N-CSRS 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 ------------------ Date of reporting period: March 31, 2005 ------------------ 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. SEMIANNUAL REPORT March 31, 2005 Nuveen Investments Municipal Closed-End Exchange-Traded Funds NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. NQN NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. NVN NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. NUN NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. NNF NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND NKO NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND NRK Photo of: Man, woman and child at the beach. Photo of: A child. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments Photo of: Woman Photo of: Man and child Photo of: Woman NOW YOU CAN RECEIVE YOUR NUVEEN FUND REPORTS FASTER. NO MORE WAITING. SIGN UP TODAY TO RECEIVE NUVEEN FUND INFORMATION BY E-MAIL. It only takes a minute to sign up for E-Reports. Once enrolled, you'll receive an e-mail as soon as your Nuveen Investments Fund information is ready -- no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report, and save it on your computer if you wish. ------------------ DELIVERY DIRECT TO YOUR E-MAIL INBOX ------------------ IT'S FAST, EASY & FREE: WWW.INVESTORDELIVERY.COM if you get your Nuveen Fund dividends and statements from your financial advisor or brokerage account. OR WWW.NUVEEN.COM/ACCOUNTACCESS if you get your Nuveen Fund dividends and statements directly from Nuveen. (Be sure to have the address sheet that accompanied this report handy. You'll need it to complete the enrollment process.) Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Chairman's LETTER TO SHAREHOLDERS Once again, I am pleased to report that over the six-month period covered by this semiannual report your Fund continued to provide you with monthly tax-free income and an attractive total return. For more details about the management strategy and performance of your Fund, please see the Portfolio Manager's Comments and Performance Overview sections of this report. As I noted in my last letter to you, our conversations with financial advisers and investors suggest that many of you may be wondering whether longer-term interest rates will soon begin to rise substantially, mirroring the rise that has taken place over the past year in shorter-term rates. If longer-term rates do begin to rise significantly, some of you also may be wondering if that makes this a good time to adjust your holdings of fixed-income investments. We can't answer these questions for you - no one knows what the future will bring. "IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL INVESTMENT RISK." From our experience, we do know that a well-balanced portfolio, structured and carefully monitored with the help of a trusted investment professional, can be an important component in helping you achieve your long-term financial goals. In fact, a well-diversified portfolio may actually help to reduce your overall investment risk. That is one reason why we believe that a municipal bond investment like your Nuveen Fund can be an important building block in a comprehensive investment program designed to perform well in a variety of market conditions. As in past reports, I urge you to consider receiving future Fund reports and other Fund information by e-mail and the Internet. Not only will you be able to receive the information faster, but this also may help lower your Fund's expenses. Sign up is quick and easy - see the inside front cover of this report for instructions. Some of you may have heard that in April, 2005, The St. Paul Travelers Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of your Fund's investment adviser) completed a public offering of a substantial portion of its equity stake in Nuveen. At the same time, St. Paul Travelers also entered into agreements to sell the balance of its shares in Nuveen to us or to others at a future date. These transactions will have no impact on the investment objectives or management of your Fund. However, taken as a whole they are considered to be an "assignment" of your Fund's investment management agreement. This means that you and your fellow Fund shareholders soon will be asked to formally approve the continuation of your Fund's management contract with Nuveen. We will be sending you more information about this process in the coming weeks. At Nuveen Investments, our mission continues to be to assist you and your financial advisor by offering investment services and products that can help you to secure your financial objectives. We are grateful that you have chosen us as a partner as you pursue your financial goals, and we look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board May 16, 2005 Nuveen New York Municipal Closed-End Exchange-Traded Funds NQN, NVN, NUN, NNF, NKO, NRK Portfolio Manager's COMMENTS Portfolio manager Paul Brennan reviews key investment strategies and the semiannual performance of these six New York Funds. Paul, who has 14 years of investment experience, including 8 years with Nuveen, has managed NQN, NVN, NUN and NNF since 1999 and NKO and NRK since their inceptions in 2002. WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED MARCH 31, 2005? Between October 2004 and March 2005, the Federal Reserve implemented four quarter-point increases in the fed funds rate, raising this short-term interest rate target to 2.75% from 1.75%. (On May 3, 2005, after the close of this reporting period, the fed funds rate was raised to 3.00%.) With the market anticipating increases in interest rates throughout the period, our focus centered on finding bonds that, in our judgment, would add immediate value to the Funds' portfolios and that also had the potential to perform well under a variety of future market scenarios. During this six-month reporting period, municipal issuance in New York jumped 67% over that of the previous six months, with almost $23 billion in new supply during this period. Insured and higher-quality issues fueled much of this growth. As a result, we were able to find several attractive opportunities to make trades that we believed would benefit the Funds over time. Generally, our purchase activity in these Funds focused on bonds in the intermediate and long-intermediate parts of the yield curve, that is, bonds that mature in 10 years or more. During the period, we began to place greater emphasis on bonds further out on the yield curve, specifically those with 20 years or more to maturity, especially in NQN, NVN, NUN and NNF. In our opinion, this longer part of the curve generally offered more attractive opportunities and better value. Driving the increase in New York supply were increased refundings and some particularly large new issues, including a $2.5 billion issuance by Sales Tax Asset Receivable (STAR Corp.) in October 2004. We added insured STAR issues to all of the Funds' portfolios over the six-month period. Other additions during this period included insured New York City bonds and insured Puerto Rico debt which, like bonds from New York issuers, provide New York residents with income free from federal, state and local taxes. Some of these additions were financed with the proceeds from sales of pre-refunded bonds and bonds 4 with shorter maturities, which tended to underperform in the interest rate environment of the past six months. In NKO and NRK, which can invest up to 20% of their assets in uninsured investment-grade quality securities, we maintained some exposure to lower-rated investment-grade issues, and this generally helped performance as these lower-rated bonds were often among the best performers for this reporting period. During this period, we also worked to reduce the interest rate risk in NRK's portfolio by hedging the Fund's interest rate exposure in the derivatives markets. It is important to note that we did not use the hedge in an attempt to profit from correctly predicting the timing and direction of interest rate movements. Instead, our sole objective was to reduce NRK's duration (and therefore its price sensitivity to interest rate changes) without having a negative impact on its income streams or common share dividends over the short term. The cost of the hedge is reflected as an addition or subtraction to the Fund's net asset value (NAV) as the market value of the hedge fluctuates. The hedge, which had a positive market value as of March 31, 2005, was effective in helping to reduce the NAV volatility of NRK over the course of this reporting period. We should also note that, in November 2004, Moody's upgraded the credit rating on New York State general obligation bonds to A1 from A2, based on the state's improving economic outlook. This rating was reconfirmed in February 2005, as was Standard & Poor's AA rating for the state. In addition, on April 4, 2005, following the end of this reporting period, Moody's upgraded the rating on New York City general obligation debt to A1 from A2, the highest rating ever given to the city by Moody's. The rating agency cited New York City's ability to make difficult budgetary and fiscal policy decisions in recovering from one of the most serious fiscal crises in decades as the primary reason for the upgrade. 5 HOW DID THE FUNDS PERFORM? Individual results for the Nuveen New York Funds, as well as for comparative indexes and averages, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE* For periods ended 3/31/05 6-MONTH 1-YEAR 5-YEAR 10-YEAR -------------------------------------------------------------------------------- NQN 0.15% 2.44% 9.03% 6.94% -------------------------------------------------------------------------------- NVN 0.67% 3.20% 8.63% 6.89% -------------------------------------------------------------------------------- NUN 0.71% 2.71% 8.29% 6.90% -------------------------------------------------------------------------------- NNF 0.74% 2.84% 8.46% 7.46% -------------------------------------------------------------------------------- NKO 1.84% 4.15% NA NA -------------------------------------------------------------------------------- NRK 2.18% 3.97% NA NA -------------------------------------------------------------------------------- Lehman Brothers NY Insured Tax-Exempt Bond Index1 1.22% 2.65% 7.03% 6.50% -------------------------------------------------------------------------------- Lipper NY Insured Municipal Debt Funds Average2 1.96% 4.69% 8.11% 6.80% -------------------------------------------------------------------------------- * Six-month returns are cumulative; returns for one year, five years, and ten years are annualized. Past performance is not predictive of future results. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. For additional information, see the individual Performance Overview for your Fund in this report. For the six months ended March 31, 2005, the cumulative returns on NAV for the two newer Funds, NKO and NRK, outperformed the return on the Lehman Brothers New York Insured Tax-Exempt Bond Index. The returns on NQN, NVN, NUN and NNF trailed this measure. NRK also outperformed the Lipper New York Insured Municipal Debt Fund group average, while the other five Funds underperformed the average. During this reporting period, the municipal yield curve flattened as a result of the rise in short-term rates in response to increases in the fed funds rate, while longer-term yields ended the six-month period at virtually the same level as they began it. As a result, the prices of bonds with longer maturities, which usually are more sensitive to interest rate movements, generally tended to perform better than those of securities with shorter maturities. This hampered the performance of older Funds - NQN, NVN, NUN and NNF - which had more exposure to the short end of the yield curve than the newer NKO and NRK, or the more broadly based Lehman index. The exposures to longer and shorter maturity bonds among these Funds accounted for much of their relative performance 1 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an unleveraged, unmanaged index comprising a broad range of insured New York municipal bonds. Results for the Lehman index do not reflect any expenses. 2 The Lipper New York Insured Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 13 funds; 1 year, 13 funds; 5 years, 8 funds; and 10 years, 6 funds. Fund and Lipper returns assume reinvestment of dividends. 6 differential between each other and between them and the Lehman index over the six-month reporting period. NKO and NRK also benefited from their allocations to lower-rated investment-grade bonds, which generally outperformed other credit quality sectors as the economy improved. As of March 31, 2005, NKO and NRK each had 10% and 13%, respectively, of their portfolios in bonds rated below AAA. Among the lower-rated holdings making positive contributions to the two Funds' cumulative returns were hospital bonds, as the healthcare sector ranked second in terms of performance among the Lehman municipal revenue sectors for the period. Bonds backed by the 1998 master tobacco settlement agreement also produced solid performance during this period, as the litigation environment improved and the supply/demand situation drove tobacco bond prices higher. As of March 31, 2005, NKO and NRK held 3.7% and 3.0% of their portfolios, respectively, in tobacco bonds that were uninsured or unenhanced by another revenue source. The performance of each of these New York Funds was helped to some extent by several advance refundings of their holdings during this period, which resulted in price appreciation as well as enhanced credit quality. At the same time, however, the Funds' holdings of older pre-refunded bonds tended to underperform the general municipal market during this period, due primarily to the shorter effective maturities of these bonds. HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF MARCH 31, 2005? We continued to believe that, given the current geopolitical and economic climate, maintaining strong credit quality was an important requirement. As of March 31, 2005, NQN, NVN, NUN and NNF continued to be 100% invested in insured and/or U.S.guaranteed securities, while NKO and NRK, which can invest up to 20% of their assets in uninsured investment-grade quality securities, had allocated 84% and 85% of their portfolios, respectively, to insured bonds. As of March 31, 2005, potential call exposure for the period April 2005 through the end of 2006 ranged from 1% in NKO and NRK to 6% in NQN and NNF, 7% in NUN, and 8% in NVN. The number of actual bond calls in all of these Funds depends largely on future market interest rates. 7 Dividend and Share Price INFORMATION Each of the six Nuveen New York Funds covered in this report is leveraged. While leveraging can add volatility to the Funds' NAVs and share prices, especially during periods when interest rates rise, this strategy can also provide opportunities for additional income and total returns for common shareholders. The extent of this benefit is tied in part to the short-term rates these Funds pay their MuniPreferred(R) shareholders. During periods of low short-term rates, leveraged Funds generally pay lower dividends to their MuniPreferred shareholders, which can leave more earnings to support common share dividends. Although short-term interest rates remained relatively low during this period, the Federal Reserve's systematic program of tightening raised the borrowing costs of these six Funds, putting pressure on their dividends. This led to one dividend cut in NQN, NVN, NUN, NNF and NKO and three cuts in NRK during this reporting period. Due to capital gains generated by normal portfolio activity, common shareholders of the following Funds also received capital gains and/or net ordinary income distributions at the end of December 2004 as indicated: LONG-TERM CAPITAL GAINS ORDINARY INCOME (PER SHARE) (PER SHARE) -------------------------------------------------------------------------------- NQN $0.2745 $ -- -------------------------------------------------------------------------------- NVN $0.1280 $ -- -------------------------------------------------------------------------------- NUN $0.0900 $0.0009 -------------------------------------------------------------------------------- NNF $0.1836 $ -- -------------------------------------------------------------------------------- NKO $0.1153 $0.0005 -------------------------------------------------------------------------------- All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment 8 income as dividends to shareholders. As of March 31, 2005, all of the Funds in this report except NRK had positive UNII balances for both financial statement and tax purposes. NRK had a negative UNII balance for financial statement purposes and a positive UNII balance for tax purposes. At the end of the reporting period, the Funds' share prices were trading at discounts to their NAVs as shown in the accompanying chart: 3/31/05 6-MONTH AVERAGE DISCOUNT DISCOUNT -------------------------------------------------------------------------------- NQN -6.10% -5.00% -------------------------------------------------------------------------------- NVN -7.65% -5.89% -------------------------------------------------------------------------------- NUN -7.95% -6.99% -------------------------------------------------------------------------------- NNF -8.52% -5.76% -------------------------------------------------------------------------------- NKO -8.56% -7.35% -------------------------------------------------------------------------------- NRK -8.59% -7.46% -------------------------------------------------------------------------------- 9 Nuveen New York Investment Quality Municipal Fund, Inc. NQN Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 86% U.S. Guaranteed 14% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0815 May 0.0815 Jun 0.0815 Jul 0.0815 Aug 0.0815 Sep 0.0815 Oct 0.0815 Nov 0.0815 Dec 0.0815 Jan 0.0815 Feb 0.0815 Mar 0.0785 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 16.65 16.52 15.98 15.65 15.7 15.78 15.85 15.5 15.09 15.04 15.15 15.21 15.23 15.21 15.2 15 14.88 14.72 14.54 14.54 14.62 14.59 14.5 14.48 14.31 14.16 14.16 14.21 14 13.93 13.94 13.94 14.11 14.18 14.23 14.29 14.17 14.22 14.28 14.33 14.32 14.32 14.3 14.35 14.36 14.34 14.27 14.21 14.16 14.18 14 14.16 14.14 14.14 14.18 14.2 14.16 14.17 14.24 14.23 14.15 14.22 14.25 14.39 14.65 14.79 14.85 14.8 14.88 14.95 14.85 14.83 14.82 14.9 14.92 14.75 14.47 14.53 14.57 14.62 14.61 14.68 14.75 14.83 14.83 14.89 14.95 14.9 15 15.24 15.21 15.17 15.25 15.2 15.29 15.36 15.5 15.59 15.65 15.56 15.53 15.46 15.48 15.49 15.43 15.51 15.6 15.51 15.53 15.4 15.38 15.45 15.55 15.62 15.63 15.61 15.58 15.56 15.58 15.61 15.65 15.59 15.52 15.55 15.59 15.57 15.6 15.52 15.48 15.5 15.58 15.61 15.53 15.62 15.67 15.67 15.65 15.64 15.63 15.69 15.63 15.68 15.89 15.93 15.97 15.94 16 15.88 15.87 15.99 15.99 16.02 15.99 15.76 15.55 15.48 15.46 15.61 15.87 15.75 15.76 15.66 15.66 15.52 15.62 15.72 15.7 15.7 15.8 15.73 15.73 15.75 15.8 15.75 15.73 15.75 15.84 15.92 15.57 15.51 15.48 15.38 15.27 15.18 15.19 15.15 15.18 15.2 15.18 15.24 15.35 15.49 15.42 15.41 15.49 15.47 15.56 15.35 15.25 15.12 15.03 15.08 15.03 15.01 15.06 15 14.99 14.95 14.96 15 15.07 15.1 15.139 15.15 15.19 15.35 15.39 15.41 15.41 15.4 15.27 15.3 15.24 15.2 15.04 15.01 15.03 15.1 15.19 15.21 15.2 15.29 15.27 15.3 15.41 15.44 15.4 15.23 15.22 15.11 15.3 15.19 15.17 15.16 15.12 15.1 15.11 14.92 14.75 14.68 14.67 14.69 3/31/05 14.77 FUND SNAPSHOT ------------------------------------ Common Share Price $14.77 ------------------------------------ Common Share Net Asset Value $15.73 ------------------------------------ Premium/(Discount) to NAV -6.10% ------------------------------------ Market Yield 6.38% ------------------------------------ Taxable-Equivalent Yield1 9.52% ------------------------------------ Net Assets Applicable to Common Shares ($000) $278,678 ------------------------------------ Average Effective Maturity on Securities (Years) 15.98 ------------------------------------ Leverage-Adjusted Duration 7.83 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -0.04% 0.15% ------------------------------------ 1-Year -3.68% 2.44% ------------------------------------ 5-Year 9.40% 9.03% ------------------------------------ 10-Year 6.64% 6.94% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 30.2% ------------------------------------ Healthcare 16.1% ------------------------------------ U.S. Guaranteed 13.9% ------------------------------------ Tax Obligation/General 9.8% ------------------------------------ Transportation 9.6% ------------------------------------ Utilities 7.0% ------------------------------------ Education and Civic Organizations 6.5% ------------------------------------ Other 6.9% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders a capital gains distribution in December 2004 of $0.2745 per share. 