-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TBsOa5Gs+GmO/J2ZNOpd7y21R0NSDQiN2v7djl+KY5/BqrVxQtDyL952+wmEBNUa 8zTucz08iR3qOvF0hROesA== 0000891804-03-002668.txt : 20031209 0000891804-03-002668.hdr.sgml : 20031209 20031209145339 ACCESSION NUMBER: 0000891804-03-002668 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030930 FILED AS OF DATE: 20031209 EFFECTIVENESS DATE: 20031209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001090123 IRS NUMBER: 752998724 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09473 FILM NUMBER: 031044703 BUSINESS ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-CSR 1 file001.txt NUVEEN INSURED NEW YORK DIVIDEND ADV MUNI FUND 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 --------------------- 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 - ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: September 30, 2003 ------------------ Date of reporting period: September 30, 2003 ------------------ 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 MUNICIPAL CLOSED-END EXCHANGE-TRADED FUNDS ANNUAL REPORT September 30, 2003 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 child. Photo of: 2 women and 2 children looking at seashells. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments FASTER INFORMATION RECEIVE YOUR NUVEEN FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an e-mail as soon as your Nuveen Fund information is available. Click on the link and you will be taken directly to the report. Your Fund report can be viewed and saved on your computer. Your report will arrive faster via e-mail than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). - -------------------------------------------------------------------------------- SOME COMMON CONCERNS: WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES? No, your e-mail address is strictly confidential and will not be used for anything other than notification of shareholder information. WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR MAIL DELIVERY AGAIN? If you decide you do not like receiving your reports electronically, it's a simple process to go back to regular mail delivery. - -------------------------------------------------------------------------------- IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.INVESTORDELIVERY.COM 2 Refer to the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name. 3 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g. yourID@providerID.com), and a personal, 4-digit PIN number of your choice. (Pick a number that's easy to remember.) 4 Click Submit. Confirm the information you just entered is correct, then click Submit again. 5 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and e-mail address. Fill in this information, then click Enroll. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Chairman of the Board Sidebar text: WE THINK YOUR NUVEEN FUND CAN BE AN IMPORTANT BUILDING BLOCK IN A PORTFOLIO DESIGNED TO PERFORM WELL THROUGH A VARIETY OF MARKET CONDITIONS. Dear SHAREHOLDER I am very pleased to report that for the year ended September 30, 2003, your Nuveen New York Fund continued to provide you with attractive monthly income free from regular federal, New York State and New York City income taxes. While a number of different New York Funds are covered in this report, each is managed with the same value investing strategy that puts an emphasis on finding securities that we think are undervalued or underrated. We believe that there are always some municipal bonds that the market is not properly valuing, and that by using a consistent, research-oriented management approach we have the opportunity to find them for your Fund. We think this is true even with interest rates at the relatively low levels we've seen over much of the past year. In this low-rate environment, many have begun to wonder whether interest rates will soon start to rise, and whether that possibility should cause them to adjust their holdings of fixed-income investments. We believe that by constructing a carefully balanced portfolio with the help of a trusted investment professional you may be able to reduce your overall investment risk and give yourself a better chance to meet your financial goals. We think that municipal bond investments like your Nuveen New York Fund can be important building blocks in a portfolio designed to perform well through a variety of market conditions. 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 November 15, 2003 1 Nuveen New York Municipal Closed-End Exchange-Traded Funds (NQN, NVN, NUN, NNF, NKO, NRK) Portfolio Manager's COMMENTS Portfolio manager Paul Brennan discusses economic and market conditions, key investment strategies, and the annual performance of the Funds. With 12 years of investment experience, Paul has managed NQN, NVN, NUN, and NNF since 1999, adding NKO and NRK at their inceptions in March and November 2002, respectively. WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE 12-MONTH PERIOD ENDED SEPTEMBER 30, 2003? Over the 12-month period, the two greatest influences on the general economy and the municipal market continued to be historically low interest rates and the slow pace of economic improvement. In June 2003, the Federal Reserve cut the fed funds rate to 1%, the lowest level since 1958. Much of the recent concern about economic recovery centered on the weak labor market--as of September 2003, U.S. unemployment was 6.1%, up from 5.7% 12 months earlier. At the same time, inflation remained dormant, with the 12-month advance in the core rate dropping to 1.2% in September. The slow rate of economic recovery, low interest rates, and lack of inflationary pressures helped many municipal bonds perform well over the majority of this reporting period. During the summer of 2003, however, stronger-than-expected economic data temporarily precipitated a spike in bond yields and a corresponding drop in bond prices that impacted overall results across all fixed-income markets. During January-September 2003, municipal supply nationally remained robust, with $287 billion in new bonds--up 13% over the same period in 2002. HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK? Over the 12-month period, both New York State and New York City continued to struggle with budget problems triggered by the national recession, weak financial markets, a drop in revenues from personal income and capital gains taxes, and a decline in tourism. The final state budget for fiscal 2004, which totaled $92.8 billion, was balanced through a combination of borrowing, spending cuts, and increased taxes and fees. New York City managed to keep its budget balanced through expenditure reductions, aid from the state and federal governments, borrowing through the Transitional Finance Authority (TFA), and increased property taxes. New York's high level of debt, leaves the state's financial status vulnerable to further economic stress. As of September 2003, New York State's credit rating was A2/AA, while New York City was rated A2 with a declining outlook by Moody's and A with a negative outlook by S&P. During the first nine months of 2003, municipal issuance in New York state totaled $30 billion, a 19% decrease from the same period in 2002. 2 HOW DID THESE NUVEEN NEW YORK FUNDS PERFORM OVER THIS REPORTING PERIOD? Individual results for these insured Funds, as well as for relevant benchmarks, are presented in the accompanying table. LEHMAN TOTAL NEW YORK LIPPER RETURN TOTAL NEW YORK MARKET YIELD ON NAV RETURN1 AVERAGE2 - ---------------------------------------------------------- 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 9/30/03 EQUIVALENT3 9/30/03 9/30/03 9/30/03 - ---------------------------------------------------------- NQN 6.36% 9.56% 5.68% 4.31% 4.48% - ---------------------------------------------------------- NVN 6.27% 9.43% 5.63% 4.31% 4.48% - ---------------------------------------------------------- NUN 6.17% 9.28% 5.32% 4.31% 4.48% - ---------------------------------------------------------- NNF 6.12% 9.20% 5.26% 4.31% 4.48% - ---------------------------------------------------------- NKO 6.25% 9.40% 4.01% 4.31% 4.48% - ---------------------------------------------------------- NRK 6.35% 9.55% NA - - - ---------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. For the 12 months ended September 30, 2003, NQN, NVN, NUN, and NNF outperformed the Lehman Brothers New York Insured Tax-Exempt Bond Index as well as their Lipper peer group average, while NKO's performance slightly trailed these two benchmarks. Over the past 12 months, the Funds' use of leverage influenced their performances. Leveraging is a strategy that can provide opportunities for additional income for common shareholders, especially during periods of low short-term interest rates. The four older Funds also benefited from their duration4 positioning during this period. As of September 30, 2003, the durations of these four Funds ranged from 7.86 to 8.87. NKO, however, had a longer duration (10.97) typical of a newer Fund, which had a negative impact on the Fund's performance, since investments with longer durations generally would be expected to underperform those with shorter durations during periods of rising interest rates, all other factors being equal. In addition to duration and leverage, factors such as insurance, call exposure, portfolio trading activity, and the price movement of specific sectors and holdings also had an impact on the Funds' performances during this period. For example, because investors generally tended to be somewhat risk-averse over the 12 month period, insured issues were in greater demand, and these bonds generally performed better than their noninsured counterparts during this period, which benefited the performance of these insured Funds. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? With short-term interest rates remaining at historically low levels, the dividend-payment capabilities of the insured New York Funds benefited from the use of leverage. During the 12 months ended September 30, 2003, continued low short-term rates enabled us to implement three dividend increases in NQN, two in NVN, and one each in NUN and NNF. Leverage also helped to support the dividend of NKO, which, as of September 2003, had provided shareholders with steady, attractive dividends for 17 consecutive 1 The total annual returns on common share net asset value (NAV) for these Nuveen Funds are compared with the total annual return of the Lehman Brothers New York Insured Tax-Exempt Bond Index, an unleveraged, unmanaged index comprising a broad range of insured New York municipal bonds. Results for the Lehman index do not reflect any expenses. 2 The total returns of these Nuveen New York Funds are compared with the average annualized return of the 10 funds in the Lipper New York Insured Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at the maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 4 Duration is a measure of a fund's 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. 3 months. NRK, which was introduced in November 2002, declared its first dividend in January 2003 and continued to pay steady dividends over the course of this reporting period. Increased volatility in the fixed-income markets during the summer of 2003 led to an overall weakening of bond prices. The Funds' share prices and NAVs generally finished the reporting period lower than they had been at the beginning. As of September 30, 2003, NQN, NVN, NUN, NNF, and NKO continued to trade at discounts to their common share NAVs, while NRK moved from trading at a premium at its inception to a discount by the end of the period (see charts on individual Performance Overview pages). WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2003? Over this 12-month reporting period, we continued to place strong emphasis on diversifying the portfolios, improving call protection, and enhancing dividend-paying capabilities. One of our primary strategies focused on managing the Funds' durations in order to enhance our ability to mitigate interest rate risk and produce potentially more consistent returns over time. Interest rate risk is the risk that the value of a Fund's portfolio will decline when market interest rates rise . The longer the duration of a Fund's portfolio, the greater its interest rate risk. In order to better manage the Fund's durations, the majority of our purchase activity centered on value opportunities in the 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 but, in our opinion, have less interest rate risk. Although issuance in the New York municipal market was down somewhat from 2002 levels, we continued to find opportunities to make trades that could benefit the Funds. We also believed that, given the current geopolitical and economic climate, maintaining strong credit quality also remains a vital requirement. The four older Funds were 100% invested in insured and/or U.S. guaranteed bonds, while the two newer Funds (NKO and NRK), which are allowed to invest up to 20% in uninsured investment-grade quality securities, each held 86% of its portfolio in insured bonds as of September 30, 2003. By that date, NRK was fully invested and held approximately 92% of its portfolio in New York securities and the remaining 8% in territorial bonds. We have continued to hold and add to our tobacco investments while regularly evaluating the situation. One of the larger issues to come to market in New York was $2.3 billion in bonds issued by the New York State Tobacco 4 Settlement Financing Corporation. In addition to tobacco company revenues, this latest tobacco issue was secured by appropriations from the state that would cover any potential shortfall in tobacco company revenues. In addition, a portion of this issue was offered as insured bonds. We felt that, with these enhancements, the bonds offered good value at attractive prices, and we purchased the insured issuance for all six of these New York Funds. NKO and NRK also continued to hold uninsured tobacco bonds that were purchased previously. WHAT IS YOUR OUTLOOK FOR BOND CALLS FOR THESE FUNDS? Looking ahead at bond calls, the two newer New York Funds should not experience any significant call exposure for several years, while the potential call exposure of the four older Funds ranged from 9% in NQN to 16% in NNF through 2005. During this reporting period, we continued to work to mitigate the call risk of the older Funds, especially NNF. The number of actual calls in these Funds will depend largely on market interest rates in coming months. 5 Nuveen New York Investment Quality Municipal Fund, Inc. Performance OVERVIEW As of September 30, 2003 NQN Pie Chart: CREDIT QUALITY Insured 80% Insured and U.S. Guaranteed 19% U.S. Guaranteed 1% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $15.38 - -------------------------------------------------- Common Share Net Asset Value $16.80 - -------------------------------------------------- Market Yield 6.36% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.83% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.56% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $297,312 - -------------------------------------------------- Average Effective Maturity (Years) 17.68 - -------------------------------------------------- Leverage-Adjusted Duration 8.00 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 3.63% 5.68% - -------------------------------------------------- 5-Year 3.84% 7.61% - -------------------------------------------------- 10-Year 5.31% 6.37% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 25% - -------------------------------------------------- U.S. Guaranteed 20% - -------------------------------------------------- Healthcare 14% - -------------------------------------------------- Education and Civic Organizations 9% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Oct $0.0765 Nov 0.0765 Dec 0.0775 Jan 0.0775 Feb 0.0775 Mar 0.0805 Apr 0.0805 May 0.0805 Jun 0.0805 Jul 0.0805 Aug 0.0805 Sep 0.0815 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/1/02 $15.99 15.51 14.88 14.7 15.09 15.05 14.94 15.01 15.07 15.38 15.34 15.27 15.36 15.54 15.35 15.15 15.18 15.34 15.3 15.07 15.21 15.39 15.75 15.5 15.08 15.45 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 9/30/03 15.3 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0867 per share. 6 Nuveen New York Select Quality Municipal Fund, Inc. Performance OVERVIEW As of September 30, 2003 NVN Pie Chart: CREDIT QUALITY Insured 85% Insured and U.S. Guaranteed 15% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $15.22 - -------------------------------------------------- Common Share Net Asset Value $16.28 - -------------------------------------------------- Market Yield 6.27% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.71% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.43% - -------------------------------------------------- Net Assets Applicable to - -------------------------------------------------- Common Shares ($000) $381,274 - -------------------------------------------------- Average Effective Maturity (Years) 18.53 - -------------------------------------------------- Leverage-Adjusted Duration 8.87 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 4.57% 5.63% - -------------------------------------------------- 5-Year 4.56% 7.03% - -------------------------------------------------- 10-Year 5.94% 6.17% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 28% - -------------------------------------------------- U.S. Guaranteed 15% - -------------------------------------------------- Healthcare 11% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Utilities 10% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Oct $0.077 Nov 0.077 Dec 0.077 Jan 0.077 Feb 0.077 Mar 0.0785 Apr 0.0785 May 0.0785 Jun 0.0785 Jul 0.0785 Aug 0.0785 Sep 0.0795 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/1/02 $15.63 15.44 14.6 14.65 14.64 14.95 14.9 14.76 14.83 15 14.9 14.95 15.16 15.27 14.9 14.77 14.81 14.85 14.87 14.72 14.88 15.02 15.28 14.75 14.6 15.13 14.89 15.06 15.22 15.15 15.5 15.59 15.84 16.04 16.05 15.66 16.1 16.1 16.14 15.3 14.73 15.09 14.56 14.82 14.87 15.15 15 15.2 9/30/03 15.1 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2002 of $0.1442 per share. 7 Nuveen New York Quality Income Municipal Fund, Inc. Performance OVERVIEW As of September 30, 2003 NUN Pie Chart: CREDIT QUALITY Insured 85% Insured and U.S. Guaranteed 14% U.S. Guaranteed 1% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $14.89 - -------------------------------------------------- Common Share Net Asset Value $16.09 - -------------------------------------------------- Market Yield 6.17% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.57% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.28% - -------------------------------------------------- Net Assets Applicable to - -------------------------------------------------- Common Shares ($000) $387,439 - -------------------------------------------------- Average Effective Maturity (Years) 18.06 - -------------------------------------------------- Leverage-Adjusted Duration 8.79 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 4.37% 5.32% - -------------------------------------------------- 5-Year 4.29% 6.64% - -------------------------------------------------- 10-Year 6.13% 6.15% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 30% - -------------------------------------------------- Education and Civic Organizations 17% - -------------------------------------------------- U.S. Guaranteed 15% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- Healthcare 9% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Oct $0.0755 Nov 0.0755 Dec 0.0755 Jan 0.0755 Feb 0.0755 Mar 0.0765 Apr 0.0765 May 0.0765 Jun 0.0765 Jul 0.0765 Aug 0.0765 Sep 0.0765 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/1/02 $15.35 15.07 14.55 14.55 14.72 14.72 14.48 14.68 14.65 14.92 14.75 14.84 14.93 15.2 15.01 14.78 14.78 14.73 14.73 14.62 14.7 14.92 15.1 14.72 14.55 14.56 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 9/30/03 14.81 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.1911 per share. 