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 811-21211
---------------------
Nuveen Insured New York Tax-Free Advantage Municipal Fund
------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Jessica R. Droeger
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
-------------------
Date of fiscal year end: September 30
------------------
Date of reporting period: March 31, 2005
------------------
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
SEMIANNUAL REPORT March 31, 2005
Nuveen Investments
Municipal Closed-End
Exchange-Traded
Funds
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NVN
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
NKO
NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND
NRK
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KEEP.(R)
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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 six-month period covered by
this semiannual report your Fund continued to provide you with monthly tax-free
income and an attractive total return. For more details about the management
strategy and performance of your Fund, please see the Portfolio Manager's
Comments and Performance Overview sections of this report.
As I noted in my last letter to you, our conversations with financial advisers
and investors suggest that many of you may be wondering whether longer-term
interest rates will soon begin to rise substantially, mirroring the rise that
has taken place over the past year in shorter-term rates. If longer-term rates
do begin to rise significantly, some of you also may be wondering if that makes
this a good time to adjust your holdings of fixed-income investments. We can't
answer these questions for you - no one knows what the future will bring.
"IN FACT, A WELL-DIVERSIFIED PORTFOLIO MAY ACTUALLY HELP TO REDUCE YOUR OVERALL
INVESTMENT RISK."
From our experience, we do know that a well-balanced portfolio, structured and
carefully monitored with the help of a trusted investment professional, can be
an important component in helping you achieve your long-term financial goals. In
fact, a well-diversified portfolio may actually help to reduce your overall
investment risk. That is one reason why we believe that a municipal bond
investment like your Nuveen Fund can be an important building block in a
comprehensive investment program designed to perform well in a variety of market
conditions.
As in past reports, I urge you to consider receiving future Fund reports and
other Fund information by e-mail and the Internet. Not only will you be able to
receive the information faster, but this also may help lower your Fund's
expenses. Sign up is quick and easy - see the inside front cover of this report
for instructions.
Some of you may have heard that in April, 2005, The St. Paul Travelers
Companies, Inc., which had owned 79% of Nuveen Investments, Inc. (the parent of
your Fund's investment adviser) completed a public offering of a substantial
portion of its equity stake in Nuveen. At the same time, St. Paul Travelers also
entered into agreements to sell the balance of its shares in Nuveen to us or to
others at a future date.
These transactions will have no impact on the investment objectives or
management of your Fund. However, taken as a whole they are considered to be an
"assignment" of your Fund's investment management agreement. This means that you
and your fellow Fund shareholders soon will be asked to formally approve the
continuation of your Fund's management contract with Nuveen. We will be sending
you more information about this process in the coming weeks.
At Nuveen Investments, our mission continues to be to assist you and your
financial advisor by offering investment services and products that can help you
to secure your financial objectives. We are grateful that you have chosen us as
a partner as you pursue your financial goals, and we look forward to continuing
to earn your trust in the months and years ahead.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 16, 2005
Nuveen New York Municipal Closed-End Exchange-Traded Funds
NQN, NVN, NUN, NNF, NKO, NRK
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan reviews key investment strategies and the
semiannual performance of these six New York Funds. Paul, who has 14 years of
investment experience, including 8 years with Nuveen, has managed NQN, NVN, NUN
and NNF since 1999 and NKO and NRK since their inceptions in 2002.
WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE SIX MONTHS ENDED
MARCH 31, 2005?
Between October 2004 and March 2005, the Federal Reserve implemented four
quarter-point increases in the fed funds rate, raising this short-term interest
rate target to 2.75% from 1.75%. (On May 3, 2005, after the close of this
reporting period, the fed funds rate was raised to 3.00%.) With the market
anticipating increases in interest rates throughout the period, our focus
centered on finding bonds that, in our judgment, would add immediate value to
the Funds' portfolios and that also had the potential to perform well under a
variety of future market scenarios.
During this six-month reporting period, municipal issuance in New York jumped
67% over that of the previous six months, with almost $23 billion in new supply
during this period. Insured and higher-quality issues fueled much of this
growth. As a result, we were able to find several attractive opportunities to
make trades that we believed would benefit the Funds over time.
Generally, our purchase activity in these Funds focused on bonds in the
intermediate and long-intermediate parts of the yield curve, that is, bonds that
mature in 10 years or more. During the period, we began to place greater
emphasis on bonds further out on the yield curve, specifically those with 20
years or more to maturity, especially in NQN, NVN, NUN and NNF. In our opinion,
this longer part of the curve generally offered more attractive opportunities
and better value.
Driving the increase in New York supply were increased refundings and some
particularly large new issues, including a $2.5 billion issuance by Sales Tax
Asset Receivable (STAR Corp.) in October 2004. We added insured STAR issues to
all of the Funds' portfolios over the six-month period. Other additions during
this period included insured New York City bonds and insured Puerto Rico debt
which, like bonds from New York issuers, provide New York residents with income
free from federal, state and local taxes. Some of these additions were financed
with the proceeds from sales of pre-refunded bonds and bonds
4
with shorter maturities, which tended to underperform in the interest rate
environment of the past six months.
In NKO and NRK, which can invest up to 20% of their assets in uninsured
investment-grade quality securities, we maintained some exposure to lower-rated
investment-grade issues, and this generally helped performance as these
lower-rated bonds were often among the best performers for this reporting
period.
During this period, we also worked to reduce the interest rate risk in NRK's
portfolio by hedging the Fund's interest rate exposure in the derivatives
markets. It is important to note that we did not use the hedge in an attempt to
profit from correctly predicting the timing and direction of interest rate
movements. Instead, our sole objective was to reduce NRK's duration (and
therefore its price sensitivity to interest rate changes) without having a
negative impact on its income streams or common share dividends over the short
term. The cost of the hedge is reflected as an addition or subtraction to the
Fund's net asset value (NAV) as the market value of the hedge fluctuates. The
hedge, which had a positive market value as of March 31, 2005, was effective in
helping to reduce the NAV volatility of NRK over the course of this reporting
period.
We should also note that, in November 2004, Moody's upgraded the credit rating
on New York State general obligation bonds to A1 from A2, based on the state's
improving economic outlook. This rating was reconfirmed in February 2005, as was
Standard & Poor's AA rating for the state. In addition, on April 4, 2005,
following the end of this reporting period, Moody's upgraded the rating on New
York City general obligation debt to A1 from A2, the highest rating ever given
to the city by Moody's. The rating agency cited New York City's ability to make
difficult budgetary and fiscal policy decisions in recovering from one of the
most serious fiscal crises in decades as the primary reason for the upgrade.
5
HOW DID THE FUNDS PERFORM?
Individual results for the Nuveen New York Funds, as well as for comparative
indexes and averages, are presented in the accompanying table.
TOTAL RETURNS ON NET ASSET VALUE*
For periods ended 3/31/05
6-MONTH 1-YEAR 5-YEAR 10-YEAR
--------------------------------------------------------------------------------
NQN 0.15% 2.44% 9.03% 6.94%
--------------------------------------------------------------------------------
NVN 0.67% 3.20% 8.63% 6.89%
--------------------------------------------------------------------------------
NUN 0.71% 2.71% 8.29% 6.90%
--------------------------------------------------------------------------------
NNF 0.74% 2.84% 8.46% 7.46%
--------------------------------------------------------------------------------
NKO 1.84% 4.15% NA NA
--------------------------------------------------------------------------------
NRK 2.18% 3.97% NA NA
--------------------------------------------------------------------------------
Lehman Brothers NY
Insured Tax-Exempt
Bond Index1 1.22% 2.65% 7.03% 6.50%
--------------------------------------------------------------------------------
Lipper NY Insured
Municipal Debt
Funds Average2 1.96% 4.69% 8.11% 6.80%
--------------------------------------------------------------------------------
* Six-month returns are cumulative; returns for one year, five years, and ten
years are annualized.
Past performance is not predictive of future results. Returns do not
reflect the deduction of taxes that shareholders may have to pay on Fund
distributions or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
For the six months ended March 31, 2005, the cumulative returns on NAV for the
two newer Funds, NKO and NRK, outperformed the return on the Lehman Brothers New
York Insured Tax-Exempt Bond Index. The returns on NQN, NVN, NUN and NNF trailed
this measure. NRK also outperformed the Lipper New York Insured Municipal Debt
Fund group average, while the other five Funds underperformed the average.
During this reporting period, the municipal yield curve flattened as a result of
the rise in short-term rates in response to increases in the fed funds rate,
while longer-term yields ended the six-month period at virtually the same level
as they began it. As a result, the prices of bonds with longer maturities, which
usually are more sensitive to interest rate movements, generally tended to
perform better than those of securities with shorter maturities. This hampered
the performance of older Funds - NQN, NVN, NUN and NNF - which had more exposure
to the short end of the yield curve than the newer NKO and NRK, or the more
broadly based Lehman index. The exposures to longer and shorter maturity bonds
among these Funds accounted for much of their relative performance
1 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an
unleveraged, unmanaged index comprising a broad range of insured New York
municipal bonds. Results for the Lehman index do not reflect any expenses.
2 The Lipper New York Insured Municipal Debt Funds category average is
calculated using the returns of all closed-end exchange-traded funds in
this category for each period as follows: 6 months, 13 funds; 1 year, 13
funds; 5 years, 8 funds; and 10 years, 6 funds. Fund and Lipper returns
assume reinvestment of dividends.
6
differential between each other and between them and the Lehman index over the
six-month reporting period.
NKO and NRK also benefited from their allocations to lower-rated
investment-grade bonds, which generally outperformed other credit quality
sectors as the economy improved. As of March 31, 2005, NKO and NRK each had 10%
and 13%, respectively, of their portfolios in bonds rated below AAA. Among the
lower-rated holdings making positive contributions to the two Funds' cumulative
returns were hospital bonds, as the healthcare sector ranked second in terms of
performance among the Lehman municipal revenue sectors for the period. Bonds
backed by the 1998 master tobacco settlement agreement also produced solid
performance during this period, as the litigation environment improved and the
supply/demand situation drove tobacco bond prices higher. As of March 31, 2005,
NKO and NRK held 3.7% and 3.0% of their portfolios, respectively, in tobacco
bonds that were uninsured or unenhanced by another revenue source.
The performance of each of these New York Funds was helped to some extent by
several advance refundings of their holdings during this period, which resulted
in price appreciation as well as enhanced credit quality. At the same time,
however, the Funds' holdings of older pre-refunded bonds tended to underperform
the general municipal market during this period, due primarily to the shorter
effective maturities of these bonds.
HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF
MARCH 31, 2005?
We continued to believe that, given the current geopolitical and economic
climate, maintaining strong credit quality was an important requirement. As of
March 31, 2005, NQN, NVN, NUN and NNF continued to be 100% invested in insured
and/or U.S.guaranteed securities, while NKO and NRK, which can invest up to 20%
of their assets in uninsured investment-grade quality securities, had allocated
84% and 85% of their portfolios, respectively, to insured bonds.
As of March 31, 2005, potential call exposure for the period April 2005 through
the end of 2006 ranged from 1% in NKO and NRK to 6% in NQN and NNF, 7% in NUN,
and 8% in NVN. The number of actual bond calls in all of these Funds depends
largely on future market interest rates.
7
Dividend and Share Price
INFORMATION
Each of the six Nuveen New York Funds covered in this report is leveraged. While
leveraging can add volatility to the Funds' NAVs and share prices, especially
during periods when interest rates rise, this strategy can also provide
opportunities for additional income and total returns for common shareholders.
The extent of this benefit is tied in part to the short-term rates these Funds
pay their MuniPreferred(R) shareholders. During periods of low short-term rates,
leveraged Funds generally pay lower dividends to their MuniPreferred
shareholders, which can leave more earnings to support common share dividends.
Although short-term interest rates remained relatively low during this period,
the Federal Reserve's systematic program of tightening raised the borrowing
costs of these six Funds, putting pressure on their dividends. This led to one
dividend cut in NQN, NVN, NUN, NNF and NKO and three cuts in NRK during this
reporting period.
Due to capital gains generated by normal portfolio activity, common shareholders
of the following Funds also received capital gains and/or net ordinary income
distributions at the end of December 2004 as indicated:
LONG-TERM
CAPITAL GAINS ORDINARY INCOME
(PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NQN $0.2745 $ --
--------------------------------------------------------------------------------
NVN $0.1280 $ --
--------------------------------------------------------------------------------
NUN $0.0900 $0.0009
--------------------------------------------------------------------------------
NNF $0.1836 $ --
--------------------------------------------------------------------------------
NKO $0.1153 $0.0005
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment
8
income as dividends to shareholders. As of March 31, 2005, all of the Funds in
this report except NRK had positive UNII balances for both financial statement
and tax purposes. NRK had a negative UNII balance for financial statement
purposes and a positive UNII balance for tax purposes.
At the end of the reporting period, the Funds' share prices were trading at
discounts to their NAVs as shown in the accompanying chart:
3/31/05 6-MONTH AVERAGE
DISCOUNT DISCOUNT
--------------------------------------------------------------------------------
NQN -6.10% -5.00%
--------------------------------------------------------------------------------
NVN -7.65% -5.89%
--------------------------------------------------------------------------------
NUN -7.95% -6.99%
--------------------------------------------------------------------------------
NNF -8.52% -5.76%
--------------------------------------------------------------------------------
NKO -8.56% -7.35%
--------------------------------------------------------------------------------
NRK -8.59% -7.46%
--------------------------------------------------------------------------------
9
Nuveen New York Investment Quality Municipal Fund, Inc.
NQN
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 86%
U.S. Guaranteed 14%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0815
May 0.0815
Jun 0.0815
Jul 0.0815
Aug 0.0815
Sep 0.0815
Oct 0.0815
Nov 0.0815
Dec 0.0815
Jan 0.0815
Feb 0.0815
Mar 0.0785
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 16.65
16.52
15.98
15.65
15.7
15.78
15.85
15.5
15.09
15.04
15.15
15.21
15.23
15.21
15.2
15
14.88
14.72
14.54
14.54
14.62
14.59
14.5
14.48
14.31
14.16
14.16
14.21
14
13.93
13.94
13.94
14.11
14.18
14.23
14.29
14.17
14.22
14.28
14.33
14.32
14.32
14.3
14.35
14.36
14.34
14.27
14.21
14.16
14.18
14
14.16
14.14
14.14
14.18
14.2
14.16
14.17
14.24
14.23
14.15
14.22
14.25
14.39
14.65
14.79
14.85
14.8
14.88
14.95
14.85
14.83
14.82
14.9
14.92
14.75
14.47
14.53
14.57
14.62
14.61
14.68
14.75
14.83
14.83
14.89
14.95
14.9
15
15.24
15.21
15.17
15.25
15.2
15.29
15.36
15.5
15.59
15.65
15.56
15.53
15.46
15.48
15.49
15.43
15.51
15.6
15.51
15.53
15.4
15.38
15.45
15.55
15.62
15.63
15.61
15.58
15.56
15.58
15.61
15.65
15.59
15.52
15.55
15.59
15.57
15.6
15.52
15.48
15.5
15.58
15.61
15.53
15.62
15.67
15.67
15.65
15.64
15.63
15.69
15.63
15.68
15.89
15.93
15.97
15.94
16
15.88
15.87
15.99
15.99
16.02
15.99
15.76
15.55
15.48
15.46
15.61
15.87
15.75
15.76
15.66
15.66
15.52
15.62
15.72
15.7
15.7
15.8
15.73
15.73
15.75
15.8
15.75
15.73
15.75
15.84
15.92
15.57
15.51
15.48
15.38
15.27
15.18
15.19
15.15
15.18
15.2
15.18
15.24
15.35
15.49
15.42
15.41
15.49
15.47
15.56
15.35
15.25
15.12
15.03
15.08
15.03
15.01
15.06
15
14.99
14.95
14.96
15
15.07
15.1
15.139
15.15
15.19
15.35
15.39
15.41
15.41
15.4
15.27
15.3
15.24
15.2
15.04
15.01
15.03
15.1
15.19
15.21
15.2
15.29
15.27
15.3
15.41
15.44
15.4
15.23
15.22
15.11
15.3
15.19
15.17
15.16
15.12
15.1
15.11
14.92
14.75
14.68
14.67
14.69
3/31/05 14.77
FUND SNAPSHOT
------------------------------------
Common Share Price $14.77
------------------------------------
Common Share
Net Asset Value $15.73
------------------------------------
Premium/(Discount) to NAV -6.10%
------------------------------------
Market Yield 6.38%
------------------------------------
Taxable-Equivalent Yield1 9.52%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $278,678
------------------------------------
Average Effective
Maturity on Securities (Years) 15.98
------------------------------------
Leverage-Adjusted Duration 7.83
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/90)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -0.04% 0.15%
------------------------------------
1-Year -3.68% 2.44%
------------------------------------
5-Year 9.40% 9.03%
------------------------------------
10-Year 6.64% 6.94%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.2%
------------------------------------
Healthcare 16.1%
------------------------------------
U.S. Guaranteed 13.9%
------------------------------------
Tax Obligation/General 9.8%
------------------------------------
Transportation 9.6%
------------------------------------
Utilities 7.0%
------------------------------------
Education and Civic
Organizations 6.5%
------------------------------------
Other 6.9%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.2745 per share.
