Nuveen
Municipal Closed-End
Exchange-Traded
Funds
SEMIANNUAL REPORT March 31, 2003
NEW YORK
NQN
NVN
NUN
NNF
NKO
NRK
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
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Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "I'D ALSO LIKE TO DIRECT YOUR ATTENTION TO THE INSIDE FRONT COVER
OF THIS REPORT, WHICH EXPLAINS THE QUICK AND EASY PROCESS TO BEGIN RECEIVING
FUND REPORTS LIKE THIS VIA E-MAIL AND THE INTERNET."
Dear
SHAREHOLDER
I am pleased to report that over the period covered by this report, your Nuveen
New York Fund has continued to provide you with attractive tax-free monthly
income and a solid total return. For specific information about the performance
of your Fund, please read the Portfolio Manager's Comments and Performance
Overview sections of this report.
With interest rates at historically low levels, many have begun to wonder how
fixed-income investments will perform if interest rates begin to rise. No one
knows what the future will bring, which is why we think a well-balanced
portfolio that is structured and carefully monitored with the help of an
investment professional is an important component in achieving your long-term
financial goals. A well-diversified portfolio may actually help to reduce your
overall investment risk, and we believe that municipal bond investments like
your Nuveen Fund can be important building blocks in a portfolio crafted to
perform well through a variety of market conditions.
I'd also like to direct your attention to the inside front cover of this report,
which explains the quick and easy process to begin receiving Fund reports like
this via e-mail and the internet. Thousands of Nuveen Fund shareholders already
have signed-up, and they are getting their Fund information faster and more
conveniently than ever. I urge you to consider joining them.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 15, 2003
1
Nuveen New York Municipal Closed-End Exchange-Traded Funds (NQN, NVN, NUN, NNF,
NKO, NRK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews U.S. and state economic conditions, key
investment strategies, and the recent performance of the Funds. With twelve
years of investment experience, Paul assumed portfolio management responsibility
for most of these New York Funds in 1999, adding NKO and NRK upon their
inceptions in March 2002 and November 2002, respectively.
WHAT WERE THE MAJOR FACTORS AFFECTING THE U.S. ECONOMY AND THE MUNICIPAL MARKET
DURING THIS REPORTING PERIOD?
In a number of ways, underlying economic and market conditions have not changed
significantly since our last shareholder report dated September 30, 2002. We
believe the most influential factors affecting the performance of the U.S.
economy and the municipal market continued to be the slow pace of economic
growth and interest rates that remained at 40-year lows. In addition, continued
geopolitical concerns, centering on Iraq and the ongoing threat of terrorism,
also had an impact during this reporting period.
In the municipal market, the sluggish economic recovery and a general lack of
inflationary pressures created conditions that helped many bonds perform well
during the period ended March 31, 2003. After record issuance of $357 billion in
calendar year 2002, municipal bond new issue supply nationwide remained strong
during the first quarter of 2003. More than $83 billion in new municipal bonds
were issued in January, February and March 2003, up 22% over the same period in
2002. Demand for municipal bonds also remained strong over most of this
reporting period, as many individual investors continued to seek tax-free income
and increased diversification for their portfolios. Institutional investors,
including traditional municipal bond purchasers such as property/casualty
insurance companies as well as non-traditional purchasers such as hedge funds,
arbitrage accounts, and pension funds, also were active municipal buyers over
this reporting period.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
Despite a diverse economic base and per capita income levels that rank among the
highest in the nation, the economies of both New York state and New York City
have been significantly impacted by anemic growth, continued declines in the
financial sector, the national recession in manufacturing, and a decline in
tourism.
Like many other government entities, New York state and city are grappling with
budget deficits stemming largely from a decline in tax revenues. Although the
state managed to close a $5.8 billion shortfall in its fiscal 2003 budget by
cutting expenses and drawing on rainy day reserves, it was unsuccessful in
plugging a gap that subsequently appeared and ended fiscal 2003 with a $2
billion deficit. The state's proposed $90.8 billion fiscal 2004 budget includes
a gap of $11.5 billion, and the state has indicated that without some form of
special financing it may face a cash crisis as 2003 unfolds. Although a balanced
budget was scheduled to be enacted by April 1, negotiations were still underway
at the end of this reporting period, and - for the 19th consecutive year - the
state was temporarily operating without a budget.
In New York City, the budgetary impact of the tax revenue decline was compounded
by soaring public security costs. However, through expenditure reductions,
federal and state aid, and Transitional Finance Authority (TFA) borrowing, the
city was successful in balancing its fiscal 2003 budget. A subsequent shortfall
was closed with further
2
spending cuts and the largest property tax increase (18.5%) in New York City
history, enabling the city to end fiscal 2003 with a projected $900 million
surplus. Despite this surplus and $2.6 billion in spending cuts over the past 16
months, the city is again facing a deficit of about $3.8 billion in its fiscal
2004 budget. One proposal under study would reinstate the tax on the city's
800,000 commuters, which could raise as much as $1.4 billion, but which requires
approval from the state government. If the commuter tax is not approved, a
contingency plan that includes the layoff of 15,000 city employees is being
evaluated. To date, New York City has taken the steps, no matter how difficult,
to keep its budget balanced. This has been motivated in part by the
state-mandated control and review processes that grew out of the city's fiscal
problems in the 1970s.
In March 2003, Moody's reconfirmed its A2 and Standard & Poor's its AA credit
ratings for the state. Moody's currently rates New York City A2 with a declining
outlook, while S&P has assigned the city an A rating with a negative outlook.
Municipal issuance in New York continued to be very robust, with $49 billion of
new bonds in calendar year 2002, an increase of 117% over 2001, and $9 billion
in the first quarter of 2003, up 91% over January-March 2002.
HOW DID THESE FUNDS PERFORM OVER THE TWELVE MONTHS ENDED MARCH 31, 2003?
Individual results for these Funds, as well as selected benchmarks, are
presented in the accompanying table.
TOTAL RETURN LEHMAN LIPPER
MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2
------------------------------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
3/31/03 EQUIVALENT3 3/31/03 3/31/03 3/31/03
------------------------------------------------------------------------------
NQN 6.21% 9.55% 16.04% 11.14% 13.30%
------------------------------------------------------------------------------
NVN 6.22% 9.57% 15.76% 11.14% 13.30%
------------------------------------------------------------------------------
NUN 6.24% 9.60% 15.93% 11.14% 13.30%
------------------------------------------------------------------------------
NNF 6.02% 9.26% 14.10% 11.14% 13.30%
------------------------------------------------------------------------------
NKO 6.04% 9.29% 13.55% 11.14% 13.30%
------------------------------------------------------------------------------
NRK 5.92% 9.11% NA - -
------------------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the twelve months ended March 31, 2003, all of the Funds in this report with
at least one year of history outperformed the unleveraged, unmanaged Lehman
Brothers New York Insured Tax-Free Bond Index, as well as their Lipper fund peer
group average. Much of the Funds' outperformance of the Lehman Index is
attributable to the leveraged structure of these Funds. Leverage is a strategy
that can provide the opportunity for additional common shareholder income by
accepting some additional price risk and volatility.
In addition to leverage, the relative performances of these Funds were
influenced by other factors, including call exposure, portfolio trading activity
and the price movement of specific sectors and holdings. For example, these
insured Funds benefited from the fact that, over the one-year period, insured
New York bonds tended to outperform many other sectors of the municipal bond
market.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
As short-term interest rates remained at historically low levels, the Funds' use
of leverage also enhanced their dividend-paying capabilities. The amount of this
benefit is tied in part to the short-term rates these Funds pay their
MuniPreferred(R) shareholders. Low short-term rates can enable the Funds to
reduce the amount of income they pay MuniPreferred shareholders, which can
potentially leave more earnings to support common share dividends. During the
twelve months ended March 31, 2003, the continued low level of short-term
interest rates enabled us to implement four dividend increases in NQN and three
in NVN, NUN, and NNF. NKO has continued to pay an attractive monthly dividend
since its first distribution in May 2002, and NRK, which was introduced in
November 2002, declared its first monthly dividend in January 2003.
Over the course of the twelve-month period, the share prices of the four older
Funds rose, while those of NKO and NRK declined slightly from their initial
offering prices. As of March 31, 2003, the four older Funds and NKO were all
trading at a discount to their common share net asset values,
1 The total annual returns on common share net asset value (NAV) for these
Nuveen Funds are compared with the total annual return of the Lehman
Brothers New York Insured Tax-Exempt Bond Index, an unleveraged index
comprising a broad range of insured New York municipal bonds. Results for
the Lehman index do not reflect any expenses.
2 The total returns of the Nuveen New York Insured Funds are compared with
the average annualized return of the nine funds in the Lipper New York
Insured Municipal Debt Funds category. Fund and Lipper returns assume
reinvestment of dividends.
3 The taxable-equivalent yield represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a combined federal and state income tax
rate of 35%.
3
while NRK was trading at a premium (see charts on individual Performance
Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE YEAR ENDED
MARCH 31, 2003?
Over this period, our strategic focus across all of these Funds continued to be
on diversifying their portfolios, enhancing call protection and positioning the
Funds more defensively in anticipation of potential changes in the interest rate
environment. Given the recent steepness of the municipal yield curve, we sought
value in long-intermediate securities (i.e., bonds that mature in 15 to 20
years). In many cases, securities in this part of the yield curve were offering
yields similar to those of longer-term bonds but, in our opinion, with less
interest rate risk. The purchase of these long-intermediate bonds helped to
moderate the durations of these Funds, making their portfolios less sensitive to
interest rate changes while still allowing them to provide competitive yields
and returns.
As the economic recovery continued to be sluggish and growth remained slow, we
also tried to be ready for a scenario in which interest rates might stay
relatively low over a longer period of time than some are now suggesting. We
believe that structuring the portfolios with bonds offering maturities of 15 to
20 years helps to position the Funds for this environment as well.
During 2002, the Metropolitan Transportation Authority (MTA), which includes the
Triborough Bridge and Tunnel Authority, restructured its debt program by issuing
$15 billion in new bonds. As the new MTA issues came to market, all of the
previous debt was either advance refunded or escrowed to maturity. Since we had
accumulated large positions in MTA bonds in anticipation of the restructuring,
the advance refunding increased our allocations of pre-refunded bonds in each of
these Funds, benefiting the Funds'performance through significant price
appreciation as well as enhanced credit quality.
The heavy issuance in the New York market over the past year provided us with
increased opportunities to purchase the types of bond structures that we favor,
especially as we worked to shorten the Funds' durations to help guard against
the risk of rising interest rates. We also continued to look for individual
issues that we believed would perform well regardless of the future direction of
interest rates. From a sector perspective, our portfolios remained heavily
weighted in education bonds, which was one of the top performing groups among
the Lehman revenue sectors for the twelve-month period.
Given the current geopolitical and economic climate, we also believed that
maintaining strong credit quality remained a vital requirement for our Funds. As
of March 31, 2003, the four older Funds were 100% invested in U.S. guaranteed
and/or insured bonds, while NKO and NRK held 87% and 86%, respectively, of their
portfolios in U.S. guaranteed or insured bonds. Although both NKO and NRK are
predominantly invested in insured bonds, these two Funds are allowed to invest
up to 20% in uninsured investment-grade (rated BBB or higher) securities. In
addition, NRK cannot hold any bonds whose income is subject to the federal
alternative minimum tax (AMT). As noted earlier, NRK declared its first dividend
in January 2003, and we believe the portfolio is well invested and the Fund is
in a good position to pay attractive monthly dividends going forward.
As part of their allocations of uninsured, investment-grade quality bonds, NKO
and NRK currently hold modest positions in bonds backed by the master
4
tobacco settlement agreement of 1998. Recently, the increased issuance of
tobacco bonds by states with budget problems similar to New York's, as well as
pending court cases against the tobacco companies, have weakened the prices of
such bonds. However, the prices of New York tobacco bonds, especially those
issued by New York City, generally have held up better than many issued in other
states due to their more comprehensive debt service coverage. At the present
time, our strategy is to maintain our current tobacco holdings while we continue
to regularly evaluate the situation.
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE FUNDS IN
PARTICULAR?
In the municipal market, new issuance volume nationally should remain strong, as
issuers continue to take advantage of the low rate environment. Given the
current budget deficits in both New York City and state and their continued need
for spending on infrastructure, education, and healthcare, we expect to see
significant issuance of new municipal debt in New York. We think demand for
tax-exempt municipal bonds should also remain solid, as investors continue to
look for ways to rebalance their portfolios and reduce overall investment risk.
Over the coming months, we will continue to closely monitor the budgetary
situation in New York and watch for any impact on the state's credit rating.
Over the next two years, we believe that these Funds all offer adequate levels
of call protection. The two newer Funds - NKO and NRK - do not face any
significant call exposure for several years. In the four older Funds, as of
March 31, 2003, the percentage of bonds eligible for calls during 2003 and 2004
ranged from 11% to 14%. The number of actual calls over the next two years will
depend largely on market interest rates during this time.
Going forward, we plan to closely watch several areas of the market, including
progress toward resolution of New York City and state budget deficits, the
overall credit environment, and the direction of interest rates and inflation.
Over the next twelve months, we expect to see our allocations of pre-refunded
bonds drop, as we try to capture the appreciation in these bonds by selling them
at a premium and redeploy the proceeds into other opportunities. In general, we
plan to remain focused on strategies that can add value for our shareholders and
provide support for the Funds' long-term dividend-paying capabilities.
Municipal bonds have performed well in recent years. However, there is no
guarantee this trend will continue, which is why we believe it's important to
maintain an appropriate balance of investments. As part of a well-structured,
well-balanced portfolio, we believe your Nuveen Fund can continue to play an
important role in helping you reach your long-term financial objectives.
5
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2003
NQN
PIE CHART:
CREDIT QUALITY
INSURED 78%
INSURED AND U.S. GUARANTEED 21%
U.S. GUARANTEED 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.56
--------------------------------------------------
Common Share Net Asset Value $16.63
--------------------------------------------------
Market Yield 6.21%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.87%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.55%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $294,266
--------------------------------------------------
Average Effective Maturity (Years) 18.34
--------------------------------------------------
Leverage-Adjusted Duration 7.79
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/90)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 14.51% 16.04%
--------------------------------------------------
5-Year 4.22% 7.61%
--------------------------------------------------
10-Year 5.37% 6.80%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 24%
--------------------------------------------------
U.S. Guaranteed 22%
--------------------------------------------------
Healthcare 12%
--------------------------------------------------
Education and Civic Organizations 11%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
BAR CHART:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
4/02 0.074
5/02 0.074
6/02 0.075
7/02 0.075
8/02 0.075
9/02 0.0765
10/02 0.0765
11/02 0.0765
12/02 0.0775
1/03 0.0775
2/03 0.0775
3/03 0.0805
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/02 14.63
14.82
14.6
14.7
14.83
14.83
14.8
14.96
14.96
15.07
15.38
15.4
15.68
15.53
15.45
15.21
15.21
15.48
15.6
15.75
15.47
15.7
15.8
15.7
15.63
15.85
15.99
15.51
14.88
14.7
15.09
15.05
14.94
15.01
15.07
15.38
15.34
15.27
15.36
15.54
15.35
15.15
15.18
15.34
15.3
15.07
15.21
15.39
15.75
15.5
15.08
3/31/03 15.45
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
2 The Fund also paid shareholders a capital gains distribution in December
2002 of $0.0867 per share.
