UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-09473
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Nuveen Insured New York Dividend Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30
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Date of reporting period: March 31, 2004
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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.
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT March 31, 2004
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND
NQN
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND
NVN
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND
NUN
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND
NNF
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NKO
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
NRK
Photo of: Man holding up small boy.
Photo of: 2 women with 2 girls looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK THAT MUNICIPAL BOND INVESTMENTS LIKE YOUR NUVEEN FUND CAN
BE IMPORTANT BUILDING BLOCKS IN A WELL-BALANCED PORTFOLIO.
Dear
SHAREHOLDER
I am very pleased to report that for the period ended March 31, 2004, your
Nuveen Fund continued to provide you with attractive monthly tax-free income.
While tax-free income always is welcome, many of you may have begun to wonder
whether interest rates will rise, and whether that possibility should cause you
to adjust your holdings of tax-free municipal bond investments. We believe that
these are questions that should be thought through with a clear focus on your
long-term financial goals and not on day-to-day market movements. By maintaining
a carefully balanced portfolio with the help of a trusted investment
professional, you may be able to reduce your overall investment risk over the
long-term, and give yourself a better chance to meet your ultimate financial
goals.
As you read through this report, please don't skip the inside front cover. I
urge you to consider receiving future Fund reports and other Fund information by
e-mail and the Internet. Not only will you be able to receive the information
faster, but this also may help lower your Fund's expenses. Sign up is quick and
easy.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 15, 2004
1
Nuveen New York Municipal Closed-End Exchange-Traded Funds
(NQN, NVN, NUN, NNF, NKO, NRK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews national and state economic and market
conditions, key investment strategies, and the six-month performance of these
six Nuveen New York Funds. With thirteen years of investment experience,
including seven at Nuveen, Paul has managed NQN, NVN, NUN, and NNF since 1999,
adding NKO and NRK at their inceptions in 2002.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE
SEMIANNUAL REPORTING PERIOD ENDED MARCH 31, 2004?
During this reporting period, the greatest influences on the national economy
and the municipal market continued to be historically low interest rates, little
movement in the reported rate of inflation, and growing evidence of economic
improvement. Since its last credit easing in June 2003, the Federal Reserve has
maintained the fed funds rate at 1.0%, the lowest level since 1958. This
accommodative monetary policy helped to spur gross domestic product (GDP) growth
of 4.2% (annualized) in the first quarter of 2004, following a 3.1%. rise in
2003. Over the six-month reporting period, inflation remained under control with
the core CPI averaging 1.2%.
In this generally favorable environment, many municipal bonds performed well
during the six months ended March 31, 2004. Although, municipal supply
nationally in 2003 reached $382.7 billion, issuance slowed somewhat during the
latter part of the year. Tighter supply continued into the first two months of
2004 before issuance picked up significantly in March. Over the entire six-month
reporting period ended March 2004, the supply of new bonds was down 10%, or $19
billion, compared with the preceding six months.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
New York continued to recover from financial problems triggered by the national
economic downturn and deepened by the terrorist attacks of 2001. Although
increased Wall Street activity and a rebounding tourism industry had positive
implications for the state's economy and future tax revenues, New York continued
to slightly lag the national pace of recovery during this reporting period.
New York was the largest issuer in the nation during the first three months of
2004, with $11 billion in new paper. Over the six-month reporting period ended
March 31, 2004, state issuance totaled $23 billion, up 10% over the preceding
six months. In February 2004, Standard & Poor's (S&P) reconfirmed its rating of
New York's general obligation debt at AA with a negative outlook, while Moody's
and Fitch maintained their ratings of A2 with a stable outlook and AA-,
respectively. As of March 31, 2004, New York City was rated A2/A/A+ by Moody's,
S&P and Fitch, respectively, with all three rating agencies returning their
outlooks for the city to stable from negative over the past year.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING
THE SIX MONTHS ENDED MARCH 31, 2004?
Over this reporting period, our major focus continued to be careful management
of the Funds' durations1 as a way to mitigate some of the interest rate risk
inherent in each Fund's portfolio and better position
1 Duration is a measure of a fund's net asset value (NAV) volatility in
reaction to interest rate movements. Fund duration, also known as
leverage-adjusted duration, takes into account the leveraging process for a
fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the fund. References to duration
in this commentary are intended to indicate fund duration unless otherwise
noted.
2
the Funds to produce potentially more consistent returns over time. Interest
rate risk is the risk that the value of a Fund's portfolio will decline if
market interest rates rise (since bond prices move in the opposite direction of
interest rates). The longer the duration of a Fund's portfolio, the greater its
interest rate risk. Overall, we were able to shorten the durations of NQN, NVN,
NUN, NKO, and NRK during the course of this six-month period, while the duration
of NNF remained relatively unchanged for the reporting period.
As mentioned earlier, municipal supply in New York remained strong during the
six-month reporting period, and we participated in some of the larger deals that
came to market during this time. However, because we believed that the Funds
were relatively well positioned as they entered this period, turnover was fairly
low over the six months. In keeping with our duration strategy and the steepness
of the municipal bond yield curve over this period, the core of our purchase
activity focused on securities in the long-intermediate part of the yield curve
(i.e., bonds that mature in 15 to 20 years). In many cases, bonds in this part
of the curve offered yields similar to those of longer-term bonds with less
inherent interest rate risk. In order to purchase these bonds for our
portfolios, we sold some of our longer duration holdings across several sectors
in NKO and NRK.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 3/31/04
(6-month returns cumulative, all others annualized)
6-MONTH 1-YEAR 5-YEAR 10-YEAR
-----------------------------------------------------------
NQN 4.23% 8.38% 8.22% 7.28%
-----------------------------------------------------------
NVN 4.65% 8.87% 7.83% 7.30%
-----------------------------------------------------------
NUN 4.34% 7.97% 7.37% 7.40%
-----------------------------------------------------------
NNF 4.23% 7.68% 7.05% 8.04%
-----------------------------------------------------------
NKO 6.07% 10.19% NA NA
-----------------------------------------------------------
NRK 6.71% 10.44% NA NA
-----------------------------------------------------------
Lehman Brothers
NY Insured
Tax-Exempt
Bond Index2 3.09% 5.90% 6.33% 6.98%
-----------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds average3 4.76% 8.26% 6.79% 7.35%
-----------------------------------------------------------
Data represents past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the six months ended March 31, 2004, the cumulative returns of all six of
the Funds in this report outperformed the return on their Lehman Brothers New
York Insured benchmark. The primary factor in the six-month performance of these
Funds versus that of the unmanaged, unleveraged Lehman index was the Funds' use
of leverage. While leveraging can add volatility to the Funds' net asset values
(NAVs) and share prices, this strategy can also provide opportunities for
additional income and total return for common shareholders during periods of low
or falling interest rates, as was the case during this reporting period.
The Funds' cumulative return performances relative to one another during this
period were also influenced by their durations. In general, the longer a Fund's
duration, the more its value will be impacted by changes in prevailing interest
rates. Among the
2 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.
3 The Lipper New York Insured Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 6 months, 13 funds; 1 year, 13; 5
years, 7; and 10 years, 6. Fund and Lipper returns assume reinvestment of
dividends.
3
Funds in this report, the best performers over this period were the ones with
the longest durations as of March 31, 2004. NKO and NRK, for example, had
durations of 10.14 and 10.27, respectively, at the end of March, compared with a
range of 7.84 to 8.75 for NQN, NVN, NUN, and NNF.
In addition to leverage and duration, NKO and NRK also benefited from their
ability to hold lower-rated bonds, as these securities outperformed the market
as a whole over this period. Among the lower-rated holdings making a strong
contribution to the returns of these two Funds during this reporting period were
unenhanced tobacco bonds issued by various New York municipal entities as well
as Puerto Rico and backed by revenues from the 1998 master tobacco settlement
agreement. As of March 31, 2004, NKOhad 3.7% and NRK had 3% in tobacco-backed
bonds. Insured tobacco bonds also performed well during this period, and all six
Funds benefited from their insured tobacco holdings.
It is important to note that, following this reporting period, Moody's
downgraded all municipal-issued tobacco securities that were not enhanced or
additionally secured. As of April 2003, the New York City and Puerto Rico
tobacco bonds were rated Baa3 by Moody's, while all New York county tobacco
bonds were rated Ba1 (below investment-grade). Insured tobacco bonds maintained
their Aaa ratings by Moody's. However, the other two major credit rating
agencies--S&P and Fitch--did not change their ratings for tobacco securities
that were not enhanced or additionally secured as of March 31, 2004.
Over this reporting period, NQN, NVN, NUN, and NNF had only modest weightings in
single family and multifamily housing bonds, which lessened the impact of the
poor six-month performance of the housing sector, as measured by the Lehman
Brothers Municipal Bond Index. NRK did not hold any housing-related bonds as of
March 31, 2004, while NKO had a 5% weighting in this sector. In NKO's case,
however, individual security selection played a crucial role, as the Fund's
housing holdings made a positive contribution to NKO's performance despite the
overall sector's weak results.
Some of the additional factors that impacted the Funds' performances over this
semiannual reporting period included:
o Low levels of call exposure, which benefited the Funds by enabling us to
avoid reinvesting proceeds from called bonds in the current low interest
rate environment.
o The advance refunding of several holdings in NQN, NVN, NUN, NNF, and NRK,
which enhanced prices and contributed to total returns.
o Keeping the Funds' assets fully invested in the municipal market at all
times, which enabled the Funds to receive the full benefit of market gains
during this period.
4
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels during this
reporting period, the leveraged structures of NQN, NVN, NUN, NNF, NKO, and NRK
helped to support their dividend-paying capabilities. During this reporting
period, continued low short-term rates enabled us to maintain the dividends of
all six of these Funds. Common shareholders of NQN ($0.4154 per share), NVN
($0.2745), NUN ($0.2570) and NKO($0.1154) also received substantial capital
gains and net ordinary income distributions at the end of December 2003.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay dividends at a rate that may be more or less than the amount
of net investment income actually earned by the Fund during the period. If a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of
its earnings, the excess constitutes negative UNII that is likewise reflected in
the Fund's NAV. Each Fund will, over time, pay all of its net investment income
as dividends to shareholders. As of March 31, 2004, all of the Funds in this
report had positive UNII, except NRK which had negative UNII.
At the end of this reporting period on March 31, 2004, NQN, NVN, NNF, and NRK
were trading at premiums to their common share NAVs, while NUN and NKO were
trading at discounts (see charts on individual Performance Overview pages).
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2004?
Given the current geopolitical and economic climate, we continued to believe
that maintaining strong credit quality was important. NQN, NVN, NUN, and NNF
continued to be 100% invested in insured and/or U.S. guaranteed securities. NKO
and NRK, which are allowed to invest up to 20% of their assets in uninsured
investment-grade quality securities, held 83% and 85% of their portfolios,
respectively, in insured bonds as of March 31, 2004.
As of March 31, 2004, potential call exposure during 2004-2005 ranged from zero
in NKO and NRK to 8% in NQN, 10% in NVN and NUN, and 13% in NNF. The number of
actual bond calls in all of these Funds will depend largely on market interest
rates.
5
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NQN
Pie Chart:
CREDIT QUALITY
Insured 81%
Insured and U.S. Guaranteed 18%
U.S. Guaranteed 1%
FUND SNAPSHOT
--------------------------------------------------
Share Price $16.64
--------------------------------------------------
Common Share Net Asset Value $16.59
--------------------------------------------------
Premium/(Discount) to NAV 0.30%
--------------------------------------------------
Market Yield 5.88%
--------------------------------------------------
Taxable-Equivalent Yield1 8.84%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $293,825
--------------------------------------------------
Average Effective Maturity (Years) 17.45
--------------------------------------------------
Leverage-Adjusted Duration 7.84
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 14.41% 4.23%
--------------------------------------------------
1-Year 16.59% 8.38%
--------------------------------------------------
5-Year 6.42% 8.22%
--------------------------------------------------
10-Year 7.97% 7.28%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 25%
--------------------------------------------------
U.S. Guaranteed 19%
--------------------------------------------------
Healthcare 14%
--------------------------------------------------
Education and Civic Organizations 9%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0805
May 0.0805
Jun 0.0805
Jul 0.0805
Aug 0.0805
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 15.45
15.45
15.55
15.69
15.86
16.06
16.37
16.45
16.81
16.65
16.48
16.59
16.31
15.86
15.17
15.32
15.06
15.28
15.16
15.27
15.25
15.34
15.3
15.41
15.3
15.37
15.42
15.6
15.6
15.97
15.98
16.11
15.73
16.05
16.16
16.4
16.55
16.57
16.54
16.58
16.42
16.56
16.84
16.67
16.75
3/31/04 16.75
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.4154 per share.
6
Nuveen New York Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NVN
Pie Chart:
CREDIT QUALITY
Insured 83%
Insured and U.S. Guaranteed 17%
FUND SNAPSHOT
--------------------------------------------------
Share Price $16.35
--------------------------------------------------
Common Share Net Asset Value $16.27
--------------------------------------------------
Premium/(Discount) to NAV 0.49%
--------------------------------------------------
Market Yield 5.83%
--------------------------------------------------
Taxable-Equivalent Yield1 8.77%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $380,979
--------------------------------------------------
Average Effective Maturity (Years) 17.94
--------------------------------------------------
Leverage-Adjusted Duration 8.75
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 12.56% 4.65%
--------------------------------------------------
1-Year 16.58% 8.87%
--------------------------------------------------
5-Year 6.87% 7.83%
--------------------------------------------------
10-Year 8.33% 7.30%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 28%
--------------------------------------------------
U.S. Guaranteed 17%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
Tax Obligation/General 10%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0785
May 0.0785
Jun 0.0785
Jul 0.0785
Aug 0.0785
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 13.4
13.41
13.47
13.5
13.43
13.9
14.06
14.54
14.6
14.5
14.49
14.29
14.4
13.99
13.64
13.54
13.15
13.61
13.59
13.59
13.48
13.6
13.52
13.5
13.45
13.52
13.56
13.5
13.48
13.56
13.56
13.53
13.62
14.44
14.33
14.7
14.74
14.37
14.38
14.76
14.8
14.35
14.59
14.58
14.57
3/31/04 14.44
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2745 per share.
