UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-6424
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Nuveen New York Quality Income Municipal Fund, Inc.
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: September 30, 2003
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Date of reporting period: September 30, 2003
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
NUVEEN
MUNICIPAL CLOSED-END
EXCHANGE-TRADED
FUNDS
ANNUAL REPORT September 30, 2003
NUVEEN NEW YORK
INVESTMENT QUALITY
MUNICIPAL FUND
NQN
NUVEEN NEW YORK
SELECT QUALITY
MUNICIPAL FUND
NVN
NUVEEN NEW YORK
QUALITY INCOME
MUNICIPAL FUND
NUN
NUVEEN INSURED
NEW YORK PREMIUM
INCOME
MUNICIPAL FUND
NNF
NUVEEN INSURED
NEW YORK DIVIDEND
ADVANTAGE
MUNICIPAL FUND
NKO
NUVEEN INSURED
NEW YORK TAX-FREE
ADVANTAGE
MUNICIPAL FUND
NRK
Photo of: Man holding up child.
Photo of: 2 women and 2 children looking at seashells.
DEPENDABLE,
TAX-FREE INCOME
BECAUSE
IT'S NOT WHAT YOU EARN,
IT'S WHAT YOU KEEP.(R)
Logo: NUVEEN Investments
FASTER INFORMATION
RECEIVE YOUR
NUVEEN FUND REPORT
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Registering is easy and only takes a few minutes (see instructions at right).
- --------------------------------------------------------------------------------
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If you decide you do not like receiving your reports electronically, it's a
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- --------------------------------------------------------------------------------
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.INVESTORDELIVERY.COM
2 Refer to the address sheet that accompanied this report. Enter the personal
13-CHARACTER ENROLLMENT NUMBER imprinted near your name.
3 You'll be taken to a page with several options. Select the NEW
ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g.
yourID@providerID.com), and a personal, 4-digit PIN number of your choice.
(Pick a number that's easy to remember.)
4 Click Submit. Confirm the information you just entered is correct, then
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or cancel internet viewing.
IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS
COME DIRECTLY TO YOU FROM NUVEEN,
FOLLOW THE STEPS OUTLINED BELOW:
1 Go to WWW.NUVEEN.COM
2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click
on Enrollment Today.
3 You'll be taken to a screen that asks for your Social Security number and
e-mail address. Fill in this information, then click Enroll.
4 You should get a confirmation e-mail within 24 hours. If you do not, go
back through these steps to make sure all the information is correct.
5 Use this same process if you need to change your registration information
or cancel internet viewing.
Logo: NUVEEN Investments
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: WE THINK YOUR NUVEEN FUND CAN BE AN IMPORTANT BUILDING BLOCK IN A
PORTFOLIO DESIGNED TO PERFORM WELL THROUGH A VARIETY OF MARKET CONDITIONS.
Dear
SHAREHOLDER
I am very pleased to report that for the year ended September 30, 2003, your
Nuveen New York Fund continued to provide you with attractive monthly income
free from regular federal, New York State and New York City income taxes.
While a number of different New York Funds are covered in this report, each is
managed with the same value investing strategy that puts an emphasis on finding
securities that we think are undervalued or underrated. We believe that there
are always some municipal bonds that the market is not properly valuing, and
that by using a consistent, research-oriented management approach we have the
opportunity to find them for your Fund.
We think this is true even with interest rates at the relatively low levels
we've seen over much of the past year. In this low-rate environment, many have
begun to wonder whether interest rates will soon start to rise, and whether that
possibility should cause them to adjust their holdings of fixed-income
investments. We believe that by constructing a carefully balanced portfolio with
the help of a trusted investment professional you may be able to reduce your
overall investment risk and give yourself a better chance to meet your financial
goals. We think that municipal bond investments like your Nuveen New York Fund
can be important building blocks in a portfolio designed to perform well through
a variety of market conditions.
Since 1898, Nuveen Investments has offered financial products and solutions that
incorporate careful research, diversification, and the application of
conservative risk-management principles. We are grateful that you have chosen us
as a partner as you pursue your financial goals. We look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 15, 2003
1
Nuveen New York Municipal Closed-End Exchange-Traded Funds
(NQN, NVN, NUN, NNF, NKO, NRK)
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan discusses economic and market conditions, key
investment strategies, and the annual performance of the Funds. With 12 years of
investment experience, Paul has managed NQN, NVN, NUN, and NNF since 1999,
adding NKO and NRK at their inceptions in March and November 2002, respectively.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE 12-MONTH
PERIOD ENDED SEPTEMBER 30, 2003?
Over the 12-month period, the two greatest influences on the general economy and
the municipal market continued to be historically low interest rates and the
slow pace of economic improvement. In June 2003, the Federal Reserve cut the fed
funds rate to 1%, the lowest level since 1958. Much of the recent concern about
economic recovery centered on the weak labor market--as of September 2003, U.S.
unemployment was 6.1%, up from 5.7% 12 months earlier. At the same time,
inflation remained dormant, with the 12-month advance in the core rate dropping
to 1.2% in September.
The slow rate of economic recovery, low interest rates, and lack of inflationary
pressures helped many municipal bonds perform well over the majority of this
reporting period. During the summer of 2003, however, stronger-than-expected
economic data temporarily precipitated a spike in bond yields and a
corresponding drop in bond prices that impacted overall results across all
fixed-income markets.
During January-September 2003, municipal supply nationally remained robust, with
$287 billion in new bonds--up 13% over the same period in 2002.
HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
Over the 12-month period, both New York State and New York City continued to
struggle with budget problems triggered by the national recession, weak
financial markets, a drop in revenues from personal income and capital gains
taxes, and a decline in tourism. The final state budget for fiscal 2004, which
totaled $92.8 billion, was balanced through a combination of borrowing, spending
cuts, and increased taxes and fees. New York City managed to keep its budget
balanced through expenditure reductions, aid from the state and federal
governments, borrowing through the Transitional Finance Authority (TFA), and
increased property taxes.
New York's high level of debt, leaves the state's financial status vulnerable to
further economic stress. As of September 2003, New York State's credit rating
was A2/AA, while New York City was rated A2 with a declining outlook by Moody's
and A with a negative outlook by S&P. During the first nine months of 2003,
municipal issuance in New York state totaled $30 billion, a 19% decrease from
the same period in 2002.
2
HOW DID THESE NUVEEN NEW YORK FUNDS PERFORM OVER THIS REPORTING PERIOD?
Individual results for these insured Funds, as well as for relevant benchmarks,
are presented in the accompanying table.
LEHMAN
TOTAL NEW YORK LIPPER
RETURN TOTAL NEW YORK
MARKET YIELD ON NAV RETURN1 AVERAGE2
- ----------------------------------------------------------
1 YEAR 1 YEAR 1 YEAR
TAXABLE- ENDED ENDED ENDED
9/30/03 EQUIVALENT3 9/30/03 9/30/03 9/30/03
- ----------------------------------------------------------
NQN 6.36% 9.56% 5.68% 4.31% 4.48%
- ----------------------------------------------------------
NVN 6.27% 9.43% 5.63% 4.31% 4.48%
- ----------------------------------------------------------
NUN 6.17% 9.28% 5.32% 4.31% 4.48%
- ----------------------------------------------------------
NNF 6.12% 9.20% 5.26% 4.31% 4.48%
- ----------------------------------------------------------
NKO 6.25% 9.40% 4.01% 4.31% 4.48%
- ----------------------------------------------------------
NRK 6.35% 9.55% NA - -
- ----------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
For the 12 months ended September 30, 2003, NQN, NVN, NUN, and NNF outperformed
the Lehman Brothers New York Insured Tax-Exempt Bond Index as well as their
Lipper peer group average, while NKO's performance slightly trailed these two
benchmarks.
Over the past 12 months, the Funds' use of leverage influenced their
performances. Leveraging is a strategy that can provide opportunities for
additional income for common shareholders, especially during periods of low
short-term interest rates.
The four older Funds also benefited from their duration4 positioning during this
period. As of September 30, 2003, the durations of these four Funds ranged from
7.86 to 8.87. NKO, however, had a longer duration (10.97) typical of a newer
Fund, which had a negative impact on the Fund's performance, since investments
with longer durations generally would be expected to underperform those with
shorter durations during periods of rising interest rates, all other factors
being equal.
In addition to duration and leverage, factors such as insurance, call exposure,
portfolio trading activity, and the price movement of specific sectors and
holdings also had an impact on the Funds' performances during this period. For
example, because investors generally tended to be somewhat risk-averse over the
12 month period, insured issues were in greater demand, and these bonds
generally performed better than their noninsured counterparts during this
period, which benefited the performance of these insured Funds.
HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at historically low levels, the
dividend-payment capabilities of the insured New York Funds benefited from the
use of leverage. During the 12 months ended September 30, 2003, continued low
short-term rates enabled us to implement three dividend increases in NQN, two in
NVN, and one each in NUN and NNF. Leverage also helped to support the dividend
of NKO, which, as of September 2003, had provided shareholders with steady,
attractive dividends for 17 consecutive
1 The total annual returns on common share net asset value (NAV) for these
Nuveen Funds are compared with the total annual return of the Lehman Brothers
New York Insured Tax-Exempt Bond Index, an unleveraged, unmanaged index
comprising a broad range of insured New York municipal bonds. Results for the
Lehman index do not reflect any expenses.
2 The total returns of these Nuveen New York Funds are compared with the average
annualized return of the 10 funds in the Lipper New York Insured Municipal
Debt Funds category. Fund and Lipper returns assume reinvestment of dividends.
3 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at the maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current yield
and a federal income tax rate of 28%. The rate shown for federal and state
highlights the added value of owning shares that are also exempt from state
income taxes. It is based on a combined federal and state income tax rate of
33.5%.
4 Duration is a measure of a fund's NAV volatility in reaction to interest rate
movements. Fund duration, also known as leverage-adjusted duration, takes into
account the leveraging process for a fund and therefore is generally longer
than the duration of the actual portfolio of individual bonds that make up the
fund. References to duration in this commentary are intended to indicate fund
duration unless otherwise noted.
3
months. NRK, which was introduced in November 2002, declared its first dividend
in January 2003 and continued to pay steady dividends over the course of this
reporting period.
Increased volatility in the fixed-income markets during the summer of 2003 led
to an overall weakening of bond prices. The Funds' share prices and NAVs
generally finished the reporting period lower than they had been at the
beginning. As of September 30, 2003, NQN, NVN, NUN, NNF, and NKO continued to
trade at discounts to their common share NAVs, while NRK moved from trading at a
premium at its inception to a discount by the end of the period (see charts on
individual Performance Overview pages).
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE FISCAL YEAR ENDED
SEPTEMBER 30, 2003?
Over this 12-month reporting period, we continued to place strong emphasis on
diversifying the portfolios, improving call protection, and enhancing
dividend-paying capabilities. One of our primary strategies focused on managing
the Funds' durations in order to enhance our ability to mitigate interest rate
risk and produce potentially more consistent returns over time. Interest rate
risk is the risk that the value of a Fund's portfolio will decline when market
interest rates rise . The longer the duration of a Fund's portfolio, the greater
its interest rate risk.
In order to better manage the Fund's durations, the majority of our purchase
activity centered on value opportunities in the intermediate part of the yield
curve (i.e., bonds that mature in 15 to 20 years). In many cases, bonds in this
part of the curve offered yields similar to those of longer-term bonds but, in
our opinion, have less interest rate risk.
Although issuance in the New York municipal market was down somewhat from 2002
levels, we continued to find opportunities to make trades that could benefit the
Funds. We also believed that, given the current geopolitical and economic
climate, maintaining strong credit quality also remains a vital requirement. The
four older Funds were 100% invested in insured and/or U.S. guaranteed bonds,
while the two newer Funds (NKO and NRK), which are allowed to invest up to 20%
in uninsured investment-grade quality securities, each held 86% of its portfolio
in insured bonds as of September 30, 2003. By that date, NRK was fully invested
and held approximately 92% of its portfolio in New York securities and the
remaining 8% in territorial bonds.
We have continued to hold and add to our tobacco investments while regularly
evaluating the situation. One of the larger issues to come to market in New York
was $2.3 billion in bonds issued by the New York State Tobacco
4
Settlement Financing Corporation. In addition to tobacco company revenues, this
latest tobacco issue was secured by appropriations from the state that would
cover any potential shortfall in tobacco company revenues. In addition, a
portion of this issue was offered as insured bonds. We felt that, with these
enhancements, the bonds offered good value at attractive prices, and we
purchased the insured issuance for all six of these New York Funds. NKO and NRK
also continued to hold uninsured tobacco bonds that were purchased previously.
WHAT IS YOUR OUTLOOK FOR BOND CALLS FOR THESE FUNDS?
Looking ahead at bond calls, the two newer New York Funds should not experience
any significant call exposure for several years, while the potential call
exposure of the four older Funds ranged from 9% in NQN to 16% in NNF through
2005. During this reporting period, we continued to work to mitigate the call
risk of the older Funds, especially NNF. The number of actual calls in these
Funds will depend largely on market interest rates in coming months.
5
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2003
NQN
Pie Chart:
CREDIT QUALITY
Insured 80%
Insured and U.S. Guaranteed 19%
U.S. Guaranteed 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $15.38
- --------------------------------------------------
Common Share Net Asset Value $16.80
- --------------------------------------------------
Market Yield 6.36%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.83%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.56%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $297,312
- --------------------------------------------------
Average Effective Maturity (Years) 17.68
- --------------------------------------------------
Leverage-Adjusted Duration 8.00
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 3.63% 5.68%
- --------------------------------------------------
5-Year 3.84% 7.61%
- --------------------------------------------------
10-Year 5.31% 6.37%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 25%
- --------------------------------------------------
U.S. Guaranteed 20%
- --------------------------------------------------
Healthcare 14%
- --------------------------------------------------
Education and Civic Organizations 9%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct $0.0765
Nov 0.0765
Dec 0.0775
Jan 0.0775
Feb 0.0775
Mar 0.0805
Apr 0.0805
May 0.0805
Jun 0.0805
Jul 0.0805
Aug 0.0805
Sep 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/02 $15.99
15.51
14.88
14.7
15.09
15.05
14.94
15.01
15.07
15.38
15.34
15.27
15.36
15.54
15.35
15.15
15.18
15.34
15.3
15.07
15.21
15.39
15.75
15.5
15.08
15.45
15.45
15.45
15.55
15.69
15.86
16.06
16.37
16.45
16.81
16.65
16.48
16.59
16.31
15.86
15.17
15.32
15.06
15.28
15.16
15.27
15.25
15.34
9/30/03 15.3
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
2 The Fund also paid shareholders a capital gains distribution in December 2002
of $0.0867 per share.
6
Nuveen New York Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2003
NVN
Pie Chart:
CREDIT QUALITY
Insured 85%
Insured and U.S. Guaranteed 15%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $15.22
- --------------------------------------------------
Common Share Net Asset Value $16.28
- --------------------------------------------------
Market Yield 6.27%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.71%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.43%
- --------------------------------------------------
Net Assets Applicable to
- --------------------------------------------------
Common Shares ($000) $381,274
- --------------------------------------------------
Average Effective Maturity (Years) 18.53
- --------------------------------------------------
Leverage-Adjusted Duration 8.87
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 4.57% 5.63%
- --------------------------------------------------
5-Year 4.56% 7.03%
- --------------------------------------------------
10-Year 5.94% 6.17%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 28%
- --------------------------------------------------
U.S. Guaranteed 15%
- --------------------------------------------------
Healthcare 11%
- --------------------------------------------------
Tax Obligation/General 10%
- --------------------------------------------------
Utilities 10%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct $0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.0785
Apr 0.0785
May 0.0785
Jun 0.0785
Jul 0.0785
Aug 0.0785
Sep 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/02 $15.63
15.44
14.6
14.65
14.64
14.95
14.9
14.76
14.83
15
14.9
14.95
15.16
15.27
14.9
14.77
14.81
14.85
14.87
14.72
14.88
15.02
15.28
14.75
14.6
15.13
14.89
15.06
15.22
15.15
15.5
15.59
15.84
16.04
16.05
15.66
16.1
16.1
16.14
15.3
14.73
15.09
14.56
14.82
14.87
15.15
15
15.2
9/30/03 15.1
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2002 of $0.1442 per share.
