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
---------------------
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
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: September 30, 2004
------------------
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.
ANNUAL REPORT September 30, 2004
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NKO
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
NRK
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Photo of: Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Chairman's
LETTER TO SHAREHOLDERS
Once again, I am pleased to report that over the most recent reporting period
your Fund continued to provide you with monthly tax-free income, as well as with
an attractive total return. For more specific information about the performance
of your Fund, please see the Portfolio Manager's Comments and Performance
Overview sections of this report.
With longer-term interest rates still near historic lows, many investors have
begun to wonder whether these rates will soon begin to rise, and whether that
makes this the time to adjust their holdings of fixed-income investments. No one
knows what the future will bring, which is why we think a well-balanced
portfolio that is struc-
"OUR MISSION CONTINUES TO BE TO ASSIST YOU AND YOUR FINANCIAL ADVISOR BY
OFFERING THE INVESTMENT SERVICES AND PRODUCTS THAT CAN HELP YOU TO SECURE YOUR
FINANCIAL OBJECTIVES."
tured and carefully monitored with the help of an investment professional is an
important component in achieving your long-term financial goals. A
well-diversified portfolio may actually help to reduce your overall investment
risk, and we believe that a municipal bond investment like your Nuveen New York
Fund can be an important building block in a portfolio designed to perform well
through a variety of market conditions.
As in past reports, I'd also like to direct your attention to the inside front
cover, which explains the quick and easy process to begin receiving these Fund
reports via e-mail and the internet. Thousands of Nuveen Fund shareholders
already have signed-up, and they are getting their Fund information faster and
more conveniently than ever. I urge you to consider joining them.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering the investment services and products that can help
you to secure your financial objectives. We are grateful that you have chosen us
as a partner as you pursue your financial goals, and we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 15, 2004
Nuveen New York Municipal Closed-End Exchange-Traded Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
PERSPECTIVE
Portfolio manager Paul Brennan discusses the market environment, key investment
strategies and the performance of these six Nuveen New York Funds. With 13 years
of investment experience, including seven at Nuveen, Paul has managed NQN, NVN,
NUN and NNF since 1999, and NKO and NRK since their inceptions in 2002.
WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE ANNUAL
REPORTING PERIOD ENDED SEPTEMBER 30, 2004?
During this 12-month period, the U.S. economy demonstrated improvement in a
number of key areas, although the pace of recovery slowed somewhat toward the
end of the fiscal year. Economic growth, as measured by the gross domestic
product (GDP), expanded at annualized rates of 4.2% in the fourth quarter of
2003 and 4.5% in the first quarter of 2004. During the second quarter of 2004,
however, rising energy prices restrained consumer spending and negatively
impacted economic momentum. GDP growth for the second quarter moderated to 3.3%
annualized. As we moved into the third quarter, job growth and consumer
confidence continued to lag while oil prices remained high.
The higher energy costs of the second half of this fiscal year were also
responsible for some renewed speculation about a potential pick-up in inflation.
Although monthly gains in consumer prices were relatively tame, the Consumer
Price Index rose at an annualized rate of 3.5% for the first nine months of
2004, compared with 1.9% for all of 2003. Beginning in the spring of 2004,
inflation concerns, the slowing pace of economic recovery, and continued
geopolitical uncertainty acted as catalysts for heightened volatility in the
fixed-income markets.
As one example, the yield on the Bond Buyer 25 Revenue Bond Index (BB25), a
widely followed municipal bond index, stood at 5.20% when this reporting period
began on October 1, 2003. The BB25 yield then dropped steadily over the next six
months to 4.73% by mid-March 2004. As a series of improved employment reports
sparked increased anticipation that the Federal Reserve might move to raise
short-term interest rates, the index yield began to climb, rising more than 80
basis points over the next 12 weeks to 5.45%. By the end of September 2004, more
bond-friendly news--including indications of slower economic growth and
relatively benign inflation--had prompted a retreat to 5.02%.
While intermediate and long-term interest rates were moving up and then down,
short-term rates rose. The Federal Reserve introduced three one-quarter-point
increases in the fed funds rate between June and September 2004, raising the
target rate by a total of 75
4
basis points to 1.75%. As a result, we saw some flattening of the yield curve.
The Fed continued to note that it anticipated taking a "measured" approach to
further tightening as a way to promote a sustainable recovery without increasing
inflationary pressures.
During this 12-month reporting period, municipal bond supply nationwide remained
relatively strong, although the $361.8 billion in new bonds that came to market
represented a decrease of about 9% from the preceding 12-month period. In
contrast to much of 2003, when many states were issuing bonds to bridge budget
gaps and fund operations, an improving (albeit slow-growing) economy and higher
tax revenues lessened many issuers' need to borrow. In September 2004 alone,
national new issue supply was off 24% from the previous year.
HOW ABOUT ECONOMIC AND MARKET CONDITIONS IN NEW YORK?
Over the 12-month period, New York continued to recover from the general
economic slowdown that affected the entire nation in the wake of September 11,
2001. The jobless rate in New York dropped significantly over the fiscal year,
from 6.4% in September 2003 to 5.5% in September 2004. This was the lowest it
had been since August 2001, and was generally in line with the national average
of 5.4%.
Overall, strong job growth in the construction, tourism and business services
sectors more than offset continued losses in the manufacturing sector. While New
York, along with many other states, has grappled with budgetary pressures over
the past few years, the state ended fiscal 2004 on March 31 with a general fund
surplus. In New York City, the employment picture also improved substantially,
as the jobless rate dropped from 8.4% in September 2003 to 6.9% in September
2004. At the close of fiscal 2004, the city announced that tax revenues for the
year had exceeded projections, with initial reports indicating a surplus in
excess of $1 billion.
From October 2003 through September 2004, issuers in New York brought $36.7
billion in new municipal bonds to market, down 13% from the previous 12 months.
In general, New York supply was tighter during the second half of the fiscal
year, with $13.7 billion in new bonds coming to market between April and
September 2004, a decrease of 40% from the previous six months.
For the fiscal year, Moody's maintained its A2 rating for New York state and, in
September 2004, placed the state on its watch list for a possible upgrade based
on improving liquidity. Also in September, Standard & Poor's reconfirmed its AA
state rating and revised its outlook to stable from negative, citing
improvements in the state's econ-
5
omy. As of September 2004, Moody's rated New York City A2, while S&P had
assigned an A rating. Moody's and S&P both turned their outlooks for the city to
stable from negative during 2003.
IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK
FUNDS DURING THE 12 MONTHS ENDED SEPTEMBER 30, 2004?
As the market continued to anticipate increased interest rates, our major
emphasis during this fiscal year centered on purchasing bonds with maturities
that provided what we thought was the best total return potential, and on
aligning the Funds to have more equivalent interest rate risk. Interest rate
risk is the risk that the value of a Fund's portfolio will decline if market
interest rates rise (since bond prices move in the opposite direction of
interest rates). Our purchase activity focused primarily on attractive
securities in the intermediate part of the yield curve (i.e., bonds that mature
in 10 to 20 years). In many cases, bonds in this part of the curve offered
yields similar to those of longer-term bonds with less inherent interest rate
risk and, we believed, greater total return prospects.
To accommodate these purchases, we sold bonds with longer or shorter effective
maturities than this intermediate, 10-20 year range. These sell decisions
depended on several factors, including the individual Fund's income stream and
duration.1 One of our goals, over time, has been to bring the effective
maturities and durations of these Funds more closely in line with those of the
general New York market. We think this positioning should help the Funds to
produce more consistent returns over time.
We balanced our desire to position the Funds effectively with the desire to
trade only when we believed we could add value. As noted, municipal supply in
New York declined over the fiscal year, and new bonds became even more scarce in
the second half of the period. In addition, many of the issues that did come to
market were smaller than in the past, affording fewer opportunities to make
sizable purchases. As a result, turnover in each Fund's portfolio was relatively
low over the 12-month period. The tight supply also led to our purchasing many
of the same bonds for each of the four Funds--NQN, NVN, NUN and NNF--that can
only purchase insured bonds.
Although we sought to take advantage of the ability of NKO and NRK to invest up
to 20% of their portfolios in uninsured investment-grade quality securities by
buying A and BBB rated bonds, most of our purchases for these two Funds during
this period were rated AAA and AA. This reflected a relatively limited supply of
attractive, lower-rated securities. However, we were able to maintain holdings
of BBB credits in both Funds at about 5% as of September 30, 2004.
1 Duration is a measure of a bond's or a Fund's net asset value (NAV)
sensitivity to changes in interest rates. In this report, duration refers
to the Fund's modified duration, prior to any adjustment for leverage.
Leverage-adjusted duration takes into account the leveraging process for a
Fund and therefore results in a generally longer duration than the modified
duration of the actual portfolio of individual bonds that make up the Fund.
References to duration in this commentary are not leverage adjusted unless
otherwise noted.
6
Among the additions we made to all six of the Funds during this period were New
York City general obligation bonds (GOs). In general, we believed the city's
credit profile had stabilized, and we took advantage of several of the larger
issues that came to market during this period to increase our exposure, adding A
rated New York GOs to NKO and NRK and insured New York GOs to NQN, NVN, NUN and
NNF. There was a supply/demand imbalance that drove up the prices of uninsured
New York bonds relative to those issued in other states, and New York City's
improving credit picture also caused the city GOs to perform well over the
course of the fiscal year.
HOW DID THE FUNDS PERFORM?
Individual results for the Funds, as well as for relevant benchmarks, are
presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE
For periods ended 9/30/04
(Annualized)
1-YEAR 5-YEAR 10-YEAR
- -------------------------------------------------------------------------
NQN 6.61% 9.54% 7.37%
- -------------------------------------------------------------------------
NVN 7.27% 9.01% 7.39%
- -------------------------------------------------------------------------
NUN 6.41% 8.54% 7.52%
- -------------------------------------------------------------------------
NNF 6.40% 8.62% 8.38%
- -------------------------------------------------------------------------
NKO 8.48% NA NA
- -------------------------------------------------------------------------
NRK 8.58% NA NA
- -------------------------------------------------------------------------
Lehman Brothers
New York Insured
Tax-Exempt
Bond Index2 4.54% 7.28% 6.95%
- -------------------------------------------------------------------------
Lipper New York
Insured Municipal
Debt Funds
Average3 6.47% 8.27% 7.43%
- -------------------------------------------------------------------------
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, 2004, the total returns on net asset value
(NAV) for all six Funds in this report outperformed the return on the Lehman
Brothers index. NQN, NVN, NKO and NRK also outperformed the average return for
the Lipper New York Insured peer group for this period, while NUN and NNF
slightly underperformed this measure.
2 The Lehman Brothers New York Tax-Exempt Bond Index is an unleveraged,
unmanaged index comprising a broad range of insured New York municipal
bonds. Results for the Lehman index do not reflect any expenses.
3 The Lipper New York Insured Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 1 year, 13 funds; 5 years, 7
funds; and 10 years, 6 funds. Fund and Lipper returns assume reinvestment
of dividends.
7
One of the primary factors benefiting the 12-month performances of these six
Funds relative to that of the unleveraged Lehman index was their use of
leverage. While leveraging can add volatility to the Funds' NAVs and share
prices, especially when substantial shifts in interest rates occur, this
strategy can also provide opportunities for additional income and total returns
for common shareholders when short-term interest rates remain low and long-term
rates are steady or falling.
NKO and NRK, also benefited from their 5% allocations of BBB bonds, a relatively
large allocation for an insured fund. Lower-rated bonds generally outperformed
higher-quality sectors as the economy improved. Among the lower-rated credits
making positive contributions to the total returns of NKO and NRK during this
period were those issued in the healthcare sector, especially hospital bonds. As
of September 30, 2004, exposure to the healthcare sector was 16% in NKO and 14%
in NRK. The remaining four Funds also benefited from their weightings of
healthcare bonds--15% in NQN, 12% in NVN, 9% in NUN, and 13% in NNF--as the
performance of the healthcare sector as a whole ranked second among the Lehman
Brothers index revenue sectors for the year. However, as it was primarily
lower-rated healthcare bonds that were responsible for the sector's outstanding
performance, the four 100% insured Funds were unable to benefit to the same
extent as NKO and NRK.
The returns of NKO and NRK also were boosted by the strong performance of their
holdings of uninsured bonds backed by the 1998 master tobacco settlement
agreement. Over this period, the two Funds maintained exposures of 6% to tobacco
bonds.
In general, the majority of the performance differential relative to peers among
the other four 100% insured Funds was due to specific security and sector
situations. NVN, for example, had a considerable number of advance refundings,
including some of its New York City holdings, which benefited the Fund through
price appreciation. NNF, on the other hand, had a significant number of bond
calls over this period. Bonds with short effective maturities, such as those
about to be called, generally do not perform as well as longer-maturity bonds in
periods of generally favorable market conditions like much of the past year.
HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES?
With short-term interest rates remaining at or near historically low levels
throughout this reporting period, the leveraged structures of these Funds
continued to support their dividend-paying capabilities. The extent of this
benefit is tied in part to the short-term rates these leveraged Funds pay their
MuniPreferred, shareholders. During periods of low short-term rates, the Funds
generally pay relatively lower dividends to their
8
MuniPreferred shareholders, which can leave more earnings to support common
share dividends. During this reporting period, this strategy helped to maintain
the dividends of NQN, NVN, NUN, NNF and NKO throughout the period. In addition,
common shareholders of NQN, NVN, NUN and NKO received substantial capital gains
and net ordinary income distributions of $0.4154, $0.2745, $0.2570 and $0.1154
per share, respectively, at the end of December 2003. However, given the low
interest rate environment since NRK was assembled in late 2002, this Fund had
fewer opportunities to build its income stream. When the Fed began to raise
short-term rates in June 2004, this also increased NRK's borrowing costs,
necessitating a dividend cut in September 2004.
All of these Funds seek to pay stable dividends at rates that reflect each
Fund's past results and projected future performance. During certain periods,
each Fund may pay dividends at a rate that may be more or less than the amount
of net investment income actually earned by the Fund during the period. If a
Fund has cumulatively earned more than it has paid in dividends, it holds the
excess in reserve as undistributed net investment income (UNII) as part of the
Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of
its earnings, the excess constitutes negative UNII that is likewise reflected in
the Fund's NAV. Each Fund will, over time, pay all of its net investment income
as dividends to shareholders. As of September 30, 2004, all of the Funds in this
report had positive UNII balances for both financial statement and tax purposes,
except NRK, which had a negative UNII balance for financial statement purposes
but a positive UNIIbalance for tax purposes.
As of September 30, 2004, all six of these Funds were trading at discounts to
their NAVs. These discounts were generally in line with the Funds' average
discounts over the entire 12-month reporting period.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
SEPTEMBER 30, 2004?
Given the current geopolitical and economic climate, we continued to believe
that maintaining strong credit quality was an important requirement. As of the
end of September 2004, NQN, NVN, NUN, and NNF continued to be 100% invested in
insured and/or U.S. guaranteed securities, while NKO and NRK held 84% and 85% of
their portfolios, respectively, in insured bonds as of September 30, 2004.
At the end of September 2004, potential call exposure for these Funds during
2004-2006 ranged from 1% in NKO and NRK to 9% in NUN and 12% in NQN, NVN, and
NNF. The number of actual bond calls in all of these Funds depends largely on
market interest rates.