10 Nuveen New York Select Quality Municipal Fund, Inc. NVN Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 88% U.S. Guaranteed 12% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0795 May 0.0795 Jun 0.0795 Jul 0.0795 Aug 0.0795 Sep 0.0795 Oct 0.0795 Nov 0.0795 Dec 0.0795 Jan 0.0795 Feb 0.0795 Mar 0.0765 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 16.3 16.01 15.46 15.15 15.67 15.55 15.44 15.03 14.65 14.68 14.8 14.8 14.72 14.5 14.6 14.55 14.41 14.24 14.15 14.06 14.07 14.16 14.24 14.12 14.13 13.85 13.8 13.81 13.85 13.83 13.78 13.76 13.66 13.76 13.64 13.75 13.7 13.85 13.97 14.21 14.14 14.14 14.28 14.28 14.18 14.15 13.95 13.91 13.91 13.92 13.8 13.92 13.96 14.03 14 14.04 13.98 14.07 14.15 14.09 14.04 14.09 14.13 14.18 14.53 14.52 14.53 14.5 14.62 14.55 14.57 14.52 14.47 14.58 14.71 14.53 14.2 14.34 14.31 14.36 14.35 14.43 14.51 14.58 14.58 14.72 14.73 14.74 14.75 14.69 14.7 14.71 14.61 14.59 14.66 14.7 14.78 14.73 14.75 14.82 14.85 14.9 14.9 14.86 14.99 15.08 15.27 15.218 15.24 14.99 15.03 15.12 15.16 15.23 15.179 15.15 15.2 15.22 15.05 15 15.01 15.18 15.22 15.16 15.15 15.14 15.09 15.04 14.97 15 15.11 15.2 15.2 15.43 15.5 15.64 15.43 15.44 15.39 15.38 15.36 15.44 15.55 15.5 15.44 15.46 15.45 15.44 15.45 15.56 15.5 15.54 15.53 15.23 15.01 15.03 15.16 15.27 15.3 15.25 15.12 15.21 15.18 15 15.09 15.15 15.15 15.13 14.86 14.87 14.81 14.75 14.95 14.91 14.86 14.95 14.979 15.03 14.97 14.85 14.82 14.76 14.77 14.79 14.86 14.8 14.76 14.83 14.8 14.88 15.1 15.42 15.32 15 15.01 15.03 15.17 15.16 15.26 15.36 15.3 15.12 15.01 15.06 15.05 15.05 15.05 15.07 15.071 15.11 15.15 15.2 15.3 15.38 15.3 15.27 15.31 15.36 15.36 15.37 15.36 15.38 15.4 15.39 15.39 15.33 15.38 15.34 15.34 15.36 15.36 15.37 15.34 15.4 15.4 15.33 15.28 15.12 15.18 15.08 14.96 15.1 15.1 15.09 14.98 14.93 14.69 14.61 14.61 14.42 14.39 14.43 3/31/05 14.49 FUND SNAPSHOT ------------------------------------ Common Share Price $14.49 ------------------------------------ Common Share Net Asset Value $15.69 ------------------------------------ Premium/(Discount) to NAV -7.65% ------------------------------------ Market Yield 6.34% ------------------------------------ Taxable-Equivalent Yield1 9.46% ------------------------------------ Net Assets Applicable to Common Shares ($000) $367,750 ------------------------------------ Average Effective Maturity on Securities (Years) 16.92 ------------------------------------ Leverage-Adjusted Duration 8.58 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 0.23% 0.67% ------------------------------------ 1-Year -4.76% 3.20% ------------------------------------ 5-Year 8.98% 8.63% ------------------------------------ 10-Year 6.60% 6.89% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 28.9% ------------------------------------ Tax Obligation/General 12.7% ------------------------------------ Healthcare 12.5% ------------------------------------ U.S. Guaranteed 12.3% ------------------------------------ Utilities 9.8% ------------------------------------ Education and Civic Organizations 8.0% ------------------------------------ Transportation 6.4% ------------------------------------ Other 9.4% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders a capital gains distribution in December 2004 of $0.1280 per share. 11 Nuveen New York Quality Income Municipal Fund, Inc. NUN Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 86% U.S. Guaranteed 14% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0765 May 0.0765 Jun 0.0765 Jul 0.0765 Aug 0.0765 Sep 0.0765 Oct 0.0765 Nov 0.0765 Dec 0.0765 Jan 0.0765 Feb 0.0765 Mar 0.0735 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 15.81 15.44 14.95 14.86 15.01 15.03 14.98 14.8 14.39 14.27 14.39 14.35 14.05 13.91 14.06 13.91 13.87 13.79 13.81 13.77 13.79 13.8 13.75 13.73 13.59 13.31 13.12 13.39 13.44 13.36 13.34 13.32 13.27 13.28 13.3 13.31 13.37 13.48 13.64 13.71 13.7 13.7 13.65 13.69 13.72 13.67 13.55 13.57 13.52 13.5 13.34 13.52 13.52 13.47 13.44 13.5 13.49 13.53 13.61 13.62 13.64 13.6 13.62 13.66 13.83 13.9 14.01 14 14.2 14.22 14.11 14.14 14.09 14.12 14.14 13.91 13.77 13.82 13.83 13.88 13.82 13.89 13.97 14.11 14.11 14.15 14.22 14.18 14.18 14.24 14.23 14.22 14.12 14.1 14.15 14.23 14.27 14.41 14.42 14.42 14.4 14.36 14.38 14.44 14.52 14.55 14.71 14.74 14.71 14.6 14.55 14.67 14.66 14.67 14.674 14.74 14.65 14.67 14.7 14.7 14.74 14.78 14.78 14.75 14.72 14.85 14.78 14.7 14.62 14.66 14.64 14.75 14.72 14.88 15 14.99 14.87 14.84 14.86 14.83 14.96 14.97 14.96 14.96 14.98 15.03 15.13 15.12 15.06 15.12 15.21 15.09 15.24 15.08 14.85 14.85 14.85 14.82 14.88 14.95 14.98 14.93 14.9 14.83 14.93 14.97 14.94 14.84 14.7 14.52 14.54 14.41 14.52 14.56 14.5 14.56 14.57 14.65 14.56 14.49 14.49 14.37 14.27 14.28 14.27 14.1 14.13 14.16 14.22 14.22 14.36 14.44 14.5 14.29 14.3 14.4 14.44 14.46 14.48 14.41 14.52 14.55 14.52 14.58 14.62 14.6 14.68 14.85 14.8 14.9 14.87 14.95 15.01 14.9 14.94 14.93 14.95 15.1 15.14 15.12 15.17 15.2 15.13 15.12 15.05 15.03 14.96 15 14.99 15.09 15.1 15.18 15.17 15.16 15.17 15.07 15.03 14.89 14.71 14.62 14.72 14.62 14.66 14.55 14.64 14.44 14.49 14.21 14.19 14.05 14.02 14.13 3/31/05 14.24 FUND SNAPSHOT ------------------------------------ Common Share Price $14.24 ------------------------------------ Common Share Net Asset Value $15.47 ------------------------------------ Premium/(Discount) to NAV -7.95% ------------------------------------ Market Yield 6.19% ------------------------------------ Taxable-Equivalent Yield1 9.24% ------------------------------------ Net Assets Applicable to Common Shares ($000) $372,663 ------------------------------------ Average Effective Maturity on Securities (Years) 16.21 ------------------------------------ Leverage-Adjusted Duration 8.51 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91) ------------------------------------ 6-Month (Cumulative) 0.54% 0.71% ------------------------------------ 1-Year -2.95% 2.71% ------------------------------------ 5-Year 9.11% 8.29% ------------------------------------ 10-Year 6.89% 6.90% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 30.5% ------------------------------------ Education and Civic Organizations 15.8% ------------------------------------ U.S. Guaranteed 12.1% ------------------------------------ Tax Obligation/General 10.2% ------------------------------------ Healthcare 9.8% ------------------------------------ Transportation 7.6% ------------------------------------ Utilities 7.5% ------------------------------------ Other 6.5% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.0909 per share. 12 Nuveen Insured New York Premium Income Municipal Fund, Inc. NNF Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 91% U.S. Guaranteed 9% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.077 May 0.077 Jun 0.077 Jul 0.077 Aug 0.077 Sep 0.077 Oct 0.077 Nov 0.077 Dec 0.077 Jan 0.077 Feb 0.077 Mar 0.074 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 16.32 16.06 15.51 15.17 15.22 15.4 15.32 14.85 14.63 14.6 14.69 14.7 14.71 14.5 14.59 14.4 14.31 14.27 14.3 14.15 14.25 14.12 14.1 14.17 14.12 14.07 14.09 14.1 13.8 13.48 13.39 13.45 13.5 13.59 13.56 13.59 13.75 13.78 13.88 13.94 13.98 13.98 13.98 13.93 13.98 13.93 13.95 13.87 13.82 13.87 13.8 13.73 13.67 13.65 13.62 13.66 13.65 13.67 13.8 13.76 13.67 13.77 13.79 13.85 14 14.07 14.15 14.1 14.3 14.4 14.36 14.49 14.45 14.59 14.58 14.43 14.21 14.3 14.29 14.29 14.25 14.27 14.42 14.43 14.43 14.44 14.5 14.45 14.46 14.57 14.6 14.68 14.61 14.55 14.74 14.78 14.9 14.91 14.93 15.04 15.12 15 15 15.09 15.19 15.25 15.18 15.23 15.23 15.11 15.38 15.29 15.45 15.5 15.23 15.29 15.35 15.37 15.3 15.24 15.28 15.37 15.37 15.3 15.3 15.38 15.38 15.23 15.34 15.4 15.4 15.49 15.35 15.48 15.69 15.69 15.65 15.8 15.7 15.62 15.581 15.63 15.61 15.59 15.6 15.6 15.58 15.53 15.49 15.5 15.44 15.55 15.6 15.42 15.03 15.08 15.12 15.13 15.18 15.2 15.24 15.25 15.3 15.191 15.31 15.34 15.37 15.4 15.26 15.25 15.26 15.14 15.12 15.24 15.16 15.23 15.18 15.25 15.05 15.07 15.15 15 14.85 14.87 14.82 14.79 14.71 14.82 14.66 14.8 15.05 15.15 15.26 15.26 15.35 15.45 15.59 15.18 14.81 14.71 14.61 14.59 14.55 14.63 14.63 14.68 14.71 14.7 14.72 14.76 14.73 14.84 14.86 14.94 14.98 15.09 15.07 15.09 15.2 15.22 15.17 15.13 15.13 15.11 14.92 14.99 14.84 15 15.02 14.98 15.01 15.14 15.13 15.14 15.21 15.16 15.19 15.12 15 14.85 15.02 15.01 15 14.8 14.86 14.71 14.58 14.4 14.37 14.11 14.14 14.19 3/31/05 14.289 FUND SNAPSHOT ------------------------------------ Common Share Price $14.29 ------------------------------------ Common Share Net Asset Value $15.62 ------------------------------------ Premium/(Discount) to NAV -8.52% ------------------------------------ Market Yield 6.21% ------------------------------------ Taxable-Equivalent Yield1 9.27% ------------------------------------ Net Assets Applicable to Common Shares ($000) $130,126 ------------------------------------ Average Effective Maturity on Securities (Years) 16.36 ------------------------------------ Leverage-Adjusted Duration 8.11 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) -2.13% 0.74% ------------------------------------ 1-Year -5.55% 2.84% ------------------------------------ 5-Year 8.69% 8.46% ------------------------------------ 10-Year 7.77% 7.46% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 30.0% ------------------------------------ Education and Civic Organizations 16.7% ------------------------------------ Healthcare 13.6% ------------------------------------ U.S. Guaranteed 9.2% ------------------------------------ Tax Obligation/General 8.6% ------------------------------------ Utilities 7.0% ------------------------------------ Water and Sewer 6.8% ------------------------------------ Transportation 5.8% ------------------------------------ Other 2.3% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders a capital gains distribution in December 2004 of $0.1836 per share. 13 Nuveen Insured New York Dividend Advantage Municipal Fund NKO Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 84% AAA (uninsured) 6% AA (uninsured) 4% BBB (uninsured) 6% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0745 May 0.0745 Jun 0.0745 Jul 0.0745 Aug 0.0745 Sep 0.0745 Oct 0.0745 Nov 0.0745 Dec 0.0745 Jan 0.0745 Feb 0.0745 Mar 0.0715 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 15.45 15.3 14.95 14.48 14.8 15.05 14.95 14.75 14.3 14.35 14.26 14.45 14.19 14.02 13.98 13.58 13.34 13.4 13.75 13.5 13.55 13.59 13.55 13.48 13.25 12.95 12.97 13.24 13.1 13.06 13 13 13.2 12.98 12.98 13 13.12 13.06 13.13 13.36 13.26 13.26 13.53 13.52 13.45 13.32 13.2 13.14 13.05 13 12.95 13.09 13.05 13.13 13.05 13.12 13.1 13.134 13.15 13.24 13.22 13.42 13.46 13.52 13.9 13.83 13.69 13.67 13.75 13.89 13.69 13.72 13.8 13.87 13.78 13.8 13.61 13.81 13.83 13.75 13.58 13.53 13.68 13.77 13.77 13.9 13.88 13.92 14 13.95 14.04 14.04 13.9 13.96 14.01 14.12 14.09 14.1 14.1 14.13 13.97 14 14.18 14.2 14.28 14.28 14.5 14.78 14.6 14.5 14.5 14.43 14.44 14.52 14.38 14.41 14.33 14.36 14.36 14.34 14.33 14.4 14.5 14.54 14.59 14.6 14.54 14.35 14.27 14.3 14.3 14.39 14.37 14.65 14.46 14.52 14.7 14.89 14.85 14.86 14.83 14.86 14.85 14.84 14.87 14.95 15.05 14.85 14.94 14.96 15.02 15.04 15.04 14.91 14.7 14.84 14.85 14.82 15.11 14.89 14.99 14.99 14.95 14.85 14.9 14.71 14.69 14.69 14.35 14.31 14.24 14.14 14.26 14.34 14.38 14.45 14.4 14.57 14.24 14 14.18 13.98 13.95 13.87 13.84 13.86 13.85 13.87 13.85 13.85 13.86 13.85 14.06 14.12 14.1 14.09 14.18 14.32 14.38 14.45 14.4 14.34 14.38 14.39 14.55 14.49 14.49 14.7 14.7 14.84 14.89 15.07 15.09 15.05 15 15.14 15.08 15.07 15.08 15.08 14.98 15 14.75 14.8 14.85 14.65 14.84 14.85 14.89 14.99 15.05 15.12 15 14.87 14.85 14.71 14.8 14.65 14.61 14.57 14.65 14.6 14.56 14.58 14.49 14.39 14.07 13.75 13.79 13.7 13.75 13.96 3/31/05 14.1 FUND SNAPSHOT ------------------------------------ Common Share Price $14.10 ------------------------------------ Common Share Net Asset Value $15.42 ------------------------------------ Premium/(Discount) to NAV -8.56% ------------------------------------ Market Yield 6.09% ------------------------------------ Taxable-Equivalent Yield1 9.09% ------------------------------------ Net Assets Applicable to Common Shares ($000) $122,720 ------------------------------------ Average Effective Maturity on Securities (Years) 17.17 ------------------------------------ Leverage-Adjusted Duration 8.46 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 2.13% 1.84% ------------------------------------ 1-Year -1.42% 4.15% ------------------------------------ Since Inception 4.62% 9.09% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 23.9% ------------------------------------ Healthcare 15.8% ------------------------------------ U.S. Guaranteed 14.5% ------------------------------------ Utilities 11.5% ------------------------------------ Education and Civic Organizations 9.6% ------------------------------------ Tax Obligation/General 7.3% ------------------------------------ Transportation 6.3% ------------------------------------ Housing/Multifamily 3.8% ------------------------------------ Other 7.3% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2004 of $0.1158 per share. 14 Nuveen Insured New York Tax-Free Advantage Municipal Fund NRK Performance OVERVIEW As of March 31, 2005 Pie Chart: CREDIT QUALITY (as a % of total investments) Insured 85% AAA (uninsured) 2% AA (uninsured) 7% A (uninsured) 1% BBB (uninsured) 5% Bar Chart: 2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE Apr 0.0725 May 0.0725 Jun 0.0725 Jul 0.0725 Aug 0.0725 Sep 0.0695 Oct 0.0695 Nov 0.0695 Dec 0.0665 Jan 0.0665 Feb 0.0665 Mar 0.0635 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/04 15 14.75 14.63 14.14 14.05 14.1 14.06 13.91 13.8 13.85 13.91 14 14.03 13.8 13.55 13.49 13.45 13.55 13.6 13.6 13.39 13.47 13.46 13.35 13.04 12.98 12.55 12.61 12.4 12 12.21 12.25 12.39 12.4 12.53 12.44 12.63 12.54 12.6 12.68 12.79 12.79 12.72 12.81 12.76 12.76 12.56 12.69 12.72 12.72 12.65 12.55 12.52 12.6 12.55 12.46 12.54 12.58 12.56 12.54 12.55 12.54 12.63 12.83 13.1 13.1 13.05 13.05 13.18 13.34 13.17 13.21 13.2 13.13 13.19 13.24 13.14 13.04 13.11 13.04 12.96 13 13.07 13.13 13.13 13.25 13.45 13.57 13.55 13.75 13.77 13.6 13.62 13.65 13.71 13.85 13.8 13.8 13.8 13.75 13.75 14.15 14 14.07 13.74 14.3 14.41 14.45 14.34 14.2 14.2 14.1 14.07 14.08 13.86 13.63 13.75 13.64 13.68 13.72 13.66 13.74 13.7 13.74 13.66 13.9 13.71 13.64 13.7 13.7 13.66 13.45 13.57 13.7 13.9 13.87 13.87 13.9 13.91 13.83 13.78 13.85 13.77 13.78 13.85 13.95 13.9 14.05 14.08 14.11 14.3 14.45 14.45 14.35 14.3 14.19 14.48 14.4 14.26 14.26 14.38 14.36 14.5 14.44 14.37 14.25 14.18 14.17 14.07 13.88 13.57 13.46 13.58 13.65 13.48 13.61 13.55 13.78 13.5 13.37 13.52 13.34 13.32 13.25 13.18 13.16 13.14 13.06 13 13.04 13.08 13.12 13.17 13.31 13.29 13.31 13.42 13.45 13.49 13.47 13.45 13.43 13.59 13.55 13.56 13.77 13.79 13.65 13.65 13.68 13.65 13.76 13.69 13.71 13.7 13.77 13.87 13.9 13.86 13.84 13.8 14.06 13.97 14.17 13.9 13.74 13.64 13.64 13.58 13.76 13.785 13.87 13.95 14.17 14.22 14.04 13.96 13.72 13.64 13.52 13.6 13.6 13.89 14.05 14 13.91 13.8 13.78 13.62 13.33 13.31 13.54 3/31/05 13.41 FUND SNAPSHOT ------------------------------------ Common Share Price $13.41 ------------------------------------ Common Share Net Asset Value $14.67 ------------------------------------ Premium/(Discount) to NAV -8.59% ------------------------------------ Market Yield 5.68% ------------------------------------ Taxable-Equivalent Yield1 8.48% ------------------------------------ Net Assets Applicable to Common Shares ($000) $51,528 ------------------------------------ Average Effective Maturity on Securities (Years) 16.86 ------------------------------------ Leverage-Adjusted Duration 8.69 ------------------------------------ AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) ------------------------------------ ON SHARE PRICE ON NAV ------------------------------------ 6-Month (Cumulative) 1.24% 2.18% ------------------------------------ 1-Year -5.12% 3.97% ------------------------------------ Since Inception 1.02% 6.81% ------------------------------------ SECTORS (as a % of total investments) ------------------------------------ Tax Obligation/Limited 31.8% ------------------------------------ Education and Civic Organizations 15.1% ------------------------------------ Healthcare 13.8% ------------------------------------ Utilities 10.9% ------------------------------------ U.S. Guaranteed 10.8% ------------------------------------ Transportation 8.1% ------------------------------------ Other 9.5% ------------------------------------ 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 15 Shareholder MEETING REPORT The Shareholder Meeting was held in Chicago, Illinois, on March 22, 2005.
NQN NVN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 15,802,673 -- 21,237,235 -- Withhold 138,907 -- 157,734 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== Lawrence H. Brown For 15,806,732 -- 21,237,939 -- Withhold 134,848 -- 157,030 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== Jack B. Evans For 15,802,014 -- 21,238,351 -- Withhold 139,566 -- 156,618 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== William C. Hunter For 15,804,311 -- 21,236,771 -- Withhold 137,269 -- 158,198 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== David J. Kundert For 15,809,235 -- 21,235,971 -- Withhold 132,345 -- 158,998 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== William J. Schneider For -- 5,560 -- 7,291 Withhold -- 26 -- 50 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,586 -- 7,341 ==================================================================================================================================== Timothy R. Schwertfeger For -- 5,560 -- 7,291 Withhold -- 26 -- 50 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,586 -- 7,341 ==================================================================================================================================== Judith M. Stockdale For 15,804,885 -- 21,239,601 -- Withhold 136,695 -- 155,368 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ==================================================================================================================================== Eugene S. Sunshine For 15,804,570 -- 21,230,471 -- Withhold 137,010 -- 164,498 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 15,941,580 -- 21,394,969 -- ====================================================================================================================================
16 NUN NUF ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 21,835,862 -- 7,589,829 -- Withhold 285,750 -- 88,779 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== Lawrence H. Brown For 21,831,881 -- 7,594,051 -- Withhold 289,731 -- 84,557 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== Jack B. Evans For 21,829,459 -- 7,594,051 -- Withhold 292,153 -- 84,557 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== William C. Hunter For 21,828,721 -- 7,594,051 -- Withhold 292,891 -- 84,557 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== David J. Kundert For 21,832,096 -- 7,590,051 -- Withhold 289,516 -- 88,557 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== William J. Schneider For -- 7,609 -- 2,504 Withhold -- 17 -- 6 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 7,626 -- 2,510 ==================================================================================================================================== Timothy R. Schwertfeger For -- 7,609 -- 2,500 Withhold -- 17 -- 10 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 7,626 -- 2,510 ==================================================================================================================================== Judith M. Stockdale For 21,828,376 -- 7,594,047 -- Withhold 293,236 -- 84,561 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ==================================================================================================================================== Eugene S. Sunshine For 21,826,404 -- 7,590,051 -- Withhold 295,208 -- 88,557 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 22,121,612 -- 7,678,608 -- ====================================================================================================================================
17 Shareholder MEETING REPORT (continued) NKO NRK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting together together together together as a class as a class as a class as a class ==================================================================================================================================== Robert P. Bremner For 7,686,744 -- 3,376,223 -- Withhold 60,823 -- 29,797 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== Lawrence H. Brown For 7,690,751 -- 3,376,233 -- Withhold 56,816 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== Jack B. Evans For 7,691,178 -- 3,376,233 -- Withhold 56,389 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== William C. Hunter For 7,691,458 -- 3,376,233 -- Withhold 56,109 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== David J. Kundert For 7,690,334 -- 3,376,233 -- Withhold 57,233 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== William J. Schneider For -- 2,378 -- 1,079 Withhold -- 4 -- 1 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,382 -- 1,080 ==================================================================================================================================== Timothy R. Schwertfeger For -- 2,378 -- 1,079 Withhold -- 4 -- 1 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,382 -- 1,080 ==================================================================================================================================== Judith M. Stockdale For 7,686,302 -- 3,376,233 -- Withhold 61,265 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ==================================================================================================================================== Eugene S. Sunshine For 7,680,478 -- 3,376,233 -- Withhold 67,089 -- 29,787 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,747,567 -- 3,406,020 -- ====================================================================================================================================