7
Nuveen New York Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NUN
Pie Chart:
CREDIT QUALITY
Insured 85%
Insured and U.S. Guaranteed 14%
U.S. Guaranteed 1%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.73
--------------------------------------------------
Common Share Net Asset Value $16.06
--------------------------------------------------
Premium/(Discount) to NAV -2.05%
--------------------------------------------------
Market Yield 5.84%
--------------------------------------------------
Taxable-Equivalent Yield1 8.78%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $386,891
--------------------------------------------------
Average Effective Maturity (Years) 17.41
--------------------------------------------------
Leverage-Adjusted Duration 8.74
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 10.60% 4.34%
--------------------------------------------------
1-Year 15.45% 7.97%
--------------------------------------------------
5-Year 6.17% 7.37%
--------------------------------------------------
10-Year 8.05% 7.40%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 29%
--------------------------------------------------
Education and Civic Organizations 17%
--------------------------------------------------
U.S. Guaranteed 15%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
Healthcare 9%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0765
May 0.0765
Jun 0.0765
Jul 0.0765
Aug 0.0765
Sep 0.0765
Oct 0.0765
Nov 0.0765
Dec 0.0765
Jan 0.0765
Feb 0.0765
Mar 0.0765
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 14.64
14.65
14.75
14.8
15.1
15.23
15.53
15.5
15.84
15.75
15.76
15.84
15.67
15.33
14.61
14.79
14.6
14.65
14.65
14.89
14.72
14.85
14.81
14.8
14.78
14.82
15
15.15
15.03
15.1
15.2
15.37
15.09
15.51
15.38
15.7
15.85
15.8
15.74
15.74
15.9
15.93
16.04
16.14
15.93
3/31/04 15.84
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2570 per share.
8
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2004
NNF
Pie Chart:
CREDIT QUALITY
Insured 93%
Insured and U.S. Guaranteed 7%
FUND SNAPSHOT
--------------------------------------------------
Share Price $16.29
--------------------------------------------------
Common Share Net Asset Value $16.28
--------------------------------------------------
Premium/(Discount) to NAV 0.06%
--------------------------------------------------
Market Yield 5.67%
--------------------------------------------------
Taxable-Equivalent Yield1 8.53%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $135,528
--------------------------------------------------
Average Effective Maturity (Years) 18.58
--------------------------------------------------
Leverage-Adjusted Duration 7.87
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 11.02% 4.23%
--------------------------------------------------
1-Year 12.60% 7.68%
--------------------------------------------------
5-Year 6.16% 7.05%
--------------------------------------------------
10-Year 9.23% 8.04%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 26%
--------------------------------------------------
Education and Civic Organizations 21%
--------------------------------------------------
Healthcare 13%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Tax Obligation/General 8%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.077
May 0.077
Jun 0.077
Jul 0.077
Aug 0.077
Sep 0.077
Oct 0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.077
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 15.2
15.2
15.48
15.55
15.62
15.65
15.8
15.91
16.28
16.41
16.05
16.33
16.1
15.48
14.9
15
14.82
14.9
15.02
15.02
15.05
15.06
15.04
15.13
15.16
15.05
15.3
15.48
15.43
15.8
15.93
15.82
15.84
16.11
16.13
16.2
16.12
16.28
16.15
16.24
16.28
16.42
16.31
16.45
16.58
3/31/04 16.3
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
9
Nuveen Insured New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of March 31, 2004
NKO
Pie Chart:
CREDIT QUALITY
Insured 83%
AAA (uninsured) 5%
AA (uninsured) 6%
BBB (uninsured) 6%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.35
--------------------------------------------------
Common Share Net Asset Value $15.80
--------------------------------------------------
Premium/(Discount) to NAV -2.85%
--------------------------------------------------
Market Yield 5.82%
--------------------------------------------------
Taxable-Equivalent Yield1 8.75%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $125,696
--------------------------------------------------
Average Effective Maturity (Years) 19.76
--------------------------------------------------
Leverage-Adjusted Duration 10.14
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 11.44% 6.07%
--------------------------------------------------
1-Year 11.03% 10.19%
--------------------------------------------------
Since Inception 7.76% 11.63%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 29%
--------------------------------------------------
Healthcare 14%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Education and Civic Organizations 9%
--------------------------------------------------
Tax Obligation/General 9%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0745
May 0.0745
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0745
Oct 0.0745
Nov 0.0745
Dec 0.0745
Jan 0.0745
Feb 0.0745
Mar 0.0745
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 14.73
14.5
14.89
14.93
15.09
15.14
15.2
15.31
15.43
15.53
15.48
15.7
15.47
14.78
14.57
14.22
14.18
14.08
14.13
14.55
14.29
14.31
14.32
14.25
14.3
14.56
14.5
14.78
14.81
14.78
14.79
14.83
14.77
14.99
14.97
14.97
15.15
14.98
15.2
15.15
15.3
15.45
15.41
15.68
15.53
3/31/04 15.53
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.1154 per share.
10
Nuveen Insured New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of March 31, 2004
NRK
Pie Chart:
CREDIT QUALITY
Insured 85%
AAA (uninsured) 2%
AA (uninsured) 7%
A (uninsured) 1%
BBB (uninsured) 5%
FUND SNAPSHOT
--------------------------------------------------
Share Price $15.03
--------------------------------------------------
Common Share Net Asset Value $14.94
--------------------------------------------------
Premium/(Discount) to NAV 0.60%
--------------------------------------------------
Market Yield 5.79%
--------------------------------------------------
Taxable-Equivalent Yield1 8.71%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $52,473
--------------------------------------------------
Average Effective Maturity (Years) 20.80
--------------------------------------------------
Leverage-Adjusted Duration 10.27
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
6-Month (Cumulative) 12.93% 6.71%
--------------------------------------------------
1-Year 8.54% 10.44%
--------------------------------------------------
Since Inception 5.80% 8.96%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 42%
--------------------------------------------------
Education and Civic Organizations 15%
--------------------------------------------------
Healthcare 12%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.0725
May 0.0725
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0725
Oct 0.0725
Nov 0.0725
Dec 0.0725
Jan 0.0725
Feb 0.0725
Mar 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/03 14.9
14.9
14.7
14.55
14.95
14.63
15.2
15.3
15.1
15.03
14.81
15.28
15.03
15
13.75
13.52
13.58
13.65
13.76
13.6
13.77
13.65
13.63
13.82
13.69
13.8
13.86
14.25
14.32
14.25
14.26
14.49
14.4
14.77
14.93
15
14.65
14.75
14.71
14.72
14.9
15.07
15.21
15.42
15.35
3/31/04 15
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 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
11
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois, on December 17, 2003.
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett*
For 15,830,707 -- 20,717,198 -- 21,749,156 --
Withhold 198,058 -- 377,274 -- 351,913 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Robert P. Bremner
For 15,836,140 -- 20,734,359 -- 21,746,533 --
Withhold 192,625 -- 360,113 -- 354,536 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Lawrence H. Brown
For 15,828,165 -- 20,727,170 -- 21,752,150 --
Withhold 200,600 -- 367,302 -- 348,919 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Jack B. Evans
For 15,839,090 -- 20,731,221 -- 21,757,062 --
Withhold 189,675 -- 363,251 -- 344,007 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Anne E. Impellizzeri
For 15,827,168 -- 20,733,920 -- 21,751,737 --
Withhold 201,597 -- 360,552 -- 349,332 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
William L. Kissick
For 15,823,964 -- 20,729,207 -- 21,752,018 --
Withhold 204,801 -- 365,265 -- 349,051 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Thomas E. Leafstrand
For 15,821,414 -- 20,725,130 -- 21,751,095 --
Withhold 207,351 -- 369,342 -- 349,974 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Peter R. Sawers
For 15,816,439 -- 20,731,069 -- 21,749,098 --
Withhold 212,326 -- 363,403 -- 351,971 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
12
NQN NVN NUN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 5,454 -- 6,865 -- 7,133
Withhold -- 36 -- 330 -- 29
------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,490 -- 7,195 -- 7,162
====================================================================================================================================
Timothy R. Schwertfeger
For -- 5,454 -- 6,865 -- 7,113
Withhold -- 36 -- 330 -- 49
------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,490 -- 7,195 -- 7,162
====================================================================================================================================
Judith M. Stockdale
For 15,832,336 -- 20,735,122 -- 21,753,302 --
Withhold 196,429 -- 359,350 -- 347,767 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
Sheila W. Wellington
For 15,829,718 -- 20,725,555 -- 21,750,198 --
Withhold 199,047 -- 368,917 -- 350,871 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,028,765 -- 21,094,472 -- 22,101,069 --
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William E. Bennett*
For 7,613,744 -- 7,692,185 -- 3,420,558 --
Withhold 98,795 -- 98,293 -- 36,180 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Robert P. Bremner
For 7,626,435 -- 7,705,335 -- 3,420,558 --
Withhold 86,104 -- 85,143 -- 36,180 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Lawrence H. Brown
For 7,625,435 -- 7,705,335 -- 3,423,883 --
Withhold 87,104 -- 85,143 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Jack B. Evans
For 7,626,435 -- 7,705,335 -- 3,423,883 --
Withhold 86,104 -- 85,143 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Anne E. Impellizzeri
For 7,625,294 -- 7,705,335 -- 3,423,216 --
Withhold 87,245 -- 85,143 -- 33,522 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
William L. Kissick
For 7,625,212 -- 7,699,985 -- 3,423,883 --
Withhold 87,327 -- 90,493 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Thomas E. Leafstrand
For 7,625,353 -- 7,699,985 -- 3,423,883 --
Withhold 87,186 -- 90,493 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Peter R. Sawers
For 7,622,644 -- 7,700,985 -- 3,423,883 --
Withhold 89,895 -- 89,493 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
14
NNF NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting shares voting shares voting
together together together together together together
as a class as a class as a class as a class as a class as a class
====================================================================================================================================
William J. Schneider
For -- 2,517 -- 2,422 -- 1,080
Withhold -- 8 -- 8 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,525 -- 2,430 -- 1,080
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,517 -- 2,422 -- 1,080
Withhold -- 8 -- 8 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,525 -- 2,430 -- 1,080
====================================================================================================================================
Judith M. Stockdale
For 7,622,585 -- 7,705,335 -- 3,423,883 --
Withhold 89,954 -- 85,143 -- 32,855 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
Sheila W. Wellington
For 7,622,162 -- 7,704,335 -- 3,423,733 --
Withhold 90,377 -- 86,143 -- 33,005 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,712,539 -- 7,790,478 -- 3,456,738 --
====================================================================================================================================
* Mr. Bennett resigned as a member of the Boards of the Nuveen Funds
effective May 1, 2004.