9
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 80%
Insured and U.S. Guaranteed 19%
U.S. Guaranteed 1%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0815
Apr 0.0815
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.0815
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 15.45
15.52
15.35
15.42
15.35
15.37
15.46
15.41
15.33
15.37
15.31
15.31
15.3
15.33
15.33
15.35
15.32
15.37
15.42
15.39
15.43
15.35
15.42
15.51
15.56
15.59
15.57
15.6
15.61
15.6
15.58
15.67
15.6
15.64
15.78
15.8
16
15.97
15.99
15.92
15.97
15.98
15.98
15.9
16.09
16.04
16.1
16.11
16.18
16.13
16.11
15.71
15.73
15.75
15.67
15.65
15.74
15.76
15.72
15.78
15.85
15.77
15.82
15.88
15.91
16.05
15.98
15.99
16
16.07
16.16
16.22
16.14
16.3
16.27
16.4
16.49
16.59
16.58
16.55
16.51
16.59
16.58
16.52
16.57
16.57
16.5
16.51
16.59
16.55
16.54
16.45
16.48
16.47
16.46
16.58
16.6
16.55
16.53
16.42
16.33
16.31
16.41
16.41
16.56
16.56
16.59
16.59
16.55
16.55
16.84
16.83
16.75
16.78
16.77
16.67
16.63
16.72
16.8
16.88
16.75
16.75
16.75
16.75
16.75
16.75
16.75
16.67
16.64
16.65
16.52
15.98
15.65
15.7
15.78
15.85
15.5
15.09
15.04
15.15
15.21
15.23
15.21
15.2
15
14.88
14.72
14.54
14.54
14.62
14.59
14.5
14.48
14.31
14.16
14.16
14.21
14
13.93
13.94
13.94
14.11
14.18
14.23
14.29
14.17
14.22
14.28
14.33
14.32
14.32
14.3
14.35
14.36
14.34
14.27
14.21
14.16
14.18
14
14.16
14.14
14.14
14.18
14.2
14.16
14.17
14.24
14.23
14.15
14.22
14.25
14.39
14.65
14.79
14.85
14.8
14.88
14.95
14.85
14.83
14.82
14.9
14.92
14.75
14.47
14.53
14.57
14.62
14.61
14.68
14.75
14.83
14.83
14.89
14.95
14.9
15
15.24
15.21
15.17
15.25
15.2
15.29
15.36
15.5
15.59
15.65
15.56
15.53
15.46
15.48
15.49
15.43
15.51
15.6
15.51
15.53
15.4
15.38
15.45
15.55
15.62
15.63
15.61
15.58
15.56
15.58
15.61
15.65
15.59
15.52
15.55
15.59
15.57
15.6
9/30/04 15.52
FUND SNAPSHOT
- ------------------------------------
Share Price $15.52
- ------------------------------------
Common Share
Net Asset Value $16.46
- ------------------------------------
Premium/(Discount) to NAV -5.71%
- ------------------------------------
Market Yield 6.30%
- ------------------------------------
Taxable-Equivalent Yield1 9.47%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $291,660
- ------------------------------------
Average Effective
Maturity (Years) 16.05
- ------------------------------------
Leverage-Adjusted Duration 7.33
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 10.21% 6.61%
- ------------------------------------
5-Year 7.70% 9.54%
- ------------------------------------
10-Year 7.02% 7.37%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 26%
- ------------------------------------
U.S. Guaranteed 20%
- ------------------------------------
Healthcare 15%
- ------------------------------------
Tax Obligation/General 9%
- ------------------------------------
Transportation 8%
- ------------------------------------
Education and Civic
Organizations 7%
- ------------------------------------
Utilities 7%
- ------------------------------------
Water and Sewer 5%
- ------------------------------------
Other 3%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.4154 per share.
10
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 83%
Insured and U.S. Guaranteed 17%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0795
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 15.27
15.12
15.02
15.06
14.96
15.15
15.13
15.16
15.03
15.05
15
14.99
14.95
14.97
15
15.03
15.05
15.1
15.11
15.09
15.19
15.2
15.2
15.14
15.17
15.16
15.15
15.19
15.21
15.3
15.33
15.28
15.37
15.39
15.41
15.34
15.4
15.44
15.46
15.52
15.52
15.65
15.65
15.7
15.72
15.73
15.64
15.66
15.63
15.66
15.8
15.57
15.63
15.53
15.54
15.45
15.38
15.5
15.49
15.54
15.67
15.68
15.8
15.92
15.96
16.02
15.91
15.85
15.88
16
15.99
15.95
15.9
16
15.95
15.94
15.91
16.16
16.25
16.16
15.98
15.95
16.01
16.05
16.2
16.2
16.11
16.06
16.18
16.15
16.2
16.14
16.17
16.11
16.06
16.09
16.1
16.09
16.13
16.17
16.23
16.13
16.34
16.4
16.44
16.44
16.34
16.49
16.39
16.48
16.8
16.8
16.63
16.7
16.54
16.65
16.71
16.73
16.65
16.61
16.63
16.6
16.7
16.56
16.52
16.45
16.32
16.24
16.35
16.3
16.01
15.46
15.15
15.67
15.55
15.44
15.03
14.65
14.68
14.8
14.8
14.72
14.5
14.6
14.55
14.41
14.24
14.15
14.06
14.07
14.16
14.24
14.12
14.13
13.85
13.8
13.81
13.85
13.83
13.78
13.76
13.66
13.76
13.64
13.75
13.7
13.85
13.97
14.21
14.14
14.14
14.28
14.28
14.18
14.15
13.95
13.91
13.91
13.92
13.8
13.92
13.96
14.03
14
14.04
13.98
14.07
14.15
14.09
14.04
14.09
14.13
14.18
14.53
14.52
14.53
14.5
14.62
14.55
14.57
14.52
14.47
14.58
14.71
14.53
14.2
14.34
14.31
14.36
14.35
14.43
14.51
14.58
14.58
14.72
14.73
14.74
14.75
14.69
14.7
14.71
14.61
14.59
14.66
14.7
14.78
14.73
14.75
14.82
14.85
14.9
14.9
14.86
14.99
15.08
15.27
15.218
15.24
14.99
15.03
15.12
15.16
15.23
15.179
15.15
15.2
15.22
15.05
15
15.01
15.18
15.22
15.16
15.15
15.14
9/30/04 15.09
FUND SNAPSHOT
- ------------------------------------
Share Price $15.04
- ------------------------------------
Common Share
Net Asset Value $16.18
- ------------------------------------
Premium/(Discount) to NAV -7.05%
- ------------------------------------
Market Yield 6.34%
- ------------------------------------
Taxable-Equivalent Yield1 9.53%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $379,117
- ------------------------------------
Average Effective
Maturity (Years) 16.86
- ------------------------------------
Leverage-Adjusted Duration 8.47
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 6.96% 7.27%
- ------------------------------------
5-Year 6.69% 9.01%
- ------------------------------------
10-Year 7.13% 7.39%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 27%
- ------------------------------------
U.S. Guaranteed 17%
- ------------------------------------
Healthcare 12%
- ------------------------------------
Tax Obligation/General 12%
- ------------------------------------
Utilities 9%
- ------------------------------------
Education and Civic
Organizations 8%
- ------------------------------------
Transportation 6%
- ------------------------------------
Water and Sewer 5%
- ------------------------------------
Other 4%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2745 per share.
11
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 84%
Insured and U.S. Guaranteed 15%
U.S. Guaranteed 1%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct 0.0765
Nov 0.0765
Dec 0.0765
Jan 0.0765
Feb 0.0765
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.
10/1/03 14.97
14.95
14.94
14.97
14.9
14.88
14.86
14.8
14.76
14.74
14.78
14.75
14.78
14.75
14.77
14.79
14.81
14.82
14.87
14.87
14.89
14.94
15
14.97
15.07
15.15
15.06
15.15
15.07
15.03
15
15
15.03
15
15
15.05
15.15
15.1
15.13
15.17
15.14
15.2
15.2
15.22
15.23
15.28
15.32
15.37
15.29
15.38
15.32
15.1
15.09
15.1
15.09
15.07
15.09
15.1
15.07
15.09
15.15
15.14
15.25
15.39
15.45
15.51
15.3
15.32
15.33
15.3
15.38
15.36
15.41
15.44
15.6
15.7
15.69
15.81
15.84
15.85
15.8
15.83
15.84
15.71
15.8
15.8
15.78
15.75
15.8
15.75
15.74
15.71
15.7
15.68
15.66
15.74
15.71
15.75
15.81
15.9
15.77
15.83
15.88
15.9
15.93
15.93
15.94
15.88
15.91
15.97
16.04
16.07
16.09
16.07
16.15
16.14
16.14
16.11
16.15
16.05
15.93
15.99
15.9
15.86
15.89
15.84
15.73
15.73
15.73
15.81
15.44
14.95
14.86
15.01
15.03
14.98
14.8
14.39
14.27
14.39
14.35
14.05
13.91
14.06
13.91
13.87
13.79
13.81
13.77
13.79
13.8
13.75
13.73
13.59
13.31
13.12
13.39
13.44
13.36
13.34
13.32
13.27
13.28
13.3
13.31
13.37
13.48
13.64
13.71
13.7
13.7
13.65
13.69
13.72
13.67
13.55
13.57
13.52
13.5
13.34
13.52
13.52
13.47
13.44
13.5
13.49
13.53
13.61
13.62
13.64
13.6
13.62
13.66
13.83
13.9
14.01
14
14.2
14.22
14.11
14.14
14.09
14.12
14.14
13.91
13.77
13.82
13.83
13.88
13.82
13.89
13.97
14.11
14.11
14.15
14.22
14.18
14.18
14.24
14.23
14.22
14.12
14.1
14.15
14.23
14.27
14.41
14.42
14.42
14.4
14.36
14.38
14.44
14.52
14.55
14.71
14.74
14.71
14.6
14.55
14.67
14.66
14.67
14.674
14.74
14.65
14.67
14.7
14.7
14.74
14.78
14.78
14.75
14.72
14.85
14.78
9/30/04 14.7
FUND SNAPSHOT
- ------------------------------------
Share Price $14.70
- ------------------------------------
Common Share
Net Asset Value $15.90
- ------------------------------------
Premium/(Discount) to NAV -7.55%
- ------------------------------------
Market Yield 6.24%
- ------------------------------------
Taxable-Equivalent Yield1 9.38%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $383,012
- ------------------------------------
Average Effective
Maturity (Years) 16.06
- ------------------------------------
Leverage-Adjusted Duration 8.45
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 6.77% 6.41%
- ------------------------------------
5-Year 6.56% 8.54%
- ------------------------------------
10-Year 7.22% 7.52%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 29%
- ------------------------------------
Education and Civic
Organizations 16%
- ------------------------------------
U.S. Guaranteed 16%
- ------------------------------------
Tax Obligation/General 10%
- ------------------------------------
Healthcare 9%
- ------------------------------------
Utilities 7%
- ------------------------------------
Transportation 7%
- ------------------------------------
Other 6%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.2570 per share.
12
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 91%
Insured and U.S. Guaranteed 9%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct 0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
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.
10/1/03 15.2
15.3
15.25
15.2
15.22
15.2
15.17
15.13
15.13
15.18
15.12
15.15
15.16
15.08
15.08
15.1
15.08
15.05
15.11
15.1
15.24
15.21
15.3
15.3
15.55
15.5
15.35
15.48
15.42
15.49
15.7
15.39
15.43
15.46
15.5
15.46
15.58
15.8
16.15
16.02
15.96
15.93
15.93
15.99
15.93
15.89
15.75
15.82
15.82
15.82
15.81
15.76
15.84
15.85
15.79
15.75
15.87
15.9
15.95
15.77
15.9
15.91
15.99
16.13
16.1
16.11
16.09
16.04
16.34
16.15
16.13
16.2
16.19
16.18
16.14
16.2
16.15
16.09
16.15
16.12
16.24
16.3
16.33
16.32
16.28
16.28
16.2
16.12
16.24
16.2
16.15
16.36
16.39
16.33
16.24
16.24
16.21
16.25
16.29
16.28
16.29
16.37
16.4
16.42
16.42
16.42
16.5
16.37
16.22
16.27
16.31
16.42
16.43
16.52
16.47
16.45
16.67
16.65
16.62
16.55
16.58
16.46
16.41
16.34
16.27
16.3
16.26
16.27
16.29
16.32
16.06
15.51
15.17
15.22
15.4
15.32
14.85
14.63
14.6
14.69
14.7
14.71
14.5
14.59
14.4
14.31
14.27
14.3
14.15
14.25
14.12
14.1
14.17
14.12
14.07
14.09
14.1
13.8
13.48
13.39
13.45
13.5
13.59
13.56
13.59
13.75
13.78
13.88
13.94
13.98
13.98
13.98
13.93
13.98
13.93
13.95
13.87
13.82
13.87
13.8
13.73
13.67
13.65
13.62
13.66
13.65
13.67
13.8
13.76
13.67
13.77
13.79
13.85
14
14.07
14.15
14.1
14.3
14.4
14.36
14.49
14.45
14.59
14.58
14.43
14.21
14.3
14.29
14.29
14.25
14.27
14.42
14.43
14.43
14.44
14.5
14.45
14.46
14.57
14.6
14.68
14.61
14.55
14.74
14.78
14.9
14.91
14.93
15.04
15.12
15
15
15.09
15.19
15.25
15.18
15.23
15.23
15.11
15.38
15.29
15.45
15.5
15.23
15.29
15.35
15.37
15.3
15.24
15.28
15.37
15.37
15.3
15.3
15.38
15.38
9/30/04 15.23
FUND SNAPSHOT
- ------------------------------------
Share Price $15.23
- ------------------------------------
Common Share
Net Asset Value $16.14
- ------------------------------------
Premium/(Discount) to NAV -5.64%
- ------------------------------------
Market Yield 6.07%
- ------------------------------------
Taxable-Equivalent Yield1 9.13%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $134,434
- ------------------------------------
Average Effective
Maturity (Years) 17.01
- ------------------------------------
Leverage-Adjusted Duration 7.77
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 7.14% 6.40%
- ------------------------------------
5-Year 7.35% 8.62%
- ------------------------------------
10-Year 9.06% 8.38%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 28%
- ------------------------------------
Education and Civic
Organizations 20%
- ------------------------------------
Healthcare 13%
- ------------------------------------
U.S. Guaranteed 9%
- ------------------------------------
Tax Obligation/General 9%
- ------------------------------------
Utilities 8%
- ------------------------------------
Water and Sewer 6%
- ------------------------------------
Transportation 5%
- ------------------------------------
Other 2%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
13
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 84%
AAA (uninsured) 5%
AA (uninsured) 6%
BBB (uninsured) 5%
Bar Chart:
2003-2004 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.
10/1/03 14.35
14.4
14.21
14.46
14.29
14.37
14.35
14.25
14.26
14.3
14.2
14.38
14.3
14.4
14.33
14.31
14.4
14.56
14.59
14.41
14.41
14.5
14.5
14.55
14.8
14.7
14.82
14.78
14.77
14.92
14.75
14.84
14.81
14.79
14.78
14.8
14.86
14.78
14.71
14.79
14.79
14.79
14.79
14.79
14.67
14.73
14.8
14.83
14.89
14.98
14.94
14.9
14.77
14.75
14.61
14.64
14.7
14.68
14.85
14.8
14.7
14.87
14.94
14.95
14.85
14.99
14.89
14.98
14.98
15.01
14.97
15
15.01
15.04
15.02
14.97
14.98
15.1
15.15
15.15
15.15
15.02
15.11
15.05
14.98
14.98
15
15.15
15.05
15.18
15.2
15.34
15.37
15.22
15.26
15.15
15.09
15.21
15.32
15.3
15.33
15.27
15.26
15.35
15.45
15.45
15.34
15.31
15.38
15.35
15.41
15.48
15.62
15.7
15.68
15.68
15.63
15.55
15.68
15.77
15.53
15.54
15.61
15.75
15.5
15.53
15.4
15.39
15.35
15.45
15.3
14.95
14.48
14.8
15.05
14.95
14.75
14.3
14.35
14.26
14.45
14.19
14.02
13.98
13.58
13.34
13.4
13.75
13.5
13.55
13.59
13.55
13.48
13.25
12.95
12.97
13.24
13.1
13.06
13
13
13.2
12.98
12.98
13
13.12
13.06
13.13
13.36
13.26
13.26
13.53
13.52
13.45
13.32
13.2
13.14
13.05
13
12.95
13.09
13.05
13.13
13.05
13.12
13.1
13.134
13.15
13.24
13.22
13.42
13.46
13.52
13.9
13.83
13.69
13.67
13.75
13.89
13.69
13.72
13.8
13.87
13.78
13.8
13.61
13.81
13.83
13.75
13.58
13.53
13.68
13.77
13.77
13.9
13.88
13.92
14
13.95
14.04
14.04
13.9
13.96
14.01
14.12
14.09
14.1
14.1
14.13
13.97
14
14.18
14.2
14.28
14.28
14.5
14.78
14.6
14.5
14.5
14.43
14.44
14.52
14.38
14.41
14.33
14.36
14.36
14.34
14.33
14.4
14.5
14.54
14.59
14.6
14.54
9/30/04 14.35
FUND SNAPSHOT
- ------------------------------------
Share Price $14.35
- ------------------------------------
Common Share
Net Asset Value $15.69
- ------------------------------------
Premium/(Discount) to NAV -8.54%
- ------------------------------------
Market Yield 6.23%
- ------------------------------------
Taxable-Equivalent Yield1 9.37%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $124,860
- ------------------------------------
Average Effective
Maturity (Years) 17.99
- ------------------------------------
Leverage-Adjusted Duration 9.12
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 7.55% 8.48%
- ------------------------------------
Since Inception 4.69% 10.19%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 26%
- ------------------------------------
Healthcare 16%
- ------------------------------------
U.S. Guaranteed 11%
- ------------------------------------
Utilities 11%
- ------------------------------------
Education and Civic
Organizations 9%
- ------------------------------------
Tax Obligation/General 9%
- ------------------------------------
Transportation 6%
- ------------------------------------
Other 12%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2003 of $0.1154 per share.