18 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 9.7% (6.5% OF TOTAL INVESTMENTS) $ 1,250 New York City Industrial Development Agency, New York, Civic No Opt. Call AAA $ 1,355,050 Facility Revenue Bonds, USTA National Tennis Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured 3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 3,268,830 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,776,055 Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 3,500 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,638,320 Revenue Bonds, Culinary Institute of America, Series 1999, 5.000%, 7/01/22 - MBIA Insured 4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 4,798,980 Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 - FGIC Insured 1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Aaa 1,199,335 Canisius College, Series 2005, 5.000%, 7/01/21 (WI, settling 4/26/05) - MBIA Insured 965 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,098,276 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 1,250 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 1,397,538 Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,341,816 Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,113,940 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 24.1% (16.1% OF TOTAL INVESTMENTS) 2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,099,240 Health System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 - AMBAC Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,361,113 2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,233,812 3,135 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 3,225,539 Hospital Insured Revenue Bonds, Southside Hospital, Series 1998, 5.000%, 2/15/25 - MBIA Insured 7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,111,435 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 5,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 5,305,100 Mortgage Hospital Revenue Bonds, Highland Hospital of Rochester, Series 1997A, 5.400%, 8/01/27 - MBIA Insured 3,280 Dormitory Authority of the State of New York, Revenue 11/08 at 101.00 AAA 3,399,031 Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 - MBIA Insured 2,075 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,149,077 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 4,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,486,433 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 6,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AAA 6,301,920 Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999: 845 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 883,507 4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,192,640 19 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 8,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AAA $ 8,639,280 Bonds, Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 1,500 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 1,621,110 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,273,330 Revenue Bonds, New Island Hospital, Series 1999A, 5.750%, 7/01/19 - AMBAC Insured 8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 8,937,695 Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.7% (1.1% OF TOTAL INVESTMENTS) New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A: 1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,804,452 2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,814,275 205 New York State Housing Finance Agency, FHA-Insured 8/05 at 101.00 AAA 209,377 Mortgage Multifamily Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS) 725 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 765,375 Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% (1.0% OF TOTAL INVESTMENTS) 3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,045,030 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 1,272,560 Mortgage Revenue Bonds, St. John's Meadows Project, Series 1997A, 5.750%, 8/01/37 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 14.7% (9.8% OF TOTAL INVESTMENTS) Erie County, New York, General Obligation Bonds, Series 2003A: 1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,087,070 1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,300,056 1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,401,959 1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,504,888 635 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 699,154 Series 2004B, 5.250%, 4/01/13 - MBIA Insured 2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,173,880 Series 2001A, 5.250%, 1/15/14 - MBIA Insured 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 767,725 General Obligation Bonds, Series 2000, 5.600%, 8/01/18 - MBIA Insured 1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AAA 1,060,800 Improvement Bonds, Series 2002, 5.000%, 3/01/16 - FGIC 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 2,122,322 2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,228,160 2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,411,983 Nassau County, New York, General Obligation Improvement Bonds, Series 1999B: 2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,169,971 1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,071,270 5,000 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 5,323,850 Series 2004I, 5.000%, 8/01/17 - MBIA Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800 Series 2004B, 5.250%, 8/01/12 - FSA Insured 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) New York City, New York, General Obligation Bonds, Fiscal Series 2004E: $ 1,400 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA $ 1,514,352 2,600 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 2,814,240 1,165 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 1,194,055 Obligation Refunding 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 543,750 500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 543,750 255 Port Jervis, Orange County, New York, General Obligation 3/09 at 101.00 Aaa 277,269 Bonds, Water Improvements, Series 1999, 5.625%, 3/15/24 - FGIC Insured 2,240 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 2,415,616 Series 2004B, 5.000%, 5/01/11 - FSA Insured 800 West Islip Union Free School District, Suffolk County, No Opt. Call Aaa 869,632 New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/14 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 45.3% (30.2% OF TOTAL INVESTMENTS) Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,110,890 1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 1,333,068 1,290 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,447,419 School Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured 2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 3,037,297 Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,235,345 1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,375,588 2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,188,380 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,062,380 4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,213,796 6,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 6,358,800 Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,242,513 1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,337,886 1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,333,188 4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,301,614 and Use Tax Revenue Bonds, Series 2004H, 5.250%, 11/15/13 - AMBAC Insured 2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,149,000 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 - AMBAC Insured 3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,083,018 Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,777,628 Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,114,680 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,560,840 Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 - FSA Insured 5,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 5,515,500 Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,067,910 Bonds, Nassau County Board of Cooperative Educational Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured 21 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA $ 2,373,885 Program Insured Revenue Bonds, St. Anne Institute, Issue 2, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D: 1,145 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,236,863 2,100 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,272,935 100 Dormitory Authority of the State of New York, Revenue 8/11 at 100.00 AAA 109,507 Bonds, Mental Health Services Facilities Improvements, Series 2001B, 5.500%, 8/15/19 - MBIA Insured 75 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 83,283 Mental Health Services Facilities Improvements, Series 2000D, 5.875%, 2/15/16 - FSA Insured 2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 2,545,948 Department of Health, Series 2004-2, 5.000%, 7/01/20 - FGIC Insured 110 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 117,085 Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 155 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 161,065 Revenue Bonds, Mental Health Services Facilities, Series 1996B, 5.375%, 2/15/26 - MBIA Insured 1,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,474,884 Revenue Bonds, 853 Schools Program - Anderson School, Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 2,201,320 Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured 2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,340,606 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, 4/08 at 101.00 AAA 1,792,945 Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured 3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,296,040 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured 4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,916,526 School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,403,520 1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,412,749 2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,092,840 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,781,470 Fund Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured 2,225 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,386,580 Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,056,760 1,750 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA 1,843,958 3,790 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 4,160,397 Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 1,550 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,620,665 Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC Insured 650 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 721,234 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured 2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,188,900 5.500%, 8/01/19 - FSA Insured 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: $ 2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA $ 2,306,260 1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,674,736 3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,300,509 1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,634,235 Revenue Bonds, Hampton Bays Public Library, Series 1999A, 6.000%, 10/01/19 - MBIA Insured New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,746,229 1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,066,560 4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,783,545 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 14.3% (9.6% OF TOTAL INVESTMENTS) 2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,209,840 Transportation Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC Insured 2,520 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 2,609,183 Transportation Revenue Bonds, Series 2005A, 5.000%, 11/15/33 - AMBAC Insured 1,800 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,869,552 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 2,300 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,425,534 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,317,350 Revenue Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured 5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,312,179 Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured Puerto Rico Ports Authority, Revenue Bonds, Series 1991D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/05 at 100.00 AAA 5,346,600 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/05 at 100.00 AAA 11,498,850 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 891,883 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,464,841 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED *** - 20.8% (13.9% OF TOTAL INVESTMENTS) 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 593,045 425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 480,084 1,230 Buffalo, New York, General Obligation Bonds, Series 1999E, 12/09 at 101.00 AAA 1,389,420 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured 500 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 567,115 6.000%, 4/01/18 (Pre-refunded to 4/01/10) - FGIC Insured Longwood Central School District, Suffolk County, New York, Series 2000: 1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159 1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159 2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,315,815 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A: 5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,570,954 7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,128,580 23 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED *** (continued) $ 1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA $ 1,088,700 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured Nassau County, New York, General Obligation Improvement Bonds, Series 2000F: 1,505 6.500%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,722,021 1,000 6.500%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,144,200 910 6.500%, 3/01/20 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,041,222 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,249 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 5,030 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 5,514,641 Bonds, American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 (Pre-refunded to 7/01/19) - AMBAC Insured 1,040 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,251,557 Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 - BIGI Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2001B: 975 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,081,070 1,405 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,557,850 2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,251,680 Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2001A: 1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,265,443 1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,337,280 2,945 Dormitory Authority of the State of New York, Fourth General 7/10 at 100.00 AAA 3,202,717 Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/21 (Pre-refunded to 7/01/10) - FGIC Insured 1,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,085,210 Bonds, State Personal Income Tax, Series2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured 5,915 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,497,450 Bonds, State University Educational Facilities, Series 2002A, 5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured 1,000 Puerto Rico, General Obligation and Public Improvement 7/10 at 100.00 AAA 1,107,750 Bonds, 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 395,052 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to 7/01/10) - MBIA Insured Suffolk County, New York, Public Improvement Bonds, Series 2000A: 1,130 5.750%, 5/01/17 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,269,928 1,100 6.000%, 5/01/18 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,248,995 610 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 692,625 640 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 726,688 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.4% (7.0% OF TOTAL INVESTMENTS) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 6,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 6,324,840 3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,235,830 1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,056,580 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 2,573,825 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,631,000 2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,783,462 General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured 2,275 New York State Energy Research and Development 5/05 at 100.50 AAA 2,305,303 Authority, Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,250 New York State Energy Research and Development Authority, 7/05 at 101.00 AAA $ 2,288,115 Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, 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 1,028,080 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,185,780 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured 2,565 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,678,860 Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.0% (4.6% OF TOTAL INVESTMENTS) 3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,041,187 Water System Revenue Bonds, Series 1999, 6.000%, 7/01/29 - FSA Insured 5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 5,244,127 Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 1,030,060 Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 - AMBAC Insured 4,750 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 5,106,202 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 2,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 2,105,280 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,867,732 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 390,675 Total Long-Term Investments (cost $395,407,275) - 149.8% 417,585,536 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 5,092,151 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.7)% (144,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 278,677,687 ====================================================================================================================
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 unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 25 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.1% (8.0% OF TOTAL INVESTMENTS) 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 $ 1,454,416 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 677,448 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,010 Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,036,130 Revenue Refunding Bonds, Hofstra University, Series 1998, 5.000%, 7/01/23 - MBIA Insured 1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,479,715 Civic Facility Revenue Bonds, USTA National Tennis Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured 7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,433,208 Civic Facility Revenue Bonds, Horace Mann School, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,179,220 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 1,870 Dormitory Authority of the State of New York, Insured Revenue 7/05 at 100.00 AAA 1,876,919 Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 - AMBAC Insured 4,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,691,115 Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,130 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,286,064 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,642,685 2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,839,874 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,048,270 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,531,137 500 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 559,015 Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000: 1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,058,760 2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,031,831 Dormitory Authority of the State of New York, Insured Revenue Bonds, New York University, Series 2001-2: 1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,480,856 800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 873,120 600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 654,840 2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,883,700 Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured 2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,238,709 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 - AMBAC Insured 1,710 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,807,778 Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.9% (12.5% OF TOTAL INVESTMENTS) 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 2,987,656 3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,260,302 26 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, St. Vincent's Hospital and Medical Center, Series 1991: $ 1,810 7.375%, 8/01/11 8/05 at 100.00 AAA $ 1,816,806 4,150 7.400%, 8/01/30 8/05 at 100.00 AAA 4,329,280 5,995 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 104.00 AAA 6,305,661 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 6,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 6,901,310 Mortgage Revenue Refunding Bonds, United Health Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 3,013,320 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,749,783 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 4,125 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,491,878 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1: 2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,625,800 3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,339,588 5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 6,005,957 Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 6,430 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 6,949,158 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 12,601,888 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured 2,025 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 2,116,145 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.1% (2.7% OF TOTAL INVESTMENTS) 9,755 New York City Housing Development Corporation, New York, 4/05 at 105.00 AAA 10,262,581 Limited Obligation Multifamily Housing Revenue Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A: 870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 899,641 3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,750,642 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.5% (0.3% OF TOTAL INVESTMENTS) 1,680 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,773,559 Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.3% (1.6% OF TOTAL INVESTMENTS) 2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,213,120 Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 - MBIA Insured 6,000 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 6,235,740 Nursing Home Mortgage Revenue Bonds, Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 19.1% (12.7% OF TOTAL INVESTMENTS) Erie County, New York, General Obligation Bonds, Series 1999A: 700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 767,641 700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 758,254 Erie County, New York, General Obligation Bonds, Series 2003A: 1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,532,769 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,625,070 1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,628,429 1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,757,494 745 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 820,267 Series 2004B, 5.250%, 4/01/13 - MBIA Insured 27 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 2,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA $ 2,678,175 Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured 45 New York City, New York, General Obligation Bonds, Fiscal 8/05 at 100.00 AAA 45,142 Series 1992C, 6.250%, 8/01/10 - FSA Insured New York City, New York, General Obligation Bonds, Fiscal Series 1998H: 4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,320,731 6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,371,040 5,000 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,116,200 Series 1999I, 5.000%, 4/15/29 - MBIA Insured 3,000 New York City, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,163,470 Fiscal Series 2001D, 5.000%, 8/01/16 - FGIC Insured 6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,654,813 Series 2004I, 5.000%, 8/01/17 - MBIA Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800 Series 2004B, 5.250%, 8/01/12 - FSA Insured New York City, New York, General Obligation Bonds, Fiscal Series 2004E: 1,660 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,795,589 3,070 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,322,968 2,330 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 2,388,110 Obligation Refunding Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured Oneida County, New York, General Obligation Public Improvement Bonds, Series 2000: 100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 108,750 100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 108,750 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 582,388 525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 581,863 525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 581,994 525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 581,994 525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 581,994 525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 581,994 525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 581,994 525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 578,062 525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 578,062 Rensselaer County, New York, General Obligation Bonds, Series 1991: 960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,181,597 960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,192,397 960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,200,749 960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,208,822 960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,216,646 747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 952,156 Rochester, New York, General Obligation Bonds, Series 1999: 735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 820,936 735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 821,068 730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 815,155 730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 814,388 730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 815,264 730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 815,877 725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 811,732 1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,811,712 Series 2004B, 5.000%, 5/01/11 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 43.5% (28.9% OF TOTAL INVESTMENTS) Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,366,395 1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,360,840 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA $ 1,907,451 Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured 4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,062,162 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,326,820 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,301,410 5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,470,950 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,062,380 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,116,040 7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,948,500 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 4,241,160 1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,599,312 1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,593,696 50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 50,986 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B: 2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,053,242 1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,080,480 7,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 8,046,975 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,654,875 Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 3,060 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,276,832 Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,114,680 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 5,250 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 5,791,275 Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D: 1,210 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,307,078 2,240 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,424,464 3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,813,640 Department of Health, Series 2004-2, 5.000%, 7/01/20 - FGIC Insured 105 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 111,763 Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 1996B: 95 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 98,717 80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 83,130 7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 7,864,216 Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured 2,000 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,066,760 Special Obligation Revenue Refunding Bonds, Riverbank State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured 7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 7,940,185 Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured 3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,120,050 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured 29 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) New York State Municipal Bond Bank Agency, Buffalo, Special Program Revenue Bonds, Series 2001A: $ 875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA $ 932,890 920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 973,618 965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,030,427 1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,078,772 7,925 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 8,470,319 Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,996,480 2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,282,133 3,575 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 3,878,804 Trust Fund Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,394,450 Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured 2,375 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,547,473 Trust Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 2,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,113,520 1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,050,640 2,530 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,777,257 Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,592,160 Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 2,680 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,809,444 1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,051,552 3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,300,509 New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 9,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 10,065,802 1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,066,560 2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,657,525 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 9.7% (6.4% OF TOTAL INVESTMENTS) Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA 6,629,520 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,113,500 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 1,466,297 4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,723,962 2,880 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 2,981,923 Revenue Bonds, Series 2005A, 5.000%, 11/15/33 - AMBAC Insured 1,600 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,661,824 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,636,450 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 7,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,444,290 Revenue Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,795,201 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,072,346 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 18.4% (12.3% OF TOTAL INVESTMENTS) Longwood Central School District, Suffolk County, New York, Series 2000: $ 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa $ 1,129,900 1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,129,900 4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,137,222 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 10/10 at 100.00 AAA 3,291,270 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded to 10/01/10) - MBIA Insured 11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 11,765,050 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,354,800 3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,538,275 255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 291,187 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 5,940 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 6,522,061 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured 5,225 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,879,797 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured 10 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 10,579 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 1,075 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 1,178,576 Revenue Bonds, American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 (Pre-refunded to 7/01/19) - AMBAC Insured 2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,321,449 Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/18 (Pre-refunded to 7/01/11) - FGIC Insured 505 Dormitory Authority of the State of New York, Suffolk 4/05 at 114.14 Baa1*** 708,202 County, Lease Revenue Bonds, Judicial Facilities, Series 1991A, 9.500%, 4/15/14 1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,688,760 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured 1,500 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,627,815 Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured 5,795 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,320,606 Bonds, State University Educational Facilities, Series 2002A, 5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured New York State Urban Development Corporation, Service Contract Revenue Bonds, Correctional Facilities, Series 2000C: 6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,521,400 2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,186,740 2,255 Nassau County, North Hempstead, New York, General 7/09 at 101.00 Aaa 2,519,309 Obligation Bonds, Series 1999B, 5.875%, 7/15/19 (Pre-refunded to 7/15/09) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.7% (9.8% OF TOTAL INVESTMENTS) 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 8,749,362 4,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,226,320 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 1,622,080 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,532,320 15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,445,300 3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,033,680 4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,467,720 3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 925,740 31 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) 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: $ 3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA $ 3,088,590 3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,288,750 10,025 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 10,158,533 Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, 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 3,084,240 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 6,000 New York State Energy Research and Development 9/08 at 102.00 AAA 6,557,340 Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured 2,875 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,002,621 Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.3% (4.8% OF TOTAL INVESTMENTS) 5,795 New York City Municipal Water Finance Authority, 6/15 at 100.00 AAA 6,041,693 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 - MBIA Insured 10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,287,395 New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,263,200 Water and Sewerage System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000B: 1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,400,799 1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,384,360 350 New York State Environmental Facilities Corporation, 9/05 at 100.00 AAA 351,347 State Water Pollution Control Revolving Fund Pooled Revenue Bonds, Series 1991B, 7.100%, 9/15/11 2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 965,523 New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 542,902 Total Long-Term Investments (cost $520,654,662) - 150.6% 553,957,864 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 6,792,236 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.5)% (193,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 367,750,100 ====================================================================================================================
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 unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 32 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 24.0% (15.8% OF TOTAL INVESTMENTS) 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 $ 1,177,911 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 677,448 500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,010 Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,646,774 Revenue Refunding Bonds, Hofstra University, Series 1998, 5.000%, 7/01/23 - MBIA Insured 5,000 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,252,700 Revenue Bonds, New York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 7,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 7,644,110 Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 14,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 15,248,780 Revenue Bonds, American Museum of Natural History, Series 1997A, 5.650%, 4/01/27 - MBIA Insured 1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,501,395 Civic Facility Revenue Bonds, USTA National Tennis Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured 4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,994,793 Civic Facility Revenue Bonds, Trinity Episcopal School, Series 1997, 5.250%, 6/15/27 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,179,220 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,208,857 Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,823,860 Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/13 - MBIA Insured 8,500 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 8,916,245 Revenue Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26 - AMBAC Insured 4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,849,405 Bonds, Barnard College, Series 1996, 5.250%, 7/01/26 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,049,260 Resolution Consolidated Revenue Bonds, City University System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured 1,155 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,314,517 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,642,685 2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,835,758 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,048,270 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,531,137 4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,617,440 Educational Facilities Revenue Bonds, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 - FSA Insured 1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 1,153,480 Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured 2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,829,283 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 - AMBAC Insured 1,650 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,738,622 Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 - FGIC Insured 33 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.9% (9.8% OF TOTAL INVESTMENTS) 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 $ 2,987,656 3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,260,302 3,995 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 104.00 AAA 4,202,021 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 7,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,031,080 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,796,390 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 4,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,486,433 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan-Kettering Cancer Center, Series 2003-1: 2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,625,800 3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,433,221 9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,726,660 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,405,090 Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured 3,350 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 3,484,871 FHA-Insured Mortgage Revenue Bonds, Montefiore Medical Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured 1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 1,992,864 Secured Mortgage Revenue Bonds, Brookdale Family Care Centers Inc., Series 1995A, 6.375%, 11/15/19 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS) 8,113 New York City Housing Development Corporation, New York, 4/05 at 105.00 AAA 8,535,046 Limited Obligation Multifamily Housing Revenue Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured 1,540 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 1,593,376 Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured 325 New York State Housing Finance Agency, FHA-Insured 8/05 at 101.00 AAA 331,939 Mortgage Multifamily Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.2% (0.1% OF TOTAL INVESTMENTS) 725 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 765,375 Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.8% (1.2% OF TOTAL INVESTMENTS) 4,450 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 4,516,795 New York, FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 Dormitory Authority of the State of New York, Revenue 7/06 at 102.00 AAA 2,097,800 Bonds, United Cerebral Palsy of New York City Inc., Series 1996, 5.500%, 7/01/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 15.0% (9.9% OF TOTAL INVESTMENTS) Erie County, New York, General Obligation Bonds, Series 2003A: 1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,630,605 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,625,070 1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,725,488 1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,827,364 805 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 886,329 Series 2004B, 5.250%, 4/01/13 - MBIA Insured 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 2,392,402 1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,058,570 1,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA 1,606,905 Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) New York City, New York, General Obligation Bonds, Fiscal Series 2001D: $ 2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA $ 2,262,181 5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,787,728 5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,272,450 