6
Nuveen New York Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2003
NVN
PIE CHART:
CREDIT QUALITY
INSURED 83%
INSURED AND U.S. GUARANTEED 17%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.15
--------------------------------------------------
Common Share Net Asset Value $16.11
--------------------------------------------------
Market Yield 6.22%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.89%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.57%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $377,292
--------------------------------------------------
Average Effective Maturity (Years) 18.92
--------------------------------------------------
Leverage-Adjusted Duration 8.90
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 14.99% 15.76%
--------------------------------------------------
5-Year 4.84% 7.00%
--------------------------------------------------
10-Year 6.25% 6.76%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 25%
--------------------------------------------------
U.S. Guaranteed 17%
--------------------------------------------------
Education and Civic Organizations 14%
--------------------------------------------------
Utilities 10%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
BAR CHART:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
4/02 0.0745
5/02 0.0745
6/02 0.076
7/02 0.076
8/02 0.076
9/02 0.077
10/02 0.077
11/02 0.077
12/02 0.077
1/03 0.077
2/03 0.077
3/03 0.0785
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/02 14.51
14.49
14.52
14.55
14.7
14.68
14.62
14.75
14.78
15
14.99
15.1
15.28
15.3
15.6
15.18
15.15
15.4
15.69
15.39
15.13
15.18
15.62
15.48
15.56
15.62
15.63
15.44
14.6
14.65
14.64
14.95
14.9
14.76
14.83
15
14.9
14.95
15.16
15.27
14.9
14.77
14.81
14.85
14.87
14.72
14.88
15.02
15.28
14.75
14.6
3/31/03 15.13
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.1442 per share.
7
Nuveen New York Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2003
NUN
PIE CHART:
CREDIT QUALITY
INSURED 83%
INSURED AND U.S. GUARANTEED 16%
U.S. GUARANTEED 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.70
--------------------------------------------------
Common Share Net Asset Value $16.00
--------------------------------------------------
Market Yield 6.24%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.91%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.60%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $385,246
--------------------------------------------------
Average Effective Maturity (Years) 18.41
--------------------------------------------------
Leverage-Adjusted Duration 8.93
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/91)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 10.17% 15.93%
--------------------------------------------------
5-Year 4.31% 6.83%
--------------------------------------------------
10-Year 6.17% 6.81%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 28%
--------------------------------------------------
Education and Civic Organizations 18%
--------------------------------------------------
U.S. Guaranteed 17%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
Healthcare 9%
--------------------------------------------------
BAR CHART:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
4/02 0.0735
5/02 0.0735
6/02 0.0745
7/02 0.0745
8/02 0.0745
9/02 0.0755
10/02 0.0755
11/02 0.0755
12/02 0.0755
1/03 0.0755
2/03 0.0755
3/03 0.0765
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/02 14.45
14.3
14.23
14.5
14.7
14.7
14.65
14.75
14.67
14.73
14.7
14.8
14.92
15
15.15
14.92
14.67
15.05
15.35
15.06
14.9
14.95
15.2
15.35
15.14
15.37
15.35
15.07
14.55
14.55
14.72
14.72
14.48
14.68
14.65
14.92
14.75
14.84
14.93
15.2
15.01
14.78
14.78
14.73
14.73
14.62
14.7
14.92
15.1
14.72
14.55
3/31/03 14.56
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
2 The Fund also paid shareholders a capital gains distribution in December
2002 of $0.1911 per share.
8
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of March 31, 2003
NNF
PIE CHART:
CREDIT QUALITY
INSURED 89%
INSURED AND U.S. GUARANTEED 8%
U.S. GUARANTEED 3%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $15.34
--------------------------------------------------
Common Share Net Asset Value $16.01
--------------------------------------------------
Market Yield 6.02%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.60%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.26%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $133,252
--------------------------------------------------
Average Effective Maturity (Years) 18.68
--------------------------------------------------
Leverage-Adjusted Duration 7.56
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 12/92)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 12.56% 14.10%
--------------------------------------------------
5-Year 5.94% 6.84%
--------------------------------------------------
10-Year 6.63% 7.03%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Education and Civic Organizations 22%
--------------------------------------------------
Tax Obligation/Limited 20%
--------------------------------------------------
Utilities 12%
--------------------------------------------------
Healthcare 12%
--------------------------------------------------
U.S. Guaranteed 11%
--------------------------------------------------
BAR CHART:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/02 0.0735
5/02 0.0735
6/02 0.0745
7/02 0.0745
8/02 0.0745
9/02 0.0755
10/02 0.0755
11/02 0.0755
12/02 0.0755
1/03 0.0755
2/03 0.0755
3/03 0.077
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/02 14.86
14.74
14.82
14.85
15.09
15.01
14.93
15.22
15.15
15.24
15.23
15.6
15.5
15.48
15.71
15.5
15.7
15.78
16.11
15.52
15.41
15.5
15.68
15.75
15.85
15.79
15.82
15.6
15.39
15
15.16
15.48
15.4
14.83
14.82
15.08
14.99
14.81
15.25
15.23
15.09
14.86
14.81
14.89
14.8
14.73
14.8
15.09
15.3
15.34
15.27
3/31/03 15.37
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
9
Nuveen Insured New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of March 31, 2003
NKO
PIE CHART:
CREDIT QUALITY
INSURED/U.S. GUARANTEED 87%
AAA (UNINSURED) 2%
AA (UNINSURED) 5%
A (UNINSURED) 4%
BBB (UNINSURED) 2%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.79
--------------------------------------------------
Common Share Net Asset Value $15.30
--------------------------------------------------
Market Yield 6.04%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.63%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.29%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $121,783
--------------------------------------------------
Average Effective Maturity (Years) 21.97
--------------------------------------------------
Leverage-Adjusted Duration 11.62
--------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 4.72% 13.55%
--------------------------------------------------
Since Inception 4.72% 13.31%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 27%
--------------------------------------------------
Healthcare 14%
--------------------------------------------------
Education and Civic Organizations 12%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Tax Obligation/General 11%
--------------------------------------------------
BAR CHART:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
5/02 0.0745
6/02 0.0745
7/02 0.0745
8/02 0.0745
9/02 0.0745
10/02 0.0745
11/02 0.0745
12/02 0.0745
1/03 0.0745
2/03 0.0745
3/03 0.0745
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/02 15.01
15.02
15.09
15
15
15.12
15.03
15.14
14.8
14.95
15.05
14.99
15
15
15.1
15.1
14.64
15.1
15.21
15.2
15
15.22
15.33
15.45
15.1
15.34
15.15
15.2
14.7
14.68
15
15
14.99
14.49
14.5
14.9
14.65
14.41
14.1
14.71
14.5
14.77
14.62
14.94
14.95
14.69
14.63
14.95
14.83
15
14.56
3/31/03 14.7
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
2 The Fund also paid shareholders a capital gains distribution in December
2002 of $0.0783 per share.
10
Nuveen Insured New York Tax-Free Advantage Municipal Fund
Performance
OVERVIEW As of March 31, 2003
NRK
PIE CHART:
CREDIT QUALITY
INSURED 86%
AAA (UNINSURED) 3%
AA (UNINSURED) 7%
A (UNINSURED) 3%
BBB (UNINSURED) 1%
PORTFOLIO STATISTICS
--------------------------------------------------
Share Price $14.70
--------------------------------------------------
Common Share Net Asset Value $14.36
--------------------------------------------------
Market Yield 5.92%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.46%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.11%
--------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $50,391
--------------------------------------------------
Average Effective Maturity (Years) 23.07
--------------------------------------------------
Leverage-Adjusted Duration 12.38
--------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 11/02)
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -0.54% 1.74%
--------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
--------------------------------------------------
Tax Obligation/Limited 42%
--------------------------------------------------
Utilities 14%
--------------------------------------------------
Transportation 14%
--------------------------------------------------
Education and Civic Organizations 12%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
BAR CHART:
MONTHLY TAX-FREE DIVIDENDS PER SHARE
1/03 0.0725
2/03 0.0725
3/03 0.0725
LINE CHART:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/22/02 15.05
15.06
15
15
15
14.77
14.63
14.5
14.2
14.6
14.75
14.4
14.25
14.8
14.99
14.94
14.7
3/31/03 14.6
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen Fund on an after-tax basis. It
is calculated using the current market yield and a federal income tax rate
of 30%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state income taxes. It is based on
a combined federal and state income tax rate of 35%.
11
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois on December 18, 2002.
NQN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-M Series-T Series-F
====================================================================================================================================
Robert P. Bremner
For 15,867,601 933 2,351 2,366
Withhold 143,420 -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,011,021 933 2,372 2,366
====================================================================================================================================
Lawrence H. Brown
For 15,866,601 933 2,351 2,366
Withhold 144,420 -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,011,021 933 2,372 2,366
====================================================================================================================================
Anne E. Impellizzeri
For 15,855,786 933 2,351 2,366
Withhold 155,235 -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,011,021 933 2,372 2,366
====================================================================================================================================
Peter R. Sawers
For 15,863,419 933 2,351 2,366
Withhold 147,602 -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,011,021 933 2,372 2,366
====================================================================================================================================
Judith M. Stockdale
For 15,863,726 933 2,351 2,366
Withhold 147,295 -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total 16,011,021 933 2,372 2,366
====================================================================================================================================
William J. Schneider
For -- 933 2,351 2,366
Withhold -- -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 933 2,372 2,366
====================================================================================================================================
Timothy R. Schwertfeger
For -- 933 2,351 2,366
Withhold -- -- 21 --
------------------------------------------------------------------------------------------------------------------------------------
Total -- 933 2,372 2,366
====================================================================================================================================
12
NVN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred
Common Shares Shares Shares
Shares Series-T Series-W Series-TH
====================================================================================================================================
Robert P. Bremner
For 21,004,733 1,701 2,306 3,396
Withhold 169,635 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total 21,174,368 1,704 2,317 3,417
====================================================================================================================================
Lawrence H. Brown
For 21,004,733 1,701 2,306 3,396
Withhold 169,635 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total 21,174,368 1,704 2,317 3,417
====================================================================================================================================
Anne E. Impellizzeri
For 20,995,766 1,701 2,306 3,396
Withhold 178,602 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total 21,174,368 1,704 2,317 3,417
====================================================================================================================================
Peter R. Sawers
For 21,005,768 1,701 2,306 3,396
Withhold 168,600 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total 21,174,368 1,704 2,317 3,417
====================================================================================================================================
Judith M. Stockdale
For 20,998,806 1,701 2,306 3,396
Withhold 175,562 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total 21,174,368 1,704 2,317 3,417
====================================================================================================================================
William J. Schneider
For -- 1,701 2,306 3,396
Withhold -- 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,704 2,317 3,417
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,701 2,306 3,396
Withhold -- 3 11 21
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,704 2,317 3,417
====================================================================================================================================
13
Shareholder
MEETING REPORT (continued)
NUN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred
Common Shares Shares Shares Shares
Shares Series-M Series-W Series-TH Series-F
====================================================================================================================================
Robert P. Bremner
For 21,741,300 2,144 2,099 2,337 1,022
Withhold 289,738 -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total 22,031,038 2,144 2,122 2,358 1,025
====================================================================================================================================
Lawrence H. Brown
For 21,753,680 2,144 2,099 2,337 1,022
Withhold 277,358 -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total 22,031,038 2,144 2,122 2,358 1,025
====================================================================================================================================
Anne E. Impellizzeri
For 21,742,303 2,144 2,099 2,337 1,022
Withhold 288,735 -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total 22,031,038 2,144 2,122 2,358 1,025
====================================================================================================================================
Peter R. Sawers
For 21,756,403 2,144 2,099 2,337 1,022
Withhold 274,635 -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total 22,031,038 2,144 2,122 2,358 1,025
====================================================================================================================================
Judith M. Stockdale
For 21,760,142 2,144 2,099 2,337 1,022
Withhold 270,896 -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total 22,031,038 2,144 2,122 2,358 1,025
====================================================================================================================================
William J. Schneider
For -- 2,144 2,099 2,337 1,022
Withhold -- -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,144 2,122 2,358 1,025
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,144 2,099 2,337 1,022
Withhold -- -- 23 21 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,144 2,122 2,358 1,025
====================================================================================================================================
14
NNF
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS:
Preferred Preferred
Common Shares Shares
Shares Series-M Series-T
====================================================================================================================================
Robert P. Bremner
For 7,689,312 1,273 1,258
Withhold 70,259 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total 7,759,571 1,274 1,261
====================================================================================================================================
Lawrence H. Brown
For 7,689,912 1,273 1,258
Withhold 69,659 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total 7,759,571 1,274 1,261
====================================================================================================================================
Anne E. Impellizzeri
For 7,689,771 1,273 1,258
Withhold 69,800 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total 7,759,571 1,274 1,261
====================================================================================================================================
Peter R. Sawers
For 7,689,771 1,273 1,258
Withhold 69,800 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total 7,759,571 1,274 1,261
====================================================================================================================================
Judith M. Stockdale
For 7,689,312 1,273 1,258
Withhold 70,259 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total 7,759,571 1,274 1,261
====================================================================================================================================
William J. Schneider
For -- 1,273 1,258
Withhold -- 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,274 1,261
====================================================================================================================================
Timothy R. Schwertfeger
For -- 1,273 1,258
Withhold -- 1 3
------------------------------------------------------------------------------------------------------------------------------------
Total -- 1,274 1,261
====================================================================================================================================
15
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.6%
$ 5,030 The Trust for Cultural Resources of the City of New York, New York, 7/09 at 101.00 AAA $ 5,574,095
Revenue Bonds, Series 1999A (American Museum of Natural
History), 5.750%, 7/01/29 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 3,220,290
Bonds (State University Dormitory Facilities Issue), Series 1999C,
5.500%, 7/01/29 - MBIA Insured
4,375 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AAA 4,689,475
University, Insured Revenue Bonds, Series 1996,
5.500%, 9/01/26 - FSA Insured
1,000 Dormitory Authority of the State of New York, Siena College, 7/07 at 102.00 AAA 1,104,410
Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 -
MBIA Insured
2,000 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,025,320
University, Insured Revenue Bonds, Series 1998,
5.000%, 7/01/28 - MBIA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,700,720
Bonds, Series 1998, New York Medical College,
5.000%, 7/01/21 - MBIA Insured
3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101.00 AAA 3,598,595
Institute of America, Insured Revenue Bonds, Series 1999,
5.000%, 7/01/22 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101.00 AAA 2,216,600
Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 -
FSA Insured
1,250 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 1,430,825
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101.00 AAA 1,403,340
Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
2,945 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 3,062,211
System Consolidated Fourth General Resolution Revenue
Bonds, 2000 Series A, 5.125%, 7/01/21 - FGIC Insured
2,000 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 2,105,480
University, Insured Revenue Bonds, Series 2001,