14
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of September 30, 2004
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
AAA (uninsured) 2%
AA (uninsured) 7%
A (uninsured) 1%
BBB (uninsured) 5%
Bar Chart:
2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct 0.0725
Nov 0.0725
Dec 0.0725
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 0.0695
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
10/1/03 13.71
13.88
13.93
13.9
14
13.94
13.8
13.82
13.92
13.84
13.71
13.84
13.69
13.83
13.8
13.73
13.8
13.8
13.73
13.82
13.7
13.77
13.86
13.92
14.09
14.2
14.11
14.25
14.29
14.29
14.4
14.43
14.32
14.4
14.34
14.28
14.43
14.25
14.31
14.27
14.17
14.26
14.26
14.33
14.12
14.2
14.2
14.49
14.35
14.18
14.18
14.15
14.4
14.41
14.6
14.59
14.64
14.43
14.42
14.3
14.35
14.35
14.55
14.85
14.93
14.77
14.85
14.85
14.78
14.82
14.93
14.93
14.96
14.78
14.99
15
14.9
14.92
14.75
14.65
14.64
14.71
14.77
14.68
14.75
14.75
14.89
14.76
14.6
14.64
14.71
14.78
14.92
14.93
14.72
14.72
14.83
14.88
14.96
14.9
14.91
15.09
14.91
15.03
15.07
15.07
15.2
15.2
15.2
15.13
15.21
15.4
15.44
15.57
15.43
15.42
15.15
15.02
15.16
15.19
15.35
15.46
15.23
15.3
15.2
15
15
15.02
15.03
15
14.75
14.63
14.14
14.05
14.1
14.06
13.91
13.8
13.85
13.91
14
14.03
13.8
13.55
13.49
13.45
13.55
13.6
13.6
13.39
13.47
13.46
13.35
13.04
12.98
12.55
12.61
12.4
12
12.21
12.25
12.39
12.4
12.53
12.44
12.63
12.54
12.6
12.68
12.79
12.79
12.72
12.81
12.76
12.76
12.56
12.69
12.72
12.72
12.65
12.55
12.52
12.6
12.55
12.46
12.54
12.58
12.56
12.54
12.55
12.54
12.63
12.83
13.1
13.1
13.05
13.05
13.18
13.34
13.17
13.21
13.2
13.13
13.19
13.24
13.14
13.04
13.11
13.04
12.96
13
13.07
13.13
13.13
13.25
13.45
13.57
13.55
13.75
13.77
13.6
13.62
13.65
13.71
13.85
13.8
13.8
13.8
13.75
13.75
14.15
14
14.07
13.74
14.3
14.41
14.45
14.34
14.2
14.2
14.1
14.07
14.08
13.86
13.63
13.75
13.64
13.68
13.72
13.66
13.74
13.7
13.74
13.66
13.9
13.71
9/30/04 13.64
FUND SNAPSHOT
- ------------------------------------
Share Price $13.64
- ------------------------------------
Common Share
Net Asset Value $14.75
- ------------------------------------
Premium/(Discount) to NAV -7.53%
- ------------------------------------
Market Yield 6.11%
- ------------------------------------
Taxable-Equivalent Yield1 9.19%
- ------------------------------------
Net Assets Applicable to
Common Shares ($000) $51,818
- ------------------------------------
Average Effective
Maturity (Years) 18.18
- ------------------------------------
Leverage-Adjusted Duration 8.58
- ------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
- ------------------------------------
ON SHARE PRICE ON NAV
- ------------------------------------
1-Year 5.83% 8.58%
- ------------------------------------
Since Inception 0.63% 7.46%
- ------------------------------------
TOP SECTORS
(as a % of total investments)
- ------------------------------------
Tax Obligation/Limited 37%
- ------------------------------------
Education and Civic
Organizations 15%
- ------------------------------------
Healthcare 14%
- ------------------------------------
Utilities 11%
- ------------------------------------
Transportation 8%
- ------------------------------------
Other 15%
- ------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33.5%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
15
Report of
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
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, 2004, and the related statements of operations for the year then ended, and
the statements of 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 the standards of the Public Company
Accounting Oversight Board (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, 2004, by
correspondence with the custodian and brokers or by other appropriate auditing
procedures where replies from brokers were not received. 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, 2004, the results of their
operations for the year then ended, and the changes in their net assets and
financial highlights for the periods indicated therein in conformity with U.S.
generally accepted accounting principles.
/s/Ernst & Young LLP
Chicago, Illinois
November 12, 2004
16
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 10.7%
$ 1,250 New York City Industrial Development Agency, New York, No Opt. Call AAA $ 1,394,812
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
3,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 3,348,360
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
4,375 New York State Dormitory Authority, Insured Revenue 9/06 at 102.00 AAA 4,664,319
Bonds, 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 1,090,790
Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured
6,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 6,836,765
New 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 3,654,175
Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
2,000 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 2,222,820
Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
1,250 New York State Dormitory Authority, Insured Revenue 7/10 at 101.00 AAA 1,423,113
Bonds, Pace University, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
1,200 New York State Dormitory Authority, Insured Revenue 7/09 at 101.00 AAA 1,375,008
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
2,945 New York State Dormitory Authority, Fourth General 7/10 at 100.00 AAA 3,155,774
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/21 - FGIC Insured
2,000 New York State Dormitory Authority, Insured Revenue 7/11 at 100.00 AAA 2,161,680
Bonds, Yeshiva University, Series 2001,
5.000%, 7/01/18 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 22.9%
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,134,780
Health System Revenue Bonds, Series 1999A,
5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,394,031
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,253,468
1,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/06 at 102.00 AAA 1,060,070
Hospital Revenue Bonds, Maimonides Medical Center,
Series 1996A, 5.750%, 8/01/24 - MBIA Insured
3,135 New York State Dormitory Authority, Secured Hospital 2/08 at 101.50 AAA 3,208,202
Insured 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 7,087,859
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 5,294,400
Hospital Revenue Bonds, Highland Hospital of Rochester,
Series 1997A, 5.400%, 8/01/27 - MBIA Insured
3,280 New York State Dormitory Authority, Revenue Bonds, 11/08 at 101.00 AAA 3,384,534
North Shore Health System Obligated Group, Series 1998,
5.000%, 11/01/23 - MBIA Insured
4,130 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 4,631,712
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
6,000 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 AAA 6,350,400
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
New York State Dormitory Authority, FHA-Insured Mortgage
Hospital Revenue Bonds, Montefiore Medical Center, Series 1999:
935 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 999,571
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,190,760
17
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 8,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AAA $ 8,810,400
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
1,500 New York State Dormitory Authority, Hospital Revenue 7/09 at 101.00 AAA 1,653,330
Bonds, Catholic 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, Insured Revenue 7/09 at 101.00 AAA 3,261,390
Bonds, New Island Hospital, Series 1999A,
5.750%, 7/01/19 - AMBAC Insured
8,525 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 AAA 9,002,911
Winthrop-South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/26 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.7%
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,811,415
2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,824,774
205 New York State Housing Finance Agency, FHA-Insured 2/05 at 102.00 AAA 209,424
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.4%
1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,071,810
Bonds, Twenty-Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,054,780
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 1,293,404
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.8%
Erie County, New York, General Obligation Bonds, Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,115,910
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,333,548
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,436,734
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,539,804
635 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 719,861
Series 2004B, 5.250%, 4/01/13 - MBIA 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 772,709
700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 772,709
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,236,480
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, 8/09 at 101.00 Aaa 793,317
New York, General Obligation Bonds, Series 2000,
5.600%, 8/01/18 - MBIA Insured
Monticello Central School District, Sullivan County, New York,
General Obligation Bonds, Series 2000:
1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,187,416
2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,296,500
2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,485,961
Nassau County, New York, General Obligation Improvement
Bonds, Series 1999B:
2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,228,217
1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,080,380
5,000 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 5,451,900
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,652,700
Series 2004B, 5.250%, 8/01/12 - FSA Insured
1,165 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 1,203,748
Obligation Refunding Bonds, Series 1998B,
4.750%, 3/01/18 - FGIC Insured
18
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
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 $ 558,980
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 558,980
255 Port Jervis, Orange County, New York, General Obligation 3/09 at 101.00 Aaa 283,073
Bonds, Water Improvements, Series 1999,
5.625%, 3/15/24 - FGIC Insured
2,240 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 2,486,378
Series 2004B, 5.000%, 5/01/11 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 38.1%
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 1,151,610
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,373,064
2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 3,129,812
Service Contract Bonds, Series 2002B,
5.500%, 7/01/18 - MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,387,355
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,411,788
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,247,620
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,070,660
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,088,680
6,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 6,388,800
Dedicated Tax Fund Bonds, Series 2002A,
5.250%, 11/15/25 - FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,289,572
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,356,378
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,348,378
3,125 Nassau Health Care Corporation, New York, County 8/09 at 102.00 AAA 3,444,688
Guaranteed Health System Revenue Bonds, Series 1999,
5.750%, 8/01/29 - FSA Insured
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,168,740
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
2,510 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,643,532
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,789,297
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,155,240
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
5,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 5,559,100
Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
1,000 New York State Dormitory Authority, Nassau County, 8/11 at 100.00 AAA 1,084,260
Revenue Bonds, Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
1,250 New York State Dormitory Authority, Insured Revenue 1/05 at 102.00 AAA 1,279,187
Bonds, Leake and Watts Services Inc., Series 1994,
6.000%, 7/01/23 - MBIA Insured
2,250 New York State Dormitory Authority, 853 Schools 7/08 at 101.00 AAA 2,419,043
Program Insured Revenue Bonds, St. Anne Institute,
Series 1998E, Issue 2, 5.000%, 7/01/18 - AMBAC Insured
2,410 New York State Dormitory Authority, Revenue Bonds, 7/14 at 100.00 AAA 2,587,786
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
110 New York State Dormitory Authority, Improvement Revenue 2/07 at 102.00 AAA 120,465
Bonds, Mental Health Services Facilities, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
155 New York State Dormitory Authority, Improvement Revenue 2/06 at 102.00 AAA 162,872
Bonds, Mental Health Services Facilities, Series 1996B,
5.375%, 2/15/26 - MBIA Insured
1,505 New York State Dormitory Authority, Revenue Bonds, 8/11 at 100.00 AAA 1,687,451
Mental Health Services Facilities Improvements,
Series 2001B, 5.500%, 8/15/19 - MBIA Insured
1,340 New York State Dormitory Authority, Insured Revenue 7/09 at 101.00 AAA 1,521,637
Bonds, 853 Schools Program - Anderson School,
Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York State Dormitory Authority, Insured Revenue 7/09 at 101.00 AAA $ 2,271,100
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
1,670 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 1,854,084
Mental Health Services Facilities Improvements,
Series 2000D, 5.875%, 2/15/16 - FSA Insured
2,265 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,312,927
Special Obligation Revenue Refunding Bonds, Riverbank
State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured
1,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 1,808,152
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 -
MBIA Insured
1,000 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AAA 1,021,770
State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
4,600 New York State Dormitory Authority, Revenue Bonds, 10/12 at 100.00 AAA 4,923,794
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,426,430
1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,432,132
2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,121,220
3,500 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 3,832,185
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/17 -
FSA Insured
2,225 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,402,978
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,073,910
1,750 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA 1,866,533
3,790 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 4,289,749
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
1,550 New York State Thruway Authority, State Personal 9/14 at 100.00 AAA 1,626,586
Income Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24
(WI, settling 10/14/04) - AMBAC Insured
650 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 734,728
Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,246,040
5.500%, 8/01/19 - FSA Insured
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,691,707
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,830,964
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,828,275
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.3%
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,270,220
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,463,599
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
5,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,396,200
Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) -
MBIA Insured
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,386,850
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 1/05 at 100.00 AAA 5,373,375
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 1/05 at 100.00 AAA 11,655,250
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 915,470
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,476,985
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 29.4%
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 $ 614,030
425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 497,072
1,230 Buffalo, New York, General Obligation Bonds, Series 1999E, 12/09 at 101.00 AAA 1,438,583
6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured
Chittenango 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 1,287,776
1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,356,458
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 304,509
200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 229,818
200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 229,818
500 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 584,385
6.000%, 4/01/18 (Pre-refunded to 4/01/10) - FGIC Insured
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,645,682
1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,645,682
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 373,590
330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 373,590
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,411,221
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,749,969
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,384,624
1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,126,120
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded to 10/01/14) - FSA Insured
Nassau County, New York, General Obligation Improvement
Bonds, Series 2000F:
1,505 6.500%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,781,408
1,000 6.500%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,183,660
910 6.500%, 3/01/20 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,077,131
805 Nassau County, New York, General Obligation Improvement 9/09 at 102.00 Aaa 918,843
Bonds, Series 1999D, 5.300%, 9/01/17 (Pre-refunded to
9/01/09) - FSA Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 1990I:
950 7.250%, 8/15/14 - AMBAC Insured 2/05 at 100.00 AAA 1,080,141
1,270 7.250%, 8/15/17 - AMBAC Insured 2/05 at 100.00 AAA 1,460,627
New York City, New York, General Obligation Bonds,
Fiscal Series 1991A:
3,030 7.250%, 3/15/18 - FSA Insured 3/05 at 100.00 AAA 3,463,684
2,250 7.250%, 3/15/19 - FSA Insured 3/05 at 100.00 AAA 2,575,035
340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 400,357
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded
to 6/15/10) - MBIA Insured
3,025 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 3,503,222
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
5,030 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 5,705,831
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded
to 7/01/19) - AMBAC Insured
3,000 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AAA 3,416,610
State University Dormitory Facilities, Series 1999C,
5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured
1,040 New York State Dormitory Authority, Judicial Facilities No Opt. Call AAA 1,285,201
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16 - MBIA Insured
975 New York State Dormitory Authority, Revenue Bonds, 8/11 at 100.00 AAA 1,117,877
Mental Health Services Facilities Improvements,
Series 2001B, 5.500%, 8/15/19 (Pre-refunded to
8/15/11) - MBIA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 5,000 New York State Dormitory Authority, Third General 7/09 at 101.00 AAA $ 5,694,350
Resolution Consolidated 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, Revenue Bonds, Mental Health
Services Facilities Improvements, Series 2001A:
1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,306,697
1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,380,876
4,000 New York State Dormitory Authority, Fourth General 7/10 at 100.00 AAA 4,473,880
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/24 (Pre-refunded
to 7/01/10) - FGIC Insured
2,735 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 2,901,726
Bonds, State University, Series 1986A, 7.900%, 11/01/06
35 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 36,272
Mental Health Services Facilities Improvement Revenue
Bonds, Series 1995A, 6.000%, 2/15/25 (Pre-refunded
to 2/15/05) - MBIA Insured
5,915 New York State Dormitory Authority, Revenue Bonds, State 5/12 at 101.00 AAA 6,700,453
University Educational Facilities, Series 2002A,
5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured
Nassau County, North Hempstead, New York, General
Obligation Refunding Bonds, Series 1998B:
135 4.750%, 3/01/18 (Pre-refunded to 3/01/08) - FGIC Insured 3/08 at 101.00 Aaa 147,525
200 4.750%, 3/01/18 (Pre-refunded to 3/01/08) - FGIC Insured 3/08 at 101.00 Aaa 218,556
1,000 Puerto Rico, Public Improvement General Obligation Bonds, 7/10 at 100.00 AAA 1,143,980
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 408,667
Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
Suffolk County, New York, Public Improvement Bonds,
Series 2000A:
1,130 5.750%, 5/01/17 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,307,873
1,100 6.000%, 5/01/18 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,287,253
610 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 713,840
640 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 748,947
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.2%
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 9,560,430
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,306,780
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,051,800
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 2,557,850
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,627,925
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,850,717
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
2,275 New York State Energy Research and Development 11/04 at 101.00 AAA 2,307,169
Authority, Adjustable Rate Gas Facilities Revenue Bonds,
Brooklyn Union Gas Company, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,250 New York State Energy Research and Development 1/05 at 101.50 AAA 2,285,820
Authority, Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989C, 5.600%, 6/01/25
(Alternative Minimum Tax) - MBIA Insured
1,000 New York State Energy Research and Development 7/05 at 102.00 AAA 1,047,840
Authority, Pollution Control Revenue Bonds, New York
State Electric and Gas Corporation, Series 1987A,
6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured
2,000 New York State Energy Research and Development 9/08 at 102.00 AAA 2,138,820
Authority, Pollution Control Revenue Bonds, Rochester Gas
and Electric Corporation, Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.4%
3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,086,911
Water System Revenue Bonds, Series 1999,
6.000%, 7/01/29 - FSA Insured
1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,080,330
New York, Water and Sewerage System Revenue
Bonds, Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,000 New York City Municipal Water Finance Authority, 6/14 at 100.00 AAA $ 1,022,470
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
4,750 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 5,130,380
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 2,090,480
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured
3,240 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 3,461,778
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,915,773
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
2,750 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 2,926,906
Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 395,130 Total Long-Term Investments (cost $395,369,403) - 147.4% 430,050,202
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4%
300 New York City, New York, General Obligation Bonds, A-1 300,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/05 - MBIA Insured+
730 New York City, New York, General Obligation Bonds, A-1 730,000
Variable Rate Demand Obligations, Series 2002A-7,
1.620%, 11/01/24 - AMBAC Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 1,030 Total Short-Term Investments (cost $1,030,000) 1,030,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $396,399,403) - 147.8% 431,080,202
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.6% 4,579,459
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.4)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 291,659,661
====================================================================================================================
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 registered public accounting firm): 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 registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
+ Security has variable rate and demand features which qualify
it as a short-term security. The rate disclosed is that
currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
23
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.4%
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 $ 1,456,573
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 683,853
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,830
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,036,820
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,523,135
Civic Facility Revenue Bonds, USTA National Tennis
Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,395,653
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 2,232,240
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,870 New York State Dormitory Authority, Insured Revenue Bonds, 1/05 at 100.00 AAA 1,878,303
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 2,181,580
Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured
4,500 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 4,733,145
Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,500 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 1,667,115
Upstate 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 1,588,100
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,774,925
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,971,774
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,463,593
500 New York State Dormitory Authority, Insured Revenue 7/10 at 101.00 AAA 569,245
Bonds, 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 1,070,220
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,016,335
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 1,517,967
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 899,536
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 671,544
2,500 New York State Dormitory Authority, General Revenue No Opt. Call AAA 2,887,850
Bonds, New York University, Series 2001-1,
5.500%, 7/01/40 - AMBAC Insured
2,125 New York State Dormitory Authority, Insured Revenue 7/11 at 100.00 AAA 2,283,886
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
AMBAC Insured
1,710 New York State Dormitory Authority, Insured Revenue 7/12 at 100.00 AAA 1,832,932
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 17.7%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,016,916
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,288,990
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
New York State Dormitory Authority, FHA-Insured Mortgage
Revenue Bonds, St. Vincent's Hospital and Medical Center,
Series 1991:
$ 2,115 7.375%, 8/01/11 2/05 at 100.00 AAA $ 2,124,264
4,150 7.400%, 8/01/30 2/05 at 100.00 AAA 4,321,395
5,995 New York State Dormitory Authority, FHA-Insured Mortgage 2/05 at 105.00 AAA 6,197,931
Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
6,500 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 102.00 AAA 6,768,320
Revenue Refunding Bonds, United Health Services,
Series 1997, 5.375%, 8/01/27 - AMBAC Insured
3,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 3,003,330
Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
4,130 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 4,631,712
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA 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 2,646,000
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,378,236
5,730 New York State Dormitory Authority, FHA-Insured 8/09 at 101.00 AAA 6,003,264
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
6,430 New York State Dormitory Authority, Hospital Revenue 7/09 at 101.00 AAA 7,014,358
Bonds, Catholic 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, 7/11 at 101.00 AAA 12,693,841
Winthrop-South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured
2,025 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 AAA 2,123,192
Winthrop-South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.7%
12,397 New York City Housing Development Corporation, 10/04 at 105.00 AAA 13,043,441
New York, Limited Obligation Multifamily Housing Bonds,
Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 903,112
3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,764,635
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.7%
2,325 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 2,491,958
Bonds, Twenty-Fourth 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, 8/09 at 101.00 AAA 2,261,980
Revenue Bonds, WSNCHS East Inc. Project, Series 2000B,
6.000%, 8/01/24 - MBIA Insured
6,000 New York State Dormitory Authority, FHA-Insured Nursing 8/11 at 101.00 AAA 6,196,080
Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 17.4%
Erie County, New York, General Obligation Bonds,
Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 791,469
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 776,279
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,573,433
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,666,935
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,668,822