5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,206,550 Series 2002C, 5.125%, 3/15/25 - FSA Insured 6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,654,813 Series 2004I, 5.000%, 8/01/17 - MBIA Insured 5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800 Series 2004B, 5.250%, 8/01/12 - FSA Insured New York City, New York, General Obligation Bonds, Fiscal Series 2004E: 1,690 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,828,039 3,120 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,377,088 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 1,799,576 1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,855,290 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 581,863 525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 578,062 525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 578,062 1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,811,712 Series 2004B, 5.000%, 5/01/11 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 46.3% (30.5% OF TOTAL INVESTMENTS) Erie County Industrial Development Agency, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,333,068 1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,110,890 1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,918,671 Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured 4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,062,162 Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,326,820 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,301,410 6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,565,140 3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,093,570 8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,232,080 7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,948,500 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured 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 1,594,186 1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,588,588 75 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 76,478 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B: 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,105,640 2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,614,762 1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,029,520 6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,437,580 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,654,875 Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,136,366 Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 35 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA $ 1,950,792 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 6,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 6,618,600 Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured Dormitory Authority of the State of New York, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services, Series 2002: 1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,124,180 1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,180,377 1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,215,551 3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,636,525 Program Insured Revenue Bonds, Harmony Heights School, Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D: 1,230 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,328,683 2,275 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,462,346 40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,473 Revenue Bonds, Mental Health Services Facilities, Series 1996B, 5.125%, 8/15/21 - MBIA Insured 370 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 389,037 Mental Health Services Facilities Improvements, Series 2000D, 5.250%, 8/15/30 - FSA Insured 3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,813,640 Department of Health, Series 2004-2, 5.000%, 7/01/20 - FGIC Insured 110 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 117,085 Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,120,050 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured 7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,443,599 School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,400,000 3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,260,190 4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,339,190 Fund Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured 6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,474,420 Fund Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured 2,400 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,574,288 Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 2,200 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,324,872 1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,050,640 2,530 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,777,257 Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,586,581 Refunding Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 - MBIA Insured Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E: 3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,395,700 6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,888,240 New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,851,376 1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,082,953 3,220 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,352,567 36 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: $ 12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA $ 13,278,292 1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,063,010 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.5% (7.6% OF TOTAL INVESTMENTS) 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 7/05 at 101.00 AAA 4,302,488 Revenue Bonds, Series 1995, 5.750%, 1/01/25 - MBIA Insured Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,215,270 4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,227,000 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E: 2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,927,103 8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,776,760 2,940 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 3,044,047 Revenue Bonds, Series 2005A, 5.000%, 11/15/33 - AMBAC Insured 1,625 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,687,790 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,636,450 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 5,334,500 Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - FGIC Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,795,201 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,072,346 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 18.3% (12.1% OF TOTAL INVESTMENTS) 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 1,593,159 1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159 Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,413,900 4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,587,345 3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,208,650 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,354,800 1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,088,700 5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,628,600 Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,228,400 Water and Sewerage System Revenue Bonds, Fiscal Series 2002A, 5.750%, 6/15/27 (Pre-refunded to 6/15/11) - MBIA Insured 170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 194,125 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 5,150 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,795,398 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured 15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 15,869 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 2,500 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 2,840,050 Future Tax Secured Bonds, Fiscal Series 2000B, 6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured 1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,562,407 Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/20 (Pre-refunded to 7/01/11) - FGIC Insured 37 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) $ 3,080 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA $ 3,706,534 Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,677 Revenue Bonds, Mental Health Services Facilities, Series 1996B, 5.125%, 8/15/21 (Pre-refunded to 2/15/06) - MBIA Insured 170 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 186,191 Mental Health Services Facilities Improvements, Series 2000D, 5.250%, 8/15/30 (Pre-refunded to 8/15/10) - FSA Insured 265 Dormitory Authority of the State of New York, Fourth General 7/10 at 100.00 AAA 288,190 Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/23 (Pre-refunded to 7/01/10) - FGIC Insured 1,750 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 1,970,220 Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,627,815 State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured 8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 8,897,607 State University Educational Facilities, Series 2002A, 5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured 6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,560,220 Contract Revenue Bonds, Correctional Facilities, Series 2000C, 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 11.4% (7.5% OF TOTAL INVESTMENTS) 1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,963,401 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 7,378,980 3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,451,552 1,500 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,584,870 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 1,622,080 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,532,320 5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,815,100 7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,411,920 10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,424,680 7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,160,060 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 2,573,825 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,631,000 5,465 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 5,655,728 Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 1,250 New York State Energy Research and Development Authority, 7/05 at 101.00 AAA 1,271,175 Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured 2,940 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,070,506 Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.9% (3.3% OF TOTAL INVESTMENTS) 5,895 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,145,950 Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 - MBIA Insured 2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,060,120 Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 - AMBAC Insured 3,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 3,493,718 Water and Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,210,560 Water and Sewerage System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Fiscal Series 2000B: $ 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA $ 933,865 1,360 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,536,922 ------------------------------------------------------------------------------------------------------------------------------------ $ 553,638 Total Long-Term Investments (cost $532,832,887) - 151.1% 563,141,749 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS) 1,450 Puerto Rico Government Development Bank, Adjustable A-1 1,450,000 Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 2.190%, 12/01/15 - MBIA Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 1,450 Total Short-Term Investments (cost $1,450,000) 1,450,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $534,282,887) - 151.5% 564,591,749 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.4% 5,070,835 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.9)% (197,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 372,662,584 ====================================================================================================================
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 unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. (WI) Security purchased on a when-issued basis. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 39 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 24.9% (16.7% OF TOTAL INVESTMENTS) Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Project, Series 2000A: $ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 276,505 250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 277,643 2,460 New York City Trust for Cultural Resources, New York, Revenue 7/06 at 101.00 AAA 2,584,328 Bonds, New York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 1,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,317,950 Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 4,000 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 4,215,160 Bonds, American Museum of Natural History, Series 1997A, 5.650%, 4/01/22 - MBIA Insured 500 New York City Industrial Development Agency, New York, No Opt. Call AAA 542,020 Civic Facility Revenue Bonds, USTA National Tennis Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,133,370 State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 - AMBAC Insured 2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,537,590 Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 3,000 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,219,810 Bonds, New School for Social Research, Series 1997, 5.750%, 7/01/26 - MBIA Insured 5,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 5,212,350 Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,935 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 2,063,561 Appropriation Lease Bonds, Upstate Community Colleges, Series 2005A, 5.000%, 7/01/19 - FGIC Insured 450 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 512,150 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,612,959 University of Rochester, Series 2000A, 0.000%, 7/01/24 - MBIA Insured 250 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 279,508 Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1: 1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,717,935 500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 576,740 810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 847,876 Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 - AMBAC Insured 1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 1,354,099 State University Educational Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 20.3% (13.6% OF TOTAL INVESTMENTS) 1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,092,760 Health System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 - FSA Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,733,908 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,720 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 102.00 AAA 3,085,350 Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995, 5.600%, 8/01/25 - MBIA Insured 40 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 1/08 at 102.00 AAA $ 1,600,020 Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 - FSA Insured 2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,922,920 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 955 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 989,093 Mortgage Revenue Bonds, Montefiore Hospital, Series 2004, 5.000%, 8/01/29 - FGIC Insured 2,465 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,684,237 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 2,877,877 Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 3,239,730 Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 3,605,285 Winthrop-South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,458,044 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.6% (1.2% OF TOTAL INVESTMENTS) 2,035 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 2,105,533 Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% (1.1% OF TOTAL INVESTMENTS) 1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,106,560 Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 - MBIA Insured 850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 881,042 Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 12.2% (8.2% OF TOTAL INVESTMENTS) Erie County, New York, General Obligation Bonds, Series 2003A: 500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 543,535 500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 541,690 600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 647,058 600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 644,952 315 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 346,824 Series 2004B, 5.250%, 4/01/13 - MBIA Insured 210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 236,693 Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured 2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,119,740 Series 1998F, 5.250%, 8/01/16 - FGIC Insured 2,500 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 2,661,925 Series 2004I, 5.000%, 8/01/17 - MBIA Insured 2,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 2,194,320 Series 2004B, 5.250%, 8/01/12 - FSA Insured New York City, New York, General Obligation Bonds, Fiscal Series 2004E: 650 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 703,092 1,180 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 1,277,232 1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,253,370 Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 - MBIA Insured 1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,060,450 General Obligation Refunding Bonds, Series 2002, 5.125%, 6/15/18 - FSA Insured 1,125 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,213,200 Series 2004B, 5.000%, 5/01/11 - FSA Insured 415 West Islip Union Free School District, Suffolk County, No Opt. Call Aaa 451,122 New York, General Obligation Bonds, Series 2005, 5.000%, 10/01/14 - FSA Insured 41 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 44.7% (30.0% OF TOTAL INVESTMENTS) $ 750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA $ 837,833 Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/19 - FSA Insured 500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 561,015 Facility Revenue Bonds, Buffalo City School District, Series 2004, 5.750%, 5/01/26 - FSA Insured 1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,485,635 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,745,115 1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,641,285 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,058,020 2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,649,500 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,060,290 580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 594,616 580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 592,528 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2003C: 1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,074,500 2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,516,021 1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,566,375 Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,070,860 Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,057,340 Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 520,280 Bonds, Wayne-Finger Lakes Board of Cooperative Education Services, Series 2004, 5.000%, 8/15/23 - FSA Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 1,103,100 Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Mental Health Services Facilities Improvements, Series 2005D: 495 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 534,714 910 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 984,939 145 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 152,460 Mental Health Services Facilities Improvements, Series 2000D, 5.250%, 8/15/30 - FSA Insured 1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 1,278,256 Department of Health, Series 2004-2, 5.000%, 7/01/20 - FGIC Insured 1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,648,020 Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D: 4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,595,883 875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 901,189 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 592,960 600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 652,038 1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,046,420 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 1,620,630 1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,079,150 1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,339,363 Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/23 - MBIA Insured 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: $ 1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA $ 1,056,760 1,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,047,600 1,775 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 1,948,471 Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 784,193 Revenue Bonds, Series 2004A, 5.000%, 3/15/24 - AMBAC Insured 1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,080,671 Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 - FSA Insured 1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,148,040 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 898,768 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 964,436 680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 711,763 1,590 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,655,460 1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,591,725 Agreement Revenue Bonds, John P. Colahan Court Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,500 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,606,245 3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,039,438 