10
Nuveen New York Select Quality Municipal Fund, Inc.
NVN
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 88%
U.S. Guaranteed 12%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0795
May 0.0795
Jun 0.0795
Jul 0.0795
Aug 0.0795
Sep 0.0795
Oct 0.0795
Nov 0.0795
Dec 0.0795
Jan 0.0795
Feb 0.0795
Mar 0.0765
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 16.3
16.01
15.46
15.15
15.67
15.55
15.44
15.03
14.65
14.68
14.8
14.8
14.72
14.5
14.6
14.55
14.41
14.24
14.15
14.06
14.07
14.16
14.24
14.12
14.13
13.85
13.8
13.81
13.85
13.83
13.78
13.76
13.66
13.76
13.64
13.75
13.7
13.85
13.97
14.21
14.14
14.14
14.28
14.28
14.18
14.15
13.95
13.91
13.91
13.92
13.8
13.92
13.96
14.03
14
14.04
13.98
14.07
14.15
14.09
14.04
14.09
14.13
14.18
14.53
14.52
14.53
14.5
14.62
14.55
14.57
14.52
14.47
14.58
14.71
14.53
14.2
14.34
14.31
14.36
14.35
14.43
14.51
14.58
14.58
14.72
14.73
14.74
14.75
14.69
14.7
14.71
14.61
14.59
14.66
14.7
14.78
14.73
14.75
14.82
14.85
14.9
14.9
14.86
14.99
15.08
15.27
15.218
15.24
14.99
15.03
15.12
15.16
15.23
15.179
15.15
15.2
15.22
15.05
15
15.01
15.18
15.22
15.16
15.15
15.14
15.09
15.04
14.97
15
15.11
15.2
15.2
15.43
15.5
15.64
15.43
15.44
15.39
15.38
15.36
15.44
15.55
15.5
15.44
15.46
15.45
15.44
15.45
15.56
15.5
15.54
15.53
15.23
15.01
15.03
15.16
15.27
15.3
15.25
15.12
15.21
15.18
15
15.09
15.15
15.15
15.13
14.86
14.87
14.81
14.75
14.95
14.91
14.86
14.95
14.979
15.03
14.97
14.85
14.82
14.76
14.77
14.79
14.86
14.8
14.76
14.83
14.8
14.88
15.1
15.42
15.32
15
15.01
15.03
15.17
15.16
15.26
15.36
15.3
15.12
15.01
15.06
15.05
15.05
15.05
15.07
15.071
15.11
15.15
15.2
15.3
15.38
15.3
15.27
15.31
15.36
15.36
15.37
15.36
15.38
15.4
15.39
15.39
15.33
15.38
15.34
15.34
15.36
15.36
15.37
15.34
15.4
15.4
15.33
15.28
15.12
15.18
15.08
14.96
15.1
15.1
15.09
14.98
14.93
14.69
14.61
14.61
14.42
14.39
14.43
3/31/05 14.49
FUND SNAPSHOT
------------------------------------
Common Share Price $14.49
------------------------------------
Common Share
Net Asset Value $15.69
------------------------------------
Premium/(Discount) to NAV -7.65%
------------------------------------
Market Yield 6.34%
------------------------------------
Taxable-Equivalent Yield1 9.46%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $367,750
------------------------------------
Average Effective
Maturity on Securities (Years) 16.92
------------------------------------
Leverage-Adjusted Duration 8.58
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 5/22/91)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 0.23% 0.67%
------------------------------------
1-Year -4.76% 3.20%
------------------------------------
5-Year 8.98% 8.63%
------------------------------------
10-Year 6.60% 6.89%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 28.9%
------------------------------------
Tax Obligation/General 12.7%
------------------------------------
Healthcare 12.5%
------------------------------------
U.S. Guaranteed 12.3%
------------------------------------
Utilities 9.8%
------------------------------------
Education and Civic
Organizations 8.0%
------------------------------------
Transportation 6.4%
------------------------------------
Other 9.4%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1280 per share.
11
Nuveen New York Quality Income Municipal Fund, Inc.
NUN
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 86%
U.S. Guaranteed 14%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0765
May 0.0765
Jun 0.0765
Jul 0.0765
Aug 0.0765
Sep 0.0765
Oct 0.0765
Nov 0.0765
Dec 0.0765
Jan 0.0765
Feb 0.0765
Mar 0.0735
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 15.81
15.44
14.95
14.86
15.01
15.03
14.98
14.8
14.39
14.27
14.39
14.35
14.05
13.91
14.06
13.91
13.87
13.79
13.81
13.77
13.79
13.8
13.75
13.73
13.59
13.31
13.12
13.39
13.44
13.36
13.34
13.32
13.27
13.28
13.3
13.31
13.37
13.48
13.64
13.71
13.7
13.7
13.65
13.69
13.72
13.67
13.55
13.57
13.52
13.5
13.34
13.52
13.52
13.47
13.44
13.5
13.49
13.53
13.61
13.62
13.64
13.6
13.62
13.66
13.83
13.9
14.01
14
14.2
14.22
14.11
14.14
14.09
14.12
14.14
13.91
13.77
13.82
13.83
13.88
13.82
13.89
13.97
14.11
14.11
14.15
14.22
14.18
14.18
14.24
14.23
14.22
14.12
14.1
14.15
14.23
14.27
14.41
14.42
14.42
14.4
14.36
14.38
14.44
14.52
14.55
14.71
14.74
14.71
14.6
14.55
14.67
14.66
14.67
14.674
14.74
14.65
14.67
14.7
14.7
14.74
14.78
14.78
14.75
14.72
14.85
14.78
14.7
14.62
14.66
14.64
14.75
14.72
14.88
15
14.99
14.87
14.84
14.86
14.83
14.96
14.97
14.96
14.96
14.98
15.03
15.13
15.12
15.06
15.12
15.21
15.09
15.24
15.08
14.85
14.85
14.85
14.82
14.88
14.95
14.98
14.93
14.9
14.83
14.93
14.97
14.94
14.84
14.7
14.52
14.54
14.41
14.52
14.56
14.5
14.56
14.57
14.65
14.56
14.49
14.49
14.37
14.27
14.28
14.27
14.1
14.13
14.16
14.22
14.22
14.36
14.44
14.5
14.29
14.3
14.4
14.44
14.46
14.48
14.41
14.52
14.55
14.52
14.58
14.62
14.6
14.68
14.85
14.8
14.9
14.87
14.95
15.01
14.9
14.94
14.93
14.95
15.1
15.14
15.12
15.17
15.2
15.13
15.12
15.05
15.03
14.96
15
14.99
15.09
15.1
15.18
15.17
15.16
15.17
15.07
15.03
14.89
14.71
14.62
14.72
14.62
14.66
14.55
14.64
14.44
14.49
14.21
14.19
14.05
14.02
14.13
3/31/05 14.24
FUND SNAPSHOT
------------------------------------
Common Share Price $14.24
------------------------------------
Common Share
Net Asset Value $15.47
------------------------------------
Premium/(Discount) to NAV -7.95%
------------------------------------
Market Yield 6.19%
------------------------------------
Taxable-Equivalent Yield1 9.24%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $372,663
------------------------------------
Average Effective
Maturity on Securities (Years) 16.21
------------------------------------
Leverage-Adjusted Duration 8.51
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/20/91)
------------------------------------
6-Month
(Cumulative) 0.54% 0.71%
------------------------------------
1-Year -2.95% 2.71%
------------------------------------
5-Year 9.11% 8.29%
------------------------------------
10-Year 6.89% 6.90%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.5%
------------------------------------
Education and Civic
Organizations 15.8%
------------------------------------
U.S. Guaranteed 12.1%
------------------------------------
Tax Obligation/General 10.2%
------------------------------------
Healthcare 9.8%
------------------------------------
Transportation 7.6%
------------------------------------
Utilities 7.5%
------------------------------------
Other 6.5%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.0909 per share.
12
Nuveen Insured New York Premium Income Municipal Fund, Inc.
NNF
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 91%
U.S. Guaranteed 9%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.077
May 0.077
Jun 0.077
Jul 0.077
Aug 0.077
Sep 0.077
Oct 0.077
Nov 0.077
Dec 0.077
Jan 0.077
Feb 0.077
Mar 0.074
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 16.32
16.06
15.51
15.17
15.22
15.4
15.32
14.85
14.63
14.6
14.69
14.7
14.71
14.5
14.59
14.4
14.31
14.27
14.3
14.15
14.25
14.12
14.1
14.17
14.12
14.07
14.09
14.1
13.8
13.48
13.39
13.45
13.5
13.59
13.56
13.59
13.75
13.78
13.88
13.94
13.98
13.98
13.98
13.93
13.98
13.93
13.95
13.87
13.82
13.87
13.8
13.73
13.67
13.65
13.62
13.66
13.65
13.67
13.8
13.76
13.67
13.77
13.79
13.85
14
14.07
14.15
14.1
14.3
14.4
14.36
14.49
14.45
14.59
14.58
14.43
14.21
14.3
14.29
14.29
14.25
14.27
14.42
14.43
14.43
14.44
14.5
14.45
14.46
14.57
14.6
14.68
14.61
14.55
14.74
14.78
14.9
14.91
14.93
15.04
15.12
15
15
15.09
15.19
15.25
15.18
15.23
15.23
15.11
15.38
15.29
15.45
15.5
15.23
15.29
15.35
15.37
15.3
15.24
15.28
15.37
15.37
15.3
15.3
15.38
15.38
15.23
15.34
15.4
15.4
15.49
15.35
15.48
15.69
15.69
15.65
15.8
15.7
15.62
15.581
15.63
15.61
15.59
15.6
15.6
15.58
15.53
15.49
15.5
15.44
15.55
15.6
15.42
15.03
15.08
15.12
15.13
15.18
15.2
15.24
15.25
15.3
15.191
15.31
15.34
15.37
15.4
15.26
15.25
15.26
15.14
15.12
15.24
15.16
15.23
15.18
15.25
15.05
15.07
15.15
15
14.85
14.87
14.82
14.79
14.71
14.82
14.66
14.8
15.05
15.15
15.26
15.26
15.35
15.45
15.59
15.18
14.81
14.71
14.61
14.59
14.55
14.63
14.63
14.68
14.71
14.7
14.72
14.76
14.73
14.84
14.86
14.94
14.98
15.09
15.07
15.09
15.2
15.22
15.17
15.13
15.13
15.11
14.92
14.99
14.84
15
15.02
14.98
15.01
15.14
15.13
15.14
15.21
15.16
15.19
15.12
15
14.85
15.02
15.01
15
14.8
14.86
14.71
14.58
14.4
14.37
14.11
14.14
14.19
3/31/05 14.289
FUND SNAPSHOT
------------------------------------
Common Share Price $14.29
------------------------------------
Common Share
Net Asset Value $15.62
------------------------------------
Premium/(Discount) to NAV -8.52%
------------------------------------
Market Yield 6.21%
------------------------------------
Taxable-Equivalent Yield1 9.27%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $130,126
------------------------------------
Average Effective
Maturity on Securities (Years) 16.36
------------------------------------
Leverage-Adjusted Duration 8.11
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 12/17/92)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) -2.13% 0.74%
------------------------------------
1-Year -5.55% 2.84%
------------------------------------
5-Year 8.69% 8.46%
------------------------------------
10-Year 7.77% 7.46%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 30.0%
------------------------------------
Education and Civic
Organizations 16.7%
------------------------------------
Healthcare 13.6%
------------------------------------
U.S. Guaranteed 9.2%
------------------------------------
Tax Obligation/General 8.6%
------------------------------------
Utilities 7.0%
------------------------------------
Water and Sewer 6.8%
------------------------------------
Transportation 5.8%
------------------------------------
Other 2.3%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders a capital gains distribution in December
2004 of $0.1836 per share.
13
Nuveen Insured New York Dividend Advantage Municipal Fund
NKO
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 84%
AAA (uninsured) 6%
AA (uninsured) 4%
BBB (uninsured) 6%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Apr 0.0745
May 0.0745
Jun 0.0745
Jul 0.0745
Aug 0.0745
Sep 0.0745
Oct 0.0745
Nov 0.0745
Dec 0.0745
Jan 0.0745
Feb 0.0745
Mar 0.0715
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 15.45
15.3
14.95
14.48
14.8
15.05
14.95
14.75
14.3
14.35
14.26
14.45
14.19
14.02
13.98
13.58
13.34
13.4
13.75
13.5
13.55
13.59
13.55
13.48
13.25
12.95
12.97
13.24
13.1
13.06
13
13
13.2
12.98
12.98
13
13.12
13.06
13.13
13.36
13.26
13.26
13.53
13.52
13.45
13.32
13.2
13.14
13.05
13
12.95
13.09
13.05
13.13
13.05
13.12
13.1
13.134
13.15
13.24
13.22
13.42
13.46
13.52
13.9
13.83
13.69
13.67
13.75
13.89
13.69
13.72
13.8
13.87
13.78
13.8
13.61
13.81
13.83
13.75
13.58
13.53
13.68
13.77
13.77
13.9
13.88
13.92
14
13.95
14.04
14.04
13.9
13.96
14.01
14.12
14.09
14.1
14.1
14.13
13.97
14
14.18
14.2
14.28
14.28
14.5
14.78
14.6
14.5
14.5
14.43
14.44
14.52
14.38
14.41
14.33
14.36
14.36
14.34
14.33
14.4
14.5
14.54
14.59
14.6
14.54
14.35
14.27
14.3
14.3
14.39
14.37
14.65
14.46
14.52
14.7
14.89
14.85
14.86
14.83
14.86
14.85
14.84
14.87
14.95
15.05
14.85
14.94
14.96
15.02
15.04
15.04
14.91
14.7
14.84
14.85
14.82
15.11
14.89
14.99
14.99
14.95
14.85
14.9
14.71
14.69
14.69
14.35
14.31
14.24
14.14
14.26
14.34
14.38
14.45
14.4
14.57
14.24
14
14.18
13.98
13.95
13.87
13.84
13.86
13.85
13.87
13.85
13.85
13.86
13.85
14.06
14.12
14.1
14.09
14.18
14.32
14.38
14.45
14.4
14.34
14.38
14.39
14.55
14.49
14.49
14.7
14.7
14.84
14.89
15.07
15.09
15.05
15
15.14
15.08
15.07
15.08
15.08
14.98
15
14.75
14.8
14.85
14.65
14.84
14.85
14.89
14.99
15.05
15.12
15
14.87
14.85
14.71
14.8
14.65
14.61
14.57
14.65
14.6
14.56
14.58
14.49
14.39
14.07
13.75
13.79
13.7
13.75
13.96
3/31/05 14.1
FUND SNAPSHOT
------------------------------------
Common Share Price $14.10
------------------------------------
Common Share
Net Asset Value $15.42
------------------------------------
Premium/(Discount) to NAV -8.56%
------------------------------------
Market Yield 6.09%
------------------------------------
Taxable-Equivalent Yield1 9.09%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $122,720
------------------------------------
Average Effective
Maturity on Securities (Years) 17.17
------------------------------------
Leverage-Adjusted Duration 8.46
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 3/25/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 2.13% 1.84%
------------------------------------
1-Year -1.42% 4.15%
------------------------------------
Since
Inception 4.62% 9.09%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 23.9%
------------------------------------
Healthcare 15.8%
------------------------------------
U.S. Guaranteed 14.5%
------------------------------------
Utilities 11.5%
------------------------------------
Education and Civic
Organizations 9.6%
------------------------------------
Tax Obligation/General 7.3%
------------------------------------
Transportation 6.3%
------------------------------------
Housing/Multifamily 3.8%
------------------------------------
Other 7.3%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
2 The Fund also paid shareholders capital gains and net ordinary income
distributions in December 2004 of $0.1158 per share.
14
Nuveen Insured New York Tax-Free Advantage Municipal Fund
NRK
Performance
OVERVIEW As of March 31, 2005
Pie Chart:
CREDIT QUALITY
(as a % of total investments)
Insured 85%
AAA (uninsured) 2%
AA (uninsured) 7%
A (uninsured) 1%
BBB (uninsured) 5%
Bar Chart:
2004-2005 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Apr 0.0725
May 0.0725
Jun 0.0725
Jul 0.0725
Aug 0.0725
Sep 0.0695
Oct 0.0695
Nov 0.0695
Dec 0.0665
Jan 0.0665
Feb 0.0665
Mar 0.0635
Line Chart:
SHARE PRICE PERFORMANCE
Weekly Closing Price
Past performance is not predictive of future results.
