       
2,055  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,  2/17 at 100.00  A  1,913,801 
  2/15/47 – FGIC Insured       
1,000  Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,  7/12 at 100.00  AA–  1,042,450 
  Series 2002A, 5.000%, 7/01/25 – FGIC Insured       
560  Monroe Newpower Corporation, New York, Power Facilities Revenue Bonds, Series 2003,  1/13 at 102.00  BBB  453,074 
  5.500%, 1/01/34       
  New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local       
  Government Assistance Corporation, Series 2008, Trust 2901:       
610  5.000%, 10/15/25 – NPFG Insured (UB)  10/14 at 100.00  AAA  653,578 
555  5.000%, 10/15/26 – NPFG Insured (UB)  10/14 at 100.00  AAA  588,844 
740  New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal  1/17 at 100.00  AA–  778,502 
  Series 2007S-2, 5.000%, 1/15/28 – FGIC Insured       
3,000  New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal  8/12 at 100.00  AAA  3,263,400 
  Series 2003C, 5.250%, 8/01/18 – AMBAC Insured       
2,000  New York City Transitional Finance Authority, New York, Future Tax Secured Refunding Bonds,  2/13 at 100.00  AAA  2,113,280 
  Fiscal Series 2003D, 5.000%, 2/01/22 – NPFG Insured       
280  New York Convention Center Development Corporation, Hotel Fee Revenue Bonds, Tender Option  11/15 at 100.00  AA+  298,379 
  Bonds Trust 3095, 13.403%, 11/15/44 – AMBAC Insured (IF)       
1,290  New York State Environmental Facilities Corporation, State Personal Income Tax Revenue Bonds,  1/13 at 100.00  AAA  1,342,039 
  Series 2002A, 5.000%, 1/01/23 – FGIC Insured       
950  New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series  No Opt. Call  AA  1,107,064 
  2005B, 5.500%, 4/01/20 – AMBAC Insured       
1,200  New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and  6/13 at 100.00  AA–  1,268,820 
  State 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  6/13 at 100.00  AA–  797,093 
  State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21       
1,860  New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional and  1/17 at 100.00  AA–  1,943,645 
  Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)       
25,970  Total Tax Obligation/Limited      27,333,444 
  Transportation – 12.5% (8.1% of Total Investments)       
1,000  Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds,  11/12 at 100.00  A  1,032,320 
  Series 2002A, 5.000%, 11/15/25 – FGIC Insured       
1,875  New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/20 –  1/15 at 100.00  A+  1,979,213 
  AMBAC Insured       
3,000  New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 –  7/15 at 100.00  AAA  3,076,770 
  FSA Insured       
140  New York State Thruway Authority, General Revenue Bonds, Series 2007H, 5.000%, 1/01/25 –  1/18 at 100.00  A+  148,814 
  FGIC Insured       
170  Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty  8/17 at 100.00  AAA  203,238 
  Eighth Series 2008, Trust 2920, 17.292%, 8/15/32 – FSA Insured (IF)       
6,185  Total Transportation      6,440,355 
  U.S. Guaranteed – 20.9% (13.6% of Total Investments) (4)       
1,185  Dormitory Authority of the State of New York, FHA-Insured Nursing Home Mortgage Revenue Bonds,  2/13 at 102.00  Aaa  1,360,724 
  Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 (Pre-refunded 2/01/13)       
500  Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish  5/13 at 100.00  Aaa  570,965 
  Group, Series 2003, 5.375%, 5/01/23 (Pre-refunded 5/01/13)       
85  Erie County Water Authority, New York, Water Revenue Bonds, Series 1990B, 6.750%, 12/01/14 –  No Opt. Call  N/R (4)  97,686 
  AMBAC Insured (ETM)       
3,500  New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B, 5.000%,  4/12 at 100.00  AAA  3,838,240 
  4/01/20 (Pre-refunded 4/01/12) – AMBAC Insured       
500  New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State  3/13 at 100.00  AAA  571,105 
  Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded 3/15/13) – FGIC Insured       
2,000  Power Authority of the State of New York, General Revenue Bonds, Series 2002A, 5.000%,  11/12 at 100.00  Aa2 (4)  2,237,120 
  11/15/20 (Pre-refunded 11/15/12)       
1,975  Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Series 2002A,  1/12 at 100.00  AAA  2,151,782 
  5.125%, 1/01/31 (Pre-refunded 1/01/12) – MBIA Insured       
9,745  Total U.S. Guaranteed      10,827,622 
  Utilities – 4.5% (2.9% 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  A  1,180,997 
870  5.000%, 12/01/25 – FGIC Insured  6/16 at 100.00  A  902,321 
125  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B,  6/16 at 100.00  A–  126,293 
  5.000%, 12/01/35 – CIFG Insured       
110  Power Authority of the State of New York, General Revenue Bonds, Series 2006A, 5.000%,  11/15 at 100.00  Aa2  117,499 
  11/15/19 – FGIC Insured       
2,235  Total Utilities      2,327,110 
  Water and Sewer – 1.0% (0.6% of Total Investments)       
495  New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue  6/16 at 100.00  AAA  508,440 
  Bonds, 5.000%, 6/15/36 – NPFG Insured (UB)       
$     72,915  Total Long-Term Municipal Bonds (cost $73,451,918)      75,880,726 
  Short-Term Investments – 7.5% (4.8% of Total Investments)       
  Euro Dollar Time Deposit – 7.5% (4.8% of Total Investments)       
$        3,853  State Street Bank Euro Dollar Time Deposit, 0.010%, 1/04/10  N/A  N/A  3,852,784 
  Total Short-Term Investments (cost $3,852,784)      3,852,784 
  Total Investments (cost $77,304,702) – 154.2%      79,733,510 
  Floating Rate Obligations – (4.6)%      (2,390,000)
  Other Assets Less Liabilities – 2.6%      1,359,429 
  Auction Rate Preferred Shares, at Liquidation Value – (52.2)%      (27,000,000)
  Net Assets Applicable to Common Shares – 100%      $ 51,702,939 