8 Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance OVERVIEW As of September 30, 2003 NNF Pie Chart: CREDIT QUALITY Insured 94% Insured and U.S. Guaranteed 5% U.S. Guaranteed 1% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $15.10 - -------------------------------------------------- Common Share Net Asset Value $16.07 - -------------------------------------------------- Market Yield 6.12% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.50% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.20% - -------------------------------------------------- Net Assets Applicable to - -------------------------------------------------- Common Shares ($000) $133,735 - -------------------------------------------------- Average Effective Maturity (Years) 18.85 - -------------------------------------------------- Leverage-Adjusted Duration 7.86 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 0.56% 5.26% - -------------------------------------------------- 5-Year 5.16% 6.34% - -------------------------------------------------- 10-Year 6.31% 6.37% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 23% - -------------------------------------------------- Education and Civic Organizations 22% - -------------------------------------------------- Healthcare 13% - -------------------------------------------------- Utilities 12% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Oct $0.0755 Nov 0.0755 Dec 0.0755 Jan 0.0755 Feb 0.0755 Mar 0.077 Apr 0.077 May 0.077 Jun 0.077 Jul 0.077 Aug 0.077 Sep 0.077 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/1/02 $15.82 15.6 15.39 15 15.16 15.48 15.4 14.83 14.82 15.08 14.99 14.81 15.25 15.23 15.09 14.86 14.81 14.89 14.8 14.73 14.8 15.09 15.3 15.34 15.27 15.37 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 9/30/03 15.04 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 9 Nuveen Insured New York Dividend Advantage Municipal Fund Performance OVERVIEW As of September 30, 2003 NKO Pie Chart: CREDIT QUALITY Insured 86% AAA (uninsured) 3% AA (uninsured) 5% A (uninsured) 1% BBB (uninsured) 5% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $14.30 - -------------------------------------------------- Common Share Net Asset Value $15.44 - -------------------------------------------------- Market Yield 6.25% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.68% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.40% - -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $122,901 - -------------------------------------------------- Average Effective Maturity (Years) 20.69 - -------------------------------------------------- Leverage-Adjusted Duration 10.97 - -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -0.77% 4.01% - -------------------------------------------------- Since Inception 2.84% 11.36% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 27% - -------------------------------------------------- Healthcare 15% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Education and Civic Organizations 10% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Bar Chart: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Oct $0.0745 Nov 0.0745 Dec 0.0745 Jan 0.0745 Feb 0.0745 Mar 0.0745 Apr 0.0745 May 0.0745 Jun 0.0745 Jul 0.0745 Aug 0.0745 Sep 0.0745 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 10/1/02 $15.15 15.2 14.7 14.68 15 15 14.99 14.49 14.5 14.9 14.65 14.41 14.1 14.71 14.5 14.77 14.62 14.94 14.95 14.69 14.63 14.95 14.83 15 14.56 14.7 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 9/30/03 14.32 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0783 per share. 10 Nuveen Insured New York Tax-Free Advantage Municipal Fund Performance Overview As of September 30, 2003 NRK Pie Chart: CREDIT QUALITY Insured 86% AAA (uninsured) 2% AA (uninsured) 7% A (uninsured) 1% BBB (uninsured) 4% PORTFOLIO STATISTICS - -------------------------------------------------- Share Price $13.71 - -------------------------------------------------- Common Share Net Asset Value $14.42 - -------------------------------------------------- Market Yield 6.35% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.82% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.55% - -------------------------------------------------- Net Assets Applicable to - -------------------------------------------------- Common Shares ($000) $50,645 - -------------------------------------------------- Average Effective Maturity (Years) 22.17 - -------------------------------------------------- Leverage-Adjusted Duration 11.16 - -------------------------------------------------- CUMULATIVE TOTAL RETURN (Inception 11/21/02) - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- Since Inception -4.40% 5.29% - -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - -------------------------------------------------- Tax Obligation/Limited 42% - -------------------------------------------------- Education and Civic Organizations 13% - -------------------------------------------------- Healthcare 12% - -------------------------------------------------- Transportation 11% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Bar Chart: 2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE Jan $0.0725 Feb 0.0725 Mar 0.0725 Apr 0.0725 May 0.0725 Jun 0.0725 Jul 0.0725 Aug 0.0725 Sep 0.0725 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 11/22/02 $15.05 15.06 15 15 15 14.77 14.63 14.5 14.2 14.6 14.75 14.4 14.25 14.8 14.99 14.94 14.7 14.6 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 9/30/03 13.63 1 Taxable-equivalent yield represents the yield that must be earned on a taxable investment, other than an investment that generates qualified dividend income that is taxable at a maximum rate of 15%, in order to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 28%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 33.5%. 11 Report of INDEPENDENT AUDITORS THE BOARD OF DIRECTORS, TRUSTEES AND SHAREHOLDERS NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York Tax-Free Advantage Municipal Fund as of September 30, 2003, and the related statements of operations, changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of investments owned as of September 30, 2003, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York Tax-Free Advantage Municipal Fund at September 30, 2003, and the results of their operations, changes in their net assets and financial highlights for the periods indicated therein in conformity with accounting principles generally accepted in the United States. /s/ Ernst & Young LLP Chicago, Illinois November 12, 2003 12 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.5% $ 5,030 New York City Trust for Cultural Resources, Revenue Bonds, 7/09 at 101.00 AAA $ 5,541,752 American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 - AMBAC Insured 3,000 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 3,199,980 University Dormitory Facilities Issue, Series 1999C, 5.500%, 7/01/29 - MBIA Insured 4,375 New York State Dormitory Authority, Insured Revenue Bonds, 9/06 at 102.00 AAA 4,654,563 Long Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured 1,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 1,101,720 Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,024,420 Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 6,500 New York State Dormitory Authority, Insured Revenue Bonds, New 7/08 at 101.00 AAA 6,776,835 York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 3,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 3,609,760 Culinary Institute of America, Series 1999, 5.000%, 7/01/22 - MBIA Insured 2,000 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 2,202,780 Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured 1,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 1,411,763 Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,200 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 1,405,188 Cooper Union, Series 1999, 6.250%, 7/01/29 - MBIA Insured 2,945 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 3,097,875 Resolution Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/21 - FGIC Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,131,800 University, Series 2001, 5.000%, 7/01/18 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 20.5% 2,000 New York City Health and Hospitals Corporation, New York, Health 2/09 at 101.00 AAA 2,144,500 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: 2,400 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,552,352 2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,220,099 1,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/06 at 102.00 AAA 1,091,230 Revenue Bonds, Maimonides Medical Center, Series 1996A, 5.750%, 8/01/24 - MBIA Insured 3,135 New York State Dormitory Authority, Secured Hospital Insured 2/08 at 101.50 AAA 3,181,806 Revenue Bonds, Southside Hospital, Series 1998, 5.000%, 2/15/25 - MBIA Insured 7,080 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 6,926,293 Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 5,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 5,273,550 Hospital Revenue Bonds, Highland Hospital of Rochester, Series 1997A, 5.400%, 8/01/27 - MBIA Insured 3,280 New York State Dormitory Authority, North Shore University 11/08 at 101.00 AAA 3,349,503 Hospital Revenue Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 - MBIA Insured 6,000 New York State Dormitory Authority, Revenue Bonds, Memorial 7/13 at 100.00 AAA 6,236,700 Sloan Kettering Cancer Center, 2003 Series 1, 5.000%, 7/01/21 - MBIA Insured 13 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) New York State Dormitory Authority, FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999: $ 970 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA $ 1,049,802 4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,282,800 8,000 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 8,766,000 Health Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 1,500 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 1,643,625 Health Services of Long Island Obligated Group, St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,000 New York State Dormitory Authority, New Island Hospital Insured 7/09 at 101.00 AAA 3,285,420 Revenue Bonds, Series 1999A, 5.750%, 7/01/19 - AMBAC Insured 8,525 New York State Dormitory Authority, South Nassau Communities 7/11 at 101.00 AAA 8,854,577 Hospital Revenue Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.8% New York State Housing Finance Agency, Housing Project Mortgage Revenue Refunding Bonds, Series 1996A: 1,770 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,899,511 2,725 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,926,405 625 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 646,838 Mortgage Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.1% 1,965 New York State Mortgage Agency, Homeowner Mortgage Revenue 4/07 at 102.00 AAA 2,069,577 Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 24- 7/10 at 100.00 AAA 1,073,810 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 3,044,970 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 1,313,655 Mortgage Revenue Bonds, St. John's Meadows Project, Series 1997A, 5.750%, 8/01/37 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.0% Erie County, New York, General Obligation Bonds, Series 2003A: 1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,118,080 1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,334,628 1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,436,058 1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,536,080 500 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 581,415 6.000%, 4/01/18 - FGIC Insured Germantown Central School District, Columbia County, New York, Series 1999: 700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 782,481 700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 782,481 2,000 Hempstead Town, New York, General Obligation Bonds, Series 2001A, 1/11 at 101.00 Aaa 2,209,700 5.250%, 1/15/14 - MBIA Insured 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 797,461 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 2,212,772 2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,323,120 2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,514,777 Nassau County, New York, Serial General Improvement Bonds, General Obligations, Series F: 1,505 6.500%, 3/01/17 - FSA Insured 3/10 at 100.00 AAA 1,780,550 1,000 6.500%, 3/01/19 - FSA Insured 3/10 at 100.00 AAA 1,183,090 910 6.500%, 3/01/20 - FSA Insured 3/10 at 100.00 AAA 1,076,612 14 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (CONTINUED) Nassau County, New York, Serial General Improvement Bonds, General Obligations, Series B: $ 2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA $ 2,145,049 1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,047,800 805 Nassau County, New York, Serial General Improvement Bonds, 9/09 at 102.00 Aaa 899,177 General Obligations, Series D, 5.300%, 9/01/17 - FSA Insured 1,500 North Hempstead, Nassau County, New York, General Obligation 3/08 at 101.00 Aaa 1,548,765 Refunding Serial Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured Oneida County, New York, General Obligation Public Improvement Bonds, Series 2000: 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 558,645 500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 554,855 255 Port Jervis, Orange County, New York, General Obligation Bonds, 3/09 at 101.00 Aaa 278,618 Water Improvements, Series 1999, 5.625%, 3/15/24 - FGIC Insured Suffolk County, New York, Public Improvement Serial Bonds, Series 2000A: 1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,292,370 1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,280,796 610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 708,729 640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 740,134 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 37.0% 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 1,120,290 1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,328,772 2,760 New York Metropolitan Transportation Authority, State Service 7/12 at 100.00 AAA 3,081,374 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured New York Metropolitan Transportation Authority, State Service Contract Refunding Bonds, Series 2002A: 4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,334,795 1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,385,775 1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,100,090 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,038,920 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,054,920 New York Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 2002A: 6,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 6,276,240 3,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,544,590 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,330,695 1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,323,283 3,125 Nassau Health Care Corporation, New York, County Guaranteed 8/09 at 102.00 AAA 3,441,938 Health System Revenue Bonds, Series 1999, 5.750%, 8/01/29 - FSA Insured 3,025 New York City New York Metropolitan Transportation Authority, 1/10 at 101.00 AAA 3,374,902 Certificates of Participation, Triborough Bridge and Tunnel Authority, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 2,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 2,151,280 Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 - AMBAC Insured 2,510 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,601,741 Bonds, Fiscal Series 2003D Refunding, 5.000%, 2/01/22 - MBIA Insured 1,660 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 1,765,012 Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 5,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 5,507,450 Revenue Bonds, City of New York Issue, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 1,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 1,316,975 Leake and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured 2,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,406,870 853 Schools Program 1998 Issue 2, St. Anne Institute, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured 15 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (CONTINUED) $ 1,340 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA $ 1,534,421 853 Schools Program 1999 Issue 2, Anderson School, Series 1999E, 5.750%, 7/01/19 - AMBAC Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 2,290,180 Special Act School Districts Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured 4,300 New York State Dormitory Authority, Mental Health Services 2/06 at 102.00 AAA 4,499,176 Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 - MBIA Insured 3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010 Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 2,480 New York State Dormitory Authority, Mental Health Services 8/11 at 100.00 AAA 2,753,643 Facilities Improvement Revenue Bonds, Series 2001B, 5.500%, 8/15/19 - MBIA Insured 1,670 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 1,871,953 Facilities Improvement Revenue Bonds, Series 2000D, 5.875%, 2/15/16 - FSA Insured 2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,308,556 Obligation Revenue Refunding Bonds, Riverbank State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured 1,750 New York State Local Government Assistance Corporation, Revenue 4/08 at 101.00 AAA 1,801,048 Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured 2,080 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 2,149,118 Health Services Facilities Improvement Revenue Refunding Bonds, Series 1993F, 5.250%, 2/15/19 - MBIA Insured 1,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,013,140 Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 4,600 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 4,851,344 Program Revenue Bonds, 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 1,428,056 1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,430,221 2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,095,200 3,500 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 3,835,160 Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured 2,225 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,367,934 Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured 650 Puerto Rico Highway and Transportation Authority, Highway Revenue 7/10 at 101.00 AAA 738,537 Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured 2,000 Puerto Rico Municipal Finance Agency, Loan Pool Bonds, 8/09 at 101.00 AAA 2,239,000 Series 1999A, 5.500%, 8/01/19 - FSA Insured 1,435 Suffolk County Industrial Development Agency, New York, Civic 10/10 at 102.00 