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,798,271
745 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 844,562
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
2,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA 2,700,950
Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 45 New York City, New York, General Obligation Bonds, 2/05 at 100.00 AAA $ 45,167
Fiscal Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,283,339
6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,376,020
5,000 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,099,050
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 8/10 at 101.00 AAA 3,256,560
Series 2001D, 5.000%, 8/01/16 - FGIC Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,814,875
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,652,700
Series 2004B, 5.250%, 8/01/12 - FSA Insured
2,330 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 2,407,496
Obligation Refunding Bonds, Series 1998B, 4.750%, 3/01/18 -
FGIC Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 111,796
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 111,796
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 602,879
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 602,879
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 596,537
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 596,537
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 596,537
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 596,537
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 596,537
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 588,116
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 588,116
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,217,885
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,225,862
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,236,499
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,245,792
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,252,224
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 975,365
Rochester, New York, General Obligation Bonds, Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 844,236
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 840,193
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 830,623
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 826,061
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 822,944
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 819,323
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 807,476
1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,864,783
Series 2004B, 5.000%, 5/01/11 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 39.5%
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 1,416,480
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,401,670
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,216,354
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
26
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 $ 2,394,380
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,388,290
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,619,050
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,070,660
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,088,680
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,986,000
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 4,330,160
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,621,417
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,611,854
50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 50,851
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,105,440
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,096,640
7,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 8,085,675
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,686,200
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
3,060 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,298,343
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,155,240
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
5,250 New York State Dormitory Authority, Court Facilities 5/10 at 101.00 AAA 5,837,055
Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
5,000 New York State Dormitory Authority, Insured Revenue 1/05 at 102.00 AAA 5,116,750
Bonds, Leake and Watts Services Inc., Series 1994,
6.000%, 7/01/23 - MBIA Insured
3,610 New York State Dormitory Authority, Revenue Bonds, 7/14 at 100.00 AAA 3,876,310
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
105 New York State Dormitory Authority, Improvement Revenue 2/07 at 102.00 AAA 114,990
Bonds, Mental Health Services Facilities, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
New York State Dormitory Authority, Improvement Revenue Bonds,
Mental Health Services Facilities, Series 1996B:
95 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 99,825
80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 84,063
7,145 New York State Dormitory Authority, Insured Revenue 7/09 at 101.00 AAA 8,113,505
Bonds, Special Act School District Program, Series 1999,
5.750%, 7/01/19 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,042,320
Special Obligation Revenue Refunding Bonds, Riverbank
State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured
7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 8,007,532
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 -
MBIA Insured
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 951,808
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 993,674
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,047,816
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,087,603
1,500 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AAA 1,532,655
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
7,925 New York State Dormitory Authority, Revenue Bonds, 10/12 at 100.00 AAA 8,482,841
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
$ 1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA $ 2,029,070
2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,313,444
3,575 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 3,965,247
Trust Fund Bonds, Series 2001B, 5.250%, 4/01/16 -
MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,433,750
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19 -
FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,564,976
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,147,820
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,060,140
2,530 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,863,606
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,701,720
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/18 - FSA Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
9,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 10,192,232
2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,682,375
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.3%
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 6,826,560
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,126,840
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 1,496,869
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,743,177
2,500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,677,825
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative
Minimum Tax) - MBIA Insured
7,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,554,680
Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,842,678
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,092,410
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 25.6%
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 344,727
350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 402,182
365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 419,418
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,167,150
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,167,150
Lyndonville Central School District, Orleans County, New York,
General Obligation Bonds, Series 2000:
340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 384,911
340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 384,911
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,304,035
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded to 7/01/11) - FGIC Insured
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/10 at 100.00 AAA 3,384,960
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded
to 10/01/10) - MBIA Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 12,135,640
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded
to 10/01/15) - FGIC Insured
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
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 $ 4,504,480
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,659,890
New York City, New York, General Obligation Bonds,
Fiscal Series 1991A:
1,500 7.250%, 3/15/18 - FSA Insured 3/05 at 100.00 AAA 1,714,695
3,100 7.250%, 3/15/19 - FSA Insured 3/05 at 100.00 AAA 3,547,826
3,000 New York City, New York, General Obligation Bonds, 10/04 at 100.00 AAA 3,442,080
Fiscal Series 1990B, 7.000%, 10/01/19 - FSA Insured
255 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 300,268
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to
6/15/10) - MBIA Insured
5,940 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 6,698,894
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 1999A,
5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured
5,225 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 6,051,020
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
10 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 10,929
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
1,075 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 1,219,437
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded to
7/01/19) - AMBAC Insured
2,095 New York State Dormitory Authority, Lease Revenue Bonds, 7/11 at 100.00 AAA 2,398,440
State University Dormitory Facilities, Series 2001,
5.500%, 7/01/18 (Pre-refunded to 7/01/11) - FGIC Insured
505 New York State Dormitory Authority, Suffolk County, Lease 10/04 at 114.14 Baa1*** 725,953
Revenue Bonds, Judicial Facilities, Series 1991A,
9.500%, 4/15/14
6,000 New York State Dormitory Authority, Third General 1/08 at 102.00 AAA 6,664,560
Resolution Consolidated Revenue Bonds, City University
System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded
to 1/01/08) - MBIA Insured
3,485 New York State Dormitory Authority, Fourth General 7/10 at 100.00 AAA 3,897,868
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/24 (Pre-refunded
to 7/01/10) - FGIC Insured
20 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 20,727
Mental 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 6,515,956
University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured
5,000 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 5,747,750
Facilities Service Contract Revenue Bonds, Series 1999C,
6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured
New York State Urban Development Corporation, Correctional
Facilities Service Contract Revenue Bonds, Series 2000C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,690,960
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,244,420
Nassau County, North Hempstead, New York, General
Obligation Bonds, Series 1999B:
2,135 5.875%, 7/15/18 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,468,850
2,255 5.875%, 7/15/19 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,607,614
Nassau County, North Hempstead, New York, General
Obligation Refunding Bonds, Series 1998B:
275 4.750%, 3/01/18 (Pre-refunded to 3/01/08) - FGIC Insured 3/08 at 101.00 Aaa 300,515
395 4.750%, 3/01/18 (Pre-refunded to 3/01/08) - FGIC Insured 3/08 at 101.00 Aaa 431,648
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.4%
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 8,816,841
4,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,207,200
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2004
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 2000A:
$ 4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA $ 1,596,360
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,496,080
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,248,800
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 989,100
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,407,240
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 888,270
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 3,069,420
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,284,906
10,025 New York State Energy Research and Development Authority, 11/04 at 101.00 AAA 10,166,754
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,143,520
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,416,460
Pollution Control Revenue Bonds, Rochester Gas and Electric
Corporation, Series 1998A, 5.950%, 9/01/33 (Alternative
Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0%
2,225 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 2,330,821
Water and Sewerage System Revenue Bonds, Fiscal
Series 1997A, 5.375%, 6/15/26 - FSA Insured
10,500 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 11,340,840
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,226,200
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
3,240 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 3,461,770
Water and Sewerage System Revenue Bonds, Fiscal
Series 1996B, 5.750%, 6/15/26 - MBIA Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,436,830
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,407,415
350 New York State Environmental Facilities Corporation, State Water 3/05 at 100.00 AAA 351,568
Pollution Control Revolving Fund Pooled Revenue Bonds, Series
1991B, 7.100%, 9/15/11
2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, No Opt. Call Aaa 948,330
Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 546,194 Total Long-Term Investments (cost $520,469,597) - 148.9% 564,438,709
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 7,678,371
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.9)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 379,117,080
====================================================================================================================
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 registered public accounting firm): 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 registered
public accounting firm): 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.
30
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.5%
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 $ 1,179,658
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 683,853
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,830
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,651,200
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
5,000 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,317,550
Revenue Bonds, New York Botanical Garden, Series 1996,
5.800%, 7/01/26 - MBIA Insured
7,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 7,803,683
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
14,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 15,534,430
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,545,452
Civic Facility Revenue Bonds, USTA National Tennis
Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,966,191
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 2,232,240
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,800 New York State Dormitory Authority, Second General No Opt. Call AAA 2,144,322
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
6,000 New York State Dormitory Authority, Consolidated Revenue No Opt. Call AAA 7,042,020
Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
8,500 New York State Dormitory Authority, Insured Revenue 7/07 at 102.00 AAA 8,887,600
Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26 -
AMBAC Insured
1,150 New York State Dormitory Authority, Insured Revenue Bonds, 7/06 at 102.00 AAA 1,242,092
St. John's University, Series 1996, 5.600%, 7/01/16 -
MBIA Insured
4,625 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 101.00 AAA 4,835,946
Barnard College, Series 1996, 5.250%, 7/01/26 -
AMBAC Insured
2,000 New York State Dormitory Authority, Third General 7/08 at 102.00 AAA 2,044,460
Resolution 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 7/10 at 100.00 AAA 1,834,589
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/23 - FGIC Insured
1,750 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 1,944,968
Upstate 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 1,588,100
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,770,955
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,971,774
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,463,593
4,000 New York State Dormitory Authority, State University No Opt. Call AAA 4,745,920
Educational Facilities Revenue Bonds, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,000 New York State Dormitory Authority, General Revenue Bonds, No Opt. Call AAA 1,155,140
New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
31
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS (continued)
$ 2,750 New York State Dormitory Authority, Insured Revenue Bonds, 7/11 at 100.00 AAA $ 2,820,263
Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
1,650 New York State Dormitory Authority, Insured Revenue 7/12 at 100.00 AAA 1,761,788
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.8%
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,016,916
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,288,990
3,995 New York State Dormitory Authority, FHA-Insured Mortgage 2/05 at 105.00 AAA 4,130,231
Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 7,007,770
Hospital Revenue Bonds, New York and Presbyterian Hospital,
Series 1998, 4.750%, 8/01/27 - AMBAC Insured
4,130 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 4,631,712
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA 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 2,646,000
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,472,953
9,000 New York State Dormitory Authority, Hospital Revenue 7/09 at 101.00 AAA 9,817,920
Bonds, Catholic Health 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, Revenue Bonds, 7/11 at 101.00 AAA 9,436,410
Winthrop-South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/31 -
AMBAC Insured
3,350 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,456,966
FHA-Insured Mortgage Revenue Bonds, Montefiore Medical
Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,043,822
Secured Mortgage Revenue Bonds, Brookdale Family
Care Centers Inc., Series 1995A, 6.375%, 11/15/19 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.3%
10,310 New York City Housing Development Corporation, 10/04 at 105.00 AAA 10,847,795
New York, Limited Obligation Multifamily Housing
Bonds, Pass-Through Certificates, Series 1991C,
6.500%, 2/20/19 - AMBAC Insured
1,540 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 1,599,321
Revenue Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
325 New York State Housing Finance Agency, FHA-Insured 2/05 at 102.00 AAA 332,014
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.8%
1,995 New York State Mortgage Agency, Homeowner Mortgage 3/05 at 101.00 AAA 2,030,890
Revenue Bonds, Series 33, 5.400%, 10/01/17 -
AMBAC Insured
1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,071,810
Bonds, Twenty-Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7%
4,450 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 4,531,257
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
2,000 New York State Dormitory Authority, Revenue Bonds, 7/06 at 102.00 AAA 2,141,240
United Cerebral Palsy of New York City Inc., Series 1996,
5.500%, 7/01/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 13.5%
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,673,865
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,666,935
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,768,288
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,869,762
805 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 912,580
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
32
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
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 $ 2,446,560
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,074,580
1,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA 1,620,570
Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured
New York City, New York, General Obligation Bonds,
Fiscal Series 2001D:
2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,308,334
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,905,809
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,427,600
5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,213,750
Series 2002C, 5.125%, 3/15/25 - FSA Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,814,875
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,652,700
Series 2004B, 5.250%, 8/01/12 - 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 1,843,948
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,897,037
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 602,879
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 588,116
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 588,116
1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,864,783
Series 2004B, 5.000%, 5/01/11 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 42.8%
Erie County Industrial Development Authority, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,381,932
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,144,220
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,216,354
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,394,380
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,388,290
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,742,860
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,105,990
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,177,360
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,986,000
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,616,220
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,606,688
75 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 76,277
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,429,351
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,653,869
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,022,990
6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,468,540
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,686,200
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA $ 2,150,391
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,988,209
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
6,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 6,670,920
Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
New York State Dormitory Authority, Madison and Oneida Counties,
Lease Revenue Bonds, Board of Cooperative Educational Services,
Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,131,348
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,183,963
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,216,118
5,375 New York State Dormitory Authority, Insured Revenue 1/05 at 102.00 AAA 5,500,506
Bonds, Leake and Watts Services Inc., Series 1994,
6.000%, 7/01/23 - MBIA Insured
3,340 New York State Dormitory Authority, 853 Schools Program 7/09 at 101.00 AAA 3,747,981
Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
3,610 New York State Dormitory Authority, Revenue Bonds, 7/14 at 100.00 AAA 3,876,310
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
110 New York State Dormitory Authority, Improvement Revenue 2/07 at 102.00 AAA 120,465
Bonds, Mental Health Services Facilities, Series 1997A,
5.750%, 8/15/22 - MBIA Insured
540 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 556,880
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
80 New York State Dormitory Authority, Improvement Revenue 2/06 at 102.00 AAA 84,012
Bonds, Mental Health Services Facilities, Series 1996B,
5.125%, 8/15/21 - MBIA Insured
1,500 New York State Dormitory Authority, Revenue Bonds, State 3/13 at 100.00 AAA 1,532,655
Personal Income Tax, Series 2003A, 5.000%, 3/15/32 -
FGIC Insured
7,900 New York State Dormitory Authority, Revenue Bonds, 10/12 at 100.00 AAA 8,456,081
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,455,500
3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,304,920
4,930 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 5,468,159
Trust Fund Bonds, Series 2001B, 5.250%, 4/01/17 -
MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 7,540,936
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/20 -
FSA Insured
2,400 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,591,976
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,200 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,362,602
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,060,140
2,530 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,863,606
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
3,190 New York State Urban Development Corporation, No Opt. Call AAA 3,700,241
Revenue Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,500,070
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 7,052,580
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 13,445,072
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,072,950
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.1%
$ 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA $ 4,327,775
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA Insured
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,330,445
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,253,680
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,988,131
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,812,460
2,500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,677,825
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,401,250
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,842,678
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,092,410
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 23.3%
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 344,727
360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 413,672
400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 459,636
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 1,645,682
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,645,682
5,000 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 5,627,100
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
(Pre-refunded to 7/01/09) - FGIC Insured
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,682,000
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,576,050
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,309,720
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,504,480
1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,126,120
5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,801,050
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
(Pre-refunded to 4/01/10) - FGIC Insured
170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 200,178
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 (Pre-refunded to
6/15/10) - MBIA Insured
5,150 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,964,164
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) -
AMBAC Insured
15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 16,393
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
2,500 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 2,927,275
Future Tax Secured Bonds, Fiscal Series 2000B,
6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured
1,410 New York State Dormitory Authority, Lease Revenue 7/11 at 100.00 AAA 1,614,224
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded to 7/01/11) - FGIC Insured
3,080 New York State Dormitory Authority, Judicial Facilities No Opt. Call AAA 3,806,172
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16
1,700 New York State Dormitory Authority, Third General 1/08 at 102.00 AAA 1,888,292
Resolution Consolidated Revenue Bonds, City University
System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded
to 1/01/08) - MBIA Insured
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 4,460 New York State Dormitory Authority, Revenue Bonds, 5/10 at 100.00 AAA $ 5,004,343
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 (Pre-refunded to
5/15/10) - FSA Insured
265 New York State Dormitory Authority, Fourth General 7/10 at 100.00 AAA 296,395
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/23 (Pre-refunded
to 7/01/10) - FGIC Insured
8,100 New York State Dormitory Authority, Revenue Bonds, 5/12 at 101.00 AAA 9,175,599
State University Educational Facilities, Series 2002A,
5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured
10,000 New York State Urban Development Corporation, 1/09 at 101.00 AAA 11,495,500
Correctional Facilities Service Contract Revenue Bonds,
Series 1999C, 6.000%, 1/01/29 (Pre-refunded to
1/01/09) - AMBAC Insured
6,000 New York State Urban Development Corporation, 1/11 at 100.00 AAA 6,733,260
Correctional Facilities Service Contract Revenue Bonds,
Series 2000C, 5.250%, 1/01/30 (Pre-refunded to
1/01/11) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.2%
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 2,023,032
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 7,435,890
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,527,232