15
Nuveen New York Investment Quality Municipal Fund,Inc. (NQN)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.9%
$ 5,030 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA $ 5,673,840
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 3,374,280
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) -
XLCA Insured
4,375 Dormitory Authority of the State of New York, Insured 9/06 at 102.00 AAA 4,736,244
Revenue Bonds, Long Island University, Series 1996,
5.500%, 9/01/26 - FSA Insured
1,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 1,110,910
Revenue Bonds, Siena College, Series 1997,
5.750%, 7/01/26 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,063,720
Revenue Bonds, Fordham University, Series 1998,
5.000%, 7/01/28 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 6,804,200
Revenue Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
3,500 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 3,639,475
Insured Revenue Bonds, The Culinary Institute of
America, Series 1999, 5.000%, 7/01/22 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 2,259,540
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
1,250 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 1,455,400
Revenue Bonds, Pace University, Series 2000,
6.000%, 7/01/29 - MBIA Insured
1,200 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,402,800
Revenue Bonds, Cooper Union, Series 1999,
6.250%, 7/01/29 - MBIA Insured
2,945 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 3,130,947
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A,
5.125%, 7/01/21 - FGIC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,143,920
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/18 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.2%
2,000 New York City Health and Hospitals Corporation, 2/09 at 101.00 AAA 2,150,520
New York, 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 3,410,915
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,264,241
1,000 Dormitory Authority of the State of New York, 2/06 at 102.00 AAA 1,079,350
FHA-Insured Mortgage Hospital Revenue Bonds,
Maimonides Medical Center, Series 1996A,
5.750%, 8/01/24 - MBIA Insured
3,135 Dormitory Authority of the State of New York, 2/08 at 101.50 AAA 3,205,193
Secured Hospital Insured Revenue Bonds, Southside
Hospital, Series 1998, 5.000%, 2/15/25 - MBIA Insured
7,080 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 7,064,707
FHA-Insured Mortgage Hospital Revenue Bonds,
New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC Insured
5,000 Dormitory Authority of the State of New York, 2/08 at 102.00 AAA 5,354,500
FHA-Insured Mortgage Hospital Revenue Bonds,
Highland Hospital of Rochester, Series 1997A,
5.400%, 8/01/27 - MBIA Insured
3,280 Dormitory Authority of the State of New York, 11/08 at 101.00 AAA 3,400,770
Revenue Bonds, North Shore Health System Obligated
Group, Series 1998, 5.000%, 11/01/23 - MBIA Insured
6,000 Dormitory Authority of the State of New York, 7/13 at 100.00 AAA 6,362,040
Revenue Bonds, Memorial Sloan Kettering Cancer
Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
$ 955 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA $ 1,039,193
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,333,200
8,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AAA 8,754,960
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Charles Hospital and Rehabilitation Center,
Series 1999A, 5.500%, 7/01/22 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 1,645,395
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,287,730
Revenue Bonds, New Island Hospital, Series 1999A,
5.750%, 7/01/19 - AMBAC Insured
8,525 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 9,072,817
Bonds, Winthrop-South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.7%
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,846,088
2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,879,202
255 New York State Housing Finance Agency, FHA-Insured 8/04 at 102.00 AAA 262,007
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.0%
1,860 New York State Mortgage Agency, Homeowner 4/07 at 102.00 AAA 1,973,795
Mortgage Revenue Bonds, Series 63, 6.125%, 4/01/27
(Alternative Minimum Tax) - MBIA Insured
1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,065,140
Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
3,000 Castle Rest Residential Health Care Facility, Syracuse, 8/07 at 102.00 AAA 3,033,450
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,318,763
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.2%
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,122,490
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,340,184
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,445,587
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,550,052
Germantown Central School District, Columbia County,
New York, School District Bonds, Series 1999:
700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 779,436
700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 779,436
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,244,640
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, 8/09 at 101.00 Aaa 796,432
New York, General Obligation Bonds, Series 2000,
5.600%, 8/01/18 - MBIA Insured
Monticello Central School District, Sullivan County,
New York, General Obligation Bonds, Series 2000:
1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,220,316
2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,331,040
2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,523,351
County of Nassau, New York, General Obligations,
Serial General Improvement Bonds, Series B:
2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,221,179
1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,073,830
17
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 5,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA $ 5,452,700
Fiscal Series 2004I, 5.000%, 8/01/17 (WI,
Settling 4/01/04) - MBIA Insured
1,500 Town of North Hempstead, Nassau County, New York, 3/08 at 101.00 Aaa 1,551,270
General Obligation Refunding Serial Bonds,
series 1998B, 4.750%, 3/01/18 - FGIC Insured
Oneida County, New York, General Obligations Public
Improvement Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 556,125
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 554,275
255 Port Jervis, Orange County, New York, General 3/09 at 101.00 Aaa 284,509
Obligation Bonds, Water Improvements, Series 1999,
5.625%, 3/15/24 - FGIC Insured
County of Suffolk, New York, Public Improvement
Serial Bonds, Series 2000A:
1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,300,065
1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,287,517
610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 713,987
640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 749,798
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.7%
Erie County Industrial Development Authority, 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 1,142,210
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,358,832
2,760 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 3,104,641
State Service 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 5,384,070
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,395,450
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,226,740
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,089,880
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,162,880
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
6,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 6,422,340
2,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 2,598,350
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,288,599
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,347,178
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,339,935
3,125 Nassau Health Care Corporation, New York, 8/09 at 102.00 AAA 3,501,344
County Guaranteed Health System Revenue Bonds,
Series 1999, 5.750%, 8/01/29 - FSA Insured
3,025 New York City Transit Authority, New York, 1/10 at 101.00 AAA 3,461,659
Metropolitan Transportation Authority, Triborough
Bridge and Tunnel Authority, Certificates of
Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
2,000 New York City Transitional Finance Authority, 8/12 at 100.00 AAA 2,174,840
New York, Future Tax Secured Bonds, Fiscal
Series 2003C, 5.250%, 8/01/20 - AMBAC Insured
2,510 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 2,652,041
New York, Future Tax Secured Refunding Bonds,
Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured
1,660 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,798,261
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, 2/14 at 100.00 AAA 2,155,280
New York, Future Tax Secured Bonds, Fiscal
Series 2004C, 5.000%, 2/01/19 - XLCA Insured
5,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 5,652,100
New York City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
1,250 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 1,287,350
Revenue Bonds, Leake and Watts Services Inc.,
Series 1994, 6.000%, 7/01/23 - MBIA Insured
2,250 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,400,863
Revenue Bonds, 853 Schools Program, 1998 Issue 2,
Saint Anne Institute, Series 1998E, 5.000%, 7/01/18 -
AMBAC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Dormitory Authority of the State of New York, 7/14 at 100.00 AAA $ 2,131,160
Department of Health Revenue Bonds, Series 2004-2,
5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured
110 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 122,383
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured
155 Dormitory Authority of the State of New York, 2/06 at 102.00 AAA 165,083
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1996B, 5.375%, 2/15/26 - MBIA Insured
1,505 Dormitory Authority of the State of New York, 8/11 at 100.00 AAA 1,663,808
Improvement 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 7/09 at 101.00 AAA 1,531,968
Revenue Bonds, 853 Schools Program, 1999 Issue 2 -
Anderson School, Series 1999E, 5.750%, 7/01/19 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 2,286,520
Insured Revenue Bonds, Special Act School District
Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured
1,670 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 1,871,920
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000D, 5.875%, 2/15/16 - FSA Insured
2,265 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,323,165
Riverbank State Park, Special Obligation Refunding
Revenue Bonds, Series 1996, 5.125%, 4/01/22 -
AMBAC Insured
1,750 New York State Local Government Assistance 4/08 at 101.00 AAA 1,805,615
Corporation, Revenue Bonds, Series 1997B,
4.875%, 4/01/20 - MBIA Insured
1,000 Dormitory Authority of the State of New York, 3/13 at 100.00 AAA 1,042,110
Revenue Bonds, State Personal Income Tax,
Series 2003A, 5.000%, 3/15/32 - FGIC Insured
4,600 Dormitory Authority of the State of New York, 10/12 at 100.00 AAA 4,961,054
Revenue Bonds, School Districts Financing Program,
Series 2002D, 5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and
Bridge Trust Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,434,196
1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,440,582
2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,122,420
3,500 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 3,856,160
Bridge Trust Fund Bonds, Series 2002A, 5.250%, 4/01/17 -
FSA Insured
2,225 New York State Thruway Authority, Highway and 4/13 at 100.00 AAA 2,415,082
Bridge Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
1,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 1,080,470
1,750 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA 1,869,998
650 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 756,294
Highway Revenue Bonds, Series 2000B,
5.875%, 7/01/35 - MBIA Insured
2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,257,380
5.500%, 8/01/19 - FSA Insured
1,435 Suffolk County Industrial Development Agency, 10/10 at 102.00 Aaa 1,691,076
New York, Civic Facility Revenue Bonds, Hampton Bays
Public Library Project, Series 1999A, 6.000%, 10/01/19 -
MBIA Insured
New York 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 6,921,873
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,871,835
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.3%
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,242,420
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
2,300 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,475,145
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
5,000 Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 5,428,800
Consolidated Bonds, One Hundred Twentieth
Series 2000, 5.750%, 10/15/26 (Alternative
Minimum Tax) - MBIA Insured
5,025 Port Authority of New York and New Jersey, Special 12/07 at 100.00 AAA 5,460,567
Project Bonds, JFK International Air Terminal LLC,
Sixth Series 1997, 5.750%, 12/01/25 (Alternative
Minimum Tax) - MBIA Insured
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
$ 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/04 at 100.00 AAA $ 5,435,063
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/04 at 100.00 AAA 11,754,725
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 911,157
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,489,497
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 28.6%
Buffalo, New York, General Obligation Bonds, Series 1999D:
525 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 625,789
425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 506,591
1,230 Buffalo, New York, General Obligation Bonds, 12/09 at 101.00 AAA 1,466,135
Series 1999E, 6.000%, 12/01/18 (Pre-refunded
to 12/01/09) - FSA Insured
Chitenango Central School District, Madison and
Onondaga Counties, New York, General Obligation
Bonds, Series 2000:
1,125 5.650%, 6/15/18 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,312,448
1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,382,445
East Rochester Union Free School District, Monroe County, New
York, General Obligation Bonds, Series 2000:
265 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 310,442
200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,296
200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,296
500 Freeport, New York, General Obligation Bonds, 4/10 at 101.00 Aaa 595,550
Series 2000A, 6.000%, 4/01/18 (Pre-refunded to
4/01/10) - FGIC Insured
Longwood Central School District, Suffolk County,
New York, Series 2000:
1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892
1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892
Lyndonville Central School District, Orleans County,
New York, General Obligation Bonds, Series 2000:
330 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 380,556
330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 380,556
2,210 Metropolitan Transportation Authority, New York, 7/07 at 102.00 AAA 2,389,209
Commuter Facilities Revenue Bonds, Series 1997B,
5.000%, 7/01/20 - AMBAC Insured
8,215 Metropolitan Transportation Authority, New York, 7/09 at 100.00 AAA 9,415,622
Commuter Facilities Revenue Bonds, Series 1997C,
5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,763,916
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,405,752
1,000 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 1,135,090
Dedicated Tax Fund Bonds, Series 1999A,
5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured
County of Nassau, New York, General Obligations,
Serial General Improvement Bonds, Series F:
1,505 6.500%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,789,656
1,000 6.500%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,189,140
910 6.500%, 3/01/20 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,079,296
805 County of Nassau, New York, General Obligations, 9/09 at 102.00 Aaa 896,826
Serial General Improvement Bonds, Series D,
5.300%, 9/01/17 (Pre-refunded to 9/01/09) - FSA Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 1990I:
950 7.250%, 8/15/14 - AMBAC Insured 8/04 at 100.00 AAA 976,686
1,270 7.250%, 8/15/17 - AMBAC Insured 8/04 at 100.00 AAA 1,305,674
New York City, New York, General Obligation Bonds,
Fiscal Series 1991A:
3,030 7.250%, 3/15/18 - FSA Insured 9/04 at 100.00 AAA 3,294,095
2,250 7.250%, 3/15/19 - FSA Insured 9/04 at 100.00 AAA 2,446,110
340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 407,942
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 3,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA $ 3,480,120
Lease Revenue Bonds, State University Dormitory
Facilities, Series 1999C, 5.500%, 7/01/29
(Pre-refunded to 7/01/09) - MBIA Insured
1,055 Dormitory Authority of the State of New York, No Opt. Call AAA 1,339,977
Judicial Facilities Lease Revenue Bonds, Suffolk
County Issue, Series 1986, 7.375%, 7/01/16 -
MBIA Insured
975 Dormitory Authority of the State of New York, 8/11 at 100.00 AAA 1,133,915
Improvement Revenue Bonds, Mental Health
Services Facilities, Series 2001B, 5.500%, 8/15/19
(Pre-refunded to 8/15/11) - MBIA Insured
5,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 5,800,200
Third General Resolution Consolidated Revenue Bonds,
City University System, Series 1999-1, 5.500%, 7/01/29
(Pre-refunded to 7/01/09) - FSA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 2001A:
1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,328,337
1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,403,745
4,000 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 4,545,640
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A, 5.125%, 7/01/24
(Pre-refunded to 7/01/10) - FGIC Insured
3,225 New York State Housing Finance Agency, State No Opt. Call AAA 3,489,418
University Construction Bonds, Series 1986A,
7.900%, 11/01/06
35 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 37,192
Mental Health Services Facilities Improvement
Revenue Bonds, Series 1995A, 6.000%, 2/15/25
(Pre-refunded to 2/15/05) - MBIA Insured
40 New York State Medical Care Facilities Finance 8/04 at 102.00 AAA 41,572
Agency, Improvement Revenue Bonds, Mental Health
Services Facilities, Series 1994E, 6.250%, 8/15/19
(Pre-refunded to 8/15/04) - FGIC Insured
5,915 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 6,774,272
Revenue Bonds, State University Educational
Facilities, Series 2002A, 5.125%, 5/15/20
(Pre-refunded to 5/15/12) - FGIC Insured
1,000 Puerto Rico, Public Improvement General Obligation 7/10 at 100.00 AAA 1,172,710
Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded
to 7/01/10) - MBIA Insured
350 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 417,907
Highway Revenue Bonds, Series 2000B,
5.875%, 7/01/35 (Pre-refunded to 7/01/10) -
MBIA Insured
1,630 Watertown City School District, Jefferson County, 6/09 at 101.00 AAA 1,909,512
New York, General Obligation Bonds, Series 2000,
5.750%, 6/15/19 (Pre-refunded to 6/15/09) -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.8%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
9,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 9,489,960
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,343,860
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,170,370
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,597,975
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,643,175
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,854,935
General Revenue Bonds, Series 2003C,
5.000%, 9/01/16 - CIFG Insured
2,275 New York State Energy Research and Development 5/04 at 101.00 AAA 2,319,112
Authority, Adjustable Rate Gas Facilities Revenue
Bonds, The Brooklyn Union Gas Company Project,
Series 1989B, 6.750%, 2/01/24 (Alternative Minimum
Tax) - MBIA Insured
2,250 New York State Energy Research and Development 7/04 at 101.50 AAA 2,297,138
Authority, Gas Facilities Revenue Bonds, The Brooklyn
Union Gas Company Project, Series 1989C,
5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
1,000 New York State Energy Research and Development 7/05 at 102.00 AAA 1,067,990
Authority, Pollution Control Revenue Bonds, New York
State Electric and Gas Corporation Project, Series 1987A,
6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development 5/04 at 100.00 AAA 2,579,375
Authority, Pollution Control Revenue Bonds, Rochester Gas
and Electric Corporation Project, Series 1992B,
6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 2,000 New York State Energy Research and Development 9/08 at 102.00 AAA $ 2,168,660
Authority, Pollution Control Revenue Bonds, Rochester
Gas and Electric Corporation Project, Series 1998A,
5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.8%
3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,190,055
Water System Revenue Bonds, Series 1999,
6.000%, 7/01/29 - FSA Insured
5,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 5,438,200
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,101,050
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured
4,750 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 5,187,617
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 2,113,360
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,958,352
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,750 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 2,972,885
System Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 397,205 Total Long-Term Investments (cost $395,538,663) - 147.7% 433,876,328
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 3,948,492
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.0)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 293,824,820
====================================================================================================================
All of the bonds in the portfolio 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.