Aaa 1,671,675 Facility Revenue Bonds, Hampton Bays Public Library Project, Series 1999A, 6.000%, 10/01/19 - MBIA Insured New York State Tobacco Settlement Financing Corporation, Asset-Backed Bonds, Series 2003-A1: 6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,735,582 4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,745,700 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.1% 2,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 2,224,940 Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC Insured 2,300 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 2,459,252 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, Consolidated Bonds, 10/07 at 101.00 AAA 5,356,600 120-Series, 5.750%, 10/15/26, (Alternative Minimum Tax) - MBIA Insured 5,025 Port Authority of New York and New Jersey, Special Project Bonds, 12/07 at 100.00 AAA 5,389,815 JFK International Air Terminal LLC Project, Series 6, 5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured Puerto Rico Port Authority, Revenue Bonds, Series 1991D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 1/04 at 100.00 AAA 5,415,900 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 1/04 at 100.00 AAA 11,733,450 16 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) 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 $ 900,307 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,442,853 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 30.0% 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 635,240 425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 514,242 1,230 Buffalo, New York, General Obligation Bonds, Series 1999E, 6.000%, 12/09 at 101.00 AAA 1,486,701 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 1,324,913 1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,395,575 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 313,492 200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 236,598 200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 236,598 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 1,678,281 1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281 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 386,790 330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 386,790 2,210 New York Metropolitan Transportation Authority, Commuter 7/07 at 102.00 AAA 2,358,070 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured 8,215 New York Metropolitan Transportation Authority, Commuter 7/09 at 100.00 AAA 9,491,940 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured New York Metropolitan Transportation Authority, 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 5,750,377 7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,402,712 1,000 New York Metropolitan Transportation Authority, Dedicated 10/14 at 100.00 AAA 1,132,580 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 1,550 New York, New York, General Obligation Bonds, Fiscal Series 1991B, 12/03 at 100.00 AAA 1,565,314 7.000%, 6/01/04 - AMBAC Insured New York, New York, General Obligation Bonds, Fiscal Series 1990I: 950 7.250%, 8/15/14 - AMBAC Insured 2/04 at 100.00 AAA 1,003,438 1,270 7.250%, 8/15/17 - AMBAC Insured 2/04 at 100.00 AAA 1,341,438 New York, New York, General Obligation Bonds, Fiscal Series 1991A: 3,030 7.250%, 3/15/18 - FSA Insured 3/04 at 100.00 AAA 3,343,908 2,250 7.250%, 3/15/19 - FSA Insured 3/04 at 100.00 AAA 2,342,093 340 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 411,482 Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 1,055 New York State Dormitory Authority, Judicial Facilities Lease No Opt. Call AAA 1,344,893 Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 - MBIA Insured 5,000 New York State Dormitory Authority, Consolidated Third General 7/09 at 101.00 AAA 5,853,950 Resolution Revenue Bonds, City University System, Series 1999-1, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - FSA Insured New York State Dormitory Authority, Mental Health Services Facilities Improvement Bonds, Series 2001A: 1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,333,318 1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,409,009 4,000 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 4,568,440 Resolution Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured 17 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (CONTINUED) $ 3,695 New York State Housing Finance Agency, State University No Opt. Call AAA $ 4,066,200 Construction Bonds, Series 1986A, 7.900%, 11/01/06 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, Series 1995A: 35 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 2/05 at 102.00 AAA 38,041 3,140 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 2/05 at 102.00 AAA 3,412,803 40 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102.00 AAA 42,610 Health Services Facilities Improvement Revenue Bonds, Series 1994E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) - FGIC Insured 5,915 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 6,767,766 University Educational Facilities, Series 2002A, 5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured 7,900 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 9,350,045 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1,000 Puerto Rico, Public Improvement General Obligation Bonds, 7/10 at 100.00 AAA 1,172,920 Series 2000, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) - MBIA Insured 350 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 418,922 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, New York, 6/09 at 101.00 AAA 1,928,274 General Obligation Bonds, Series 2000, 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 11.5% 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 9,380,430 3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,293,670 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,112,350 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 2,536,625 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,583,600 2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 2,836,045 Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured 2,275 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 2,319,999 Adjustable Rate Gas Facilities Revenue Bonds, 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 Authority, Gas 1/04 at 102.00 AAA 2,296,373 Facilities Revenue Bonds, 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 Authority, 7/05 at 102.00 AAA 1,089,490 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 Authority, 11/03 at 101.00 AAA 2,570,250 Pollution Control Revenue Bonds, Rochester Gas and and Electric Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured 2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,148,540 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 - 7.7% 3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 4,149,339 System Revenue Bonds, Series 1999, 6.000%, 7/01/29 - FSA Insured 5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 5,550,200 System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101.00 AAA 1,095,270 Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured 18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 4,750 New York City Municipal Water Finance Authority, Water and 6/09 at 101.00 AAA $ 5,075,470 Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 2,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA 2,065,710 System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, Water and Sewer 6/10 at 101.00 AAA 1,961,556 System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 2,750 Western Nassau County Water Authority, New York, System Revenue 5/06 at 102.00 AAA 2,978,717 Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 402,285 Total Long-Term Investments (cost $398,563,448) - 146.7% 436,083,063 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 5,229,357 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.4)% (144,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 297,312,420 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 19 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.8% 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 $ 1,470,091 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 671,946 500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 AAA 558,970 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, New York, Civic 7/08 at 102.00 AAA 1,023,210 Facility Revenue Refunding Bonds, Hofstra University Project, Series 1998, 5.000%, 7/01/23 - MBIA Insured 1,000 New York City Trust for Cultural Resources, Revenue Bonds, 7/09 at 101.00 AAA 1,101,740 American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 - AMBAC Insured 7,250 New York City Industrial Development Agency, New York, Civic 1/09 at 101.00 AAA 7,330,765 Facility Revenue Bonds, Horace Mann School Project, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,095 New York State Dormitory Authority, Lease Revenue Bonds, State 7/11 at 100.00 AAA 2,338,649 University Dormitory Facilities, Series 2001, 5.500%, 7/01/18 - FGIC Insured 1,870 New York State Dormitory Authority, Insured Revenue Bonds, 1/04 at 100.00 AAA 1,878,882 Fordham University, Series 1990, 7.200%, 7/01/15 - AMBAC Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 2,203,440 Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured 2,860 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,894,921 Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 4,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 Aaa 4,691,655 Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,652,085 Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured New York State Dormitory Authority, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,491,823 2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,663,734 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,845,552 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,365,829 500 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 564,705 Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured New York State Dormitory Authority, Revenue Bonds, Canisius College, Series 2000: 1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,057,700 2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 2,986,148 New York State Dormitory Authority, Insured Revenue Bonds, New York University, Series 2001-2: 1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,507,005 800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 882,568 600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 657,396 2,500 New York State Dormitory Authority, Revenue Bonds, New York No Opt. Call AAA 2,849,125 University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured 2,125 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,246,741 University, Series 2001, 5.000%, 7/01/19 - AMBAC Insured 1,710 New York State Dormitory Authority, Insured Revenue Bonds, 7/12 at 100.00 AAA 1,821,475 Fordham University, Series 2002, 5.000%, 7/01/18 - FGIC Insured 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 16.5% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 2,977,744 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,854,413 New York State Dormitory Authority, FHA-Insured Mortgage Revenue Bonds, St. Vincent's Hospital and Medical Center of New York, Series 1991: 2,700 7.375%, 8/01/11 2/04 at 100.00 AAA 2,713,230 4,150 7.400%, 8/01/30 2/04 at 100.00 AAA 4,295,665 5,995 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/04 at 105.00 AAA 6,291,333 Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 290 New York State Dormitory Authority, FHA-Insured Mortgage Hospital No Opt. Call AAA 294,307 Revenue Bonds, MaimonidesMedical Center, Series 1996A, 5.500%, 8/01/14 - MBIA Insured 6,500 New York State Dormitory Authority, FHA-Insured Mortgage Revenue 2/08 at 102.00 AAA 6,833,125 Refunding Bonds, United Health Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured 3,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 2,934,870 Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured New York State Dormitory Authority, 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 2,598,625 3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,318,691 5,730 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/09 at 101.00 AAA 6,135,111 Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 6,430 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 6,916,044 Health Services of Long Island Obligated Group, St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 12,020 New York State Dormitory Authority, Revenue Bonds, Winthrop- 7/11 at 101.00 AAA 12,484,693 South Nassau University Health System Obligated Group, Winthrop University Hospital Association, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured 2,025 New York State Dormitory Authority, Winthrop-South Nassau 7/11 at 101.00 AAA 2,094,458 University Health System Obligated Group, South Nassau Communities Hospital Revenue Bonds, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.3% 14,449 New York City Housing Development Corporation, Pass-Through 10/03 at 105.00 AAA 15,195,354 Certificates, Multifamily Housing Limited Obligation Bonds, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured New York State Housing Finance Agency, Housing Project Mortgage Revenue Refunding Bonds, Series 1996A: 880 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 944,390 3,630 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,898,293 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.7% 2,325 New York State Mortgage Agency, Mortgage Revenue Bonds, 24- 7/10 at 100.00 AAA 2,496,608 Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.2% 2,000 Babylon Industrial Development Agency, New York, Revenue Bonds, 8/09 at 101.00 AAA 2,247,440 WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured 6,000 New York State Dormitory Authority, FHA-Insured Mortgage Nursing 8/11 at 101.00 AAA 6,144,420 Home Revenue Bonds, Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 14.7% Erie County, New York, General Obligation Bonds, Series 1999A: 700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 794,479 700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 768,418 Erie County, New York, General Obligation Bonds, Series 2003A: 1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,576,493 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,668,285 1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,668,037 1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,793,922 21 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (CONTINUED) $ 2,500 Nassau County, New York, General Obligation Serial Improvement 6/09 at 102.00 AAA $ 2,619,500 Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured 45 New York, New York, General Obligation Bonds, Fiscal 1992 2/04 at 100.75 AAA 45,525 Series C, 6.250%, 8/01/10 - FSA Insured New York, New York, General Obligation Bonds, Fiscal Series 1998H: 4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,243,334 6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,306,180 5,000 New York, New York, General Obligation Bonds, Fiscal Series 1999I, 4/09 at 101.00 AAA 5,057,800 5.000%, 4/15/29 - MBIA Insured 3,000 New York, New York, General Obligation Bonds, Fiscal 2001 8/10 at 101.00 AAA 3,216,420 Series D, 5.000%, 8/01/16 - FGIC Insured 3,000 North Hempstead, Nassau County, New York, General Obligation 3/08 at 101.00 Aaa 3,097,530 Serial Refunding Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured North Hempstead, Nassau County, New York, General Obligation Bonds, Series 1999B: 2,135 5.875%, 7/15/18 - FGIC Insured 7/09 at 101.00 Aaa 2,456,189 2,255 5.875%, 7/15/19 - FGIC Insured 7/09 at 101.00 Aaa 2,594,242 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 111,729 100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 110,971 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 603,005 525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 603,005 525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 601,104 525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 597,198 525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 592,683 525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 590,562 525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 586,635 525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 584,504 525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 585,585 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,220,410 960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,227,226 960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,231,334 960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,234,733 960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,234,733 747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 957,841 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 826,677 735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 819,437 730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 808,847 730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 803,241 730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 801,263 730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 798,963 725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 791,997 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 40.6% 1,000 Battery Park City Authority, New York, Senior Revenue Refunding 11/03 at 102.00 AAA 1,023,050 Bonds, Series 1993A, 5.250%, 11/01/17 - MBIA Insured 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 1,377,957 1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,356,455 4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,135,624 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) 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 $ 2,371,020 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,325,860 4,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 4,400,360 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,038,920 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,054,920 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 7,845,300 5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,063,700 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,590,716 1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,581,856 5,875 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 6,073,046 of Participation, Triborough Bridge and Tunnel Authority, Series 1999A, 5.250%, 1/01/29 - AMBAC Insured 5,225 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 5,829,376 of Participation, Triborough Bridge and Tunnel Authority, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 50 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 50,542 Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal Series 2002B: 2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,117,905 1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,099,040 5,500 New York City Transitional Finance Authority, Future Tax 8/12 at 100.00 AAA 5,865,860 Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 3,627,925 Bonds, Fiscal Series 2003D Refunding, 5.000%, 2/01/22 - MBIA Insured 1,995 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,121,204 Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 5,250 New York State Dormitory Authority, Court Facilities Lease Revenue 5/10 at 101.00 AAA 5,782,823 Bonds, City of New York Issue, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 505 New York State Dormitory Authority, Judicial Facilities Lease 10/03 