1,500 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,577,700
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 1,596,360
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,496,080
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,749,600
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,307,900
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,283,560
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,072,630
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 2,557,850
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,627,925
5,465 New York State Energy Research and Development 11/04 at 101.00 AAA 5,657,095
Authority, Adjustable Rate Gas Facilities Revenue Bonds,
Brooklyn Union Gas Company, Series 1989A,
6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development 1/05 at 101.50 AAA 1,269,900
Authority, Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989C, 5.600%, 6/01/25
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.1%
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,044,940
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
3,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 3,510,260
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2002A:
2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,236,680
4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,180,960
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 957,886
1,360 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,562,511
1,000 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 1,064,330
System Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 550,520 Total Long-Term Investments (cost $526,232,479) - 148.1% 567,423,522
=============-----------------------------------------------------------------------------------------------------------------------
36
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION(1) RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 1.1%
$ 1,250 New York City, New York, General Obligation Bonds, A-1 $ 1,250,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/05 - MBIA Insured+
500 New York City, New York, General Obligation Bonds, A-1 500,000
Variable Rate Demand Obligations, Series 1994H2-H6,
1.700%, 8/01/13 - MBIA Insured+
325 New York City, New York, General Obligation Bonds, A-1+ 325,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/22 - MBIA Insured+
2,000 New York City, New York, General Obligation Bonds, A-1 2,000,000
Variable Rate Demand Obligations, Series 2002A-7,
1.620%, 11/01/24 - AMBAC Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 4,075 Total Short-Term Investments (cost $4,075,000) 4,075,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $530,307,479) - 149.2% 571,498,522
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 8,513,227
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.4)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 383,011,749
====================================================================================================================
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 registered public accounting firm): 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 registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
+ Security has variable rate and demand features which qualify
it as a short-term security. The rate disclosed is that
currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
37
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 29.6%
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 $ 276,915
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 280,268
5,460 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,806,765
Revenue Bonds, New York Botanical Garden, Series 1996,
5.800%, 7/01/26 - MBIA Insured
1,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,345,463
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
4,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 4,320,600
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/22 - MBIA Insured
500 New York City Industrial Development Agency, New York, No Opt. Call AAA 557,925
Civic Facility Revenue Bonds, USTA National Tennis
Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,116,120
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 New York State Dormitory Authority, Revenue Bonds, State No Opt. Call AAA 1,167,860
University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
2,200 New York State Dormitory Authority, Second General No Opt. Call AAA 2,620,838
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
3,000 New York State Dormitory Authority, Insured Revenue 7/07 at 102.00 AAA 3,272,370
Bonds, New School for Social Research, Series 1997,
5.750%, 7/01/26 - MBIA Insured
1,500 New York State Dormitory Authority, Insured Revenue 7/06 at 102.00 AAA 1,620,120
Bonds, St. John's University, Series 1996, 5.600%, 7/01/16 -
MBIA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, 9/06 at 102.00 AAA 2,132,260
Long Island University, Series 1996, 5.500%, 9/01/26 -
FSA Insured
5,000 New York State Dormitory Authority, Insured Revenue 7/08 at 101.00 Aaa 5,259,050
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,500 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 1,667,115
Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 - FSA Insured
3,215 New York State Dormitory Authority, Revenue Bonds, 7/10 at 101.00 AAA 2,480,051
University of Rochester, Series 2000A, 0.000%, 7/01/24 -
MBIA Insured
250 New York State Dormitory Authority, Insured Revenue 7/10 at 101.00 AAA 284,623
Bonds, Pace University, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
1,000 New York State Dormitory Authority, Fourth General 7/10 at 100.00 AAA 1,061,730
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/22 - FGIC Insured
New York State Dormitory Authority, General Revenue
Bonds, New York University, Series 2001-1:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,732,395
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 577,570
810 New York State Dormitory Authority, Insured Revenue 7/11 at 100.00 AAA 863,841
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,270 New York State Dormitory Authority, Revenue Bonds, 5/12 at 101.00 AAA 1,385,278
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 19.1%
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,121,380
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,750,889
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,073,080
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 3,000 New York State Dormitory Authority, FHA-Insured Mortgage 8/05 at 102.00 AAA $ 3,129,210
Hospital Revenue Bonds, Ellis Hospital, Series 1995,
5.600%, 8/01/25 - MBIA Insured
1,500 New York State Dormitory Authority, Revenue Bonds, 1/08 at 102.00 AAA 1,587,900
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
2,910 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 2,913,230
Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
2,470 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 2,770,056
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,740 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 AAA 2,900,016
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
3,000 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AAA 3,303,900
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,450 New York State Dormitory Authority, Revenue Bonds, 7/11 at 101.00 AAA 3,617,291
Winthrop-South Nassau University Health System Obligated
Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured
1,400 New York State Dormitory Authority, FHA-Insured Mortgage 8/12 at 100.00 AAA 1,470,840
Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6%
2,035 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 2,113,388
Revenue Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.1%
195 New York State Mortgage Agency, Homeowner Mortgage 10/04 at 101.00 Aa1 195,146
Revenue Bonds, Series 30C-1, 5.850%, 10/01/25
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5%
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,130,990
Bonds, 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 876,996
NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.2%
Erie County, New York, General Obligation Bonds, Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 557,955
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 555,645
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 663,108
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 659,916
315 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 357,097
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 243,581
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,165,520
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
2,500 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 2,725,950
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 2,261,080
Series 2004B, 5.250%, 8/01/12 - FSA Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,570,296
Water Treatment Plant Bonds, Series 1994,
8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,296,090
Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 -
MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,082,550
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
1,125 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,248,739
Series 2004B, 5.000%, 5/01/11 - FSA Insured
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 41.3%
$ 750 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA $ 863,708
School Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,530,887
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,795,785
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,685,715
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,044,340
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,662,000
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,082,540
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 602,835
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 599,279
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,084,370
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,528,121
1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,579,800
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,077,890
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,077,620
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
1,000 New York State Dormitory Authority, Court Facilities Lease 5/10 at 101.00 AAA 1,111,820
Revenue Bonds, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
1,210 New York State Dormitory Authority, Revenue Bonds, 7/14 at 100.00 AAA 1,299,262
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
215 New York State Dormitory Authority, Revenue Bonds, 8/10 at 100.00 AAA 221,721
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
2,000 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AAA 2,043,540
State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
New York State Dormitory Authority, Revenue Bonds, School
Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,602,677
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 894,976
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 602,639
600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 660,984
1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,060,610
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 1,642,365
1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,090,140
1,250 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,342,575
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,073,910
1,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,052,940
1,775 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,009,052
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
750 New York State Thruway Authority, State Personal Income 9/14 at 100.00 AAA 787,058
Tax Revenue Bonds, Series 2004A, 5.000%, 3/15/24
(WI, settling 10/14/04) - AMBAC Insured
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,153,536
Bonds, Correctional Facilities, Series 1994A,
5.250%, 1/01/14 - FSA Insured
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA $ 2,218,760
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1, 5.500%, 3/15/21 - FGIC Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,175,430
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 915,584
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
1,500 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,630,680
Service Agreement Revenue Bonds, John P. Colahan
Court Complex, Series 1999, 5.000%, 4/15/16 -
AMBAC Insured
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,500 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,626,420
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,077,210
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.0%
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 567,555
1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,814,330
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,073,520
Transportation Revenue Refunding Bonds, Series 2002E,
5.000%, 11/15/25 - MBIA Insured
500 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 535,565
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
1,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,079,240
Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) -
MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 915,470
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,476,985
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 13.2%
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 583,575
500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 583,575
1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,654,860
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 563,060
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded to 10/01/14) - FSA Insured
2,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 2,320,420
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
(Pre-refunded to 4/01/10) - FGIC Insured
2,000 Monroe County Industrial Development Agency, New York, 6/05 at 102.00 AAA 2,093,520
Civic Facility Revenue Bonds, Nazareth College of Rochester,
Series 1995, 6.000%, 6/01/20 (Pre-refunded to 6/01/05) -
MBIA Insured
1,000 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA 1,158,700
Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded to
3/01/10) - FSA Insured
1,500 New York City, New York, General Obligation Bonds, 2/05 at 100.00 AAA 1,637,820
Fiscal Series 1990F, 6.000%, 8/01/19 - FGIC Insured
175 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 188,473
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 1996B, 5.750%, 6/15/26 (Pre-refunded
to 6/15/06) - MBIA Insured
340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 400,357
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to
6/15/10) - MBIA Insured
500 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 579,045
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) -
AMBAC Insured
2,000 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AAA 2,277,740
State University Dormitory Facilities, Series 1999C,
5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured
41
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 1,785 New York State Dormitory Authority, Revenue Bonds, 5/10 at 100.00 AAA $ 2,002,859
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 (Pre-refunded to
5/15/10) - FSA Insured
440 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 513,753
Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
Suffolk County, New York, Public Improvement Bonds,
Series 2000A:
500 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 585,115
500 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 585,115
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.3%
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 7,967,025
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,051,800
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 511,570
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 656,981
2,280 New York State Energy Research and Development 11/04 at 101.00 AAA 2,360,142
Authority, Adjustable Rate Gas Facilities Revenue Bonds,
Brooklyn Union Gas Company, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 2,619,600
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 9.4%
1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,914,747
Revenue Bonds, Series 2001, 5.250%, 8/01/36 -
MBIA Insured
1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,080,330
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,044,940
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,944,144
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,256,065
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,045,240
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
325 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 347,241
Water and Sewerage System Revenue Bonds, Fiscal
Series 1996B, 5.750%, 6/15/26 - MBIA Insured
1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,915,773
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,122,840
Revenue Refunding Bonds, Series 1993, 5.100%, 6/01/12 -
MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 181,990 Total Long-Term Investments (cost $183,535,918) - 146.3% 196,708,865
=============-----------------------------------------------------------------------------------------------------------------------
42
PRINCIPAL MARKET
AMOUNT (000) DESCRIPTION(1) RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4%
$ 500 New York City, New York, General Obligation Bonds, A-1 $ 500,000
============= Variable Rate Demand Obligations, Series 2002A-7,
1.620%, 11/01/24 - AMBAC Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 500 Total Short-Term Investments (cost $500,000) 500,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $184,035,918) - 146.7% 197,208,865
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 2,225,022
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.4)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 134,433,887
====================================================================================================================
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 registered public accounting firm): 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
registered public accounting firm): Using the higher of
Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of
principal and interest. Such securities are normally
considered to be equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
+ Security has variable rate and demand features which
qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
43
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.0%
$ 910 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 835,489
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
3,145 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 2,921,894
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 958,640
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
1,530 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,484,115
Series 2002-1, 5.500%, 7/15/24
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 13.8%
25 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 27,004
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/22 - MBIA Insured
4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AAA 4,131,400
Revenue Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,116,120
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
4,000 New York State Dormitory Authority, Insured Revenue Bonds, No Opt. Call AAA 4,356,880
Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
3,250 New York State Dormitory Authority, Revenue Bonds, No Opt. Call AAA 3,968,998
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
1,280 New York State Dormitory Authority, Insured Revenue Bonds, 7/08 at 101.00 AAA 1,346,317
New York Medical College, Series 1998, 5.000%, 7/01/21 -
MBIA Insured
2,000 New York State Dormitory Authority, Second General 7/10 at 101.00 AAA 2,330,300
Resolution Consolidated Revenue Refunding Bonds, City
University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.0%
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 773,752
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,616,205
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,073,080
2,000 New York State Dormitory Authority, FHA-Insured Mortgage 2/08 at 101.00 AAA 2,002,220
Hospital Revenue Bonds, New York and Presbyterian
Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured
1,640 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 1,839,227
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,725 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 AAA 1,825,740
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
600 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 625,326
South Nassau 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 10,723,062
Revenue Bonds, New York Hospital Medical Center of
Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured
50 New York State Dormitory Authority, Revenue Bonds, 7/09 at 101.00 AAA 55,065
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
2,000 New York State Dormitory Authority, Hospital Revenue 7/09 at 101.00 AAA 2,204,440
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 2,500 New York State Dormitory Authority, Secured Hospital 2/08 at 101.50 AAA $ 2,713,750
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
1,400 New York State Dormitory Authority, FHA-Insured Mortgage 8/12 at 100.00 AAA 1,470,840
Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 767,514
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,077,604
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.4%
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,835,826
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,413,088
New York State Dormitory Authority, GNMA Collateralized
Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,064,580
2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,633,675
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.9%
1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,071,810
Bonds, Twenty-Fourth Series 2000, 5.875%, 10/01/15
(Alternative Minimum Tax) - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.6%
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,652,112
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,615,968
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 1,380,529
1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,342,493
1,285 Clarence Central School District, Erie County, New York, 5/12 at 100.00 Aaa 1,273,011
General Obligation Refunding Bonds, Series 2002,
4.000%, 5/15/19 - FSA Insured
200 Nassau County, New York, General Obligation Improvement 11/07 at 102.00 AAA 218,388
Bonds, Series 1997X, 5.100%, 11/01/16 - AMBAC Insured
3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,276,840
Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,388,938
Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured
525 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 580,377
Fiscal Series 2004B, 5.250%, 8/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 37.7%
400 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA 460,644
School Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 4,141,320
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,438,392
Tax Fund Bonds, Series 2002A, 5.250%,11/15/25 -
FSA Insured
1,000 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 1,082,540
Tax Secured Revenue Bonds, Series 2003A,
5.000%, 11/15/18 - AMBAC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,506,100
Future Tax Secured Bonds, Fiscal Series 2002B,
5.250%, 5/01/16 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,078,090
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
45
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA $ 538,810
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
250 New York State Dormitory Authority, 853 Schools Program 7/08 at 101.00 AAA 273,683
Insured Revenue Bonds, Vanderheyden Hall Inc., Issue 2,
Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
220 New York State Dormitory Authority, Improvement Revenue 8/09 at 101.00 AAA 229,154
Bonds, Mental Health Services Facilities, Series 1999D,
5.250%, 2/15/29 - FSA Insured
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,082,010
Revenue Bonds, Series 1998A, 5.000%, 4/01/15
3,000 New York State Dormitory Authority, Revenue Bonds, 10/12 at 100.00 AAA 3,211,170
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,246,950
Trust Fund Bonds, Series 2002A, 5.000%, 4/01/22 -
FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 1,074,060
Trust Fund Bonds, Second General, Series 2003,
5.250%, 4/01/23 - MBIA Insured
640 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 724,390
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
8,600 New York State Urban Development Corporation, Revenue No Opt. Call AAA 10,194,526
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA 3,089,820
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,116,230
1,500 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,664,070
New York Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,060,132
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,072,950
750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 817,628
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.2%
Metropolitan Transportation Authority, New York,
Transportation Revenue Refunding Bonds, Series 2002A:
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,126,840
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,147,040
85 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 91,046
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum
Tax) - MBIA Insured
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,239,120
Bonds, One Hundred Twenty Fourth Series 2001,
5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured
780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 915,470
Subordinate Lien General Purpose Revenue Refunding
Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 16.6%
1,000 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA 1,136,140
Sales Tax Secured Revenue Bonds, Series 2000A,
5.375%, 11/15/17 (Pre-refunded to 11/15/10) -
MBIA Insured
4,245 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 4,787,341
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 1999A,
5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured
120 New York State Dormitory Authority, Judicial Facilities No Opt. Call AAA 148,292
Lease Revenue Bonds, Suffolk County Issue, Series 1986,
7.375%, 7/01/16
2,000 New York State Dormitory Authority, Third General 1/08 at 102.00 AAA 2,221,520
Resolution Consolidated Revenue Bonds, City University
System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to
1/01/08) - MBIA Insured
46
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 2,780 New York State Dormitory Authority, Improvement 8/09 at 101.00 AAA $ 3,129,474
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) -
FSA Insured
935 New York State Housing Finance Agency, Construction No Opt. Call AAA 1,146,460
Fund Bonds, State University, Series 1986A, 8.000%, 5/01/11
4,750 New York State Dormitory Authority, Revenue Bonds, 5/12 at 101.00 AAA 5,340,948
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,785,996
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.5%
1,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 1,062,270
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,115,700
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,853,927
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,180,550
Pollution Control Revenue Refunding Bonds, Niagara
Mohawk Power Corporation, Series 1998A,
5.150%, 11/01/25 - AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,254,850
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,148,348
Westchester County, New York, Resource Recovery
Revenue Bonds, RESCO Company, Series 1996,
5.500%, 7/01/09 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.0%
2,665 Albany Municipal Water Finance Authority, New York, 6/08 at 100.00 AAA 2,888,643
Second Resolution Revenue Bonds, Series 2003A,
5.250%, 12/01/18 - AMBAC Insured
2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,322,681
Water and Sewerage System Revenue Bonds,
Fiscal Series 2001A, 5.500%, 6/15/33
1,000 Niagara Falls Public Water Authority, New York, Water and 7/06 at 100.00 AAA 1,052,440
Sewerage Revenue Bonds, Series 2003A,
5.500%, 7/15/24 - MBIA Insured
35 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 37,252
System Revenue Bonds, Series 1995, 5.650%, 5/01/26 -
AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 170,130 Total Long-Term Investments (cost $172,754,188) - 146.7% 183,227,634
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 2,632,805
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (48.9)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 124,860,439
====================================================================================================================
At least 80% of the Fund's net assets are invested in
municipal securities that are either covered by Original
Issue Insurance, Secondary Market Insurance or Portfolio
Insurance which ensures the timely payment of principal and
interest. Up to 20% of the Fund's net assets may be invested
in municipal securities that are (i) either backed by an
escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): 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 registered
public accounting firm): 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.