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.6% (5.8% OF TOTAL INVESTMENTS) Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 552,460 1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,806,980 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,065,120 Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 - MBIA Insured 1,020 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 1,056,098 Revenue Bonds, Series 2005A, 5.000%, 11/15/33 - AMBAC Insured 750 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 778,980 Series 2005F, 5.000%, 1/01/30 - AMBAC Insured 500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 527,290 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 10/07 at 101.00 AAA 1,063,470 Revenue Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 891,883 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,464,841 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 13.7% (9.2% OF TOTAL INVESTMENTS) 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 564,950 500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 564,950 1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,604,325 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 544,350 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 2,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 2,251,440 Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 43 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) $ 1,000 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA $ 1,115,430 Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,249 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 500 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 562,660 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured 70 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 76,667 Mental Health Services Facilities Improvements, Series 2000D, 5.250%, 8/15/30 (Pre-refunded to 8/15/10) - FSA Insured 1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,688,760 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured 2,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 2,170,420 Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured 2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 2,238,640 Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,461,395 Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured 440 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 496,637 Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to 7/01/10) - MBIA Insured Suffolk County, New York, Public Improvement Bonds, Series 2000A: 500 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 567,725 500 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 567,725 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.4% (7.0% OF TOTAL INVESTMENTS) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 5,050 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 5,323,407 1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,056,580 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 514,765 625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 657,750 2,280 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 2,359,572 Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union Gas Company, 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 2,570,200 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 1,065 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,112,275 Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.2% (6.8% OF TOTAL INVESTMENTS) 1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,932,462 Revenue Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured 1,940 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 2,022,582 Water and Sewerage System Revenue Bonds, Fiscal Series 2005C, 5.000%, 6/15/27 - MBIA Insured 2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,060,120 Water and Sewerage System Revenue Bonds, Fiscal Series 2004C, 5.000%, 6/15/35 - AMBAC Insured 1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,934,982 Water and Sewerage System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,257,130 Water and Sewerage System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,052,640 Water and Sewerage System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 44 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,867,732 Water and Sewerage System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,089,480 Revenue Refunding Bonds, Series 1993, 5.100%, 6/01/12 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 180,510 Total Long-Term Investments (cost $183,482,788) - 148.1% 192,689,473 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.6% (0.4% OF TOTAL INVESTMENTS) 800 Puerto Rico Government Development Bank, Adjustable A-1 800,000 Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 2.190%, 12/01/15 - MBIA Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 800 Total Short-Term Investments (cost $800,000) 800,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $184,282,788) - 148.7% 193,489,473 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 1,636,748 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.0)% (65,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 130,126,221 ====================================================================================================================
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 unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. (WI) Security purchased on a when-issued basis. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 45 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 5.4% (3.7% OF TOTAL INVESTMENTS) $ 905 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 908,122 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 3,145 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 3,142,830 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 997,140 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 1,530 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,566,276 Series 2002-1, 5.500%, 7/15/24 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.1% (9.6% OF TOTAL INVESTMENTS) 25 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 26,345 Bonds, American Museum of Natural History, Series 1997A, 5.650%, 4/01/22 - MBIA Insured 4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 4,149,160 Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,329,480 Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 3,855,995 New York University, Series 1998A, 6.000%, 7/01/18 - MBIA Insured 1,280 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 1,334,362 Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 260 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 295,909 City University of New York, Series 2005A, 5.500%, 7/01/18 - FGIC Insured 2,000 Dormitory Authority of the State of New York, Second General 7/10 at 101.00 AAA 2,260,680 Resolution Consolidated Revenue Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 23.3% (15.8% OF TOTAL INVESTMENTS) 690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 754,004 Health System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 - FSA Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,600,530 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,720 2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,008,880 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 1,640 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,785,862 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 1,811,802 Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 626,622 South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,644,858 Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured 90 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 97,192 Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,215,517 Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 46 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA $ 2,656,450 Revenue Bonds, Bronx Lebanon Hospital, Series 1998E, 5.200%, 2/15/15 - MBIA Insured 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,458,044 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured Suffolk County Industrial Development Agency, New York, Revenue Bonds, Huntington Hospital, Series 2002C: 725 6.000%, 11/01/22 11/12 at 100.00 Baa1 766,833 1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,083,195 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.6% (3.8% OF TOTAL INVESTMENTS) New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,824,653 1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,401,153 Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Willow Towers Inc., Series 2002: 1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,062,250 1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,593,960 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.6% (0.3% OF TOTAL INVESTMENTS) 720 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 760,097 Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 10.6% (7.2% OF TOTAL INVESTMENTS) Buffalo, New York, General Obligation Bonds, Series 2002B: 1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,629,017 2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,581,103 1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,357,378 General Obligation Refunding Bonds, Series 2002A, 5.375%, 4/01/17 - FSA Insured 200 Nassau County, New York, General Obligation Improvement 11/07 at 102.00 AAA 213,200 Bonds, Series 1997X, 5.100%, 11/01/16 - AMBAC Insured 3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AAA 3,229,200 Series 2001H, 5.250%, 3/15/16 - FGIC Insured 3,250 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,384,258 Series 2002C, 5.125%, 3/15/25 - FSA Insured 525 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 564,023 Series 2004B, 5.250%, 8/01/15 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 35.2% (23.9% OF TOTAL INVESTMENTS) 400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 444,356 Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/20 - FSA Insured 4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,124,760 Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured 2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,426,942 Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured 1,000 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 1,060,290 Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 - AMBAC Insured 5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,413,550 Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,072,930 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 528,670 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 266,863 Program Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured 47 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA $ 229,662 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,059,730 Revenue Bonds, Series 1998A, 5.000%, 4/01/15 - FGIC Insured 3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,206,430 School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,198,300 Fund Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,071,490 Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/23 - MBIA Insured 640 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 702,547 Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 8,600 New York State Urban Development Corporation, Revenue No Opt. Call AAA 9,946,760 Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 - FSA Insured New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 1,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,467,620 1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,088,578 New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,034,577 1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,063,010 750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,263 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 9.3% (6.3% OF TOTAL INVESTMENTS) Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,113,500 4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,130,240 85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 89,639 Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,186,320 Revenue Bonds, One Hundred Twenty-Fourth Series 2001, 5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured 780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 891,883 Lien General Purpose Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 21.4% (14.5% OF TOTAL INVESTMENTS) 1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,104,300 Tax Secured Revenue Bonds, Series 2000A, 5.375%, 11/15/17 (Pre-refunded to 11/15/10) - MBIA Insured 4,245 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 4,660,968 Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured 120 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 144,410 Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 2,000 Dormitory Authority of the State of New York, Third General 1/08 at 102.00 AAA 2,150,640 Resolution Consolidated Revenue Bonds, City University System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 2,780 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 3,032,507 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) - FSA Insured 935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,107,302 Bonds, State University, Series 1986A, 8.000%, 5/01/11 4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,180,825 State University Educational Facilities, Series 2002A, 5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured 3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA*** 3,269,430 Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded to 3/15/12) 48 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1: $ 1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA $ 1,119,320 1,500 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,678,980 2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,792,021 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.9% (11.5% OF TOTAL INVESTMENTS) 1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,054,140 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 5,147,650 2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,857,266 5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,232,000 Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power Corporation, 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 5,332,900 Series 2000HH, 5.250%, 7/01/29 - FSA Insured 1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,131,878 Westchester County, New York, Resource Recovery Revenue Bonds, RESCO Company, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.0% (3.3% OF TOTAL INVESTMENTS) 2,665 Albany Municipal Water Finance Authority, New York, Second 6/08 at 100.00 AAA 2,817,036 Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 - MBIA Insured 2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,328,215 Water and Sewerage System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 1,000 Niagara Falls Public Water Authority, New York, Water and 7/06 at 100.00 AAA 1,031,760 Sewerage Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 168,960 Total Long-Term Investments (cost $171,832,951) - 147.4% 180,935,168 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.1% (0.1% OF TOTAL INVESTMENTS) 100 Puerto Rico Government Development Bank, Adjustable A-1 100,000 Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 2.190%, 12/01/15 - MBIA Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 100 Total Short-Term Investments (cost $100,000) 100,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $171,932,951) - 147.5% 181,035,168 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.2% 2,685,057 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.7)% (61,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 122,720,225 ====================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 49 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.5% (3.0% OF TOTAL INVESTMENTS) $ 370 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 371,277 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,495,710 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 466,304 Series 1999-1, 6.250%, 7/15/34 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 22.7% (15.1% OF TOTAL INVESTMENTS) 1,000 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,054,360 Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610 Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured 395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 408,082 Bonds, State University Dormitory Facilities, Series 1999B, 5.125%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 2,164,740 Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 100 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 104,785 Bonds, Rochester Institute of Technology, Series 1997, 5.250%, 7/01/22 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Second General 7/10 at 101.00 AAA 1,130,340 Resolution Consolidated Revenue Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,049,080 Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 - RAAI Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,021,960 Mount St. Mary College, Series 2003, 5.000%, 7/01/32 - RAAI Insured 2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 Aaa 2,655,225 Rochester Institute of Technology, Series 2002A, 5.250%, 7/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 20.8% (13.8% OF TOTAL INVESTMENTS) 500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 546,380 Health System Revenue Bonds, Series 2002A, 5.500%, 2/15/17 - FSA Insured 2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,816,933 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC Insured 830 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 903,820 New York and Presbyterian Hospital, Series 2004A, 5.250%, 8/15/15 - FSA Insured 25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 26,258 Memorial Sloan-Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 783,278 South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 A3 519,560 North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,059,300 Mortgage Hospital Revenue Bonds, Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 3,084,150 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.4% (1.6% OF TOTAL INVESTMENTS) 1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,239,415 Nursing Home Mortgage Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 50 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 5.3% (3.5% OF TOTAL INVESTMENTS) $ 2,400 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA $ 2,498,736 Series 1998H, 5.125%, 8/01/25 - MBIA Insured 225 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 241,724 Series 2004B, 5.250%, 8/01/15 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 47.9% (31.8% OF TOTAL INVESTMENTS) 2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,973,771 State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 - MBIA Insured 1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,031,190 Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured 560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,128 Revenue Bonds, Series 2003, 5.500%, 1/01/34 3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,237,930 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 - AMBAC Insured 2,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,088,500 Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 151,368 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,344,232 Personal Income Tax Revenue Bonds, Series 2002A, 5.000%, 1/01/23 - FGIC Insured 3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,206,430 School Districts Financing Program, 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 3,662,470 Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured 565 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 620,217 Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured 100 New York State Urban Development Corporation, Revenue 1/08 at 102.00 AAA 104,149 Refunding Bonds, Correctional Capital Facilities, Series 1998, 5.000%, 1/01/20 - MBIA Insured 2,000 New York State Urban Development Corporation, Service No Opt. Call AA- 2,169,180 Contract Revenue Bonds, Correctional and Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local Government Assistance Corporation, Series 2004A: 610 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 639,463 455 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 476,253 1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,284,996 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured 750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,263 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 250 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- 271,608 Bonds, Community Development Properties - Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.1% (8.1% OF TOTAL INVESTMENTS) 1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,032,560 Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC Insured 3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,175,804 Revenue Bonds, One Hundred Twenty-Eighth Series 2002, 5.000%, 11/01/22 - FSA Insured 1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,041,972 Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** - 16.3% (10.8% OF TOTAL INVESTMENTS) 100 Erie County Water Authority, New York, Water Revenue Bonds, 12/09 at 100.00 AAA 117,361 Series 1990B, 6.750%, 12/01/14 - AMBAC Insured 195 New York, General Obligation Bonds, Series 1998B, 3/08 at 101.00 AAA 207,851 5.000%, 3/01/17 (Pre-refunded to 3/01/08) - AMBAC Insured 990 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,076,031 Bonds, State University Dormitory Facilities, Series 1999B, 5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured 51 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued) Portfolio of INVESTMENTS March 31, 2005 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED*** (continued) $ 1,855 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA $ 2,023,490 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) - FSA Insured 2,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,713,023 State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1: 1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,119,320 1,000 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,119,320 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.4% (10.9% OF TOTAL INVESTMENTS) 4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,216,560 General 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 2,095,500 Series 2002A, 5.000%, 11/15/20 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,133,160 Series 2000HH, 5.250%, 7/01/29 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 1.7% (1.1% OF TOTAL INVESTMENTS) 870 Niagara Falls Public Water Authority, New York, Water and 7/06 at 100.00 AAA 897,631 Sewerage Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 73,005 Total Long-Term Investments (cost $75,015,295) - 150.1% 77,351,758 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS) 200 Puerto Rico Government Development Bank, Adjustable A-1 200,000 Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 2.190%, 12/01/15 - MBIA Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 200 Total Short-Term Investments (cost $200,000) 200,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $75,215,295) - 150.5% 77,551,758 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 976,221 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.4)% (27,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 51,527,979 ====================================================================================================================