at 114.14 Baa1 630,543 Revenue Bonds, Suffolk County Issue, Series 1991A, 9.500%, 4/15/14 5,000 New York State Dormitory Authority, Insured Revenue Bonds, Leake 7/04 at 102.00 AAA 5,267,900 and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured New York State Dormitory Authority, Mental Health Services Facilities Improvement Revenue Bonds, Series 1996B: 2,530 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 2,647,190 2,660 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 2,783,211 7,145 New York State Dormitory Authority, Special Act School Districts 7/09 at 101.00 AAA 8,181,668 Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 - MBIA Insured 3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010 Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,038,460 Obligation Refunding Revenue Bonds, Riverbank State Park, 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 7,976,068 Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured New York State 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 937,029 920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 976,902 965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,029,375 1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,069,313 1,500 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,519,710 Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 23 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 7,925 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA $ 8,358,022 Program Revenue Bonds, 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 2,031,382 2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,310,357 3,575 New York State Thruway Authority, Highway and Bridge Trust Fund 10/11 at 100.00 AAA 3,942,546 Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 5,407,400 Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured 2,375 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,527,570 Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured 4,000 Puerto Rico Highway and Transportation Authority, Highway Revenue No Opt. Call AAA 4,663,480 Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured 1,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 1,131,450 Bonds, Series 2002E, 5.500%, 8/01/27 - AMBAC Insured New York State Tobacco Settlement Financing Corporation, Asset-Backed Bonds, Series 2003-A1: 8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 8,980,776 2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,636,500 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.1% 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 6,723,540 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,093,360 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 1,461,651 4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,667,141 2,500 Niagara Frontier Transportation Authority, New York, Revenue Bonds, 4/09 at 101.00 AAA 2,673,100 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, Consolidated 10/07 at 101.00 AAA 7,499,240 Bonds, 120-Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,812,157 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,036,018 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 22.3% 325 Brookhaven, New York, General Obligation Bonds, Series 1991B, 10/04 at 100.00 AAA 328,621 6.400%, 10/01/11 (Pre-refunded to 10/01/04) - MBIA Insured East Rochester Union Free School District, New York, Monroe County, 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 354,897 350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 414,047 365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 431,791 Longwood Central School District, New York, Suffolk County, Series 2000: 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,190,270 1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,190,270 Lyndonville Central School District, New York, Orleans County, 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 398,511 340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 398,511 4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,394,414 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, Dedicated Tax 10/10 at 100.00 AAA 3,462,810 Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded to 10/01/10) - MBIA Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 11,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA $ 12,161,820 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 4,530,320 3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,680,885 New York, New York, General Obligation Bonds, Fiscal Series 1991A: 1,500 7.250%, 3/15/18 - FSA Insured 3/04 at 100.00 AAA 1,655,400 3,100 7.250%, 3/15/19 - FSA Insured 3/04 at 100.00 AAA 3,226,883 3,000 New York, New York, General Obligation Bonds, Fiscal 10/03 at 100.00 AAA 3,003,450 Series 1990B, 7.000%, 10/01/19 - FSA Insured 255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 308,611 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, Future Tax Secured 8/07 at 101.00 AAA 11,304 Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured New York State Dormitory Authority, Consolidated Third General Resolution 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 3,606,564 7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 8,020,670 5,000 New York State Dormitory Authority, Revenue Bonds, State 5/06 at 102.00 AAA 5,636,250 University Educational Facilities, Series 1996, 5.500%, 5/15/26 (Pre-refunded to 5/15/06) - FSA Insured 3,485 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 3,980,253 Resolution 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 Agency, Mental 2/05 at 102.00 AAA 21,738 Health Services Facilities Improvement Revenue Bonds, Series 1995A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 5,795 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 6,576,456 University Educational Facilities, Series 2002A, 5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,798,060 5,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 5,917,750 2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,282,160 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.7% 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 8,650,841 7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,262,150 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 1,451,480 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,367,480 15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 4,837,350 3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 913,980 4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,300,095 3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 820,470 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 3,043,950 3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,229,500 10,025 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 10,223,294 Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union Gas Company Project, Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,268,470 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation Project, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 3,000 New York State Energy Research and Development Authority, 10/03 at 100.00 AAA 3,134,700 Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation Project, Series 1991A, 6.625%, 10/01/13 - FGIC Insured 25 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA $ 6,445,620 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 - 7.4% 5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 5,550,200 System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 2,225 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 2,328,885 System Revenue Bonds, Fiscal Series 1997A, 5.375%, 6/15/26 - FSA Insured 10,500 New York City Municipal Water Finance Authority, Water and Sewer 6/09 at 101.00 AAA 11,219,460 System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA 5,164,300 System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal Series 2000B: 1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,471,167 1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,440,196 350 New York State Environmental Facilities Corporation, State Water 3/04 at 100.00 AAA 351,655 Pollution Control Revolving Fund Revenue Bonds, Pooled Loan Issue, Series 1991B, 7.100%, 9/15/11 2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, No Opt. Call Aaa 868,340 Water System Revenue Bonds,Series 2000, 0.000%, 4/01/23 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 542,231 Total Long-Term Investments (cost $511,827,544) - 145.3% 554,158,833 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 5.3% 20,115,558 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.6)% (193,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 381,274,391 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 26 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 24.9% 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 $ 1,190,606 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 671,946 500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 AAA 558,970 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, New York, Civic 7/08 at 102.00 AAA 6,497,384 Facility Revenue Refunding Bonds, Hofstra University Project, Series 1998, 5.000%, 7/01/23 - MBIA Insured 5,000 New York City Trust for Cultural Resources, Revenue Bonds, New 7/06 at 101.00 AAA 5,512,650 York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 7,250 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 7,987,615 Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 14,500 New York City Trust for Cultural Resources, Revenue Bonds, 4/07 at 101.00 AAA 15,776,435 American Museum of Natural History, Series 1997A, 5.650%, 4/01/27 - MBIA Insured 4,775 New York City Industrial Development Agency, New York, Civic 6/07 at 102.00 AAA 4,908,414 Facility Revenue Bonds, Trinity Episcopal School Corporation Project, Series 1997, 5.250%, 6/15/27 - MBIA Insured 1,410 New York State Dormitory Authority, Lease Revenue Bonds, State 7/11 at 100.00 AAA 1,555,526 University Dormitory Facilities, Series 2001, 5.500%, 7/01/20 - FGIC Insured 1,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 1,048,530 Fordham University, Series 1994, 5.500%, 7/01/23 - FGIC Insured 1,800 New York State Dormitory Authority, Consolidated Second General No Opt. Call AAA 2,138,346 Resolution Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 6,000 New York State Dormitory Authority, Consolidated Revenue Bonds, No Opt. Call AAA 7,058,100 City University System, Series 1993A, 5.750%, 7/01/13 - MBIA Insured 1,970 New York State Dormitory Authority, Revenue Bonds, University 7/04 at 102.00 AAA 2,072,539 of Rochester, Strong Memorial Hospital, Series 1994, 5.900%, 7/01/17 - MBIA Insured 8,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 8,752,025 Ithaca College, Series 1997, 5.250%, 7/01/26 - AMBAC Insured 1,150 New York State Dormitory Authority, Insured Revenue Bonds, St. 7/06 at 102.00 AAA 1,272,383 John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured 4,625 New York State Dormitory Authority, Barnard College, Insured 7/07 at 101.00 AAA 4,757,321 Revenue Bonds, Series 1996, 5.250%, 7/01/26 - AMBAC Insured 2,125 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,150,946 Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,000 New York State Dormitory Authority, Third General Resolution 7/08 at 102.00 AAA 2,025,560 Consolidated Revenue Bonds, City University System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured 1,735 New York State Dormitory Authority, Fourth General Resolution 7/10 at 100.00 AAA 1,788,750 Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/23 - FGIC Insured 1,750 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,927,433 Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured New York State Dormitory Authority, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,491,823 2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,660,012 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,845,552 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,365,829 27 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (CONTINUED) $ 4,000 New York State Dormitory Authority, Revenue Bonds, State No Opt. Call AAA $ 4,743,040 University Education Facitilities, Series 2000C, 1989 Resolution, 5.750%, 5/15/16 - FSA Insured 1,000 New York State Dormitory Authority, Revenue Bonds, New York No Opt. Call AAA 1,139,650 University, Series 2001-1, 5.500%,7/01/40 - AMBAC Insured 2,750 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,793,065 University, Series 2001, 5.000%, 7/01/26 - AMBAC Insured 1,650 New York State Dormitory Authority, Insured Revenue Bonds, Fordham 7/12 at 100.00 AAA 1,745,123 University, Series 2002, 5.000%, 7/01/19 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.2% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,977,744 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,854,413 3,995 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/04 at 105.00 AAA 4,192,473 Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 7,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 6,848,030 Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured New York State Dormitory Authority, 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 2,598,625 3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,411,738 9,000 New York State Dormitory Authority, Revenue Bonds, Catholic Health 7/09 at 101.00 AAA 9,680,310 Services of Long Island Obligated Group, St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 9,000 New York State Dormitory Authority, Hospital Revenue Bonds, 7/11 at 101.00 AAA 9,308,700 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, Hospital 2/04 at 102.00 AAA 3,410,814 Insured Mortgage Revenue Refunding Bonds, Series 1994A, 5.375%, 2/15/25 - MBIA Insured 3,350 New York State Medical Care Facilities Finance Agency, FHA-Insured 2/05 at 102.00 AAA 3,584,902 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, Health 11/05 at 102.00 AAA 2,134,957 Center Projects Revenue Bonds, Secured Mortgage Program, Series 1995A, 6.375%, 11/15/19 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.0% 12,017 New York City Housing Development Corporation, Multifamily Housing 10/03 at 105.00 AAA 12,637,470 Limited Obligation Bonds, Series 1991C, Pass-Through Certificates, 6.500%, 2/20/19 - AMBAC Insured 1,540 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102.00 AAA 1,653,821 Revenue Refunding Bonds, Series 1996A, 6.125%, 11/01/20 - FSA Insured 985 New York State Housing Finance Agency, Insured Multifamily Mortgage 8/04 at 102.00 AAA 1,019,416 Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.9% 1,995 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 3/04 at 102.00 AAA 2,042,681 Series 33, 5.400%, 10/01/17 - AMBAC Insured 3,940 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/07 at 102.00 AAA 4,149,687 Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,073,810 Twenty-Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.7% 4,450 Syracuse, New York, FHA-Insured Mortgage Revenue Bonds, Castle 8/07 at 102.00 AAA 4,516,706 Rest Residential Health Care Facility, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/06 at 102.00 AAA 2,139,640 United Cerebral Palsy of New York City, Inc., Series 1996, 5.500%, 7/01/24 - MBIA Insured 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.5% $ 1,000 Erie County, New York, General Obligation Bonds, Series 1995B, 6/05 at 101.50 AAA $ 1,075,490 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 1,677,120 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,668,285 1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,767,456 1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,865,240 Monroe County, New York, General Obligation Public Improvement Bonds, Series 2002: 2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,443,770 1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,070,490 1,500 Nassau County, New York, General Obligation Serial General 6/09 at 102.00 AAA 1,571,700 Improvement Bonds, Series B,5.250%, 6/01/23 - AMBAC Insured New York, New York, General Obligation Bonds, Fiscal Series 2001D: 1,500 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 1,662,015 5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,938,934 5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,360,700 5,000 New York, New York, General Obligation Bonds, Fiscal Series 2002C, 3/12 at 100.00 AAA 5,134,500 5.125%, 3/15/25 - FSA 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 1,803,727 1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,848,722 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 603,005 525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 585,291 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 585,092 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 44.4% 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 1,344,348 1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,107,310 4,600 New York State Metropolitan Transportation Authority, State 7/12 at 100.00 AAA 5,135,624 Service Contract Bonds, Series 2002B,5.500%, 7/01/18 - MBIA Insured New York State Metropolitan Transportation Authority, State Service Contract Refunding Bonds, Series 2002A: 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,371,020 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,325,860 5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,500,450 3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,058,380 8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,109,840 New York Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 2002A: 7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,845,300 5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,063,700 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 1,585,618 1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,576,786 5,150 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 5,745,700 of Participation, Triborough Bridge and Tunnel Authority, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 75 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 75,813 Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal Series 2002B: 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,513,559 2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,659,677 1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,011,970 5,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 5,332,600 Bonds, Fiscal Series 2003C,5.250%, 8/01/21 - AMBAC Insured 29 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA $ 3,627,925 Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,995 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,121,204 Bonds, Fiscal Series 2003, 5.250%, 2/01/22 - MBIA Insured 6,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 6,608,940 Revenue Bonds, City of New York Issue, Series 1999, 5.750%, 5/15/30 - AMBAC Insured New York State Dormitory Authority, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services Program, Series 2002: 1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,120,344 1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,169,278 1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,199,638 5,375 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 5,662,993 Leake and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured 2,200 New York State Dormitory Authority, Mental Health Services 2/06 at 102.00 AAA 2,307,448 Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 - MBIA