5.000%, 7/01/18 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.1%
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,136,160
Health System Bonds, 1999 Series A, 5.125%, 2/15/14 -
AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,400 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,535,216
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,204,664
1,000 Dormitory Authority of the State of New York, Maimonides 2/06 at 102.00 AAA 1,049,510
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1996A, 5.750%, 8/01/24 - MBIA Insured
3,135 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 3,170,237
Insured Revenue Bonds (Southside Hospital), Series 1998,
5.000%, 2/15/25 - MBIA Insured
6,080 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 6,121,952
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
5,000 Dormitory Authority of the State of New York, Highland 2/08 at 102.00 AAA 5,180,600
Hospital of Rochester, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1997A, 5.400%, 8/01/27 -
MBIA Insured
3,280 Dormitory Authority of the State of New York (North Shore 11/08 at 101.00 AAA 3,340,975
Health System Obligated Group), North Shore University
Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 -
MBIA Insured
Dormitory Authority of the State of New York, Montefiore Medical
Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series
1999:
985 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 1,063,209
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,188,520
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA $ 8,449,040
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,500 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 1,584,195
Services of Long Island Obligated Group), St. Francis
Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
3,000 Dormitory Authority of the State of New York, New Island 7/09 at 101.00 AAA 3,271,890
Hospital Insured Revenue Bonds, Series 1999A,
5.750%, 7/01/19 - AMBAC Insured
8,525 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 8,856,623
Nassau University Health System Obligation Group, Series 2001B,
South Nassau Communities Hospital Revenue Bonds,
5.250%, 7/01/26 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.2%
New York State Housing Finance Agency, Housing Project Mortgage
Revenue Bonds, 1996 Series A Refunding:
1,970 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 2,179,096
2,985 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,279,858
845 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 883,600
Mortgage Housing Revenue Bonds, 1994 Series B,
6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.7%
1,965 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102.00 AAA 2,089,777
Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative
Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
3,000 Castle Rest Residential Health Care Facility, Syracuse, New York, 8/07 at 102.00 AAA 3,054,630
FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37 (Optional put 8/01/07)
1,185 Village of East Rochester Housing Authority, New York, 8/07 at 102.00 AAA 1,259,288
FHA-Insured Mortgage Revenue Bonds (St. Johns Meadows
Project), Series 1997A, 5.750%, 8/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.2%
500 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101.00 Aaa 581,070
Serial Bonds, 2000 Series A, 6.000%, 4/01/18 - FGIC Insured
Germantown Central School District, Columbia County, New York,
School District Serial Bonds, Series 1999:
700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 773,066
700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 768,495
2,000 Town of Hempstead, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,205,180
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 784,371
School District Serial Bonds, Series 2000, 5.600%, 8/01/18 -
MBIA Insured
Monticello Central School District, Sullivan County, New York,
Serial Bonds, Series 2000:
1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,216,487
2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,319,060
2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,510,382
County of Nassau, New York, General Obligation Serial General
Improvement Bonds, Series F:
1,505 6.500%, 3/01/17 - FSA Insured 3/10 at 100.00 AAA 1,769,564
1,000 6.500%, 3/01/19 - FSA Insured 3/10 at 100.00 AAA 1,172,450
910 6.500%, 3/01/20 - FSA Insured 3/10 at 100.00 AAA 1,063,908
County of Nassau, New York, General Obligation Serial General
Improvement Bonds, Series B:
2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,096,087
1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,038,940
805 County of Nassau, New York, General Obligation Serial General 9/09 at 102.00 Aaa 872,540
Improvement Bonds, Series D, 5.300%, 9/01/17 - FSA Insured
1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101.00 Aaa 1,544,040
Obligation Refunding Serial Bonds, 1998 Series B,
4.750%, 3/01/18 - FGIC Insured
17
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
County of Oneida, New York, General Obligation Public
Improvement Bonds, Series 2000:
$ 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA $ 547,280
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 544,030
255 City of Port Jervis, Orange County, New York, Water Improvement 3/09 at 101.00 Aaa 269,392
Serial Bonds, Series 1999, 5.625%, 3/15/24 - FGIC Insured
County of Suffolk, New York, Public Improvement Serial Bonds,
2000 Series A:
1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,281,036
1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,271,149
610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 702,391
640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 736,762
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.4%
2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 3,040,278
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,367,888
1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,087,930
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,036,180
3,500 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 3,552,850
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
6,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 6,269,280
3,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,554,600
3,125 Nassau Health Care Corporation, New York, Health System 8/09 at 102.00 AAA 3,434,438
Revenue Bonds, Series 1999 (Nassau County, New York
Guaranteed), 5.750%, 8/01/29 - FSA Insured
3,025 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 3,410,809
Authority, Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
10,000 New York City Transitional Finance Authority, New York, Future 5/08 at 101.00 AAA 9,506,500
Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 -
FGIC Insured
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,134,380
Future Tax Secured Bonds, Fiscal 2003 Series C,
5.250%, 8/01/20 - AMBAC Insured
2,510 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,589,542
Tax Secured Bonds, Fiscal 2003 Series D Refunding,
5.000%, 2/01/22 - MBIA Insured
5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,550,150
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
1,250 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102.00 AAA 1,338,850
Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23 - MBIA Insured
2,250 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,344,927
Bonds (853 Schools Program - 1998 Issue 2), Saint Anne
Institute Insured Revenue Bonds, Series 1998E,
5.000%, 7/01/18 - AMBAC Insured
1,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,506,281
Bonds (853 Schools Program - 1999 Issue 2), Anderson
School, Series 1999E, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Special Act 7/09 at 101.00 AAA 2,248,180
School Districts Program Insured Revenue Bonds, Series 1999,
5.750%, 7/01/19 - MBIA Insured
4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 4,484,900
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.375%, 2/15/26 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230
Services Facilities Improvement Revenue Bonds, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
Dormitory Authority of the State of New York, Mental Health
Services Facilities Improvement Bonds, Series 2001A:
1,145 5.500%, 8/15/19 - MBIA Insured 8/11 at 100.00 AAA 1,240,275
1,210 5.500%, 8/15/20 - MBIA Insured 8/11 at 100.00 AAA 1,303,630
2,480 Dormitory Authority of the State of New York, Mental Health 8/11 at 100.00 AAA 2,686,361
Services Facilities Improvement Revenue Bonds, Series 2001B,
5.500%, 8/15/19 - MBIA Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,670 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA $ 1,867,561
Facilities Improvement Revenue Bonds, Series 2000D,
5.875%, 2/15/16 - FSA Insured
2,265 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100.00 AAA 2,309,235
State Park, Special Obligation Refunding Revenue Bonds,
1996 Series, 5.125%, 4/01/22 - AMBAC Insured
1,750 New York Local Government Assistance Corporation (a public 4/08 at 101.00 AAA 1,796,970
benefit corporation of the State of New York), Series 1997B,
Refunding Bonds, 4.875%, 4/01/20 - MBIA Insured
3,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 3,091,470
Mental Health Services Facilities Improvement Revenue Bonds,
1994 Series A, 5.250%, 8/15/23 - MBIA Insured
35 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 36,578
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 - MBIA Insured
40 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 43,181
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series E, 6.250%, 8/15/19 - FGIC Insured
2,080 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 2,182,586
Mental Health Services Facilities Improvement Revenue
Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,016,050
Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
4,600 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 4,833,450
Financing Program Revenue Bonds, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,410,215
1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,411,982
2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,083,100
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,790,815
Fund Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured
2,225 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,353,605
Trust Fund, Series 2003A, Second General, 5.250%, 4/01/22
(WI, settling 4/03/03) - MBIA Insured
1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101.00 AAA 1,144,250
Revenue Bonds, Series B, 5.875%, 7/01/35 - MBIA Insured
2,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101.00 AAA 2,222,020
5.500%, 8/01/19 - FSA Insured
1,435 Industrial Development Agency, Suffolk County, New York, 10/10 at 102.00 Aaa 1,656,205
Civic Facility Revenue Bonds, Series 1999A (Hampton Bays
Public Library Project), 6.000%, 10/01/19 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.2%
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,194,820
Revenue Bonds, Series 2002A Refunding, 5.500%, 11/15/19 -
AMBAC Insured
2,300 Niagara Frontier Transportation Authority, Buffalo, New York, 4/09 at 101.00 AAA 2,429,375
Niagara International Airport, Airport Revenue Bonds,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) -
MBIA Insured
5,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,300,050
Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26
(Alternative Minimum Tax) - MBIA Insured
5,025 The Port Authority of New York and New Jersey, Special 12/07 at 100.00 AAA 5,385,343
Project Bonds, Series 6, JFK International Air Terminal
LLC Project, 5.750%, 12/01/25 (Alternative Minimum Tax) -
MBIA Insured
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/03 at 100.00 AAA 5,424,300
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/03 at 100.00 AAA 11,744,950
Triborough Bridge and Tunnel Authority, New York, Subordinate
Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 895,307
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,428,800
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 34.8%
City of 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 $ 629,123
425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 509,290
1,230 City of Buffalo, New York, School Bonds, Series 1999E, 12/09 at 101.00 AAA 1,473,122
6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured
Chitennango Central School District, Madison and Onondaga
Counties, New York, Serial Bonds, Series 2000:
1,125 5.650%, 6/15/18 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,314,000
1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) -FGIC Insured 6/09 at 101.00 AAA 1,384,080
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
265 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 311,017
200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,730
200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,730
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793
1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793
Lyndonville Central School District, Orleans County, New York,
School District Serial Bonds, Series 2000:
330 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 385,288
330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 385,288
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,329,539
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
10,215 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 11,694,234
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
2,650 Metropolitan Transportation Authority, New York, Commuter 7/13 at 100.00 AAA 2,959,494
Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21
(Pre-refunded to 7/01/13) - 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 5,674,485
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,285,444
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,118,380
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
to 10/01/14) - FSA Insured
1,550 The City of New York, New York, General Obligation Bonds, 6/03 at 100.00 AAA 1,565,035
Fiscal 1991 Series B, 7.000%, 6/01/04 - AMBAC Insured
The City of New York, New York, General Obligation Bonds, Fiscal
1990 Series I:
950 7.250%, 8/15/14 - AMBAC Insured 8/03 at 100.00 AAA 1,026,048
1,270 7.250%, 8/15/17 - AMBAC Insured 8/03 at 100.00 AAA 1,371,664
The City of New York, New York, General Obligation Bonds, Fiscal
1991 Series A:
3,030 7.250%, 3/15/18 - FSA Insured 9/03 at 100.00 AAA 3,412,841
2,250 7.250%, 3/15/19 - FSA Insured 9/03 at 100.00 AAA 2,397,960
340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 406,949
Water and Sewer System Revenue Bonds, Fiscal 2000
Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) -
MBIA Insured
1,085 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,367,133
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1986, 7.375%, 7/01/16 - BIG Insured
1,000 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA 1,054,400
System Consolidated Third General Resolution Revenue
Bonds, 1995 Series 1, 5.375%, 7/01/25 (Pre-refunded
to 7/01/05) - AMBAC Insured
5,000 Dormitory Authority of the State of New York, City University 7/09 at 101.00 AAA 5,367,150
System Consolidated Third General Resolution Revenue
Bonds, 1999 Series 1, 5.500%, 7/01/29 (Pre-refunded
to 7/01/09) - FSA Insured
4,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 4,106,840
System Consolidated Fourth General Resolution Revenue
Bonds, 2000 Series A, 5.125%, 7/01/24 (Pre-refunded
to 7/01/10) - FGIC Insured
4,150 New York State Housing Finance Agency, State University No Opt. Call AAA 4,612,352
Construction Bonds, 1986 Series A, 7.900%, 11/01/06
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 3,140 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA $ 3,476,765
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded
to 2/15/05) - MBIA Insured
6,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 6,732,000
New York Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 6.800%, 8/15/24 (Pre-refunded to
2/15/05) - AMBAC Insured
5,915 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,685,606
Bonds, State University Educational Facilities, Series 2002A,
5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured
4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102.00 AAA 4,573,964
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) -
FGIC Insured
7,900 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 9,303,277
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29 (Pre-refunded to 1/01/09) -
AMBAC Insured
1,000 Commonwealth of Puerto Rico, General Obligation Public 7/10 at 100.00 AAA 1,168,000
Improvement Bonds, 5.750%, 7/01/26 (Pre-refunded
to 7/01/10) - MBIA Insured
1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101.00 AAA 1,913,049
General Obligation Bonds, Series 2000, 5.750%, 6/15/19
(Pre-refunded to 6/15/09) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.6%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
9,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 9,227,160
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,289,200
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,089,100
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 2,517,825
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,576,175
2,275 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 2,329,236
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 2,299,613
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 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 1,050,790
Pollution Control Revenue Bonds (New York State Electric
and Gas Corporation Project), Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 2,553,950
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax) - MBIA Insured
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,164,640
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.5%
3,655 Buffalo, New York, Municipal Water Finance Authority, Water 7/09 at 101.00 AAA 4,183,184
System Revenue Bonds, Series 1999, 6.000%, 7/01/29 -
FSA Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 5,520,850
Water and Sewer System Revenue Bonds, Fiscal 1996 Series B,
5.750%, 6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,101,640
Water and Sewer System Revenue Bonds, Fiscal 1997 Series B,
5.750%, 6/15/29 - FSA Insured
4,750 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 5,116,320
Water and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,074,720
Water and Sewer System Revenue Bonds, Fiscal 2002 Series A,
5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,938,897
Water and Sewer System Revenue Bonds, Fiscal 2000
Series B, 6.100%, 6/15/31 - MBIA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 5,000 Suffolk County Water Authority, New York, Water System 6/03 at 102.00 AAA $ 5,127,550
Revenue Bonds, Series 1994, 5.000%, 6/01/17 -
MBIA Insured
2,750 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 2,998,240
Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 399,475 Total Long-Term Investments (cost $390,254,501) - 145.8% 429,086,711
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.1% 9,179,495
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.9)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $294,266,206
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
22
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.3%
Industrial Development Agency, Town of Amherst, New York, Civic
Facility Revenue Bonds, UBF Faculty-Student Housing Corporation
- Village Green Project, Series 2000A:
$ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,460,978
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 673,446
500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102.00 AAA 555,505
Civic Facility Revenue Bonds, UBF Faculty-Student Housing
Corporation - 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 1,020,950
Civic Facility Revenue and Refunding Bonds (Hofstra University
Project), Series 1998, 5.000%, 7/01/23 - MBIA Insured
1,000 The Trust for Cultural Resources of the City of New York, 7/09 at 101.00 AAA 1,108,170
New York, Revenue Bonds, Series 1999A (American Museum
of Natural History), 5.750%, 7/01/29 - AMBAC Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,337,725
Civic Facility Revenue Bonds (Horace Mann School Project),
5.000%, 7/01/28 - MBIA Insured
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,288,431
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/18 - FGIC Insured
12,875 Dormitory Authority of the State of New York, Mount Sinai 7/03 at 100.00 AAA 13,058,340
School of Medicine, Insured Revenue Bonds, Series 1991,
6.750%, 7/01/15 - MBIA Insured