FORWARD SWAP CONTRACT OUTSTANDING AT MARCH 31, 2005: EFFECTIVE TERMINATION UNREALIZED NOTIONAL AMOUNT DATE(2) DATE APPRECIATION ------------------------------------------------------------------------------------------------------------------------------------ Agreement with JPMorgan dated January 11, 2005, to pay semi-annually the notional amount multiplied by 5.235% (annualized) and receive quarterly the notional amount multiplied by the three-month USD-LIBOR (United States Dollar-London Inter-Bank Offered Rates). $400,000 8/17/05 8/17/25 $1,840 ====================================================================================================================================
At least 80% of the Fund's net assets (including net assets attributable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets attributable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares unless otherwise noted. (2) Effective date represents the date on which both the Fund and counterparty commence interest payment accruals on each forward swap contract. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 52 Statement of ASSETS AND LIABILITIES March 31, 2005 (Unaudited)
NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $395,407,275, $520,654,662 and $534,282,887, respectively) $417,585,536 $553,957,864 $564,591,749 Cash 1,537,563 745,434 670,657 Receivables: Interest 5,814,833 7,537,455 7,765,583 Investments sold 1,921,732 1,915,396 115,000 Forward swaps, at value -- -- -- Other assets 34,149 55,085 46,294 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 426,893,813 564,211,234 573,189,283 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Payable for investments purchased 3,872,732 2,996,498 3,064,244 Accrued expenses: Management fees 226,731 298,874 303,492 Other 100,098 129,241 122,878 Preferred share dividends payable 16,565 36,521 36,085 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 4,216,126 3,461,134 3,526,699 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $278,677,687 $367,750,100 $372,662,584 ==================================================================================================================================== Common shares outstanding 17,720,933 23,435,202 24,083,739 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.73 $ 15.69 $ 15.47 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837 Paid-in surplus 248,922,800 327,923,797 335,102,933 Undistributed (Over-distribution of) net investment income 2,339,837 3,262,989 3,280,944 Accumulated net realized gain (loss) from investments and forward swaps 5,059,595 3,025,760 3,729,008 Net unrealized appreciation of investments and forward swaps 22,178,246 33,303,202 30,308,862 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $278,677,687 $367,750,100 $372,662,584 ==================================================================================================================================== 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. 53 Statement of ASSETS AND LIABILITIES March 31, 2005 (Unaudited) (continued)
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $184,282,788, $171,936,951 $193,489,473 $181,035,168 $77,551,758 and $75,215,295, respectively) Cash 202,415 130,826 70,387 Receivables: Interest 2,703,546 2,554,998 949,130 Investments sold -- 115,000 -- Forward swaps, at value -- -- 1,840 Other assets 15,097 1,299 7,859 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 196,410,531 183,837,291 78,580,974 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Payable for investments purchased 1,110,007 -- -- Accrued expenses: Management fees 106,219 53,038 21,595 Other 60,682 35,138 18,612 Preferred share dividends payable 7,402 28,890 12,788 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,284,310 117,066 52,995 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $130,126,221 $122,720,225 $51,527,979 ==================================================================================================================================== Common shares outstanding 8,329,215 7,957,934 3,512,848 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 15.62 $ 15.42 $ 14.67 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128 Paid-in surplus 118,406,693 112,920,342 49,501,696 Undistributed (Over-distribution of) net investment income 1,031,892 394,108 (128,831) Accumulated net realized gain (loss) from investments and forward swaps 1,397,659 227,979 (218,317) Net unrealized appreciation of investments and forward swaps 9,206,685 9,098,217 2,338,303 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $130,126,221 $122,720,225 $51,527,979 ==================================================================================================================================== Authorized shares: Common 200,000,000 Unlimited Unlimited Preferred 1,000,000 Unlimited Unlimited ====================================================================================================================================
See accompanying notes to financial statements. 54 Statement of OPERATIONS Six Months Ended March 31, 2005 (Unaudited)
NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $10,316,869 $13,753,747 $13,610,099 ------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 1,352,081 1,774,929 1,800,812 Preferred shares - auction fees 179,507 240,589 245,576 Preferred shares - dividend disbursing agent fees 14,959 14,959 19,945 Shareholders' servicing agent fees and expenses 17,820 21,050 20,342 Custodian's fees and expenses 47,969 60,814 60,917 Directors'/Trustees' fees and expenses 3,523 4,637 4,657 Professional fees 12,158 14,959 14,497 Shareholders' reports - printing and mailing expenses 14,552 18,170 28,537 Stock exchange listing fees 5,326 5,319 5,307 Investor relations expense 29,822 38,617 39,402 Portfolio insurance expense -- 6,247 -- Other expenses 18,378 19,599 21,079 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,696,095 2,219,889 2,261,071 Custodian fee credit (8,485) (7,071) (7,644) Expense reimbursement -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,687,610 2,212,818 2,253,427 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 8,629,259 11,540,929 11,356,672 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain from investments 5,366,554 3,248,633 3,740,457 Net realized gain (loss) from forward swaps -- -- -- Change in net unrealized appreciation (depreciation) of investments (12,502,552) (10,665,910) (10,882,181) Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (7,135,998) (7,417,277) (7,141,724) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (791,060) (1,217,198) (1,258,386) From accumulated net realized gains from investments (207,408) (165,437) (134,345) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (998,468) (1,382,635) (1,392,731) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 494,793 $ 2,741,017 $ 2,822,217 ====================================================================================================================================
See accompanying notes to financial statements. 55 Statement of OPERATIONS Six Months Ended March 31, 2005 (Unaudited) (continued)
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $4,667,655 $4,300,676 $1,782,859 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 631,356 592,557 253,809 Preferred shares - auction fees 81,028 76,041 33,657 Preferred shares - dividend disbursing agent fees 9,973 4,986 4,986 Shareholders' servicing agent fees and expenses 8,007 966 392 Custodian's fees and expenses 25,491 21,884 11,065 Directors'/Trustees' fees and expenses 1,563 1,544 635 Professional fees 8,075 7,753 5,980 Shareholders' reports - printing and mailing expenses 7,952 9,343 5,021 Stock exchange listing fees 5,314 338 149 Investor relations expense 13,850 12,916 5,726 Portfolio insurance expense 12 -- -- Other expenses 9,141 8,478 7,571 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 801,762 736,806 328,991 Custodian fee credit (3,202) (3,355) (2,343) Expense reimbursement -- (278,426) (126,396) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 798,560 455,025 200,252 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 3,869,095 3,845,651 1,582,607 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain from investments 1,587,794 292,590 11,229 Net realized gain (loss) from forward swaps -- -- (138,874) Change in net unrealized appreciation (depreciation) of investments (3,966,263) (1,375,229) (230,451) Change in net unrealized appreciation (depreciation) of forward swaps -- -- 73,802 ------------------------------------------------------------------------------------------------------------------------------------ Net realized and unrealized gain (loss) (2,378,469) (1,082,639) (284,294) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (355,091) (389,473) (175,824) From accumulated net realized gains from investments (91,205) (58,911) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (446,296) (448,384) (175,824) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $1,044,330 $2,314,628 $1,122,489 ====================================================================================================================================
See accompanying notes to financial statements. 56 Statement of CHANGES IN NET ASSETS (Unaudited)
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) --------------------------------- --------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/05 9/30/04 3/31/05 9/30/04 3/31/05 9/30/04 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 8,629,259 $ 18,125,685 $ 11,540,929 $ 23,637,267 $ 11,356,672 $ 23,595,365 Net realized gain (loss) from investments 5,366,554 4,736,769 3,248,633 2,941,892 3,740,457 2,239,339 Net realized gain (loss) from forward swaps -- -- -- -- -- -- Change in net unrealized appreciation (depreciation) of investments (12,502,552) (2,838,817) (10,665,910) 1,637,824 (10,882,181) (195,181) Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- -- -- Distributions to Preferred Shareholders: From net investment income (791,060) (870,812) (1,217,198) (1,360,284) (1,258,386) (1,396,624) From accumulated net realized gains from investments (207,408) (486,403) (165,437) (466,684) (134,345) (373,896) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 494,793 18,666,422 2,741,017 26,390,015 2,822,217 23,869,003 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (8,612,376) (17,494,722) (11,108,287) (22,362,742) (11,003,739) (22,127,646) From accumulated net realized gains from investments (4,864,391) (7,179,886) (2,999,710) (6,416,699) (2,167,643) (6,168,948) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (13,476,767) (24,674,608) (14,107,997) (28,779,441) (13,171,382) (28,296,594) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 355,427 -- 232,115 -- -- Preferred shares offering costs -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- 355,427 -- 232,115 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (12,981,974) (5,652,759) (11,366,980) (2,157,311) (10,349,165) (4,427,591) Net assets applicable to Common shares at the beginning of period 291,659,661 297,312,420 379,117,080 381,274,391 383,011,749 387,439,340 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $278,677,687 $291,659,661 $367,750,100 $379,117,080 $372,662,584 $383,011,749 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 2,339,837 $ 3,114,014 $ 3,262,989 $ 4,047,545 $ 3,280,944 $ 4,186,397 ====================================================================================================================================
See accompanying notes to financial statements. 57 Statement of CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) --------------------------------- --------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/05 9/30/04 3/31/05 9/30/04 3/31/05 9/30/04 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 3,869,095 $ 8,129,299 $ 3,845,651 $ 7,795,395 $ 1,582,607 $ 3,232,605 Net realized gain (loss) from investments 1,587,794 1,514,151 292,590 910,091 11,229 (11,945) Net realized gain (loss) from forward swaps -- -- -- -- (138,874) -- Change in net unrealized appreciation (depreciation) of investments (3,966,263) (902,484) (1,375,229) 1,836,211 (230,451) 1,272,870 Change in net unrealized appreciation (depreciation) of forward swaps -- -- -- -- 73,802 (71,962) Distributions to Preferred Shareholders: From net investment income (355,091) (476,973) (389,473) (473,203) (175,824) (229,692) From accumulated net realized gains from investments (91,205) -- (58,911) (75,265) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 1,044,330 8,263,993 2,314,628 9,993,229 1,122,489 4,191,876 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,823,109) (7,693,168) (3,533,322) (7,114,393) (1,412,165) (3,045,010) From accumulated net realized gains from investments (1,528,887) -- (921,520) (918,355) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (5,351,996) (7,693,168) (4,454,842) (8,032,748) (1,412,165) (3,045,010) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 128,469 -- -- -- 25,784 Preferred shares offering costs -- -- -- (1,429) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- 128,469 -- (1,429) -- 25,784 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (4,307,666) 699,294 (2,140,214) 1,959,052 (289,676) 1,172,650 Net assets applicable to Common shares at the beginning of period 134,433,887 133,734,593 124,860,439 122,901,387 51,817,655 50,645,005 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $130,126,221 $134,433,887 $122,720,225 $124,860,439 $51,527,979 $51,817,655 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,031,892 $ 1,340,997 $ 394,108 $ 471,252 $ (128,831) $ (123,449) ====================================================================================================================================
See accompanying notes to financial statements. 58 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The New York funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New York Stock Exchange, with the exception of Insured New York Dividend Advantage's (NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common shares, which trade on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. 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 U.S. generally accepted accounting principles. Investment Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When 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. Prices of derivative investments are also provided by an independent pricing service approved by each Fund's Board of Directors/Trustees. If the pricing service is unable to supply a price for a derivative investment each Fund may use a market quote provided by a major broker/dealer in such investments. If it is determined that market prices for an investment are unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the investment. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. 59 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Securities purchased on a when-issued or delayed delivery basis may have extended settlement periods. Any securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2005, New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN), and Insured New York Premium Income (NNF) had outstanding when-issued purchase commitments of $3,872,732, $2,996,498, $3,064,244, and $1,110,007, respectively. There were no such outstanding purchase commitments in Insured New York Dividend Advantage (NKO) or Insured New York Tax-Free Advantage (NRK). Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment Income also includes paydown gains and losses, if any. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Preferred Shares The Funds have issued and outstanding Preferred shares, $25,000 stated value per share, as a means of effecting financial leverage. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series is determined every seven days, pursuant to a dutch auction process overseen by the auction agent, and is payable weekly at the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows:
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) -------------------------------------------------------------------------------------------------------- Number of shares: Series M 960 -- 2,200 1,320 -- -- Series T 2,400 1,720 -- 1,280 -- -- Series W -- 2,400 2,200 -- -- -- Series TH -- 3,600 2,400 -- 2,440 1,080 Series F 2,400 -- 1,080 -- -- -- -------------------------------------------------------------------------------------------------------- Total 5,760 7,720 7,880 2,600 2,440 1,080 ========================================================================================================
60 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. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance, in contrast, is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Forward Swap Transactions The Funds may invest in certain derivative financial instruments. The Funds' use of forward interest rate swap transactions is intended to mitigate the negative impact that an increase in long-term interest rates could have on Common share net asset value. Forward interest rate swap transactions involve each Fund's agreement with the counterparty to pay, in the future, a fixed rate payment in exchange for the counterparty paying the Fund a variable rate payment. The amount of the payment obligation is based on the notional amount of the forward swap contract. The Funds may close out a contract prior to the effective date at which point a realized gain or loss would be recognized. When a forward swap is terminated, it does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash. Each Fund intends, but is not obligated to, terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination. To minimize such credit risk, all counterparties are required to pledge collateral daily (based on the daily valuation of each swap) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when any of the Funds have an unrealized loss on a swap contract, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the swap valuations fluctuate, either up or down, by at least the pre-determined threshold amount. 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. Indemnifications Under the Funds' organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote. 61 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT QUALITY (NQN) QUALITY (NVN) --------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/05 9/30/04 3/31/05 9/30/04 ------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- 21,444 -- 14,240 ======================================================================================================= NEW YORK QUALITY INSURED NEW YORK INCOME (NUN) PREMIUM INCOME (NNF) --------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/05 9/30/04 3/31/05 9/30/04 ------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- -- 7,902 ======================================================================================================= INSURED NEW YORK INSURED NEW YORK DIVIDEND TAX-FREE ADVANTAGE (NKO) ADVANTAGE (NRK) --------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/05 9/30/04 3/31/05 9/30/04 ------------------------------------------------------------------------------------------------------- Common shares issued to shareholders due to reinvestment of distributions -- -- -- 1,725 =======================================================================================================