Insured 3,340 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 3,761,408 853 Schools Program 1999 Issue 1, Harmony Heights School, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured 3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010 Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 5,000 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 5,143,400 Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 - FSA Insured 3,330 New York State Local Government Assistance Corporation, Revenue 4/04 at 100.00 AAA 3,385,045 Bonds, Series 1993D, 5.000%, 4/01/23 - AMBAC Insured 5,250 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 5,424,457 Health Services Facilities Improvement Revenue Refunding Bonds, Series 1993F, 5.250%, 2/15/19 - FGIC Insured 1,500 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,519,710 Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 7,900 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 8,331,656 Program Revenue Bonds, 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 3,459,438 3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,300,510 4,930 New York State Thruway Authority, Highway and Bridge Trust Fund 10/11 at 100.00 AAA 5,413,239 Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured 6,965 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 7,475,674 Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured 2,400 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,554,176 Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured 3,190 New York State Urban Development Corporation, State Facilities No Opt. Call AAA 3,712,937 Revenue Refunding Bonds, 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 3,517,470 6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,995,220 8,400 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 8,980,776 Asset-Backed Bonds, Series 2003-A1, 5.250%, 6/01/20 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.2% 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 4,488,893 Revenue Bonds, Series 1995, 5.750%, 1/01/25 - MBIA Insured New York Metropolitan Transportation Authority, Transportation Revenue Refunding Bonds, Series 2002A: 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,244,073 4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,186,720 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) New York Metropolitan Transportation Authority, Transportation Revenue Refunding Bonds, Series 2002E: $ 2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA $ 2,917,829 8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,671,190 1,000 Niagara Frontier Transportation Authority, New York, Revenue 4/04 at 102.00 AAA 1,045,540 Bonds, Greater Buffalo International Airport, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) - AMBAC Insured 2,500 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 2,673,100 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, General 1/12 at 100.00 AAA 5,357,250 Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - FGIC Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,812,157 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,036,018 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 21.8% 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 354,897 360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 425,876 400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 473,196 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 1,678,281 1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281 5,000 New York Metropolitan Transportation Authority, Commuter Facilities 7/09 at 100.00 AAA 5,777,200 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured New York Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,641,500 4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,552,515 3,000 New York Metropolitan Transportation Authority, Dedicated Tax 10/15 at 100.00 AAA 3,316,860 Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured New York Metropolitan Transportation Authority, 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 4,530,320 2,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,265,160 5,000 New York Metropolitan Transportation Authority, Dedicated Tax 4/10 at 100.00 AAA 5,947,800 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, Water and Sewer 6/10 at 101.00 AAA 205,741 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, Future Tax Secured 8/07 at 101.00 AAA 16,956 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, Future Tax Secured 5/10 at 101.00 AAA 3,002,050 Bonds, Fiscal Series 2000B, 6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured 3,200 New York State Dormitory Authority, Judicial Facilities Lease No Opt. Call AAA 4,079,296 Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 1,700 New York State Dormitory Authority, Consolidated Third General 1/08 at 102.00 AAA 1,947,877 Resolution Revenue Bonds, City University System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 265 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 302,659 Resolution Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/23 (Pre-refunded to 7/01/10) - FGIC Insured 5,350 New York State Medical Care Facilities Finance Agency, Revenue 11/03 at 100.00 AAA 5,376,001 Bonds, Sisters of Charity Hospital of Buffalo Project, Series 1991A, 6.625%, 11/01/18 (Pre-refunded to 11/01/03) - AMBAC Insured 8,100 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 9,267,777 University Educational Facilities, Series 2002A, 5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 10,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 11,835,500 6,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,846,480 31 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.4% $ 1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA $ 2,056,676 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 7,295,890 3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,513,248 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,112,350 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 1,451,480 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,367,480 5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,612,450 7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,132,620 10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,033,555 7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,914,430 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 2,536,625 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,583,600 5,465 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 5,690,705 Adjustable Rate Gas Facilities Revenue Bonds, 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 Authority, Gas 1/04 at 102.00 AAA 1,275,763 Facilities Revenue Bonds, 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 Authority, 11/03 at 101.00 AAA 12,337,200 Pollution Control Revenue Bonds, Rochester Gas and and Electric Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.3% 3,250 New York City Municipal Water Finance Authority, Water and Sewer 6/09 at 101.00 AAA 3,472,690 System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal Series 2002A: 2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,203,580 4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,131,430 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal Series 2000B: 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 980,778 810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 952,293 1,000 Western Nassau County Water Authority, New York, System Revenue 5/06 at 102.00 AAA 1,083,170 Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 562,772 Total Long-Term Investments (cost $533,227,280) - 148.3% 574,613,504 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.5% 9,825,836 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.8)% (197,000,000) ------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 387,439,340 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 32 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 32.6% 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 $ 279,485 250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 275,388 2,000 Monroe County Industrial Development Agency, New York, Civic 6/05 at 102.00 AAA 2,172,300 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, Revenue Bonds, New 7/06 at 101.00 AAA 6,019,814 York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 1,250 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 1,377,175 Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 4,000 New York City Trust for Cultural Resources, Revenue Bonds, 4/07 at 101.00 AAA 4,450,440 American Museum of Natural History, Series 1997A, 5.650%, 4/01/22 - MBIA Insured 1,000 New York City Industrial Development Agency, New York, Civic 11/04 at 102.00 AAA 1,075,660 Facility Revenue Bonds, USTA National Tennis Center Incorporated Project, Series 1994, 6.375%, 11/15/14 - FSA Insured 2,000 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 2,133,320 University Dormitory Facilities Issue, Series 1999C, 5.500%, 7/01/29 - MBIA Insured 1,000 New York State Dormitory Authority, State University Educational No Opt. Call AAA 1,157,160 Facilities Revenue Bonds, Series 1993A, 5.500%, 5/15/19 - AMBAC Insured 2,200 New York State Dormitory Authority, Consolidated Second General No Opt. Call AAA 2,613,534 Resolution Revenue Bonds,City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 3,000 New York State Dormitory Authority, Insured Revenue Bonds, New 7/07 at 102.00 AAA 3,305,160 School for Social Research, Series 1997, 5.750%, 7/01/26 - MBIA Insured 1,500 New York State Dormitory Authority, Insured Revenue Bonds, St. 7/06 at 102.00 AAA 1,659,630 John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, Long 9/06 at 102.00 AAA 2,127,800 Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured 5,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 Aaa 5,212,950 Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,652,085 Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured 3,215 New York State Dormitory Authority, Revenue Bonds, University 7/10 at 101.00 AAA 2,312,260 of Rochester, Series 2000A, 0.000%, 7/01/24 - MBIA Insured 250 New York State Dormitory Authority, Insured Revenue Bonds, Pace 7/10 at 101.00 AAA 282,353 University, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,000 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 1,036,270 Resolution Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/22 - FGIC Insured New York State Dormitory Authority, Revenue Bonds, New York University, Series 2001-1: 1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,693,215 500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 569,825 810 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 848,572 University, Series 2001, 5.000%, 7/01/20 - AMBAC Insured 1,270 New York State Dormitory Authority, Revenue Bonds, State University 5/12 at 101.00 AAA 1,381,023 Educational Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC Insured 33 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.9% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 1,063,480 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,057,190 3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/05 at 102.00 AAA 3,229,830 Hospital Revenue Bonds, EllisHospital, Series 1995, 5.600%, 8/01/25 - MBIA Insured 1,500 New York State Dormitory Authority, Revenue Bonds, Vassar 1/08 at 102.00 AAA 1,596,390 Brothers Hospital, Series 1997, 5.250%, 7/01/17 - FSA Insured 2,910 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 2,846,824 Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 2,230 New York State Dormitory Authority, Revenue Bonds, Memorial Sloan 7/13 at 100.00 AAA 2,317,973 Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 3,000 New York State Dormitory Authority, Revenue Bonds, Catholic Health 7/09 at 101.00 AAA 3,287,250 Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,450 New York State Dormitory Authority, Revenue Bonds, Winthrop-South 7/11 at 101.00 AAA 3,568,335 Nassau University Health System Obligated Group, Winthrop University Hospital Association, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured 4,700 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102.00 AAA 4,857,826 Insured Mortgage Revenue Refunding Bonds, Series 1994A, 5.375%, 2/15/25 - MBIA Insured 1,400 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/12 at 100.00 AAA 1,452,276 Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.6% 2,040 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102.00 AAA 2,190,776 Revenue Bonds, Series 1996A Refunding, 6.125%, 11/01/20 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.9% 1,200 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/03 at 102.00 Aa1 1,218,336 Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 1,000 Babylon Industrial Development Agency, New York, Revenue Bonds, 8/09 at 101.00 AAA 1,123,720 WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured 850 New York State Dormitory Authority, Insured Revenue Bonds, 7/11 at 102.00 AAA 866,040 NYSARC, INC., Series 2001A, 5.000%, 7/01/26 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 15.3% 1,510 Erie County, New York, General Obligation Bonds, Series 1995B, 6/05 at 101.50 AAA 1,623,990 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 559,040 500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 556,095 600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 662,796 600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 658,320 210 Nassau County, New York, General Obligation Serial Bonds, General No Opt. Call AAA 242,834 Improvement Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured 1,000 Nassau County, New York, General Obligation Improvement Bonds, 3/10 at 100.00 AAA 1,154,390 Series 2000E, 6.000%, 3/01/19 - FSA Insured 4,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 4,488,640 Series 1995E, 8.000%, 8/01/05 - MBIA Insured 2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,198,580 Series 1998F, 5.250%, 8/01/16 - FGIC Insured 2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,740,955 Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds, Series 1994: $ 1,000 7.500%, 3/01/13 - MBIA Insured No Opt. Call AAA $ 1,311,710 2,000 6.900%, 3/01/22 - MBIA Insured 3/04 at 102.00 AAA 2,085,520 1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,076,270 General Obligation Refunding Bonds, Series 2002, 5.125%, 6/15/18 - FSA Insured Suffolk County, New York, Public Improvement Serial Bonds, Series 2000A: 500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 580,925 500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 578,230 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 34.2% 750 Erie County Industrial Development Authority, New York, School 5/12 at 100.00 AAA 847,177 Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/19 - FSA Insured 1,350 New York Metropolitan Transportation Authority, State Service 7/12 at 100.00 AAA 1,507,194 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured New York Metropolitan Transportation Authority, State Service Contract Refunding Bonds, Series 2002A: 1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,778,265 1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,100,090 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,027,460 New York Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 2002A: 2,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,615,100 1,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,316,562 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 591,420 580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 588,126 500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 557,835 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 2003 Series C: 1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,075,640 1,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 1,434,469 1,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 1,554,825 Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 665 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 707,068 Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 1,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 1,101,490 Revenue Bonds, City of New York Issue, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 2,000 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 2,057,360 Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 - FSA Insured 2,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 2,026,280 Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured New York State Dormitory Authority, School Districts Financing Program Revenue Bonds, Series 2002D: 4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,534,952 875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 887,346 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 603,326 600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 660,102 1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,047,600 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 1,643,640 1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,088,970 1,250 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 1,321,350 Bonds, Second General, Series 2003A, 5.250%, 4/01/23 - MBIA Insured 1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 2,146,677 Facilities Capital Facilities Revenue Bonds, Series 1994A, 5.250%, 1/01/14 - FSA Insured 35 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA $ 1,097,730 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, Highway No Opt. Call AAA 1,165,870 Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured 810 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 920,330 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured 1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,624,920 Agreement Revenue Bonds, John P. Colahan Court Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured New York State Tobacco Settlement Financing Corporation, Asset-Backed Bonds, Series 2003-A1: 1,800 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,909,872 2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,109,200 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.0% New York Metropolitan Transportation Authority, Transportation Revenue Refunding Bonds, Series 2002A: 500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 556,235 1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,785,245 2,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 2,040,280 Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 - MBIA Insured 500 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 534,620 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 1,000 Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101.00 AAA 1,071,320 One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured 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 900,307 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,442,853 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.2% 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 595,135 500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 595,135 1,500 New York Metropolitan Transportation Authority, Dedicated Tax 10/15 at 100.00 AAA 1,658,430 Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 500 New York Metropolitan Transportation Authority, Dedicated Tax 10/14 at 100.00 AAA 566,290 Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 2,000 New York Metropolitan Transportation