47
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.3%
$ 370 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 339,704
Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33
1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,437,960
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 454,181
Series 1999-1, 6.250%, 7/15/34
- ------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.7%
1,000 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,076,370
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
1,000 New York State Dormitory Authority, Lease Revenue Bonds, No Opt. Call AAA 1,116,120
State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
395 New York State Dormitory Authority, Lease Revenue Bonds, 7/09 at 101.00 AAA 406,775
State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 - MBIA Insured
2,000 New York State Dormitory Authority, Insured Revenue Bonds, No Opt. Call AAA 2,178,440
Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
100 New York State Dormitory Authority, Insured Revenue Bonds, 7/07 at 101.00 AAA 106,956
Rochester Institute of Technology, Series 1997,
5.250%, 7/01/22 - MBIA Insured
1,000 New York State Dormitory Authority, Second General 7/10 at 101.00 AAA 1,165,150
Resolution Consolidated Revenue Refunding Bonds, City
University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
2,000 New York State Dormitory Authority, Insured Revenue 9/12 at 100.00 AA 2,034,580
Bonds, Long Island University, Series 2003A,
5.000%, 9/01/32 - RAAI Insured
1,000 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 AA 1,013,010
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 New York State Dormitory Authority, Revenue Bonds, 7/12 at 100.00 Aaa 2,684,825
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.8%
500 New York City Health and Hospitals Corporation, 2/12 at 100.00 AAA 560,690
New York, Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
2,640 New York City Health and Hospitals Corporation, 2/13 at 100.00 AAA 2,844,521
New York, Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
830 New York State Dormitory Authority, Revenue Bonds, 8/14 at 100.00 AAA 930,828
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
25 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 AAA 26,460
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
750 New York State Dormitory Authority, Revenue Bonds, 7/13 at 100.00 Baa1 781,658
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 New York State Dormitory Authority, Revenue Bonds, 5/13 at 100.00 A3 522,700
North Shore 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 2,045,720
Hospital Revenue Bonds, Lutheran Medical Center,
Series 2003, 5.000%, 8/01/31 - MBIA Insured
3,000 New York State Dormitory Authority, FHA-Insured 8/12 at 100.00 AAA 3,065,130
Mortgage 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 1,228,466
Nursing Home Revenue Bonds, Shorefront Jewish Geriatric
Center Inc., Series 2002, 5.200%, 2/01/32
48
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.7%
$ 2,400 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA $ 2,477,112
Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA Insured
225 New York City, New York, General Obligation Bonds, 8/14 at 100.00 A 248,733
Fiscal Series 2004B, 5.250%, 8/01/15
195 New York State, General Obligation Bonds, Series 1998B, 3/08 at 101.00 AAA 209,309
5.000%, 3/01/17 - AMBAC Insured
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 55.2%
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax No Opt. Call AAA 3,064,727
Revenue State Aid Secured Bonds, Series 2004A,
5.250%, 8/15/12 - MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,035,330
Service Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,313
Revenue Bonds, Series 2003, 5.500%, 1/01/34
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,276,330
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,106,400
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
145 New York State Dormitory Authority, Improvement Revenue 8/09 at 101.00 AAA 151,033
Bonds, Mental Health Services Facilities, Series 1999D,
5.250%, 2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, 1/13 at 100.00 AAA 1,347,986
State Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
2,500 New York State Dormitory Authority, Revenue Bonds, 3/13 at 100.00 AAA 2,554,425
State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 - FGIC Insured
3,000 New York State Dormitory Authority, Revenue Bonds, 10/12 at 100.00 AAA 3,211,170
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 3,712,135
Trust Fund Bonds, Series 2002B, 5.000%, 4/01/20 -
AMBAC Insured
565 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 639,501
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
100 New York State Urban Development Corporation, 1/08 at 102.00 AAA 105,986
Correctional Capital Facilities Revenue Refunding Bonds,
Series 1998, 5.000%, 1/01/20 - MBIA Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,116,230
1,000 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,109,380
2,000 New York State Urban Development Corporation, Service No Opt. Call AA- 2,232,880
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
1,200 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,301,136
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 817,628
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
250 Yonkers Industrial Development Agency, New York, 2/11 at 100.00 BBB- 272,790
Revenue Bonds, Community Development Properties -
Yonkers Inc. Project, Series 2001A, 6.250%, 2/01/16
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.1%
1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,036,760
Transportation Revenue Refunding Bonds, Series 2002A,
5.000%, 11/15/25 - FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,198,135
Bonds, One Hundred Twenty Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,032,670
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 -
MBIA Insured
49
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS September 30, 2004
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 6.4%
$ 100 Erie County Water Authority, New York, Water Works 12/09 at 100.00 AAA $ 120,977
System Revenue Bonds, Series 1990B, 6.750%, 12/01/14 -
AMBAC Insured
990 New York State Dormitory Authority, Lease Revenue 7/09 at 101.00 AAA 1,110,978
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured
1,855 New York State Dormitory Authority, Improvement Revenue 8/09 at 101.00 AAA 2,088,192
Bonds, Mental Health Services Facilities, Series 1999D,
5.250%, 2/15/29 (Pre-refunded to 8/15/09) - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.4%
4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,249,080
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,126,780
Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,101,940
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.7%
1,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 1,020,190
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured
870 Niagara Falls Public Water Authority, New York, Water 7/06 at 100.00 AAA 915,622
and Sewerage Revenue Bonds, Series 2003A,
5.500%, 7/15/24 - MBIA Insured
- ------------------------------------------------------------------------------------------------------------------------------------
$ 72,940 Total Long-Term Investments (cost $74,949,228) - 149.7% 77,588,102
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4%
200 New York City, New York, General Obligation Bonds, A-1+ 200,000
Variable Rate Demand Obligations, Series 1995B2-B10,
1.700%, 8/15/22 - MBIA Insured+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 200 Total Short-Term Investments (cost $200,000) 200,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $75,221,188) - 150.1% 77,788,102
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.0% 1,029,553
-------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.1)% (27,000,000)
-------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 51,817,655
====================================================================================================================
FORWARD SWAP TRANSACTIONS OUTSTANDING AT SEPTEMBER 30, 2004: SWAP UNREALIZED
EFFECTIVE TERMINATION APPRECIATION
NOTIONAL AMOUNT DATE(2) DATE (DEPRECIATION)
- ------------------------------------------------------------------------------------------------------------------------------------
Agreement with Morgan Stanley dated August 4, 2004, to pay
semi-annually the notional amount multiplied by 5.660%
(annualized) and receive quarterly the notional amount multiplied
by the three-month USD-LIBOR (United States Dollar-London
Inter-Bank Offered Rates). $800,000 2/16/05 2/16/35 $(42,208)
Agreement with Morgan Stanley dated August 5, 2004, to pay quarterly
the notional amount multiplied by 4.337% (annualized) and receive
quarterly the notional amount multiplied by the daily arithmetic average
of the weekly BMA (Bond Market Association) Municipal Swap Index for
the quarter. 400,000 12/09/04 12/09/24 (11,978)
Agreement with Morgan Stanley dated August 10, 2004, to pay semi-annually
the notional amount multiplied by 5.489% (annualized) and receive quarterly
the notional amount multiplied by the three-month USD-LIBOR (United States
Dollar-London Inter-Bank Offered Rates). 600,000 1/14/05 1/14/35 (17,776)
- ------------------------------------------------------------------------------------------------------------------------------------
$(71,962)
- ------------------------------------------------------------------------------------------------------------------------------------
At least 80% of the Fund's net assets are invested in
municipal securities that are either covered by Original
Issue Insurance, Secondary Market Insurance or Portfolio
Insurance which ensures the timely payment of principal and
interest. Up to 20% of the Fund's net assets may be invested
in municipal securities that are (i) either backed by an
escrow or trust containing sufficient U.S. Government or
U.S. Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares.
(2) Effective date represents the date on which both the Fund
and counterparty commence interest payment accruals on each
forward swap contract.
* Optional Call Provisions (not covered by the report of
independent registered public accounting firm): 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 registered
public accounting firm): Using the higher of Standard &
Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
+ Security has variable rate and demand features which qualify
it as a short-term security. The rate disclosed is that
currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
50
Statement of
ASSETS AND LIABILITIES September 30, 2004
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $396,399,403, $520,469,597
and $530,307,479, respectively) $431,080,202 $564,438,709 $571,498,522
Cash 646,914 215,860 1,217,861
Receivables:
Interest 5,880,028 7,557,492 7,690,050
Investments sold -- 325,000 --
Other assets 32,144 51,701 58,727
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 437,639,288 572,588,762 580,465,160
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 1,626,586 -- --
Forward swaps, at value -- -- --
Accrued expenses:
Management fees 225,058 293,338 297,401
Other 114,531 150,267 130,205
Preferred share dividends payable 13,452 28,077 25,805
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,979,627 471,682 453,411
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $291,659,661 $379,117,080 $383,011,749
====================================================================================================================================
Common shares outstanding 17,720,933 23,435,202 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.46 $ 16.18 $ 15.90
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837
Paid-in surplus 248,922,800 327,923,797 335,102,933
Undistributed (Over-distribution of) net investment income 3,114,014 4,047,545 4,186,397
Accumulated net realized gain (loss) from investments 4,764,839 2,942,274 2,290,539
Net unrealized appreciation (depreciation) of investments and
forward swap transactions 34,680,799 43,969,112 41,191,043
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $291,659,661 $379,117,080 $383,011,749
====================================================================================================================================
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.
51
Statement of
ASSETS AND LIABILITIES September 30, 2004 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $184,035,918, $172,754,188 $197,208,865 $183,227,634 $77,788,102
and $75,221,188, respectively)
Cash 447,300 162,320 192,154
Receivables:
Interest 2,712,137 2,560,015 954,148
Investments sold 5,005 -- --
Other assets 20,606 7,554 3,857
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 200,393,913 185,957,523 78,938,261
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 787,058 -- --
Forward swaps, at value -- -- 71,962
Accrued expenses:
Management fees 104,601 51,771 20,957
Other 64,344 35,358 23,021
Preferred share dividends payable 4,023 9,955 4,666
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 960,026 97,084 120,606
- ------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $134,433,887 $124,860,439 $51,817,655
====================================================================================================================================
Common shares outstanding 8,329,215 7,957,934 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 16.14 $ 15.69 $ 14.75
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128
Paid-in surplus 118,406,693 112,920,342 49,501,696
Undistributed (Over-distribution of) net investment income 1,340,997 471,252 (123,449)
Accumulated net realized gain (loss) from investments 1,429,958 915,820 (90,672)
Net unrealized appreciation (depreciation) of investments and
forward swap transactions 13,172,947 10,473,446 2,494,952
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $134,433,887 $124,860,439 $51,817,655
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
52
Statement of
OPERATIONS Year Ended September 30, 2004
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $21,536,049 $28,073,706 $28,107,092
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 2,753,389 3,578,885 3,637,476
Preferred shares - auction fees 360,986 483,823 493,851
Preferred shares - dividend disbursing agent fees 30,082 30,082 40,110
Shareholders' servicing agent fees and expenses 44,753 47,316 44,438
Custodian's fees and expenses 93,608 124,769 124,359
Directors'/Trustees' fees and expenses 8,574 12,681 16,888
Professional fees 23,822 28,364 29,277
Shareholders' reports - printing and mailing expenses 24,834 32,726 41,311
Stock exchange listing fees 12,089 12,089 12,089
Investor relations expense 37,827 48,932 51,005
Portfolio insurance expense -- 18,231 --
Other expenses 29,440 34,737 38,163
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 3,419,404 4,452,635 4,528,967
Custodian fee credit (9,040) (16,196) (17,240)
Expense reimbursement -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 3,410,364 4,436,439 4,511,727
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 18,125,685 23,637,267 23,595,365
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 4,736,769 2,941,892 2,239,339
Change in net unrealized appreciation (depreciation)
of investments (2,838,817) 1,637,824 (195,181)
Change in net unrealized appreciation (depreciation)
of forward swap transactions -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 1,897,952 4,579,716 2,044,158
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (870,812) (1,360,284) (1,396,624)
From accumulated net realized gains from investments (486,403) (466,684) (373,896)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (1,357,215) (1,826,968) (1,770,520)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $18,666,422 $26,390,015 $23,869,003
====================================================================================================================================
See accompanying notes to financial statements.