1,870 Dormitory Authority of the State of New York, Fordham 7/03 at 100.00 AAA 1,878,602
University, Insured Revenue Bonds, Series 1990,
7.200%, 7/01/15 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Siena College, 7/07 at 102.00 AAA 2,208,820
Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 -
MBIA Insured
2,860 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,896,208
University, Insured Revenue Bonds, Series 1998,
5.000%, 7/01/28 - MBIA Insured
4,500 Dormitory Authority of the State of New York, Ithaca College, 7/08 at 101.00 Aaa 4,638,960
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,662,450
Community Colleges, Revenue Bonds, Series 2000A,
5.750%, 7/01/29 - FSA Insured
Dormitory Authority of the State of New York, University of
Rochester, Revenue Bonds, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,456,501
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,630,030
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,808,077
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,341,781
500 Dormitory Authority of the State of New York, Pace University, 7/10 at 101.00 AAA 572,330
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Series 2000, Canisius College:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,053,510
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 2,993,392
Dormitory Authority of the State of New York, Insured Revenue
Bonds, New York University, 2001 Series 2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,474,646
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 864,008
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 644,988
2,500 Dormitory Authority of the State of New York, Revenue No Opt. Call AAA 2,856,725
Bonds, Series 2001-1, New York University, 5.500%, 7/01/40 -
AMBAC Insured
2,125 Dormitory Authority of the State of New York, Yeshiva University, 7/11 at 100.00 AAA 2,223,494
Insured Revenue Bonds, 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 1,809,146
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
23
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 14.2%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
$ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 2,957,752
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,834,568
Dormitory Authority of the State of New York, St. Vincent's
Hospital and Medical Center of New York, FHA-Insured Mortgage
Revenue Bonds, Series 1991:
2,980 7.375%, 8/01/11 8/03 at 100.00 AAA 3,023,985
4,150 7.400%, 8/01/30 8/03 at 100.00 AAA 4,279,895
5,995 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105.00 AAA 6,185,881
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
390 Dormitory Authority of the State of New York, Maimonides No Opt. Call AAA 401,478
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1996A, 5.500%, 8/01/14 - MBIA Insured
6,500 Dormitory Authority of the State of New York (United Health 2/08 at 102.00 AAA 6,720,870
Services), FHA-Insured Mortgage Revenue Refunding
Bonds, Series 1997, 5.375%, 8/01/27 - AMBAC Insured
5,730 Dormitory Authority of the State of New York, Montefiore 8/09 at 101.00 AAA 6,000,055
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
6,430 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 6,758,766
Services of Long Island Obligated Group), St. Francis
Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 -
MBIA Insured
12,020 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 12,487,578
Nassau University Health System Obligated Group,
Series 2001A, Winthrop University Hospital Association
Revenue Bonds, 5.250%, 7/01/26 - AMBAC Insured
2,025 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 2,100,695
Nassau University Health System Obligated Group,
Series 2001B, South Nassau Communities Hospital Revenue
Bonds, 5.250%, 7/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6%
14,953 New York City Housing Development Corporation, New York, 4/03 at 105.00 AAA 15,731,772
Multifamily Housing Limited Obligation Bonds, Series 1991C,
Pass-through Certificates, 6.500%, 2/20/19 - AMBAC Insured
New York State Housing Finance Agency, Housing Project Mortgage
Revenue Bonds, 1996 Series A Refunding:
980 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,084,017
3,980 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 4,373,144
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.2%
2,000 Industrial Development Agency, Town of Babylon, New York, 8/09 at 101.00 AAA 2,181,560
Civic Facility Revenue Bonds, Series 2000B (WSNCHS East,
Inc. Project), 6.000%, 8/01/24 - MBIA Insured
6,000 Dormitory Authority of the State of New York, Norwegian 8/11 at 101.00 AAA 6,166,740
Christian Home and Health Center, FHA-Insured Mortgage
Nursing Home Revenue Bonds, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.1%
County of Erie, New York, General Obligation Serial Bonds,
Public Improvement Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 781,760
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 752,815
2,500 County of Nassau, New York, General Obligation Serial General 6/09 at 102.00 AAA 2,597,350
Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured
45 The City of New York, New York, General Obligation Bonds, 8/03 at 100.75 AAA 45,861
Fiscal 1992 Series C, 6.250%, 8/01/10 - FSA Insured
The City of New York, New York, General Obligation Bonds, Fiscal
1998 Series H:
4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,243,873
6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,241,020
5,000 The City of New York, New York, General Obligation Bonds, 4/09 at 101.00 AAA 5,051,000
Fiscal 1999 Series I, 5.000%, 4/15/29 - MBIA Insured
3,000 The City of New York, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,174,690
Fiscal 2001 Series D, 5.000%, 8/01/16 - FGIC Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 3,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101.00 Aaa $ 3,088,080
Obligation Refunding Serial Bonds, 1998 Series B,
4.750%, 3/01/18 - FGIC Insured
Town of North Hempstead, Nassau County, New York, General
Obligation Bonds, 1999 Series B:
2,135 5.875%, 7/15/18 - FGIC Insured 7/09 at 101.00 Aaa 2,456,275
2,255 5.875%, 7/15/19 - FGIC Insured 7/09 at 101.00 Aaa 2,583,959
County of Oneida, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 109,456
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 108,806
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 606,050
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 603,740
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 601,078
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 598,999
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 595,796
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 593,565
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 594,022
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 593,602
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 595,408
Rensselaer County, New York, General Obligation Serial
Bonds, Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,223,770
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,229,933
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,232,947
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,236,854
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,235,050
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 958,588
The City of Rochester, New York, General Obligation Serial
Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 822,671
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 815,990
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 805,102
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 800,226
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 798,036
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 797,700
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 792,809
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 36.8%
1,000 Battery Park City Authority, New York, Senior Revenue 11/03 at 102.00 AAA 1,040,460
Refunding Bonds, Series 1993A, 5.250%, 11/01/17 -
MBIA Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,067,130
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,282,930
4,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 4,351,720
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,036,180
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,060,400
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,836,600
5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,078,000
5,875 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 6,084,326
Authority Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 1999A, 5.250%, 1/01/29 -
AMBAC Insured
5,225 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,891,397
Authority, Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 50,582
Future Tax Secured Bonds, Fiscal 1998 Series A,
5.000%, 8/15/27 - MBIA Insured
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York City Transitional Finance Authority, New York, 5/08 at 101.00 AAA $ 1,901,300
Future Tax Secured Bonds, Fiscal 1998 Series B,
4.500%, 11/15/27 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal 2002 Series B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,082,119
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,086,120
5,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,830,550
Future Tax Secured Bonds, Fiscal 2003 Series C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,610,915
Future Tax Secured Bonds, Fiscal 2003 Series D Refunding,
5.000%, 2/01/22 - MBIA Insured
5,250 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,827,658
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
505 Dormitory Authority of the State of New York, Judicial 4/03 at 114.14 Baa1 579,432
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1991A, 9.500%, 4/15/14
5,000 Dormitory Authority of the State of New York, Leake and 7/04 at 102.00 AAA 5,355,400
Watts Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23 - MBIA Insured
Dormitory Authority of the State of New York, Mental Health
Services Facilities Improvement Revenue Bonds, Series 1996B:
2,530 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 2,638,790
2,660 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 2,774,380
7,145 Dormitory Authority of the State of New York, Special Act 7/09 at 101.00 AAA 8,031,623
School Districts Program Insured Revenue Bonds, Series 1999,
5.750%, 7/01/19 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230
Services Facilities Improvement Revenue Bonds,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100.00 AAA 2,039,060
State Park, Special Obligation Refunding Revenue Bonds,
1996 Series, 5.125%, 4/01/22 - AMBAC Insured
7,750 New York Local Government Assistance Corporation (a public 4/08 at 101.00 AAA 7,958,010
benefit corporation of the State of New York), Series 1997B,
Refunding Bonds, 4.875%, 4/01/20 - MBIA Insured
State of New York Municipal Bond Bank Agency, Special Program
Revenue Bonds, City of Buffalo, 2001 Series A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 923,694
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 966,055
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,017,428
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,064,502
20 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 20,902
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 - MBIA Insured
3,970 New York State Medical Care Facilities Finance Agency, 8/03 at 100.00 AAA 4,069,250
Mental Health Services Facilities Improvement Revenue
Bonds, Series 1992A, 5.500%, 8/15/21 - FGIC Insured
1,500 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,524,075
Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
7,925 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 8,327,194
Financing Program Revenue Bonds, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 2,006,004
2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,280,894
3,575 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 3,882,271
Fund Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,349,500
Fund Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,512,275
Fund, Series 2003A, Second General, 5.250%, 4/01/22
(WI, settling 4/03/03) - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 4,632,520
Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 -
FSA Insured
1,000 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,133,430
Appropriation Bonds, 2002 Series E, 5.500%, 8/01/27 -
AMBAC Insured
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.1%
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002A Refunding:
$ 6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA $ 6,619,380
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,087,920
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002E Refunding:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,448,582
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,660,507
2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101.00 AAA 2,640,625
International Airport), New York, Airport Revenue Bonds,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) -
MBIA Insured
7,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,420,070
Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26
(Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,802,093
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,012,800
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 29.5%
325 Brookhaven, New York, General Obligation Bonds, Series 1991B, 10/04 at 100.00 AAA 331,825
6.400%, 10/01/11 (Pre-refunded to 10/01/04) - MBIA Insured
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 352,095
350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 410,777
365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 428,382
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,175,740
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,175,740
Lyndonville Central School District, Orleans County, New York,
School District Serial Bonds, Series 2000:
340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 396,964
340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 396,964
9,000 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 10,303,290
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,320,468
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 3,413,190
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 11,992,090
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 4,473,520
1,000 5.250%, 4/01/23 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,141,590
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,634,735
The City of New York, New York, General Obligation Bonds, Fiscal
1991 Series A:
1,500 7.250%, 3/15/18 - FSA Insured 9/03 at 100.00 AAA 1,689,525
3,100 7.250%, 3/15/19 - FSA Insured 9/03 at 100.00 AAA 3,303,856
3,000 The City of New York, New York, General Obligation Bonds, 4/03 at 100.00 AAA 3,006,450
Fiscal 1990 Series B, 7.000%, 10/01/19 - FSA Insured
255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 305,212
Water and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
10 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 11,283
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
(Pre-refunded to 8/15/07) - MBIA Insured
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 1,175 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA $ 1,238,920
System Consolidated Third General Resolution Revenue Bonds,
1995 Series 1, 5.375%, 7/01/25 (Pre-refunded to 7/01/05) -
AMBAC Insured
Dormitory Authority of the State of New York, City University
System Consolidated Third General Resolution Revenue Bonds, 1997
Series 1:
3,120 5.375%, 7/01/24 (Pre-refunded to 1/01/08) - FGIC Insured 1/08 at 102.00 AAA 3,304,174
7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 7,143,500
5,000 Dormitory Authority of the State of New York, State University 5/06 at 102.00 AAA 5,681,850
Educational Facilities, Revenue Bonds, Series 1996,
5.500%, 5/15/26 (Pre-refunded to 5/15/06) - FSA Insured
3,485 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 3,578,084
System Consolidated Fourth General Resolution Revenue
Bonds, 2000 Series A, 5.125%, 7/01/24 (Pre-refunded
to 7/01/10) - FGIC Insured
2,230 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 2,469,167
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded
to 2/15/05) - MBIA Insured
5,795 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,493,935
State University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured
10,000 New York State, Urban Development Corporation, Correctional 1/05 at 102.00 AAA 10,933,500
Facilities Revenue Bonds, Series 5, 5.500%, 1/01/25
(Pre-refunded to 1/01/05) - MBIA Insured
2,000 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AAA 2,240,860
Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25
(Pre-refunded to 1/01/06) - AMBAC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,706,140
5,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 5,888,150
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,252,300
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.7%
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,509,492
7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,207,900
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 1,396,200
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,319,880
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 4,697,400
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 889,350
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,265,490
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 802,170
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 3,021,390
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,220,219
10,025 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 10,263,996
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B
(The Brooklyn Union Gas Company Project), 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 3,152,370
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation Project, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
3,000 New York State Energy Research and Development Authority, 4/03 at 101.00 AAA 3,123,300
Pollution Control Refunding Revenue Bonds, Niagara Mohawk
Power Corporation Project, Series 1991A,
6.625%, 10/01/13 - FGIC Insured
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,493,920
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax) - MBIA Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.5%
$ 5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA $ 5,520,850
Water and Sewer System Revenue Bonds, Fiscal
1996 Series B, 5.750%, 6/15/26 - MBIA Insured
2,225 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 2,345,951
New York, Water and Sewer System Revenue Bonds,
Fiscal 1997 Series A, 5.375%, 6/15/26 - FSA Insured
10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,309,760
New York, Water and Sewer System Revenue Bonds,
Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,186,800
Water and Sewer System Revenue Bonds, Fiscal 2002
Series A, 5.250%, 6/15/33 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal 2000 Series B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,454,172
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,423,094
350 New York State Environmental Facilities Corporation, 9/03 at 100.00 AAA 351,610
State Water Pollution Control Revolving Fund Revenue
Bonds, Series 1991B (Pooled Loan Issue), 7.100%, 9/15/11
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 834,573
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 550,255 Total Long-Term Investments (cost $515,636,010) - 148.0% 558,364,296
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.2% 11,928,096
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.2)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $377,292,392
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
29
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 26.1%
Industrial Development Agency, Town of Amherst, New York, Civic
Facility Revenue Bonds, UBF Faculty-Student Housing Corporation
- Village Green Project, Series 2000A:
$ 1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,183,226
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 673,446
500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102.00 AAA 555,505
Civic Facility Revenue Bonds, UBF Faculty-Student Housing
Corporation - Lakeside Cottage Project, Series 2000B, 5.625%,
8/01/20 - AMBAC Insured
2,730 County of Monroe Industrial Development Agency, New York, 6/03 at 100.00 AAA 2,755,334
1986 Industrial Development Revenue Bonds (Wilmur
Associates Facility), Eastman Place Remarketing,