7
Nuveen New York Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2003
NUN
Pie Chart:
CREDIT QUALITY
Insured 85%
Insured and U.S. Guaranteed 14%
U.S. Guaranteed 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $14.89
- --------------------------------------------------
Common Share Net Asset Value $16.09
- --------------------------------------------------
Market Yield 6.17%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.57%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.28%
- --------------------------------------------------
Net Assets Applicable to
- --------------------------------------------------
Common Shares ($000) $387,439
- --------------------------------------------------
Average Effective Maturity (Years) 18.06
- --------------------------------------------------
Leverage-Adjusted Duration 8.79
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 4.37% 5.32%
- --------------------------------------------------
5-Year 4.29% 6.64%
- --------------------------------------------------
10-Year 6.13% 6.15%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 30%
- --------------------------------------------------
Education and Civic Organizations 17%
- --------------------------------------------------
U.S. Guaranteed 15%
- --------------------------------------------------
Utilities 9%
- --------------------------------------------------
Healthcare 9%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct $0.0755
Nov 0.0755
Dec 0.0755
Jan 0.0755
Feb 0.0755
Mar 0.0765
Apr 0.0765
May 0.0765
Jun 0.0765
Jul 0.0765
Aug 0.0765
Sep 0.0765
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/02 $15.35
15.07
14.55
14.55
14.72
14.72
14.48
14.68
14.65
14.92
14.75
14.84
14.93
15.2
15.01
14.78
14.78
14.73
14.73
14.62
14.7
14.92
15.1
14.72
14.55
14.56
14.64
14.65
14.75
14.8
15.1
15.23
15.53
15.5
15.84
15.75
15.76
15.84
15.67
15.33
14.61
14.79
14.6
14.65
14.65
14.89
14.72
14.85
9/30/03 14.81
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
2 The Fund also paid shareholders a capital gains distribution in December 2002
of $0.1911 per share.
8
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2003
NNF
Pie Chart:
CREDIT QUALITY
Insured 94%
Insured and U.S. Guaranteed 5%
U.S. Guaranteed 1%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $15.10
- --------------------------------------------------
Common Share Net Asset Value $16.07
- --------------------------------------------------
Market Yield 6.12%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.50%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.20%
- --------------------------------------------------
Net Assets Applicable to
- --------------------------------------------------
Common Shares ($000) $133,735
- --------------------------------------------------
Average Effective Maturity (Years) 18.85
- --------------------------------------------------
Leverage-Adjusted Duration 7.86
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year 0.56% 5.26%
- --------------------------------------------------
5-Year 5.16% 6.34%
- --------------------------------------------------
10-Year 6.31% 6.37%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 23%
- --------------------------------------------------
Education and Civic Organizations 22%
- --------------------------------------------------
Healthcare 13%
- --------------------------------------------------
Utilities 12%
- --------------------------------------------------
Tax Obligation/General 10%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct $0.0755
Nov 0.0755
Dec 0.0755
Jan 0.0755
Feb 0.0755
Mar 0.077
Apr 0.077
May 0.077
Jun 0.077
Jul 0.077
Aug 0.077
Sep 0.077
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/02 $15.82
15.6
15.39
15
15.16
15.48
15.4
14.83
14.82
15.08
14.99
14.81
15.25
15.23
15.09
14.86
14.81
14.89
14.8
14.73
14.8
15.09
15.3
15.34
15.27
15.37
15.2
15.2
15.48
15.55
15.62
15.65
15.8
15.91
16.28
16.41
16.05
16.33
16.1
15.48
14.9
15
14.82
14.9
15.02
15.02
15.05
15.06
9/30/03 15.04
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
9
Nuveen Insured New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of September 30, 2003
NKO
Pie Chart:
CREDIT QUALITY
Insured 86%
AAA (uninsured) 3%
AA (uninsured) 5%
A (uninsured) 1%
BBB (uninsured) 5%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $14.30
- --------------------------------------------------
Common Share Net Asset Value $15.44
- --------------------------------------------------
Market Yield 6.25%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.68%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.40%
- --------------------------------------------------
Net Assets Applicable to
Common Shares ($000) $122,901
- --------------------------------------------------
Average Effective Maturity (Years) 20.69
- --------------------------------------------------
Leverage-Adjusted Duration 10.97
- --------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
1-Year -0.77% 4.01%
- --------------------------------------------------
Since Inception 2.84% 11.36%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 27%
- --------------------------------------------------
Healthcare 15%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Education and Civic Organizations 10%
- --------------------------------------------------
Tax Obligation/General 10%
- --------------------------------------------------
Bar Chart:
2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct $0.0745
Nov 0.0745
Dec 0.0745
Jan 0.0745
Feb 0.0745
Mar 0.0745
Apr 0.0745
May 0.0745
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0745
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/02 $15.15
15.2
14.7
14.68
15
15
14.99
14.49
14.5
14.9
14.65
14.41
14.1
14.71
14.5
14.77
14.62
14.94
14.95
14.69
14.63
14.95
14.83
15
14.56
14.7
14.73
14.5
14.89
14.93
15.09
15.14
15.2
15.31
15.43
15.53
15.48
15.7
15.47
14.78
14.57
14.22
14.18
14.08
14.13
14.55
14.29
14.31
9/30/03 14.32
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
2 The Fund also paid shareholders a capital gains distribution in December 2002
of $0.0783 per share.
10
Nuveen Insured New York Tax-Free Advantage Municipal Fund
Performance
Overview As of September 30, 2003
NRK
Pie Chart:
CREDIT QUALITY
Insured 86%
AAA (uninsured) 2%
AA (uninsured) 7%
A (uninsured) 1%
BBB (uninsured) 4%
PORTFOLIO STATISTICS
- --------------------------------------------------
Share Price $13.71
- --------------------------------------------------
Common Share Net Asset Value $14.42
- --------------------------------------------------
Market Yield 6.35%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.82%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.55%
- --------------------------------------------------
Net Assets Applicable to
- --------------------------------------------------
Common Shares ($000) $50,645
- --------------------------------------------------
Average Effective Maturity (Years) 22.17
- --------------------------------------------------
Leverage-Adjusted Duration 11.16
- --------------------------------------------------
CUMULATIVE TOTAL RETURN (Inception 11/21/02)
- --------------------------------------------------
ON SHARE PRICE ON NAV
- --------------------------------------------------
Since Inception -4.40% 5.29%
- --------------------------------------------------
TOP FIVE SECTORS (as a % of total investments)
- --------------------------------------------------
Tax Obligation/Limited 42%
- --------------------------------------------------
Education and Civic Organizations 13%
- --------------------------------------------------
Healthcare 12%
- --------------------------------------------------
Transportation 11%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Bar Chart:
2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Jan $0.0725
Feb 0.0725
Mar 0.0725
Apr 0.0725
May 0.0725
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0725
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
11/22/02 $15.05
15.06
15
15
15
14.77
14.63
14.5
14.2
14.6
14.75
14.4
14.25
14.8
14.99
14.94
14.7
14.6
14.9
14.9
14.7
14.55
14.95
14.63
15.2
15.3
15.1
15.03
14.81
15.28
15.03
15
13.75
13.52
13.58
13.65
13.76
13.6
13.77
13.65
9/30/03 13.63
1 Taxable-equivalent yield represents the yield that must be earned on a taxable
investment, other than an investment that generates qualified dividend income
that is taxable at a maximum rate of 15%, in order to equal the yield of the
Nuveen Fund on an after-tax basis. It is calculated using the current market
yield and a federal income tax rate of 28%. The rate shown for federal and
state highlights the added value of owning shares that are also exempt from
state income taxes. It is based on a combined federal and state income tax
rate of 33.5%.
11
Report of
INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS, TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Nuveen New York Investment Quality Municipal
Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York
Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income
Municipal Fund, Inc., Nuveen Insured New York Dividend Advantage Municipal Fund
and Nuveen Insured New York Tax-Free Advantage Municipal Fund as of September
30, 2003, and the related statements of operations, changes in net assets and
the financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of investments owned as of September 30, 2003, by correspondence
with the custodian. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select
Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund,
Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc., Nuveen
Insured New York Dividend Advantage Municipal Fund and Nuveen Insured New York
Tax-Free Advantage Municipal Fund at September 30, 2003, and the results of
their operations, changes in their net assets and financial highlights for the
periods indicated therein in conformity with accounting principles generally
accepted in the United States.
/s/ Ernst & Young LLP
Chicago, Illinois
November 12, 2003
12
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.5%
$ 5,030 New York City Trust for Cultural Resources, Revenue Bonds, 7/09 at 101.00 AAA $ 5,541,752
American Museum of Natural History, Series 1999A, 5.750%,
7/01/29 - AMBAC Insured
3,000 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 3,199,980
University Dormitory Facilities Issue, Series 1999C, 5.500%,
7/01/29 - MBIA Insured
4,375 New York State Dormitory Authority, Insured Revenue Bonds, 9/06 at 102.00 AAA 4,654,563
Long Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured
1,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 1,101,720
Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,024,420
Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured
6,500 New York State Dormitory Authority, Insured Revenue Bonds, New 7/08 at 101.00 AAA 6,776,835
York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured
3,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 3,609,760
Culinary Institute of America, Series 1999, 5.000%, 7/01/22 -
MBIA Insured
2,000 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 2,202,780
Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured
1,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 1,411,763
Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured
1,200 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 1,405,188
Cooper Union, Series 1999, 6.250%, 7/01/29 - MBIA Insured
2,945 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 3,097,875
Resolution Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/21 - FGIC Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,131,800
University, Series 2001, 5.000%, 7/01/18 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.5%
2,000 New York City Health and Hospitals Corporation, New York, Health 2/09 at 101.00 AAA 2,144,500
System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,400 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,552,352
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,220,099
1,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/06 at 102.00 AAA 1,091,230
Revenue Bonds, Maimonides Medical Center, Series 1996A,
5.750%, 8/01/24 - MBIA Insured
3,135 New York State Dormitory Authority, Secured Hospital Insured 2/08 at 101.50 AAA 3,181,806
Revenue Bonds, Southside Hospital, Series 1998, 5.000%,
2/15/25 - MBIA Insured
7,080 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 6,926,293
Hospital Revenue Bonds, New York and Presbyterian Hospital,
Series 1998, 4.750%, 8/01/27 - AMBAC Insured
5,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 5,273,550
Hospital Revenue Bonds, Highland Hospital of Rochester,
Series 1997A, 5.400%, 8/01/27 - MBIA Insured
3,280 New York State Dormitory Authority, North Shore University 11/08 at 101.00 AAA 3,349,503
Hospital Revenue Bonds, North Shore Health System Obligated
Group, Series 1998, 5.000%, 11/01/23 - MBIA Insured
6,000 New York State Dormitory Authority, Revenue Bonds, Memorial 7/13 at 100.00 AAA 6,236,700
Sloan Kettering Cancer Center, 2003 Series 1, 5.000%, 7/01/21 -
MBIA Insured
13
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
New York State Dormitory Authority, FHA-Insured Mortgage
Hospital Revenue Bonds, Montefiore Medical Center, Series 1999:
$ 970 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA $ 1,049,802
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,282,800
8,000 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 8,766,000
Health Services of Long Island Obligated Group, St. Charles
Hospital and Rehabilitation Center, Series 1999A, 5.500%,
7/01/22 - MBIA Insured
1,500 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 1,643,625
Health Services of Long Island Obligated Group, St. Francis
Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured
3,000 New York State Dormitory Authority, New Island Hospital Insured 7/09 at 101.00 AAA 3,285,420
Revenue Bonds, Series 1999A, 5.750%, 7/01/19 - AMBAC Insured
8,525 New York State Dormitory Authority, South Nassau Communities 7/11 at 101.00 AAA 8,854,577
Hospital Revenue Bonds, Winthrop-South Nassau University Health
System Obligated Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.8%
New York State Housing Finance Agency, Housing Project Mortgage
Revenue Refunding Bonds, Series 1996A:
1,770 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,899,511
2,725 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,926,405
625 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 646,838
Mortgage Housing Revenue Bonds, Series 1994B, 6.250%,
8/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.1%
1,965 New York State Mortgage Agency, Homeowner Mortgage Revenue 4/07 at 102.00 AAA 2,069,577
Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) -
MBIA Insured
1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 24- 7/10 at 100.00 AAA 1,073,810
Series 2000, 5.875%,10/01/15 (Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
3,000 Castle Rest Residential Health Care Facility, Syracuse, 8/07 at 102.00 AAA 3,044,970
New York, FHA-Insured Mortgage Revenue Bonds, Series 1997A,
5.750%, 8/01/37 (Optional put 8/01/07)
1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,313,655
Mortgage Revenue Bonds, St. John's Meadows Project, Series
1997A, 5.750%, 8/01/37 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 11.0%
Erie County, New York, General Obligation Bonds, Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,118,080
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,334,628
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,436,058
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,536,080
500 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 581,415
6.000%, 4/01/18 - FGIC Insured
Germantown Central School District, Columbia County, New York, Series 1999:
700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 782,481
700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 782,481
2,000 Hempstead Town, New York, General Obligation Bonds, Series 2001A, 1/11 at 101.00 Aaa 2,209,700
5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 797,461
General Obligation Bonds, Series 2000, 5.600%, 8/01/18 - MBIA Insured
Monticello Central School District, Sullivan County, New York,
General Obligation Bonds, Series 2000:
1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,212,772
2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,323,120
2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,514,777
Nassau County, New York, Serial General Improvement Bonds,
General Obligations, Series F:
1,505 6.500%, 3/01/17 - FSA Insured 3/10 at 100.00 AAA 1,780,550
1,000 6.500%, 3/01/19 - FSA Insured 3/10 at 100.00 AAA 1,183,090
910 6.500%, 3/01/20 - FSA Insured 3/10 at 100.00 AAA 1,076,612
14
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (CONTINUED)
Nassau County, New York, Serial General Improvement Bonds,
General Obligations, Series B:
$ 2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA $ 2,145,049
1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,047,800
805 Nassau County, New York, Serial General Improvement Bonds, 9/09 at 102.00 Aaa 899,177
General Obligations, Series D, 5.300%, 9/01/17 - FSA Insured
1,500 North Hempstead, Nassau County, New York, General Obligation 3/08 at 101.00 Aaa 1,548,765
Refunding Serial Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured
Oneida County, New York, General Obligation Public Improvement Bonds,
Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 558,645
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 554,855
255 Port Jervis, Orange County, New York, General Obligation Bonds, 3/09 at 101.00 Aaa 278,618
Water Improvements, Series 1999, 5.625%, 3/15/24 - FGIC Insured
Suffolk County, New York, Public Improvement Serial Bonds, Series 2000A:
1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,292,370
1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,280,796
610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 708,729
640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 740,134
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.0%
Erie County Industrial Development Authority, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,120,290
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,328,772
2,760 New York Metropolitan Transportation Authority, State Service 7/12 at 100.00 AAA 3,081,374
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
New York Metropolitan Transportation Authority, State Service
Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,334,795
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,385,775
1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,100,090
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,038,920
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,054,920
New York Metropolitan Transportation Authority, Dedicated Tax
Fund Bonds, Series 2002A:
6,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 6,276,240
3,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,544,590
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,330,695
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,323,283
3,125 Nassau Health Care Corporation, New York, County Guaranteed 8/09 at 102.00 AAA 3,441,938
Health System Revenue Bonds, Series 1999, 5.750%, 8/01/29 -
FSA Insured
3,025 New York City New York Metropolitan Transportation Authority, 1/10 at 101.00 AAA 3,374,902
Certificates of Participation, Triborough Bridge and Tunnel
Authority, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured
2,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 2,151,280
Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 - AMBAC Insured
2,510 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,601,741
Bonds, Fiscal Series 2003D Refunding, 5.000%, 2/01/22 - MBIA Insured
1,660 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 1,765,012
Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured
5,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 5,507,450
Revenue Bonds, City of New York Issue, Series 1999, 5.750%,
5/15/30 - AMBAC Insured
1,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 1,316,975
Leake and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 -
MBIA Insured
2,250 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,406,870
853 Schools Program 1998 Issue 2, St. Anne Institute,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
15
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (CONTINUED)
$ 1,340 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA $ 1,534,421
853 Schools Program 1999 Issue 2, Anderson School,
Series 1999E, 5.750%, 7/01/19 - AMBAC Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 2,290,180
Special Act School Districts Program, Series 1999, 5.750%,
7/01/19 - MBIA Insured
4,300 New York State Dormitory Authority, Mental Health Services 2/06 at 102.00 AAA 4,499,176
Facilities Improvement Revenue Bonds, Series 1996B, 5.375%,
2/15/26 - MBIA Insured
3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010
Facilities Improvement Revenue Bonds, Series 1997A, 5.750%,
8/15/22 - MBIA Insured
2,480 New York State Dormitory Authority, Mental Health Services 8/11 at 100.00 AAA 2,753,643
Facilities Improvement Revenue Bonds, Series 2001B, 5.500%,
8/15/19 - MBIA Insured
1,670 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 1,871,953
Facilities Improvement Revenue Bonds, Series 2000D, 5.875%,
2/15/16 - FSA Insured
2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,308,556
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
1,750 New York State Local Government Assistance Corporation, Revenue 4/08 at 101.00 AAA 1,801,048
Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
2,080 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 2,149,118
Health Services Facilities Improvement Revenue Refunding Bonds,
Series 1993F, 5.250%, 2/15/19 - MBIA Insured
1,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,013,140
Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured
4,600 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 4,851,344
Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,428,056
1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,430,221
2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,095,200
3,500 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 3,835,160
Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured
2,225 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,367,934
Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured
650 Puerto Rico Highway and Transportation Authority, Highway Revenue 7/10 at 101.00 AAA 738,537
Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured
2,000 Puerto Rico Municipal Finance Agency, Loan Pool Bonds, 8/09 at 101.00 AAA 2,239,000
Series 1999A, 5.500%, 8/01/19 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, Civic 10/10 at 102.00 Aaa 1,671,675
Facility Revenue Bonds, Hampton Bays Public Library Project,
Series 1999A, 6.000%, 10/01/19 - MBIA Insured
New York State Tobacco Settlement Financing Corporation,
Asset-Backed Bonds, Series 2003-A1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,735,582
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,745,700
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.1%
2,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 2,224,940
Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 -
AMBAC Insured
2,300 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 2,459,252
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
5,000 Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101.00 AAA 5,356,600
120-Series, 5.750%, 10/15/26, (Alternative Minimum Tax) -
MBIA Insured
5,025 Port Authority of New York and New Jersey, Special Project Bonds, 12/07 at 100.00 AAA 5,389,815
JFK International Air Terminal LLC Project, Series 6, 5.750%,
12/01/25 (Alternative Minimum Tax) - MBIA Insured
Puerto Rico Port Authority, Revenue Bonds, Series 1991D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 1/04 at 100.00 AAA 5,415,900
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 1/04 at 100.00 AAA 11,733,450
16
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Revenue Refunding Bonds, Series 2002E:
$ 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA $ 900,307
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,442,853
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 30.0%
Buffalo, New York, General Obligation Bonds, Series 1999D:
525 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 635,240
425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 514,242
1,230 Buffalo, New York, General Obligation Bonds, Series 1999E, 6.000%, 12/09 at 101.00 AAA 1,486,701
12/01/18 (Pre-refunded to 12/01/09) - FSA Insured
Chitenango Central School District, Madison and Onondaga
Counties, New York, General Obligation Bonds, Series 2000:
1,125 5.650%, 6/15/18 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,324,913
1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,395,575
East Rochester Union Free School District, Monroe County, New
York, General Obligation Bonds, Series 2000:
265 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 313,492
200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 236,598
200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 236,598
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281
1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281
Lyndonville Central School District, Orleans County, New York,
General Obligation Bonds, Series 2000:
330 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 386,790
330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 386,790
2,210 New York Metropolitan Transportation Authority, Commuter 7/07 at 102.00 AAA 2,358,070
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
8,215 New York Metropolitan Transportation Authority, Commuter 7/09 at 100.00 AAA 9,491,940
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
New York Metropolitan Transportation Authority, Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,750,377
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,402,712
1,000 New York Metropolitan Transportation Authority, Dedicated 10/14 at 100.00 AAA 1,132,580
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
to 10/01/14) - FSA Insured
1,550 New York, New York, General Obligation Bonds, Fiscal Series 1991B, 12/03 at 100.00 AAA 1,565,314
7.000%, 6/01/04 - AMBAC Insured
New York, New York, General Obligation Bonds, Fiscal Series 1990I:
950 7.250%, 8/15/14 - AMBAC Insured 2/04 at 100.00 AAA 1,003,438
1,270 7.250%, 8/15/17 - AMBAC Insured 2/04 at 100.00 AAA 1,341,438
New York, New York, General Obligation Bonds, Fiscal Series 1991A:
3,030 7.250%, 3/15/18 - FSA Insured 3/04 at 100.00 AAA 3,343,908
2,250 7.250%, 3/15/19 - FSA Insured 3/04 at 100.00 AAA 2,342,093
340 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 411,482
Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%,
6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
1,055 New York State Dormitory Authority, Judicial Facilities Lease No Opt. Call AAA 1,344,893
Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%,
7/01/16 - MBIA Insured
5,000 New York State Dormitory Authority, Consolidated Third General 7/09 at 101.00 AAA 5,853,950
Resolution Revenue Bonds, City University System, Series 1999-1,
5.500%, 7/01/29 (Pre-refunded to 7/01/09) - FSA Insured
New York State Dormitory Authority, Mental Health Services Facilities
Improvement Bonds, Series 2001A:
1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,333,318
1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,409,009
4,000 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 4,568,440
Resolution Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured
17
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (CONTINUED)
$ 3,695 New York State Housing Finance Agency, State University No Opt. Call AAA $ 4,066,200
Construction Bonds, Series 1986A, 7.900%, 11/01/06
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, Series
1995A:
35 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 2/05 at 102.00 AAA 38,041
3,140 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 2/05 at 102.00 AAA 3,412,803
40 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102.00 AAA 42,610
Health Services Facilities Improvement Revenue Bonds,
Series 1994E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) - FGIC Insured
5,915 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 6,767,766
University Educational Facilities, Series 2002A, 5.125%,
5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured
7,900 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 9,350,045
Facilities Service Contract Revenue Bonds, Series C, 6.000%,
1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured
1,000 Puerto Rico, Public Improvement General Obligation Bonds, 7/10 at 100.00 AAA 1,172,920
Series 2000, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) -
MBIA Insured
350 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 418,922
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded
to 7/01/10) - MBIA Insured
1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101.00 AAA 1,928,274
General Obligation Bonds, Series 2000, 5.750%, 6/15/19
(Pre-refunded to 6/15/09) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.5%
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
9,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 9,380,430
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,293,670
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,112,350
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,536,625
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,583,600
2,620 Long Island Power Authority, New York, Electric System General 9/13 at 100.00 AAA 2,836,045
Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured
2,275 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 2,319,999
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union
Gas Company Project, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,250 New York State Energy Research and Development Authority, Gas 1/04 at 102.00 AAA 2,296,373
Facilities Revenue Bonds, Brooklyn Union Gas Company Project,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
1,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 1,089,490
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation Project, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development Authority, 11/03 at 101.00 AAA 2,570,250
Pollution Control Revenue Bonds, Rochester Gas and and Electric
Corporation Project, Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax) - MBIA Insured
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,148,540
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1998A, 5.950%, 9/01/33 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.7%
3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 4,149,339
System Revenue Bonds, Series 1999, 6.000%, 7/01/29 - FSA Insured
5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 5,550,200
System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 -
MBIA Insured
1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101.00 AAA 1,095,270
Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%,
6/15/29 - FSA Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 4,750 New York City Municipal Water Finance Authority, Water and 6/09 at 101.00 AAA $ 5,075,470
Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%,
6/15/32 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA 2,065,710
System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 -
FGIC Insured
1,660 New York City Municipal Water Finance Authority, Water and Sewer 6/10 at 101.00 AAA 1,961,556
System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 -
MBIA Insured
2,750 Western Nassau County Water Authority, New York, System Revenue 5/06 at 102.00 AAA 2,978,717
Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 402,285 Total Long-Term Investments (cost $398,563,448) - 146.7% 436,083,063
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,229,357
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.4)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 297,312,420
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
19
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.8%
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty-Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,470,091
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 671,946
500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 AAA 558,970
UBF Faculty-Student Housing Corporation, University of Buffalo
Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 -
AMBAC Insured
1,000 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102.00 AAA 1,023,210
Facility Revenue Refunding Bonds, Hofstra University Project,
Series 1998, 5.000%, 7/01/23 - MBIA Insured
1,000 New York City Trust for Cultural Resources, Revenue Bonds, 7/09 at 101.00 AAA 1,101,740
American Museum of Natural History, Series 1999A, 5.750%,
7/01/29 - AMBAC Insured
7,250 New York City Industrial Development Agency, New York, Civic 1/09 at 101.00 AAA 7,330,765
Facility Revenue Bonds, Horace Mann School Project,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
2,095 New York State Dormitory Authority, Lease Revenue Bonds, State 7/11 at 100.00 AAA 2,338,649
University Dormitory Facilities, Series 2001, 5.500%, 7/01/18 -
FGIC Insured
1,870 New York State Dormitory Authority, Insured Revenue Bonds, 1/04 at 100.00 AAA 1,878,882
Fordham University, Series 1990, 7.200%, 7/01/15 - AMBAC Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 2,203,440
Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured
2,860 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,894,921
Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured
4,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 Aaa 4,691,655
Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured
1,500 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,652,085
Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured
New York State Dormitory Authority, Revenue Bonds, University
of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,491,823
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,663,734
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,845,552
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,365,829
500 New York State Dormitory Authority, Insured Revenue Bonds, 7/10 at 101.00 AAA 564,705
Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured
New York State Dormitory Authority, Revenue Bonds, Canisius
College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,057,700
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 2,986,148
New York State Dormitory Authority, Insured Revenue Bonds,
New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,507,005
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 882,568
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 657,396
2,500 New York State Dormitory Authority, Revenue Bonds, New York No Opt. Call AAA 2,849,125
University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured
2,125 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,246,741
University, Series 2001, 5.000%, 7/01/19 - AMBAC Insured
1,710 New York State Dormitory Authority, Insured Revenue Bonds, 7/12 at 100.00 AAA 1,821,475
Fordham University, Series 2002, 5.000%, 7/01/18 - FGIC Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 16.5%
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
$ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 2,977,744
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,854,413
New York State Dormitory Authority, FHA-Insured Mortgage Revenue
Bonds, St. Vincent's Hospital and Medical Center of New York,
Series 1991:
2,700 7.375%, 8/01/11 2/04 at 100.00 AAA 2,713,230
4,150 7.400%, 8/01/30 2/04 at 100.00 AAA 4,295,665
5,995 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/04 at 105.00 AAA 6,291,333
Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%,
2/01/32 - AMBAC Insured
290 New York State Dormitory Authority, FHA-Insured Mortgage Hospital No Opt. Call AAA 294,307
Revenue Bonds, MaimonidesMedical Center, Series 1996A, 5.500%,
8/01/14 - MBIA Insured
6,500 New York State Dormitory Authority, FHA-Insured Mortgage Revenue 2/08 at 102.00 AAA 6,833,125
Refunding Bonds, United Health Services, Series 1997, 5.375%,
8/01/27 - AMBAC Insured
3,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 2,934,870
Revenue Bonds, New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC Insured
New York State Dormitory Authority, Revenue Bonds, Memorial
Sloan Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,598,625
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,318,691
5,730 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/09 at 101.00 AAA 6,135,111
Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%,
8/01/38 - AMBAC Insured
6,430 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 6,916,044
Health Services of Long Island Obligated Group, St. Francis
Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured
12,020 New York State Dormitory Authority, Revenue Bonds, Winthrop- 7/11 at 101.00 AAA 12,484,693
South Nassau University Health System Obligated Group, Winthrop
University Hospital Association, Series 2001A, 5.250%, 7/01/26 -
AMBAC Insured
2,025 New York State Dormitory Authority, Winthrop-South Nassau 7/11 at 101.00 AAA 2,094,458
University Health System Obligated Group, South Nassau Communities
Hospital Revenue Bonds, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.3%
14,449 New York City Housing Development Corporation, Pass-Through 10/03 at 105.00 AAA 15,195,354
Certificates, Multifamily Housing Limited Obligation Bonds,
Series 1991C, 6.500%, 2/20/19 - AMBAC Insured
New York State Housing Finance Agency, Housing Project Mortgage
Revenue Refunding Bonds, Series 1996A:
880 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 944,390
3,630 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,898,293
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.7%
2,325 New York State Mortgage Agency, Mortgage Revenue Bonds, 24- 7/10 at 100.00 AAA 2,496,608
Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.2%
2,000 Babylon Industrial Development Agency, New York, Revenue Bonds, 8/09 at 101.00 AAA 2,247,440
WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured
6,000 New York State Dormitory Authority, FHA-Insured Mortgage Nursing 8/11 at 101.00 AAA 6,144,420
Home Revenue Bonds, Norwegian Christian Home and Health Center,
Series 2001, 5.200%, 8/01/36 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.7%
Erie County, New York, General Obligation Bonds, Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 794,479
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 768,418
Erie County, New York, General Obligation Bonds, Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,576,493
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,668,285
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,668,037
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,793,922
21
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (CONTINUED)
$ 2,500 Nassau County, New York, General Obligation Serial Improvement 6/09 at 102.00 AAA $ 2,619,500
Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured
45 New York, New York, General Obligation Bonds, Fiscal 1992 2/04 at 100.75 AAA 45,525
Series C, 6.250%, 8/01/10 - FSA Insured
New York, New York, General Obligation Bonds, Fiscal Series 1998H:
4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,243,334
6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,306,180
5,000 New York, New York, General Obligation Bonds, Fiscal Series 1999I, 4/09 at 101.00 AAA 5,057,800
5.000%, 4/15/29 - MBIA Insured
3,000 New York, New York, General Obligation Bonds, Fiscal 2001 8/10 at 101.00 AAA 3,216,420
Series D, 5.000%, 8/01/16 - FGIC Insured
3,000 North Hempstead, Nassau County, New York, General Obligation 3/08 at 101.00 Aaa 3,097,530
Serial Refunding Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured
North Hempstead, Nassau County, New York, General Obligation
Bonds, Series 1999B:
2,135 5.875%, 7/15/18 - FGIC Insured 7/09 at 101.00 Aaa 2,456,189
2,255 5.875%, 7/15/19 - FGIC Insured 7/09 at 101.00 Aaa 2,594,242
Oneida County, New York, General Obligation Public Improvement
Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 111,729
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 110,971
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 603,005
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 603,005
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 601,104
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 597,198
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 592,683
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 590,562
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 586,635
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 584,504
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 585,585
Rensselaer County, New York, General Obligation Serial Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,220,410
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,227,226
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,231,334
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,234,733
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,234,733
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 957,841
The City of Rochester, New York, General Obligation Serial Bonds,
Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 826,677
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 819,437
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 808,847
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 803,241
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 801,263
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 798,963
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 791,997
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 40.6%
1,000 Battery Park City Authority, New York, Senior Revenue Refunding 11/03 at 102.00 AAA 1,023,050
Bonds, Series 1993A, 5.250%, 11/01/17 - MBIA Insured
Erie County Industrial Development Authority, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,377,957
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,356,455
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,135,624
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
$ 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA $ 2,371,020
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,325,860
4,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 4,400,360
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,038,920
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,054,920
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,845,300
5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,063,700
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,590,716
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,581,856
5,875 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 6,073,046
of Participation, Triborough Bridge and Tunnel Authority,
Series 1999A, 5.250%, 1/01/29 - AMBAC Insured
5,225 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 5,829,376
of Participation, Triborough Bridge and Tunnel Authority,
Series 2000A, 5.875%, 1/01/30 - AMBAC Insured
50 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 50,542
Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, Future Tax
Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,117,905
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,099,040
5,500 New York City Transitional Finance Authority, Future Tax 8/12 at 100.00 AAA 5,865,860
Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 3,627,925
Bonds, Fiscal Series 2003D Refunding, 5.000%, 2/01/22 - MBIA Insured
1,995 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,121,204
Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured
5,250 New York State Dormitory Authority, Court Facilities Lease Revenue 5/10 at 101.00 AAA 5,782,823
Bonds, City of New York Issue, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
505 New York State Dormitory Authority, Judicial Facilities Lease 10/03 at 114.14 Baa1 630,543
Revenue Bonds, Suffolk County Issue, Series 1991A, 9.500%, 4/15/14
5,000 New York State Dormitory Authority, Insured Revenue Bonds, Leake 7/04 at 102.00 AAA 5,267,900
and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured
New York State Dormitory Authority, Mental Health Services
Facilities Improvement Revenue Bonds, Series 1996B:
2,530 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 2,647,190
2,660 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 2,783,211
7,145 New York State Dormitory Authority, Special Act School Districts 7/09 at 101.00 AAA 8,181,668
Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 -
MBIA Insured
3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010
Facilities Improvement Revenue Bonds, Series 1997A, 5.750%,
8/15/22 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,038,460
Obligation Refunding Revenue Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
7,750 New York State Local Government Assistance Corporation, Revenue 4/08 at 101.00 AAA 7,976,068
Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