4/1/04 15
14.75
14.63
14.14
14.05
14.1
14.06
13.91
13.8
13.85
13.91
14
14.03
13.8
13.55
13.49
13.45
13.55
13.6
13.6
13.39
13.47
13.46
13.35
13.04
12.98
12.55
12.61
12.4
12
12.21
12.25
12.39
12.4
12.53
12.44
12.63
12.54
12.6
12.68
12.79
12.79
12.72
12.81
12.76
12.76
12.56
12.69
12.72
12.72
12.65
12.55
12.52
12.6
12.55
12.46
12.54
12.58
12.56
12.54
12.55
12.54
12.63
12.83
13.1
13.1
13.05
13.05
13.18
13.34
13.17
13.21
13.2
13.13
13.19
13.24
13.14
13.04
13.11
13.04
12.96
13
13.07
13.13
13.13
13.25
13.45
13.57
13.55
13.75
13.77
13.6
13.62
13.65
13.71
13.85
13.8
13.8
13.8
13.75
13.75
14.15
14
14.07
13.74
14.3
14.41
14.45
14.34
14.2
14.2
14.1
14.07
14.08
13.86
13.63
13.75
13.64
13.68
13.72
13.66
13.74
13.7
13.74
13.66
13.9
13.71
13.64
13.7
13.7
13.66
13.45
13.57
13.7
13.9
13.87
13.87
13.9
13.91
13.83
13.78
13.85
13.77
13.78
13.85
13.95
13.9
14.05
14.08
14.11
14.3
14.45
14.45
14.35
14.3
14.19
14.48
14.4
14.26
14.26
14.38
14.36
14.5
14.44
14.37
14.25
14.18
14.17
14.07
13.88
13.57
13.46
13.58
13.65
13.48
13.61
13.55
13.78
13.5
13.37
13.52
13.34
13.32
13.25
13.18
13.16
13.14
13.06
13
13.04
13.08
13.12
13.17
13.31
13.29
13.31
13.42
13.45
13.49
13.47
13.45
13.43
13.59
13.55
13.56
13.77
13.79
13.65
13.65
13.68
13.65
13.76
13.69
13.71
13.7
13.77
13.87
13.9
13.86
13.84
13.8
14.06
13.97
14.17
13.9
13.74
13.64
13.64
13.58
13.76
13.785
13.87
13.95
14.17
14.22
14.04
13.96
13.72
13.64
13.52
13.6
13.6
13.89
14.05
14
13.91
13.8
13.78
13.62
13.33
13.31
13.54
3/31/05 13.41
FUND SNAPSHOT
------------------------------------
Common Share Price $13.41
------------------------------------
Common Share
Net Asset Value $14.67
------------------------------------
Premium/(Discount) to NAV -8.59%
------------------------------------
Market Yield 5.68%
------------------------------------
Taxable-Equivalent Yield1 8.48%
------------------------------------
Net Assets Applicable to
Common Shares ($000) $51,528
------------------------------------
Average Effective
Maturity on Securities (Years) 16.86
------------------------------------
Leverage-Adjusted Duration 8.69
------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 11/21/02)
------------------------------------
ON SHARE PRICE ON NAV
------------------------------------
6-Month
(Cumulative) 1.24% 2.18%
------------------------------------
1-Year -5.12% 3.97%
------------------------------------
Since
Inception 1.02% 6.81%
------------------------------------
SECTORS
(as a % of total investments)
------------------------------------
Tax Obligation/Limited 31.8%
------------------------------------
Education and Civic
Organizations 15.1%
------------------------------------
Healthcare 13.8%
------------------------------------
Utilities 10.9%
------------------------------------
U.S. Guaranteed 10.8%
------------------------------------
Transportation 8.1%
------------------------------------
Other 9.5%
------------------------------------
1 Taxable-equivalent yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a combined federal and state income tax
rate of 33%. For investments that generate qualified dividend income, the
taxable-equivalent yield is lower.
15
Shareholder
MEETING REPORT
The Shareholder Meeting was held in Chicago, Illinois, on March 22, 2005.
NQN NVN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 15,802,673 -- 21,237,235 --
Withhold 138,907 -- 157,734 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
Lawrence H. Brown
For 15,806,732 -- 21,237,939 --
Withhold 134,848 -- 157,030 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
Jack B. Evans
For 15,802,014 -- 21,238,351 --
Withhold 139,566 -- 156,618 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
William C. Hunter
For 15,804,311 -- 21,236,771 --
Withhold 137,269 -- 158,198 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
David J. Kundert
For 15,809,235 -- 21,235,971 --
Withhold 132,345 -- 158,998 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
William J. Schneider
For -- 5,560 -- 7,291
Withhold -- 26 -- 50
------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,586 -- 7,341
====================================================================================================================================
Timothy R. Schwertfeger
For -- 5,560 -- 7,291
Withhold -- 26 -- 50
------------------------------------------------------------------------------------------------------------------------------------
Total -- 5,586 -- 7,341
====================================================================================================================================
Judith M. Stockdale
For 15,804,885 -- 21,239,601 --
Withhold 136,695 -- 155,368 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
Eugene S. Sunshine
For 15,804,570 -- 21,230,471 --
Withhold 137,010 -- 164,498 --
------------------------------------------------------------------------------------------------------------------------------------
Total 15,941,580 -- 21,394,969 --
====================================================================================================================================
16
NUN NUF
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 21,835,862 -- 7,589,829 --
Withhold 285,750 -- 88,779 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
Lawrence H. Brown
For 21,831,881 -- 7,594,051 --
Withhold 289,731 -- 84,557 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
Jack B. Evans
For 21,829,459 -- 7,594,051 --
Withhold 292,153 -- 84,557 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
William C. Hunter
For 21,828,721 -- 7,594,051 --
Withhold 292,891 -- 84,557 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
David J. Kundert
For 21,832,096 -- 7,590,051 --
Withhold 289,516 -- 88,557 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
William J. Schneider
For -- 7,609 -- 2,504
Withhold -- 17 -- 6
------------------------------------------------------------------------------------------------------------------------------------
Total -- 7,626 -- 2,510
====================================================================================================================================
Timothy R. Schwertfeger
For -- 7,609 -- 2,500
Withhold -- 17 -- 10
------------------------------------------------------------------------------------------------------------------------------------
Total -- 7,626 -- 2,510
====================================================================================================================================
Judith M. Stockdale
For 21,828,376 -- 7,594,047 --
Withhold 293,236 -- 84,561 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
Eugene S. Sunshine
For 21,826,404 -- 7,590,051 --
Withhold 295,208 -- 88,557 --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,121,612 -- 7,678,608 --
====================================================================================================================================
17
Shareholder
MEETING REPORT (continued)
NKO NRK
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS
WAS REACHED AS FOLLOWS:
Common and Common and
MuniPreferred MuniPreferred MuniPreferred MuniPreferred
shares voting shares voting shares voting shares voting
together together together together
as a class as a class as a class as a class
====================================================================================================================================
Robert P. Bremner
For 7,686,744 -- 3,376,223 --
Withhold 60,823 -- 29,797 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
Lawrence H. Brown
For 7,690,751 -- 3,376,233 --
Withhold 56,816 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
Jack B. Evans
For 7,691,178 -- 3,376,233 --
Withhold 56,389 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
William C. Hunter
For 7,691,458 -- 3,376,233 --
Withhold 56,109 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
David J. Kundert
For 7,690,334 -- 3,376,233 --
Withhold 57,233 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
William J. Schneider
For -- 2,378 -- 1,079
Withhold -- 4 -- 1
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,382 -- 1,080
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,378 -- 1,079
Withhold -- 4 -- 1
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,382 -- 1,080
====================================================================================================================================
Judith M. Stockdale
For 7,686,302 -- 3,376,233 --
Withhold 61,265 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
Eugene S. Sunshine
For 7,680,478 -- 3,376,233 --
Withhold 67,089 -- 29,787 --
------------------------------------------------------------------------------------------------------------------------------------
Total 7,747,567 -- 3,406,020 --
====================================================================================================================================
18
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 9.7% (6.5% OF TOTAL INVESTMENTS)
$ 1,250 New York City Industrial Development Agency, New York, Civic No Opt. Call AAA $ 1,355,050
Facility Revenue Bonds, USTA National Tennis Center Inc.,
Series 2004, 5.000%, 11/15/13 - FSA Insured
3,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 3,268,830
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,776,055
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
3,500 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,638,320
Revenue Bonds, Culinary Institute of America, Series 1999,
5.000%, 7/01/22 - MBIA Insured
4,500 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 4,798,980
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
1,150 Dormitory Authority of the State of New York, Revenue Bonds, 7/15 at 100.00 Aaa 1,199,335
Canisius College, Series 2005, 5.000%, 7/01/21
(WI, settling 4/26/05) - MBIA Insured
965 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,098,276
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
1,250 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 1,397,538
Bonds, Pace University, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
1,200 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,341,816
Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 -
MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,113,940
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 24.1% (16.1% OF TOTAL INVESTMENTS)
2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,099,240
Health System Revenue Bonds, Series 1999A,
5.125%, 2/15/14 - AMBAC Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,361,113
2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,233,812
3,135 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 3,225,539
Hospital Insured Revenue Bonds, Southside Hospital,
Series 1998, 5.000%, 2/15/25 - MBIA Insured
7,080 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,111,435
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
5,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 5,305,100
Mortgage Hospital Revenue Bonds, Highland Hospital of
Rochester, Series 1997A, 5.400%, 8/01/27 - MBIA Insured
3,280 Dormitory Authority of the State of New York, Revenue 11/08 at 101.00 AAA 3,399,031
Bonds, North Shore Health System Obligated Group,
Series 1998, 5.000%, 11/01/23 - MBIA Insured
2,075 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,149,077
Mortgage Revenue Bonds, Montefiore Hospital,
Series 2004, 5.000%, 8/01/29 - FGIC Insured
4,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,486,433
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
6,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AAA 6,301,920
Bonds, Memorial Sloan-Kettering Cancer Center,
Series 2003-1, 5.000%, 7/01/21 - MBIA Insured
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Hospital Revenue Bonds, Montefiore Medical Center,
Series 1999:
845 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 883,507
4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,192,640
19
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 8,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AAA $ 8,639,280
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Charles Hospital and Rehabilitation Center,
Series 1999A, 5.500%, 7/01/22 - MBIA Insured
1,500 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 1,621,110
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,273,330
Revenue Bonds, New Island Hospital, Series 1999A,
5.750%, 7/01/19 - AMBAC Insured
8,525 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 8,937,695
Winthrop-South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.7% (1.1% OF TOTAL INVESTMENTS)
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,804,452
2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,814,275
205 New York State Housing Finance Agency, FHA-Insured 8/05 at 101.00 AAA 209,377
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3% (0.2% OF TOTAL INVESTMENTS)
725 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 765,375
Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative
Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.0% OF TOTAL INVESTMENTS)
3,000 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 3,045,030
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,272,560
Mortgage Revenue Bonds, St. John's Meadows Project,
Series 1997A, 5.750%, 8/01/37 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 14.7% (9.8% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,087,070
1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,300,056
1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,401,959
1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,504,888
635 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 699,154
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,173,880
Series 2001A, 5.250%, 1/15/14 - MBIA Insured
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 767,725
General Obligation Bonds, Series 2000, 5.600%, 8/01/18 -
MBIA Insured
1,000 Monroe County, New York, General Obligation Public 3/12 at 100.00 AAA 1,060,800
Improvement Bonds, Series 2002, 5.000%, 3/01/16 -
FGIC Insured
Monticello Central School District, Sullivan County, New York,
General Obligation Bonds, Series 2000:
1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,122,322
2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,228,160
2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,411,983
Nassau County, New York, General Obligation Improvement
Bonds, Series 1999B:
2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,169,971
1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,071,270
5,000 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 5,323,850
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800
Series 2004B, 5.250%, 8/01/12 - FSA Insured
20
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
$ 1,400 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA $ 1,514,352
2,600 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 2,814,240
1,165 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 1,194,055
Obligation Refunding Bonds, Series 1998B,
4.750%, 3/01/18 - FGIC Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 543,750
500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 543,750
255 Port Jervis, Orange County, New York, General Obligation 3/09 at 101.00 Aaa 277,269
Bonds, Water Improvements, Series 1999, 5.625%, 3/15/24 -
FGIC Insured
2,240 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 2,415,616
Series 2004B, 5.000%, 5/01/11 - FSA Insured
800 West Islip Union Free School District, Suffolk County, No Opt. Call Aaa 869,632
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/14 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 45.3% (30.2% OF TOTAL INVESTMENTS)
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,110,890
1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 1,333,068
1,290 Erie County Industrial Development Agency, New York, 5/14 at 100.00 AAA 1,447,419
School Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
2,760 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 3,037,297
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State
Service Contract Refunding Bonds, Series 2002A:
4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,235,345
1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,375,588
2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,188,380
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,062,380
4,095 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,213,796
6,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 6,358,800
Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,242,513
1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,337,886
1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,333,188
4,820 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 5,301,614
and Use Tax Revenue Bonds, Series 2004H,
5.250%, 11/15/13 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,149,000
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/20 - AMBAC Insured
3,910 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 4,083,018
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,660 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,777,628
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,114,680
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
1,500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 1,560,840
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
5,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 5,515,500
Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 8/11 at 100.00 AAA 1,067,910
Bonds, Nassau County Board of Cooperative Educational
Services, Series 2001A, 5.250%, 8/15/21 - FSA Insured
21
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 2,250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA $ 2,373,885
Program Insured Revenue Bonds, St. Anne Institute, Issue 2,
Series 1998E, 5.000%, 7/01/18 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,145 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,236,863
2,100 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,272,935
100 Dormitory Authority of the State of New York, Revenue 8/11 at 100.00 AAA 109,507
Bonds, Mental Health Services Facilities Improvements,
Series 2001B, 5.500%, 8/15/19 - MBIA Insured
75 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 83,283
Mental Health Services Facilities Improvements,
Series 2000D, 5.875%, 2/15/16 - FSA Insured
2,410 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 2,545,948
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
110 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 117,085
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
155 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 161,065
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.375%, 2/15/26 - MBIA Insured
1,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,474,884
Revenue Bonds, 853 Schools Program - Anderson School,
Series 1999E, Issue 2, 5.750%, 7/01/19 - AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 2,201,320
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
2,265 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 2,340,606
Obligation Revenue Refunding Bonds, Riverbank State Park,
Series 1996, 5.125%, 4/01/22 - AMBAC Insured
1,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 1,792,945
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured
3,000 New York State Local Government Assistance Corporation, No Opt. Call AAA 3,296,040
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
4,600 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 4,916,526
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,403,520
1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,412,749
2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,092,840
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,781,470
Fund Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured
2,225 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,386,580
Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 1,056,760
1,750 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA 1,843,958
3,790 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 4,160,397
Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
1,550 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 1,620,665
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
650 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 721,234
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,188,900
5.500%, 8/01/19 - FSA Insured
22
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
$ 2,200 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA $ 2,306,260
1,600 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,674,736
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,300,509
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102.00 Aaa 1,634,235
Revenue Bonds, Hampton Bays Public Library, Series 1999A,
6.000%, 10/01/19 - MBIA Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,746,229
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,066,560
4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,783,545
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 14.3% (9.6% OF TOTAL INVESTMENTS)
2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,209,840
Transportation Revenue Refunding Bonds, Series 2002A,
5.500%, 11/15/19 - AMBAC Insured
2,520 Metropolitan Transportation Authority, New York, 11/15 at 100.00 AAA 2,609,183
Transportation Revenue Bonds, Series 2005A,
5.000%, 11/15/33 - AMBAC Insured
1,800 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,869,552
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
2,300 Niagara Frontier Airport Authority, New York, Airport 4/09 at 101.00 AAA 2,425,534
Revenue Bonds, Buffalo Niagara International Airport,
Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) -
MBIA Insured
5,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,317,350
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured
5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,312,179
Bonds, JFK International Air Terminal LLC, Sixth Series 1997,
5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured
Puerto Rico Ports Authority, Revenue Bonds, Series 1991D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/05 at 100.00 AAA 5,346,600
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/05 at 100.00 AAA 11,498,850
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 891,883
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,464,841
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** - 20.8% (13.9% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 1999D:
525 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 593,045
425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 480,084
1,230 Buffalo, New York, General Obligation Bonds, Series 1999E, 12/09 at 101.00 AAA 1,389,420
6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured
500 Freeport, New York, General Obligation Bonds, Series 2000A, 4/10 at 101.00 Aaa 567,115
6.000%, 4/01/18 (Pre-refunded to 4/01/10) - FGIC Insured
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159
1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159
2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,315,815
Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 -
AMBAC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,570,954
7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,128,580
23
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED *** (continued)
$ 1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA $ 1,088,700
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded
to 10/01/14) - FSA Insured
Nassau County, New York, General Obligation Improvement
Bonds, Series 2000F:
1,505 6.500%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,722,021
1,000 6.500%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,144,200
910 6.500%, 3/01/20 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,041,222
340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,249
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) -
MBIA Insured
5,030 New York City Trust for Cultural Resources, New York, Revenue 7/19 at 100.00 AAA 5,514,641
Bonds, American Museum of Natural History, Series 1999A,
5.750%, 7/01/29 (Pre-refunded to 7/01/19) - AMBAC Insured
1,040 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,251,557
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16 - BIGI Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2001B:
975 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,081,070
1,405 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,557,850
2,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,251,680
Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29
(Pre-refunded to 7/01/10) - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2001A:
1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,265,443
1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,337,280
2,945 Dormitory Authority of the State of New York, Fourth General 7/10 at 100.00 AAA 3,202,717
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/21 (Pre-refunded
to 7/01/10) - FGIC Insured
1,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,085,210
Bonds, State Personal Income Tax, Series2003A,
5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured
5,915 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,497,450
Bonds, State University Educational Facilities, Series 2002A,
5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured
1,000 Puerto Rico, General Obligation and Public Improvement 7/10 at 100.00 AAA 1,107,750
Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded to
7/01/10) - MBIA Insured
350 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 395,052
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded
to 7/01/10) - MBIA Insured
Suffolk County, New York, Public Improvement Bonds,
Series 2000A:
1,130 5.750%, 5/01/17 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,269,928
1,100 6.000%, 5/01/18 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 1,248,995
610 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 692,625
640 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 726,688
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.4% (7.0% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
6,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 6,324,840
3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,235,830
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,056,580
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,573,825
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,631,000
2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,783,462
General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 -
CIFG Insured
2,275 New York State Energy Research and Development 5/05 at 100.50 AAA 2,305,303
Authority, Adjustable Rate Gas Facilities Revenue Bonds,
Brooklyn Union Gas Company, Series 1989B, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
24
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