7.250%, 12/01/16 (Alternative Minimum Tax) - MBIA Insured
6,350 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,483,033
Civic Facility Revenue and Refunding Bonds (Hofstra
University Project), Series 1998, 5.000%, 7/01/23 -
MBIA Insured
5,000 The Trust for Cultural Resources of the City of New York, 7/06 at 101.00 AAA 5,555,700
New York, Revenue Bonds, Series 1996 (The New York
Botanical Garden), 5.800%, 7/01/26 - MBIA Insured
7,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102.00 AAA 7,873,210
New York, Revenue Refunding Bonds, Series 1996A (The
Museum of Modern Art), 5.500%, 1/01/21 - AMBAC Insured
14,500 The Trust for Cultural Resources of the City of New York, 4/07 at 101.00 AAA 15,817,325
New York, Revenue Bonds, Series 1997A (American Museum
of Natural History), 5.650%, 4/01/27 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,965,666
Civic Facility Revenue Bonds (Trinity Episcopal School
Corporation Project), 5.250%, 6/15/27 - MBIA Insured
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,517,752
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 - FGIC Insured
1,000 Dormitory Authority of the State of New York, Mount Sinai 7/03 at 100.00 AAA 1,014,240
School of Medicine, Insured Revenue Bonds, Series 1991,
6.750%, 7/01/15 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Fordham 7/04 at 102.00 AAA 1,064,280
University, Insured Revenue Bonds, Series 1994,
5.500%, 7/01/23 - FGIC Insured
1,600 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,894,016
System Consolidated Second General Resolution Revenue
Bonds, Series 1993A, 5.750%, 7/01/18 - FSA Insured
6,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 7,038,180
System Consolidated Revenue Bonds, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
1,970 Dormitory Authority of the State of New York, University 7/04 at 102.00 AAA 2,106,324
of Rochester, Strong Memorial Hospital Revenue Bonds,
Series 1994, 5.900%, 7/01/17 - MBIA Insured
8,500 Dormitory Authority of the State of New York, Ithaca 7/07 at 102.00 AAA 8,844,250
College, Insured Revenue Bonds, Series 1997,
5.250%, 7/01/26 - AMBAC Insured
1,150 Dormitory Authority of the State of New York, St. Johns 7/06 at 102.00 AAA 1,280,824
University, Insured Revenue Bonds, Series 1996,
5.600%, 7/01/16 - MBIA Insured
4,625 Dormitory Authority of the State of New York, Barnard 7/07 at 101.00 AAA 4,811,249
College, Insured Revenue Bonds, Series 1996,
5.250%, 7/01/26 - AMBAC Insured
2,125 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,151,903
University, Insured Revenue Bonds, Series 1998,
5.000%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, City University 7/08 at 102.00 AAA 2,025,940
System Consolidated Third General Resolution Revenue
Bonds, 1998 Series 1, 5.000%, 7/01/26 - FGIC Insured
1,750 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,939,525
Community Colleges, Revenue Bonds, Series 2000A,
5.750%, 7/01/29 - FSA Insured
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
Dormitory Authority of the State of New York, University of
Rochester, Revenue Bonds, Series 2000A:
$ 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA $ 1,456,501
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,626,384
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,808,077
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,341,781
4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,733,840
Educational Facilities Revenue Bonds, Series 2000C,
1989 Resolution, 5.750%, 5/15/16 - FSA Insured
2,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 2,060,860
System Consolidated Fourth General Resolution Revenue
Bonds, 2000 Series A, 5.125%, 7/01/23 - FGIC Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,142,690
Series 2001-1, New York University, 5.500%, 7/01/40 -
AMBAC Insured
2,750 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 2,793,450
University, Insured Revenue Bonds, 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 1,734,068
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.0%
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 2,957,752
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,834,568
3,995 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105.00 AAA 4,122,201
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 7,048,300
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
9,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101.00 AAA 9,460,170
Services of Long Island Obligated Group, St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/24 -
MBIA Insured
9,000 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 9,336,420
Nassau University Health System Obligated Group,
Series 2001B, South Nassau Communities Hospital Revenue
Bonds, 5.250%, 7/01/31 - AMBAC Insured
5,350 New York State Medical Care Facilities Finance Agency, Sisters 5/03 at 101.00 AAA 5,559,720
of Charity Hospital of Buffalo Project Revenue Bonds,
1991 Series A, 6.625%, 11/01/18 - AMBAC Insured
3,300 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 3,432,330
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.375%, 2/15/25 - MBIA Insured
3,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,249,180
Montefiore Medical Center FHA-Insured Mortgage Revenue
Bonds, 1995 Series A, 5.750%, 2/15/25 - AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,146,734
Health Center Projects Revenue Bonds, Secured Mortgage
Program, Series 1995A, 6.375%, 11/15/19 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.2%
12,436 New York City Housing Development Corporation, New York, 4/03 at 105.00 AAA 13,083,590
Multifamily Housing Limited Obligation Bonds, Series 1991C,
Pass-through Certificates, 6.500%, 2/20/19 - AMBAC Insured
1,690 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 1,856,938
Mortgage Revenue Bonds, 1996 Series A Refunding,
6.125%, 11/01/20 - FSA Insured
1,350 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 1,411,668
Mortgage Housing Revenue Bonds, 1994 Series B,
6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.6%
1,995 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102.00 AAA 2,050,242
Revenue Bonds, Series 33, 5.400%, 10/01/17 -
AMBAC Insured
3,940 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102.00 AAA 4,190,190
Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative
Minimum Tax) - MBIA Insured
31
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7%
$ 4,450 Castle Rest Residential Health Care Facility, Syracuse, 8/07 at 102.00 AAA $ 4,531,035
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, United Cerebral 7/06 at 102.00 AAA 2,149,860
Palsy of New York City, Inc., Insured Revenue Bonds,
Series 1996, 5.500%, 7/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.6%
1,000 County of Erie, New York, General Obligation Bonds, 1995 6/05 at 101.50 AAA 1,090,220
Series B, 5.625%, 6/15/20 - FGIC Insured
County of Monroe, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,426,918
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,063,930
1,500 County of Nassau, New York, General Obligation Serial General 6/09 at 102.00 AAA 1,558,410
Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured
The City of New York, New York, General Obligation Bonds, Fiscal
2001 Series D:
1,500 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 1,627,695
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,816,297
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,291,150
5,000 The City of New York, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,122,550
Fiscal 2002 Series C, 5.125%, 3/15/25 - FSA Insured
Peru Central School District, Clinton County, New York, General
Obligation Bonds, Series 2002B Refunding:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,770,628
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,812,969
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 601,361
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 592,751
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 594,342
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.1%
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,067,130
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,282,930
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,439,650
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,054,270
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,120,800
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,836,600
5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,078,000
5,150 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,806,831
Authority, Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
75 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 75,872
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 -
MBIA Insured
3,000 New York City Transitional Finance Authority, New York, 5/08 at 101.00 AAA 2,851,950
Future Tax Secured Bonds, Fiscal 1998 Series B,
4.500%, 11/15/27 - FGIC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal 2002 Series B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,403,011
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,628,410
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,014,030
5,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,300,500
Future Tax Secured Bonds, Fiscal 2003 Series C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,610,915
Future Tax Secured Bonds, Fiscal 2003 Series D Refunding,
5.000%, 2/01/22 - MBIA Insured
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 6,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA $ 6,660,180
Lease Revenue Bonds (The City of New York Issue),
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
Program, Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,112,152
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,162,887
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,192,806
5,375 Dormitory Authority of the State of New York, Leake and 7/04 at 102.00 AAA 5,757,055
Watts Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23 - MBIA Insured
2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 2,257,024
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.125%, 8/15/21 - MBIA Insured
3,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,681,214
Bonds (853 Schools Program - 1999 Issue 1), Harmony Heights
School, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230
Services Facilities Improvement Revenue Bonds, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
5,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 5,155,250
Facilities Improvement Revenue Bonds, Series 2000D,
5.250%, 8/15/30 - FSA Insured
5,500 New York Local Government Assistance Corporation (a public 4/04 at 100.00 AAA 5,515,675
benefit corporation of the State of New York), Series 1993D
Bonds, 5.000%, 4/01/23 - AMBAC Insured
5,250 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 5,508,930
Mental Health Services Facilities Improvement Revenue
Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 -
FGIC Insured
1,500 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,524,075
Income Tax Revenue Bonds, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
7,900 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 8,300,925
Financing Program Revenue Bonds, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,416,219
3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,258,420
4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,320,604
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 7,409,088
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 2,538,720
Fund, Series 2003A, Second General, 5.250%, 4/01/22
(WI, 4/03/03) - MBIA Insured
3,190 New York State Urban Development Corporation, State No Opt. Call AAA 3,707,418
Facilities Revenue Bonds, 1995 Refunding Series,
5.600%, 4/01/15 - MBIA Insured
Puerto Rico Highway and Transportation Authority, Transportation
Revenue Bonds, Series E Refunding:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,482,550
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,948,780
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.2%
4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 4,552,558
Toll Bridge System Revenue Bonds, Series 1995,
5.750%, 1/01/25 - MBIA Insured
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002A Refunding:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,186,619
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,175,840
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002E Refunding:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,891,738
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,658,865
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 1,000 Niagara Frontier Transportation Authority (Greater Buffalo 4/04 at 102.00 AAA $ 1,059,100
International Airport), New York, Airport Revenue Bonds,
Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) -
AMBAC Insured
2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101.00 AAA 2,640,625
International Airport), New York, Airport Revenue Bonds,
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 5,322,350
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,802,093
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,012,800
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 25.7%
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 352,095
360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 422,514
400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 469,460
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793
15,000 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 17,172,150
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
Metropolitan Transportation Authority, New York, Transit Facilities
Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,543,000
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,565,835
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,270,570
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 4,473,520
2,000 5.250%, 4/01/23 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,283,180
2,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,236,760
5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,889,950
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded
to 4/01/10) - FGIC Insured
170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 203,475
Water and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 16,925
Future Tax Secured Bonds, Fiscal 1998 Series A,
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 2,970,775
Future Tax Secured Bonds, Fiscal 2000 Series B,
6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured
3,305 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 4,164,399
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1986, 7.375%, 7/01/16
1,700 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 1,734,850
System Consolidated Third General Resolution Revenue
Bonds, 1997 Series 1, 5.125%, 7/01/27 (Pre-refunded
to 1/01/08) - MBIA Insured
3,700 Dormitory Authority of the State of New York, City University 7/04 at 102.00 AAA 4,011,836
System Consolidated Third General Resolution Revenue
Bonds, 1994 Series 1, 6.300%, 7/01/24 (Pre-refunded
to 7/01/04) - AMBAC Insured
8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 9,155,268
State University Educational Facilities, Series 2002A,
5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured
3,000 New York State Urban Development Corporation, 1/06 at 102.00 AAA 3,361,290
Correctional Facilities Revenue Bonds, Series 6,
5.375%, 1/01/25 (Pre-refunded to 1/01/06) - AMBAC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series C:
10,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 11,776,300
6,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,756,900
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.3%
$ 1,650 Islip Resource Recovery Agency, New York, Resource Recovery No Opt. Call AAA $ 2,049,118
System Revenue Bonds (1985 Facility), 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 7,176,680
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,508,480
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,089,100
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 1,396,200
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,319,880
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,565,800
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,075,150
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 2,952,810
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,871,730
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 2,517,825
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,576,175
5,465 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 5,669,938
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 1,277,563
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 5.600%, 6/01/25 (Alternative
Minimum Tax) - MBIA Insured
12,000 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 12,258,960
Pollution Control Revenue Bonds (Rochester Gas and Electric
Corporation Project), Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
3,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 3,500,640
New York, Water and Sewer System Revenue Bonds,
Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal 2002 Series A:
2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,211,260
4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,149,440
New York City Municipal Water Finance Authority, New York, Water
and Sewer System Revenue Bonds, Fiscal 2000 Series B:
830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 969,448
810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 940,983
1,000 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 1,090,270
Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 560,056 Total Long-Term Investments (cost $526,932,334) - 147.8% 569,446,475
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.3% 12,799,372
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.1)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $385,245,847
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
35
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 32.8%
Industrial Development Agency, Town of Amherst, New York, Civic
Facility Revenue Bonds, UBF Faculty-Student Housing Corporation
- Village Green Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 277,753
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 276,003
2,000 Industrial Development Agency, County of Monroe, New York, 6/05 at 102.00 AAA 2,200,500
Civic Facility Revenue Bonds (Nazareth College of Rochester
Project), Series 1995, 6.000%, 6/01/20 - MBIA Insured
5,460 The Trust for Cultural Resources of the City of New York, 7/06 at 101.00 AAA 6,066,824
New York, Revenue Bonds, Series 1996 (The New York
Botanical Garden), 5.800%, 7/01/26 - MBIA Insured
1,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102.00 AAA 1,357,450
New York, Revenue Refunding Bonds, Series 1996A (The
Museum of Modern Art), 5.500%, 1/01/21 - AMBAC Insured
4,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101.00 AAA 4,391,440
New York, Revenue Bonds, Series 1997A (American Museum
of Natural History), 5.650%, 4/01/22 - MBIA Insured
1,000 New York City Industrial Development Agency, New York, Civic 11/04 at 102.00 AAA 1,092,030
Facility Revenue Bonds (USTA National Tennis Center
Incorporated Project), 6.375%, 11/15/14 - FSA Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 2,146,860
Bonds (State University Dormitory Facilities Issue), Series 1999C,
5.500%, 7/01/29 - MBIA Insured
1,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 1,151,740
Educational Facilities Revenue Bonds, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
2,200 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,604,272
System Consolidated Second General Resolution Revenue
Bonds, Series 1993A, 5.750%, 7/01/18 - FSA Insured
3,000 Dormitory Authority of the State of New York, New School 7/07 at 102.00 AAA 3,313,230
for Social Research, Insured Revenue Bonds, Series 1997,
5.750%, 7/01/26 - MBIA Insured
1,500 Dormitory Authority of the State of New York, St. Johns 7/06 at 102.00 AAA 1,670,640
University, Insured Revenue Bonds, Series 1996,
5.600%, 7/01/16 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AAA 2,143,760
University, Insured Revenue Bonds, Series 1996,
5.500%, 9/01/26 - FSA Insured
5,000 Dormitory Authority of the State of New York, Ithaca 7/08 at 101.00 Aaa 5,154,400
College Insured Revenue Bonds, Series 1998,
5.000%, 7/01/21 - AMBAC Insured
1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,662,450
Community Colleges, Revenue Bonds, Series 2000A,
5.750%, 7/01/29 - FSA Insured