* 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.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
22
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 13.0%
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 $ 1,481,440
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 686,677
500 Amherst Industrial Development Agency, New York, 8/10 at 102.00 AAA 563,285
Revenue Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
1,000 Nassau County Industrial Development Agency, 7/08 at 102.00 AAA 1,031,310
New York, Civic Facility Revenue and Refunding Bonds,
Hofstra University Project, Series 1998,
5.000%, 7/01/23 - MBIA Insured
1,075 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,212,600
Revenue Bonds, American Museum of Natural
History, Series 1999A, 5.750%, 7/01/29 -
AMBAC Insured
7,250 New York City Industrial Development Agency, 1/09 at 101.00 AAA 7,491,498
New York, Civic Facility Revenue Bonds, Horace
Mann School Project, Series 1998, 5.000%, 7/01/28 -
MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 2,249,520
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) -
XLCA Insured
1,870 Dormitory Authority of the State of New York, Insured 7/04 at 100.00 AAA 1,879,163
Revenue Bonds, Fordham University, Series 1990,
7.200%, 7/01/15 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 2,221,820
Revenue Bonds, Siena College, Series 1997,
" 5.750%, 7/01/26 - MBIA Insured
2,860 Dormitory Authority of the State of New York, 7/08 at 101.00 AAA 2,951,120
Insured Revenue Bonds, Fordham University, Series 1998,
5.000%, 7/01/28 - MBIA Insured
4,500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 Aaa 4,710,600
Revenue Bonds, Ithaca College, Series 1998,
5.000%, 7/01/21 - AMBAC Insured
1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,694,655
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,541,872
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,721,486
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,910,421
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,417,928
500 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 582,160
Revenue Bonds, Pace University, Series 2000,
6.000%, 7/01/29 - MBIA 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 1,072,490
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,061,789
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 1,515,065
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 890,576
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 663,834
2,500 Dormitory Authority of the State of New York, General No Opt. Call AAA 2,946,675
Revenue Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
2,125 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,260,894
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/19 - AMBAC Insured
1,710 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 AAA 1,835,890
Revenue Bonds, Fordham University, Series 2002,
5.000%, 7/01/18 - FGIC Insured
23
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.6%
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 $ 3,031,924
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,911,167
Dormitory Authority of the State of New York, St. Vincent's
Hospital and Medical Center of New York,
FHA-Insured Mortgage Revenue Bonds, Series 1991:
2,415 7.375%, 8/01/11 8/04 at 100.00 AAA 2,426,037
4,150 7.400%, 8/01/30 8/04 at 100.00 AAA
5,995 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 6,349,664
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 -
AMBAC Insured
6,500 Dormitory Authority of the State of New York, 2/08 at 102.00 AAA 6,940,180
FHA-Insured Mortgage Revenue Refunding Bonds,
United Health Services, Series 1997,
5.375%, 8/01/27 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 2,993,520
FHA-Insured Mortgage Hospital Revenue Bonds,
New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC 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 2,650,850
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,388,572
5,730 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 6,207,309
FHA-Insured Mortgage Hospital Revenue Bonds,
Montefiore Medical Center, Series 1999,
5.500%, 8/01/38 - AMBAC Insured
6,430 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 6,979,636
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 12,792,405
Bonds, 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 7/11 at 101.00 AAA 2,147,897
Bonds, Winthrop-South Nassau University Health
System Obligated Group, Series 2001B, 5.250%, 7/01/31 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.8%
12,933 New York City Housing Development Corporation, 4/04 at 105.00 AAA 13,606,083
New York, Multifamily Housing Limited Obligation Bonds,
Pass-Through Certificates, Series 1991C,
6.500%, 2/20/19 - AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 920,399
3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,837,171
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.7%
2,325 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 2,476,451
Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3%
2,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 2,277,540
Revenue Bonds, WSNCHS East, Inc. Project,
Series 2000B, 6.000%, 8/01/24 - MBIA Insured
6,000 Dormitory Authority of the State of New York, 8/11 at 101.00 AAA 6,309,300
FHA-Insured Mortgage Nursing Home Revenue Bonds,
Norwegian Christian Home and Health Center,
Series 2001, 5.200%, 8/01/36 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.4%
Erie County, New York, General Obligation Bonds,
Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 794,255
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 767,914
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,582,711
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,675,230
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,679,105
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,810,239
2,500 County of Nassau, New York, General Obligations, 6/09 at 102.00 AAA 2,684,575
Serial General Improvement Bonds, Series B,
5.250%, 6/01/23 - AMBAC Insured
45 New York City, New York, General Obligation Bonds, 8/04 at 100.00 AAA 45,514
Fiscal Series 1992C, 6.250%, 8/01/10 - FSA Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds,
Fiscal Series 1998H:
$ 4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA $ 4,303,633
6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,415,500
5,000 New York City, New York, General Obligation Bonds, 4/09 at 101.00 AAA 5,173,200
Fiscal Series 1999-I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,271,860
Fiscal Series 2001D, 5.000%, 8/01/16 - FGIC Insured
6,250 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 6,815,875
Fiscal Series 2004I, 5.000%, 8/01/17 (WI, settling
4/01/04) - MBIA Insured
3,000 Town of North Hempstead, Nassau County, New York, 3/08 at 101.00 Aaa 3,102,540
General Obligation Refunding Serial Bonds, Series 1998B,
4.750%, 3/01/18 - 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 111,225
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 110,855
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 606,548
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 606,548
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 606,963
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 606,963
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 605,425
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 602,333
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 601,031
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 603,445
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 603,445
Rensselaer County, New York, General Obligation
Serial Bonds, Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,222,608
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,230,739
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,237,075
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,244,218
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,247,078
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 972,676
The City of Rochester, New York, General Obligation
Serial Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 838,010
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 835,372
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 826,397
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 823,520
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 820,119
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 820,608
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 815,241
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.1%
Erie County Industrial Development Authority, 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 1,404,918
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,387,141
4,600 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 5,174,402
State Service 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 2,392,920
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,349,080
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,566,850
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,089,880
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,162,880
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 8,027,925
2,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 2,390,482
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
$ 4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA $ 4,328,320
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,610,419
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,601,761
5,875 New York City Transit Authority, Metropolitan 1/10 at 101.00 AAA 6,200,358
Transportation Authority, Triborough Bridge and
Tunnel Authority, New York, Certificates of
Participation, Series 1999A, 5.250%, 1/01/29 -
AMBAC Insured
5,225 New York City Transit Authority, Metropolitan 1/10 at 101.00 AAA 5,979,229
Transportation Authority, Triborough Bridge and
Tunnel Authority, New York, Certificates of
Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
50 New York City Transitional Finance Authority, 8/07 at 101.00 AAA 51,400
New York, Future Tax Secured Bonds, Fiscal
Series 1998A, 5.000%, 8/15/27 - MBIA 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 3,121,091
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,102,590
7,500 New York City Transitional Finance Authority, 8/12 at 100.00 AAA 8,127,975
New York, Future Tax Secured Bonds, Fiscal
Series 2003C, 5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,698,065
New York, Future Tax Secured Refunding Bonds,
Fiscal Series 2003D, 5.000%, 2/01/22 -
MBIA Insured
3,060 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,314,867
New York, Future Tax Secured Bonds, Fiscal
Series 2003E, 5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, 2/14 at 100.00 AAA 2,155,280
New York, Future Tax Secured Bonds, Fiscal Series
Series 2004C, 5.000%, 2/01/19 - XLCA Insured
5,250 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 5,934,705
New York City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
5,000 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 5,149,400
Revenue Bonds, Leake and Watts Services Inc.,
Series 1994, 6.000%, 7/01/23 - MBIA Insured
3,000 Dormitory Authority of the State of New York, 7/14 at 100.00 AAA 3,196,740
Department of Health Revenue Bonds, Series 2004-2,
5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured
105 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 116,820
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1996B:
95 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 101,180
80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 85,204
7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 8,168,593
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,051,360
Riverbank State Park, Special Obligation Revenue
Refunding Bonds, Series 1996, 5.125%, 4/01/22 -
AMBAC Insured
7,750 New York State Local Government Assistance Corporation, Revenue 4/08 at 101.00 AAA 7,996,295
Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
State of New York Municipal Bond Bank Agency, Special Program
Revenue Bonds, City of Buffalo, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 942,585
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 986,562
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,038,765
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,086,415
1,500 Dormitory Authority of the State of New York, 3/13 at 100.00 AAA 1,563,165
Revenue Bonds, State Personal Income Tax,
Series 2003A, 5.000%, 3/15/32 - FGIC Insured
7,925 Dormitory Authority of the State of New York, 10/12 at 100.00 AAA 8,547,033
Revenue Bonds, School Districts Financing Program,
Series 2002D, 5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 2,040,116
2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,327,094
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,575 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA $ 3,966,641
Trust Fund Bonds, Series 2001B, 5.250%, 4/01/16 -
MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,458,250
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19 -
FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,577,896
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 2,160,940
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,063,520
4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,696,760
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/18 - FSA Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 9,229,164
2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,706,575
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.2%
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 6,763,920
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,136,300
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 1,482,744
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,788,378
2,500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,690,375
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured
7,000 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 7,600,320
Consolidated Bonds, One Hundred Twentieth
Series 2000, 5.750%, 10/15/26 (Alternative
Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, General
Revenue Refunding Bonds, Subordinate Lien, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,833,996
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,113,082
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.2%
325 Brookhaven, New York, General Obligation Bonds, 10/04 at 100.00 AAA 328,575
Series 1991B, 6.400%, 10/01/11 (Pre-refunded to
10/01/04) - MBIA Insured
East Rochester Union Free School District, Monroe County, New
York, General Obligation Bonds, Series 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 351,444
350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 410,018
365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 427,590
Longwood Central School District, Suffolk County,
New York, Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,185,030
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,185,030
Lyndonville Central School District, Orleans County,
New York, General Obligation Bonds, Series 2000:
340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 392,088
340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 392,088
4,695 Metropolitan Transportation Authority, New York, 7/11 at 100.00 AAA 5,376,855
Commuter Facilities Revenue Bonds, Series 1998A,
5.250%, 7/01/28 (Pre-refunded to 7/01/11) -
FGIC Insured
3,000 Metropolitan Transportation Authority, New York, 10/10 at 100.00 AAA 3,436,920
Dedicated Tax Fund Bonds, Series 1996A,
5.250%, 4/01/26 (Pre-refunded to 10/01/10) -
MBIA Insured
11,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 12,166,220
Dedicated Tax Fund Bonds, Series 1998A,
4.750%, 4/01/28 (Pre-refunded to 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 to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,540,360
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,689,043
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
New York City, New York, General Obligation Bonds,
Fiscal Series 1991A:
$ 1,500 7.250%, 3/15/18 - FSA Insured 9/04 at 100.00 AAA $ 1,630,740
3,100 7.250%, 3/15/19 - FSA Insured 9/04 at 100.00 AAA 3,370,196
3,000 New York City, New York, General Obligation Bonds, 4/04 at 100.00 AAA 3,006,150
Fiscal Series 1990B, 7.000%, 10/01/19 - FSA Insured
255 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 305,957
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
10 New York City Transitional Finance Authority, 8/07 at 101.00 AAA 11,140
New York, Future Tax Secured Bonds, Fiscal Series
1998A, 5.000%, 8/15/27 (Pre-refunded to
8/15/07) - MBIA Insured
2,095 Dormitory Authority of the State of New York, Lease 7/11 at 100.00 AAA 2,433,154
Revenue Bonds, State University Dormitory Facilities,
Series 2001, 5.500%, 7/01/18 (Pre-refunded to
7/01/11) - FGIC Insured
505 Dormitory Authority of the State of New York, Judicial 4/04 at 114.14 Baa1*** 617,135
Facilities Lease Revenue Bonds, Suffolk County
Issue, Series 1991A, 9.500%, 4/15/14
Dormitory Authority of the State of New York, Third General
Resolution Consolidated Revenue Bonds, City University System,
Series 1997-1:
3,120 5.375%, 7/01/24 (Pre-refunded to 1/01/08) - FGIC Insured 1/08 at 102.00 AAA 3,548,470
7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 7,898,520
2,895 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 3,273,463
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1997A, 5.750%, 8/15/22
(Pre-refunded to 2/15/07) - MBIA Insured
5,000 Dormitory Authority of the State of New York, 5/06 at 102.00 AAA 5,512,000
Revenue Bonds, State University Educational
Facilities, Series 1996, 5.500%, 5/15/26
(Pre-refunded to 5/15/06) - FSA Insured
3,485 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 3,960,389
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A, 5.125%, 7/01/24
(Pre-refunded to 7/01/10) - FGIC Insured
20 New York State Medical Care Facilities Finance 2/05 at 102.00 AAA 21,252
Agency, Mental Health Services Facilities Improvement
Revenue Bonds, Series 1995A, 6.000%, 2/15/25
(Pre-refunded to 2/15/05) - MBIA Insured
5,795 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 6,585,380
Revenue Bonds, State University Educational
Facilities, Series 2002A, 5.000%, 5/15/18
(Pre-refunded to 5/15/12) - FGIC Insured
5,000 New York State Urban Development Corporation, 1/09 at 101.00 AAA 5,861,500
Correctional Facilities Service Contract Revenue
Bonds, Series 1999C, 6.000%, 1/01/29 (Pre-refunded
to 1/01/09) - AMBAC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series 2000C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,791,220
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,278,920
Town of North Hempstead, Nassau County, New York,
General Obligation Bonds, Series 1999B:
2,135 5.875%, 7/15/18 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,517,379
2,255 5.875%, 7/15/19 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,658,871
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.2%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,751,852
7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,397,530
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 1,541,400
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,458,080
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,190,750
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 987,390
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,409,040
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 892,650
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,117,570
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,303,969
10,025 New York State Energy Research and Development 5/04 at 101.00 AAA 10,219,385
Authority, Adjustable Rate Gas Facilities Revenue Bonds,
The Brooklyn Union Gas Company Project, Series 1989B,
6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 3,000 New York State Energy Research and Development 7/05 at 102.00 AAA $ 3,203,970
Authority, Pollution Control Revenue Bonds, New York
State Electric and Gas Corporation Project,
Series 1987A, 6.150%, 7/01/26 (Alternative Minimum
Tax) - MBIA Insured
6,000 New York State Energy Research and Development 9/08 at 102.00 AAA 6,505,980
Authority, Pollution Control Revenue Bonds, Rochester
Gas and Electric Corporation Project, Series 1998A,
5.950%, 9/01/33 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.5%
5,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 5,438,200
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
2,225 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 2,367,155
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1997A, 5.375%, 6/15/26 - FSA Insured
10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,467,365
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 5,283,400
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal Series 2000B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,468,764
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,438,297
350 New York State Environmental Facilities Corporation, 9/04 at 100.00 AAA 351,638
State Water Pollution Control Revolving Fund Revenue
Bonds, Pooled Loan Issue, Series 1991B, 7.100%, 9/15/11
2,230 Upper Mohawk Valley Regional Water Finance No Opt. Call Aaa 918,222
Authority, New York, Water System Revenue Bonds,
Series 2000, 0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 551,800 Total Long-Term Investments (cost $524,289,793) - 150.0% 571,579,861
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.7% 2,399,272
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.7)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 380,979,133
====================================================================================================================
All of the bonds in the portfolio 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.