$ 2,250 New York State Energy Research and Development Authority, 7/05 at 101.00 AAA $ 2,288,115
Gas Facilities Revenue Bonds, Brooklyn Union Gas Company,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
1,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 1,028,080
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,185,780
Pollution Control Revenue Bonds, Rochester Gas and
Electric Corporation, Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax) - MBIA Insured
2,565 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 2,678,860
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.0% (4.6% OF TOTAL INVESTMENTS)
3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,041,187
Water System Revenue Bonds, Series 1999, 6.000%, 7/01/29 -
FSA Insured
5,030 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 5,244,127
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 1,030,060
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
4,750 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 5,106,202
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
2,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 2,105,280
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured
1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,867,732
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 390,675 Total Long-Term Investments (cost $395,407,275) - 149.8% 417,585,536
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 5,092,151
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (51.7)% (144,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 278,677,687
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
25
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.1% (8.0% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,454,416
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 677,448
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,010
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,036,130
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
1,365 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,479,715
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,433,208
Civic Facility Revenue Bonds, Horace Mann School,
Series 1998, 5.000%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,179,220
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,870 Dormitory Authority of the State of New York, Insured Revenue 7/05 at 100.00 AAA 1,876,919
Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 -
AMBAC Insured
4,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 4,691,115
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,130 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,286,064
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,642,685
2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,839,874
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,048,270
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,531,137
500 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 559,015
Bonds, Pace University, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Canisius College, Series 2000:
1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,058,760
2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,031,831
Dormitory Authority of the State of New York, Insured Revenue
Bonds, New York University, Series 2001-2:
1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,480,856
800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 873,120
600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 654,840
2,500 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 2,883,700
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
2,125 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,238,709
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 -
AMBAC Insured
1,710 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,807,778
Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 18.9% (12.5% OF TOTAL INVESTMENTS)
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,987,656
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,260,302
26
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
Dormitory Authority of the State of New York, FHA-Insured
Mortgage Revenue Bonds, St. Vincent's Hospital and Medical
Center, Series 1991:
$ 1,810 7.375%, 8/01/11 8/05 at 100.00 AAA $ 1,816,806
4,150 7.400%, 8/01/30 8/05 at 100.00 AAA 4,329,280
5,995 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 104.00 AAA 6,305,661
Mortgage Hospital Revenue Bonds, Millard Fillmore
Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured
6,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 6,901,310
Mortgage Revenue Refunding Bonds, United Health
Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 3,013,320
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
2,655 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,749,783
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
4,125 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,491,878
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,625,800
3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,339,588
5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 6,005,957
Mortgage Hospital Revenue Bonds, Montefiore Medical
Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured
6,430 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 6,949,158
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 12,601,888
Bonds, Winthrop-South Nassau University Health System
Obligated Group, Series 2001A, 5.250%, 7/01/26 -
AMBAC Insured
2,025 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 2,116,145
Bonds, Winthrop-South Nassau University Health System
Obligated Group, Series 2001B, 5.250%, 7/01/31 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.1% (2.7% OF TOTAL INVESTMENTS)
9,755 New York City Housing Development Corporation, New York, 4/05 at 105.00 AAA 10,262,581
Limited Obligation Multifamily Housing Revenue Bonds,
Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
New York State Housing Finance Agency, Mortgage Revenue
Refunding Bonds, Housing Project, Series 1996A:
870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 899,641
3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,750,642
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.5% (0.3% OF TOTAL INVESTMENTS)
1,680 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 1,773,559
Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative
Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.3% (1.6% OF TOTAL INVESTMENTS)
2,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 2,213,120
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
6,000 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 6,235,740
Nursing Home Mortgage Revenue Bonds, Norwegian Christian
Home and Health Center, Series 2001, 5.200%, 8/01/36 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 19.1% (12.7% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds,
Series 1999A:
700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 767,641
700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 758,254
Erie County, New York, General Obligation Bonds,
Series 2003A:
1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,532,769
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,625,070
1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,628,429
1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,757,494
745 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 820,267
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
27
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
$ 2,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA $ 2,678,175
Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured
45 New York City, New York, General Obligation Bonds, Fiscal 8/05 at 100.00 AAA 45,142
Series 1992C, 6.250%, 8/01/10 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 1998H:
4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,320,731
6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,371,040
5,000 New York City, New York, General Obligation Bonds, Fiscal 4/09 at 101.00 AAA 5,116,200
Series 1999I, 5.000%, 4/15/29 - MBIA Insured
3,000 New York City, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,163,470
Fiscal Series 2001D, 5.000%, 8/01/16 - FGIC Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,654,813
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800
Series 2004B, 5.250%, 8/01/12 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,660 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,795,589
3,070 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,322,968
2,330 Nassau County, North Hempstead, New York, General 3/08 at 101.00 Aaa 2,388,110
Obligation Refunding Bonds, Series 1998B,
4.750%, 3/01/18 - FGIC Insured
Oneida County, New York, General Obligation Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 108,750
100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 108,750
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 582,388
525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 581,863
525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 581,994
525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 581,994
525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 581,994
525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 581,994
525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 581,994
525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 578,062
525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 578,062
Rensselaer County, New York, General Obligation Bonds,
Series 1991:
960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,181,597
960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,192,397
960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,200,749
960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,208,822
960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,216,646
747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 952,156
Rochester, New York, General Obligation Bonds,
Series 1999:
735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 820,936
735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 821,068
730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 815,155
730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 814,388
730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 815,264
730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 815,877
725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 811,732
1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,811,712
Series 2004B, 5.000%, 5/01/11 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 43.5% (28.9% OF TOTAL INVESTMENTS)
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,366,395
1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,360,840
28
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,700 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA $ 1,907,451
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,062,162
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,326,820
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,301,410
5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,470,950
2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,062,380
4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,116,040
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,948,500
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 4,241,160
1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,599,312
1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,593,696
50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 50,986
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,053,242
1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,080,480
7,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 8,046,975
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,654,875
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
3,060 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,276,832
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
2,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 2,114,680
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
5,250 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 5,791,275
Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,210 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,307,078
2,240 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,424,464
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,813,640
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
105 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 111,763
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
Dormitory Authority of the State of New York, Improvement
Revenue Bonds, Mental Health Services Facilities, Series 1996B:
95 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 98,717
80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 83,130
7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 7,864,216
Revenue Bonds, Special Act School District Program,
Series 1999, 5.750%, 7/01/19 - MBIA Insured
2,000 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,066,760
Special Obligation Revenue Refunding Bonds, Riverbank
State Park, Series 1996, 5.125%, 4/01/22 - AMBAC Insured
7,750 New York State Local Government Assistance Corporation, 4/08 at 101.00 AAA 7,940,185
Revenue Bonds, Series 1997B, 4.875%, 4/01/20 -
MBIA Insured
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,120,050
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
29
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Municipal Bond Bank Agency, Buffalo, Special
Program Revenue Bonds, Series 2001A:
$ 875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA $ 932,890
920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 973,618
965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,030,427
1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,078,772
7,925 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 8,470,319
Bonds, School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge
Trust Fund Bonds, Series 2002B:
1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,996,480
2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,282,133
3,575 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 3,878,804
Trust Fund Bonds, Series 2001B, 5.250%, 4/01/16 -
MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,394,450
Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19 -
FSA Insured
2,375 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,547,473
Trust Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,113,520
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,050,640
2,530 New York State Thruway Authority, Highway and Bridge No Opt. Call AAA 2,777,257
Trust Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,592,160
Highway Revenue Refunding Bonds, Series 2002E,
5.500%, 7/01/18 - FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,680 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,809,444
1,960 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,051,552
3,170 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,300,509
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
9,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 10,065,802
1,000 5.250%, 6/01/21 - AMBAC Insured 6/13 at 100.00 AAA 1,066,560
2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,657,525
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.7% (6.4% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA 6,629,520
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,113,500
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,466,297
4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,723,962
2,880 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 2,981,923
Revenue Bonds, Series 2005A, 5.000%, 11/15/33 -
AMBAC Insured
1,600 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,661,824
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,636,450
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
7,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,444,290
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,795,201
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,072,346
30
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 18.4% (12.3% OF TOTAL INVESTMENTS)
Longwood Central School District, Suffolk County, New York,
Series 2000:
$ 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa $ 1,129,900
1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,129,900
4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,137,222
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
(Pre-refunded to 7/01/11) - FGIC Insured
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/10 at 100.00 AAA 3,291,270
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded
to 10/01/10) - MBIA Insured
11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 11,765,050
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,354,800
3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,538,275
255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 291,187
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) -
MBIA Insured
5,940 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 6,522,061
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 1999A,
5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured
5,225 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,879,797
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
10 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 10,579
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
1,075 New York City Trust for Cultural Resources, New York, 7/19 at 100.00 AAA 1,178,576
Revenue Bonds, American Museum of Natural History,
Series 1999A, 5.750%, 7/01/29 (Pre-refunded to 7/01/19) -
AMBAC Insured
2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,321,449
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/18 (Pre-refunded to 7/01/11) - FGIC Insured
505 Dormitory Authority of the State of New York, Suffolk 4/05 at 114.14 Baa1*** 708,202
County, Lease Revenue Bonds, Judicial Facilities,
Series 1991A, 9.500%, 4/15/14
1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,688,760
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,627,815
Bonds, State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured
5,795 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,320,606
Bonds, State University Educational Facilities, Series 2002A,
5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured
New York State Urban Development Corporation, Service Contract
Revenue Bonds, Correctional Facilities, Series 2000C:
6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,521,400
2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,186,740
2,255 Nassau County, North Hempstead, New York, General 7/09 at 101.00 Aaa 2,519,309
Obligation Bonds, Series 1999B, 5.875%, 7/15/19
(Pre-refunded to 7/15/09) - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 14.7% (9.8% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,749,362
4,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 4,226,320
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,622,080
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,532,320
15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,445,300
3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 1,033,680
4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,467,720
3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 925,740
31
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES (continued)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
$ 3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA $ 3,088,590
3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,288,750
10,025 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 10,158,533
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn Union
Gas Company, Series 1989B, 6.750%, 2/01/24 (Alternative
Minimum Tax) - MBIA Insured
3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,084,240
Pollution Control Revenue Bonds, New York State Electric and
Gas Corporation, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
6,000 New York State Energy Research and Development 9/08 at 102.00 AAA 6,557,340
Authority, Pollution Control Revenue Bonds, Rochester
Gas and Electric Corporation, Series 1998A,
5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured
2,875 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,002,621
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 7.3% (4.8% OF TOTAL INVESTMENTS)
5,795 New York City Municipal Water Finance Authority, 6/15 at 100.00 AAA 6,041,693
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2005C, 5.000%, 6/15/27 - MBIA Insured
10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,287,395
New York, Water and Sewerage System Revenue Bonds,
Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured
5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,263,200
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,400,799
1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,384,360
350 New York State Environmental Facilities Corporation, 9/05 at 100.00 AAA 351,347
State Water Pollution Control Revolving Fund Pooled Revenue
Bonds, Series 1991B, 7.100%, 9/15/11
2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 965,523
New York, Water System Revenue Bonds, Series 2000,
0.000%, 4/01/23 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 542,902 Total Long-Term Investments (cost $520,654,662) - 150.6% 553,957,864
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 6,792,236
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.5)% (193,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 367,750,100
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
32
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.0% (15.8% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,177,911
610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 677,448
500 Amherst Industrial Development Agency, New York, Revenue 8/10 at 102.00 AAA 553,010
Bonds, UBF Faculty/Student Housing Corporation, University
of Buffalo Lakeside Cottage Project, Series 2000B,
5.625%, 8/01/20 - AMBAC Insured
6,415 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,646,774
Revenue Refunding Bonds, Hofstra University, Series 1998,
5.000%, 7/01/23 - MBIA Insured
5,000 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,252,700
Revenue Bonds, New York Botanical Garden, Series 1996,
5.800%, 7/01/26 - MBIA Insured
7,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 7,644,110
Revenue Refunding Bonds, Museum of Modern Art,
Series 1996A, 5.500%, 1/01/21 - AMBAC Insured
14,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 15,248,780
Revenue Bonds, American Museum of Natural History,
Series 1997A, 5.650%, 4/01/27 - MBIA Insured
1,385 New York City Industrial Development Agency, New York, No Opt. Call AAA 1,501,395
Civic Facility Revenue Bonds, USTA National Tennis
Center Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,994,793
Civic Facility Revenue Bonds, Trinity Episcopal School,
Series 1997, 5.250%, 6/15/27 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 2,179,220
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,915 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,208,857
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
6,000 Dormitory Authority of the State of New York, Consolidated No Opt. Call AAA 6,823,860
Revenue Bonds, City University System, Series 1993A,
5.750%, 7/01/13 - MBIA Insured
8,500 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 8,916,245
Revenue Bonds, Ithaca College, Series 1997,
5.250%, 7/01/26 - AMBAC Insured
4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,849,405
Bonds, Barnard College, Series 1996, 5.250%, 7/01/26 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Third General 7/08 at 102.00 AAA 2,049,260
Resolution Consolidated Revenue Bonds, City University
System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured
1,155 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,314,517
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
University of Rochester, Series 2000A:
1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,642,685
2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,835,758
2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 2,048,270
1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,531,137
4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,617,440
Educational Facilities Revenue Bonds, 1989 Resolution,
Series 2000C, 5.750%, 5/15/16 - FSA Insured
1,000 Dormitory Authority of the State of New York, General Revenue No Opt. Call AAA 1,153,480
Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 -
AMBAC Insured
2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,829,283
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 -
AMBAC Insured
1,650 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,738,622
Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 -
FGIC Insured
33
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 14.9% (9.8% OF TOTAL INVESTMENTS)
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
$ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 2,987,656
3,065 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 3,260,302
3,995 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 104.00 AAA 4,202,021
Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals,
Series 1997, 5.375%, 2/01/32 - AMBAC Insured
7,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 7,031,080
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
2,700 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 2,796,390
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
4,120 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 4,486,433
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan-Kettering Cancer Center, Series 2003-1:
2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,625,800
3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,433,221
9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,726,660
Revenue Bonds, Catholic Health Services of Long Island
Obligated Group - St. Francis Hospital, Series 1999A,
5.500%, 7/01/24 - MBIA Insured
9,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 9,405,090
Winthrop-South Nassau University Health System Obligated
Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured
3,350 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AAA 3,484,871
FHA-Insured Mortgage Revenue Bonds, Montefiore
Medical Center, Series 1995A, 5.750%, 2/15/25 -
AMBAC Insured
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 1,992,864
Secured Mortgage Revenue Bonds, Brookdale Family Care
Centers Inc., Series 1995A, 6.375%, 11/15/19 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.8% (1.9% OF TOTAL INVESTMENTS)
8,113 New York City Housing Development Corporation, New York, 4/05 at 105.00 AAA 8,535,046
Limited Obligation Multifamily Housing Revenue Bonds,
Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 -
AMBAC Insured