3,215 Dormitory Authority of the State of New York, University of 7/10 at 101.00 AAA 2,288,951
Rochester, Revenue Bonds, Series 2000A, 0.000%, 7/01/24 -
MBIA Insured
250 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 286,165
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
1,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 1,034,790
System Consolidated Fourth General Resolution Revenue
Bonds, 2000 Series A, 5.125%, 7/01/22 - FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Series 2001-1, New York University:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,687,185
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 571,345
810 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 842,983
University, Insured Revenue Bonds, Series 2001,
5.000%, 7/01/20 - AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 1,370,965
Bonds, State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 17.1%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
$ 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 1,056,340
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,049,840
3,000 Dormitory Authority of the State of New York, Ellis Hospital, 8/05 at 102.00 AAA 3,107,730
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995,
5.600%, 8/01/25 - MBIA Insured
1,500 Dormitory Authority of the State of New York (Vassar Brothers 1/08 at 102.00 AAA 1,590,285
Hospital), Revenue Bonds, Series 1997, 5.250%, 7/01/17 -
FSA Insured
2,910 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 2,930,079
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York (Catholic 7/09 at 101.00 AAA 3,168,390
Health Services of Long Island Obligated Group), St. Charles
Hospital and Rehabilitation Center Revenue Bonds,
Series 1999A, 5.500%, 7/01/22 - MBIA Insured
3,450 Dormitory Authority of the State of New York, Winthrop 7/11 at 101.00 AAA 3,578,961
South Nassau University Health System Obligated Group,
Series 2001A, Winthrop University Hospital Association
Revenue Bonds, 5.250%, 7/01/31 - AMBAC Insured
4,700 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 4,888,470
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.375%, 2/15/25 - MBIA Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,448,188
Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.8%
2,240 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 2,461,267
Mortgage Revenue Bonds, 1996 Series A Refunding,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9%
1,200 State of New York Mortgage Agency, Homeowner Mortgage 10/03 at 102.00 Aa1 1,226,688
Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
1,000 Industrial Development Agency, Town of Babylon, New York, 8/09 at 101.00 AAA 1,090,780
Civic Facility Revenue Bonds, Series 2000B (WSNCHS East,
Inc. Project), 6.000%, 8/01/24 - MBIA Insured
850 Dormitory Authority of the State of New York, NYSARC, Inc. 7/11 at 102.00 AAA 865,989
Insured Revenue Bonds, Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.8%
1,510 County of Erie, New York, General Obligation Bonds, 6/05 at 101.50 AAA 1,646,232
1995 Series B, 5.625%, 6/15/20 - FGIC Insured
210 Nassau County, New York, General Obligation Serial No Opt. Call AAA 242,409
General Improvement Bonds, Series 1993-H,
5.500%, 6/15/16 - MBIA Insured
1,500 Nassau County, New York, General Obligation Serial General 8/04 at 103.00 AAA 1,621,185
Improvement Bonds, Series O, 5.700%, 8/01/13 - FGIC Insured
1,000 County of Nassau, New York, General Improvement Bonds, 3/10 at 100.00 AAA 1,145,490
Series E, 6.000%, 3/01/19 - FSA Insured
4,000 The City of New York, New York, General Obligation Bonds, No Opt. Call AAA 4,573,160
Fiscal 1995 Series E, 8.000%, 8/01/05 - MBIA Insured
2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101.00 AAA 2,156,660
Fiscal 1998 Series F, 5.250%, 8/01/16 - FGIC Insured
2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,719,509
Treatment Plant Serial Bonds, Series 1994, 8.500%, 11/01/08
(Alternative Minimum Tax) - MBIA Insured
City of Niagara Falls, Niagara County, New York, Public
Improvement Serial Bonds, Series 1994:
1,000 7.500%, 3/01/13 - MBIA Insured No Opt. Call AAA 1,304,740
2,000 6.900%, 3/01/22 - MBIA Insured 3/04 at 102.00 AAA 2,132,220
1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aaa 1,067,990
New York, General Obligation Bonds, Series 2002
Refunding, 5.125%, 6/15/18 - FSA Insured
County of Suffolk, New York, Public Improvement Serial
Bonds, 2000 Series A:
500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 575,730
500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 575,595
37
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 29.3%
$ 1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA $ 1,487,093
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,087,930
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,030,200
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,612,200
1,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,320,280
500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 563,770
Authority, Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 2000A, 5.875%, 1/01/30 -
AMBAC Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal 2003 Series C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,067,190
1,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 1,425,835
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,547,535
Future Tax Secured Bonds, Fiscal 2003 Series D Refunding,
5.000%, 2/01/22 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 1,110,030
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 2,062,100
Facilities Improvement Revenue Bonds, Series 2000D,
5.250%, 8/15/30 - FSA Insured
1,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 1,545,735
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series A, 5.250%, 8/15/23 - MBIA Insured
2,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 2,032,100
Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
Dormitory Authority of the State of New York, School Districts
Financing Program Revenue Bonds, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,518,225
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 888,563
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 595,789
600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 651,684
1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,041,550
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 1,624,635
1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,076,080
1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,316,075
Fund, Series 2003A, Second General, 5.250%, 4/01/23
(WI, settling 4/03/03) - MBIA Insured
1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 2,142,060
Facilities Bonds, 5.250%, 1/01/14 - FSA Insured
1,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 1,087,460
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1, 5.500%, 3/15/21 - FGIC Insured
1,250 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 1,430,313
Transportation Revenue Bonds, Series B,
5.875%, 7/01/35 - MBIA Insured
1,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 1,158,130
Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 -
FSA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,590,435
Service Agreement Revenue Bonds, Series 1999 (John P.
Colahan Court Complex), 5.000%, 4/15/16 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.0%
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002A Refunding:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 548,705
1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,782,708
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA $ 2,037,380
Revenue Bonds, Series 2002E Refunding,
5.000%, 11/15/25 - MBIA Insured
500 Niagara Frontier Transportation Authority, New York, Buffalo 4/09 at 101.00 AAA 528,125
Niagara International Airport, Airport Revenue Bonds,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
1,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,060,010
Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26
(Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 895,307
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,428,800
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 15.8%
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 587,870
500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 587,870
1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,635,285
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 Tax 10/14 at 100.00 AAA 559,190
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 Tax 4/10 at 100.00 AAA 2,355,980
Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to
4/01/10) - FGIC Insured
1,500 The City of New York, New York, General Obligation Bonds, 8/03 at 100.00 AAA 1,522,035
Fiscal 1990 Series F, 6.000%, 8/01/19 - FGIC Insured
340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 406,949
Water and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
1,975 New York State Medical Care Facilities Finance Agency, 8/04 at 100.00 AAA 2,115,363
Hospital and Nursing Home FHA-Insured Mortgage Revenue
Bonds, 1992 Series C, 6.375%, 8/15/29 (Pre-refunded to 8/15/04)
4,300 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 4,824,600
New York Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 6.800%, 8/15/24 (Pre-refunded to
2/15/05) - AMBAC Insured
3,550 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AA*** 4,020,766
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F,
6.200%, 8/15/15 (Pre-refunded to 8/15/05)
2,045 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 2,408,253
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 17.5%
1,165 Islip Resource Recovery Agency, New York, Resource Recovery 7/04 at 102.00 AAA 1,244,756
System Revenue Bonds (1985 Facility), Series 1994B,
6.125%, 7/01/13 (Alternative Minimum Tax) - AMBAC Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
7,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,689,300
2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,059,400
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 503,565
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 644,044
2,280 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 2,365,500
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A
(The Brooklyn Union Gas Company Project), 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 2,626,975
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation Project, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
6,100 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 6,231,638
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative
Minimum Tax) - MBIA Insured
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.1%
$ 1,830 Monroe County Water Authority, New York, Water Revenue 8/11 at 101.00 AAA $ 1,901,297
Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured
500 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 552,085
Water and Sewer System Revenue Bonds, Fiscal 1996
Series B, 5.750%, 6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,101,640
Water and Sewer System Revenue Bonds, Fiscal 1997 Series B,
5.750%, 6/15/29 - FSA Insured
1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,938,816
Water and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32 - FGIC Insured
1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,261,716
Water and Sewer System Revenue Bonds, Fiscal 2001 Series A,
5.500%, 6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,037,360
Water and Sewer System Revenue Bonds, Fiscal 2002 Series A,
5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,938,895
Water and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31 - MBIA Insured
1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,113,790
Revenue Bonds, Series 1993 Refunding, 5.100%, 6/01/12 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 182,425 Total Long-Term Investments (cost $180,582,225) - 146.6% 195,344,633
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 2,907,811
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.8)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $133,252,444
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
40
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 6.1%
$ 2,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- $ 1,864,720
Asset-Backed Bonds, Series 2002 Refunding, 5.375%, 5/15/33
3,775 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 A- 3,573,755
Pass-through Bonds, Series 2001, 5.250%, 6/01/25
2,050 TSASC, Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 A1 1,931,018
Series 2002-1, 5.500%, 7/15/24
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.4%
1,000 Monroe County Industrial Development Agency, New York, 10/11 at 101.00 Aaa 1,015,500
Civic Facility Revenue Bonds, Nazareth College of Rochester
Project, Series 2001, 5.000%, 10/01/31 - MBIA Insured
7,000 The Trust for Cultural Resources of the City of New York, 7/12 at 100.00 AAA 7,233,870
New York, Revenue Bonds, Series 2001D, Museum of Modern
Art, 5.125%, 7/01/31 - AMBAC Insured
4,000 Dormitory Authority of the State of New York, Mount Sinai School No Opt. Call AAA 4,265,080
of Medicine, Insured Revenue Bonds, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Series 1998A, New York University:
3,250 6.000%, 7/01/18 - MBIA Insured No Opt. Call AAA 3,938,578
3,000 5.750%, 7/01/27 - MBIA Insured No Opt. Call AAA 3,495,000
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.6%
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 1,584,510
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,049,840
2,000 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 2,013,800
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
9,800 Dormitory Authority of the State of New York, The New York 8/09 at 101.00 AAA 10,329,886
Hospital Medical Center of Queens, FHA- Insured Mortgage
Revenue Bonds, Series 1999, 5.600%, 2/15/39 - AMBAC Insured
2,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 2,112,260
Services of Long Island Obligated Group), St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/22 - MBIA Insured
2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 2,663,675
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital, Series
2002A:
1,400 5.125%, 2/01/22 - AMBAC Insured 8/12 at 100.00 AAA 1,448,188
2,000 5.000%, 2/01/31 - AMBAC Insured 8/12 at 100.00 AAA 2,025,920
Industrial Development Agency, Suffolk County, New York, Civic
Facility Revenue Bonds, Huntington Hospital Project Bonds,
Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 762,432
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,076,183
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.5%
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 2,818,849
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,423,620
Dormitory Authority of the State of New York, GNMA Collateralized
Revenue Bonds, Willow Towers, Inc. Project, Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,044,700
2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,613,525
41
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 16.1%
City of Buffalo, New York, School Bonds, Series 2002B:
$ 1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA $ 1,629,181
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,565,594
Canandaigua City School District, Ontario County, New York,
General Obligation Bonds, Series 2002A Refunding:
1,240 5.375%, 4/01/17 - FSA Insured 4/12 at 101.00 Aaa 1,367,088
1,300 4.000%, 4/01/18 - FSA Insured 4/12 at 101.00 Aaa 1,248,169
1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,283,510
Clarence Central School District, Erie County, New York, General
Obligation Bonds, Series 2002 Refunding:
1,235 4.000%, 5/15/18 - FSA Insured 5/12 at 100.00 Aaa 1,185,427
1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,216,792
1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,245,996
1,390 4.000%, 5/15/21 - FSA Insured 5/12 at 100.00 Aaa 1,277,702
3,000 The City of New York, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,244,290
Fiscal 2001 Series H, 5.250%, 3/15/16 - FGIC Insured
3,250 The City of New York, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,329,657
Fiscal 2002 Series C, 5.125%, 3/15/25 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 40.3%
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
4,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 4,072,360
3,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 3,045,300
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 2002A:
2,290 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,392,775
1,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,015,600
1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,097,370
Tax Secured Bonds, Series 2000A, 5.375%, 11/15/17 -
MBIA Insured
4,245 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 4,396,249
Authority, Triborough Bridge and Tunnel Authority, New York,
Certificates of Participation, Series 1999A, 5.250%, 1/01/29 -
AMBAC Insured
5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA 5,464,750
Tax Secured Bonds, Fiscal 2002 Series B, 5.250%, 5/01/16 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 1,060,100
Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/21 -
AMBAC Insured
3,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 3,103,500
Services Facilities Improvement Revenue Bonds, Series 1999D,
5.250%, 2/15/29 - FSA Insured
3,000 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 3,152,250
Financing Program Revenue Bonds, 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 5,140,450
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 1,052,860
Fund, Series 2003A, Second General, 5.250%, 4/01/23
(WI, settling 4/03/03) - MBIA Insured
8,600 New York State Urban Development Corporation, State No Opt. Call AAA 10,001,800
Facilities Revenue Bonds, 1995 Refunding Series,
5.700%, 4/01/20 - FSA Insured
3,000 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AA 3,073,530
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A, 5.125%, 3/15/27
1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 1,093,370
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/20 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.8%
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2002A Refunding:
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,087,920
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,074,760
4,000 The Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,269,880
Bonds, One Hundred Twenty Fourth Series, 5.000%, 8/01/11
(Alternative Minimum Tax) - FGIC Insured
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
$ 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA $ 3,043,320
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/32 -
MBIA Insured
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 895,307
Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.2%
2,000 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 2,041,000
System Consolidated Third General Resolution Revenue Bonds,
1997 Series 1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) -
MBIA Insured
815 New York State Housing Finance Agency, State University No Opt. Call AAA 1,044,398
Construction Bonds, 1986 Series A, 8.000%, 5/01/11
4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,322,898
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured
2,575 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 2,786,227
Bonds, 2000 Series A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.7%
1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,025,240
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 5,035,650
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,797,726
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,126,850
Pollution Control Revenue Refunding Bonds (Niagara Mohawk
Power Corporation Project), Series 1998A, 5.150%, 11/01/25 -
AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,236,400
Series HH, 5.250%, 7/01/29 - FSA Insured
1,090 Industrial Development Agency, Westchester County, New York, 7/07 at 101.00 BBB 1,133,665
Resource Recovery Revenue Bonds, Westchester RESCO
Company Project, Series 1996, 5.500%, 7/01/09
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.2%
2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 2,319,035
Water and Sewer System Revenue Bonds, Fiscal 2001 Series A,
5.500%, 6/15/33
4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,054,800
Water and Sewer System Revenue Bonds, Fiscal 2002 Series F,
5.000%, 6/15/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 172,930 Total Long-Term Investments (cost $173,129,557) - 148.9% 181,335,655
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 1,447,537