New York State Municipal Bond Bank Agency, Special Program
Revenue Bonds, City of Buffalo, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 937,029
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 976,902
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,029,375
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,069,313
1,500 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,519,710
Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured
23
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 7,925 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA $ 8,358,022
Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Series 2002B:
1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 2,031,382
2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,310,357
3,575 New York State Thruway Authority, Highway and Bridge Trust Fund 10/11 at 100.00 AAA 3,942,546
Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 5,407,400
Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,527,570
Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured
4,000 Puerto Rico Highway and Transportation Authority, Highway Revenue No Opt. Call AAA 4,663,480
Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured
1,000 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 1,131,450
Bonds, Series 2002E, 5.500%, 8/01/27 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation,
Asset-Backed Bonds, Series 2003-A1:
8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 8,980,776
2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,636,500
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.1%
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA 6,723,540
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,093,360
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,461,651
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,667,141
2,500 Niagara Frontier Transportation Authority, New York, Revenue Bonds, 4/09 at 101.00 AAA 2,673,100
Buffalo Niagara International Airport, Series 1999A, 5.625%,
4/01/29 (Alternative Minimum Tax) - MBIA Insured
7,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,499,240
Bonds, 120-Series, 5.750%, 10/15/26 (Alternative Minimum Tax) -
MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien
General Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,812,157
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,036,018
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.3%
325 Brookhaven, New York, General Obligation Bonds, Series 1991B, 10/04 at 100.00 AAA 328,621
6.400%, 10/01/11 (Pre-refunded to 10/01/04) - MBIA Insured
East Rochester Union Free School District, New York, Monroe
County, General Obligation Bonds, Series, 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 354,897
350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 414,047
365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 431,791
Longwood Central School District, New York, Suffolk County,
Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,190,270
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,190,270
Lyndonville Central School District, New York, Orleans County,
General Obligation Bonds, Series 2000:
340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 398,511
340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 398,511
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,394,414
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded to 7/01/11) - FGIC Insured
3,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/10 at 100.00 AAA 3,462,810
Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded to
10/01/10) - MBIA Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED (continued)
$ 11,000 Metropolitan Transportation Authority, New York, Dedicated Tax 10/15 at 100.00 AAA $ 12,161,820
Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to
10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,530,320
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,680,885
New York, New York, General Obligation Bonds, Fiscal Series 1991A:
1,500 7.250%, 3/15/18 - FSA Insured 3/04 at 100.00 AAA 1,655,400
3,100 7.250%, 3/15/19 - FSA Insured 3/04 at 100.00 AAA 3,226,883
3,000 New York, New York, General Obligation Bonds, Fiscal 10/03 at 100.00 AAA 3,003,450
Series 1990B, 7.000%, 10/01/19 - FSA Insured
255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 308,611
Water and Sewer System Revenue Bonds, Fiscal Series 2000B,
6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
10 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 11,304
Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to
8/15/07) - MBIA Insured
New York State Dormitory Authority, Consolidated Third General
Resolution Revenue Bonds, City University System, Series 1997-1:
3,120 5.375%, 7/01/24 (Pre-refunded to 1/01/08) - FGIC Insured 1/08 at 102.00 AAA 3,606,564
7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 8,020,670
5,000 New York State Dormitory Authority, Revenue Bonds, State 5/06 at 102.00 AAA 5,636,250
University Educational Facilities, Series 1996, 5.500%,
5/15/26 (Pre-refunded to 5/15/06) - FSA Insured
3,485 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 3,980,253
Resolution Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured
20 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102.00 AAA 21,738
Health Services Facilities Improvement Revenue Bonds, Series
1995A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured
5,795 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 6,576,456
University Educational Facilities, Series 2002A, 5.000%,
5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,798,060
5,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 5,917,750
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,282,160
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.7%
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,650,841
7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,262,150
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,451,480
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,367,480
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 4,837,350
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 913,980
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,300,095
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 820,470
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,043,950
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,229,500
10,025 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 10,223,294
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union
Gas Company Project, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,268,470
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation Project, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
3,000 New York State Energy Research and Development Authority, 10/03 at 100.00 AAA 3,134,700
Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power
Corporation Project, Series 1991A, 6.625%, 10/01/13 - FGIC Insured
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA $ 6,445,620
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation Project, Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.4%
5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 5,550,200
System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 -
MBIA Insured
2,225 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101.00 AAA 2,328,885
System Revenue Bonds, Fiscal Series 1997A, 5.375%, 6/15/26 -
FSA Insured
10,500 New York City Municipal Water Finance Authority, Water and Sewer 6/09 at 101.00 AAA 11,219,460
System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 -
FGIC Insured
5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA 5,164,300
System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 -
FGIC Insured
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal Series 2000B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,471,167
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,440,196
350 New York State Environmental Facilities Corporation, State Water 3/04 at 100.00 AAA 351,655
Pollution Control Revolving Fund Revenue Bonds, Pooled Loan
Issue, Series 1991B, 7.100%, 9/15/11
2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, No Opt. Call Aaa 868,340
Water System Revenue Bonds,Series 2000, 0.000%, 4/01/23 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 542,231 Total Long-Term Investments (cost $511,827,544) - 145.3% 554,158,833
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 5.3% 20,115,558
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.6)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 381,274,391
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
26
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.9%
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty-Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,190,606
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 671,946
500 Amherst Industrial Development Agency, New York, Revenue Bonds, 8/10 at 102.00 AAA 558,970
UBF Faculty-Student Housing Corporation, University of Buffalo
Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 -
AMBAC Insured
6,350 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102.00 AAA 6,497,384
Facility Revenue Refunding Bonds, Hofstra University Project,
Series 1998, 5.000%, 7/01/23 - MBIA Insured
5,000 New York City Trust for Cultural Resources, Revenue Bonds, New 7/06 at 101.00 AAA 5,512,650
York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured
7,250 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 7,987,615
Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 -
AMBAC Insured
14,500 New York City Trust for Cultural Resources, Revenue Bonds, 4/07 at 101.00 AAA 15,776,435
American Museum of Natural History, Series 1997A, 5.650%,
4/01/27 - MBIA Insured
4,775 New York City Industrial Development Agency, New York, Civic 6/07 at 102.00 AAA 4,908,414
Facility Revenue Bonds, Trinity Episcopal School Corporation
Project, Series 1997, 5.250%, 6/15/27 - MBIA Insured
1,410 New York State Dormitory Authority, Lease Revenue Bonds, State 7/11 at 100.00 AAA 1,555,526
University Dormitory Facilities, Series 2001, 5.500%,
7/01/20 - FGIC Insured
1,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 1,048,530
Fordham University, Series 1994, 5.500%, 7/01/23 - FGIC Insured
1,800 New York State Dormitory Authority, Consolidated Second General No Opt. Call AAA 2,138,346
Resolution Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/18 - FSA Insured
6,000 New York State Dormitory Authority, Consolidated Revenue Bonds, No Opt. Call AAA 7,058,100
City University System, Series 1993A, 5.750%, 7/01/13 - MBIA Insured
1,970 New York State Dormitory Authority, Revenue Bonds, University 7/04 at 102.00 AAA 2,072,539
of Rochester, Strong Memorial Hospital, Series 1994, 5.900%,
7/01/17 - MBIA Insured
8,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 102.00 AAA 8,752,025
Ithaca College, Series 1997, 5.250%, 7/01/26 - AMBAC Insured
1,150 New York State Dormitory Authority, Insured Revenue Bonds, St. 7/06 at 102.00 AAA 1,272,383
John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured
4,625 New York State Dormitory Authority, Barnard College, Insured 7/07 at 101.00 AAA 4,757,321
Revenue Bonds, Series 1996, 5.250%, 7/01/26 - AMBAC Insured
2,125 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 2,150,946
Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured
2,000 New York State Dormitory Authority, Third General Resolution 7/08 at 102.00 AAA 2,025,560
Consolidated Revenue Bonds, City University System,
Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
1,735 New York State Dormitory Authority, Fourth General Resolution 7/10 at 100.00 AAA 1,788,750
Consolidated Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/23 - FGIC Insured
1,750 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,927,433
Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured
New York State Dormitory Authority, Revenue Bonds, University
of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,491,823
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,660,012
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,845,552
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,365,829
27
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (CONTINUED)
$ 4,000 New York State Dormitory Authority, Revenue Bonds, State No Opt. Call AAA $ 4,743,040
University Education Facitilities, Series 2000C, 1989 Resolution,
5.750%, 5/15/16 - FSA Insured
1,000 New York State Dormitory Authority, Revenue Bonds, New York No Opt. Call AAA 1,139,650
University, Series 2001-1, 5.500%,7/01/40 - AMBAC Insured
2,750 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 2,793,065
University, Series 2001, 5.000%, 7/01/26 - AMBAC Insured
1,650 New York State Dormitory Authority, Insured Revenue Bonds, Fordham 7/12 at 100.00 AAA 1,745,123
University, Series 2002, 5.000%, 7/01/19 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.2%
New York City Health and Hospitals Corporation, New York,
Health System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,977,744
2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,854,413
3,995 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/04 at 105.00 AAA 4,192,473
Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%,
2/01/32 - AMBAC Insured
7,000 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 6,848,030
Revenue Bonds, New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC Insured
New York State Dormitory Authority, Revenue Bonds, Memorial
Sloan Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,598,625
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,411,738
9,000 New York State Dormitory Authority, Revenue Bonds, Catholic Health 7/09 at 101.00 AAA 9,680,310
Services of Long Island Obligated Group, St. Francis Hospital,
Series 1999A, 5.500%, 7/01/24 - MBIA Insured
9,000 New York State Dormitory Authority, Hospital Revenue Bonds, 7/11 at 101.00 AAA 9,308,700
Winthrop-South Nassau University Health System Obligated Group,
Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
3,300 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102.00 AAA 3,410,814
Insured Mortgage Revenue Refunding Bonds, Series 1994A, 5.375%,
2/15/25 - MBIA Insured
3,350 New York State Medical Care Facilities Finance Agency, FHA-Insured 2/05 at 102.00 AAA 3,584,902
Mortgage Revenue Bonds, Montefiore Medical Center, Series 1995A,
5.750%, 2/15/25 - AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, Health 11/05 at 102.00 AAA 2,134,957
Center Projects Revenue Bonds, Secured Mortgage Program,
Series 1995A, 6.375%, 11/15/19 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.0%
12,017 New York City Housing Development Corporation, Multifamily Housing 10/03 at 105.00 AAA 12,637,470
Limited Obligation Bonds, Series 1991C, Pass-Through Certificates,
6.500%, 2/20/19 - AMBAC Insured
1,540 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102.00 AAA 1,653,821
Revenue Refunding Bonds, Series 1996A, 6.125%, 11/01/20 - FSA Insured
985 New York State Housing Finance Agency, Insured Multifamily Mortgage 8/04 at 102.00 AAA 1,019,416
Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.9%
1,995 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 3/04 at 102.00 AAA 2,042,681
Series 33, 5.400%, 10/01/17 - AMBAC Insured
3,940 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 4/07 at 102.00 AAA 4,149,687
Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured
1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,073,810
Twenty-Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum
Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7%
4,450 Syracuse, New York, FHA-Insured Mortgage Revenue Bonds, Castle 8/07 at 102.00 AAA 4,516,706
Rest Residential Health Care Facility, Series 1997A, 5.750%,
8/01/37 (Optional put 8/01/07)
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/06 at 102.00 AAA 2,139,640
United Cerebral Palsy of New York City, Inc., Series 1996,
5.500%, 7/01/24 - MBIA Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.5%
$ 1,000 Erie County, New York, General Obligation Bonds, Series 1995B, 6/05 at 101.50 AAA $ 1,075,490
5.625%, 6/15/20 - FGIC Insured
Erie County, New York, General Obligation Bonds, Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,677,120
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,668,285
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,767,456
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,865,240
Monroe County, New York, General Obligation Public Improvement
Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,443,770
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,070,490
1,500 Nassau County, New York, General Obligation Serial General 6/09 at 102.00 AAA 1,571,700
Improvement Bonds, Series B,5.250%, 6/01/23 - AMBAC Insured
New York, New York, General Obligation Bonds, Fiscal Series 2001D:
1,500 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 1,662,015
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,938,934
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,360,700
5,000 New York, New York, General Obligation Bonds, Fiscal Series 2002C, 3/12 at 100.00 AAA 5,134,500
5.125%, 3/15/25 - FSA Insured
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,803,727
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,848,722
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 603,005
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 585,291
5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 585,092
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 44.4%
Erie County Industrial Development Authority, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,344,348
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,107,310
4,600 New York State Metropolitan Transportation Authority, State 7/12 at 100.00 AAA 5,135,624
Service Contract Bonds, Series 2002B,5.500%, 7/01/18 - MBIA Insured
New York State Metropolitan Transportation Authority, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,371,020
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,325,860
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,500,450
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,058,380
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,109,840
New York Metropolitan Transportation Authority, Dedicated Tax
Fund Bonds, Series 2002A:
7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,845,300
5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,063,700
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,585,618
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,576,786
5,150 New York City Metropolitan Transportation Authority, Certificates 1/10 at 101.00 AAA 5,745,700
of Participation, Triborough Bridge and Tunnel Authority,
Series 2000A, 5.875%, 1/01/30 - AMBAC Insured
75 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 75,813
Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, Future Tax Secured
Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,513,559
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,659,677
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,011,970
5,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 5,332,600
Bonds, Fiscal Series 2003C,5.250%, 8/01/21 - AMBAC Insured
29
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA $ 3,627,925
Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured
1,995 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 2,121,204
Bonds, Fiscal Series 2003, 5.250%, 2/01/22 - MBIA Insured
6,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 6,608,940
Revenue Bonds, City of New York Issue, Series 1999, 5.750%,
5/15/30 - AMBAC Insured
New York State Dormitory Authority, Lease Revenue Bonds,
Madison-Oneida Board of Cooperative Educational Services
Program, Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,120,344
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,169,278
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,199,638
5,375 New York State Dormitory Authority, Insured Revenue Bonds, 7/04 at 102.00 AAA 5,662,993
Leake and Watts Services, Inc., Series 1994, 6.000%, 7/01/23 -
MBIA Insured
2,200 New York State Dormitory Authority, Mental Health Services 2/06 at 102.00 AAA 2,307,448
Facilities Improvement Revenue Bonds, Series 1996B, 5.125%,
8/15/21 - MBIA Insured
3,340 New York State Dormitory Authority, Insured Revenue Bonds, 7/09 at 101.00 AAA 3,761,408
853 Schools Program 1999 Issue 1, Harmony Heights School,
Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
3,000 New York State Dormitory Authority, Mental Health Services 2/07 at 102.00 AAA 3,431,010
Facilities Improvement Revenue Bonds, Series 1997A, 5.750%,
8/15/22 - MBIA Insured
5,000 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 5,143,400
Facilities Improvement Revenue Bonds, Series 2000D, 5.250%,
8/15/30 - FSA Insured
3,330 New York State Local Government Assistance Corporation, Revenue 4/04 at 100.00 AAA 3,385,045
Bonds, Series 1993D, 5.000%, 4/01/23 - AMBAC Insured
5,250 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 5,424,457
Health Services Facilities Improvement Revenue Refunding Bonds,
Series 1993F, 5.250%, 2/15/19 - FGIC Insured
1,500 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 1,519,710
Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured
7,900 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 8,331,656
Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Series 2002B:
3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,459,438
3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,300,510
4,930 New York State Thruway Authority, Highway and Bridge Trust Fund 10/11 at 100.00 AAA 5,413,239
Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 7,475,674
Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured
2,400 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 2,554,176
Bonds, Series 2003A, Second General, 5.250%, 4/01/22 - MBIA Insured
3,190 New York State Urban Development Corporation, State Facilities No Opt. Call AAA 3,712,937
Revenue Refunding Bonds, Series 1995, 5.600%, 4/01/15 - MBIA Insured
Puerto Rico Highway and Transportation Authority, Highway Revenue
Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,517,470
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,995,220
8,400 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 8,980,776
Asset-Backed Bonds, Series 2003-A1, 5.250%, 6/01/20 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.2%
4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 4,488,893
Revenue Bonds, Series 1995, 5.750%, 1/01/25 - MBIA Insured