1,540 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 1,593,376
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
325 New York State Housing Finance Agency, FHA-Insured 8/05 at 101.00 AAA 331,939
Mortgage Multifamily Housing Revenue Bonds,
Series 1994B, 6.250%, 8/15/14 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.2% (0.1% OF TOTAL INVESTMENTS)
725 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 765,375
Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative
Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.8% (1.2% OF TOTAL INVESTMENTS)
4,450 Castle Rest Residential Healthcare Facility, Syracuse, 8/07 at 102.00 AAA 4,516,795
New York, FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
2,000 Dormitory Authority of the State of New York, Revenue 7/06 at 102.00 AAA 2,097,800
Bonds, United Cerebral Palsy of New York City Inc.,
Series 1996, 5.500%, 7/01/24 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 15.0% (9.9% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,630,605
1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,625,070
1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,725,488
1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,827,364
805 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 886,329
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
Monroe County, New York, General Obligation Public
Improvement Bonds, Series 2002:
2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,392,402
1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,058,570
1,500 Nassau County, New York, General Obligation Improvement 6/09 at 102.00 AAA 1,606,905
Bonds, Series 1999B, 5.250%, 6/01/23 - AMBAC Insured
34
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL (continued)
New York City, New York, General Obligation Bonds,
Fiscal Series 2001D:
$ 2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA $ 2,262,181
5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,787,728
5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,272,450
5,000 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 5,206,550
Series 2002C, 5.125%, 3/15/25 - FSA Insured
6,250 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 6,654,813
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
5,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 5,485,800
Series 2004B, 5.250%, 8/01/12 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
1,690 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 1,828,039
3,120 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 3,377,088
Peru Central School District, Clinton County, New York, General
Obligation Refunding Bonds, Series 2002B:
1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,799,576
1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,855,290
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 581,863
525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 578,062
525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 578,062
1,680 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,811,712
Series 2004B, 5.000%, 5/01/11 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 46.3% (30.5% OF TOTAL INVESTMENTS)
Erie County Industrial Development Agency, New York, School
Facility Revenue Bonds, Buffalo City School District, Series 2003:
1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,333,068
1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,110,890
1,710 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 1,918,671
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,062,162
Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,326,820
3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,301,410
6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,565,140
3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,093,570
8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,232,080
7,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 7,948,500
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,594,186
1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,588,588
75 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 76,478
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 - MBIA Insured
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2002B:
10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,105,640
2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,614,762
1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,029,520
6,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 6,437,580
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,654,875
Future Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,136,366
Future Tax Secured Bonds, Fiscal Series 2003E,
5.250%, 2/01/22 - MBIA Insured
35
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA $ 1,950,792
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
6,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 6,618,600
Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
Dormitory Authority of the State of New York, Lease Revenue
Bonds, Madison-Oneida Board of Cooperative Educational Services,
Series 2002:
1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,124,180
1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,180,377
1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,215,551
3,340 Dormitory Authority of the State of New York, 853 Schools 7/09 at 101.00 AAA 3,636,525
Program Insured Revenue Bonds, Harmony Heights School,
Issue 1, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
1,230 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 1,328,683
2,275 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 2,462,346
40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,473
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 - MBIA Insured
370 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 389,037
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
3,610 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 3,813,640
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
110 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 117,085
Revenue Bonds, Mental Health Services Facilities,
Series 1997A, 5.750%, 8/15/22 - MBIA Insured
3,750 New York State Local Government Assistance Corporation, No Opt. Call AAA 4,120,050
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 -
FSA Insured
7,900 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 8,443,599
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,400,000
3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,260,190
4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,339,190
Fund Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured
6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,474,420
Fund Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured
2,400 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,574,288
Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/22 - MBIA Insured
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
2,200 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA 2,324,872
1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,050,640
2,530 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 2,777,257
Fund Bonds, Series 2004B, 5.250%, 4/01/12 -
AMBAC Insured
3,190 New York State Urban Development Corporation, Revenue No Opt. Call AAA 3,586,581
Refunding Bonds, State Facilities, Series 1995,
5.600%, 4/01/15 - MBIA Insured
Puerto Rico Highway and Transportation Authority, Highway
Revenue Refunding Bonds, Series 2002E:
3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,395,700
6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,888,240
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
2,720 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 2,851,376
1,990 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 2,082,953
3,220 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 3,352,567
36
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
$ 12,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA $ 13,278,292
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,063,010
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.5% (7.6% OF TOTAL INVESTMENTS)
4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 7/05 at 101.00 AAA 4,302,488
Revenue Bonds, Series 1995, 5.750%, 1/01/25 -
MBIA Insured
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,215,270
4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,227,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002E:
2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,927,103
8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,776,760
2,940 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 3,044,047
Revenue Bonds, Series 2005A, 5.000%, 11/15/33 -
AMBAC Insured
1,625 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 1,687,790
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
2,500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 2,636,450
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,334,500
Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 -
FGIC Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,795,201
3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,072,346
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 18.3% (12.1% OF TOTAL INVESTMENTS)
Longwood Central School District, Suffolk County, New York,
Series 2000:
1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159
1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,593,159
Metropolitan Transportation Authority, New York, Transit
Facilities Revenue Bonds, Series 1998B:
10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,413,900
4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,587,345
3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,208,650
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
Metropolitan Transportation Authority, New York, Dedicated
Tax Fund Bonds, Series 1999A:
4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,354,800
1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,088,700
5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,628,600
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
(Pre-refunded to 4/01/10) - FGIC Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,228,400
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.750%, 6/15/27 (Pre-refunded to 6/15/11) -
MBIA Insured
170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 194,125
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) -
MBIA Insured
5,150 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 5,795,398
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 15,869
Future Tax Secured Bonds, Fiscal Series 1998A,
5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured
2,500 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 2,840,050
Future Tax Secured Bonds, Fiscal Series 2000B,
6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured
1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,562,407
Bonds, State University Dormitory Facilities, Series 2001,
5.500%, 7/01/20 (Pre-refunded to 7/01/11) - FGIC Insured
37
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 3,080 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA $ 3,706,534
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16
40 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 41,677
Revenue Bonds, Mental Health Services Facilities,
Series 1996B, 5.125%, 8/15/21 (Pre-refunded to 2/15/06) -
MBIA Insured
170 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 186,191
Mental Health Services Facilities Improvements, Series 2000D,
5.250%, 8/15/30 (Pre-refunded to 8/15/10) - FSA Insured
265 Dormitory Authority of the State of New York, Fourth General 7/10 at 100.00 AAA 288,190
Resolution Consolidated Revenue Bonds, City University
System, Series 2000A, 5.125%, 7/01/23 (Pre-refunded
to 7/01/10) - FGIC Insured
1,750 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 1,970,220
Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29
(Pre-refunded to 7/01/10) - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 1,627,815
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 8,897,607
State University Educational Facilities, Series 2002A,
5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured
6,000 New York State Urban Development Corporation, Service 1/11 at 100.00 AAA 6,560,220
Contract Revenue Bonds, Correctional Facilities, Series 2000C,
5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.4% (7.5% OF TOTAL INVESTMENTS)
1,650 Islip Resource Recovery Agency, New York, Revenue Bonds, No Opt. Call AAA 1,963,401
Series 1994B, 7.250%, 7/01/11 (Alternative Minimum Tax) -
AMBAC Insured
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
7,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,378,980
3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,451,552
1,500 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,584,870
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,622,080
4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,532,320
5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,815,100
7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,411,920
10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,424,680
7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,160,060
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,573,825
2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,631,000
5,465 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 5,655,728
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
1,250 New York State Energy Research and Development Authority, 7/05 at 101.00 AAA 1,271,175
Gas Facilities Revenue Bonds, Brooklyn Union Gas Company,
Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) -
MBIA Insured
2,940 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 3,070,506
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.9% (3.3% OF TOTAL INVESTMENTS)
5,895 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 6,145,950
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,060,120
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
3,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 3,493,718
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,210,560
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
38
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
New York City Municipal Water Finance Authority, New York, Water
and Sewerage System Revenue Bonds, Fiscal Series 2000B:
$ 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA $ 933,865
1,360 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,536,922
------------------------------------------------------------------------------------------------------------------------------------
$ 553,638 Total Long-Term Investments (cost $532,832,887) - 151.1% 563,141,749
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS)
1,450 Puerto Rico Government Development Bank, Adjustable A-1 1,450,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.190%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 1,450 Total Short-Term Investments (cost $1,450,000) 1,450,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $534,282,887) - 151.5% 564,591,749
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 5,070,835
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.9)% (197,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 372,662,584
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
39
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 24.9% (16.7% OF TOTAL INVESTMENTS)
Amherst Industrial Development Agency, New York, Revenue Bonds,
UBF Faculty/Student Housing Corporation, University of Buffalo
Project, Series 2000A:
$ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 276,505
250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 277,643
2,460 New York City Trust for Cultural Resources, New York, Revenue 7/06 at 101.00 AAA 2,584,328
Bonds, New York Botanical Garden, Series 1996,
5.800%, 7/01/26 - MBIA Insured
1,250 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,317,950
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 4,215,160
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
500 New York City Industrial Development Agency, New York, No Opt. Call AAA 542,020
Civic Facility Revenue Bonds, USTA National Tennis Center
Inc., Series 2004, 5.000%, 11/15/13 - FSA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,133,370
State University Educational Facilities, Series 1993A,
5.500%, 5/15/19 - AMBAC Insured
2,200 Dormitory Authority of the State of New York, Second General No Opt. Call AAA 2,537,590
Resolution Consolidated Revenue Bonds, City University
System, Series 1993A, 5.750%, 7/01/18 - FSA Insured
3,000 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,219,810
Bonds, New School for Social Research, Series 1997,
5.750%, 7/01/26 - MBIA Insured
5,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 5,212,350
Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 -
AMBAC Insured
1,935 Dormitory Authority of the State of New York, State and Local 7/15 at 100.00 AAA 2,063,561
Appropriation Lease Bonds, Upstate Community Colleges,
Series 2005A, 5.000%, 7/01/19 - FGIC Insured
450 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 512,150
City University of New York, Series 2005A, 5.500%, 7/01/18 -
FGIC Insured
3,215 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 101.00 AAA 2,612,959
University of Rochester, Series 2000A, 0.000%, 7/01/24 -
MBIA Insured
250 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 279,508
Bonds, Pace University, Series 2000, 6.000%, 7/01/29 -
MBIA Insured
Dormitory Authority of the State of New York, General Revenue
Bonds, New York University, Series 2001-1:
1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,717,935
500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 576,740
810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 847,876
Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 -
AMBAC Insured
1,270 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 1,354,099
State University Educational Facilities, Series 2002A,
5.000%, 5/15/16 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.3% (13.6% OF TOTAL INVESTMENTS)
1,000 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 1,092,760
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,733,908
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,720
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 102.00 AAA 3,085,350
Mortgage Hospital Revenue Bonds, Ellis Hospital,
Series 1995, 5.600%, 8/01/25 - MBIA Insured
40
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 1,500 Dormitory Authority of the State of New York, Revenue Bonds, 1/08 at 102.00 AAA $ 1,600,020
Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 -
FSA Insured
2,910 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,922,920
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
955 Dormitory Authority of the State of New York, FHA-Insured 2/15 at 100.00 AAA 989,093
Mortgage Revenue Bonds, Montefiore Hospital, Series 2004,
5.000%, 8/01/29 - FGIC Insured
2,465 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 2,684,237
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
2,740 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 2,877,877
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 3,239,730
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
3,450 Dormitory Authority of the State of New York, Revenue Bonds, 7/11 at 101.00 AAA 3,605,285
Winthrop-South Nassau University Health System
Obligated Group, Series 2001A, 5.250%, 7/01/31 -
AMBAC Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,458,044
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.6% (1.2% OF TOTAL INVESTMENTS)
2,035 New York State Housing Finance Agency, Mortgage Revenue 5/06 at 102.00 AAA 2,105,533
Refunding Bonds, Housing Project, Series 1996A,
6.125%, 11/01/20 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.5% (1.1% OF TOTAL INVESTMENTS)
1,000 Babylon Industrial Development Agency, New York, Revenue 8/09 at 101.00 AAA 1,106,560
Bonds, WSNCHS East Inc., Series 2000B, 6.000%, 8/01/24 -
MBIA Insured
850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 881,042
Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 -
FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.2% (8.2% OF TOTAL INVESTMENTS)
Erie County, New York, General Obligation Bonds, Series 2003A:
500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 543,535
500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 541,690
600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 647,058
600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 644,952
315 Erie County, New York, General Obligation Bonds, No Opt. Call Aaa 346,824
Series 2004B, 5.250%, 4/01/13 - MBIA Insured
210 Nassau County, New York, General Obligation Improvement No Opt. Call AAA 236,693
Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal 2/08 at 101.00 AAA 2,119,740
Series 1998F, 5.250%, 8/01/16 - FGIC Insured
2,500 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 AAA 2,661,925
Series 2004I, 5.000%, 8/01/17 - MBIA Insured
2,000 New York City, New York, General Obligation Bonds, Fiscal No Opt. Call AAA 2,194,320
Series 2004B, 5.250%, 8/01/12 - FSA Insured
New York City, New York, General Obligation Bonds, Fiscal
Series 2004E:
650 5.000%, 11/01/13 - FSA Insured No Opt. Call AAA 703,092
1,180 5.000%, 11/01/14 - FSA Insured No Opt. Call AAA 1,277,232
1,000 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 1,253,370
Public Improvement Bonds, Series 1994, 7.500%, 3/01/13 -
MBIA Insured
1,000 Red Hook Central School District, Dutchess County, New York, 6/12 at 100.00 Aaa 1,060,450
General Obligation Refunding Bonds, Series 2002,
5.125%, 6/15/18 - FSA Insured
1,125 Suffolk County, New York, General Obligation Bonds, No Opt. Call AAA 1,213,200
Series 2004B, 5.000%, 5/01/11 - FSA Insured
415 West Islip Union Free School District, Suffolk County, No Opt. Call Aaa 451,122
New York, General Obligation Bonds, Series 2005,
5.000%, 10/01/14 - FSA Insured
41
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 44.7% (30.0% OF TOTAL INVESTMENTS)
$ 750 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA $ 837,833
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/19 - FSA Insured
500 Erie County Industrial Development Agency, New York, School 5/14 at 100.00 AAA 561,015
Facility Revenue Bonds, Buffalo City School District,
Series 2004, 5.750%, 5/01/26 - FSA Insured
1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,485,635
Contract Bonds, Series 2002B, 5.500%, 7/01/18 -
MBIA Insured
Metropolitan Transportation Authority, New York, State Service
Contract Refunding Bonds, Series 2002A:
1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,745,115
1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,641,285
2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,058,020
2,500 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,649,500
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
Nassau County Interim Finance Authority, New York, Sales Tax
Secured Revenue Bonds, Series 2003A:
1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,060,290
580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 594,616
580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 592,528
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Fiscal Series 2003C:
1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,074,500
2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,516,021
1,500 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,566,375
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 1,070,860
Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 -
MBIA Insured
1,000 New York City Transitional Finance Authority, New York, Future 2/14 at 100.00 AAA 1,057,340
Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 -
XLCA Insured
500 Dormitory Authority of the State of New York, Lease Revenue 8/14 at 100.00 AAA 520,280
Bonds, Wayne-Finger Lakes Board of Cooperative Education
Services, Series 2004, 5.000%, 8/15/23 - FSA Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue 5/10 at 101.00 AAA 1,103,100
Bonds, Court Facilities, Series 1999, 5.750%, 5/15/30 -
AMBAC Insured
Dormitory Authority of the State of New York, Revenue Bonds,
Mental Health Services Facilities Improvements, Series 2005D:
495 5.000%, 2/15/14 - FGIC Insured No Opt. Call AAA 534,714
910 5.000%, 8/15/14 - FGIC Insured No Opt. Call AAA 984,939
145 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 152,460
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 - FSA Insured
1,210 Dormitory Authority of the State of New York, Revenue Bonds, 7/14 at 100.00 AAA 1,278,256
Department of Health, Series 2004-2, 5.000%, 7/01/20 -
FGIC Insured
1,500 New York State Local Government Assistance Corporation, No Opt. Call AAA 1,648,020
Revenue Bonds, Series 1993E, 5.250%, 4/01/16 - FSA Insured
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2002D:
4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,595,883
875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 901,189
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002B:
545 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 592,960
600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 652,038
1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,046,420
New York State Thruway Authority, Highway and Bridge Trust
Fund Bonds, Series 2002A:
1,500 5.250%, 4/01/17 - FSA Insured 4/12 at 100.00 AAA 1,620,630
1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,079,150
1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,339,363
Fund Bonds, Second General, Series 2003A,
5.250%, 4/01/23 - MBIA Insured
42
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Second General, Series 2004:
$ 1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA $ 1,056,760
1,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,047,600
1,775 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 1,948,471
Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured
750 New York State Thruway Authority, State Personal Income Tax 9/14 at 100.00 AAA 784,193
Revenue Bonds, Series 2004A, 5.000%, 3/15/24 -
AMBAC Insured
1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 2,080,671
Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 -
FSA Insured
1,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call AAA 1,148,040
Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 -
FSA Insured
810 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 898,768
Revenue Bonds, Series 2000B, 5.875%, 7/01/35 -
MBIA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
920 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 964,436
680 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 711,763
1,590 5.000%, 10/15/29 - AMBAC Insured 10/14 at 100.00 AAA 1,655,460
1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,591,725
Agreement Revenue Bonds, John P. Colahan Court Complex,
Series 1999, 5.000%, 4/15/16 - AMBAC Insured
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,500 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,606,245