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.1)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $121,783,192
====================================================================================================================
At least 80% of the Fund's net assets are invested in
municipal securities that are either covered by Original
Issue Insurance, Secondary Market Insurance or Portfolio
Insurance which ensures the timely payment of principal and
interest. Up to 20% of the Fund's net assets may be invested
in municipal securities that are (i) either backed by an
escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
43
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS March 31, 2003 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 3.7%
$ 2,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- $ 1,864,720
Asset-Backed Bonds, Series 2002 Refunding, 5.375%, 5/15/33
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 18.3%
1,385 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,416,689
Bonds (State University Dormitory Facilities Issue), Series 1999B,
5.125%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Mount Sinai No Opt. Call AAA 2,132,540
School of Medicine, Insured Revenue Bonds, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,018,620
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 1,005,900
Mount Saint 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 2,635,575
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 15.6%
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,788,738
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Lutheran 2/13 at 100.00 AAA 2,031,720
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, 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 3,038,880
Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4%
1,185 Dormitory Authority of the State of New York, Shorefront 2/13 at 102.00 AAA 1,201,768
Jewish Geriatric Center, Inc., FHA-Insured Mortgage Nursing
Home Revenue Bonds, Series 2002, 5.200%, 2/01/32
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.9%
2,400 The City of New York, New York, General Obligation Bonds, 8/08 at 101.00 AAA 2,454,288
Fiscal 1998 Series H, 5.125%, 8/01/25 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 63.0%
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 1,018,090
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,030,200
3,000 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 3,046,800
Fund Bonds, Series 2002A, 5.000%, 11/15/32 - FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB+ 568,428
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 3,237,360
Future Tax Secured Bonds, Fiscal 2003 Series C,
5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,063,380
Future Tax Secured Bonds, Fiscal 2003 Series D Refunding,
5.000%, 2/01/22 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 2,069,000
Services Facilities Improvement Revenue Bonds, Series 1999D,
5.250%, 2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,324,469
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
3,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 3,048,150
Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,000 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA $ 3,152,250
Financing Program Revenue Bonds, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,645,425
Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,093,370
1,000 5.000%, 3/15/33 3/13 at 100.00 AA 1,009,740
2,000 New York State Urban Development Corporation, Correctional No Opt. Call AA- 2,218,480
and Youth Facilities Service Contract Revenue Bonds,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
2,095 Puerto Rico Public Finance Corporation, 1998 Series A, No Opt. Call AAA 2,258,955
Commonwealth Appropriation Bonds, 5.125%, 6/01/24 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 20.4%
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,018,690
Revenue Bonds, Series 2002A Refunding, 5.000%, 11/15/25 -
FGIC Insured
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,031,200
Revenue Bonds, Series 2002F Refunding, 5.000%, 11/15/31 -
MBIA Insured
3,030 The Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,169,682
Bonds, One Hundred Twenty Eighth Series, 5.000%, 11/01/22 -
FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,029,510
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 -
MBIA Insured
2,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/13 at 100.00 AAA 2,033,700
General Revenue Bonds, Series 2003, 5.000%, 11/15/32 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 18.5%
1,000 Guam Power Authority, Revenue Bonds, 1999 Series A, 10/09 at 101.00 AAA 1,030,870
5.125%, 10/01/29 - MBIA Insured
4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,100,960
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 2,084,440
Bonds, Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,094,560
Series HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.0%
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,013,700
Water and Sewer System Revenue Bonds, Fiscal 2002 Series F,
5.000%, 6/15/29 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 72,560 Total Long-Term Investments (cost $73,991,515) - 148.8% 74,980,847
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 2.0%
$ 1,000 New York State Energy Research and Development Authority, VMIG-1 1,000,000
============= Pollution Control Refunding Revenue Bonds, New York State
Electric and Gas Corporation, Variable Rate Demand Obligations,
Series 1994, 1.150%, 6/01/29+
--------------------------------------------------------------------------------------------------------------------
Total Short-Term Investments (cost $1,000,000) 1,000,000
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.8% 1,409,924
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.6)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $50,390,771
====================================================================================================================
At least 80% of the Fund's net assets are invested in
municipal securities that are either covered by Original
Issue Insurance, Secondary Market Insurance or Portfolio
Insurance which ensures the timely payment of principal and
interest. Up to 20% of the Fund's net assets may be invested
in municipal securities that are (i) either backed by an
escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
* 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.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that currently in
effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
45
Statement of
ASSETS AND LIABILITIES March 31, 2003 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $390,254,501, $515,636,010
and $526,932,334, respectively) $429,086,711 $558,364,296 $569,446,475
Cash 5,869,180 2,581,375 --
Receivables:
Interest 6,031,289 7,830,144 8,168,879
Investments sold -- 4,488,000 7,798,065
Other assets 26,656 41,462 32,147
------------------------------------------------------------------------------------------------------------------------------------
Total assets 441,013,836 573,305,277 585,445,566
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- -- 183,288
Payable for investments purchased 2,350,779 2,509,259 2,535,672
Accrued expenses:
Management fees 237,134 306,571 312,935
Organization and offering costs -- -- --
Other 144,802 175,101 146,599
Preferred share dividends payable 14,915 21,954 21,225
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,747,630 3,012,885 3,199,719
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $294,266,206 $377,292,392 $385,245,847
====================================================================================================================================
Common shares outstanding 17,699,489 23,420,962 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.63 $ 16.11 $ 16.00
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 176,995 $ 234,210 $ 240,837
Paid-in surplus 248,497,049 327,691,822 335,102,807
Undistributed (Over-distribution of) net investment income 3,187,338 3,811,200 3,955,364
Accumulated net realized gain (loss) from investments 3,572,614 2,826,874 3,432,698
Net unrealized appreciation of investments 38,832,210 42,728,286 42,514,141
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $294,266,206 $377,292,392 $385,245,847
====================================================================================================================================
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.
46
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 $180,582,225, $173,129,557 $195,344,633 $181,335,655 $75,980,847
and $74,991,515, respectively)
Cash 1,710,276 -- 581,134
Receivables:
Interest 2,702,336 2,619,668 994,807
Investments sold -- -- --
Other assets 14,409 1,409 8,214
------------------------------------------------------------------------------------------------------------------------------------
Total assets 199,771,654 183,956,732 77,565,002
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft -- 31,055 --
Payable for investments purchased 1,311,438 1,049,150 --
Accrued expenses:
Management fees 108,826 53,878 21,728
Organization and offering costs -- 4,582 13,500
Other 87,104 28,196 136,047
Preferred share dividends payable 11,842 6,679 2,956
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,519,210 1,173,540 174,231
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $133,252,444 $121,783,192 $50,390,771
====================================================================================================================================
Common shares outstanding 8,321,313 7,957,934 3,508,150
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.01 $ 15.30 $ 14.36
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,213 $ 79,579 $ 35,081
Paid-in surplus 118,271,340 112,922,667 49,427,676
Undistributed (Over-distribution of) net investment income 1,304,159 141,991 (61,318)
Accumulated net realized gain (loss) from investments (1,168,676) 432,857 --
Net unrealized appreciation of investments 14,762,408 8,206,098 989,332
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $133,252,444 $121,783,192 $50,390,771
====================================================================================================================================
Authorized shares:
Common Unlimited Unlimited Unlimited
Preferred Unlimited Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
47
Statement of
OPERATIONS Six Months Ended March 31, 2003 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $11,235,360 $14,536,933 $14,474,730
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,378,733 1,785,427 1,821,214
Preferred shares - auction fees 179,507 240,589 285,893
Preferred shares - dividend disbursing agent fees 14,959 14,959 19,945
Shareholders' servicing agent fees and expenses 29,025 29,126 26,922
Custodian's fees and expenses 55,678 69,036 69,142
Directors'/Trustees' fees and expenses 2,803 3,241 3,342
Professional fees 9,057 11,199 11,347
Shareholders' reports - printing and mailing expenses 20,338 21,671 23,977
Stock exchange listing fees 8,091 8,091 8,091
Investor relations expense 30,789 39,330 40,681
Portfolio insurance expense -- 8,605 --
Other expenses 17,293 19,850 18,130
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,746,273 2,251,124 2,328,684
Custodian fee credit (7,044) (28,022) (23,766)
Expense reimbursement -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,739,229 2,223,102 2,304,918
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 9,496,131 12,313,831 12,169,812
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 3,887,878 2,828,994 3,441,279
Change in net unrealized appreciation
(depreciation) of investments (7,992,329) (8,462,565) (7,947,227)
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (4,104,451) (5,633,571) (4,505,948)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From and in excess of net investment income (670,190) (884,726) (734,561)
From accumulated net realized gains from investments (147,627) (281,037) (478,550)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (817,817) (1,165,763) (1,213,111)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 4,573,863 $ 5,514,497 $ 6,450,753
====================================================================================================================================
See accompanying notes to financial statements.
48
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)*
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 5,064,352 $ 4,420,958 $ 855,546
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 632,608 585,158 147,187
Preferred shares - auction fees 81,028 76,041 13,685
Preferred shares - dividend disbursing agent fees 9,972 4,987 2,028
Shareholders' servicing agent fees and expenses 9,828 1,568 1,066
Custodian's fees and expenses 25,431 31,595 7,236
Directors'/Trustees' fees and expenses 1,794 965 290
Professional fees 6,796 6,266 5,102
Shareholders' reports - printing and mailing expenses 9,340 11,266 5,091
Stock exchange listing fees 5,798 450 136
Investor relations expense 14,405 7,291 2,513
Portfolio insurance expense 80 -- --
Other expenses 8,808 2,558 720
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 805,888 728,145 185,054
Custodian fee credit (3,683) (12,579) (3,796)
Expense reimbursement -- (271,702) (72,461)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 802,205 443,864 108,797
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 4,262,147 3,977,094 746,749
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investments 2,337,592 432,971 --
Change in net unrealized appreciation
(depreciation) of investments (3,811,715) (3,932,891) 989,332
------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (1,474,123) (3,499,920) 989,332
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From and in excess of net investment income (327,481) (322,035) (45,163)
From accumulated net realized gains from investments -- (73,477) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (327,481) (395,512) (45,163)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 2,460,543 $ 81,662 $1,690,918
====================================================================================================================================
* For the period November 22, 2002 (commencement of operations) through March
31, 2003.
See accompanying notes to financial statements.
49
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
3/31/03 9/30/02 3/31/03 9/30/02 3/31/03 9/30/02
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 9,496,131 $ 19,238,855 $ 12,313,831 $ 25,419,827 $ 12,169,812 $ 25,798,976
Net realized gain from investments 3,887,878 1,467,220 2,828,994 3,595,654 3,441,279 5,277,281
Change in net unrealized
appreciation (depreciation)
of investments (7,992,329) 19,814,204 (8,462,565) 23,028,908 (7,947,227) 21,416,228
Distributions to Preferred Shareholders:
From and in excess of net
investment income (670,190) (1,737,838) (884,726) (2,123,752) (734,561) (2,603,448)
From accumulated net realized
gains from investments (147,627) (246,687) (281,037) (837,116) (478,550) (89,293)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to
Common shares
from operations 4,573,863 38,535,754 5,514,497 49,083,521 6,450,753 49,799,744
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From and in excess of net
investment income (8,247,963) (15,603,549) (10,918,024) (20,938,114) (10,934,019) (21,136,979)
From accumulated net realized gains
from investments (1,534,544) (837,375) (3,314,902) (2,944,026) (4,600,971) (306,940)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (9,782,507) (16,440,924) (14,232,926) (23,882,140) (15,534,990) (21,443,919)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- -- -- -- -- --
Preferred shares offering costs -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net
assets applicable to
Common shares (5,208,644) 22,094,830 (8,718,429) 25,201,381 (9,084,237) 28,355,825
Net assets applicable to Common
shares at the beginning
of period 299,474,850 277,380,020 386,010,821 360,809,440 394,330,084 365,974,259
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $294,266,206 $299,474,850 $377,292,392 $386,010,821 $385,245,847 $394,330,084
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 3,187,338 $ 2,811,992 $ 3,811,200 $ 3,231,990 $ 3,955,364 $ 3,395,082
====================================================================================================================================
See accompanying notes to financial statements.
50
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------------- ---------------------------------- -----------------------------
FOR THE FOR THE
PERIOD 3/26/02 PERIOD 11/22/02
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS) OF OPERATIONS)
3/31/03 9/30/02 3/31/03 THROUGH 9/30/02 THROUGH 3/31/03
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 4,262,147 $ 8,777,988 $ 3,977,094 $ 3,291,467 $ 746,749
Net realized gain from investments 2,337,592 1,881,239 432,971 696,461 --
Change in net unrealized
appreciation (depreciation)
of investments (3,811,715) 5,098,567 (3,932,891) 12,145,709 989,332
Distributions to Preferred
Shareholders:
From and in excess of net
investment income (327,481) (863,336) (322,035) (289,910) (45,163)
From accumulated net realized
gains from investments -- -- (73,477) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to
Common shares from operations 2,460,543 14,894,458 81,662 15,843,727 1,690,918
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From and in excess of net
investment income (3,782,038) (7,302,336) (3,557,199) (2,964,146) (762,904)
From accumulated net realized gains
from investments -- -- (623,098) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (3,782,038) (7,302,336) (4,180,297) (2,964,146) (762,904)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 113,645,250 50,032,500
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- 333,731 -- 14,017 16,782
Preferred shares offering costs -- -- (11,584) (745,712) (686,800)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- 333,731 (11,584) 112,913,555 49,362,482
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets applicable
to Common shares (1,321,495) 7,925,853 (4,110,219) 125,793,136 50,290,496
Net assets applicable to Common
shares at the beginning
of period 134,573,939 126,648,086 125,893,411 100,275 100,275
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $133,252,444 $134,573,939 $121,783,192 $125,893,411 $50,390,771
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,304,159 $ 1,116,285 $ 141,991 $ 37,411 $ (61,318)
====================================================================================================================================
See accompanying notes to financial statements.
51
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
Common shares (NKO) and Insured New York Tax-Free Advantage's Common shares
(NRK) which trade on the American Stock Exchange. The Funds are registered under
the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Prior to the commencement of operations of Insured New York Dividend Advantage
(NKO) and Insured New York Tax-Free Advantage (NRK), each Fund had no operations
other than those related to organizational matters, the initial capital
contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly
owned subsidiary of Nuveen Investments, Inc. (formerly, The John Nuveen
Company), and the recording of the organization expenses ($11,500 per Fund) and
their reimbursement by Nuveen Investments, LLC(formerly, Nuveen Investments),
also a wholly owned subsidiary of Nuveen Investments, Inc.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. If it is determined that market prices for a security are
unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or
its designee, may establish a fair value for the security. Temporary investments
in securities that have variable rate and demand features qualifying them as
short-term securities are valued at amortized cost, which approximates market
value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At March 31, 2003, New
York Investment Quality (NQN), New York Select Quality (NVN), New York Quality
Income (NUN), Insured New York Premium Income (NNF) and Insured New York
Dividend Advantage (NKO) had outstanding when-issued purchase commitments of
$2,350,779, $2,509,259, $2,535,672, $1,311,438 and $1,049,150, respectively. At
March 31, 2003, there were no such outstanding purchase commitments in Insured
New York Tax-Free Advantage (NRK).