* 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. Such securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
29
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.8%
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 $ 1,199,797
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 686,677
500 Amherst Industrial Development Agency, New York, 8/10 at 102.00 AAA 563,285
Revenue Bonds, UBF Faculty/Student Housing Corporation,
University of Buffalo Lakeside Cottage Project,
Series 2000B, 5.625%, 8/01/20 - AMBAC Insured
6,350 Nassau County Industrial Development Agency, 7/08 at 102.00 AAA 6,548,819
New York, Civic Facility Revenue and Refunding
Bonds, Hofstra University Project, Series 1998,
5.000%, 7/01/23 - MBIA Insured
5,000 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,435,250
Revenue Bonds, New York Botanical Garden,
Series 1996, 5.800%, 7/01/26 - MBIA Insured
7,250 New York City Trust for Cultural Resources, 1/07 at 102.00 AAA 7,894,598
New York, Revenue Refunding Bonds, Museum of
Modern Art, Series 1996A, 5.500%, 1/01/21 -
AMBAC Insured
14,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 15,781,800
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
4,775 New York City Industrial Development Agency, 6/07 at 102.00 AAA 4,989,923
New York, Civic Facility Revenue Bonds, Trinity
Episcopal School Corporation Project, Series 1997,
5.250%, 6/15/27 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 2,249,520
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional
put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, 7/04 at 102.00 AAA 1,028,250
Insured Revenue Bonds, Fordham University,
Series 1994, 5.500%, 7/01/23 - FGIC Insured
1,800 Dormitory Authority of the State of New York, Second No Opt. Call AAA 2,140,596
General Resolution Consolidated Revenue Bonds,
City University System, Series 1993A,
5.750%, 7/01/18 - FSA Insured
6,000 Dormitory Authority of the State of New York, No Opt. Call AAA 7,139,580
Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/13 -
MBIA Insured
8,500 Dormitory Authority of the State of New York, 7/07 at 102.00 AAA 8,889,555
Insured Revenue Bonds, Ithaca College, Series 1997,
5.250%, 7/01/26 - AMBAC Insured
1,150 Dormitory Authority of the State of New York, Insured 7/06 at 102.00 AAA 1,262,493
Revenue Bonds, St. John's University, Series 1996,
5.600%, 7/01/16 - MBIA Insured
4,625 Dormitory Authority of the State of New York, Insured 7/07 at 101.00 AAA 4,801,906
Revenue Bonds, Barnard College, Series 1996,
5.250%, 7/01/26 - AMBAC Insured
2,125 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,192,703
Revenue Bonds, Fordham University, Series 1998,
5.000%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Third 7/08 at 102.00 AAA 2,066,480
General Resolution Consolidated Revenue Bonds,
City University System, Series 1998-1, 5.000%, 7/01/26 -
FGIC Insured
1,735 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 1,818,315
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A, 5.125%, 7/01/23 -
FGIC Insured
1,750 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,977,098
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,541,872
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,717,635
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,910,421
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,417,928
4,000 Dormitory Authority of the State of New York, State No Opt. Call AAA 4,762,600
University Educational Facilities Revenue Bonds,
1989 Resolution, Series 2000C, 5.750%, 5/15/16 -
FSA Insured
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 1,000 Dormitory Authority of the State of New York, No Opt. Call AAA $ 1,178,670
General Revenue Bonds, New York University,
Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured
2,750 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,857,360
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/26 - AMBAC Insured
1,650 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 AAA 1,763,074
Revenue Bonds, Fordham University, Series 2002,
5.000%, 7/01/19 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.3%
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 3,031,924
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,911,167
3,995 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 4,231,344
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 6,984,880
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC 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 2,650,850
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,483,579
9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,769,320
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
9,000 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 9,546,210
Bonds, Winthrop-South Nassau University Health
System Obligated Group, Series 2001B, 5.250%, 7/01/31 -
AMBAC Insured
3,300 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 3,373,722
FHA-Insured Hospital Mortgage Revenue Refunding
Bonds, New York and Presbyterian Hospital,
Series 1994A, 5.375%, 2/15/25 - MBIA Insured
3,350 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,520,950
FHA-Insured Mortgage Revenue Bonds, Montefiore
Medical Center, Series 1995A, 5.750%, 2/15/25 -
AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,089,093
Secured Mortgage Revenue Bonds, Brookdale Family
Care Centers Inc., Series 1995A, 6.375%, 11/15/19 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.5%
10,756 New York City Housing Development Corporation, 4/04 at 105.00 AAA 11,315,725
New York, Multifamily Housing Limited Obligation
Bonds, Pass-Through Certificates, Series 1991C,
6.500%, 2/20/19 - AMBAC Insured
1,540 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 1,630,136
Revenue Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
400 New York State Housing Finance Agency, FHA-Insured 8/04 at 102.00 AAA 410,992
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.8%
1,995 State of New York Mortgage Agency, Homeowner 9/04 at 102.00 AAA 2,036,835
Mortgage Revenue Bonds, Series 33,
5.400%, 10/01/17 - AMBAC Insured
3,735 State of New York Mortgage Agency, Homeowner 4/07 at 102.00 AAA 3,963,507
Mortgage Revenue Bonds, Series 63, 6.125%, 4/01/27
(Alternative Minimum Tax) - MBIA Insured
1,000 New York State Mortgage Agency, Mortgage 7/10 at 100.00 AAA 1,065,140
Revenue Bonds, Twenty Fourth Series 2000,
5.875%, 10/01/15 (Alternative Minimum Tax) -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7%
4,450 Castle Rest Residential Health Care Facility, 8/07 at 102.00 AAA 4,499,617
Syracuse, New York, FHA-Insured Mortgage Revenue
Bonds, Series 1997A, 5.750%, 8/01/37
(Optional put 8/01/07)
2,000 Dormitory Authority of the State of New York, Revenue 7/06 at 102.00 AAA 2,170,340
Bonds, United Cerebral Palsy of New York City Inc.,
Series 1996, 5.500%, 7/01/24 - MBIA Insured
31
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.5%
$ 1,000 Erie County, New York, General Obligation Bonds, 6/05 at 101.50 AAA $ 1,061,020
Series 1995B, 5.625%, 6/15/20 - FGIC Insured
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,683,735
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,675,230
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,779,184
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,882,206
County of Monroe, New York, General Obligation
Public Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,457,945
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,076,740
1,500 County of Nassau, New York, General Obligations, 6/09 at 102.00 AAA 1,610,745
Serial General Improvement Bonds, Series B,
5.250%, 6/01/23 - AMBAC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2001D:
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,334,165
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,971,898
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,453,100
5,000 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,266,750
Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured
6,250 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 6,815,875
Fiscal Series 2004I, 5.000%, 8/01/17
(WI, settling 4/01/04) - MBIA 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 1,839,963
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,885,930
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 606,548
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 603,445
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 603,445
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.8%
Erie County Industrial Development Authority, 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 1,370,652
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,132,360
4,600 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 5,174,402
State Service 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 2,392,920
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,349,080
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,680,220
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,134,820
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,325,760
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 8,027,925
3,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,118,020
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 1,605,258
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,596,627
5,150 New York City Transit Authority, New York, 1/10 at 101.00 AAA 5,893,403
Metropolitan Transportation Authority, Triborough
Bridge and Tunnel Authority, Certificates of
Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured
75 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 77,099
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA 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 11,572,138
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,668,268
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,042,110
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 6,000 New York City Transitional Finance Authority, 8/12 at 100.00 AAA $ 6,502,380
New York, Future Tax Secured Bonds, Fiscal
Series 2003C, 5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,698,065
New York, Future Tax Secured Refunding Bonds,
Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,161,164
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 1,988,246
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
6,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 6,782,520
New York City, Court Facilities Lease Revenue Bonds,
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
Dormitory Authority of the State of New York, Madison-Oneida,
Lease Revenue Bonds, Board of Cooperative Educational Services,
Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,134,400
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,190,046
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,222,066
5,375 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 5,535,605
Revenue Bonds, Leake and Watts Services Inc.,
Series 1994, 6.000%, 7/01/23 - MBIA Insured
3,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,740,433
Revenue Bonds, 853 Schools Program, 1999 Issue 1,
Harmony Heights School, Series 1999C, 5.500%, 7/01/18 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, 7/14 at 100.00 AAA 3,196,740
Department of Health Revenue Bonds, Series 2004-2,
5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured
110 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 122,383
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured
540 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 564,781
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
80 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 84,422
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,563,165
Bonds, State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
7,900 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 8,520,071
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,474,313
3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,324,420
4,930 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 5,440,748
Trust Fund Bonds, Series 2001B, 5.250%, 4/01/17 -
MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 7,563,502
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/20 -
FSA Insured
2,400 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,605,032
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 2,160,940
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,063,520
3,190 New York State Urban Development Corporation, No Opt. Call AAA 3,734,597
Revenue Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA 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 3,545,490
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 7,045,140
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 9,229,164
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,082,630
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.0%
$ 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA $ 4,408,780
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA 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 4,277,416
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,272,600
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 2,959,936
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,896,440
2,500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,690,375
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AAA 5,417,850
General Purpose Revenue Bonds, Series 2002A,
5.250%, 1/01/20 - FGIC Insured
Triborough Bridge and Tunnel Authority, New York, General
Revenue Refunding Bonds, Subordinate Lien, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,833,996
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,113,082
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.7%
East Rochester Union Free School District, Monroe County, New
York, General Obligation Bonds, Series 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 351,444
360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 421,733
400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 468,592
Longwood Central School District, Suffolk County,
New York, Series 2000:
1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892
5,000 Metropolitan Transportation Authority, New York, 7/09 at 100.00 AAA 5,730,750
Commuter Facilities Revenue Bonds, Series 1997C,
5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured
Metropolitan Transportation Authority, New York,
Transit Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,734,000
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,558,185
3,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 3,318,060
Dedicated Tax Fund Bonds, Series 1998A,
4.750%, 4/01/28 (Pre-refunded to 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 to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,540,360
1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,135,090
5,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 5,912,900
Dedicated Tax Fund Bonds, Series 2000A,
6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured
170 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 203,971
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 16,710
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
2,500 New York City Transitional Finance Authority, 5/10 at 101.00 AAA 2,982,400
New York, Future Tax Secured Bonds, Fiscal Series 2000B,
6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured
1,410 Dormitory Authority of the State of New York, Lease 7/11 at 100.00 AAA 1,637,588
Revenue Bonds, State University Dormitory Facilities,
Series 2001, 5.500%, 7/01/20 (Pre-refunded
to 7/01/11) - FGIC Insured
3,200 Dormitory Authority of the State of New York, No Opt. Call AAA 4,064,384
Judicial Facilities Lease Revenue Bonds, Suffolk
County Issue, Series 1986, 7.375%, 7/01/16
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 1,700 Dormitory Authority of the State of New York, Third 1/08 at 102.00 AAA $ 1,918,212
General Resolution Consolidated Revenue Bonds,
City University System, Series 1997-1, 5.125%, 7/01/27
(Pre-refunded to 1/01/08) - MBIA Insured
2,890 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 3,267,810
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 (Pre-refunded
to 2/15/07) - MBIA Insured
4,460 Dormitory Authority of the State of New York, Improvement 5/10 at 100.00 AAA 5,093,811
Revenue Bonds, Mental Health Services Facilities,
Series 2000D, 5.250%, 8/15/30 (Pre-refunded
to 5/15/10) - FSA Insured
265 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 301,149
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A, 5.125%, 7/01/23
(Pre-refunded to 7/01/10) - FGIC Insured
8,100 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 9,276,687
Bonds, State University Educational Facilities,
Series 2002A, 5.125%, 5/15/19 (Pre-refunded
to 5/15/12) - FGIC Insured
10,000 New York State Urban Development Corporation, 1/09 at 101.00 AAA 11,723,000
Correctional Facilities Service Contract Revenue
Bonds, Series 1999C, 6.000%, 1/01/29 (Pre-refunded
to 1/01/09) - AMBAC Insured
6,000 New York State Urban Development Corporation, 1/11 at 100.00 AAA 6,836,760
Correctional Facilities Service Contract Revenue
Bonds, Series 2000C, 5.250%, 1/01/30 (Pre-refunded
to 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.7%
1,650 Islip Resource Recovery Agency, New York, Revenue No Opt. Call AAA 2,061,048
Bonds, Series 1994B, 7.250%, 7/01/11 (Alternative
Minimum Tax) - AMBAC Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
7,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,381,080
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,566,784
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,170,370
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 1,541,400
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,458,080
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,730,250
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,303,910
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,287,760
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,082,850
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,597,975
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,643,175
5,465 New York State Energy Research and Development 5/04 at 101.00 AAA 5,634,142
Authority, Adjustable Rate Gas Facilities Revenue
Bonds, The Brooklyn Union Gas Company Project,
Series 1989A, 6.750%, 2/01/24 (Alternative
Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development 7/04 at 101.50 AAA 1,276,188
Authority, Gas Facilities Revenue Bonds, The Brooklyn
Union Gas Company Project, Series 1989C,
5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured
12,000 New York State Energy Research and Development 5/04 at 100.00 AAA 12,381,000
Authority, Pollution Control Revenue Bonds, Rochester
Gas and Electric Corporation Project, Series 1992B,
6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.4%
3,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 3,549,422
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal Series 2002A:
2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,245,560
4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,226,720
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal Series 2000B:
$ 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA $ 979,176
810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 951,034
1,000 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 1,081,050
System Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 558,391 Total Long-Term Investments (cost $531,827,327) - 149.2% 577,401,334
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.5%
2,000 New York City Municipal Water Finance Authority, A-1+ 2,000,000
New York, Water and Sewer System Variable Rate
Demand Revenue Bonds, Fiscal Series 1994C,
1.100%, 6/15/23 - FGIC Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 2,000 Total Short-Term Investments (cost $2,000,000) 2,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $533,827,327) - 149.7% 579,401,334
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 4,490,017
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.9)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 386,891,351
====================================================================================================================
All of the bonds in the portfolio, excluding temporary
investments in short-term municipal securities, 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.