53
Statement of
OPERATIONS Year Ended September 30, 2004 (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $9,728,300 $8,705,846 $3,618,227
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,276,279 1,183,401 505,622
Preferred shares - auction fees 162,947 152,918 67,684
Preferred shares - dividend disbursing agent fees 20,053 10,028 10,028
Shareholders' servicing agent fees and expenses 16,248 1,800 907
Custodian's fees and expenses 49,728 42,380 17,471
Directors'/Trustees' fees and expenses 4,510 4,915 2,364
Professional fees 15,604 16,329 11,173
Shareholders' reports - printing and mailing expenses 13,517 19,827 10,559
Stock exchange listing fees 10,991 809 304
Investor relations expense 17,727 16,425 8,564
Portfolio insurance expense 427 -- --
Other expenses 15,338 16,241 7,119
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,603,369 1,465,073 641,795
Custodian fee credit (4,368) (4,364) (6,933)
Expense reimbursement -- (550,258) (249,240)
- ------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,599,001 910,451 385,622
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,129,299 7,795,395 3,232,605
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments 1,514,151 910,091 (11,945)
Change in net unrealized appreciation (depreciation)
of investments (902,484) 1,836,211 1,272,870
Change in net unrealized appreciation (depreciation)
of forward swap transactions -- -- (71,962)
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain from investments 611,667 2,746,302 1,188,963
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (476,973) (473,203) (229,692)
From accumulated net realized gains from investments -- (75,265) --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (476,973) (548,468) (229,692)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $8,263,993 $9,993,229 $4,191,876
====================================================================================================================================
See accompanying notes to financial statements.
54
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
9/30/04 9/30/03 9/30/04 9/30/03 9/30/04 9/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 18,125,685 $ 18,869,363 $ 23,637,267 $ 24,527,580 $ 23,595,365 $ 24,292,247
Net realized gain (loss)
from investments 4,736,769 7,981,910 2,941,892 6,775,711 2,239,339 6,479,256
Change in net unrealized
appreciation (depreciation)
of investments (2,838,817) (9,304,924) 1,637,824 (8,859,561) (195,181) (9,075,144)
Change in net unrealized
appreciation (depreciation)
of forward swap transactions -- -- -- -- -- --
Distributions to Preferred
Shareholders:
From net investment income (870,812) (1,208,221) (1,360,284) (1,611,498) (1,396,624) (1,510,699)
From accumulated net realized
gains from investments (486,403) (151,496) (466,684) (281,037) (373,896) (486,976)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to
Common shares
from operations 18,666,422 16,186,632 26,390,015 20,551,195 23,869,003 19,698,684
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (17,494,722) (16,814,518) (22,362,742) (21,972,723) (22,127,646) (21,988,456)
From accumulated net realized
gains from investments (7,179,886) (1,534,544) (6,416,699) (3,314,902) (6,168,948) (4,600,972)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to
Common shareholders (24,674,608) (18,349,062) (28,779,441) (25,287,625) (28,296,594) (26,589,428)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 355,427 -- 232,115 -- -- --
Preferred shares offering costs -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions 355,427 -- 232,115 -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (5,652,759) (2,162,430) (2,157,311) (4,736,430) (4,427,591) (6,890,744)
Net assets applicable to Common
shares at the beginning
of year 297,312,420 299,474,850 381,274,391 386,010,821 387,439,340 394,330,084
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $291,659,661 $297,312,420 $379,117,080 $381,274,391 $383,011,749 $387,439,340
====================================================================================================================================
Undistributed (Over-distribution
of) net investment income
at the end of year $ 3,114,014 $ 3,448,761 $ 4,047,545 $ 4,232,595 $ 4,186,397 $ 4,206,834
====================================================================================================================================
See accompanying notes to financial statements.
55
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
PERIOD
11/21/02
(COMMENCEMENT
OF OPERATIONS)
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
9/30/04 9/30/03 9/30/04 9/30/03 9/30/04 9/30/03
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,129,299 $ 8,459,375 $ 7,795,395 $ 7,947,267 $ 3,232,605 $ 2,380,938
Net realized gain (loss)
from investments 1,514,151 3,382,024 910,091 992,274 (11,945) (78,963)
Change in net unrealized
appreciation (depreciation)
of investments (902,484) (4,497,058) 1,836,211 (3,501,754) 1,272,870 1,294,043
Change in net unrealized
appreciation (depreciation)
of forward swap transactions -- -- -- -- (71,962) --
Distributions to Preferred
Shareholders:
From net investment income (476,973) (557,201) (473,203) (606,361) (229,692) (172,209)
From accumulated net realized
gains from investments -- -- (75,265) (73,477) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 8,263,993 6,787,140 9,993,229 4,757,949 4,191,876 3,423,809
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (7,693,168) (7,626,486) (7,114,393) (7,114,395) (3,045,010) (2,289,845)
From accumulated net
realized gains
from investments -- -- (918,355) (623,098) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable
to Common shares from
distributions to
Common shareholders (7,693,168) (7,626,486) (8,032,748) (7,737,493) (3,045,010) (2,289,845)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- 50,032,500
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 128,469 -- -- -- 25,784 60,431
Preferred shares offering costs -- -- (1,429) (12,480) -- (682,165)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions 128,469 -- (1,429) (12,480) 25,784 49,410,766
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in
net assets applicable
to Common shares 699,294 (839,346) 1,959,052 (2,992,024) 1,172,650 50,544,730
Net assets applicable to
Common shares at the
beginning of year 133,734,593 134,573,939 122,901,387 125,893,411 50,645,005 100,275
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of year $134,433,887 $133,734,593 $124,860,439 $122,901,387 $51,817,655 $50,645,005
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of year $ 1,340,997 $ 1,419,507 $ 471,252 $ 269,866 $ (123,449) $ (81,162)
====================================================================================================================================
See accompanying notes to financial statements.
56
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
(NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common
shares, which trade on the American Stock Exchange. The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Prior to the commencement of operations of Insured New York Tax-Free Advantage
(NRK), the Fund had no operations other than those related to organizational
matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. and the
recording of the organization expenses ($11,500) and its reimbursement by Nuveen
Investments, LLC, also a wholly owned subsidiary of Nuveen Investments, Inc.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
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, 2004,
New York Investment Quality (NQN) and Insured New York Premium Income (NNF) had
outstanding when-issued purchase commitments of $1,626,586 and $787,058,
respectively. There were no such outstanding purchase commitments in any of the
other 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.
Investment Income also includes paydown gains and losses, if any.
57
Notes to
FINANCIAL STATEMENTS (continued)
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute all net investment income and net capital gains to
shareholders and to otherwise comply with the requirements of Subchapter M of
the Internal Revenue Code applicable to regulated investment companies.
Therefore, no federal income tax provision is required. Furthermore, each Fund
intends to satisfy conditions which will enable interest from municipal
securities, which is exempt from regular federal and New York state income
taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. All monthly tax-exempt
income dividends paid during the fiscal year ended September 30, 2004, have been
designated Exempt Interest Dividends. Net realized capital gains and ordinary
income distributions made by the Funds are subject to federal taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding $25,000 stated value Preferred shares as a
means of effecting financial leverage. Each Fund's Preferred shares are issued
in one or more Series. The dividend rate on each Series 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
========================================================================================================
Insured New York Tax-Free Advantage (NRK) issued the Preferred shares listed
above on January 17, 2003.
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.
58
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Forward Swap Transactions
The Funds may invest in certain derivative financial instruments. The Funds' use
of forward interest rate swap transactions is intended to mitigate the negative
impact that an increase in long-term interest rates could have on Common share
net earnings. Forward interest rate swap transactions involve each Fund's
agreement with the counterparty to pay, in the future, a fixed rate payment in
exchange for the counterparty paying the Fund a variable rate payment. The
amount of the payment obligation is based on the notional or nominal amount of
the forward swap contract. The Funds may close out a contract prior to the
effective date. When a forward swap is terminated, it does not involve the
delivery of securities or other underlying assets or principal, but rather is
settled in cash. Each Fund intends to, but is not obligated to, terminate its
forward swaps before the effective date. Accordingly, the risk of loss with
respect to the swap counterparty on such transactions is limited to the credit
risk associated with a counterparty failing to honor its commitment. To minimize
such credit risk, all counterparties are required to segregate collateral daily
(based on the daily valuation of each swap) on behalf of each Fund with a value
approximately equal to the amount of any unrealized gain. Reciprocally, when any
of the Funds have an unrealized loss on a swap contract, the Funds have
instructed the custodian to segregate assets of the Funds as collateral with a
value approximately equal to the amount of the unrealized loss. The Funds help
reduce the credit risks associated with forward swap transactions by entering
into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the
financial stability of the swap counterparties.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Offering Costs
Nuveen Investments, LLC has agreed to pay all Common share offering costs (other
than the sales load) that exceed $.03 per Common share for Insured New York
Tax-Free Advantage (NRK). Insured New York Tax-Free Advantage's (NRK) share of
Common share offering costs ($105,000) was recorded as a reduction of the
proceeds from the sale of Common shares.
Costs incurred by Insured New York Tax-Free Advantage (NRK) in connection with
its offering of Preferred shares ($682,165) was recorded as a reduction to
paid-in surplus.
Indemnifications
Under the Funds' organizational documents, its Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
------------------ -------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/04 9/30/03 9/30/04 9/30/03
- -------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 21,444 -- 14,240 --
- -------------------------------------------------------------------------------------------------------
21,444 -- 14,240 --
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
59
Notes to
FINANCIAL STATEMENTS (continued)
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
-------------------- --------------------
YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
9/30/04 9/30/03 9/30/04 9/30/03
- -------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- 7,902 --
- -------------------------------------------------------------------------------------------------------
-- -- 7,902 --
=======================================================================================================
Preferred shares sold -- -- -- --
=======================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------- ------------------------
FOR THE
PERIOD
11/21/02
(COMMENCE-
MENT OF
YEAR YEAR YEAR OPERATIONS)
ENDED ENDED ENDED THROUGH
9/30/04 9/30/03 9/30/04 9/30/03
- ---------------------------------------------------------------------------------------------------------
Common shares:
Shares sold -- -- -- 3,500,000
Shares issued to shareholders
due to reinvestment of distributions -- -- 1,725 4,123
- ---------------------------------------------------------------------------------------------------------
-- -- 1,725 3,504,123
=========================================================================================================
Preferred shares sold -- -- -- 1,080
=========================================================================================================
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the fiscal year ended September 30, 2004, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Purchases $46,201,863 $51,579,247 $54,034,893 $32,182,953 $15,635,760 $12,228,892
Sales and maturities 53,812,574 46,382,454 63,538,465 32,570,613 16,531,033 12,718,519
=========================================================================================================
60
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At September 30, 2004, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- --------------------------------------------------------------------------------
Cost of investments $396,175,259 $520,334,866 $530,129,819
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Cost of investments $183,988,665 $172,722,842 $75,221,120
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 2004, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $35,147,748 $44,375,553 $41,665,529
Depreciation (242,805) (271,710) (296,826)
- --------------------------------------------------------------------------------
Net unrealized appreciation
of investments $34,904,943 $44,103,843 $41,368,703
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
- --------------------------------------------------------------------------------
Gross unrealized:
Appreciation $13,380,956 $10,727,962 $2,621,406
Depreciation (160,756) (223,170) (54,424)
- --------------------------------------------------------------------------------
Net unrealized appreciation
of investments $13,220,200 $10,504,792 $2,566,982
================================================================================
The tax components of undistributed net investment income and net realized gains
at September 30, 2004, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ----------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income $4,347,574 $5,803,988 $5,844,850 $1,939,119 $1,042,726 $125,290
Undistributed net ordinary income * -- -- 22,888 -- 3,793 --
Undistributed net long-term capital gains 4,764,907 2,942,274 2,299,750 1,429,958 912,027 --
======================================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
61
Notes to
FINANCIAL STATEMENTS (continued)
The tax character of distributions paid during the fiscal years ended September
30, 2004 and September 30, 2003, 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
2004 (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- -------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $18,166,188 $23,680,573 $23,478,537 $8,168,680 $7,583,654 $3,284,113
Distributions from net ordinary income * 184,151 13,244 19,927 -- 408,937 --
Distributions from net long-term
capital gains 7,666,289 6,883,383 6,542,844 -- 584,683 --
===============================================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
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 -- -- --
===============================================================================================================================
* Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2004, Insured New York Tax-Free Advantage (NRK) had an unused
capital loss carryforward of $78,917 available for federal income tax purposes
to be applied against future capital gains, if any. If not applied, the
carryforward will expire in 2012.
Insured New York Tax-Free Advantage (NRK) elected to defer net realized losses
from investments incurred from November 1, 2003 through September 30, 2004
("post-October") losses in accordance with Federal income tax regulations.
Post-October losses of $11,755 were treated as having arisen on the first day of
the following fiscal year.
62
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
As approved by the Board of Directors/Trustees, effective August 1, 2004, a
complex-wide management fee structure was adopted for all funds sponsored by
Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen
Investments, Inc. and its affiliates. This fee structure separates each fund's
management fee into two components - a complex-level component, based on the
aggregate amount of all funds assets managed by the Adviser and its affiliates,
and a specific fund-level component, based only on the amount of assets within
each individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser and its
affiliates. Under no circumstances will this pricing structure result in a fund
paying management fees at a rate higher than would otherwise have been
applicable had the complex-wide management fee structure not been implemented.
As a consequence of this new management fee structure, the funds' effective
management fees were reduced by approximately .007% as of October 31, 2004.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
================================================================================
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
- --------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
63
Notes to
FINANCIAL STATEMENTS (continued)
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
AVERAGE DAILY NET ASSETS NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
- --------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
- --------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
64
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
- --------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
6. 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 1, 2004, to shareholders of record
on October 15, 2004, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
- ---------------------------------------------------------------------------------------------------------
Dividend per share $.0815 $.0795 $.0765 $.0770 $.0745 $.0695
=========================================================================================================
65
Financial
HIGHLIGHTS
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $16.80 $1.02 $ .12 $(.05) $(.03) $1.06 $(.99) $(.41) $(1.40)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92)
NEW YORK SELECT
QUALITY (NVN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93)
NEW YORK QUALITY
INCOME (NUN)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90)
====================================================================================================================================
Total Returns
------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value* Value*
===================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004 $-- $16.46 $15.5200 10.21% 6.61%
2003 -- 16.80 15.3800 3.63 5.68
2002 -- 16.92 15.8600 14.54 14.52
2001 -- 15.67 14.7200 12.44 14.12
2000 -- 14.50 13.8750 (1.52) 7.10
NEW YORK SELECT
QUALITY (NVN)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 16.18 15.0400 6.96 7.27
2003 -- 16.28 15.2200 4.57 5.63
2002 -- 16.48 15.6200 15.35 14.27
2001 -- 15.41 14.5000 10.43 11.99
2000 -- 14.57 13.9375 (2.92) 6.14
NEW YORK QUALITY
INCOME (NUN)
- -----------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 15.90 14.7000 6.77 6.41
2003 -- 16.09 14.8900 4.37 5.32
2002 -- 16.37 15.3500 13.79 14.14
2001 -- 15.20 14.3300 12.63 11.39
2000 -- 14.44 13.5000 (3.79) 5.74
===================================================================================
Ratios/Supplemental Data
---------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement**
----------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
=====================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- ---------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $291,660 1.18% 6.26% 1.18% 6.26% 11%
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
2000 256,711 1.26 8.39 1.24 8.41 32
NEW YORK SELECT
QUALITY (NVN)
- ---------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 379,117 1.19 6.31 1.19 6.32 8
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
2000 341,311 1.28 8.49 1.28 8.49 20
NEW YORK QUALITY
INCOME (NUN)
- ---------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 383,012 1.19 6.21 1.19 6.21 10
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
2000 347,716 1.22 8.31 1.22 8.31 15
=====================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 $144,000 $25,000 $75,635
2003 144,000 25,000 76,617
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
2000 144,000 25,000 69,568
NEW YORK SELECT
QUALITY (NVN)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 193,000 25,000 74,108
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
2000 193,000 25,000 69,211
NEW YORK QUALITY
INCOME (NUN)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 197,000 25,000 73,606
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
2000 197,000 25,000 69,126
=================================================================
* Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value
per share, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
See accompanying notes to financial statements.