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and New
York state income taxes, and in the case of Insured New York Tax-Free Advantage
(NRK) the alternative minimum tax applicable to individuals, to retain such
tax-exempt status when distributed to shareholders of the Funds.
52
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared and paid monthly.
Net realized capital gains and/or market discount from investment transactions,
if any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States. Accordingly, temporary
over-distributions as a result of these differences may occur and will be
classified as either distributions in excess of net investment income,
distributions in excess of net realized gains and/or distributions in excess of
net ordinary taxable income from investment transactions, where applicable.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set pursuant to a dutch auction
process by the auction agent, and is payable at or near the end of each rate
period. The number of Preferred shares outstanding, by Series and in total, for
each of the Funds is as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
--------------------------------------------------------------------------------------------------------
Number of shares:
Series M 960 -- 2,200 1,320 -- --
Series T 2,400 1,720 -- 1,280 -- --
Series W -- 2,400 2,200 -- -- --
Series TH -- 3,600 2,400 -- 2,440 1,080
Series F 2,400 -- 1,080 -- -- --
--------------------------------------------------------------------------------------------------------
Total 5,760 7,720 7,880 2,600 2,440 1,080
========================================================================================================
Effective January 17, 2003, Insured New York Tax-Free Advantage (NRK) issued
1,080 Series TH $25,000 stated value Preferred shares.
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets in municipal securities
that are covered by insurance. Each Fund may also invest up to 20% of its net
assets 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 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.
53
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the period ended March 31, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for InsuredNew York
Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK).
InsuredNew York Dividend Advantage's (NKO) and Insured New York Tax-Free
Advantage's (NRK) share of Common share offering costs ($238,500 and $105,000,
respectively) were recorded as a reduction of the proceeds from the sale of
Common shares.
Costs incurred by Insured New York Dividend Advantage (NKO) and Insured New York
Tax-Free Advantage (NRK) in connection with their offering of Preferred shares
($757,296 and $686,800, respectively) were recorded as a reduction to paid-in
surplus.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/03 9/30/02 3/31/03 9/30/02
-------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- -- --
-------------------------------------------------------------------------------------------------------
-- -- -- --
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
54
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/03 9/30/02 3/31/03 9/30/02
-------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- -- 21,681
-------------------------------------------------------------------------------------------------------
-- -- -- 21,681
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------ ------------------------
FOR THE PERIOD FOR THE PERIOD
3/26/02 11/22/02
(COMMENCE- (COMMENCE-
MENT OF MENT OF
SIX MONTHOPERATIONS) OPERATIONS)
ENDED THROUGH THROUGH
3/31/03 9/30/02 3/31/03
-------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- 7,950,000 3,500,000
Shares issued to shareholders
due to reinvestment of distributions -- 934 1,150
-------------------------------------------------------------------------------------------------------
-- 7,950,934 3,501,150
=======================================================================================================
Preferred shares sold -- 2,440 1,080
=======================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term securities during the six months ended March 31, 2003,
were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)*
---------------------------------------------------------------------------------------------------------
Purchases:
Long-term municipal
securities $25,690,515 $37,057,357 $38,499,155 $21,581,256 $17,108,274 $74,017,946
Short-term securities -- -- -- -- -- 20,300,000
Sales and maturities:
Long-term municipal
securities 30,631,517 36,024,398 37,979,145 22,248,832 13,397,301 --
Short-term securities -- -- -- -- 3,000,000 19,300,000
=========================================================================================================
* For the period November 22, 2002 (commencement of operations) through March
31, 2003.
55
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At March 31, 2003, the cost of investments were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Cost of Investments $389,945,150 $515,497,723 $526,704,024
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Cost of Investments $180,526,542 $173,115,618 $74,991,515
================================================================================
Gross unrealized appreciation and gross unrealized depreciation on investments
at March 31, 2003, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $39,141,561 $42,884,786 $42,767,793
Depreciation -- (18,213) (25,342)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments $39,141,561 $42,866,573 $42,742,451
=========================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $14,818,091 $8,465,734 $1,093,123
Depreciation -- (245,697) (103,791)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation on investments $14,818,091 $8,220,037 $ 989,332
=========================================================================================================
56
The tax components of undistributed net investment income and net realized gains
at September 30, 2002, the Funds' last fiscal year end, were as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO)
---------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $3,647,464 $4,952,040 $5,102,990 $1,739,790 $640,637
Undistributed net ordinary income * -- 67,701 212,163 -- 696,461
Undistributed net long-term capital gains 1,366,907 3.593,818 4,867,988 -- --
=========================================================================================================
The tax character of distributions paid during the period ended September 30,
2002, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
QUALITY QUALITY INCOME INCOME ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO)
---------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $17,260,569 $22,965,054 $23,646,890 $8,073,901 $2,650,830
Distributions from net ordinary income * 4,344 -- 4,833 52,489 --
Distributions from net long-term
capital gains 1,084,062 3,781,142 396,233 -- --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2002, the Funds' last fiscal year end, Insured New York Premium
Income (NNF) had unused capital loss carryforwards available for federal income
tax purposes to be applied against future capital gains, if any. If not applied,
the carryforwards will expire as follows:
INSURED
NEW YORK
PREMIUM
INCOME
(NNF)
--------------------------------------------------------------------------------
Expiration year:
2004 $2,167,585
2005 540,548
2006 --
2007 --
2008 490,279
2009 307,856
--------------------------------------------------------------------------------
Total $3,506,268
================================================================================
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and InsuredNew York Premium Income (NNF) investment
management agreements with the Adviser, each Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets (including net assets attributable to Preferred shares) of each
Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
57
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Under Insured New York Dividend Advantage's (NKO) and Insured New York Tax-Free
Advantage's (NRK) investment management agreements with the Adviser, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
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.
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.
58
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid May 1, 2003, to shareholders of record on
April 15, 2003, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------
Dividend per share $.0805 $.0785 $.0765 $.0770 $.0745 $.0725
=========================================================================================================
59
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- -----------------------------
Distributions
from and From and
in Excess Distributions in Excess
of Net from of Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK
INVESTMENT
QUALITY (NQN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $16.92 $ .54 $ (.22) $(.04) $(.01) $ .27 $ (.47) $(.09) $ (.56)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92)
1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09) (1.09)
1998 15.85 1.24 .09 (.22) -- 1.11 (1.06) (.01) (1.07)
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 16.48 .53 (.24) (.04) (.01) .24 (.47) (.14) (.61)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93)
1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04) (1.03)
1998 15.90 1.19 .11 (.22) -- 1.08 (.99) -- (.99)
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 16.37 .51 (.19) (.03) (.02) .27 (.45) (.19) (.64)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90)
1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97)
1998 15.66 1.15 .30 (.24) (.01) 1.20 (.94) (.02) (.96)
====================================================================================================================================
Total Returns
----------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
================================================================================
NEW YORK
INVESTMENT
QUALITY (NQN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $-- $16.63 $15.5600 1.69% 1.63%
2002 -- 16.92 15.8600 14.54 14.52
2001 -- 15.67 14.7200 12.44 14.12
2000 -- 14.50 13.8750 (1.52) 7.10
1999 (.02) 14.44 15.0625 (8.13) (2.45)
1998 -- 15.89 17.5000 2.60 7.27
NEW YORK SELECT
QUALITY (NVN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) -- 16.11 15.1500 .97 1.53
2002 -- 16.48 15.6200 15.35 14.27
2001 -- 15.41 14.5000 10.43 11.99
2000 -- 14.57 13.9375 (2.92) 6.14
1999 (.02) 14.64 15.3750 (3.33) (2.11)
1998 -- 15.99 16.9375 6.84 7.01
NEW YORK QUALITY
INCOME (NUN)
--------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) -- 16.00 14.7000 (.02) 1.78
2002 -- 16.37 15.3500 13.79 14.14
2001 -- 15.20 14.3300 12.63 11.39
2000 -- 14.44 13.5000 (3.79) 5.74
1999 (.02) 14.54 15.0000 (4.13) (2.60)
1998 -- 15.90 16.6250 8.89 7.90
================================================================================
Ratios/Supplemental Data
----------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
--------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
================================================================================================================
NEW YORK
INVESTMENT
QUALITY (NQN)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $294,266 1.20%* 6.54%* 1.20%* 6.55%* 6%
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
2000 256,711 1.26 8.39 1.24 8.41 32
1999 255,347 1.22 7.78 1.22 7.79 17
1998 278,372 1.18 7.88 1.18 7.88 20
NEW YORK SELECT
QUALITY (NVN)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 377,292 1.21* 6.59* 1.19* 6.61* 6
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
2000 341,311 1.28 8.49 1.28 8.49 20
1999 342,282 1.19 7.75 1.18 7.75 13
1998 369,617 1.14 7.51 1.14 7.51 11
NEW YORK QUALITY
INCOME (NUN)
----------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 385,246 1.22* 6.38* 1.21* 6.40* 7
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
2000 347,716 1.22 8.31 1.22 8.31 15
1999 349,932 1.18 7.46 1.17 7.47 7
1998 378,795 1.16 7.33 1.16 7.33 12
================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=============================================================
NEW YORK
INVESTMENT
QUALITY (NQN)
-------------------------------------------------------------
Year Ended 9/30:
2003(a) $144,000 $25,000 $76,088
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
2000 144,000 25,000 69,568
1999 144,000 25,000 69,331
1998 120,000 25,000 82,994
NEW YORK SELECT
QUALITY (NVN)
-------------------------------------------------------------
Year Ended 9/30:
2003(a) 193,000 25,000 73,872
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
2000 193,000 25,000 69,211
1999 193,000 25,000 69,337
1998 150,000 25,000 86,603
NEW YORK QUALITY
INCOME (NUN)
-------------------------------------------------------------
Year Ended 9/30:
2003(a) 197,000 25,000 73,889
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
2000 197,000 25,000 69,126
1999 197,000 25,000 69,408
1998 170,000 25,000 80,705
=============================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares, where applicable.
(a) For the six months ended March 31, 2003.
See accompanying notes to financial statements.
60-61 SPREAD
Financial Highlights (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------------------- ------------------------------
Distributions
from and From and
in Excess Distributions in Excess
of Net from of Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME
(NNF)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $16.17 $ .51 $ (.18) $(.04) $-- $ .29 $(.45) $-- $(.45)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82)
1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83)
1998 14.95 1.06 .75 (.26) -- 1.55 (.82) -- (.82)
INSURED NEW YORK
DIVIDEND ADVANTAGE
(NKO)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 15.82 .50 (.44) (.04) (.01) .01 (.45) (.08) (.53)
2002(b) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(c) 14.33 .21 .28 (.01) -- .48 (.22) -- (.22)
====================================================================================================================================
Total Returns
----------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
===============================================================================
INSURED NEW YORK
PREMIUM INCOME
(NNF)
-------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $-- $16.01 $15.3400 (.85)% 1.89%
2002 -- 16.17 15.9400 15.88 12.21
2001 -- 15.26 14.5700 15.32 13.11
2000 -- 14.24 13.3750 (.96) 6.38
1999 -- 14.20 14.3750 (3.37) (4.33)
1998 -- 15.68 15.6875 11.29 10.67
INSURED NEW YORK
DIVIDEND ADVANTAGE
(NKO)
-------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) -- 15.30 14.7900 (.41) .11
2002(b) (.13) 15.82 15.3900 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
-------------------------------------------------------------------------------
Year Ended 9/30:
2003(c) (.23) 14.36 14.7000 (.54) 1.74
===============================================================================
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
=============================================================================================================
INSURED NEW YORK
PREMIUM INCOME
(NNF)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) $133,252 1.23%* 6.49%* 1.22%* 6.50%* 11%
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
2000 118,171 1.30 7.80 1.29 7.81 17
1999 117,800 1.29 7.03 1.29 7.03 8
1998 129,306 1.29 6.99 1.29 6.99 15
INSURED NEW YORK
DIVIDEND ADVANTAGE
(NKO)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(a) 121,783 1.21* 6.14* .74* 6.61* 7
2002(b) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
-------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(c) 50,391 1.08* 3.90* .63* 4.35* --
=============================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
============================================================
INSURED NEW YORK
PREMIUM INCOME
(NNF)
------------------------------------------------------------
Year Ended 9/30:
2003(a) $65,000 $25,000 $76,251
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
2000 65,000 25,000 70,450
1999 65,000 25,000 70,308
1998 65,000 25,000 74,733
INSURED NEW YORK
DIVIDEND ADVANTAGE
(NKO)
------------------------------------------------------------
Year Ended 9/30:
2003(a) 61,000 25,000 74,911
2002(b) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE
(NRK)
------------------------------------------------------------
Year Ended 9/30:
2003(c) 27,000 25,000 71,658
============================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended March 31, 2003.
(b) For the period March 26, 2002 (commencement of operations) through
September 30, 2002.
(c) For the period November 22, 2002 (commencement of operations) through March
31, 2003.
See accompanying notes to financial statements.
62-63 SPREAD
Build Your Wealth
AUTOMATICALLY
SIDEBAR TEXT:NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
64
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On November 14, 2002, the Board adopted a policy that allows these Funds, in
addition to investments in municipal bonds, to invest up to 5% of its net assets
(including assets attributable to preferred shares, if any) in tax-exempt or
taxable fixed-income securities or equity securities for the purpose of
acquiring control of an issuer whose municipal bonds (a) the Fund already owns
and (b) have deteriorated or are expected shortly to deteriorate significantly
in credit quality, provided Nuveen Advisory determines that such investment
should enable the Fund to better maximize the value of its existing investment
in such issuer. This policy is a non-fundamental policy of each Fund which means
that it can be changed at any time by the Board of Trustees without vote of the
shareholders.
GLOSSARY OF TERMS USED IN THIS REPORT
Average Annual Total Return: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
Average Effective Maturity: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
Market Yield (also known as Dividend Yield or Current Yield): An investment's
current annualized dividend divided by its current market price.
Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the six-month period ended March 31, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
65
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
A premier asset management firm managing $80 billion in assets, Nuveen
Investments offers access to a number of different asset classes and investing
solutions through a variety of products. Nuveen Investments markets its
capabilities under four distinct brands: Nuveen, a leader in tax-free
investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in
growth-style equities; and Symphony, a leading institutional manager of
market-neutral alternative investment portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive |
Chicago, Illinois 60606 | www.nuveen.com
ESA-B-0303D