3,800 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,039,438
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.6% (5.8% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 552,460
1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,806,980
2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,065,120
Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 -
MBIA Insured
1,020 Metropolitan Transportation Authority, New York, Transportation 11/15 at 100.00 AAA 1,056,098
Revenue Bonds, Series 2005A, 5.000%, 11/15/33 -
AMBAC Insured
750 New York State Thruway Authority, General Revenue Bonds, 1/15 at 100.00 AAA 778,980
Series 2005F, 5.000%, 1/01/30 - AMBAC Insured
500 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 527,290
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
1,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,063,470
Revenue Bonds, One Hundred Twentieth Series 2000,
5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured
Triborough Bridge and Tunnel Authority, New York, Subordinate
Lien General Purpose Revenue Refunding Bonds, Series 2002E:
780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 891,883
2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,464,841
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 13.7% (9.2% OF TOTAL INVESTMENTS)
Longwood Central School District, Suffolk County, New York,
Series 2000:
500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 564,950
500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 564,950
1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,604,325
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28
(Pre-refunded to 10/01/15) - FGIC Insured
500 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 544,350
Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29
(Pre-refunded to 10/01/14) - FSA Insured
2,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 2,251,440
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
(Pre-refunded to 4/01/10) - FGIC Insured
43
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 1,000 Nassau County, New York, General Obligation Improvement 3/10 at 100.00 AAA $ 1,115,430
Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded
to 3/01/10) - FSA Insured
340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,249
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) -
MBIA Insured
500 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 562,660
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 2000A,
5.875%, 1/01/30 (Pre-refunded to 1/01/10) - AMBAC Insured
70 Dormitory Authority of the State of New York, Revenue Bonds, 8/10 at 100.00 AAA 76,667
Mental Health Services Facilities Improvements,
Series 2000D, 5.250%, 8/15/30 (Pre-refunded to
8/15/10) - FSA Insured
1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,688,760
Bonds, Upstate Community Colleges, Series 2000A,
5.750%, 7/01/29 (Pre-refunded to 7/01/10) - FSA Insured
2,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 2,170,420
Bonds, State Personal Income Tax, Series 2003A,
5.000%, 3/15/32 (Pre-refunded to 3/15/13) - FGIC Insured
2,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 2,238,640
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002C-1, 5.500%, 3/15/21 (Pre-refunded
to 3/15/13) - FGIC Insured
2,115 Niagara Falls, Niagara County, New York, General Obligation No Opt. Call AAA 2,461,395
Water Treatment Plant Bonds, Series 1994,
8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured
440 Puerto Rico Highway and Transportation Authority, Highway 7/10 at 101.00 AAA 496,637
Revenue Bonds, Series 2000B, 5.875%, 7/01/35
(Pre-refunded to 7/01/10) - MBIA Insured
Suffolk County, New York, Public Improvement Bonds,
Series 2000A:
500 6.000%, 5/01/19 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 567,725
500 6.000%, 5/01/20 (Pre-refunded to 5/01/10) - MBIA Insured 5/10 at 101.00 AAA 567,725
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.4% (7.0% OF TOTAL INVESTMENTS)
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
5,050 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 5,323,407
1,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 1,056,580
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 2001A:
500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 514,765
625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 657,750
2,280 New York State Energy Research and Development Authority, 5/05 at 100.50 AAA 2,359,572
Adjustable Rate Gas Facilities Revenue Bonds, Brooklyn
Union Gas Company, Series 1989A, 6.750%, 2/01/24
(Alternative Minimum Tax) - MBIA Insured
2,500 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 2,570,200
Pollution Control Revenue Bonds, New York State Electric
and Gas Corporation, Series 1987A, 6.150%, 7/01/26
(Alternative Minimum Tax) - MBIA Insured
1,065 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/15 at 100.00 AAA 1,112,275
Series 2005RR, 5.000%, 7/01/35 (WI, settling 4/04/05) -
FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 10.2% (6.8% OF TOTAL INVESTMENTS)
1,830 Monroe County Water Authority, New York, Water System 8/11 at 101.00 AAA 1,932,462
Revenue Bonds, Series 2001, 5.250%, 8/01/36 -
MBIA Insured
1,940 New York City Municipal Water Finance Authority, New York, 6/15 at 100.00 AAA 2,022,582
Water and Sewerage System Revenue Bonds, Fiscal
Series 2005C, 5.000%, 6/15/27 - MBIA Insured
2,000 New York City Municipal Water Finance Authority, New York, 6/14 at 100.00 AAA 2,060,120
Water and Sewerage System Revenue Bonds, Fiscal
Series 2004C, 5.000%, 6/15/35 - AMBAC Insured
1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,934,982
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000A, 5.500%, 6/15/32 - FGIC Insured
1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,257,130
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33 - MBIA Insured
1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,052,640
Water and Sewerage System Revenue Bonds, Fiscal
Series 2002A, 5.250%, 6/15/33 - FGIC Insured
44
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER (continued)
$ 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,867,732
Water and Sewerage System Revenue Bonds, Fiscal
Series 2000B, 6.100%, 6/15/31 - MBIA Insured
1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,089,480
Revenue Refunding Bonds, Series 1993,
5.100%, 6/01/12 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 180,510 Total Long-Term Investments (cost $183,482,788) - 148.1% 192,689,473
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.6% (0.4% OF TOTAL INVESTMENTS)
800 Puerto Rico Government Development Bank, Adjustable A-1 800,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.190%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 800 Total Short-Term Investments (cost $800,000) 800,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $184,282,788) - 148.7% 193,489,473
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 1,636,748
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (50.0)% (65,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 130,126,221
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
(WI) Security purchased on a when-issued basis.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
45
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 5.4% (3.7% OF TOTAL INVESTMENTS)
$ 905 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 908,122
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
3,145 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 3,142,830
Pass-Through Bonds, Series 2001, 5.250%, 6/01/25
1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 997,140
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
1,530 TSASC Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,566,276
Series 2002-1, 5.500%, 7/15/24
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.1% (9.6% OF TOTAL INVESTMENTS)
25 New York City Trust for Cultural Resources, New York, Revenue 4/07 at 101.00 AAA 26,345
Bonds, American Museum of Natural History, Series 1997A,
5.650%, 4/01/22 - MBIA Insured
4,000 New York City Trust for Cultural Resources, New York, Revenue 7/12 at 100.00 AAA 4,149,160
Bonds, Museum of Modern Art, Series 2001D,
5.125%, 7/01/31 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
4,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 4,329,480
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
3,250 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 3,855,995
New York University, Series 1998A, 6.000%, 7/01/18 -
MBIA Insured
1,280 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 1,334,362
Bonds, New York Medical College, Series 1998,
5.000%, 7/01/21 - MBIA Insured
260 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 295,909
City University of New York, Series 2005A,
5.500%, 7/01/18 - FGIC Insured
2,000 Dormitory Authority of the State of New York, Second General 7/10 at 101.00 AAA 2,260,680
Resolution Consolidated Revenue Refunding Bonds, City
University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.3% (15.8% OF TOTAL INVESTMENTS)
690 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 754,004
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
New York City Health and Hospitals Corporation, New York, Health
System Revenue Bonds, Series 2003A:
1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,600,530
1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,063,720
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 2,008,880
Mortgage Hospital Revenue Bonds, New York and
Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 -
AMBAC Insured
1,640 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 1,785,862
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
1,725 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 1,811,802
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
600 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 626,622
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,644,858
Mortgage Revenue Bonds, New York Hospital Medical
Center of Queens, Series 1999, 5.600%, 2/15/39 -
AMBAC Insured
90 Dormitory Authority of the State of New York, Revenue Bonds, 7/09 at 101.00 AAA 97,192
Catholic Health Services of Long Island Obligated Group -
St. Charles Hospital and Rehabilitation Center, Series 1999A,
5.500%, 7/01/22 - MBIA Insured
2,050 Dormitory Authority of the State of New York, Hospital Revenue 7/09 at 101.00 AAA 2,215,517
Bonds, Catholic Health Services of Long Island Obligated
Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 -
MBIA Insured
46
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE (continued)
$ 2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA $ 2,656,450
Revenue Bonds, Bronx Lebanon Hospital, Series 1998E,
5.200%, 2/15/15 - MBIA Insured
1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,458,044
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.125%, 2/01/22 - AMBAC Insured
Suffolk County Industrial Development Agency, New York,
Revenue Bonds, Huntington Hospital, Series 2002C:
725 6.000%, 11/01/22 11/12 at 100.00 Baa1 766,833
1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,083,195
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.6% (3.8% OF TOTAL INVESTMENTS)
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Series 2002A:
2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,824,653
1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,401,153
Dormitory Authority of the State of New York, GNMA
Collateralized Revenue Bonds, Willow Towers Inc., Series 2002:
1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,062,250
1,500 5.400%, 2/01/34 8/12 at 101.00 AAA 1,593,960
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.6% (0.3% OF TOTAL INVESTMENTS)
720 New York State Mortgage Agency, Mortgage Revenue Bonds, 7/10 at 100.00 AAA 760,097
Twenty-Fourth Series, 5.875%, 10/01/15 (Alternative
Minimum Tax) - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.6% (7.2% OF TOTAL INVESTMENTS)
Buffalo, New York, General Obligation Bonds, Series 2002B:
1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,629,017
2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,581,103
1,240 Canandaigua City School District, Ontario County, New York, 4/12 at 101.00 Aaa 1,357,378
General Obligation Refunding Bonds, Series 2002A,
5.375%, 4/01/17 - FSA Insured
200 Nassau County, New York, General Obligation Improvement 11/07 at 102.00 AAA 213,200
Bonds, Series 1997X, 5.100%, 11/01/16 - AMBAC Insured
3,000 New York City, New York, General Obligation Bonds, Fiscal 3/11 at 101.00 AAA 3,229,200
Series 2001H, 5.250%, 3/15/16 - FGIC Insured
3,250 New York City, New York, General Obligation Bonds, Fiscal 3/12 at 100.00 AAA 3,384,258
Series 2002C, 5.125%, 3/15/25 - FSA Insured
525 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 564,023
Series 2004B, 5.250%, 8/01/15
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 35.2% (23.9% OF TOTAL INVESTMENTS)
400 Erie County Industrial Development Agency, New York, School 5/12 at 100.00 AAA 444,356
Facility Revenue Bonds, Buffalo City School District,
Series 2003, 5.750%, 5/01/20 - FSA Insured
4,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 4,124,760
Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 -
FGIC Insured
2,290 Metropolitan Transportation Authority, New York, Dedicated 11/12 at 100.00 AAA 2,426,942
Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 -
FSA Insured
1,000 Nassau County Interim Finance Authority, New York, Sales No Opt. Call AAA 1,060,290
Tax Secured Revenue Bonds, Series 2003A,
5.000%, 11/15/18 - AMBAC Insured
5,000 New York City Transitional Finance Authority, New York, 11/11 at 101.00 AAA 5,413,550
Future Tax Secured Bonds, Fiscal Series 2002B,
5.250%, 5/01/16 - MBIA Insured
1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,072,930
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/21 - AMBAC Insured
500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 528,670
Future Tax Secured Bonds, Fiscal Series 2004C,
5.000%, 2/01/19 - XLCA Insured
250 Dormitory Authority of the State of New York, 853 Schools 7/08 at 101.00 AAA 266,863
Program Insured Revenue Bonds, Vanderheyden Hall Inc.,
Issue 2, Series 1998F, 5.250%, 7/01/18 - AMBAC Insured
47
Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED (continued)
$ 220 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA $ 229,662
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,059,730
Revenue Bonds, Series 1998A, 5.000%, 4/01/15 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,206,430
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,198,300
Fund Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured
1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,071,490
Fund Bonds, Second General, Series 2003A, 5.250%, 4/01/23 -
MBIA Insured
640 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 702,547
Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured
8,600 New York State Urban Development Corporation, Revenue No Opt. Call AAA 9,946,760
Refunding Bonds, State Facilities, Series 1995,
5.700%, 4/01/20 - FSA Insured
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
1,400 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 1,467,620
1,040 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 1,088,578
New York State Tobacco Settlement Financing Corporation, Tobacco
Settlement Asset-Backed and State Contingency Contract-Backed
Bonds, Series 2003A-1:
1,900 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 2,034,577
1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,063,010
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,263
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 9.3% (6.3% OF TOTAL INVESTMENTS)
Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series 2002A:
2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,113,500
4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,130,240
85 Niagara Frontier Airport Authority, New York, Airport Revenue 4/09 at 101.00 AAA 89,639
Bonds, Buffalo Niagara International Airport, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured
4,000 Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,186,320
Revenue Bonds, One Hundred Twenty-Fourth Series 2001,
5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured
780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 891,883
Lien General Purpose Revenue Refunding Bonds, Series 2002E,
5.500%, 11/15/20 - MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 21.4% (14.5% OF TOTAL INVESTMENTS)
1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,104,300
Tax Secured Revenue Bonds, Series 2000A, 5.375%, 11/15/17
(Pre-refunded to 11/15/10) - MBIA Insured
4,245 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 4,660,968
Transportation Authority, Triborough Bridge and Tunnel
Authority, Certificates of Participation, Series 1999A,
5.250%, 1/01/29 (Pre-refunded to 1/01/10) - AMBAC Insured
120 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 144,410
Facilities Lease Revenue Bonds, Suffolk County Issue,
Series 1986, 7.375%, 7/01/16
2,000 Dormitory Authority of the State of New York, Third General 1/08 at 102.00 AAA 2,150,640
Resolution Consolidated Revenue Bonds, City University
System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded
to 1/01/08) - MBIA Insured
2,780 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 3,032,507
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) -
FSA Insured
935 New York State Housing Finance Agency, Construction Fund No Opt. Call AAA 1,107,302
Bonds, State University, Series 1986A, 8.000%, 5/01/11
4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,180,825
State University Educational Facilities, Series 2002A,
5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured
3,000 New York State Urban Development Corporation, State 3/12 at 100.00 AA*** 3,269,430
Personal Income Tax Revenue Bonds, State Facilities and
Equipment, Series 2002A, 5.125%, 3/15/27 (Pre-refunded
to 3/15/12)
48
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
$ 1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA $ 1,119,320
1,500 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,678,980
2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,792,021
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.9% (11.5% OF TOTAL INVESTMENTS)
1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,054,140
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2001A:
5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,147,650
2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,857,266
5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,232,000
Pollution Control Revenue Refunding Bonds, Niagara Mohawk
Power Corporation, Series 1998A, 5.150%, 11/01/25 -
AMBAC Insured
5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,332,900
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
1,090 Westchester County Industrial Development Agency, 7/07 at 101.00 BBB 1,131,878
Westchester County, New York, Resource Recovery
Revenue Bonds, RESCO Company, Series 1996,
5.500%, 7/01/09 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.0% (3.3% OF TOTAL INVESTMENTS)
2,665 Albany Municipal Water Finance Authority, New York, Second 6/08 at 100.00 AAA 2,817,036
Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 -
MBIA Insured
2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA+ 2,328,215
Water and Sewerage System Revenue Bonds, Fiscal
Series 2001A, 5.500%, 6/15/33
1,000 Niagara Falls Public Water Authority, New York, Water and 7/06 at 100.00 AAA 1,031,760
Sewerage Revenue Bonds, Series 2003A, 5.500%, 7/15/24 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 168,960 Total Long-Term Investments (cost $171,832,951) - 147.4% 180,935,168
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.1% (0.1% OF TOTAL INVESTMENTS)
100 Puerto Rico Government Development Bank, Adjustable A-1 100,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.190%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 100 Total Short-Term Investments (cost $100,000) 100,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $171,932,951) - 147.5% 181,035,168
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 2,685,057
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (49.7)% (61,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 122,720,225
====================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Such securities are normally considered to be
equivalent to AAA rated securities.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
49
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK)
Portfolio of
INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
CONSUMER STAPLES - 4.5% (3.0% OF TOTAL INVESTMENTS)
$ 370 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 371,277
Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,495,710
Pass-Through Bonds, Series 2003, 5.750%, 6/01/33
450 TSASC Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 BBB 466,304
Series 1999-1, 6.250%, 7/15/34
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 22.7% (15.1% OF TOTAL INVESTMENTS)
1,000 New York City Trust for Cultural Resources, New York, Revenue 1/07 at 102.00 AAA 1,054,360
Refunding Bonds, Museum of Modern Art, Series 1996A,
5.500%, 1/01/21 - AMBAC Insured
1,000 Dormitory Authority of the State of New York, Lease Revenue No Opt. Call AAA 1,089,610
Bonds, State University Dormitory Facilities, Series 2003B,
5.250%, 7/01/32 (Mandatory put 7/01/13) - XLCA Insured
395 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 408,082
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 - MBIA Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue No Opt. Call AAA 2,164,740
Bonds, Mount Sinai School of Medicine, Series 1994A,
5.150%, 7/01/24 - MBIA Insured
100 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 104,785
Bonds, Rochester Institute of Technology, Series 1997,
5.250%, 7/01/22 - MBIA Insured
1,000 Dormitory Authority of the State of New York, Second General 7/10 at 101.00 AAA 1,130,340
Resolution Consolidated Revenue Refunding Bonds, City
University System, Series 2000A, 6.125%, 7/01/13 -
AMBAC Insured
2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,049,080
Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 -
RAAI Insured
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,021,960
Mount St. Mary College, Series 2003, 5.000%, 7/01/32 -
RAAI Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 Aaa 2,655,225
Rochester Institute of Technology, Series 2002A,
5.250%, 7/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 20.8% (13.8% OF TOTAL INVESTMENTS)
500 New York City Health and Hospitals Corporation, New York, 2/12 at 100.00 AAA 546,380
Health System Revenue Bonds, Series 2002A,
5.500%, 2/15/17 - FSA Insured
2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,816,933
Health System Revenue Bonds, Series 2003A,
5.250%, 2/15/21 - AMBAC Insured
830 Dormitory Authority of the State of New York, Revenue Bonds, 8/14 at 100.00 AAA 903,820
New York and Presbyterian Hospital, Series 2004A,
5.250%, 8/15/15 - FSA Insured
25 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AAA 26,258
Memorial Sloan-Kettering Cancer Center, Series 2003-1,
5.000%, 7/01/21 - MBIA Insured
750 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 Baa1 783,278
South Nassau Communities Hospital, Series 2003B,
5.500%, 7/01/23
500 Dormitory Authority of the State of New York, Revenue Bonds, 5/13 at 100.00 A3 519,560
North Shore Long Island Jewish Group, Series 2003,
5.375%, 5/01/23
2,000 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 100.00 AAA 2,059,300
Mortgage Hospital Revenue Bonds, Lutheran Medical
Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured
3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 3,084,150
Mortgage Hospital Revenue Bonds, St. Barnabas Hospital,
Series 2002A, 5.000%, 2/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 2.4% (1.6% OF TOTAL INVESTMENTS)
1,185 Dormitory Authority of the State of New York, FHA-Insured 2/13 at 102.00 AAA 1,239,415
Nursing Home Mortgage Revenue Bonds, Shorefront Jewish
Geriatric Center Inc., Series 2002, 5.200%, 2/01/32
50
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.3% (3.5% OF TOTAL INVESTMENTS)
$ 2,400 New York City, New York, General Obligation Bonds, Fiscal 8/08 at 101.00 AAA $ 2,498,736
Series 1998H, 5.125%, 8/01/25 - MBIA Insured
225 New York City, New York, General Obligation Bonds, Fiscal 8/14 at 100.00 A1 241,724
Series 2004B, 5.250%, 8/01/15
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 47.9% (31.8% OF TOTAL INVESTMENTS)
2,695 Buffalo Fiscal Stability Authority, New York, Sales Tax Revenue No Opt. Call AAA 2,973,771
State Aid Secured Bonds, Series 2004A, 5.250%, 8/15/12 -
MBIA Insured
1,000 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 1,031,190
Contract Refunding Bonds, Series 2002A,
5.000%, 7/01/25 - FGIC Insured
560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB 576,128
Revenue Bonds, Series 2003, 5.500%, 1/01/34
3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,237,930
Future Tax Secured Bonds, Fiscal Series 2003C,
5.250%, 8/01/18 - AMBAC Insured
2,000 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,088,500
Tax Secured Refunding Bonds, Fiscal Series 2003D,
5.000%, 2/01/22 - MBIA Insured
145 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 151,368
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 - FSA Insured
1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,344,232
Personal Income Tax Revenue Bonds, Series 2002A,
5.000%, 1/01/23 - FGIC Insured
3,000 Dormitory Authority of the State of New York, Revenue Bonds, 10/12 at 100.00 AAA 3,206,430
School Districts Financing Program, Series 2002D,
5.250%, 10/01/23 - MBIA Insured
3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,662,470
Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured
565 New York State Thruway Authority, Highway and Bridge Trust No Opt. Call AAA 620,217
Fund Bonds, Series 2004B, 5.250%, 4/01/12 - AMBAC Insured
100 New York State Urban Development Corporation, Revenue 1/08 at 102.00 AAA 104,149
Refunding Bonds, Correctional Capital Facilities, Series 1998,
5.000%, 1/01/20 - MBIA Insured
2,000 New York State Urban Development Corporation, Service No Opt. Call AA- 2,169,180
Contract Revenue Bonds, Correctional and Youth Facilities,
Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11)
New York City Sales Tax Asset Receivable Corporation, New York,
Dedicated Revenue Bonds, Local Government Assistance
Corporation, Series 2004A:
610 5.000%, 10/15/25 - MBIA Insured 10/14 at 100.00 AAA 639,463
455 5.000%, 10/15/26 - MBIA Insured 10/14 at 100.00 AAA 476,253
1,200 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 1,284,996
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 -
AMBAC Insured
750 New York State Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 813,263
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21
250 Yonkers Industrial Development Agency, New York, Revenue 2/11 at 100.00 BBB- 271,608
Bonds, Community Development Properties - Yonkers Inc.