Authority, Dedicated Tax 4/10 at 100.00 AAA 2,379,120 Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 1,500 New York City, New York, General Obligation Bonds, Fiscal 2/04 at 100.00 AAA 1,523,445 Series 1990F, 6.000%, 8/01/19 - FGIC Insured 340 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 411,482 Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 1,505 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AA*** 1,676,073 FHA-Insured Mortgage Project Revenue Bonds, Series 1995F, 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 2,045 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 2,420,360 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 440 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 526,645 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to 7/01/10) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 17.7% 1,165 Islip Resource Recovery Agency, New York, Revenue Bonds, 7/04 at 102.00 AAA 1,228,784 Series 1994B, 6.125%, 7/01/13 (Alternative Minimum Tax) - AMBAC Insured 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 7,817,025 2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,074,900 36 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) 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 $ 507,325 625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 645,900 2,280 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 2,374,164 Adjustable Rate Gas Facilities Revenue Bonds, 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 Authority, 7/05 at 102.00 AAA 2,723,725 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 Authority, 11/03 at 101.00 AAA 6,271,410 Pollution Control Revenue Bonds, Rochester Gas and 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 Revenue Bonds, 8/11 at 101.00 AAA 1,895,953 Series 2001, 5.250%, 8/01/36 - MBIA Insured 500 New York City Municipal Water Finance Authority, Water and 6/06 at 101.00 AAA 555,020 Sewer System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101.00 AAA 1,095,270 Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured 1,800 New York City Municipal Water Finance Authority, Water and 6/09 at 101.00 AAA 1,923,336 Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 1,170 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 1,248,285 Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, Water and 6/11 at 100.00 AAA 1,032,860 Sewer System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 1,961,556 Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 1,000 Suffolk County Water Authority, New York, Water System Revenue No Opt. Call AAA 1,121,570 Refunding Bonds, Series 1993, 5.100%, 6/01/12 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 183,210 Total Long-Term Investments (cost $182,562,832) - 147.0% 196,638,264 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 2,096,329 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.6)% (65,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 133,734,593 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): 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. See accompanying notes to financial statements. 37 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 5.1% $ 1,940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,722,798 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 2,988,387 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 1,685 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 A2 1,496,786 Series 2002-1, 5.500%, 7/15/24 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.5% 1,000 Monroe County Industrial Development Agency, New York, 10/11 at 101.00 Aaa 1,013,390 Civic Facility Revenue Bonds, Nazareth College of Rochester Project, Series 2001, 5.000%, 10/01/31 - MBIA Insured 5,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 5,130,850 Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 - AMBAC Insured 4,000 New York State Dormitory Authority, Insured Revenue Bonds, No Opt. Call AAA 4,283,520 Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured New York State Dormitory Authority, Revenue Bonds, New York University, Series 1998A: 3,250 6.000%, 7/01/18 - MBIA Insured No Opt. Call AAA 3,946,443 3,000 5.750%, 7/01/27 - MBIA Insured No Opt. Call AAA 3,487,950 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.9% 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 1,595,220 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,057,190 2,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 1,956,580 Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 1,725 New York State Dormitory Authority, Revenue Bonds, Memorial 7/13 at 100.00 AAA 1,793,051 Sloan Kettering Cancer Center Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 600 New York State Dormitory Authority, Revenue Bonds, South Nassau 7/13 at 100.00 Baa1 618,906 Communities Hospital, Series 2003B, 5.500%, 7/01/23 9,800 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA 10,643,682 Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured 2,000 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 2,191,500 Health Services of Long Island Obligated Group, St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 2,500 New York State Dormitory Authority, Secured Hospital Revenue 2/08 at 101.50 AAA 2,736,450 Bonds, Bronx Lebanon Hospital, Series 1998E, 5.200%, 2/15/15 - MBIA Insured New York State Dormitory Authority, FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A: 1,400 5.125%, 2/01/22 - AMBAC Insured 8/12 at 100.00 AAA 1,452,276 1,000 5.000%, 2/01/31 - AMBAC Insured 8/12 at 100.00 AAA 1,011,690 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 768,964 1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,077,573 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.4% New York City Housing Development Corporation, Multifamily Housing Revenue Bonds, Series 2002A: $ 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA $ 2,826,316 1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,421,489 New York State Dormitory Authority, GNMA Collateralized Revenue Bonds, Willow Towers, Inc. Project, Series 2002: 1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,051,520 2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,604,800 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.9% 1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,073,810 24-Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 14.1% Buffalo, New York, General Obligation Bonds, Series 2002B: 1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,648,268 2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,587,420 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 1,381,645 1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,308,605 Clarence Central School District, Erie County, New York, General Obligation Refunding Bonds, Series 2002: 1,235 4.000%, 5/15/18 - FSA Insured 5/12 at 100.00 Aaa 1,207,509 1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,240,706 1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,270,172 3,000 New York, New York, General Obligation Bonds, Fiscal Series 2001H, 3/11 at 101.00 AAA 3,293,580 5.250%, 3/15/16 - FGIC Insured 3,250 New York, New York, General Obligation Bonds, Fiscal Series 2002C, 3/12 at 100.00 AAA 3,337,425 5.125%, 3/15/25 - FSA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 39.7% 4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,077,840 Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured 2,290 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 2,395,432 Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured 1,000 Nassau County Interim Finance Authority, New York, Sales Tax 11/10 at 100.00 AAA 1,114,220 Secured Revenue Bonds, Series 2000A, 5.375%, 11/15/17 - MBIA Insured 4,245 New York City Metropolitan Transit Authority, Certificates of 1/10 at 101.00 AAA 4,388,099 Participation, Triborough Bridge and Tunnel Authority, Series 1999A, 5.250%, 1/01/29 - AMBAC Insured 5,000 New York City Transitional Finance Authority, Future Tax 11/11 at 101.00 AAA 5,528,200 Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 - MBIA Insured 1,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 1,066,520 Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,000 New York State Dormitory Authority, Mental Health Services 8/09 at 101.00 AAA 3,098,430 Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,087,410 Revenue Bonds, Series 1998A, 5.000%, 4/01/15 3,000 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 3,163,920 Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 5,169,650 Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured 1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 1,057,080 Bonds, Series 2003A, Second General, 5.250%, 4/01/23 - MBIA Insured 8,600 New York State Urban Development Corporation, State Facilities No Opt. Call AAA 10,040,328 Revenue Refunding Bonds,Series 1995, 5.700%, 4/01/20 - FSA Insured 39 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,000 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AA $ 3,059,760 Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 1,106,760 Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/20 - FGIC Insured New York State Tobacco Settlement Financing Corporation, Asset-Backed Bonds, Series 2003-A1: 1,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,496,796 1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,054,600 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.9% 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 2,093,360 4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,080,560 4,000 Port Authority of New York and New Jersey, Consolidated Bonds, 8/08 at 101.00 AAA 4,277,800 124-Series, 5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured 2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,023,440 Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/32 - MBIA Insured 780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 900,307 Lien General Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.4% 2,000 New York State Dormitory Authority, Consolidated Third General 1/08 at 102.00 AAA 2,291,620 Resolution Revenue Bonds, City University System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 815 New York State Housing Finance Agency, State University No Opt. Call AAA 1,045,107 Construction Bonds, Series 1986A, 8.000%, 5/01/11 4,750 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 5,390,538 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 2,789,807 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.6% 1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,042,270 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 5,073,250 2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,805,790 5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,119,850 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 Bonds, 7/10 at 101.00 AAA 5,227,800 Series 2000HH, 5.250%, 7/01/29 - FSA Insured 1,090 Westchester County, New York, Industrial Development Agency 7/07 at 101.00 BBB 1,144,489 Resource Recovery Revenue Bonds, Westchester RESCO Company Project, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 8.3% 2,665 Albany Municipal Water Finance Authority, New York, Second 6/08 at 100.00 AAA 2,804,886 Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 - AMBAC Insured 2,170 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AA 2,315,191 Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 40 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 4,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA $ 4,049,480 System Revenue Bonds, Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured 1,000 Niagara Falls Public Water Authority, New York, Water and Sewer 7/06 at 100.00 AAA 1,067,200 Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 171,820 Total Long-Term Investments (cost $173,037,026) - 147.8% 181,674,261 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 2,227,126 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.6)% (61,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 122,901,387 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 41 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.3% $ 1,940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,722,798 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 450 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 A3 435,924 Series 1999-1, 6.250%, 7/15/34 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 20.4% 1,000 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 1,101,740 Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 1,385 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 1,411,509 University Dormitory Facilities Issue, Series 1999B, 5.125%, 7/01/28 - MBIA Insured 2,000 New York State Dormitory Authority, Mount Sinai School of No Opt. Call AAA 2,141,760 Medicine, Insured Revenue Bonds, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 2,000 New York State Dormitory Authority, Insured Revenue Bonds, 9/12 at 100.00 AA 2,013,520 Long Island University, Series 2003A, 5.000%, 9/01/32 - RAAI Insured 1,000 New York State Dormitory Authority, Revenue Bonds, Mount St. 7/13 at 100.00 AA 1,003,370 Mary College, Series 2003, 5.000%, 7/01/32 - RAAI Insured 2,500 New York State Dormitory Authority, Revenue Bonds, Rochester 7/12 at 100.00 Aaa 2,650,025 Institute of Technology, Series 2002A, 5.250%, 7/01/22 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.1% 2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,807,587 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC Insured 750 New York State Dormitory Authority, Revenue Bonds, South Nassau 7/13 at 100.00 Baa1 773,633 Communities Hospital, Series 2003B, 5.500%, 7/01/23 500 New York State Dormitory Authority, Revenue Bonds, North Shore 5/13 at 100.00 A3 508,405 Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 2,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/13 at 100.00 AAA 2,024,420 Hospital Revenue Bonds, Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured 3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/12 at 100.00 AAA 3,035,070 Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.4% 1,185 New York State Dormitory Authority, FHA-Insured Mortgage 2/13 at 102.00 AAA 1,200,630 Nursing Home Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 4.8% 2,400 New York, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 2,453,976 Series 1998H, 5.125%, 8/01/25 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 64.4% New York Metropolitan Transportation Authority, State Service Contract Refunding Bonds, Series 2002A: 1,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 1,019,460 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,027,460 3,000 New York Metropolitan Transportation Authority, Dedicated Tax 11/12 at 100.00 AAA 3,038,220 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+ 568,165 Revenue Bonds, Series 2003, 5.500%, 1/01/34 3,000 New York City Transitional Finance Authority, Future Tax 8/12 at 100.00 AAA 3,275,490 Secured Bonds, Fiscal Series 2003, 5.250%, 8/01/18 - AMBAC Insured 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA $ 2,073,100 Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 2,000 New York State Dormitory Authority, Mental Health Services 8/09 at 101.00 AAA 2,065,620 Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,328,932 Personal Income Tax Revenue Bonds, Series 2002A, 5.000%, 1/01/23 - FGIC Insured 3,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 3,039,420 Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 3,000 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 3,163,920 Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,666,600 Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC 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 1,106,760 1,000 5.000%, 3/15/33 3/13 at 100.00 AA 1,009,360 2,000 New York State Urban Development Corporation, Correctional and No Opt. Call AA- 2,249,380 Youth Facilities Service ContractRevenue Bonds, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) 2,095 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 2,274,290 Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured 700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 748,398 Asset-Backed Bonds, Series 2003-A1, 5.250%, 6/01/20 - AMBAC Insured - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 17.3% 1,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 1,020,140 Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC Insured 1,500 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 1,520,220 Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 - MBIA Insured 3,030 Port Authority of New York and New Jersey, Consolidated Bonds, 11/12 at 101.00 AAA 3,179,440 One Hundred Twenty-Eighth Series, 5.000%, 11/01/22 - FSA Insured 1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,017,482 Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 - MBIA Insured 1,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/13 at 100.00 AAA 1,013,830 Lien General Revenue Bonds, Series 2003, 5.000%, 11/15/32 - FGIC Insured - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.5% 4,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 4,169,080 Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured 2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,100,800 Series 2002A, 5.000%, 11/15/20 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,091,120 Series 2000HH, 5.250%, 7/01/29 - FSA Insured 43 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued) Portfolio of INVESTMENTS September 30, 2003 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.8% $ 1,000 New York City Municipal Water Finance Authority, Water and 6/11 at 100.00 AAA $ 1,012,370 Sewer System Revenue Bonds, Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured 870 Niagara Falls Public Water Authority, New York, Water and Sewer 7/06 at 100.00 AAA 928,463 Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured - ------------------------------------------------------------------------------------------------------------------------------------ $ 74,270 Total Long-Term Investments (cost $75,697,844) - 152.0% 76,991,887 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 653,118 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.3)% (27,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 50,645,005 ====================================================================================================================
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 (not covered by the report of independent auditors): 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 (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements. 44 Statement of ASSETS AND LIABILITIES September 30, 2003
NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $398,563,448, $511,827,544 and $533,227,280, respectively) $436,083,063 $554,158,833 $574,613,504 Cash -- -- 1,013,775 Receivables: Interest 6,116,659 7,548,843 8,176,589 Investments sold -- 13,164,688 1,022,500 Other assets 28,824 45,755 50,604 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 442,228,546 574,918,119 584,876,972 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 548,026 169,902 -- Accrued expenses: Management fees 227,063 293,567 298,634 Other 141,037 180,259 138,998 Preferred share dividends payable -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 916,126 643,728 437,632 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $297,312,420 $381,274,391 $387,439,340 ==================================================================================================================================== Common shares outstanding 17,699,489 23,420,962 24,083,739 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.80 $ 16.28 $ 16.09 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 176,995 $ 234,210 $ 240,837 Paid-in surplus 248,497,049 327,691,823 335,102,933 Undistributed (Over-distribution of) net investment income 3,448,761 4,232,595 4,206,834 Accumulated net realized gain (loss) from investments 7,670,000 6,784,474 6,502,512 Net unrealized appreciation of investments 37,519,615 42,331,289 41,386,224 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $297,312,420 $381,274,391 $387,439,340 ==================================================================================================================================== 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. 45
Statement of ASSETS AND LIABILITIES September 30, 2003 (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 $182,562,832, $173,037,026 $196,638,264 $181,674,261 $76,991,887 and $75,697,844, respectively) Cash -- -- -- Receivables: Interest 2,838,673 2,553,494 1,036,173 Investments sold -- -- -- Other assets 20,916 8,998 4,706 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 199,497,853 184,236,753 78,032,766 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 578,290 234,864 332,961 Accrued expenses: Management fees 103,793 55,939 21,661 Other 78,005 38,550 29,475 Preferred share dividends payable 3,172 6,013 3,664 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 763,260 335,366 387,761 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $133,734,593 $122,901,387 $50,645,005 ==================================================================================================================================== Common shares outstanding 8,321,313 7,957,934 3,511,123 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.07 $ 15.44 $ 14.42 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 83,213 $ 79,579 $ 35,111 Paid-in surplus 118,277,131 112,921,771 49,475,930 Undistributed (Over-distribution of) net investment income 1,419,507 269,866 (81,162) Accumulated net realized gain (loss) from investments (120,690) 992,936 (78,917) Net unrealized appreciation of investments 14,075,432 8,637,235 1,294,043 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $133,734,593 $122,901,387 $50,645,005 ==================================================================================================================================== Authorized shares: Common 200,000,000 Unlimited Unlimited Preferred 100,000,000 Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 46 Statement of OPERATIONS Year Ended September 30, 2003
NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $22,330,786 $28,991,691 $28,868,682 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 2,782,183 3,601,130 3,670,707 Preferred shares - auction fees 360,605 483,921 525,556 Preferred shares - dividend disbursing agent fees 30,000 30,000 40,000 Shareholders' servicing agent fees and expenses 52,699 58,552 55,542 Custodian's fees and expenses 110,316 137,745 135,680 Directors'/Trustees' fees and expenses 5,259 7,101 7,368 Professional fees 18,528 24,773 25,014 Shareholders' reports - printing and mailing expenses 38,043 36,833 47,652 Stock exchange listing fees 15,864 15,864 15,864 Investor relations expense 36,544 47,476 48,584 Portfolio insurance expense -- 19,786 -- Other expenses 31,165 38,054 34,970 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 3,481,206 4,501,235 4,606,937 Custodian fee credit (19,783) (37,124) (30,502) Expense reimbursement -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 3,461,423 4,464,111 4,576,435 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 18,869,363 24,527,580 24,292,247 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investments 7,981,910 6,775,711 6,479,256 Change in net unrealized appreciation (depreciation) of investments (9,304,924) (8,859,561) (9,075,144) - ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (1,323,014) (2,083,850) (2,595,888) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (1,208,221) (1,611,498) (1,510,699) From accumulated net realized gains from investments (151,496) (281,037) (486,976) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,359,717) (1,892,535) (1,997,675) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $16,186,632 $20,551,195 $19,698,684 ==================================================================================================================================== See accompanying notes to financial statements. 47
Statement of OPERATIONS Year Ended September 30, 2003 (continued)
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK)* - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $10,056,418 $ 8,851,997 $2,679,513 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,274,808 1,179,819 400,304 Preferred shares - auction fees 161,910 149,800 47,577 Preferred shares - dividend disbursing agent fees 20,000 10,000 7,041 Shareholders' servicing agent fees and expenses 18,776 3,230 1,710 Custodian's fees and expenses 52,029 52,749 17,933 Directors'/Trustees' fees and expenses 2,858 2,245 1,096 Professional fees 13,913 15,236 14,510 Shareholders' reports - printing and mailing expenses 16,306 21,080 7,985 Stock exchange listing fees 11,388 427 236 Investor relations expense 16,902 19,630 5,991 Portfolio insurance expense 1,560 -- -- Other expenses 13,121 9,061 2,845 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,603,571 1,463,277 507,228 Custodian fee credit (6,528) (15,272) (11,580) Expense reimbursement -- (543,275) (197,073) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,597,043 904,730 298,575 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 8,459,375 7,947,267 2,380,938 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investments 3,382,024 992,274 (78,963) Change in net unrealized appreciation (depreciation) of investments (4,497,058) (3,501,754) 1,294,043 - ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (1,115,034) (2,509,480) 1,215,080 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (557,201) (606,361) (172,209) From accumulated net realized gains from investments -- (73,477) -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (557,201) (679,838) (172,209) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 6,787,140 $ 4,757,949 $3,423,809 ====================================================================================================================================
* For the period November 22, 2002 (commencement of operations) through September 30, 2003. See accompanying notes to financial statements. 48 Statement of CHANGES IN NET ASSETS
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) --------------------------------- ----------------------------- ----------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 9/30/03 9/30/02 9/30/03 9/30/02 9/30/03 9/30/02 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 18,869,363 $ 19,238,855 $ 24,527,580 $ 25,419,827 $ 24,292,247 $ 25,798,976 Net realized gain (loss) from investments 7,981,910 1,467,220 6,775,711 3,595,654 6,479,256 5,277,281 Change in net unrealized appreciation (depreciation) of investments (9,304,924) 19,814,204 (8,859,561) 23,028,908 (9,075,144) 21,416,228 Distributions to Preferred Shareholders: From net investment income (1,208,221) (1,737,838) (1,611,498) (2,123,752) (1,510,699) (2,603,448) From accumulated net realized gains from investments (151,496) (246,687) (281,037) (837,116) (486,976) (89,293) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 16,186,632 38,535,754 20,551,195 49,083,521 19,698,684 49,799,744 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (16,814,518) (15,603,549) (21,972,723) (20,938,114) (21,988,456) (21,136,979) From accumulated net realized gains from investments (1,534,544) (837,375) (3,314,902) (2,944,026) (4,600,972) (306,940) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (18,349,062) (16,440,924) (25,287,625) (23,882,140) (26,589,428) (21,443,919) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares to shareholders due to of distributions -- -- -- -- -- -- Preferred shares offering costs -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (2,162,430) 22,094,830 (4,736,430) 25,201,381 (6,890,744) 28,355,825 Net assets applicable to Common shares at the beginning of period 299,474,850 277,380,020 386,010,821 360,809,440 394,330,084 365,974,259 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $297,312,420 $299,474,850 $381,274,391 $386,010,821 $387,439,340 $394,330,084 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,448,761 $ 2,811,992 $ 4,232,595 $ 3,231,990 $ 4,206,834 $ 3,395,082 ==================================================================================================================================== See accompanying notes to financial statements. 49 Statement of CHANGES IN NET ASSETS (continued) INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) --------------------------- ---------------------------- ------------------------- FOR THE FOR THE PERIOD 3/26/02 PERIOD 11/22/02 (COMMENCEMENT (COMMENCEMENT YEAR ENDED YEAR ENDED YEAR ENDED OF OPERATIONS) OF OPERATIONS) 9/30/03 9/30/02 9/30/03 THROUGH 9/30/02 THROUGH 9/30/03 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 8,459,375 $ 8,777,988 $ 7,947,267 $ 3,291,467 $ 2,380,938 Net realized gain (loss) from investments 3,382,024 1,881,239 992,274 696,461 (78,963) Change in net unrealized appreciation (depreciation) of investments (4,497,058) 5,098,567 (3,501,754) 12,145,709 1,294,043 Distributions to Preferred Shareholders: From net investment income (557,201) (863,336) (606,361) (289,910) (172,209) From accumulated net realized gains from investments -- -- (73,477) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 6,787,140 14,894,458 4,757,949 15,843,727 3,423,809 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (7,626,486) (7,302,336) (7,114,395) (2,964,146) (2,289,845) From accumulated net realized gains from investments -- -- (623,098) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (7,626,486) (7,302,336) (7,737,493) (2,964,146) (2,289,845) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 113,645,250 50,032,500 Net proceeds from shares to shareholders due to of distributions -- 333,731 -- 14,017 60,431 Preferred shares offering costs -- -- (12,480) (745,712) (682,165) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- 333,731 (12,480) 112,913,555 49,410,766 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (839,346) 7,925,853 (2,992,024) 125,793,136 50,544,730 Net assets applicable to Common shares at the beginning of period 134,573,939 126,648,086 125,893,411 100,275 100,275 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $133,734,593 $134,573,939 $122,901,387 $125,893,411 $50,645,005 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,419,507 $ 1,116,285 $ 269,866 $ 37,411 $ (81,162) ====================================================================================================================================
See accompanying notes to financial statements. 50 Notes to FINANCIAL STATEMENTS 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The New York Funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New York Stock Exchange, with the exception of Insured New York Dividend Advantage's Common shares (NKO) and Insured New York Tax-Free Advantage's Common shares (NRK) 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 Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK), each 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. (formerly, The John Nuveen Company), and the recording of the organization expenses ($11,500 per Fund) and their reimbursement by Nuveen Investments, LLC(formerly, Nuveen Investments), 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 September 30, 2003, there were no such outstanding purchase commitments in any of the Funds. Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. 51 Notes to FINANCIAL STATEMENTS (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. All monthly tax-exempt income dividends paid during the fiscal year ended September 30, 2003, have been designated Exempt Interest Dividends. 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. 52 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 fiscal year ended September 30, 2003. 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 InsuredNew York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK). InsuredNew York Dividend Advantage's (NKO) and Insured New York Tax-Free Advantage's (NRK) share of Common share offering costs ($238,500 and $105,000, respectively) were recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) in connection with their offerings of Preferred shares ($758,192 and $682,165, respectively) were recorded as a reduction to paid-in surplus. 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) ------------------- ------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 9/30/03 9/30/02 9/30/03 9/30/02 - ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- -- - ------------------------------------------------------------------------------------------------------- -- -- -- -- ======================================================================================================= Preferred shares sold -- -- -- -- =======================================================================================================
53 Notes to FINANCIAL STATEMENTS (continued)
NEW YORK QUALITY INSURED NEW YORK INCOME (NUN) PREMIUM INCOME (NNF) ------------------ ------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED 9/30/03 9/30/02 9/30/03 9/30/02 - -------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- 21,681 - -------------------------------------------------------------------------------------------------------- -- -- -- 21,681 ======================================================================================================== Preferred shares sold -- -- -- -- ======================================================================================================== INSURED NEW YORK INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) ------------------------ ------------------------ FOR THE PERIOD FOR THE PERIOD 3/26/02 11/22/02 (COMMENCE- (COMMENCE- MENT OF MENT OF YEAR OPERATIONS) OPERATIONS) ENDED THROUGH THROUGH 9/30/03 9/30/02 9/30/03 - ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- 7,950,000 3,500,000 Shares issued to shareholders due to reinvestment of distributions -- 934 4,123 - ------------------------------------------------------------------------------------------------------- -- 7,950,934 3,504,123 ======================================================================================================= Preferred shares sold -- 2,440 1,080 =======================================================================================================
3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the fiscal year ended September 30, 2003, 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 $81,148,965 $88,564,819 $83,786,351 $38,760,145 $29,552,784 $79,141,102 Sales and maturities 81,834,542 95,606,823 80,194,737 38,428,325 26,421,219 3,268,802 =========================================================================================================
* For the period November 22, 2002 (commencement of operations) through September 30, 2003. 54 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 timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At September 30, 2003, 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 $398,366,533 $511,695,662 $533,035,022 =========================================================================================================== INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) - ----------------------------------------------------------------------------------------------------------- Cost of investments $182,499,800 $173,014,951 $75,697,664 ===========================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments at September 30, 2003, were as follows:
NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) - --------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $37,951,943 $42,792,379 $41,925,720 Depreciation (235,413) (329,208) (347,238) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investments $37,716,530 $42,463,171 $41,578,482 ========================================================================================================= INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) - --------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $14,299,658 $9,297,377 $1,467,796 Depreciation (161,194) (638,067) (173,573) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation of investments $14,138,464 $8,659,310 $1,294,223 =========================================================================================================
The tax components of undistributed net investment income and net realized gains at September 30, 2003, 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. 55 Notes to FINANCIAL STATEMENTS (continued) The tax character of distributions paid during the fiscal years ended September 30, 2003 and September 30, 2002, 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 2003 (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 -- -- -- ========================================================================================================= INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND QUALITY QUALITY INCOME INCOME ADVANTAGE 2002 (NQN) (NVN) (NUN) (NNF) (NKO) - --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $17,260,569 $22,965,054 $23,646,890 $8,073,901 $2,650,830 Distributions from net ordinary income * 4,344 -- 4,833 52,489 -- Distributions from net long-term capital gains 1,084,062 3,781,142 396,233 -- -- =========================================================================================================
* Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At September 30, 2003, 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) has 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) has $78,917 of post-October losses that are treated as having arisen in the following fiscal year. 56 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. 57 Notes to FINANCIAL STATEMENTS (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 November 3, 2003, to shareholders of record on October 15, 2003, 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 =========================================================================================================
58 Financial HIGHLIGHTS 59
Financial HIGHLIGHTS Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ------------------------------------------------------- ------------------------------------------- Distributions Distributions Net from Net from From Net Beginning Realized/ Investment Capital Investment Capital Common Unrealized Income to Gains to Income to Gains to Share Net Investment Preferred Preferred Common Common Net Asset Investment Gain Share- Share- Share- Share- Value Income (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== NEW YORK INVESTMENT QUALITY (NQN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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 ======================================================================== * 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, reinvested capital gains distributions, 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. See accompanying notes to financial statements. spread 60-61