62 3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the six months ended March 31, 2005, 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 $53,609,826 $42,280,525 $41,958,404 $18,780,594 $2,970,749 $1,118,643 Sales and maturities 58,605,624 45,509,826 39,094,996 20,278,388 3,981,863 1,015,920 =========================================================================================================
4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses on investments, timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At March 31, 2005, the cost of investments was as follows: NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) -------------------------------------------------------------------------------- Cost of investments $395,190,271 $520,508,602 $534,140,228 ================================================================================ INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) -------------------------------------------------------------------------------- Cost of investments $184,229,705 $171,898,310 $75,215,195 ================================================================================ Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2005, were as follows: NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) -------------------------------------------------------------------------------- Gross unrealized: Appreciation $23,595,609 $34,546,661 $31,560,763 Depreciation (1,200,344) (1,097,399) (1,109,242) -------------------------------------------------------------------------------- Net unrealized appreciation of investments $22,395,265 $33,449,262 $30,451,521 ================================================================================ INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) -------------------------------------------------------------------------------- Gross unrealized: Appreciation $9,837,327 $9,283,136 $2,381,049 Depreciation (577,559) (146,278) (44,486) -------------------------------------------------------------------------------- Net unrealized appreciation of investments $9,259,768 $9,136,858 $2,336,563 ================================================================================ 63 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The tax components of undistributed net investment income and net realized gains at September 30, 2004, the Funds' last fiscal year end, were as follows:
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income * $4,347,574 $5,803,988 $5,844,850 $1,939,119 $1,042,726 $125,290 Undistributed net ordinary income ** -- -- 22,888 -- 3,793 -- Undistributed net long-term capital gains 4,764,907 2,942,274 2,299,750 1,429,958 912,027 -- =========================================================================================================
* Undistributed net tax exempt income (on a tax basis) has not been reduced for the dividend declared on September 1, 2004, paid on October 1, 2004. ** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. The tax character of distributions paid during the fiscal year ended September 30, 2004, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows:
INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------ Distributions from net tax-exempt income $18,166,188 $23,680,573 $23,478,537 $8,168,680 $7,583,654 $3,284,113 Distributions from net ordinary income ** 184,151 13,244 19,927 -- 408,937 -- Distributions from net long-term capital gains 7,666,289 6,883,383 6,542,844 -- 584,683 -- ============================================================================================================
** Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At September 30, 2004, the Funds' last fiscal year end, Insured New York Tax-Free Advantage (NRK) had an unused capital loss carryforward of $78,917 available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforward will expire in 2012. Insured New York Tax-Free Advantage (NRK) elected to defer net realized losses from investments incurred from November 1, 2003 through September 30, 2004 ("post-October losses") in accordance with Federal income tax regulations. Post-October losses of $11,755 were treated as having arisen on the first day of the current fiscal year. 64 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the Adviser to all funds previously advised by either NAC or NIAC. As approved by the Board of Directors/Trustees, effective August 1, 2004, a complex-wide management fee structure was adopted for all funds sponsored by the Adviser, or its predecessor and its affiliates. This fee structure separates each fund's management fee into two components - a complex-level component, based on the aggregate amount of all fund assets managed by the Adviser and a specific fund-level component, based only on the amount of assets within each individual fund. This pricing structure enables Nuveen fund shareholders to benefit from growth in the assets within each individual fund as well as from growth in the amount of complex-wide assets managed by the Adviser. Under no circumstances will this pricing structure result in a fund paying management fees at a rate higher than would otherwise have been applicable had the complex-wide management fee structure not been implemented. As of April 30, 2005, the complex level fee rate was .1915%; that is, the funds' effective management fees were reduced by approximately .0085%. Effective August 1, 2004, the annual fund-level fee, payable monthly, for each of the Funds is based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) AVERAGE DAILY NET ASSETS (INCLUDING INSURED NEW YORK PREMIUM INCOME (NNF) NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE ----------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For the next $3 billion .3875 For net assets over $5 billion .3750 ===================================================================================
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) (INCLUDING NET ASSETS ATTRIBUTABLE INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) TO PREFERRED SHARES) FUND-LEVEL FEE RATE ----------------------------------------------------------------------------------- For the first $125 million .4500% For the next $125 million .4375 For the next $250 million .4250 For the next $500 million .4125 For the next $1 billion .4000 For net assets over $2 billion .3750 ===================================================================================
65 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Effective August 1, 2004, the annual complex-level fee, payable monthly, which is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S., is based on the aggregate amount of total fund assets managed as follows: COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE -------------------------------------------------------------------------------- For the first $55 billion .2000% For the next $1 billion .1800 For the next $1 billion .1600 For the next $3 billion .1425 For the next $3 billion .1325 For the next $3 billion .1250 For the next $5 billion .1200 For the next $5 billion .1175 For the next $15 billion .1150 For Managed Assets over $91 billion (2) .1400 ================================================================================ (1) The complex-level fee component of the management fee for the funds is calculated based upon the aggregate Managed Assets ("Managed Assets" means the average daily net assets of each fund including assets attributable to all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds in the U.S. (2) With respect to the complex-wide Managed Assets over $91 billion, the fee rate or rates that will apply to such assets will be determined at a later date. In the unlikely event that complex-wide Managed Assets reach $91 billion prior to a determination of the complex-level fee rate or rates to be applied to Managed Assets in excess of $91 billion, the complex-level fee rate for such complex-wide Managed Assets shall be .1400% until such time as a different rate or rates is determined. Each Fund paid through July 31, 2004, an annual management fee, payable monthly, at the rates set forth below, which were based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN) (INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF) ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE -------------------------------------------------------------------------------- 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 ================================================================================ AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) (INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE -------------------------------------------------------------------------------- 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 ================================================================================ 66 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. The Board of Directors/Trustees has adopted a deferred compensation plan for independent Directors/Trustees that enables Directors/Trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised Funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised Funds. 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. 6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an additional $400 million of its Nuveen shares on a "forward" basis with payment for and settlement of these shares delayed for several months, and (D) entered into agreements with two unaffiliated investment banking firms to sell an amount equal to most or all of its remaining Nuveen shares for current payment but for future settlement. The settlement of transactions (C) and (D) above would likely be deemed to be an "assignment" (as defined in the 1940 Act) of the investment management agreements between the Funds and NAM, which would result in the automatic termination of each agreement under the 1940 Act. The Board of Directors/Trustees will consider approval of new ongoing investment management agreements for each Fund and the submission of those agreements for approval by each respective Fund's shareholders. Those agreements, if approved by a Fund's shareholders, would take effect upon such approval. There can be no assurance that these approvals will be obtained. 67 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 7. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on May 2, 2005, to shareholders of record on April 15, 2005, 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 $.0785 $.0765 $.0735 $.0740 $.0715 $.0635 =========================================================================================================
68 Financial HIGHLIGHTS (Unaudited) 69 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ---------------------------------------------------------------- --------------------------------- Distributions Distributions from Net from From Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ================================================================================================================================= NEW YORK INVESTMENT QUALITY (NQN) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) $16.46 $ .49 $ (.41) $(.04) $(.01) $ .03 $(.49) $(.27) $ (.76) 2004 16.80 1.02 .12 (.05) (.03) 1.06 (.99) (.41) (1.40) 2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04) 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) NEW YORK SELECT QUALITY (NVN) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 16.18 .49 (.32) (.05) (.01) .11 (.47) (.13) (.60) 2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22) 2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08) 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) NEW YORK QUALITY INCOME (NUN) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 15.90 .47 (.29) (.05) (.01) .12 (.46) (.09) (.55) 2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18) 2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10) 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) ================================================================================================================================= 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: 2005(a) $-- $15.73 $14.7700 (.04)% .15% 2004 -- 16.46 15.5200 10.21 6.61 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 NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) -- 15.69 14.4900 .23 .67 2004 -- 16.18 15.0400 6.96 7.27 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 NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) -- 15.47 14.2400 .54 .71 2004 -- 15.90 14.7000 6.77 6.41 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 ===================================================================================== 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: 2005(a) $278,678 1.18%* 6.02%* 1.18%* 6.02%* 13% 2004 291,660 1.18 6.26 1.18 6.26 11 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 NEW YORK SELECT QUALITY (NVN) -------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 367,750 1.18* 6.13* 1.18* 6.14* 8 2004 379,117 1.19 6.31 1.19 6.32 8 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 NEW YORK QUALITY INCOME (NUN) -------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 372,663 1.19* 5.96* 1.18* 5.97* 7 2004 383,012 1.19 6.21 1.19 6.21 10 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 ========================================================================================================================== 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: 2005(a) $144,000 $25,000 $73,382 2004 144,000 25,000 75,635 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 NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------ Year Ended 9/30: 2005(a) 193,000 25,000 72,636 2004 193,000 25,000 74,108 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 NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------------ Year Ended 9/30: 2005(a) 197,000 25,000 72,292 2004 197,000 25,000 73,606 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 ==================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common Share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended March 31, 2005. See accompanying notes to financial statements. 70-71 SPREAD Financial HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ---------------------------------------------------------------- --------------------------------- Distributions Distributions from Net from From Net Beginning Investment Capital Investment Capital Common Net Income to Gains to Income to Gains to Share Net Realized/ Preferred Preferred Common Common Net Asset Investment Unrealized Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ================================================================================================================================= INSURED NEW YORK PREMIUM INCOME (NNF) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) $16.14 $ .46 $ (.29) $(.04) $(.01) $ .12 $(.46) $(.18) $(.64) 2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92) 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) INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 15.69 .48 (.13) (.05) (.01) .29 (.44) (.12) (.56) 2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01) 2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97) 2002(b) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37) INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) 14.75 .45 (.08) (.05) -- .32 (.40) -- (.40) 2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87) 2003(c) 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: 2005(a) $ -- $15.62 $14.2900 (2.13)% .74% 2004 -- 16.14 15.2300 7.14 6.40 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 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) --------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) -- 15.42 14.1000 2.13 1.84 2004 -- 15.69 14.3500 7.55 8.48 2003 -- 15.44 14.3000 (.77) 4.01 2002(b) (.13) 15.82 15.3900 5.16 13.18 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) --------------------------------------------------------------------------------------------- Year Ended 9/30: 2005(a) -- 14.67 13.4100 1.24 2.18 2004 -- 14.75 13.6400 5.83 8.58 2003(c) (.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: 2005(a) $130,126 1.20%* 5.81%* 1.20%* 5.81%* 10% 2004 134,434 1.21 6.11 1.20 6.11 16 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 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2005(a) 122,720 1.18* 5.71* .73* 6.16* 2 2004 124,860 1.20 5.91 .74 6.37 9 2003 122,901 1.20 6.07 .74 6.53 15 2002(b) 125,893 1.15* 5.07* .65* 5.57* 29 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2005(a) 51,528 1.26* 5.58* .77* 6.08* 1 2004 51,818 1.26 5.85 .76 6.35 16 2003(c) 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: 2005(a) $65,000 $25,000 $75,049 2004 65,000 25,000 76,705 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 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ----------------------------------------------------------------------- Year Ended 9/30: 2005(a) 61,000 25,000 75,295 2004 61,000 25,000 76,172 2003 61,000 25,000 75,369 2002(b) 61,000 25,000 76,596 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ----------------------------------------------------------------------- Year Ended 9/30: 2005(a) 27,000 25,000 72,711 2004 27,000 25,000 72,979 2003(c) 27,000 25,000 71,894 =======================================================================
* Annualized. ** Total Investment Return on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. Total Return on Common Share Net Asset Value is the combination of changes in Common Share net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended March 31, 2005. (b) For the period March 25, 2002 (commencement of operations) through September 30, 2002. (c) For the period November 21, 2002 (commencement of operations) through September 30, 2003. See accompanying notes to financial statements. 72-73 SPREAD Reinvest Automatically EASILY AND CONVENIENTLY Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBLE You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 74 Other Useful INFORMATION Effective Jan. 1, 2005, the asset management services and operations of Nuveen Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part of Nuveen Asset Management (NAM). This internal consolidation is intended to simplify the delivery of services to the investment management clients of Nuveen Investments. It does not affect the investment objectives or portfolio management of any Fund. QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION Each Fund's (i) quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the 12-month period ended June 30, 2004, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities are available without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com. You may also obtain this and other Fund information directly from the Securities and Exchange Commission ("SEC"). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public References Section at 450 Fifth Street NW, Washington, D.C. 20549. GLOSSARY OF TERMS USED IN THIS REPORT AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. AVERAGE EFFECTIVE MATURITY: The average of 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 the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond Fund's value to changes when market interest rates change. Generally, the longer a bond's or Fund's duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund's portfolio of bonds. MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's current annualized dividend divided by its current market price. NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by subtracting the liabilities of the Fund (including any MuniPreferred shares issued in order to leverage the Fund) from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. (SIDEBAR) BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter David J. Kundert William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Eugene S. Sunshine FUND MANAGER Nuveen Asset Management 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 REGISTERED PUBLIC ACCOUNTING FIRM Ernst & Young LLP Chicago, IL Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the period covered by this report. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 75 Nuveen Investments: SERVING Investors For GENERATIONS Photo of: 2 women looking at a photo album. Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS. Managing more than $115 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 fixed-income 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. FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS. To learn more about the products and services Nuveen Investments offers, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Be sure to obtain a prospectus, where applicable. Investors should consider the investment objective and policies, risk considerations, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. For a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. o Share prices o Fund details Learn more o Daily financial news about Nuveen Funds at o Investor education WWW.NUVEEN.COM/ETF o Interactive planning tools Logo: NUVEEN Investments ESA-B-0305D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. See Schedule I in Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable at this time. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item. ITEM 11. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Insured New York Dividend Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: June 8, 2005 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) Date: June 8, 2005 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (principal financial officer) Date: June 8, 2005 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.