Project, Series 2001A, 6.250%, 2/01/16
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.1% (8.1% OF TOTAL INVESTMENTS)
1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,032,560
Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 -
FGIC Insured
3,030 Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,175,804
Revenue Bonds, One Hundred Twenty-Eighth Series 2002,
5.000%, 11/01/22 - FSA Insured
1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,041,972
Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** - 16.3% (10.8% OF TOTAL INVESTMENTS)
100 Erie County Water Authority, New York, Water Revenue Bonds, 12/09 at 100.00 AAA 117,361
Series 1990B, 6.750%, 12/01/14 - AMBAC Insured
195 New York, General Obligation Bonds, Series 1998B, 3/08 at 101.00 AAA 207,851
5.000%, 3/01/17 (Pre-refunded to 3/01/08) - AMBAC Insured
990 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,076,031
Bonds, State University Dormitory Facilities, Series 1999B,
5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured
51
Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued)
Portfolio of INVESTMENTS March 31, 2005 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED*** (continued)
$ 1,855 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA $ 2,023,490
Revenue Bonds, Mental Health Services Facilities,
Series 1999D, 5.250%, 2/15/29 (Pre-refunded to 8/15/09) -
FSA Insured
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 3/13 at 100.00 AAA 2,713,023
State Personal Income Tax, Series 2003A, 5.000%, 3/15/32
(Pre-refunded to 3/15/13) - FGIC Insured
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, State Facilities and Equipment, Series
2002C-1:
1,000 5.500%, 3/15/20 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,119,320
1,000 5.500%, 3/15/21 (Pre-refunded to 3/15/13) - FGIC Insured 3/13 at 100.00 AAA 1,119,320
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 16.4% (10.9% OF TOTAL INVESTMENTS)
4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,216,560
General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 -
FSA Insured
2,000 New York State Power Authority, General Revenue Bonds, 11/12 at 100.00 Aa2 2,095,500
Series 2002A, 5.000%, 11/15/20
2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,133,160
Series 2000HH, 5.250%, 7/01/29 - FSA Insured
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.7% (1.1% OF TOTAL INVESTMENTS)
870 Niagara Falls Public Water Authority, New York, Water and 7/06 at 100.00 AAA 897,631
Sewerage Revenue Bonds, Series 2003A, 5.500%, 7/15/24 -
MBIA Insured
------------------------------------------------------------------------------------------------------------------------------------
$ 73,005 Total Long-Term Investments (cost $75,015,295) - 150.1% 77,351,758
=============-----------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS - 0.4% (0.3% OF TOTAL INVESTMENTS)
200 Puerto Rico Government Development Bank, Adjustable A-1 200,000
Refunding Bonds, Variable Rate Demand Obligations,
Series 1985, 2.190%, 12/01/15 - MBIA Insured+
------------------------------------------------------------------------------------------------------------------------------------
$ 200 Total Short-Term Investments (cost $200,000) 200,000
=============-----------------------------------------------------------------------------------------------------------------------
Total Investments (cost $75,215,295) - 150.5% 77,551,758
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 976,221
--------------------------------------------------------------------------------------------------------------------
Preferred Shares, at Liquidation Value - (52.4)% (27,000,000)
--------------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shares - 100% $ 51,527,979
====================================================================================================================
FORWARD SWAP CONTRACT OUTSTANDING AT MARCH 31, 2005: EFFECTIVE TERMINATION UNREALIZED
NOTIONAL AMOUNT DATE(2) DATE APPRECIATION
------------------------------------------------------------------------------------------------------------------------------------
Agreement with JPMorgan dated January 11, 2005,
to pay semi-annually the notional amount multiplied
by 5.235% (annualized) and receive quarterly the
notional amount multiplied by the three-month
USD-LIBOR (United States Dollar-London Inter-Bank
Offered Rates). $400,000 8/17/05 8/17/25 $1,840
====================================================================================================================================
At least 80% of the Fund's net assets (including net assets
attributable to Preferred shares) are invested in municipal
securities that are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance
which ensures the timely payment of principal and interest.
Up to 20% of the Fund's net assets (including net assets
attributable to Preferred shares) may be invested in
municipal securities that are (i) either backed by an escrow
or trust containing sufficient U.S. Government or U.S.
Government agency securities (also ensuring the timely
payment of principal and interest), or (ii) municipal bonds
that are rated, at the time of investment, within the four
highest grades (Baa or BBB or better by Moody's, S&P or
Fitch) or unrated but judged to be of comparable quality by
the Adviser.
(1) All percentages shown in the Portfolio of Investments are
based on net assets applicable to Common shares unless
otherwise noted.
(2) Effective date represents the date on which both the Fund
and counterparty commence interest payment accruals on each
forward swap contract.
* Optional Call Provisions: Dates (month and year) and prices
of the earliest optional call or redemption. There may be
other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's
rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest.
+ Security has a maturity of more than one year, but has
variable rate and demand features which qualify it as a
short-term security. The rate disclosed is that in effect at
the end of the reporting period. This rate changes
periodically based on market conditions or a specified
market index.
See accompanying notes to financial statements.
52
Statement of
ASSETS AND LIABILITIES March 31, 2005 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $395,407,275, $520,654,662
and $534,282,887, respectively) $417,585,536 $553,957,864 $564,591,749
Cash 1,537,563 745,434 670,657
Receivables:
Interest 5,814,833 7,537,455 7,765,583
Investments sold 1,921,732 1,915,396 115,000
Forward swaps, at value -- -- --
Other assets 34,149 55,085 46,294
------------------------------------------------------------------------------------------------------------------------------------
Total assets 426,893,813 564,211,234 573,189,283
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 3,872,732 2,996,498 3,064,244
Accrued expenses:
Management fees 226,731 298,874 303,492
Other 100,098 129,241 122,878
Preferred share dividends payable 16,565 36,521 36,085
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,216,126 3,461,134 3,526,699
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $278,677,687 $367,750,100 $372,662,584
====================================================================================================================================
Common shares outstanding 17,720,933 23,435,202 24,083,739
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.73 $ 15.69 $ 15.47
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 177,209 $ 234,352 $ 240,837
Paid-in surplus 248,922,800 327,923,797 335,102,933
Undistributed (Over-distribution of) net investment income 2,339,837 3,262,989 3,280,944
Accumulated net realized gain (loss) from investments and forward swaps 5,059,595 3,025,760 3,729,008
Net unrealized appreciation of investments and forward swaps 22,178,246 33,303,202 30,308,862
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $278,677,687 $367,750,100 $372,662,584
====================================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
====================================================================================================================================
See accompanying notes to financial statements.
53
Statement of
ASSETS AND LIABILITIES March 31, 2005 (Unaudited) (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at market value (cost $184,282,788, $171,936,951 $193,489,473 $181,035,168 $77,551,758
and $75,215,295, respectively)
Cash 202,415 130,826 70,387
Receivables:
Interest 2,703,546 2,554,998 949,130
Investments sold -- 115,000 --
Forward swaps, at value -- -- 1,840
Other assets 15,097 1,299 7,859
------------------------------------------------------------------------------------------------------------------------------------
Total assets 196,410,531 183,837,291 78,580,974
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 1,110,007 -- --
Accrued expenses:
Management fees 106,219 53,038 21,595
Other 60,682 35,138 18,612
Preferred share dividends payable 7,402 28,890 12,788
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,284,310 117,066 52,995
------------------------------------------------------------------------------------------------------------------------------------
Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $130,126,221 $122,720,225 $51,527,979
====================================================================================================================================
Common shares outstanding 8,329,215 7,957,934 3,512,848
====================================================================================================================================
Net asset value per Common share outstanding
(net assets applicable to Common shares,
divided by Common shares outstanding) $ 15.62 $ 15.42 $ 14.67
====================================================================================================================================
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Common shares, $.01 par value per share $ 83,292 $ 79,579 $ 35,128
Paid-in surplus 118,406,693 112,920,342 49,501,696
Undistributed (Over-distribution of) net investment income 1,031,892 394,108 (128,831)
Accumulated net realized gain (loss) from investments and forward swaps 1,397,659 227,979 (218,317)
Net unrealized appreciation of investments and forward swaps 9,206,685 9,098,217 2,338,303
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common shares $130,126,221 $122,720,225 $51,527,979
====================================================================================================================================
Authorized shares:
Common 200,000,000 Unlimited Unlimited
Preferred 1,000,000 Unlimited Unlimited
====================================================================================================================================
See accompanying notes to financial statements.
54
Statement of
OPERATIONS Six Months Ended March 31, 2005 (Unaudited)
NEW YORK NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $10,316,869 $13,753,747 $13,610,099
-------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,352,081 1,774,929 1,800,812
Preferred shares - auction fees 179,507 240,589 245,576
Preferred shares - dividend disbursing agent fees 14,959 14,959 19,945
Shareholders' servicing agent fees and expenses 17,820 21,050 20,342
Custodian's fees and expenses 47,969 60,814 60,917
Directors'/Trustees' fees and expenses 3,523 4,637 4,657
Professional fees 12,158 14,959 14,497
Shareholders' reports - printing and mailing expenses 14,552 18,170 28,537
Stock exchange listing fees 5,326 5,319 5,307
Investor relations expense 29,822 38,617 39,402
Portfolio insurance expense -- 6,247 --
Other expenses 18,378 19,599 21,079
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,696,095 2,219,889 2,261,071
Custodian fee credit (8,485) (7,071) (7,644)
Expense reimbursement -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,687,610 2,212,818 2,253,427
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 8,629,259 11,540,929 11,356,672
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments 5,366,554 3,248,633 3,740,457
Net realized gain (loss) from forward swaps -- -- --
Change in net unrealized appreciation (depreciation)
of investments (12,502,552) (10,665,910) (10,882,181)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (7,135,998) (7,417,277) (7,141,724)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (791,060) (1,217,198) (1,258,386)
From accumulated net realized gains from investments (207,408) (165,437) (134,345)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (998,468) (1,382,635) (1,392,731)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $ 494,793 $ 2,741,017 $ 2,822,217
====================================================================================================================================
See accompanying notes to financial statements.
55
Statement of
OPERATIONS Six Months Ended March 31, 2005 (Unaudited) (continued)
INSURED INSURED
INSURED NEW YORK NEW YORK
NEW YORK DIVIDEND TAX-FREE
PREMIUM INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $4,667,655 $4,300,676 $1,782,859
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 631,356 592,557 253,809
Preferred shares - auction fees 81,028 76,041 33,657
Preferred shares - dividend disbursing agent fees 9,973 4,986 4,986
Shareholders' servicing agent fees and expenses 8,007 966 392
Custodian's fees and expenses 25,491 21,884 11,065
Directors'/Trustees' fees and expenses 1,563 1,544 635
Professional fees 8,075 7,753 5,980
Shareholders' reports - printing and mailing expenses 7,952 9,343 5,021
Stock exchange listing fees 5,314 338 149
Investor relations expense 13,850 12,916 5,726
Portfolio insurance expense 12 -- --
Other expenses 9,141 8,478 7,571
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 801,762 736,806 328,991
Custodian fee credit (3,202) (3,355) (2,343)
Expense reimbursement -- (278,426) (126,396)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 798,560 455,025 200,252
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,869,095 3,845,651 1,582,607
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain from investments 1,587,794 292,590 11,229
Net realized gain (loss) from forward swaps -- -- (138,874)
Change in net unrealized appreciation (depreciation)
of investments (3,966,263) (1,375,229) (230,451)
Change in net unrealized appreciation (depreciation)
of forward swaps -- -- 73,802
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) (2,378,469) (1,082,639) (284,294)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS
From net investment income (355,091) (389,473) (175,824)
From accumulated net realized gains from investments (91,205) (58,911) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets applicable to Common
shares from distributions to Preferred shareholders (446,296) (448,384) (175,824)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets applicable to Common
shares from operations $1,044,330 $2,314,628 $1,122,489
====================================================================================================================================
See accompanying notes to financial statements.