* 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.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that currently in
effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
36
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 31.5%
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 $ 281,643
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 281,425
2,000 Monroe County Industrial Development Agency, 6/05 at 102.00 AAA 2,129,680
New York, Civic Facility Revenue Bonds, Nazareth
College of Rochester Project, Series 1995,
6.000%, 6/01/20 - MBIA Insured
5,460 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,935,293
Revenue Bonds, New York Botanical Garden,
Series 1996, 5.800%, 7/01/26 - MBIA Insured
1,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,361,138
Revenue Refunding Bonds, Museum of Modern
Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
4,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 4,369,680
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/22 - MBIA Insured
1,000 New York City Industrial Development Agency, New York, 11/04 at 102.00 AAA 1,049,960
Civic Facility Revenue Bonds, USTA National Tennis
Center Incorporated Project, Series 1994,
6.375%, 11/15/14 - FSA Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put
7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, No Opt. Call AAA 1,164,580
Revenue Bonds, State University Educational Facilities,
Series 1993A, 5.500%, 5/15/19 - AMBAC Insured
2,200 Dormitory Authority of the State of New York, Second No Opt. Call AAA 2,616,284
General Resolution Consolidated Revenue Bonds,
City University System, Series 1993A, 5.750%, 7/01/18 -
FSA Insured
3,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 3,332,730
Revenue Bonds, New School for Social Research,
Series 1997, 5.750%, 7/01/26 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Insured 7/06 at 102.00 AAA 1,646,730
Revenue Bonds, St. John's University, Series 1996,
5.600%, 7/01/16 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured 9/06 at 102.00 AAA 2,165,140
Revenue Bonds, Long Island University, Series 1996,
5.500%, 9/01/26 - FSA Insured
5,000 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 Aaa 5,234,000
Revenue Bonds, Ithaca College, Series 1998,
5.000%, 7/01/21 - AMBAC Insured
1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,694,655
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
3,215 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 2,402,344
Bonds, University of Rochester, Series 2000A,
0.000%, 7/01/24 - MBIA Insured
250 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 291,080
Revenue Bonds, Pace University, Series 2000,
6.000%, 7/01/29 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 1,054,030
General Resolution Consolidated Revenue Bonds,
City University System, Series 2000A,
5.125%, 7/01/22 - FGIC Insured
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 1,731,645
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 589,335
810 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 857,304
Revenue Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/20 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 1,388,212
Revenue Bonds, State University Educational Facilities,
Series 2002A, 5.000%, 5/15/16 - FGIC Insured
37
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 19.7%
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 $ 1,759,599
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 102.00 AAA 3,185,340
Mortgage Hospital Revenue Bonds, Ellis Hospital,
Series 1995, 5.600%, 8/01/25 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Revenue 1/08 at 102.00 AAA 1,597,230
Bonds, Vassar Brothers Hospital, Series 1997,
5.250%, 7/01/17 - FSA Insured
2,910 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 2,903,714
FHA-Insured Mortgage Hospital Revenue Bonds,
New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC Insured
2,740 Dormitory Authority of the State of New York, 7/13 at 100.00 AAA 2,905,332
Revenue Bonds, Memorial Sloan Kettering Cancer
Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured
3,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 3,283,110
Revenue Bonds, Catholic Health Services of Long
Island Obligated Group - St. Charles Hospital and
Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
3,450 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 3,659,381
Bonds, Winthrop-South Nassau University Health
System Obligated Group, Series 2001A,
5.250%, 7/01/31 - AMBAC Insured
4,700 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 4,804,998
FHA-Insured Hospital Mortgage Revenue Refunding
Bonds, New York and Presbyterian Hospital,
Series 1994A, 5.375%, 2/15/25 - MBIA Insured
1,400 Dormitory Authority of the State of New York, 8/12 at 100.00 AAA 1,481,606
FHA-Insured Mortgage Hospital Revenue Bonds,
St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6%
2,035 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 2,154,109
Revenue Refunding Bonds, Housing Project,
Series 1996A, 6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.4%
505 State of New York Mortgage Agency, Homeowner 4/04 at 102.00 Aa1 505,485
Mortgage Revenue Bonds, Series 30C-1,
5.850%, 10/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
1,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 1,138,770
Revenue Bonds, WSNCHS East, Inc. Project,
Series 2000B, 6.000%, 8/01/24 - MBIA Insured
850 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AAA 890,664
Revenue Bonds, NYSARC Inc., Series 2001A,
5.000%, 7/01/26 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.4%
1,510 Erie County, New York, General Obligation Bonds, 6/05 at 101.50 AAA 1,602,140
Series 1995B, 5.625%, 6/15/20 - FGIC Insured
Erie County, New York, General Obligation Bonds,
Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 561,245
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 558,410
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 667,194
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 664,308
210 Nassau County, New York, General Obligation No Opt. Call AAA 244,259
Serial Improvement Bonds, Series 1993H,
5.500%, 6/15/16 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, 2/08 at 101.00 AAA 2,194,220
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
2,500 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 2,726,350
Fiscal Series 2004I, 5.000%, 8/01/17
(WI, settling 4/01/04) - MBIA Insured
2,115 Niagara Falls, Niagara County, New York, General No Opt. Call AAA 2,639,393
Obligation Water Treatment Plant Bonds, Series 1994,
8.500%, 11/01/08 (Alternative Minimum Tax) -
MBIA Insured
1,000 Niagara Falls, Niagara County, New York, Public No Opt. Call AAA 1,319,290
Improvement Serial Bonds, Series 1994,
7.500%, 3/01/13 - MBIA Insured
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aaa $ 1,084,890
New York, General Obligation Refunding Bonds,
Series 2002, 5.125%, 6/15/18 - FSA Insured
County of Suffolk, New York, Public Improvement Serial
Bonds, Series 2000A:
500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 585,235
500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 585,780
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 38.9%
750 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA 858,292
School Facility Revenue Bonds, Buffalo City School
District, Series 2003, 5.750%, 5/01/19 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,518,574
Service 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 1,794,690
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,670,055
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,081,440
Metropolitan Transportation Authority, New York,
Dedicated Tax Fund Bonds, Series 2002A:
2,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,675,975
1,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,039,340
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,082,080
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 598,746
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 595,527
500 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 572,175
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 - AMBAC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,087,420
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,541,347
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,584,885
Future Tax Secured Refunding Bonds, Fiscal
Series 2003D, 5.000%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,083,290
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,077,640
Future Tax Secured Bonds, Fiscal Series Series 2004C,
5.000%, 2/01/19 - XLCA Insured
1,000 Dormitory Authority of the State of New York, New York 5/10 at 101.00 AAA 1,130,420
City, Court Facilities Lease Revenue Bonds, Series 1999,
5.750%, 5/15/30 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Department 7/14 at 100.00 AAA 1,065,580
of Health Revenue Bonds, Series 2004-2, 5.000%, 7/01/21
(WI, Settling 4/06/04) - FGIC Insured
215 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 224,866
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000D, 5.250%, 8/15/30 - FSA Insured
2,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 2,084,220
Bonds, State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
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 4,637,507
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 911,584
New York State Thruway Authority, Highway and
Bridge Trust Fund Bonds, Series 2002B:
545 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 605,920
600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 664,884
1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,061,210
New York State Thruway Authority, Highway and
Bridge Trust Fund Bonds, Series 2002A:
1,500 5.250%, 4/01/17 - FSA Insured 4/12 at 100.00 AAA 1,652,640
1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,097,420
1,250 New York State Thruway Authority, Highway and 4/13 at 100.00 AAA 1,352,887
Bridge Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
$ 1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA $ 1,073,650
1,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,060,170
1,900 New York State Urban Development Corporation, No Opt. Call AAA 2,173,410
Revenue Bonds, Correctional Facilities, Series 1994A,
5.250%, 1/01/14 - FSA Insured
2,000 New York State Urban Development Corporation, 3/13 at 100.00 AAA 2,231,080
State Personal Income Tax Revenue Bonds, State
Facilities and Equipment, Series 2002C-1,
5.500%, 3/15/21 - FGIC Insured
1,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,174,190
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/18 - FSA Insured
810 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 942,459
Highway Revenue Bonds, Series 2000B,
5.875%, 7/01/35 - MBIA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,624,365
Service Agreement Revenue Bonds, John P. Colahan
Court Complex, Series 1999, 5.000%, 4/15/16 -
AMBAC Insured
3,800 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 4,113,994
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.0%
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 560,605
1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,831,620
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,093,280
Transportation Revenue Refunding Bonds, Series 2002E,
5.000%, 11/15/25 - MBIA Insured
500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 538,075
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured
1,000 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 1,085,760
Consolidated Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, General
Revenue Refunding Bonds, Subordinate Lien, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 911,157
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,489,497
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 10.1%
Longwood Central School District, Suffolk County,
New York, Series 2000:
500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 592,515
500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 592,515
1,500 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 1,659,030
Dedicated Tax Fund Bonds, Series 1998A,
4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 567,545
Dedicated Tax Fund Bonds, Series 1999A,
5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured
2,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 2,365,160
Dedicated Tax Fund Bonds, Series 2000A,
6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured
1,000 County of Nassau, New York, General Obligation 3/10 at 100.00 AAA 1,162,210
Improvement Bonds, Series 2000E, 6.000%, 3/01/19
(Pre-refunded to 3/01/10) - FSA Insured
1,500 New York City, New York, General Obligation Bonds, 8/04 at 100.00 AAA 1,522,920
Fiscal Series 1990F, 6.000%, 8/01/19 - FGIC Insured
340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 407,942
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 2,320,080
Revenue Bonds, State University Dormitory Facilities,
Series 1999C, 5.500%, 7/01/29 (Pre-refunded
to 7/01/09) - MBIA Insured
1,785 Dormitory Authority of the State of New York, 5/10 at 100.00 AAA 2,038,666
Improvement Revenue Bonds, Mental Health Services
Facilities, Series 2000D, 5.250%, 8/15/30 (Pre-refunded
to 5/15/10) - FSA Insured
440 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 525,369
Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.6%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
$ 7,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA $ 7,908,300
2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,113,580
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 519,595
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 660,794
2,280 New York State Energy Research and Development 5/04 at 101.00 AAA 2,350,566
Authority, Adjustable Rate Gas Facilities Revenue
Bonds, The Brooklyn Union Gas Company Project,
Series 1989A, 6.750%, 2/01/24 (Alternative
Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development 7/05 at 102.00 AAA 2,669,975
Authority, Pollution Control Revenue Bonds, New York
State Electric and Gas Corporation Project, Series 1987A,
6.150%, 7/01/26 (Alternative Minimum Tax) -
MBIA Insured
6,100 New York State Energy Research and Development 5/04 at 100.00 AAA 6,293,675
Authority, Pollution Control Revenue Bonds, Rochester
Gas and Electric Corporation Project, Series 1992B,
6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.1%
1,830 Monroe County Water Authority, New York, Water 8/11 at 101.00 AAA 1,944,650
Revenue Bonds, Series 2001, 5.250%, 8/01/36 -
MBIA Insured
500 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 543,820
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,101,050
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured
1,800 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,965,834
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,170 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,277,780
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 1,056,680
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,958,351
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,000 Suffolk County Water Authority, New York, Water No Opt. Call AAA 1,134,250
System Revenue Refunding Bonds, Series 1993,
5.100%, 6/01/12 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 183,965 Total Long-Term Investments (cost $184,067,503) - 146.8% 198,988,688
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.2%
250 Puerto Rico Government Development Bank, A-1 250,000
Adjustable Refunding Bonds, Variable Rate Demand
Obligations, Series 1985, 0.920%, 12/01/15 -
MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 250 Total Short-Term Investments (cost $250,000) 250,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $184,317,503) - 147.0% 199,238,688
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,289,164
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.0)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 135,527,852
====================================================================================================================
All of the bonds in the portfolio, excluding temporary
investments in short-term municipal securities, 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.
* 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.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that currently in
effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
41
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.4%
$ 930 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 917,808
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
3,390 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 3,232,772
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 995,010
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
1,685 TSASC, Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,647,391
Series 2002-1, 5.500%, 7/15/24
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 13.8%
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AAA 4,216,960
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) -
XLCA Insured
4,000 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 4,379,320
Revenue Bonds, Mount Sinai School of Medicine,
Series 1994A, 5.150%, 7/01/24 - MBIA Insured
3,250 Dormitory Authority of the State of New York, Revenue No Opt. Call AAA 3,968,478
Bonds, New York University, Series 1998A,
6.000%, 7/01/18 - MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 1,339,904
Revenue Bonds, New York Medical College,
Series 1998, 5.000%, 7/01/21 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Second 7/10 at 101.00 AAA 2,372,540
General Resolution Consolidated Revenue Refunding
Bonds, City University System, Series 2000A,
6.125%, 7/01/13 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.1%
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 1,624,245
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 1,995,680
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,725 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AAA 1,829,087
Bonds, Memorial Sloan Kettering Cancer Center,
Series 2003-1, 5.000%, 7/01/21 - MBIA Insured
600 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 628,518
Bonds, South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,878,294
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.600%, 2/15/39 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 2,193,860
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
2,500 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 2,747,275
Hospital Revenue Bonds, Bronx Lebanon Hospital,
Series 1998E, 5.200%, 2/15/15 - MBIA Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,481,606
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
Suffolk County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Huntington Hospital Project, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 782,674
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,096,748
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.4%
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 2,902,071
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,453,898
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY (continued)
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 $ 1,071,810
2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,674,175
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.8%
1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,065,140
Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.1%
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,661,678
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,622,903
Canandaigua City School District, Ontario County, New York,
General Obligation Refunding Bonds, Series 2002A:
1,240 5.375%, 4/01/17 - FSA Insured 4/12 at 101.00 Aaa 1,387,833
1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,334,702
Clarence Central School District, Erie County, New York, General
Obligation Refunding Bonds, Series 2002:
1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,265,597
1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,298,568
200 County of Nassau, New York, General Obligation Serial 11/07 at 102.00 AAA 219,918
General Improvement Bonds, Series X, 5.100%, 11/01/16
(DD, settling 4/01/04) - AMBAC Insured
3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,293,490
Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,423,387
Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.6%
400 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA 456,884
School Facility Revenue Bonds, Buffalo City School
District, Series 2003, 5.750%, 5/01/20 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 4,179,760
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
2,290 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,451,193
Dedicated Tax Fund Bonds, Series 2002A,
5.250%, 11/15/25 - FSA Insured
1,000 Nassau County Interim Finance Authority, New York, No Opt. Call AAA 1,082,080
Sales Tax Secured Revenue Bonds, Series 2003A,
5.000%, 11/15/18 - AMBAC Insured
4,245 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 4,480,088
Authority, Triborough Bridge and Tunnel Authority,
New York, Certificates of Participation, Series 1999A,
5.250%, 1/01/29 - AMBAC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,533,850
Future Tax Secured Bonds, Fiscal Series 2002B,
5.250%, 5/01/16 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,083,730
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 538,820
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
250 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 273,348
Revenue Bonds, 853 Schools Program, 1998 Issue 2,
Vanderheyden Hall Inc., Series 1998F, 5.250%, 7/01/18 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 3,152,490
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,088,250
Revenue Bonds, Series 1998A, 5.000%, 4/01/15
3,000 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 3,235,470
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,264,200
Trust Fund Bonds, Series 2002A, 5.000%, 4/01/22 -
FSA Insured
43
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA $ 1,082,310
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
8,600 New York State Urban Development Corporation, No Opt. Call AAA 10,130,628
Revenue Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
3,000 New York State Urban Development Corporation, 3/12 at 100.00 AA 3,141,540
State Personal Income Tax Revenue Bonds, State
Facilities and Equipment, Series 2002A, 5.125%, 3/15/27
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 - FGIC Insured 3/13 at 100.00 AAA 1,119,540
1,500 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,673,310
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,538,194
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,082,630
750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 827,408
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.2%
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 2,136,300
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,186,560
85 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 91,473
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured
4,000 The Port Authority of New York and New Jersey, 8/08 at 101.00 AAA 4,283,040
Consolidated Bonds, One Hundred Twenty Fourth
Series 2001, 5.000%, 8/01/11 (Alternative
Minimum Tax) - FGIC Insured
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 911,157
General Revenue Refunding Bonds, Subordinate Lien,
Series 2002E, 5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 10.2%
1,000 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA 1,116,630
Sales Tax Secured Revenue Bonds, Series 2000A,
5.375%, 11/15/17 (Pre-refunded to 11/15/10) -
MBIA Insured
2,000 Dormitory Authority of the State of New York, 1/08 at 102.00 AAA 2,256,720
Third General Resolution Consolidated Revenue Bonds,
City University System, Series 1997-1, 5.125%, 7/01/27
(Pre-refunded to 1/01/08) - MBIA Insured
935 New York State Housing Finance Agency, State University No Opt. Call AAA 1,177,754
Construction Bonds, Series 1986A, 8.000%, 5/01/11
4,750 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 5,397,853
Bonds, State University Educational Facilities,
Series 2002A, 5.000%, 5/15/27 (Pre-refunded
to 5/15/12) - FGIC Insured
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,871,177
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.6%
1,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 1,054,440
General Revenue Bonds, Series 1998A,
5.125%, 12/01/22 - FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,195,950
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,870,488
5,000 New York State Energy Research and Development 11/08 at 102.00 AAA 5,226,400
Authority, Pollution Control Revenue Refunding Bonds,
Niagara Mohawk Power Corporation Project,
Series 1998A, 5.150%, 11/01/25 - AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 5,355,550
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County, New York, Industrial Development 7/07 at 101.00 BBB 1,167,836
Agency, Resource Recovery Revenue Bonds, Westchester
RESCO Company Project, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.5%
$ 2,665 Albany Municipal Water Finance Authority, New York, 6/08 at 100.00 AAA $ 2,914,280
Second Resolution Revenue Bonds, Series 2003A,
5.250%, 12/01/18 - AMBAC Insured
2,170 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 2,369,900
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
3,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 3,110,880
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured
1,000 Niagara Falls Public Water Authority, New York, 7/06 at 100.00 AAA 1,066,690
Water and Sewer Revenue Bonds, Series 2003A,
5.500%, 7/15/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 170,660 Total Long-Term Investments (cost $172,770,532) - 146.7% 184,383,111
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 2,312,570
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.5)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 125,695,681
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
applicable 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
applicable 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) 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.