 


 

Fair Value Measurements

In determining the value of the Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:

  Level 1 – Quoted prices in active markets for identical securities.

  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

  Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of December 31, 2009:

  Level 1  Level 2  Level 3  Total 
Investments:         
Muncipal Bonds  $             —  $75,880,726  $ —  $75,880,726 
Short-Term Investments  3,852,784  —  —  3,852,784 
Total  $3,852,784  $75,880,726  $ —  $79,733,510 

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

At December 31, 2009, the cost of investments was $75,390,488.

Gross unrealized appreciation and gross unrealized depreciation of investments at December 31, 2009, were as follows:

Gross unrealized:   
  Appreciation  $2,855,688 
  Depreciation  (906,735)
Net unrealized appreciation (depreciation) of investments  $1,948,953 

  At least 80% of the Fund’s net assets are invested in municipal securities that guarantee the timely 
  payment of principal and interest. 
(1)  All percentages shown in the Portfolio of Investments are based on net assets applicable to Common 
  shares unless otherwise noted. 
(2)  Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. 
  There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities 
  may be subject to periodic principal paydowns. 
(3)  Ratings: Using the higher of Standard & Poor’s 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. 
  The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced 
  downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the 
  period this Portfolio of Investments was prepared, there may have been reductions to the ratings of 
  certain bonds resulting from changes to the ratings of the underlying insurers both during the period 
  and after period end. Such reductions would likely reduce the effective rating of many of the bonds 
  insured by that insurer or insurers presented at period end. 
(4)  Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities 
  which ensure the timely payment of principal and interest. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 33.9%. 
N/A  Not applicable. 
N/R  Not rated. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
Item 2. 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 Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (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 registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
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: See EX-99 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         March 1, 2010        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date         March 1, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        March 1, 2010