New York Metropolitan Transportation Authority, Transportation
Revenue Refunding Bonds, Series 2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,244,073
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,186,720
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION (continued)
New York Metropolitan Transportation Authority, Transportation
Revenue Refunding Bonds, Series 2002E:
$ 2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA $ 2,917,829
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,671,190
1,000 Niagara Frontier Transportation Authority, New York, Revenue 4/04 at 102.00 AAA 1,045,540
Bonds, Greater Buffalo International Airport, Series 1994A,
6.250%, 4/01/24 (Alternative Minimum Tax) - AMBAC Insured
2,500 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 2,673,100
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,357,250
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,812,157
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,036,018
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.8%
East Rochester Union Free School District, Monroe County, New
York, General Obligation Bonds, Series, 2000:
300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 354,897
360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 425,876
400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 473,196
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,678,281
5,000 New York Metropolitan Transportation Authority, Commuter Facilities 7/09 at 100.00 AAA 5,777,200
Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to
7/01/09) - FGIC Insured
New York Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,641,500
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,552,515
3,000 New York Metropolitan Transportation Authority, Dedicated Tax 10/15 at 100.00 AAA 3,316,860
Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to
10/01/15) - FGIC Insured
New York Metropolitan Transportation Authority, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,530,320
2,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,265,160
5,000 New York Metropolitan Transportation Authority, Dedicated Tax 4/10 at 100.00 AAA 5,947,800
Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to
4/01/10) - FGIC Insured
170 New York City Municipal Water Finance Authority, Water and Sewer 6/10 at 101.00 AAA 205,741
System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31
(Pre-refunded to 6/15/10) - MBIA Insured
15 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101.00 AAA 16,956
Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to
8/15/07) - MBIA Insured
2,500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101.00 AAA 3,002,050
Bonds, Fiscal Series 2000B, 6.000%, 11/15/24 (Pre-refunded to
5/15/10) - FGIC Insured
3,200 New York State Dormitory Authority, Judicial Facilities Lease No Opt. Call AAA 4,079,296
Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16
1,700 New York State Dormitory Authority, Consolidated Third General 1/08 at 102.00 AAA 1,947,877
Resolution Revenue Bonds, City University System, Series 1997-1,
5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured
265 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 302,659
Resolution Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/23 (Pre-refunded to 7/01/10) - FGIC Insured
5,350 New York State Medical Care Facilities Finance Agency, Revenue 11/03 at 100.00 AAA 5,376,001
Bonds, Sisters of Charity Hospital of Buffalo Project,
Series 1991A, 6.625%, 11/01/18 (Pre-refunded to 11/01/03) -
AMBAC Insured
8,100 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 9,267,777
University Educational Facilities, Series 2002A, 5.125%, 5/15/19
(Pre-refunded to 5/15/12) - FGIC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series C:
10,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 11,835,500
6,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,846,480
31
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.4%
$ 1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA $ 2,056,676
Series 1994B, 7.250%, 7/01/11 (Alternative Minimum Tax) -
AMBAC Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
7,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,295,890
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,513,248
3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,112,350
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,451,480
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,367,480
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,612,450
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,132,620
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,033,555
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,914,430
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,536,625
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,583,600
5,465 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 5,690,705
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union
Gas Company Project, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development Authority, Gas 1/04 at 102.00 AAA 1,275,763
Facilities Revenue Bonds, Brooklyn Union Gas Company Project,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
12,000 New York State Energy Research and Development Authority, 11/03 at 101.00 AAA 12,337,200
Pollution Control Revenue Bonds, Rochester Gas and and
Electric Corporation Project, Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
3,250 New York City Municipal Water Finance Authority, Water and Sewer 6/09 at 101.00 AAA 3,472,690
System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 -
FGIC Insured
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal Series 2002A:
2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,203,580
4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,131,430
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal Series 2000B:
830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 980,778
810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 952,293
1,000 Western Nassau County Water Authority, New York, System Revenue 5/06 at 102.00 AAA 1,083,170
Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 562,772 Total Long-Term Investments (cost $533,227,280) - 148.3% 574,613,504
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.5% 9,825,836
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.8)% (197,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 387,439,340
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
32
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 32.6%
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty-Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 279,485
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 275,388
2,000 Monroe County Industrial Development Agency, New York, Civic 6/05 at 102.00 AAA 2,172,300
Facility Revenue Bonds, Nazareth College of Rochester Project,
Series 1995, 6.000%, 6/01/20 - MBIA Insured
5,460 New York City Trust for Cultural Resources, Revenue Bonds, New 7/06 at 101.00 AAA 6,019,814
York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured
1,250 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 1,377,175
Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 -
AMBAC Insured
4,000 New York City Trust for Cultural Resources, Revenue Bonds, 4/07 at 101.00 AAA 4,450,440
American Museum of Natural History, Series 1997A, 5.650%,
4/01/22 - MBIA Insured
1,000 New York City Industrial Development Agency, New York, Civic 11/04 at 102.00 AAA 1,075,660
Facility Revenue Bonds, USTA National Tennis Center Incorporated
Project, Series 1994, 6.375%, 11/15/14 - FSA Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 2,133,320
University Dormitory Facilities Issue, Series 1999C, 5.500%,
7/01/29 - MBIA Insured
1,000 New York State Dormitory Authority, State University Educational No Opt. Call AAA 1,157,160
Facilities Revenue Bonds, Series 1993A, 5.500%, 5/15/19 -
AMBAC Insured
2,200 New York State Dormitory Authority, Consolidated Second General No Opt. Call AAA 2,613,534
Resolution Revenue Bonds,City University System, Series 1993A,
5.750%, 7/01/18 - FSA Insured
3,000 New York State Dormitory Authority, Insured Revenue Bonds, New 7/07 at 102.00 AAA 3,305,160
School for Social Research, Series 1997, 5.750%, 7/01/26 -
MBIA Insured
1,500 New York State Dormitory Authority, Insured Revenue Bonds, St. 7/06 at 102.00 AAA 1,659,630
John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, Long 9/06 at 102.00 AAA 2,127,800
Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured
5,000 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 Aaa 5,212,950
Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured
1,500 New York State Dormitory Authority, Revenue Bonds, Upstate 7/10 at 101.00 AAA 1,652,085
Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured
3,215 New York State Dormitory Authority, Revenue Bonds, University 7/10 at 101.00 AAA 2,312,260
of Rochester, Series 2000A, 0.000%, 7/01/24 - MBIA Insured
250 New York State Dormitory Authority, Insured Revenue Bonds, Pace 7/10 at 101.00 AAA 282,353
University, Series 2000, 6.000%, 7/01/29 - MBIA Insured
1,000 New York State Dormitory Authority, Consolidated Fourth General 7/10 at 100.00 AAA 1,036,270
Resolution Revenue Bonds, City University System, Series 2000A,
5.125%, 7/01/22 - FGIC Insured
New York State Dormitory Authority, Revenue Bonds, New York
University, Series 2001-1:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,693,215
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 569,825
810 New York State Dormitory Authority, Insured Revenue Bonds, Yeshiva 7/11 at 100.00 AAA 848,572
University, Series 2001, 5.000%, 7/01/20 - AMBAC Insured
1,270 New York State Dormitory Authority, Revenue Bonds, State University 5/12 at 101.00 AAA 1,381,023
Educational Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC Insured
33
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.9%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
$ 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 1,063,480
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,057,190
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/05 at 102.00 AAA 3,229,830
Hospital Revenue Bonds, EllisHospital, Series 1995, 5.600%,
8/01/25 - MBIA Insured
1,500 New York State Dormitory Authority, Revenue Bonds, Vassar 1/08 at 102.00 AAA 1,596,390
Brothers Hospital, Series 1997, 5.250%, 7/01/17 - FSA Insured
2,910 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 2/08 at 101.00 AAA 2,846,824
Revenue Bonds, New York and Presbyterian Hospital, Series 1998,
4.750%, 8/01/27 - AMBAC Insured
2,230 New York State Dormitory Authority, Revenue Bonds, Memorial Sloan 7/13 at 100.00 AAA 2,317,973
Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 -
MBIA Insured
3,000 New York State Dormitory Authority, Revenue Bonds, Catholic Health 7/09 at 101.00 AAA 3,287,250
Services of Long Island Obligated Group, St. Charles Hospital
and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
3,450 New York State Dormitory Authority, Revenue Bonds, Winthrop-South 7/11 at 101.00 AAA 3,568,335
Nassau University Health System Obligated Group, Winthrop
University Hospital Association, Series 2001A, 5.250%, 7/01/31 -
AMBAC Insured
4,700 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102.00 AAA 4,857,826
Insured Mortgage Revenue Refunding Bonds, Series 1994A, 5.375%,
2/15/25 - MBIA Insured
1,400 New York State Dormitory Authority, FHA-Insured Mortgage Hospital 8/12 at 100.00 AAA 1,452,276
Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%,
2/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6%
2,040 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102.00 AAA 2,190,776
Revenue Bonds, Series 1996A Refunding, 6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9%
1,200 New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/03 at 102.00 Aa1 1,218,336
Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
1,000 Babylon Industrial Development Agency, New York, Revenue Bonds, 8/09 at 101.00 AAA 1,123,720
WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured
850 New York State Dormitory Authority, Insured Revenue Bonds, 7/11 at 102.00 AAA 866,040
NYSARC, INC., Series 2001A, 5.000%, 7/01/26 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.3%
1,510 Erie County, New York, General Obligation Bonds, Series 1995B, 6/05 at 101.50 AAA 1,623,990
5.625%, 6/15/20 - FGIC Insured
Erie County, New York, General Obligation Bonds, Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 559,040
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 556,095
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 662,796
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 658,320
210 Nassau County, New York, General Obligation Serial Bonds, General No Opt. Call AAA 242,834
Improvement Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
1,000 Nassau County, New York, General Obligation Improvement Bonds, 3/10 at 100.00 AAA 1,154,390
Series 2000E, 6.000%, 3/01/19 - FSA Insured
4,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 4,488,640
Series 1995E, 8.000%, 8/01/05 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,198,580
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,740,955
Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08
(Alternative Minimum Tax) - MBIA Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
Niagara Falls, Niagara County, New York, Public Improvement
Serial Bonds, Series 1994:
$ 1,000 7.500%, 3/01/13 - MBIA Insured No Opt. Call AAA $ 1,311,710
2,000 6.900%, 3/01/22 - MBIA Insured 3/04 at 102.00 AAA 2,085,520
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,076,270
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
Suffolk County, New York, Public Improvement Serial Bonds,
Series 2000A:
500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 580,925
500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 578,230
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 34.2%
750 Erie County Industrial Development Authority, New York, School 5/12 at 100.00 AAA 847,177
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
1,350 New York Metropolitan Transportation Authority, State Service 7/12 at 100.00 AAA 1,507,194
Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured
New York Metropolitan Transportation Authority, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,778,265
1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,100,090
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,027,460
New York Metropolitan Transportation Authority, Dedicated Tax
Fund Bonds, Series 2002A:
2,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,615,100
1,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,316,562
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 591,420
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 588,126
500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 557,835
Authority, Triborough Bridge and Tunnel Authority, Certificates
of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured
New York City Transitional Finance Authority, Future Tax Secured
Bonds, Fiscal 2003 Series C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,075,640
1,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 1,434,469
1,500 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 1,554,825
Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured
665 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA 707,068
Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured
1,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 1,101,490
Revenue Bonds, City of New York Issue, Series 1999, 5.750%,
5/15/30 - AMBAC Insured
2,000 New York State Dormitory Authority, Mental Health Services 8/10 at 100.00 AAA 2,057,360
Facilities Improvement Revenue Bonds, Series 2000D, 5.250%,
8/15/30 - FSA Insured
2,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 2,026,280
Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured
New York State Dormitory Authority, School Districts Financing
Program Revenue Bonds, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,534,952
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 887,346
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Series 2002B:
545 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 603,326
600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 660,102
1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,047,600
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Series 2002A:
1,500 5.250%, 4/01/17 - FSA Insured 4/12 at 100.00 AAA 1,643,640
1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,088,970
1,250 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 1,321,350
Bonds, Second General, Series 2003A, 5.250%, 4/01/23 - MBIA Insured
1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 2,146,677
Facilities Capital Facilities Revenue Bonds, Series 1994A,
5.250%, 1/01/14 - FSA Insured
35
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA $ 1,097,730
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/21 - FGIC Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,165,870
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured
810 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 920,330
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,624,920
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation,
Asset-Backed Bonds, Series 2003-A1:
1,800 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,909,872
2,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,109,200
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.0%
New York Metropolitan Transportation Authority, Transportation
Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 556,235
1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,785,245
2,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 2,040,280
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
MBIA Insured
500 Niagara Frontier Transportation Authority, New York, Revenue 4/09 at 101.00 AAA 534,620
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
1,000 Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101.00 AAA 1,071,320
One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative
Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 900,307
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,442,853
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.2%
Longwood Central School District, Suffolk County, New York,
Series 2000:
500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 595,135
500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 595,135
1,500 New York Metropolitan Transportation Authority, Dedicated Tax 10/15 at 100.00 AAA 1,658,430
Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to
10/01/15) - FGIC Insured
500 New York Metropolitan Transportation Authority, Dedicated Tax 10/14 at 100.00 AAA 566,290
Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to
10/01/14) - FSA Insured
2,000 New York Metropolitan Transportation Authority, Dedicated Tax 4/10 at 100.00 AAA 2,379,120
Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to
4/01/10) - FGIC Insured
1,500 New York City, New York, General Obligation Bonds, Fiscal 2/04 at 100.00 AAA 1,523,445
Series 1990F, 6.000%, 8/01/19 - FGIC Insured
340 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 411,482
Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%,
6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured
1,505 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AA*** 1,676,073
FHA-Insured Mortgage Project Revenue Bonds, Series 1995F,
6.200%, 8/15/15 (Pre-refunded to 8/15/05)
2,045 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 2,420,360
Facilities Service Contract Revenue Bonds, Series C, 6.000%,
1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured
440 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 526,645
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to
7/01/10) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 17.7%
1,165 Islip Resource Recovery Agency, New York, Revenue Bonds, 7/04 at 102.00 AAA 1,228,784
Series 1994B, 6.125%, 7/01/13 (Alternative Minimum Tax) -
AMBAC Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
7,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,817,025
2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,074,900
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
$ 500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA $ 507,325
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 645,900
2,280 New York State Energy Research and Development Authority, 11/03 at 101.50 AAA 2,374,164
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union
Gas Company Project, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 2,723,725
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation Project, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
6,100 New York State Energy Research and Development Authority, 11/03 at 101.00 AAA 6,271,410
Pollution Control Revenue Bonds, Rochester Gas and and Electric
Corporation Project, Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.1%
1,830 Monroe County Water Authority, New York, Water Revenue Bonds, 8/11 at 101.00 AAA 1,895,953
Series 2001, 5.250%, 8/01/36 - MBIA Insured
500 New York City Municipal Water Finance Authority, Water and 6/06 at 101.00 AAA 555,020
Sewer System Revenue Bonds, Fiscal Series 1996B, 5.750%,
6/15/26 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101.00 AAA 1,095,270
Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%,
6/15/29 - FSA Insured
1,800 New York City Municipal Water Finance Authority, Water and 6/09 at 101.00 AAA 1,923,336
Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%,
6/15/32 - FGIC Insured
1,170 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 1,248,285
Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%,
6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, Water and 6/11 at 100.00 AAA 1,032,860
Sewer System Revenue Bonds, Fiscal Series 2002A, 5.250%,
6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AAA 1,961,556
Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%,
6/15/31 - MBIA Insured
1,000 Suffolk County Water Authority, New York, Water System Revenue No Opt. Call AAA 1,121,570
Refunding Bonds, Series 1993, 5.100%, 6/01/12 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 183,210 Total Long-Term Investments (cost $182,562,832) - 147.0% 196,638,264
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 2,096,329
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.6)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 133,734,593
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
See accompanying notes to financial statements.