66-67 SPREAD
Financial HIGHLIGHTS (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ------------------------------
Distributions Distributions
from Net from From Net
Beginning Net Investment Capital Investment Capital
Common Realized/ Income to Gains to Income to Gains to
Share Net Unrealized Preferred Preferred Common Common
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
====================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $16.07 $ .97 $ .08 $(.06) $ -- $ .99 $(.92) $ -- $ (.92)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- ------------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
====================================================================================================================================
Total Returns
------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=====================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $ -- $16.14 $15.2300 7.14% 6.40%
2003 -- 16.07 15.1000 .56 5.26
2002 -- 16.17 15.9400 15.88 12.21
2001 -- 15.26 14.5700 15.32 13.11
2000 -- 14.24 13.3750 (.96) 6.38
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 15.69 14.3500 7.55 8.48
2003 -- 15.44 14.3000 (.77) 4.01
2002(a) (.13) 15.82 15.3900 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- -------------------------------------------------------------------------------------
Year Ended 9/30:
2004 -- 14.75 13.6400 5.83 8.58
2003(b) (.23) 14.42 13.7100 (4.40) 5.29
=====================================================================================
Ratios/Supplemental Data
--------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- -----------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
======================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 $134,434 1.21% 6.11% 1.20% 6.11% 16%
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
2000 118,171 1.30 7.80 1.29 7.81 17
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 124,860 1.20 5.91 .74 6.37 9
2003 122,901 1.20 6.07 .74 6.53 15
2002(a) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- ----------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2004 51,818 1.26 5.85 .76 6.35 16
2003(b) 50,645 1.19* 5.10* .70* 5.59* 5
======================================================================================================================
Preferred Shares at End of Period
----------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 $65,000 $25,000 $76,705
2003 65,000 25,000 76,436
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
2000 65,000 25,000 70,450
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 61,000 25,000 76,172
2003 61,000 25,000 75,369
2002(a) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
- -----------------------------------------------------------------
Year Ended 9/30:
2004 27,000 25,000 72,979
2003(b) 27,000 25,000 71,894
=================================================================
* Annualized
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value
per share, reinvested dividend income at net asset value and reinvested
capital gains distributions at net asset value, if any. Total returns are
not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(b) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
68-69 SPREAD
Board Members
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
Members of the Funds. The number of board members of the Funds is currently set
at seven. None of the board members who are not "interested" persons of the
Funds has ever been a director or employee of, or consultant to, Nuveen or its
affiliates. The names and business addresses of the board members 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
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBER WHO IS AN INTERESTED PERSON OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy R. Schwertfeger (1) Chairman of 1994 Chairman and Director (since 1996) of Nuveen Investments, 146
3/28/49 the Board Inc. and Nuveen Investments, LLC; Director (since 1992) and
333 W. Wacker Drive and Trustee Chairman (since 1996) of Nuveen Advisory Corp. and Nuveen
Chicago, IL 60606 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).
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS:
- ------------------------------------------------------------------------------------------------------------------------------------
Robert P. Bremner Board member 1997 Private Investor and Management Consultant. 146
8/22/40
333 W. Wacker Drive
Chicago, IL 60606
- ------------------------------------------------------------------------------------------------------------------------------------
Lawrence H. Brown Board member 1993 Retired (1989) as Senior Vice President of The Northern 146
7/29/34 Trust Company; Director, Community Advisory Board for
333 W. Wacker Drive Highland Park and Highwood, United Way of the North
Chicago, IL 60606 Shore (since 2002).
- ------------------------------------------------------------------------------------------------------------------------------------
Jack B. Evans Board member 1999 President, The Hall-Perrine Foundation, a private philanthropic 146
10/22/48 corporation (since 1996); Director and Vice Chairman, United
333 W. Wacker Drive Fire & Casualty Company; formerly Director, Federal Reserve
Chicago, IL 60606 Bank of Chicago; formerly, President and Chief Operating
Officer, SCI Financial Group, Inc., a regional financial
services firm.
- ------------------------------------------------------------------------------------------------------------------------------------
William C. Hunter Board member 2004 Dean and Distinguished Professor of Finance, School of 146
3/6/48 Business at the University of Connecticut (since 2003);
333 W. Wacker Drive previously Senior Vice President and Director of Research
Chicago, IL 60606 at the Federal Reserve Bank of Chicago (1995-2003);
Director, Credit Research Center at Georgetown University;
Director of Xerox Corporation (since 2004).
70
NUMBER OF
PORTFOLIOS IN
POSITION(S) YEAR FIRST PRINCIPAL OCCUPATION(S) FUND COMPLEX
NAME, BIRTHDATE HELD WITH ELECTED OR INCLUDING OTHER DIRECTORSHIPS OVERSEEN BY
AND ADDRESS THE FUNDS APPOINTED(2) DURING PAST 5 YEARS BOARD MEMBER
- ------------------------------------------------------------------------------------------------------------------------------------
BOARD MEMBERS WHO ARE NOT INTERESTED PERSONS OF THE FUNDS (CONTINUED):
- ------------------------------------------------------------------------------------------------------------------------------------
William J. Schneider Board member 1997 Senior Partner and Chief Operating Officer, Miller-Valentine 146
9/24/44 Group, Vice President, Miller-Valentine Realty, a construction
333 W. Wacker Drive company; Chair, Miami Valley 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 Board member 1997 Executive Director, Gaylord and Dorothy Donnelley 146
12/29/47 Foundation (since 1994); prior thereto, Executive Director,
333 W. Wacker Drive Great Lakes Protection Fund (from 1990 to 1994)
Chicago, IL 60606
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 and 146
9/9/56 Administrative Associate General Counsel, formerly, Vice President and
333 W. Wacker Drive Officer 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 2003);
Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Michael T. Atkinson Vice President 2000 Vice President (since 2002), formerly, Assistant Vice 146
2/3/66 and Assistant President (since 2000), previously, Associate of Nuveen
333 W. Wacker Drive Secretary Investments, LLC.
Chicago, IL 60606
71
Board Members
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):
- ------------------------------------------------------------------------------------------------------------------------------------
Peter H. D'Arrigo Vice President 1999 Vice President of Nuveen Investments, LLC (since 1999), 146
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); Vice President and Treasurer of
Nuveen Rittenhouse Asset Management, Inc. (since 2003);
Chartered Financial Analyst.
- ------------------------------------------------------------------------------------------------------------------------------------
Jessica R. Droeger Vice President 2000 Vice President (since 2002) and Assistant General Counsel 146
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.
- ------------------------------------------------------------------------------------------------------------------------------------
Lorna C. Ferguson Vice President 1998 Managing Director (since 2004) formerly, Vice President of 146
10/24/45 Nuveen Investments, LLC; Managing Director (since 2004)
333 W. Wacker Drive formerly, Vice President (since 1998) of Nuveen Advisory
Chicago, IL 60606 Corp. and Nuveen Institutional Advisory Corp.
- ------------------------------------------------------------------------------------------------------------------------------------
William M. Fitzgerald Vice President 1995 Managing Director (since 2002) of Nuveen Investments, 146
3/2/64 LLC; Managing Director (since 2001), formerly Vice President
333 W. Wacker Drive of Nuveen Advisory Corp. and Nuveen Institutional Advisory
Chicago, IL 60606 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 1998) 146
5/31/54 and Controller of Nuveen Investments, LLC and Vice President and Funds
333 W. Wacker Drive Controller (since 1998) of Nuveen Investments, Inc.;
Chicago, IL 60606 Certified Public Accountant.
72
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):
- ------------------------------------------------------------------------------------------------------------------------------------
James D. Grassi Vice President 2004 Vice President and Deputy Director of Compliance 146
4/13/56 and Chief (since August 2004) of Nuveen Investments, LLC,
333 W. Wacker Drive Compliance Nuveen Investments Advisers Inc., Nuveen Asset
Chicago, IL 60606 Officer Management Inc., Nuveen Advisory Corp., Nuveen
Institutional Advisory Corp. and Rittenhouse Asset
Management, Inc.; formerly, Senior Attorney
(1994-July 2004), The Northern Trust Company.
- ------------------------------------------------------------------------------------------------------------------------------------
David J. Lamb Vice President 2000 Vice President (since 2000) of Nuveen Investments, 146
3/22/63 LLC, previously Assistant Vice President (since 1999);
333 W. Wacker Drive prior thereto, Associate of Nuveen Investments, LLC;
Chicago, IL 60606 Certified Public Accountant.
- ------------------------------------------------------------------------------------------------------------------------------------
Tina M. Lazar Vice President 2002 Vice President (since 1999), previously, Assistant Vice 146
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 146
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).
- ------------------------------------------------------------------------------------------------------------------------------------
Edward F. Neild, IV Vice President 1996 Managing Director (since 2002) of Nuveen Investments, LLC; 146
7/7/65 Managing Director (since 1997), formerly Vice President
333 W. Wacker Drive (since 1996) of Nuveen Advisory Corp. and Nuveen Institutional
Chicago, IL 60606 Advisory Corp.; Managing Director of Nuveen Asset Management,
Inc. (since 1999). Chartered Financial Analyst.
(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 board member
of the Adviser.
(2) Board members serve an indefinite term until his/her successor is elected.
The year first elected or appointed represents the year in which the board
member was first elected or appointed to any fund in the Nuveen Complex.
(3) Officers serve one year terms 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.
73
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit,nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
the dividends or distributions awaiting reinvestment. Because the market price
may increase before purchases are completed, the average purchase price per
share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
74
Other Useful
INFORMATION
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments and (ii) information
regarding how the Funds voted proxies relating to portfolio securities held
during the most recent 12-month period ended June 30, 2004, are available
without charge, upon request, by calling Nuveen Investments toll-free at (800)
257-8787 or on Nuveen's web site at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the sensitivity of a bond
or bond fund's value to changes when interest rates change. 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 longer than the duration of
the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
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 REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period ended September 30, 2004. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
75
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing $100 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.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
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.
o Share prices
Learn more o Fund details
about Nuveen Funds at o Daily financial news
WWW.NUVEEN.COM/ETF o Investor education
o Interactive planning tools
Logo: NUVEEN Investments
EAN-B-0904D
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 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 Jack B. Evans, Chairman of the Audit Committee, who is "independent"
for purposes of Item 3 of Form N-CSR. Mr. Evans has served as the registrant's
audit committee financial expert from July 26, 2004 to the end of the reporting
period on September 30, 2004.
Prior to July 26, 2004, William E. Bennett, who was "independent" for purposes
of Item 3 of Form N-CSR served as the audit committee financial expert. Although
Mr. Bennett served as the audit committee financial expert during the reporting
period, he unexpectedly resigned from the Board effective April 30, 2004.
Accordingly for this reporting period, the registrant did not have a designated
"audit committee financial expert" from April 30, 2004 to July 26, 2004.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial
Group, Inc., a full service registered broker-dealer and registered investment
adviser ("SCI"). As part of his role as President and Chief Operating Officer,
Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and
actively supervised the CFO's preparation of financial statements and other
filings with various regulatory authorities. In such capacity, Mr. Evans was
actively involved in the preparation of SCI's financial statements and the
resolution of issues raised in connection therewith. Mr. Evans has also served
on the audit committee of various reporting companies. At such companies, Mr.
Evans was involved in the oversight of audits, audit plans, and the preparation
of financial statements. Mr. Evans also formerly chaired the audit committee of
the Federal Reserve Bank of Chicago.
Mr. Bennett was formerly Executive Vice President and Chief Credit Officer of
First Chicago Corporation and its principal subsidiary, 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.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
The following tables show the amount of fees that Ernst & Young LLP, the Fund's
auditor, billed to the Fund during the Fund's last two full fiscal years. For
engagements with Ernst & Young LLP entered into on or after May 6, 2003, the
Audit Committee approved in advance all audit services and non-audit services
that Ernst & Young LLP provided to the Fund, except for those non-audit services
that were subject to the pre-approval exception under Rule 2-01 of Regulation
S-X (the "pre-approval exception"). The pre-approval exception for services
provided directly to the Fund waives the pre-approval requirement for services
other than audit, review or attest services if: (A) the aggregate amount of all
such services provided constitutes no more than 5% of the total amount of
revenues paid by the Fund to its accountant during the fiscal year in which the
services are provided; (B) the Fund did not recognize the services as non-audit
services at the time of the engagement; and (C) the services are promptly
brought to the Audit Committee's attention, and the Committee (or its delegate)
approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND
AUDIT FEES BILLED AUDIT-RELATED FEES TAX FEES ALL OTHER FEES
FISCAL YEAR ENDED TO FUND BILLED TO FUND BILLED TO FUND BILLED TO FUND
- ------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 18,257 $ 0 $ 364 $ 2,500
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A 0% 0% 0%
pursuant to
pre-approval
exception
- ------------------------------------------------------------------------------------------------------------------------------------
September 30, 2003 $ 16,003 $ 0 $ 464 $ 2,300
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A 0% 0% 0%
pursuant to
pre-approval
exception
- ------------------------------------------------------------------------------------------------------------------------------------
The above "Tax Fees" were billed for professional services for tax advice, tax
compliance and tax planning.
SERVICES THAT THE FUND'S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by Ernst & Young LLP to
Nuveen Advisory Corp. ("NAC" or the "Adviser"), and any entity controlling,
controlled by or under common control with NAC ("Control Affiliate") that
provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for
engagements directly related to the Fund's operations and financial reporting,
during the Fund's last two full fiscal years.
The table also shows the percentage of fees subject to the pre-approval
exception. The pre-approval exception for services provided to the Adviser and
any Affiliated Fund Service Provider (other than audit, review or attest
services) waives the pre-approval requirement if: (A) the aggregate amount of
all such services provided constitutes no more than 5% of the total amount of
revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund
Service Providers during the fiscal year in which the services are provided that
would have to be pre-approved by the Audit Committee; (B) the Fund did not
recognize the services as non-audit services at the time of the engagement; and
(C) the services are promptly brought to the Audit Committee's attention, and
the Committee (or its delegate) approves the services before the Fund's audit is
completed.
FISCAL YEAR ENDED AUDIT-RELATED FEES TAX FEES BILLED TO ALL OTHER FEES
BILLED TO ADVISER AND ADVISER AND BILLED TO ADVISER
AFFILIATED FUND AFFILIATED FUND AND AFFILIATED FUND
SERVICE PROVIDERS SERVICE PROVIDERS SERVICE PROVIDERS
- ------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 0 $ 0 $ 0
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage approved 0% 0% 0%
pursuant to
pre-approval
exception
- ------------------------------------------------------------------------------------------------------------------------------------
September 30, 2003 $ 0 $ 0 $ 0
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage approved N/A N/A N/A
pursuant to
pre-approval
exception
- ------------------------------------------------------------------------------------------------------------------------------------
NON-AUDIT SERVICES
The following table shows the amount of fees that Ernst & Young LLP billed
during the Fund's last two full fiscal years for non-audit services. For
engagements entered into on or after May 6, 2003, the Audit Committee is
required to pre-approve non-audit services that Ernst & Young LLP provides to
the Adviser and any Affiliated Fund Services Provider, if the engagement related
directly to the Fund's operations and financial reporting (except for those
subject to the de minimis exception described above). The Audit Committee
requested and received information from Ernst & Young LLP about any non-audit
services that Ernst & Young LLP rendered during the Fund's last fiscal year to
the Adviser and any Affiliated Fund Service Provider. The Committee considered
this information in evaluating Ernst & Young LLP independence.
FISCAL YEAR ENDED TOTAL NON-AUDIT FEES
BILLED TO ADVISER AND
AFFILIATED FUND SERVICE TOTAL NON-AUDIT FEES
PROVIDERS (ENGAGEMENTS BILLED TO ADVISER AND
RELATED DIRECTLY TO THE AFFILIATED FUND SERVICE
TOTAL NON-AUDIT FEES OPERATIONS AND FINANCIAL PROVIDERS (ALL OTHER
BILLED TO FUND REPORTING OF THE FUND) ENGAGEMENTS) TOTAL
- ------------------------------------------------------------------------------------------------------------------------------------
September 30, 2004 $ 2,864 $ 0 $ 0 $ 2,864
September 30, 2003 $ 2,764 $ 0 $ 0 $ 2,764
Audit Committee Pre-Approval Policies and Procedures. Generally, the audit
committee must approve (i) all non-audit services to be performed for the Fund
by the Fund's independent accountants and (ii) all audit and non-audit services
to be performed by the Fund's independent accountants for the Affiliated Fund
Service Providers with respect to operations and financial reporting of the
Fund. Regarding tax and research projects conducted by the independent
accountants for the Fund and Affiliated Fund Service Providers (with respect to
operations and financial reports of the Fund) such engagements will be (i)
pre-approved by the audit committee if they are expected to be for amounts
greater than $10,000; (ii) reported to the audit committee chairman for his
verbal approval prior to engagement if they are expected to be for amounts under
$10,000 but greater than $5,000; and (iii) reported to the audit committee at
the next audit committee meeting if they are expected to be for an amount under
$5,000.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
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,
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. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
In the event of a vacancy on the Board, the nominating and governance committee
receives suggestions from various sources, including shareholders, as to
suitable candidates. Suggestions should be sent in writing to Lorna Ferguson,
Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive,
Chicago, IL 60606. The nominating and governance committee sets appropriate
standards and requirements for nominations for new directors and reserves the
right to interview all candidates and to make the final selection of any new
directors.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the 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 12. 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 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
Attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen New York Quality Income Municipal Fund, Inc.
-----------------------------------------------------------
By (Signature and Title)* /s/ Jessica R. Droeger
----------------------------------------------
Jessica R. Droeger
Vice President and Secretary
Date: December 8, 2004
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(Principal Executive Officer)
Date: December 8, 2004
-------------------------------------------------------------------
By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(Principal Financial Officer)
Date: December 8, 2004
-------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.