* 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.
(DD) Security purchased on a delayed delivery basis.
See accompanying notes to financial statements.
45
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.4%
$ 375 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 370,084
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,492,515
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
450 TSASC Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 459,666
Bonds, Series 1999-1, 6.250%, 7/15/34
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.5%
1,000 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,088,910
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760
Revenue Bonds, State University Dormitory Facilities,
Series 2003B, 5.250%, 7/01/32 (Optional put
7/01/13) - XLCA Insured
395 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 411,317
Revenue Bonds, State University Dormitory Facilities,
Series 1999B, 5.125%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 2,189,660
Revenue 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, Second 7/10 at 101.00 AAA 1,186,270
General Resolution Consolidated Revenue 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 9/12 at 100.00 AA 2,068,640
Revenue Bonds, Long Island University, Series 2003A,
5.000%, 9/01/32 - RAAI Insured
1,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 1,033,220
Bonds, Mount St. Mary College, Series 2003,
5.000%, 7/01/32 - RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue 7/12 at 100.00 Aaa 2,698,450
Bonds, Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 17.8%
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,858,671
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
750 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 785,648
Bonds, South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 Dormitory Authority of the State of New York, Revenue 5/13 at 100.00 A3 523,380
Bonds, North Shore Long Island Jewish Group,
Series 2003, 5.375%, 5/01/23
2,000 Dormitory Authority of the State of New York, 2/13 at 100.00 AAA 2,081,720
FHA-Insured 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 3,116,850
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4%
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,243,705
Mortgage Nursing Home Revenue Bonds, Shorefront
Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.1%
2,400 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 2,488,848
Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA Insured
195 State of New York, General Obligation Bonds, 3/08 at 101.00 AAA 210,372
Series 1998B, 5.000%, 3/01/17 - AMBAC Insured
46
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 63.4%
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
$ 1,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA $ 1,044,940
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,081,440
1,975 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,052,697
Dedicated Tax Fund Bonds, Series 2002A,
5.000%, 11/15/32 - FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB+ 584,679
Revenue Bonds, Series 2003, 5.500%, 1/01/34
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,297,960
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,113,180
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 2,101,660
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, 1/13 at 100.00 AAA 1,359,518
State Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 3,126,330
Bonds, State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 3,235,470
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,500 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 3,714,235
Bridge Trust Fund Bonds, Series 2002B, 5.000%, 4/01/20 -
AMBAC Insured
100 New York State Urban Development Corporation, 1/08 at 102.00 AAA 105,117
Correctional Capital Facilities Revenue Refunding Bonds,
Series 1998, 5.000%, 1/01/20 - MBIA 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 - FGIC Insured 3/13 at 100.00 AAA 1,119,540
1,000 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,115,540
2,000 New York State Urban Development Corporation, No Opt. Call AA- 2,267,420
Service Contract Revenue Bonds, Correctional and
Youth Facilities, Series 2002A, 5.500%, 1/01/17
(Mandatory put 1/01/11)
2,095 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 2,327,901
Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 -
AMBAC Insured
700 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 769,097
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 827,408
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.1%
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,046,640
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/25 - FGIC Insured
3,030 The Port Authority of New York and New Jersey, 11/12 at 101.00 AAA 3,218,648
Consolidated Bonds, One Hundred Twenty Eighth
Series 2002, 5.000%, 11/01/22 - FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AAA 2,070,017
General Purpose Revenue Bonds, Series 2002A,
5.125%, 1/01/31 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 2.2%
990 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 1,130,233
Lease Revenue Bonds, State University Dormitory
Facilities, Series 1999B, 5.125%, 7/01/28 (Pre-refunded
to 7/01/09) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.2%
4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,217,760
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 2,130,280
Bonds, Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 2,142,220
Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured
47
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS March 31, 2004 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.7%
$ 1,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA $ 1,036,960
New York, Water and Sewer System Revenue Bonds,
Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured
870 Niagara Falls Public Water Authority, New York, 7/06 at 100.00 AAA 928,020
Water and Sewer Revenue Bonds, Series 2003A,
5.500%, 7/15/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 73,725 Total Long-Term Investments (cost $75,535,236) - 149.8% 78,597,596
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 874,979
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.5)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 52,472,575
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
applicable 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
applicable 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) 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.
* 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.
See accompanying notes to financial statements.
48
Statement of
ASSETS AND LIABILITIES March 31, 2004 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $395,538,663, $524,289,793
and $533,827,327, respectively) $433,876,328 $571,579,861 $579,401,334
Cash 4,688,979 2,357,262 1,067,011
Receivables:
Interest 6,227,959 7,826,569 8,187,979
Investments sold 1,090,630 2,849,331 6,516,122
Other assets 13,838 30,464 23,347
------------------------------------------------------------------------------------------------------------------------------------
Total assets 445,897,734 584,643,487 595,195,793
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- --
Payable for investments purchased 7,736,320 10,213,780 10,879,273
Accrued expenses:
Management fees 238,759 310,955 316,069
Other 90,662 116,288 86,495
Preferred share dividends payable 7,173 23,331 22,605
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 8,072,914 10,664,354 11,304,442
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $293,824,820 $380,979,133 $386,891,351
====================================================================================================================================
Common shares outstanding 17,710,210 23,420,962 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.59 $ 16.27 $ 16.06
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,102 $ 234,210 $ 240,837
Paid-in surplus 248,673,839 327,691,821 335,102,932
Undistributed (Over-distribution of) net investment income 3,529,736 4,448,679 4,462,599
Accumulated net realized gain (loss) from investments 3,106,478 1,314,355 1,510,976
Net unrealized appreciation of investments 38,337,665 47,290,068 45,574,007
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $293,824,820 $380,979,133 $386,891,351
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
49
Statement of
ASSETS AND LIABILITIES March 31, 2004 (Unaudited) (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $184,317,503, $172,770,532 $199,238,688 $184,383,111 $78,597,596
and $75,535,236, respectively)
Cash 1,856,587 -- --
Receivables:
Interest 2,860,752 2,640,817 997,471
Investments sold 606,592 -- --
Other assets 3,502 1,906 570
------------------------------------------------------------------------------------------------------------------------------------
Total assets 204,566,121 187,025,834 79,595,637
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 4,110 73,585
Payable for investments purchased 3,868,160 225,256 --
Accrued expenses:
Management fees 110,972 55,371 22,492
Other 57,015 36,089 22,857
Preferred share dividends payable 2,122 9,327 4,128
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,038,269 330,153 123,062
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $135,527,852 $125,695,681 $52,472,575
====================================================================================================================================
Common shares outstanding 8,325,354 7,957,934 3,511,954
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.28 $ 15.80 $ 14.94
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,254 $ 79,579 $ 35,120
Paid-in surplus 118,342,346 112,920,370 49,488,287
Undistributed (Over-distribution of) net investment income 1,451,008 422,353 (74,458)
Accumulated net realized gain (loss) from investments 730,059 660,800 (38,734)
Net unrealized appreciation of investments 14,921,185 11,612,579 3,062,360
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $135,527,852 $125,695,681 $52,472,575
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
50
Statement of
OPERATIONS Six Months Ended March 31, 2004 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $10,903,101 $14,167,127 $14,178,171
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,396,702 1,813,569 1,844,397
Preferred shares - auction fees 180,493 241,911 246,926
Preferred shares - dividend disbursing agent fees 15,041 15,041 20,055
Shareholders' servicing agent fees and expenses 22,013 22,752 22,389
Custodian's fees and expenses 46,076 64,079 63,969
Directors'/Trustees' fees and expenses 5,464 7,329 7,505
Professional fees 10,110 13,273 13,541
Shareholders' reports - printing and mailing expenses 10,373 15,544 17,365
Stock exchange listing fees 7,762 7,762 7,762
Investor relations expense 21,218 27,293 27,999
Portfolio insurance expense -- 9,009 --
Other expenses 19,268 19,747 20,126
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,734,520 2,257,309 2,292,034
Custodian fee credit (2,793) (9,527) (8,893)
Expense reimbursement -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,731,727 2,247,782 2,283,141
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 9,171,374 11,919,345 11,895,030
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 3,102,767 1,413,264 1,551,308
Change in net unrealized appreciation
(depreciation) of investments 818,049 4,958,777 4,187,782
------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 3,920,816 6,372,041 5,739,090
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (261,215) (519,115) (566,059)
From accumulated net realized gains from investments (486,403) (466,684) (373,896)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (747,618) (985,799) (939,955)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $12,344,572 $17,305,587 $16,694,165
====================================================================================================================================
See accompanying notes to financial statements.
51
Statement of
OPERATIONS Six Months Ended March 31, 2004 (Unaudited) (continued) )
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)*
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $4,890,704 $4,375,102 $1,829,407
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 645,263 598,909 255,425
Preferred shares - auction fees 81,473 76,459 33,842
Preferred shares - dividend disbursing agent fees 10,027 5,014 5,014
Shareholders' servicing agent fees and expenses 8,039 612 255
Custodian's fees and expenses 25,877 21,572 7,496
Directors'/Trustees' fees and expenses 2,544 1,934 1,183
Professional fees 7,729 8,605 5,486
Shareholders' reports - printing and mailing expenses 7,209 8,936 6,860
Stock exchange listing fees 5,583 470 154
Investor relations expense 8,654 20,268 3,186
Portfolio insurance expense 169 -- --
Other expenses 8,156 7,608 5,676
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 810,723 750,387 324,577
Custodian fee credit (1,855) (1,709) (5,332)
Expense reimbursement -- (278,163) (125,748)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 808,868 470,515 193,497
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 4,081,836 3,904,587 1,635,910
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN FROM INVESTMENTS
Net realized gain from investments 850,542 661,484 40,183
Change in net unrealized appreciation
(depreciation) of investments 845,753 2,975,344 1,768,317
------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 1,696,295 3,636,828 1,808,500
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (205,265) (194,904) (101,747)
From accumulated net realized gains from investments -- (75,265) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (205,265) (270,169) (101,747)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $5,572,866 $7,271,246 $3,342,663
====================================================================================================================================
* For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
52
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN)
--------------------------------- -------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/04 9/30/03 3/31/04 9/30/03 3/31/04 9/30/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,171,374 $ 18,869,363 $ 11,919,345 $ 24,527,580 $ 11,895,030 $ 24,292,247
Net realized gain (loss)
from investments 3,102,767 7,981,910 1,413,264 6,775,711 1,551,308 6,479,256
Change in net unrealized
appreciation
(depreciation)
of investments 818,049 (9,304,924) 4,958,777 (8,859,561) 4,187,782 (9,075,144)
Distributions to Preferred
Shareholders:
From net investment income (261,215) (1,208,221) (519,115) (1,611,498) (566,059) (1,510,699)
From accumulated net realized
gains from investments (486,403) (151,496) (466,684) (281,037) (373,896) (486,976)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to
Common shares
from operations 12,344,572 16,186,632 17,305,587 20,551,195 16,694,165 19,698,684
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (8,829,184) (16,814,518) (11,184,146) (21,972,723) (11,073,206) (21,988,456)
From accumulated net realized
gains from investments (7,179,886) (1,534,544) (6,416,699) (3,314,902) (6,168,948) (4,600,972)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to
Common shareholders (16,009,070) (18,349,062) (17,600,845) (25,287,625) (17,242,154) (26,589,428)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 176,898 -- -- -- -- --
Preferred shares offering costs -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions 176,898 -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (3,487,600) (2,162,430) (295,258) (4,736,430) (547,989) (6,890,744)
Net assets applicable to Common
shares at the beginning
of period 297,312,420 299,474,850 381,274,391 386,010,821 387,439,340 394,330,084
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $293,824,820 $297,312,420 $380,979,133 $381,274,391 $386,891,351 $387,439,340
====================================================================================================================================
Undistributed (Over-distribution
of) net investment income
at the end of period $ 3,529,736 $ 3,448,761 $ 4,448,679 $ 4,232,595 $ 4,462,599 $ 4,206,834
====================================================================================================================================
See accompanying notes to financial statements.