37
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.1%
$ 1,940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,722,798
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
3,390 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 2,988,387
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,685 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 A2 1,496,786
Series 2002-1, 5.500%, 7/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.5%
1,000 Monroe County Industrial Development Agency, New York, 10/11 at 101.00 Aaa 1,013,390
Civic Facility Revenue Bonds, Nazareth College of Rochester
Project, Series 2001, 5.000%, 10/01/31 - MBIA Insured
5,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 5,130,850
Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 -
AMBAC Insured
4,000 New York State Dormitory Authority, Insured Revenue Bonds, No Opt. Call AAA 4,283,520
Mount Sinai School of Medicine, Series 1994A, 5.150%,
7/01/24 - MBIA Insured
New York State Dormitory Authority, Revenue Bonds, New York
University, Series 1998A:
3,250 6.000%, 7/01/18 - MBIA Insured No Opt. Call AAA 3,946,443
3,000 5.750%, 7/01/27 - MBIA Insured No Opt. Call AAA 3,487,950
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.9%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,595,220
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,057,190
2,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 1,956,580
Hospital Revenue Bonds, New York and Presbyterian Hospital,
Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,725 New York State Dormitory Authority, Revenue Bonds, Memorial 7/13 at 100.00 AAA 1,793,051
Sloan Kettering Cancer Center Series 2003-1, 5.000%, 7/01/21 -
MBIA Insured
600 New York State Dormitory Authority, Revenue Bonds, South Nassau 7/13 at 100.00 Baa1 618,906
Communities Hospital, Series 2003B, 5.500%, 7/01/23
9,800 New York State Dormitory Authority, FHA-Insured Mortgage 8/09 at 101.00 AAA 10,643,682
Revenue Bonds, New York Hospital Medical Center of Queens,
Series 1999, 5.600%, 2/15/39 - AMBAC Insured
2,000 New York State Dormitory Authority, Revenue Bonds, Catholic 7/09 at 101.00 AAA 2,191,500
Health Services of Long Island Obligated Group, St. Francis
Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured
2,500 New York State Dormitory Authority, Secured Hospital Revenue 2/08 at 101.50 AAA 2,736,450
Bonds, Bronx Lebanon Hospital, Series 1998E, 5.200%, 2/15/15 -
MBIA Insured
New York State Dormitory Authority, FHA-Insured Mortgage Hospital
Revenue Bonds, St. Barnabas Hospital, Series 2002A:
1,400 5.125%, 2/01/22 - AMBAC Insured 8/12 at 100.00 AAA 1,452,276
1,000 5.000%, 2/01/31 - AMBAC Insured 8/12 at 100.00 AAA 1,011,690
Suffolk County Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Huntington Hospital Project, Series
2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 768,964
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,077,573
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.4%
New York City Housing Development Corporation, Multifamily
Housing Revenue Bonds, Series 2002A:
$ 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA $ 2,826,316
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,421,489
New York State Dormitory Authority, GNMA Collateralized Revenue
Bonds, Willow Towers, Inc. Project, Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,051,520
2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,604,800
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9%
1,000 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,073,810
24-Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.1%
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,648,268
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,587,420
Canandaigua City School District, Ontario County, New York,
General Obligation Refunding Bonds, Series 2002A:
1,240 5.375%, 4/01/17 - FSA Insured 4/12 at 101.00 Aaa 1,381,645
1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,308,605
Clarence Central School District, Erie County, New York, General
Obligation Refunding Bonds, Series 2002:
1,235 4.000%, 5/15/18 - FSA Insured 5/12 at 100.00 Aaa 1,207,509
1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,240,706
1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,270,172
3,000 New York, New York, General Obligation Bonds, Fiscal Series 2001H, 3/11 at 101.00 AAA 3,293,580
5.250%, 3/15/16 - FGIC Insured
3,250 New York, New York, General Obligation Bonds, Fiscal Series 2002C, 3/12 at 100.00 AAA 3,337,425
5.125%, 3/15/25 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 39.7%
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,077,840
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
2,290 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 2,395,432
Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured
1,000 Nassau County Interim Finance Authority, New York, Sales Tax 11/10 at 100.00 AAA 1,114,220
Secured Revenue Bonds, Series 2000A, 5.375%, 11/15/17 -
MBIA Insured
4,245 New York City Metropolitan Transit Authority, Certificates of 1/10 at 101.00 AAA 4,388,099
Participation, Triborough Bridge and Tunnel Authority,
Series 1999A, 5.250%, 1/01/29 - AMBAC Insured
5,000 New York City Transitional Finance Authority, Future Tax 11/11 at 101.00 AAA 5,528,200
Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 - MBIA Insured
1,000 New York City Transitional Finance Authority, Future Tax Secured 8/12 at 100.00 AAA 1,066,520
Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured
3,000 New York State Dormitory Authority, Mental Health Services 8/09 at 101.00 AAA 3,098,430
Facilities Improvement Revenue Bonds, Series 1999D,
5.250%, 2/15/29 - FSA Insured
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,087,410
Revenue Bonds, Series 1998A, 5.000%, 4/01/15
3,000 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 3,163,920
Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/12 at 100.00 AAA 5,169,650
Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust Fund 4/13 at 100.00 AAA 1,057,080
Bonds, Series 2003A, Second General, 5.250%, 4/01/23 - MBIA Insured
8,600 New York State Urban Development Corporation, State Facilities No Opt. Call AAA 10,040,328
Revenue Refunding Bonds,Series 1995, 5.700%, 4/01/20 - FSA Insured
39
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 3,000 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AA $ 3,059,760
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002A, 5.125%, 3/15/27
1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 1,106,760
Income Tax Revenue Bonds, State Facilities and Equipment,
Series 2002C-1, 5.500%, 3/15/20 - FGIC Insured
New York State Tobacco Settlement Financing Corporation,
Asset-Backed Bonds, Series 2003-A1:
1,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,496,796
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,054,600
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.9%
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A :
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,093,360
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,080,560
4,000 Port Authority of New York and New Jersey, Consolidated Bonds, 8/08 at 101.00 AAA 4,277,800
124-Series, 5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured
2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,023,440
Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/32 - MBIA Insured
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 900,307
Lien General Revenue Refunding Bonds, Series 2002E, 5.500%,
11/15/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.4%
2,000 New York State Dormitory Authority, Consolidated Third General 1/08 at 102.00 AAA 2,291,620
Resolution Revenue Bonds, City University System, Series 1997-1,
5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured
815 New York State Housing Finance Agency, State University No Opt. Call AAA 1,045,107
Construction Bonds, Series 1986A, 8.000%, 5/01/11
4,750 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 5,390,538
University Educational Facilities, Series 2002A, 5.000%,
5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,789,807
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.6%
1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,042,270
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,073,250
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,805,790
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,119,850
Pollution Control Revenue Refunding Bonds, Niagara Mohawk Power
Corporation Project, Series 1998A, 5.150%, 11/01/25 - AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,227,800
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County, New York, Industrial Development Agency 7/07 at 101.00 BBB 1,144,489
Resource Recovery Revenue Bonds, Westchester RESCO Company
Project, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 8.3%
2,665 Albany Municipal Water Finance Authority, New York, Second 6/08 at 100.00 AAA 2,804,886
Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 -
AMBAC Insured
2,170 New York City Municipal Water Finance Authority, Water and 6/10 at 101.00 AA 2,315,191
Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 4,000 New York City Municipal Water Finance Authority, Water and Sewer 6/11 at 100.00 AAA $ 4,049,480
System Revenue Bonds, Fiscal Series 2002F, 5.000%, 6/15/29 -
MBIA Insured
1,000 Niagara Falls Public Water Authority, New York, Water and Sewer 7/06 at 100.00 AAA 1,067,200
Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 171,820 Total Long-Term Investments (cost $173,037,026) - 147.8% 181,674,261
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.8% 2,227,126
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.6)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 122,901,387
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
applicable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
applicable to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities (also ensuring the timely payment of
principal and interest), or (ii) municipal bonds that are
rated, at the time of investment, within the four highest
grades (Baa or BBB or better by Moody's, S&P or Fitch) or
unrated but judged to be of comparable quality by the
Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
41
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.3%
$ 1,940 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 1,722,798
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
450 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 A3 435,924
Series 1999-1, 6.250%, 7/15/34
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 20.4%
1,000 New York City Trust for Cultural Resources, Revenue Refunding 1/07 at 102.00 AAA 1,101,740
Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 -
AMBAC Insured
1,385 New York State Dormitory Authority, Lease Revenue Bonds, State 7/09 at 101.00 AAA 1,411,509
University Dormitory Facilities Issue, Series 1999B, 5.125%,
7/01/28 - MBIA Insured
2,000 New York State Dormitory Authority, Mount Sinai School of No Opt. Call AAA 2,141,760
Medicine, Insured Revenue Bonds, Series 1994A, 5.150%,
7/01/24 - MBIA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 9/12 at 100.00 AA 2,013,520
Long Island University, Series 2003A, 5.000%, 9/01/32 - RAAI Insured
1,000 New York State Dormitory Authority, Revenue Bonds, Mount St. 7/13 at 100.00 AA 1,003,370
Mary College, Series 2003, 5.000%, 7/01/32 - RAAI Insured
2,500 New York State Dormitory Authority, Revenue Bonds, Rochester 7/12 at 100.00 Aaa 2,650,025
Institute of Technology, Series 2002A, 5.250%, 7/01/22 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.1%
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,807,587
Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 -
AMBAC Insured
750 New York State Dormitory Authority, Revenue Bonds, South Nassau 7/13 at 100.00 Baa1 773,633
Communities Hospital, Series 2003B, 5.500%, 7/01/23
500 New York State Dormitory Authority, Revenue Bonds, North Shore 5/13 at 100.00 A3 508,405
Long Island Jewish Group, Series 2003, 5.375%, 5/01/23
2,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/13 at 100.00 AAA 2,024,420
Hospital Revenue Bonds, Lutheran Medical Center, Series 2003,
5.000%, 8/01/31 - MBIA Insured
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/12 at 100.00 AAA 3,035,070
Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A,
5.000%, 2/01/31 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4%
1,185 New York State Dormitory Authority, FHA-Insured Mortgage 2/13 at 102.00 AAA 1,200,630
Nursing Home Revenue Bonds, Shorefront Jewish Geriatric
Center Inc., Series 2002, 5.200%, 2/01/32
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.8%
2,400 New York, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA 2,453,976
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 64.4%
New York Metropolitan Transportation Authority, State Service
Contract Refunding Bonds, Series 2002A:
1,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 1,019,460
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,027,460
3,000 New York Metropolitan Transportation Authority, Dedicated Tax 11/12 at 100.00 AAA 3,038,220
Fund Bonds, Series 2002A, 5.000%, 11/15/32 - FSA Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB+ 568,165
Revenue Bonds, Series 2003, 5.500%, 1/01/34
3,000 New York City Transitional Finance Authority, Future Tax 8/12 at 100.00 AAA 3,275,490
Secured Bonds, Fiscal Series 2003, 5.250%, 8/01/18 - AMBAC Insured
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York City Transitional Finance Authority, Future Tax Secured 2/13 at 100.00 AAA $ 2,073,100
Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured
2,000 New York State Dormitory Authority, Mental Health Services 8/09 at 101.00 AAA 2,065,620
Facilities Improvement Revenue Bonds, Series 1999D, 5.250%,
2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,328,932
Personal Income Tax Revenue Bonds, Series 2002A, 5.000%,
1/01/23 - FGIC Insured
3,000 New York State Dormitory Authority, State Personal Income Tax 3/13 at 100.00 AAA 3,039,420
Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured
3,000 New York State Dormitory Authority, School Districts Financing 10/12 at 100.00 AAA 3,163,920
Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,666,600
Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,106,760
1,000 5.000%, 3/15/33 3/13 at 100.00 AA 1,009,360
2,000 New York State Urban Development Corporation, Correctional and No Opt. Call AA- 2,249,380
Youth Facilities Service ContractRevenue Bonds, Series 2002A,
5.500%, 1/01/17 (Mandatory put 1/01/11)
2,095 Puerto Rico Public Finance Corporation, Commonwealth Appropriation No Opt. Call AAA 2,274,290
Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured
700 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 748,398
Asset-Backed Bonds, Series 2003-A1, 5.250%, 6/01/20 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 17.3%
1,000 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 1,020,140
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
1,500 New York Metropolitan Transportation Authority, Transportation 11/12 at 100.00 AAA 1,520,220
Revenue Refunding Bonds, Series 2002F, 5.000%, 11/15/31 -
MBIA Insured
3,030 Port Authority of New York and New Jersey, Consolidated Bonds, 11/12 at 101.00 AAA 3,179,440
One Hundred Twenty-Eighth Series, 5.000%, 11/01/22 -
FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,017,482
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 -
MBIA Insured
1,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/13 at 100.00 AAA 1,013,830
Lien General Revenue Bonds, Series 2003, 5.000%, 11/15/32 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.5%
4,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 4,169,080
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,100,800
Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,091,120
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
43
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS September 30, 2003
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8%
$ 1,000 New York City Municipal Water Finance Authority, Water and 6/11 at 100.00 AAA $ 1,012,370
Sewer System Revenue Bonds, Fiscal Series 2002F, 5.000%,
6/15/29 - MBIA Insured
870 Niagara Falls Public Water Authority, New York, Water and Sewer 7/06 at 100.00 AAA 928,463
Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 74,270 Total Long-Term Investments (cost $75,697,844) - 152.0% 76,991,887
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 653,118
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (53.3)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 50,645,005
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
applicable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
applicable to Preferred shares) may be invested in municipal
securities that are (i) either backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities (also ensuring the timely payment of
principal and interest), or (ii) municipal bonds that are
rated, at the time of investment, within the four highest
grades (Baa or BBB or better by Moody's, S&P or Fitch) or
unrated but judged to be of comparable quality by the
Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
44
Statement of
ASSETS AND LIABILITIES September 30, 2003
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $398,563,448, $511,827,544
and $533,227,280, respectively) $436,083,063 $554,158,833 $574,613,504
Cash -- -- 1,013,775
Receivables:
Interest 6,116,659 7,548,843 8,176,589
Investments sold -- 13,164,688 1,022,500
Other assets 28,824 45,755 50,604
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 442,228,546 574,918,119 584,876,972
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 548,026 169,902 --
Accrued expenses:
Management fees 227,063 293,567 298,634
Other 141,037 180,259 138,998
Preferred share dividends payable -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 916,126 643,728 437,632
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $297,312,420 $381,274,391 $387,439,340
====================================================================================================================================
Common shares outstanding 17,699,489 23,420,962 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.80 $ 16.28 $ 16.09
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 176,995 $ 234,210 $ 240,837
Paid-in surplus 248,497,049 327,691,823 335,102,933
Undistributed (Over-distribution of) net investment income 3,448,761 4,232,595 4,206,834
Accumulated net realized gain (loss) from investments 7,670,000 6,784,474 6,502,512
Net unrealized appreciation of investments 37,519,615 42,331,289 41,386,224
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $297,312,420 $381,274,391 $387,439,340
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
45
Statement of
ASSETS AND LIABILITIES September 30, 2003 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $182,562,832, $173,037,026 $196,638,264 $181,674,261 $76,991,887
and $75,697,844, respectively)
Cash -- -- --
Receivables:
Interest 2,838,673 2,553,494 1,036,173
Investments sold -- -- --
Other assets 20,916 8,998 4,706
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 199,497,853 184,236,753 78,032,766
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 578,290 234,864 332,961
Accrued expenses:
Management fees 103,793 55,939 21,661
Other 78,005 38,550 29,475
Preferred share dividends payable 3,172 6,013 3,664
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 763,260 335,366 387,761
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $133,734,593 $122,901,387 $50,645,005
====================================================================================================================================
Common shares outstanding 8,321,313 7,957,934 3,511,123
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.07 $ 15.44 $ 14.42
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,213 $ 79,579 $ 35,111
Paid-in surplus 118,277,131 112,921,771 49,475,930
Undistributed (Over-distribution of) net investment income 1,419,507 269,866 (81,162)
Accumulated net realized gain (loss) from investments (120,690) 992,936 (78,917)
Net unrealized appreciation of investments 14,075,432 8,637,235 1,294,043
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $133,734,593 $122,901,387 $50,645,005
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 100,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
46
Statement of
OPERATIONS Year Ended September 30, 2003
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $22,330,786 $28,991,691 $28,868,682
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,782,183 3,601,130 3,670,707
Preferred shares - auction fees 360,605 483,921 525,556
Preferred shares - dividend disbursing agent fees 30,000 30,000 40,000
Shareholders' servicing agent fees and expenses 52,699 58,552 55,542
Custodian's fees and expenses 110,316 137,745 135,680
Directors'/Trustees' fees and expenses 5,259 7,101 7,368
Professional fees 18,528 24,773 25,014
Shareholders' reports - printing and mailing expenses 38,043 36,833 47,652
Stock exchange listing fees 15,864 15,864 15,864
Investor relations expense 36,544 47,476 48,584
Portfolio insurance expense -- 19,786 --
Other expenses 31,165 38,054 34,970
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,481,206 4,501,235 4,606,937
Custodian fee credit (19,783) (37,124) (30,502)
Expense reimbursement -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,461,423 4,464,111 4,576,435
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,869,363 24,527,580 24,292,247
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 7,981,910 6,775,711 6,479,256
Change in net unrealized appreciation
(depreciation) of investments (9,304,924) (8,859,561) (9,075,144)
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (1,323,014) (2,083,850) (2,595,888)
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (1,208,221) (1,611,498) (1,510,699)
From accumulated net realized gains from investments (151,496) (281,037) (486,976)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (1,359,717) (1,892,535) (1,997,675)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $16,186,632 $20,551,195 $19,698,684
====================================================================================================================================
See accompanying notes to financial statements.