Financial HIGHLIGHTS (continued) Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ----------------------------------------------------------------- ----------------------------------- Distributions Distributions Net from Net from From Net Beginning Realized/ Investment Capital Investment Capital Common Unrealized Income to Gains to Income to Gains to Share Net Investment Preferred Preferred Common Common Net Asset Investment Gain Share- Share- Share- Share- Value Income (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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: 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, reinvested capital gains distributions, 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 26, 2002 (commencement of operations) through September 30, 2002. (b) For the period November 22, 2002 (commencement of operations) through September 30, 2003. See accompanying notes to financial statements. spread 62-63
Directors/Trustees AND OFFICERS The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Directors/ Trustees of the Funds. The number of directors/trustees of the Funds is currently set at eight. None of the directors/trustees who are not "interested" persons of the Funds has ever been a director/trustee or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the directors/trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
NUMBER OF PORTFOLIOS IN FUND COMPLEX POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) OVERSEEN BY NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS DIRECTOR/ AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS TRUSTEE - ------------------------------------------------------------------------------------------------------------------------------------ DIRECTOR/TRUSTEE WHO IS AN INTERESTED PERSON OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 141 3/28/49 Board and Investments, Inc. and Nuveen Investments, LLC; 333 W. Wacker Drive Director/Trustee Director (since 1992) and Chairman (since 1996) of Chicago, IL 60606 Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.; Chairman and Director (since 1997) of Nuveen Asset Management, Inc.; Director (since 1996) of Institutional Capital Corporation; Chairman and Director (since 1999) of Rittenhouse Asset Management, Inc.; Chairman of Nuveen Investments Advisers Inc. (since 2002). DIRECTORS/TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ William E. Bennett Director/Trustee 2001 Private Investor; previously, President and Chief Executive 141 10/16/46 Officer, Draper & Kramer, Inc., a private company that 333 W. Wacker Drive handles mortgage banking, real estate development, pension Chicago, IL 60606 advisory and real estate management (1995-1998). Prior thereto, Executive Vice President and Chief Credit Officer of First Chicago Corporation and its principal subsidiary, The First National Bank of Chicago. - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner Director/Trustee 1997 Private Investor and Management Consultant. 140 8/22/40 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown Director/Trustee 1993 Retired (since 1989) as Senior Vice President of The 140 7/29/34 Northern Trust Company; Director of the United Way of 333 W. Wacker Drive Highland Park-Highwood (since 2002). Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri Director/Trustee 1994 Retired, formerly, Executive Director (since 1998) of Manitoga/ 140 1/26/33 The Russel Wright Design Center; prior thereto, President and 333 W. Wacker Drive Chief Executive Officer of Blanton-Peale Institute (since 1990); Chicago, IL 60606 prior thereto, Vice President, Metropolitan Life Insurance Co. - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers Director/Trustee 1991 Adjunct Professor of Business and Economics, University of 140 4/3/33 Dubuque, Iowa; formerly (1991-2000) Adjunct Professor, Lake 333 W. Wacker Drive Forest Graduate School of Management, Lake Forest, Illinois; Chicago, IL 60606 prior thereto, Executive Director, Towers Perrin Australia, a management consulting firm; Chartered Financial Analyst; Certified Management Consultant; Director, Executive Service Corps of Chicago, a not-for-profit organization. - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider Director/Trustee 1997 Senior Partner and Chief Operating Officer, Miller-Valentine 140 9/24/44 Group, Vice President, Miller-Valentine Realty, a construction 333 W. Wacker Drive company; Chair, MiamiValley Hospital; Chair, Dayton Chicago, IL 60606 Development Coalition; formerly, Member, Community Advisory Board, National City Bank, Dayton, Ohio and Business Advisory Council, Cleveland Federal Reserve Bank. - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale Director/Trustee 1997 Executive Director, Gaylord and Dorothy Donnelley Foundation 140 12/29/47 (since 1994); prior thereto, Executive Director, Great Lakes 333 W. Wacker Drive Protection Fund (from 1990 to 1994). Chicago, IL 60606 64 NUMBER OF PORTFOLIOS IN POSITION(S) YEAR FIRST FUND COMPLEX NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS: - ------------------------------------------------------------------------------------------------------------------------------------ Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 141 9/9/56 Administrative and Associate General Counsel, formerly, Vice President 333 W. Wacker Drive Officer and Assistant General Counsel of Nuveen Investments, LLC; Chicago, IL 60606 Managing Director (since 2002), General Counsel and Assistant Secretary, formerly, Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.; Managing Director (since 2002), Assistant Secretary and Associate General Counsel, formerly, Vice President (since 2000), of Nuveen Asset Management, Inc.; Assistant Secretary of Nuveen Investments, Inc. (since 1994); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002); Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Managing Director, Associate General Counsel and Assistant Secretary of Rittenhouse Asset Management, Inc. (since May 2003); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Michael T. Atkinson Vice-President 2000 Vice-President (since 2002), formerly, Assistant 141 2/3/66 and Assistant Vice President (since 2000), previously, Associate of 333 W. Wacker Drive Secretary Nuveen Investments, LLC. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Paul L. Brennan Vice-President 1999 Vice-President (since 2002), formerly, Assistant 127 11/10/66 Vice President (since 1997), of Nuveen Advisory Corp.; 333 W. Wacker Drive prior thereto, portfolio manager of Flagship Financial Inc.; Chicago, IL 60606 Chartered Financial Analyst and Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ Peter H. D'Arrigo Vice-President 1999 Vice-President of Nuveen Investments, LLC (since 1999), 141 11/28/67 and Treasurer prior thereto, Assistant Vice President (since 1997); Vice 333 W. Wacker Drive President and Treasurer of Nuveen Investments, Inc. (since Chicago, IL 60606 1999); Vice President and Treasurer of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. (since 1999); Vice President and Treasurer of Nuveen Asset Management, Inc. (since 2002) and of Nuveen Investments Advisers Inc. (since 2002); Assistant Treasurer of NWQ Investment Management Company, LLC (since 2002); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Susan M. DeSanto Vice-President 2001 Vice-President of Nuveen Advisory Corp. (since 2001); 141 9/8/54 previously, Vice President of Van Kampen Investment 333 W. Wacker Drive Advisory Corp. (since 1998); Vice President of Nuveen Chicago, IL 60606 Institutional Advisory Corp. (since 2002); prior thereto, Assistant Vice President of Van Kampen Investment Advisory Corp. (since 1994). - ------------------------------------------------------------------------------------------------------------------------------------ Jessica R. Droeger Vice-President 2000 Vice-President (since 2002) and-Assistant General Counsel 141 9/24/64 and Secretary (since 1998); formerly, Assistant Vice President (since 1998) 333 W. Wacker Drive of Nuveen Investments, LLC; Vice President (since 2002) Chicago, IL 60606 and Assistant Secretary (since 1998), formerly Assistant Vice President of Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp. 65 Directors/Trustees AND OFFICERS (continued) NUMBER OF PORTFOLIOS IN POSITION(S) YEAR FIRST FUND COMPLEX NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ Lorna C. Ferguson Vice-President 1998 Vice-President of Nuveen Investments, LLC; Vice- 141 10/24/45 President (since 1998) of Nuveen Advisory Corp. and 333 W. Wacker Drive Nuveen Institutional Advisory Corp. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ William M. Fitzgerald Vice-President 1995 Managing Director (since 2002) of Nuveen Investments, 141 3/2/64 LLC; Managing Director (since 2001), formerly Vice 333 W. Wacker Drive President of Nuveen Advisory Corp. and Nuveen Chicago, IL 60606 Institutional Advisory Corp. (since 1995); Managing Director of Nuveen Asset Management, Inc. (since 2001); Vice President of Nuveen Investment Advisers Inc. (since 2002); Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Stephen D. Foy Vice-President 1998 Vice-President (since 1993) and Funds Controller (since 141 5/31/54 and Controller 1998) of Nuveen Investments, LLC and Vice President and 333 W. Wacker Drive Funds Controller (since 1998) of Nuveen Investments, Inc.; Chicago, IL 60606 Certified Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ J. Thomas Futrell Vice-President 1988 Vice-President of Nuveen Advisory Corp.; 127 7/5/55 Chartered Financial Analyst. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Steven J. Krupa Vice-President 1990 Vice-President of Nuveen Advisory Corp. 127 8/21/57 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ David J. Lamb Vice-President 2000 Vice-President (since 2000) of Nuveen Investments, LLC, 141 3/22/63 previously Assistant Vice President (since 1999); prior 333 W. Wacker Drive thereto, Associate of Nuveen Investments, LLC; Certified Chicago, IL 60606 Public Accountant. - ------------------------------------------------------------------------------------------------------------------------------------ Tina M. Lazar Vice-President 2002 Vice-President (since 1999), previously, Assistant Vice 141 8/27/61 President (since 1993) of Nuveen Investments, LLC. 333 W. Wacker Drive Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Larry W. Martin Vice-President 1988 Vice-President, Assistant Secretary and Assistant General 141 7/27/51 and Assistant Counsel of Nuveen Investments, LLC; Vice President and 333 W. Wacker Drive Secretary Assistant Secretary of Nuveen Advisory Corp. and Nuveen Chicago, IL 60606 Institutional Advisory Corp.; Assistant Secretary of Nuveen Investments, Inc. and (since 1997) Nuveen Asset Management, Inc.; Vice President (since 2000), Assistant Secretary and Assistant General Counsel (since 1998) of Rittenhouse Asset Management, Inc.; Vice President and Assistant Secretary of Nuveen Investments Advisers Inc. (since 2002); Assistant Secretary of NWQ Investment Management Company, LLC (since 2002). 66 NUMBER OF PORTFOLIOS IN POSITION(S) YEAR FIRST FUND COMPLEX NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER - ------------------------------------------------------------------------------------------------------------------------------------ OFFICERS OF THE FUNDS (CONTINUED): - ------------------------------------------------------------------------------------------------------------------------------------ John V. Miller Vice-President 2003 Vice-President (since 2003), previously, Assistant 127 4/10/67 Vice President (since 1999), prior thereto, credit 333 W. Wacker Drive analyst (since 1996) of Nuveen Advisory Corp.; Chicago, IL 60606 Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Edward F. Neild, IV Vice-President 1996 Managing Director (since 2002) of Nuveen Investments, 141 7/7/65 LLC; Managing Director (since 1997), formerly Vice 333 W. Wacker Drive President (since 1996) of Nuveen Advisory Corp. and Chicago, IL 60606 Nuveen Institutional Advisory Corp.; Managing Director of Nuveen Asset Management, Inc. (since 1999). Chartered Financial Analyst. - ------------------------------------------------------------------------------------------------------------------------------------ Thomas J. O'Shaughnessy Vice-President 1999 Vice-President (since 2002), formerly, Assistant 127 9/4/60 Vice President (since 1998), of Nuveen Advisory Corp.; 333 W. Wacker Drive prior thereto, portfolio manager. Chicago, IL 60606 - ------------------------------------------------------------------------------------------------------------------------------------ Thomas C. Spalding Vice-President 1982 Vice-President of Nuveen Advisory Corp. and Nuveen 127 7/31/51 Institutional Advisory Corp.; Chartered Financial Analyst. 333 W. Wacker Drive Chicago, IL 60606
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the Investment Company Act of 1940, because he is an officer and trustee of the Adviser. (2) Directors/Trustees serve a one-year term until his/her successor is elected. The year first elected or appointed represents the year in which the Directors/Trustees was first elected or appointed to any fund in the Nuveen Complex. (3) Officers serve a one-year term through July of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. 67 Build Your Wealth AUTOMATICALLY 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. Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. 68 Fund INFORMATION BOARD OF DIRECTORS/TRUSTEES William E. Bennett Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale 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 November 14, 2002, the Board adopted a policy that allows these Funds, in addition to investments in municipal bonds, to invest up to 5% of its net assets (including assets attributable to preferred shares, if any) in tax-exempt or taxable fixed-income securities or equity securities for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided Nuveen Advisory determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. This policy is a non-fundamental policy of each Fund which means that it can be changed at any time by the Board of Trustees without vote of the shareholders. 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 year ended September 30, 2003. 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 EAN-B-0903D ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. The registrant has posted such code of ethics on its website at www.nuveen.com/etf. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. The registrant's board of directors has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. The registrant's audit committee financial expert is William E. Bennett, who is "independent" for purposes of Item 3 of Form N-CSR. Mr. Bennett was formerly Executive Vice President and Chief Credit Officer of First Chicago Corporation and its principal subsidary, The First National Bank of Chicago. As part of his role as Chief Credit Officer, Mr. Bennett set policy as to accrual of assets/loans; designated performing/non-performing assets; set the level of reserves against the credit portfolio; and determined the carrying value of credit related assets and exposure. Among other things, Mr. Bennett was also responsible for the oversight of the internal analysis function including setting ground rules for the review and preparation of financial analysis and financial statements for use in making credit and risk decisions for clients. Mr. Bennett has significant experience reviewing, analyzing and evaluating financial statements of domestic and international companies in a variety of industries with complex accounting issues. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable at this time. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable at this time. ITEM 6. [RESERVED] ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES In the rare event that a municipal issuer held by the Fund were to issue a proxy or that the Fund were to receive a proxy issued by a cash management security, Nuveen Advisory Corp. (the "Adviser") would either engage an independent third party to determine how the proxy should be voted or vote the proxy with the consent, or based on the instructions, of the Fund's Board of Directors or Trustees or its representative. In the case of a conflict of interest, the proxy would be submitted to the applicable fund's Board to determine how the proxy should be voted. A member of the Adviser's legal department would oversee the administration of the voting, and ensure that records were maintained in accordance with Rule 204-2(c)(2) under the Investment Advisers Act of 1940 (17 CFR 275.204-2(c)(2)), reports were filed with the SEC on Form N-PX, and the results were provided to the Board of Directors or Trustees and made available to shareholders as required by applicable rules. ITEM 8. [RESERVED] ITEM 9. 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 10. EXHIBITS. File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because posted on registrant's website at www.nuveen.com/etf (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 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto. (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 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: December 9, 2003 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (Principal Executive Officer) Date: December 9, 2003 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (Principal Financial Officer) Date: December 9, 2003 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature. EX-99.CERT 3 file002.txt CERTIFICATIONS CERTIFICATION I, Gifford R. Zimmerman, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured New York Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 9, 2003 /s/ Gifford R. Zimmerman ------------------------- -------------------------------- Chief Administrative Officer (Principal Executive Officer) CERTIFICATION I, Stephen D. Foy, certify that: 1. I have reviewed this report on Form N-CSR of Nuveen Insured New York Dividend Advantage Municipal Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent 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; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 9, 2003 /s/ Stephen D. Foy ------------------------- -------------------------------- Vice President and Controller (Principal Financial Officer) EX-99.906CERT 4 file003.txt CERTIFICATIONS Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer's knowledge and belief. The undersigned officers of Nuveen Insured New York Dividend Advantage Municipal Fund (the "Fund"), certify that, to the best of each such officer's knowledge and belief: 1. The Form N-CSR of the Fund for the period ended September 30, 2003 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: December 9, 2003 ----------------------- /s/ Gifford R. Zimmerman --------------------- Chief Administrative Officer (Chief Executive Officer) /s/ Stephen D. Foy --------------------- Vice President, Controller (Chief Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----