53
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------------ --------------------------------- -----------------------------------
FOR THE
PERIOD 11/21/02
(COMMENCEMENT
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS)
3/31/04 9/30/03 3/31/04 9/30/03 3/31/04 THROUGH 9/30/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,081,836 $ 8,459,375 $ 3,904,587 $ 7,947,267 $ 1,635,910 $ 2,380,938
Net realized gain (loss)
from investments 850,542 3,382,024 661,484 992,274 40,183 (78,963)
Change in net unrealized
appreciation (depreciation)
of investments 845,753 (4,497,058) 2,975,344 (3,501,754) 1,768,317 1,294,043
Distributions to Preferred
Shareholders:
From net investment income (205,265) (557,201) (194,904) (606,361) (101,747) (172,209)
From accumulated net
realized gains
from investments -- -- (75,265) (73,477) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to
Common shares
from operations 5,572,866 6,787,140 7,271,246 4,757,949 3,342,663 3,423,809
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,845,070) (7,626,486) (3,557,196) (7,114,395) (1,527,459) (2,289,845)
From accumulated net realized
gains from investments -- -- (918,355) (623,098) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (3,845,070) (7,626,486) (4,475,551) (7,737,493) (1,527,459) (2,289,845)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- 50,032,500
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 65,463 -- -- -- 12,366 60,431
Preferred shares offering costs -- -- (1,401) (12,480) -- (682,165)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions 65,463 -- (1,401) (12,480) 12,366 49,410,766
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares 1,793,259 (839,346) 2,794,294 (2,992,024) 1,827,570 50,544,730
Net assets applicable to Common
shares at the beginning
of period 133,734,593 134,573,939 122,901,387 125,893,411 50,645,005 100,275
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $135,527,852 $133,734,593 $125,695,681 $122,901,387 $52,472,575 $50,645,005
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,451,008 $ 1,419,507 $ 422,353 $ 269,866 $ (74,458) $ (81,162)
====================================================================================================================================
See accompanying notes to financial statements.
54
Notes to
FINANCIAL STATEMENTS (Unaudited)
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.
Prior to the commencement of operations of Insured New York Tax-Free Advantage
(NRK), the Fund had no operations other than those related to organizational
matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. and the
recording of the organization expenses ($11,500) and their reimbursement by
Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen Investments,
Inc.
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.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities 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
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market 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. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors/Trustees of the Funds, or its designee, may establish a
fair value for the security. Temporary investments in securities that have
variable rate and demand features qualifying them as short-term securities are
valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities 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 and delayed delivery purchase commitments. At March 31, 2004, New
York Investment Quality (NQN), New York Select Quality (NVN), New York Quality
Income (NUN), Insured New York Premium Income (NNF) and Insured New York
Dividend Advantage (NKO) had outstanding when-issued or delayed delivery
purchase commitments of $7,736,320, $10,213,780, $10,213,780, $3,868,160 and
$225,256, respectively. There were no such outstanding purchase commitments in
Insured New York Tax-Free Advantage (NRK).
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.
55
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. 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.
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 accounting
principles generally accepted in the United States.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set pursuant to a dutch auction
process by the auction agent, and is payable at or near 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
========================================================================================================
Effective January 17, 2003, Insured New York Tax-Free Advantage (NRK) issued
1,080 Series TH $25,000 stated value Preferred shares.
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest 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
applicable 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 applicable 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) 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.
56
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 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.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the six months ended March 31, 2004.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for Insured New York
Tax-Free Advantage (NRK). Insured New York Tax-Free Advantage's (NRK) share of
Common share offering costs ($105,000) was recorded as a reduction of the
proceeds from the sale of Common shares.
Costs incurred by Insured New York Tax-Free Advantage (NRK) in connection with
its offering of Preferred shares ($682,165) was recorded as a reduction to
paid-in surplus.
Indemnifications
Under the Funds' organizational documents, its 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.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/04 9/30/03 3/31/04 9/30/03
-------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 10,721 -- -- --
-------------------------------------------------------------------------------------------------------
10,721 -- -- --
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
--------------------- -----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/04 9/30/03 3/31/04 9/30/03
--------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- 4,041 --
--------------------------------------------------------------------------------------------------------
-- -- 4,041 --
========================================================================================================
Preferred shares sold -- -- -- --
========================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------ ------------------------
FOR THE
PERIOD
11/21/02
(COMMENCE-
MENT OF
SIX MONTHS YEAR SIX MONTHS OPERATIONS)
ENDED ENDED ENDED THROUGH
3/31/04 9/30/03 3/31/04 9/30/03
--------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- 3,500,000
Shares issued to shareholders
due to reinvestment of distributions -- -- 831 4,123
--------------------------------------------------------------------------------------------------------
-- -- 831 3,504,123
========================================================================================================
Preferred shares sold -- -- -- 1,080
========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended March 31, 2004, 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 $20,264,398 $27,370,287 $21,516,050 $16,365,998 $11,017,716 $5,941,548
Sales and maturities 26,274,267 16,629,633 24,668,287 15,635,390 11,817,160 6,071,493
========================================================================================================
58
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 on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At March 31, 2004, the cost of investments were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Cost of investments $395,324,931 $524,170,093 $533,639,433
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Cost of investments $184,243,832 $172,743,370 $75,535,196
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
-------------------------------------------------------------------------------
Gross unrealized:
Appreciation $38,904,379 $47,851,594 $46,218,017
Depreciation (352,982) (441,826) (456,116)
-------------------------------------------------------------------------------
Net unrealized appreciation
of investments $38,551,397 $47,409,768 $45,761,901
===============================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
-------------------------------------------------------------------------------
Gross unrealized:
Appreciation $15,178,036 $11,726,175 $3,062,813
Depreciation (183,180) (86,434) (413)
-------------------------------------------------------------------------------
Net unrealized appreciation
of investments $14,994,856 $11,639,741 $3,062,400
===============================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2003, the Funds' last fiscal 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 $4,442,077 $5,949,434 $5,827,843 $1,999,011 $846,669 $176,878
Undistributed net ordinary income * 184,151 13,244 19,927 1,378 408,937 --
Undistributed net long-term capital gains 7,670,000 6,784,474 6,511,723 -- 584,000 --
======================================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
59
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax character of distributions paid during the fiscal year ended September
30, 2003, the Funds' last fiscal year end, 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
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
----------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $17,957,938 $23,493,789 $23,515,811 $8,183,306 $7,725,104 $2,203,834
Distributions from net
ordinary income * -- 67,701 212,163 -- 696,575 --
Distributions from net
long-term
capital gains 1,686,039 3,595,939 4,875,784 -- -- --
==========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2003, the Funds' last fiscal year end, Insured New York Premium
Income (NNF) had unused capital loss carryforwards available for federal income
tax purposes to be applied against future capital gains, if any. If not applied,
the carryforwards will expire as follows:
INSURED
NEW YORK
PREMIUM
INCOME
(NNF)
--------------------------------------------------------------------------------
Expiration year:
2009 $120,690
--------------------------------------------------------------------------------
Total $120,690
================================================================================
Insured New York Tax-Free Advantage (NRK) elected to defer net realized losses
from investments incurred from November 1, 2002 through September 30, 2003
("post-October losses") in accordance with Federal income tax regulations.
Insured New York Tax-Free Advantage (NRK) had $78,917 of post-October losses
that were treated as having arisen on the first day of the current fiscal year.
60
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and InsuredNew York Premium Income (NNF) investment
management agreements with the Adviser, each Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets (including net assets attributable to Preferred shares) of each
Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
Under Insured New York Dividend Advantage's (NKO) and Insured New York Tax-Free
Advantage's (NRK) investment management agreements with the Adviser, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
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 their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
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.
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 3, 2004, to shareholders of record on
April 15, 2004, 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 $.0815 $.0795 $.0765 $.0770 $.0745 $.0725
=========================================================================================================
62
Financial
HIGHLIGHTS (Unaudited)
63
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) $16.80 $ .52 $ .22 $(.01) $(.03) $ .70 $ (.50) $(.41) $ (.91)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92)
1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09) (1.09)
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) 16.28 .51 .27 (.02) (.02) .74 (.48) (.27) (.75)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93)
1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04) (1.03)
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) 16.09 .49 .24 (.02) (.02) .69 (.46) (.26) (.72)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90)
1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
====================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) $-- $16.59 $16.6400 14.41% 4.23%
2003 -- 16.80 15.3800 3.63 5.68
2002 -- 16.92 15.8600 14.54 14.52
2001 -- 15.67 14.7200 12.44 14.12
2000 -- 14.50 13.8750 (1.52) 7.10
1999 (.02) 14.44 15.0625 (8.13) (2.45)
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) -- 16.27 16.3500 12.56 4.65
2003 -- 16.28 15.2200 4.57 5.63
2002 -- 16.48 15.6200 15.35 14.27
2001 -- 15.41 14.5000 10.43 11.99
2000 -- 14.57 13.9375 (2.92) 6.14
1999 (.02) 14.64 15.3750 (3.33) (2.11)
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) -- 16.06 15.7300 10.60 4.34
2003 -- 16.09 14.8900 4.37 5.32
2002 -- 16.37 15.3500 13.79 14.14
2001 -- 15.20 14.3300 12.63 11.39
2000 -- 14.44 13.5000 (3.79) 5.74
1999 (.02) 14.54 15.0000 (4.13) (2.60)
====================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------ -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) $293,825 1.17%* 6.19%* 1.17%* 6.19%* 5%
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
2000 256,711 1.26 8.39 1.24 8.41 32
1999 255,347 1.22 7.78 1.22 7.79 17
NEW YORK SELECT
QUALITY (NVN)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) 380,979 1.18* 6.23* 1.18* 6.23* 3
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
2000 341,311 1.28 8.49 1.28 8.49 20
1999 342,282 1.19 7.75 1.18 7.75 13
NEW YORK QUALITY
INCOME (NUN)
-----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(a) 386,891 1.18* 6.12* 1.18* 6.12* 4
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
2000 347,716 1.22 8.31 1.22 8.31 15
1999 349,932 1.18 7.46 1.17 7.47 7
=================================================================================================================
Preferred Shares at End of Period
--------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
==============================================================
NEW YORK INVESTMENT
QUALITY (NQN)
--------------------------------------------------------------
Year Ended 9/30:
2004(a) $144,000 $25,000 76,011
2003 144,000 25,000 76,617
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
2000 144,000 25,000 69,568
1999 144,000 25,000 69,331
NEW YORK SELECT
QUALITY (NVN)
--------------------------------------------------------------
Year Ended 9/30:
2004(a) 193,000 25,000 74,350
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
2000 193,000 25,000 69,211
1999 193,000 25,000 69,337
NEW YORK QUALITY
INCOME (NUN)
--------------------------------------------------------------
Year Ended 9/30:
2004(a) 197,000 25,000 74,098
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
2000 197,000 25,000 69,126
1999 197,000 25,000 69,408
==============================================================
* Annualized
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. 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) For the six months ended March 31, 2004.
See accompanying notes to financial statements.
64-65 SPREAD
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $16.07 $ .49 $ .20 $(.02) $-- $ .67 $(.46) $-- $(.46)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82)
1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 15.44 .49 .47 (.02) (.01) .93 (.45) (.12) (.57)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 14.42 .47 .52 (.03) -- .96 (.44) -- (.44)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
====================================================================================================================================
Total Returns
-------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
======================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $-- $16.28 $16.2900 11.02% 4.23%
2003 -- 16.07 15.1000 .56 5.26
2002 -- 16.17 15.9400 15.88 12.21
2001 -- 15.26 14.5700 15.32 13.11
2000 -- 14.24 13.3750 (.96) 6.38
1999 -- 14.20 14.3750 (3.37) (4.33)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) -- 15.80 15.3500 11.44 6.07
2003 -- 15.44 14.3000 (.77) 4.01
2002(a) (.13) 15.82 15.3900 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
--------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) -- 14.94 15.0300 12.93 6.71
2003(b) (.23) 14.42 13.7100 (4.40) 5.29
======================================================================================
Ratios/Supplemental Data
-----------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
------------------------------ -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
===================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
-------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) $135,528 1.20%* 6.03%* 1.20%* 6.03%* 8%
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
2000 118,171 1.30 7.80 1.29 7.81 17
1999 117,800 1.29 7.03 1.29 7.03 8
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
-------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 125,696 1.20* 5.81* .75* 6.26* 6
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004(c) 52,473 1.25* 5.82* .75* 6.32* 8
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
===================================================================================================================
Preferred Shares at End of Period
--------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
-----------------------------------------------------------------
Year Ended 9/30:
2004(c) $65,000 $25,000 $77,126
2003 65,000 25,000 76,436
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
2000 65,000 25,000 70,450
1999 65,000 25,000 70,308
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------
Year Ended 9/30:
2004(c) 61,000 25,000 76,515
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------
Year Ended 9/30:
2004(c) 27,000 25,000 73,586
2003(b) 27,000 25,000 71,894
=================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income at net asset value,
reinvested capital gains distributions at net asset value, if any, and
changes in Common share net asset value per share. 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) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
(c) For the six months ended March 31, 2004.
See accompanying notes to financial statements.
66-67 SPREAD
Build Your Wealth
AUTOMATICALLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded 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
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. 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
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.
FLEXIBILITY
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.
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.
68
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
Anne E. Impellizzeri
William L. Kissick
Thomas E. Leafstrand
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Sheila W. Wellington
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On February 25, 2004, the Board approved policies that would allow NKO at the
discretion of the Adviser, to engage in certain types of derivative transactions
for the purpose of hedging interest rate risk. There is no guarantee that the
Adviser will cause a Fund to enter into such transactions. If a Fund were to
engage in hedging, there is no guarantee that such hedging will be successful.
PROXY VOTING POLICIES AND PROCEDURES
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available (i) without
charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii)
on the Commission's website at http://www.sec.gov.
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 (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (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.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond 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 generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
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 NAV is calculated by subtracting the liabilities
of 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.
---------
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. No shares
were repurchased during the period ended March 31, 2004. Any future repurchases
will be reported to shareholders in the next annual or semiannual report.
69
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.
Managing $90 billion in assets, 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 four distinct brands: Nuveen,
a leader in tax-free investments; NWQ, a leader in value-style equities;
Rittenhouse, a leader in growth-style equities; and Symphony, a leading
institutional manager of market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
ESA-B-0304D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
Not applicable at this time.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable at this time.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources as to suitable candidates. Suggestions
should be sent in writing to Lorna Ferguson, Vice President for Board Relations,
Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606. The nominating and
governance committee sets appropriate standards and requirements for nominations
for new directors and reserves the right to interview all candidates and to
make the final selection of any new directors.
ITEM 10. 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 registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 11. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: 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
at this time.
(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 Dividend Advantage Municipal Fund
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: June 9, 2004
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: June 9, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: June 9, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.