47
Statement of
OPERATIONS Year Ended September 30, 2003 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)*
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $10,056,418 $ 8,851,997 $2,679,513
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,274,808 1,179,819 400,304
Preferred shares - auction fees 161,910 149,800 47,577
Preferred shares - dividend disbursing agent fees 20,000 10,000 7,041
Shareholders' servicing agent fees and expenses 18,776 3,230 1,710
Custodian's fees and expenses 52,029 52,749 17,933
Directors'/Trustees' fees and expenses 2,858 2,245 1,096
Professional fees 13,913 15,236 14,510
Shareholders' reports - printing and mailing expenses 16,306 21,080 7,985
Stock exchange listing fees 11,388 427 236
Investor relations expense 16,902 19,630 5,991
Portfolio insurance expense 1,560 -- --
Other expenses 13,121 9,061 2,845
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,603,571 1,463,277 507,228
Custodian fee credit (6,528) (15,272) (11,580)
Expense reimbursement -- (543,275) (197,073)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,597,043 904,730 298,575
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,459,375 7,947,267 2,380,938
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 3,382,024 992,274 (78,963)
Change in net unrealized appreciation
(depreciation) of investments (4,497,058) (3,501,754) 1,294,043
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (1,115,034) (2,509,480) 1,215,080
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (557,201) (606,361) (172,209)
From accumulated net realized gains from investments -- (73,477) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (557,201) (679,838) (172,209)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 6,787,140 $ 4,757,949 $3,423,809
====================================================================================================================================
* For the period November 22, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
48
Statement of
CHANGES IN NET ASSETS
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN)
--------------------------------- ----------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/03 9/30/02 9/30/03 9/30/02 9/30/03 9/30/02
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,869,363 $ 19,238,855 $ 24,527,580 $ 25,419,827 $ 24,292,247 $ 25,798,976
Net realized gain (loss)
from investments 7,981,910 1,467,220 6,775,711 3,595,654 6,479,256 5,277,281
Change in net unrealized
appreciation
(depreciation) of investments (9,304,924) 19,814,204 (8,859,561) 23,028,908 (9,075,144) 21,416,228
Distributions to Preferred
Shareholders:
From net investment income (1,208,221) (1,737,838) (1,611,498) (2,123,752) (1,510,699) (2,603,448)
From accumulated net realized
gains from investments (151,496) (246,687) (281,037) (837,116) (486,976) (89,293)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 16,186,632 38,535,754 20,551,195 49,083,521 19,698,684 49,799,744
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (16,814,518) (15,603,549) (21,972,723) (20,938,114) (21,988,456) (21,136,979)
From accumulated net realized
gains from investments (1,534,544) (837,375) (3,314,902) (2,944,026) (4,600,972) (306,940)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (18,349,062) (16,440,924) (25,287,625) (23,882,140) (26,589,428) (21,443,919)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
to shareholders due to
of distributions -- -- -- -- -- --
Preferred shares offering costs -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (2,162,430) 22,094,830 (4,736,430) 25,201,381 (6,890,744) 28,355,825
Net assets applicable to Common
shares at the beginning
of period 299,474,850 277,380,020 386,010,821 360,809,440 394,330,084 365,974,259
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $297,312,420 $299,474,850 $381,274,391 $386,010,821 $387,439,340 $394,330,084
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 3,448,761 $ 2,811,992 $ 4,232,595 $ 3,231,990 $ 4,206,834 $ 3,395,082
====================================================================================================================================
See accompanying notes to financial statements.
49
Statement of
CHANGES IN NET ASSETS (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------- ---------------------------- -------------------------
FOR THE FOR THE
PERIOD 3/26/02 PERIOD 11/22/02
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED YEAR ENDED YEAR ENDED OF OPERATIONS) OF OPERATIONS)
9/30/03 9/30/02 9/30/03 THROUGH 9/30/02 THROUGH 9/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,459,375 $ 8,777,988 $ 7,947,267 $ 3,291,467 $ 2,380,938
Net realized gain (loss)
from investments 3,382,024 1,881,239 992,274 696,461 (78,963)
Change in net unrealized
appreciation (depreciation)
of investments (4,497,058) 5,098,567 (3,501,754) 12,145,709 1,294,043
Distributions to Preferred
Shareholders:
From net investment income (557,201) (863,336) (606,361) (289,910) (172,209)
From accumulated net realized
gains from investments -- -- (73,477) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 6,787,140 14,894,458 4,757,949 15,843,727 3,423,809
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (7,626,486) (7,302,336) (7,114,395) (2,964,146) (2,289,845)
From accumulated net realized gains
from investments -- -- (623,098) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to
Common shares from distributions
to Common shareholders (7,626,486) (7,302,336) (7,737,493) (2,964,146) (2,289,845)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 113,645,250 50,032,500
Net proceeds from shares
to shareholders due to
of distributions -- 333,731 -- 14,017 60,431
Preferred shares offering costs -- -- (12,480) (745,712) (682,165)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- 333,731 (12,480) 112,913,555 49,410,766
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares (839,346) 7,925,853 (2,992,024) 125,793,136 50,544,730
Net assets applicable to Common
shares at the beginning
of period 134,573,939 126,648,086 125,893,411 100,275 100,275
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $133,734,593 $134,573,939 $122,901,387 $125,893,411 $50,645,005
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,419,507 $ 1,116,285 $ 269,866 $ 37,411 $ (81,162)
====================================================================================================================================
See accompanying notes to financial statements.
50
Notes to
FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York Funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc.
(NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured
New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York
Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free
Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New
York Stock Exchange, with the exception of Insured New York Dividend Advantage's
Common shares (NKO) and Insured New York Tax-Free Advantage's Common shares
(NRK) which trade on the American Stock Exchange. The Funds are registered under
the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Prior to the commencement of operations of Insured New York Dividend Advantage
(NKO) and Insured New York Tax-Free Advantage (NRK), each Fund had no operations
other than those related to organizational matters, the initial capital
contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly
owned subsidiary of Nuveen Investments, Inc. (formerly, The John Nuveen
Company), and the recording of the organization expenses ($11,500 per Fund) and
their reimbursement by Nuveen Investments, LLC(formerly, Nuveen Investments),
also a wholly owned subsidiary of Nuveen Investments, Inc.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. If it is
determined that market prices for a security are unavailable or inappropriate,
the Board of Directors/Trustees of the Funds, or its designee, may establish a
fair value for the security. Temporary investments in securities that have
variable rate and demand features qualifying them as short-term securities are
valued at amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At September 30, 2003,
there were no such outstanding purchase commitments in any of the Funds.
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
51
Notes to
FINANCIAL STATEMENTS (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its net investment
income to its shareholders. Therefore, no federal income tax provision is
required. Furthermore, each Fund intends to satisfy conditions which will enable
interest from municipal securities, which is exempt from regular federal and New
York state income taxes, and in the case of Insured New York Tax-Free Advantage
(NRK) the alternative minimum tax applicable to individuals, to retain such
tax-exempt status when distributed to shareholders of the Funds. All monthly
tax-exempt income dividends paid during the fiscal year ended September 30,
2003, have been designated Exempt Interest Dividends.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from accounting
principles generally accepted in the United States.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares.
Each Fund's Preferred shares are issued in one or more Series. The dividend rate
on each Series may change every seven days, as set pursuant to a dutch auction
process by the auction agent, and is payable at or near the end of each rate
period. The number of Preferred shares outstanding, by Series and in total, for
each Fund is as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------------------------------
Number of shares:
Series M 960 -- 2,200 1,320 -- --
Series T 2,400 1,720 -- 1,280 -- --
Series W -- 2,400 2,200 -- -- --
Series TH -- 3,600 2,400 -- 2,440 1,080
Series F 2,400 -- 1,080 -- -- --
- --------------------------------------------------------------------------------------------------------
Total 5,760 7,720 7,880 2,600 2,440 1,080
========================================================================================================
Effective January 17, 2003, Insured New York Tax-Free Advantage (NRK) issued
1,080 Series TH $25,000 stated value Preferred shares.
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets (including net assets
applicable to Preferred shares) in municipal securities that are covered by
insurance. Each Fund may also invest up to 20% of its net assets (including net
assets applicable to Preferred shares) in municipal securities which are either
(i) backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities, or (ii) municipal bonds that are rated, at the
time of investment, within the four highest grades (Baa or BBB or better by
Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the
Adviser.
52
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance is effective only while the municipal securities are held by the
Funds. Accordingly, neither the prices used in determining the market value of
the underlying municipal securities nor the Common share net asset value of the
Funds include value, if any, attributable to the Portfolio Insurance. Each
policy of the Portfolio Insurance does, however, give the Funds the right to
obtain permanent insurance with respect to the municipal security covered by the
Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
The Funds may invest in certain derivative financial instruments including
futures, forward, swap and option contracts, and other financial instruments
with similar characteristics. Although the Funds are authorized to invest in
such financial instruments, and may do so in the future, they did not make any
such investments during the fiscal year ended September 30, 2003.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for InsuredNew York
Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK).
InsuredNew York Dividend Advantage's (NKO) and Insured New York Tax-Free
Advantage's (NRK) share of Common share offering costs ($238,500 and $105,000,
respectively) were recorded as a reduction of the proceeds from the sale of
Common shares.
Costs incurred by Insured New York Dividend Advantage (NKO) and Insured New York
Tax-Free Advantage (NRK) in connection with their offerings of Preferred shares
($758,192 and $682,165, respectively) were recorded as a reduction to paid-in
surplus.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
------------------- -------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/03 9/30/02 9/30/03 9/30/02
- -------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- -- --
- -------------------------------------------------------------------------------------------------------
-- -- -- --
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
53
Notes to
FINANCIAL STATEMENTS (continued)
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
------------------ -------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/03 9/30/02 9/30/03 9/30/02
- --------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- -- 21,681
- --------------------------------------------------------------------------------------------------------
-- -- -- 21,681
========================================================================================================
Preferred shares sold -- -- -- --
========================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
------------------------ ------------------------
FOR THE PERIOD FOR THE PERIOD
3/26/02 11/22/02
(COMMENCE- (COMMENCE-
MENT OF MENT OF
YEAR OPERATIONS) OPERATIONS)
ENDED THROUGH THROUGH
9/30/03 9/30/02 9/30/03
- -------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- 7,950,000 3,500,000
Shares issued to shareholders
due to reinvestment of distributions -- 934 4,123
- -------------------------------------------------------------------------------------------------------
-- 7,950,934 3,504,123
=======================================================================================================
Preferred shares sold -- 2,440 1,080
=======================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the fiscal year ended September 30, 2003, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)*
- ---------------------------------------------------------------------------------------------------------
Purchases $81,148,965 $88,564,819 $83,786,351 $38,760,145 $29,552,784 $79,141,102
Sales and maturities 81,834,542 95,606,823 80,194,737 38,428,325 26,421,219 3,268,802
=========================================================================================================
* For the period November 22, 2002 (commencement of operations) through
September 30, 2003.
54
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing income on taxable market
discount securities and timing differences in recognizing certain gains and
losses on security transactions.
At September 30, 2003, the cost of investments were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- -----------------------------------------------------------------------------------------------------------
Cost of investments $398,366,533 $511,695,662 $533,035,022
===========================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- -----------------------------------------------------------------------------------------------------------
Cost of investments $182,499,800 $173,014,951 $75,697,664
===========================================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2003, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $37,951,943 $42,792,379 $41,925,720
Depreciation (235,413) (329,208) (347,238)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $37,716,530 $42,463,171 $41,578,482
=========================================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $14,299,658 $9,297,377 $1,467,796
Depreciation (161,194) (638,067) (173,573)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation of investments $14,138,464 $8,659,310 $1,294,223
=========================================================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2003, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income $4,442,077 $5,949,434 $5,827,843 $1,999,011 $846,669 $176,878
Undistributed net
ordinary income * 184,151 13,244 19,927 1,378 408,937 --
Undistributed net
long-term capital gains 7,670,000 6,784,474 6,511,723 -- 584,000 --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
55
Notes to
FINANCIAL STATEMENTS (continued)
The tax character of distributions paid during the fiscal years ended September
30, 2003 and September 30, 2002, was designated for purposes of the dividends
paid deduction as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
2003 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $17,957,938 $23,493,789 $23,515,811 $8,183,306 $7,725,104 $2,203,834
Distributions from net
ordinary income * -- 67,701 212,163 -- 696,575 --
Distributions from net
long-term capital gains 1,686,039 3,595,939 4,875,784 -- -- --
=========================================================================================================
INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
QUALITY QUALITY INCOME INCOME ADVANTAGE
2002 (NQN) (NVN) (NUN) (NNF) (NKO)
- ---------------------------------------------------------------------------------------------------------
Distributions from net
tax-exempt income $17,260,569 $22,965,054 $23,646,890 $8,073,901 $2,650,830
Distributions from net
ordinary income * 4,344 -- 4,833 52,489 --
Distributions from net long-term
capital gains 1,084,062 3,781,142 396,233 -- --
=========================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2003, Insured New York Premium Income (NNF) had unused capital
loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will
expire as follows:
INSURED
NEW YORK
PREMIUM
INCOME
(NNF)
- --------------------------------------------------------------------------
Expiration year:
2009 $120,690
- --------------------------------------------------------------------------
Total $120,690
==========================================================================
Insured New York Tax-Free Advantage (NRK) has elected to defer net realized
losses from investments incurred from November 1, 2002 through September 30,
2003 ("post-October losses") in accordance with Federal income tax regulations.
Insured New York Tax-Free Advantage (NRK) has $78,917 of post-October losses
that are treated as having arisen in the following fiscal year.
56
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and InsuredNew York Premium Income (NNF) investment
management agreements with the Adviser, each Fund pays an annual management fee,
payable monthly, at the rates set forth below, which are based upon the average
daily net assets (including net assets attributable to Preferred shares) of each
Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
Under Insured New York Dividend Advantage's (NKO) and Insured New York Tax-Free
Advantage's (NRK) investment management agreements with the Adviser, each Fund
pays an annual management fee, payable monthly, at the rates set forth below,
which are based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts, and for the time periods set
forth below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
- ---------------------------------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
=========================================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts, and for the time periods set
forth below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
- ---------------------------------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
=========================================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
57
Notes to
FINANCIAL STATEMENTS (continued)
6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on November 3, 2003, to shareholders of record
on October 15, 2003, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Dividend per share $.0815 $.0795 $.0765 $.0770 $.0745 $.0725
=========================================================================================================
58
Financial
HIGHLIGHTS
59
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
------------------------------------------------------- -------------------------------------------
Distributions Distributions
Net from Net from From Net
Beginning Realized/ Investment Capital Investment Capital
Common Unrealized Income to Gains to Income to Gains to
Share Net Investment Preferred Preferred Common Common
Net Asset Investment Gain Share- Share- Share- Share-
Value Income (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $16.92 $1.07 $ (.07) $(.07) $(.01) $ .92 $ (.95) $(.09) $(1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92)
1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09) (1.09)
NEW YORK SELECT QUALITY (NVN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93)
1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04) (1.03)
NEW YORK QUALITY INCOME (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90)
1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97)
====================================================================================================================================
Total Returns
----------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value* Value*
=====================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $ -- $16.80 $15.3800 3.63% 5.68%
2002 -- 16.92 15.8600 14.54 14.52
2001 -- 15.67 14.7200 12.44 14.12
2000 -- 14.50 13.8750 (1.52) 7.10
1999 (.02) 14.44 15.0625 (8.13) (2.45)
NEW YORK SELECT QUALITY (NVN)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003 -- 16.28 15.2200 4.57 5.63
2002 -- 16.48 15.6200 15.35 14.27
2001 -- 15.41 14.5000 10.43 11.99
2000 -- 14.57 13.9375 (2.92) 6.14
1999 (.02) 14.64 15.3750 (3.33) (2.11)
NEW YORK QUALITY INCOME (NUN)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003 -- 16.09 14.8900 4.37 5.32
2002 -- 16.37 15.3500 13.79 14.14
2001 -- 15.20 14.3300 12.63 11.39
2000 -- 14.44 13.5000 (3.79) 5.74
1999 (.02) 14.54 15.0000 (4.13) (2.60)
=====================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement**
--------------------------- -------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
====================================================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- ----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $297,312 1.19% 6.42% 1.18% 6.42% 19%
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
2000 256,711 1.26 8.39 1.24 8.41 32
1999 255,347 1.22 7.78 1.22 7.79 17
NEW YORK SELECT QUALITY (NVN)
- ----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
2000 341,311 1.28 8.49 1.28 8.49 20
1999 342,282 1.19 7.75 1.18 7.75 13
NEW YORK QUALITY INCOME (NUN)
- ----------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
2000 347,716 1.22 8.31 1.22 8.31 15
1999 349,932 1.18 7.46 1.17 7.47 7
====================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
========================================================================
NEW YORK INVESTMENT QUALITY (NQN)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003 $144,000 $25,000 $76,617
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
2000 144,000 25,000 69,568
1999 144,000 25,000 69,331
NEW YORK SELECT QUALITY (NVN)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
2000 193,000 25,000 69,211
1999 193,000 25,000 69,337
NEW YORK QUALITY INCOME (NUN)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
2000 197,000 25,000 69,126
1999 197,000 25,000 69,408
========================================================================
* Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
See accompanying notes to financial statements.
spread 60-61
Financial HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
----------------------------------------------------------------- -----------------------------------
Distributions Distributions
Net from Net from From Net
Beginning Realized/ Investment Capital Investment Capital
Common Unrealized Income to Gains to Income to Gains to
Share Net Investment Preferred Preferred Common Common
Net Asset Investment Gain Share- Share- Share- Share-
Value Income (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $16.17 $1.02 $ (.13) $(.07) $ -- $ .82 $(.92) $ -- $(.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82)
1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83)
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
====================================================================================================================================
Total Returns
----------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=====================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $ -- $16.07 $15.1000 .56% 5.26%
2002 -- 16.17 15.9400 15.88 12.21
2001 -- 15.26 14.5700 15.32 13.11
2000 -- 14.24 13.3750 (.96) 6.38
1999 -- 14.20 14.3750 (3.37) (4.33)
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003 -- 15.44 14.3000 (.77) 4.01
2002(a) (.13) 15.82 15.3900 5.16 13.18
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2003(b) (.23) 14.42 13.7100 (4.40) 5.29
=====================================================================================
Ratios/Supplemental Data
-------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
--------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
======================================================================================================
INSURED NEW YORK PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 $133,735 1.21% 6.38% 1.21% 6.38% 21%
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
2000 118,171 1.30 7.80 1.29 7.81 17
1999 117,800 1.29 7.03 1.29 7.03 8
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
- ------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
======================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
========================================================================
INSURED NEW YORK PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003 $65,000 $25,000 $76,436
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
2000 65,000 25,000 70,450
1999 65,000 25,000 70,308
INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------
Year Ended 9/30:
2003(b) 27,000 25,000 71,894
========================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and
changes in stock price per share. Total Return on Common Share Net Asset
Value is the combination of reinvested dividend income, reinvested capital
gains distributions, if any, and changes in Common share net asset value
per share. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 26, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 22, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
spread 62-63
Directors/Trustees
AND OFFICERS
The management of the Funds, including general supervision of the duties
performed for the Funds by the Adviser, is the responsibility of the Board of
Directors/ Trustees of the Funds. The number of directors/trustees of the Funds
is currently set at eight. None of the directors/trustees who are not
"interested" persons of the Funds has ever been a director/trustee or employee
of, or consultant to, Nuveen or its affiliates. The names and business addresses
of the directors/trustees and officers of the Funds, their principal occupations
and other affiliations during the past five years, the number of portfolios each
oversees and other directorships they hold are set forth below.
NUMBER OF
PORTFOLIOS IN
FUND COMPLEX
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) OVERSEEN BY
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS DIRECTOR/
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
DIRECTOR/TRUSTEE WHO IS AN INTERESTED PERSON OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of the 1994 Chairman and Director (since 1996) of Nuveen 141
3/28/49 Board and Investments, Inc. and Nuveen Investments, LLC;
333 W. Wacker Drive Director/Trustee Director (since 1992) and Chairman (since 1996) of
Chicago, IL 60606 Nuveen Advisory Corp. and Nuveen Institutional Advisory Corp.;
Chairman and Director (since 1997) of Nuveen Asset Management,
Inc.; Director (since 1996) of Institutional Capital Corporation;
Chairman and Director (since 1999) of Rittenhouse Asset Management,
Inc.; Chairman of Nuveen Investments Advisers Inc. (since 2002).
DIRECTORS/TRUSTEES WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
William E. Bennett Director/Trustee 2001 Private Investor; previously, President and Chief Executive 141
10/16/46 Officer, Draper & Kramer, Inc., a private company that
333 W. Wacker Drive handles mortgage banking, real estate development, pension
Chicago, IL 60606 advisory and real estate management (1995-1998). Prior
thereto, Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidiary, The
First National Bank of Chicago.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Director/Trustee 1997 Private Investor and Management Consultant. 140
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Director/Trustee 1993 Retired (since 1989) as Senior Vice President of The 140
7/29/34 Northern Trust Company; Director of the United Way of
333 W. Wacker Drive Highland Park-Highwood (since 2002).
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Anne E. Impellizzeri Director/Trustee 1994 Retired, formerly, Executive Director (since 1998) of Manitoga/ 140
1/26/33 The Russel Wright Design Center; prior thereto, President and
333 W. Wacker Drive Chief Executive Officer of Blanton-Peale Institute (since 1990);
Chicago, IL 60606 prior thereto, Vice President, Metropolitan Life Insurance Co.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter R. Sawers Director/Trustee 1991 Adjunct Professor of Business and Economics, University of 140
4/3/33 Dubuque, Iowa; formerly (1991-2000) Adjunct Professor, Lake
333 W. Wacker Drive Forest Graduate School of Management, Lake Forest, Illinois;
Chicago, IL 60606 prior thereto, Executive Director, Towers Perrin Australia, a
management consulting firm; Chartered Financial Analyst;
Certified Management Consultant; Director, Executive
Service Corps of Chicago, a not-for-profit organization.
- ------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Director/Trustee 1997 Senior Partner and Chief Operating Officer, Miller-Valentine 140
9/24/44 Group, Vice President, Miller-Valentine Realty, a construction
333 W. Wacker Drive company; Chair, MiamiValley Hospital; Chair, Dayton
Chicago, IL 60606 Development Coalition; formerly, Member, Community
Advisory Board, National City Bank, Dayton, Ohio and
Business Advisory Council, Cleveland Federal Reserve Bank.
- ------------------------------------------------------------------------------------------------------------------------------------
Judith M. Stockdale Director/Trustee 1997 Executive Director, Gaylord and Dorothy Donnelley Foundation 140
12/29/47 (since 1994); prior thereto, Executive Director, Great Lakes
333 W. Wacker Drive Protection Fund (from 1990 to 1994).
Chicago, IL 60606
64
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Gifford R. Zimmerman Chief 1988 Managing Director (since 2002), Assistant Secretary 141
9/9/56 Administrative and Associate General Counsel, formerly, Vice President
333 W. Wacker Drive Officer and Assistant General Counsel of Nuveen Investments, LLC;
Chicago, IL 60606 Managing Director (since 2002), General Counsel and
Assistant Secretary, formerly, Vice President of Nuveen
Advisory Corp. and Nuveen Institutional Advisory Corp.;
Managing Director (since 2002), Assistant Secretary and
Associate General Counsel, formerly, Vice President (since
2000), of Nuveen Asset Management, Inc.; Assistant
Secretary of Nuveen Investments, Inc. (since 1994);
Assistant Secretary of NWQ Investment Management
Company, LLC (since 2002); Vice President and
Assistant Secretary of Nuveen Investments Advisers Inc.
(since 2002); Managing Director, Associate General
Counsel and Assistant Secretary of Rittenhouse Asset
Management, Inc. (since May 2003); Chartered
Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice-President 2000 Vice-President (since 2002), formerly, Assistant 141
2/3/66 and Assistant Vice President (since 2000), previously, Associate of
333 W. Wacker Drive Secretary Nuveen Investments, LLC.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Paul L. Brennan Vice-President 1999 Vice-President (since 2002), formerly, Assistant 127
11/10/66 Vice President (since 1997), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager of Flagship Financial Inc.;
Chicago, IL 60606 Chartered Financial Analyst and Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice-President 1999 Vice-President of Nuveen Investments, LLC (since 1999), 141
11/28/67 and Treasurer prior thereto, Assistant Vice President (since 1997); Vice
333 W. Wacker Drive President and Treasurer of Nuveen Investments, Inc. (since
Chicago, IL 60606 1999); Vice President and Treasurer of Nuveen Advisory Corp.
and Nuveen Institutional Advisory Corp. (since 1999); Vice
President and Treasurer of Nuveen Asset Management,
Inc. (since 2002) and of Nuveen Investments Advisers
Inc. (since 2002); Assistant Treasurer of NWQ Investment
Management Company, LLC (since 2002); Chartered
Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Susan M. DeSanto Vice-President 2001 Vice-President of Nuveen Advisory Corp. (since 2001); 141
9/8/54 previously, Vice President of Van Kampen Investment
333 W. Wacker Drive Advisory Corp. (since 1998); Vice President of Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 2002); prior thereto,
Assistant Vice President of Van Kampen Investment
Advisory Corp. (since 1994).
- ------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice-President 2000 Vice-President (since 2002) and-Assistant General Counsel 141
9/24/64 and Secretary (since 1998); formerly, Assistant Vice President (since 1998)
333 W. Wacker Drive of Nuveen Investments, LLC; Vice President (since 2002)
Chicago, IL 60606 and Assistant Secretary (since 1998), formerly Assistant
Vice President of Nuveen Advisory Corp. and Nuveen
Institutional Advisory Corp.
65
Directors/Trustees
AND OFFICERS (continued)
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice-President 1998 Vice-President of Nuveen Investments, LLC; Vice- 141
10/24/45 President (since 1998) of Nuveen Advisory Corp. and
333 W. Wacker Drive Nuveen Institutional Advisory Corp.
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice-President 1995 Managing Director (since 2002) of Nuveen Investments, 141
3/2/64 LLC; Managing Director (since 2001), formerly Vice
333 W. Wacker Drive President of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp. (since 1995); Managing
Director of Nuveen Asset Management, Inc. (since 2001);
Vice President of Nuveen Investment Advisers Inc.
(since 2002); Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen D. Foy Vice-President 1998 Vice-President (since 1993) and Funds Controller (since 141
5/31/54 and Controller 1998) of Nuveen Investments, LLC and Vice President and
333 W. Wacker Drive Funds Controller (since 1998) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
J. Thomas Futrell Vice-President 1988 Vice-President of Nuveen Advisory Corp.; 127
7/5/55 Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Steven J. Krupa Vice-President 1990 Vice-President of Nuveen Advisory Corp. 127
8/21/57
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice-President 2000 Vice-President (since 2000) of Nuveen Investments, LLC, 141
3/22/63 previously Assistant Vice President (since 1999); prior
333 W. Wacker Drive thereto, Associate of Nuveen Investments, LLC; Certified
Chicago, IL 60606 Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice-President 2002 Vice-President (since 1999), previously, Assistant Vice 141
8/27/61 President (since 1993) of Nuveen Investments, LLC.
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Larry W. Martin Vice-President 1988 Vice-President, Assistant Secretary and Assistant General 141
7/27/51 and Assistant Counsel of Nuveen Investments, LLC; Vice President and
333 W. Wacker Drive Secretary Assistant Secretary of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 Institutional Advisory Corp.; Assistant Secretary of Nuveen
Investments, Inc. and (since 1997) Nuveen Asset Management,
Inc.; Vice President (since 2000), Assistant Secretary and
Assistant General Counsel (since 1998) of Rittenhouse Asset
Management, Inc.; Vice President and Assistant Secretary of
Nuveen Investments Advisers Inc. (since 2002); Assistant
Secretary of NWQ Investment Management Company, LLC
(since 2002).
66
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR PRINCIPAL OCCUPATION(S) OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(3) DURING PAST 5 YEARS OFFICER
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OFFICERS OF THE FUNDS (CONTINUED):
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John V. Miller Vice-President 2003 Vice-President (since 2003), previously, Assistant 127
4/10/67 Vice President (since 1999), prior thereto, credit
333 W. Wacker Drive analyst (since 1996) of Nuveen Advisory Corp.;
Chicago, IL 60606 Chartered Financial Analyst.
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Edward F. Neild, IV Vice-President 1996 Managing Director (since 2002) of Nuveen Investments, 141
7/7/65 LLC; Managing Director (since 1997), formerly Vice
333 W. Wacker Drive President (since 1996) of Nuveen Advisory Corp. and
Chicago, IL 60606 Nuveen Institutional Advisory Corp.; Managing Director
of Nuveen Asset Management, Inc. (since 1999).
Chartered Financial Analyst.
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Thomas J. O'Shaughnessy Vice-President 1999 Vice-President (since 2002), formerly, Assistant 127
9/4/60 Vice President (since 1998), of Nuveen Advisory Corp.;
333 W. Wacker Drive prior thereto, portfolio manager.
Chicago, IL 60606
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Thomas C. Spalding Vice-President 1982 Vice-President of Nuveen Advisory Corp. and Nuveen 127
7/31/51 Institutional Advisory Corp.; Chartered Financial Analyst.
333 W. Wacker Drive
Chicago, IL 60606
(1) Mr. Schwertfeger is an "interested person" of the Funds, as defined in the
Investment Company Act of 1940, because he is an officer and trustee of the
Adviser.
(2) Directors/Trustees serve a one-year term until his/her successor is elected.
The year first elected or appointed represents the year in which the
Directors/Trustees was first elected or appointed to any fund in the Nuveen
Complex.
(3) Officers serve a one-year term through July of each year. The year first
elected or appointed represents the year in which the Officer was first
elected or appointed to any fund in the Nuveen Complex.
67
Build Your Wealth
AUTOMATICALLY
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBILITY
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
68
Fund
INFORMATION
BOARD OF DIRECTORS/TRUSTEES
William E. Bennett
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
POLICY CHANGE
On November 14, 2002, the Board adopted a policy that allows these Funds, in
addition to investments in municipal bonds, to invest up to 5% of its net assets
(including assets attributable to preferred shares, if any) in tax-exempt or
taxable fixed-income securities or equity securities for the purpose of
acquiring control of an issuer whose municipal bonds (a) the Fund already owns
and (b) have deteriorated or are expected shortly to deteriorate significantly
in credit quality, provided Nuveen Advisory determines that such investment
should enable the Fund to better maximize the value of its existing investment
in such issuer. This policy is a non-fundamental policy of each Fund which means
that it can be changed at any time by the Board of Trustees without vote of the
shareholders.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return (including change in NAV and reinvested dividends) that
would have been necessary on an annual basis to equal the investment's actual
performance over the time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of a bond or bond fund's
sensitivity to changes in interest rates. Generally, the longer a bond or fund's
duration, the more the price of the bond or fund will change as interest rates
change. Leverage-adjusted duration takes into account the leveraging process for
a Fund and therefore is generally longer than the duration of the actual
portfolio of individual bonds that make up the Fund.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A fund's NAV is calculated by subtracting the liabilities
of the fund from its total assets and then dividing the remainder by the number
of shares outstanding. Fund NAVs are calculated at the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
- ---------
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the year ended September 30, 2003. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
69
Serving Investors
FOR GENERATIONS
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
Managing $90 billion in assets, Nuveen Investments offers access to
a number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style
equities; Rittenhouse, a leader in growth-style equities; and Symphony, a
leading institutional manager of market-neutral alternative investment
portfolios.
To learn more about the products and services Nuveen Investments offers and for
a prospectus, where applicable, talk to your financial advisor, or call us at
(800) 257-8787. Please read the information carefully before you invest.
Distributed by
NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606
| www.nuveen.com
EAN-B-0903D
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions. The registrant has posted such code of
ethics on its website at www.nuveen.com/etf.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's board of directors has determined that the registrant has
at least one "audit committee financial expert" (as defined in Item 3 of
Form N-CSR) serving on its audit committee. The registrant's audit committee
financial expert is William E. Bennett, who is "independent" for purposes of
Item 3 of Form N-CSR.
Mr. Bennett was formerly Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidary, The First National Bank
of Chicago. As part of his role as Chief Credit Officer, Mr. Bennett set policy
as to accrual of assets/loans; designated performing/non-performing assets; set
the level of reserves against the credit portfolio; and determined the carrying
value of credit related assets and exposure. Among other things, Mr. Bennett was
also responsible for the oversight of the internal analysis function including
setting ground rules for the review and preparation of financial analysis and
financial statements for use in making credit and risk decisions for clients.
Mr. Bennett has significant experience reviewing, analyzing and evaluating
financial statements of domestic and international companies in a variety of
industries with complex accounting issues.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable at this time.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable at this time.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
In the rare event that a municipal issuer held by the Fund were to issue a proxy
or that the Fund were to receive a proxy issued by a cash management security,
Nuveen Advisory Corp. (the "Adviser") would either engage an independent third
party to determine how the proxy should be voted or vote the proxy with the
consent, or based on the instructions, of the Fund's Board of Directors or
Trustees or its representative. In the case of a conflict of interest, the proxy
would be submitted to the applicable fund's Board to determine how the proxy
should be voted. A member of the Adviser's legal department would oversee the
administration of the voting, and ensure that records were maintained in
accordance with Rule 204-2(c)(2) under the Investment Advisers Act of 1940 (17
CFR 275.204-2(c)(2)), reports were filed with the SEC on Form N-PX, and the
results were provided to the Board of Directors or Trustees and made available
to shareholders as required by applicable rules.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the registrant's last
fiscal half-year (the registrant's second fiscal half-year in the case
of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over
financial reporting.
ITEM 10. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable
because posted on registrant's website at www.nuveen.com/etf
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Quality Income Municipal Fund, Inc.
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By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: December 9, 2003
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: December 9, 2003
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: December 9, 2003
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.