56
Statement of
CHANGES IN NET ASSETS (Unaudited)
NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN)
--------------------------------- --------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/05 9/30/04 3/31/05 9/30/04 3/31/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 8,629,259 $ 18,125,685 $ 11,540,929 $ 23,637,267 $ 11,356,672 $ 23,595,365
Net realized gain (loss)
from investments 5,366,554 4,736,769 3,248,633 2,941,892 3,740,457 2,239,339
Net realized gain (loss)
from forward swaps -- -- -- -- -- --
Change in net unrealized
appreciation (depreciation)
of investments (12,502,552) (2,838,817) (10,665,910) 1,637,824 (10,882,181) (195,181)
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- -- --
Distributions to Preferred
Shareholders:
From net investment income (791,060) (870,812) (1,217,198) (1,360,284) (1,258,386) (1,396,624)
From accumulated net realized
gains from investments (207,408) (486,403) (165,437) (466,684) (134,345) (373,896)
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common
shares from operations 494,793 18,666,422 2,741,017 26,390,015 2,822,217 23,869,003
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (8,612,376) (17,494,722) (11,108,287) (22,362,742) (11,003,739) (22,127,646)
From accumulated net realized
gains from investments (4,864,391) (7,179,886) (2,999,710) (6,416,699) (2,167,643) (6,168,948)
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common shares
from distributions
to Common shareholders (13,476,767) (24,674,608) (14,107,997) (28,779,441) (13,171,382) (28,296,594)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 355,427 -- 232,115 -- --
Preferred shares offering costs -- -- -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
applicable to Common shares from
capital share transactions -- 355,427 -- 232,115 -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (12,981,974) (5,652,759) (11,366,980) (2,157,311) (10,349,165) (4,427,591)
Net assets applicable to Common
shares at the beginning
of period 291,659,661 297,312,420 379,117,080 381,274,391 383,011,749 387,439,340
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $278,677,687 $291,659,661 $367,750,100 $379,117,080 $372,662,584 $383,011,749
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 2,339,837 $ 3,114,014 $ 3,262,989 $ 4,047,545 $ 3,280,944 $ 4,186,397
====================================================================================================================================
See accompanying notes to financial statements.
57
Statement of
CHANGES IN NET ASSETS (Unaudited) (continued)
INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK
PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK)
--------------------------------- --------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/05 9/30/04 3/31/05 9/30/04 3/31/05 9/30/04
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 3,869,095 $ 8,129,299 $ 3,845,651 $ 7,795,395 $ 1,582,607 $ 3,232,605
Net realized gain (loss)
from investments 1,587,794 1,514,151 292,590 910,091 11,229 (11,945)
Net realized gain (loss)
from forward swaps -- -- -- -- (138,874) --
Change in net unrealized
appreciation (depreciation)
of investments (3,966,263) (902,484) (1,375,229) 1,836,211 (230,451) 1,272,870
Change in net unrealized
appreciation (depreciation)
of forward swaps -- -- -- -- 73,802 (71,962)
Distributions to Preferred
Shareholders:
From net investment income (355,091) (476,973) (389,473) (473,203) (175,824) (229,692)
From accumulated net realized
gains from investments (91,205) -- (58,911) (75,265) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
applicable to Common shares
from operations 1,044,330 8,263,993 2,314,628 9,993,229 1,122,489 4,191,876
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income (3,823,109) (7,693,168) (3,533,322) (7,114,393) (1,412,165) (3,045,010)
From accumulated net realized
gains from investments (1,528,887) -- (921,520) (918,355) -- --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets
applicable to Common
shares from distributions
to Common shareholders (5,351,996) (7,693,168) (4,454,842) (8,032,748) (1,412,165) (3,045,010)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 128,469 -- -- -- 25,784
Preferred shares offering costs -- -- -- (1,429) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets applicable
to Common shares from
capital share transactions -- 128,469 -- (1,429) -- 25,784
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
applicable to Common shares (4,307,666) 699,294 (2,140,214) 1,959,052 (289,676) 1,172,650
Net assets applicable to Common
shares at the beginning
of period 134,433,887 133,734,593 124,860,439 122,901,387 51,817,655 50,645,005
------------------------------------------------------------------------------------------------------------------------------------
Net assets applicable to Common
shares at the end of period $130,126,221 $134,433,887 $122,720,225 $124,860,439 $51,527,979 $51,817,655
====================================================================================================================================
Undistributed (Over-distribution of)
net investment income at the
end of period $ 1,031,892 $ 1,340,997 $ 394,108 $ 471,252 $ (128,831) $ (123,449)
====================================================================================================================================
See accompanying notes to financial statements.
58
Notes to
FINANCIAL STATEMENTS (Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York funds (the "Funds") covered in this report and their corresponding
Common share stock exchange symbols are Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc.
(NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured
New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York
Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free
Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New
York Stock Exchange, with the exception of Insured New York Dividend Advantage's
(NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common
shares, which trade on the American Stock Exchange. The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end management
investment companies.
Each Fund seeks to provide current income exempt from both regular federal and
New York state income taxes, and in the case of Insured New York Tax-Free
Advantage (NRK) the alternative minimum tax applicable to individuals, by
investing primarily in a diversified portfolio of municipal obligations issued
by state and local government authorities within the state of New York.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with U.S.
generally accepted accounting principles.
Investment Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers, evaluations
of anticipated cash flows or collateral and general market conditions. Prices of
derivative investments are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. If the pricing service is
unable to supply a price for a derivative investment each Fund may use a market
quote provided by a major broker/dealer in such investments. If it is determined
that market prices for an investment are unavailable or inappropriate, the Board
of Directors/Trustees of the Funds, or its designee, may establish a fair value
for the investment. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
59
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Securities purchased on a when-issued or delayed delivery basis may have
extended settlement periods. Any securities so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued and delayed delivery purchase commitments. At March 31, 2005, New
York Investment Quality (NQN), New York Select Quality (NVN), New York Quality
Income (NUN), and Insured New York Premium Income (NNF) had outstanding
when-issued purchase commitments of $3,872,732, $2,996,498, $3,064,244, and
$1,110,007, respectively. There were no such outstanding purchase commitments in
Insured New York Dividend Advantage (NKO) or Insured New York Tax-Free Advantage
(NRK).
Investment Income
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment Income also includes paydown gains and losses, if any.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to distribute substantially all net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of
Subchapter M of the Internal Revenue Code applicable to regulated investment
companies. Therefore, no federal income tax provision is required. Furthermore,
each Fund intends to satisfy conditions which will enable interest from
municipal securities, which is exempt from regular federal and New York state
income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the
alternative minimum tax applicable to individuals, to retain such tax-exempt
status when distributed to shareholders of the Funds. Net realized capital gains
and ordinary income distributions paid by the Funds are subject to federal
taxation.
Dividends and Distributions to Common Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryforwards.
Distributions to Common shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount, if any, are recorded on the
ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S.
generally accepted accounting principles.
Preferred Shares
The Funds have issued and outstanding Preferred shares, $25,000 stated value per
share, as a means of effecting financial leverage. Each Fund's Preferred shares
are issued in one or more Series. The dividend rate on each Series is determined
every seven days, pursuant to a dutch auction process overseen by the auction
agent, and is payable weekly at the end of each rate period. The number of
Preferred shares outstanding, by Series and in total, for each Fund is as
follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
--------------------------------------------------------------------------------------------------------
Number of shares:
Series M 960 -- 2,200 1,320 -- --
Series T 2,400 1,720 -- 1,280 -- --
Series W -- 2,400 2,200 -- -- --
Series TH -- 3,600 2,400 -- 2,440 1,080
Series F 2,400 -- 1,080 -- -- --
--------------------------------------------------------------------------------------------------------
Total 5,760 7,720 7,880 2,600 2,440 1,080
========================================================================================================
60
Insurance
New York Investment Quality (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest.
Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free
Advantage (NRK) invest at least 80% of their net assets (including net assets
applicable to Preferred shares) in municipal securities that are covered by
insurance. Each Fund may also invest up to 20% of its net assets (including net
assets applicable to Preferred shares) in municipal securities which are either
(i) backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities, or (ii) municipal bonds that are rated, at the
time of investment, within the four highest grades (Baa or BBB or better by
Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the
Adviser.
Each insured municipal security is covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance. Such insurance does not
guarantee the market value of the municipal securities or the value of the
Funds' Common shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance, in contrast, is effective only while the municipal securities are
held by the Funds. Accordingly, neither the prices used in determining the
market value of the underlying municipal securities nor the Common share net
asset value of the Funds include value, if any, attributable to the Portfolio
Insurance. Each policy of the Portfolio Insurance does, however, give the Funds
the right to obtain permanent insurance with respect to the municipal security
covered by the Portfolio Insurance policy at the time of its sale.
Forward Swap Transactions
The Funds may invest in certain derivative financial instruments. The Funds' use
of forward interest rate swap transactions is intended to mitigate the negative
impact that an increase in long-term interest rates could have on Common share
net asset value. Forward interest rate swap transactions involve each Fund's
agreement with the counterparty to pay, in the future, a fixed rate payment in
exchange for the counterparty paying the Fund a variable rate payment. The
amount of the payment obligation is based on the notional amount of the forward
swap contract. The Funds may close out a contract prior to the effective date at
which point a realized gain or loss would be recognized. When a forward swap is
terminated, it does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash. Each Fund intends, but is
not obligated to, terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination. To minimize such credit risk, all counterparties are required to
pledge collateral daily (based on the daily valuation of each swap) on behalf of
each Fund with a value approximately equal to the amount of any unrealized gain
above a pre-determined threshold. Reciprocally, when any of the Funds have an
unrealized loss on a swap contract, the Funds have instructed the custodian to
pledge assets of the Funds as collateral with a value approximately equal to the
amount of the unrealized loss above a pre-determined threshold. Collateral
pledges are monitored and subsequently adjusted if and when the swap valuations
fluctuate, either up or down, by at least the pre-determined threshold amount.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by credits earned on each Fund's cash on deposit
with the bank. Such deposit arrangements are an alternative to overnight
investments.
Indemnifications
Under the Funds' organizational documents, its Officers and Directors/Trustees
are indemnified against certain liabilities arising out of the performance of
their duties to the Funds. In addition, in the normal course of business, the
Funds enter into contracts that provide general indemnifications to other
parties. The Funds' maximum exposure under these arrangements is unknown as this
would involve future claims that may be made against the Funds that have not yet
occurred. However, the Funds have not had prior claims or losses pursuant to
these contracts and expect the risk of loss to be remote.
61
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Use of Estimates
The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets applicable to Common shares from operations during the
reporting period. Actual results may differ from those estimates.
2. FUND SHARES
Transactions in Common shares were as follows:
NEW YORK INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/05 9/30/04 3/31/05 9/30/04
-------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- 21,444 -- 14,240
=======================================================================================================
NEW YORK QUALITY INSURED NEW YORK
INCOME (NUN) PREMIUM INCOME (NNF)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/05 9/30/04 3/31/05 9/30/04
-------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 7,902
=======================================================================================================
INSURED NEW YORK INSURED NEW YORK
DIVIDEND TAX-FREE
ADVANTAGE (NKO) ADVANTAGE (NRK)
--------------------- ----------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/05 9/30/04 3/31/05 9/30/04
-------------------------------------------------------------------------------------------------------
Common shares issued to shareholders
due to reinvestment of distributions -- -- -- 1,725
=======================================================================================================
62
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities during the six months ended March 31, 2005, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------
Purchases $53,609,826 $42,280,525 $41,958,404 $18,780,594 $2,970,749 $1,118,643
Sales and maturities 58,605,624 45,509,826 39,094,996 20,278,388 3,981,863 1,015,920
=========================================================================================================
4. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to the treatment of paydown gains and losses on investments,
timing differences in recognizing income on taxable market discount securities
and timing differences in recognizing certain gains and losses on security
transactions.
At March 31, 2005, the cost of investments was as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Cost of investments $395,190,271 $520,508,602 $534,140,228
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Cost of investments $184,229,705 $171,898,310 $75,215,195
================================================================================
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 2005, were as follows:
NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY
QUALITY QUALITY INCOME
(NQN) (NVN) (NUN)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $23,595,609 $34,546,661 $31,560,763
Depreciation (1,200,344) (1,097,399) (1,109,242)
--------------------------------------------------------------------------------
Net unrealized appreciation
of investments $22,395,265 $33,449,262 $30,451,521
================================================================================
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK
PREMIUM DIVIDEND TAX-FREE
INCOME ADVANTAGE ADVANTAGE
(NNF) (NKO) (NRK)
--------------------------------------------------------------------------------
Gross unrealized:
Appreciation $9,837,327 $9,283,136 $2,381,049
Depreciation (577,559) (146,278) (44,486)
--------------------------------------------------------------------------------
Net unrealized appreciation
of investments $9,259,768 $9,136,858 $2,336,563
================================================================================
63
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
The tax components of undistributed net investment income and net realized gains
at September 30, 2004, the Funds' last fiscal year end, were as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------
Undistributed net
tax-exempt income * $4,347,574 $5,803,988 $5,844,850 $1,939,119 $1,042,726 $125,290
Undistributed net
ordinary income ** -- -- 22,888 -- 3,793 --
Undistributed net
long-term capital gains 4,764,907 2,942,274 2,299,750 1,429,958 912,027 --
=========================================================================================================
* Undistributed net tax exempt income (on a tax basis) has not been reduced
for the dividend declared on September 1, 2004, paid on October 1, 2004.
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
The tax character of distributions paid during the fiscal year ended September
30, 2004, the Funds' last fiscal year end, was designated for purposes of the
dividends paid deduction as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
------------------------------------------------------------------------------------------------------------
Distributions from
net tax-exempt income $18,166,188 $23,680,573 $23,478,537 $8,168,680 $7,583,654 $3,284,113
Distributions from
net ordinary income ** 184,151 13,244 19,927 -- 408,937 --
Distributions from
net long-term
capital gains 7,666,289 6,883,383 6,542,844 -- 584,683 --
============================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
At September 30, 2004, the Funds' last fiscal year end, Insured New York
Tax-Free Advantage (NRK) had an unused capital loss carryforward of $78,917
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforward will expire in 2012.
Insured New York Tax-Free Advantage (NRK) elected to defer net realized losses
from investments incurred from November 1, 2003 through September 30, 2004
("post-October losses") in accordance with Federal income tax regulations.
Post-October losses of $11,755 were treated as having arisen on the first day of
the current fiscal year.
64
5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Effective January 1, 2005, Nuveen Advisory Corp. ("NAC"), the Funds' previous
Adviser, and its affiliate, Nuveen Institutional Advisory Corp. ("NIAC"), were
merged into Nuveen Asset Management ("NAM"), each wholly owned subsidiaries of
Nuveen Investments, Inc. ("Nuveen"). As a result of the merger, NAM is now the
Adviser to all funds previously advised by either NAC or NIAC.
As approved by the Board of Directors/Trustees, effective August 1, 2004, a
complex-wide management fee structure was adopted for all funds sponsored by the
Adviser, or its predecessor and its affiliates. This fee structure separates
each fund's management fee into two components - a complex-level component,
based on the aggregate amount of all fund assets managed by the Adviser and a
specific fund-level component, based only on the amount of assets within each
individual fund. This pricing structure enables Nuveen fund shareholders to
benefit from growth in the assets within each individual fund as well as from
growth in the amount of complex-wide assets managed by the Adviser. Under no
circumstances will this pricing structure result in a fund paying management
fees at a rate higher than would otherwise have been applicable had the
complex-wide management fee structure not been implemented. As of April 30,
2005, the complex level fee rate was .1915%; that is, the funds' effective
management fees were reduced by approximately .0085%.
Effective August 1, 2004, the annual fund-level fee, payable monthly, for each
of the Funds is based upon the average daily net assets (including net assets
attributable to Preferred shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
AVERAGE DAILY NET ASSETS (INCLUDING INSURED NEW YORK PREMIUM INCOME (NNF)
NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) FUND-LEVEL FEE RATE
-----------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
===================================================================================
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS ATTRIBUTABLE INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
TO PREFERRED SHARES) FUND-LEVEL FEE RATE
-----------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For net assets over $2 billion .3750
===================================================================================
65
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
Effective August 1, 2004, the annual complex-level fee, payable monthly, which
is additive to the fund-level fee, for all Nuveen sponsored funds in the U.S.,
is based on the aggregate amount of total fund assets managed as follows:
COMPLEX-LEVEL ASSETS(1) COMPLEX-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $55 billion .2000%
For the next $1 billion .1800
For the next $1 billion .1600
For the next $3 billion .1425
For the next $3 billion .1325
For the next $3 billion .1250
For the next $5 billion .1200
For the next $5 billion .1175
For the next $15 billion .1150
For Managed Assets over $91 billion (2) .1400
================================================================================
(1) The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate Managed Assets ("Managed Assets" means
the average daily net assets of each fund including assets attributable to
all types of leverage used by the Nuveen funds) of Nuveen-sponsored funds
in the U.S.
(2) With respect to the complex-wide Managed Assets over $91 billion, the fee
rate or rates that will apply to such assets will be determined at a later
date. In the unlikely event that complex-wide Managed Assets reach $91
billion prior to a determination of the complex-level fee rate or rates to
be applied to Managed Assets in excess of $91 billion, the complex-level
fee rate for such complex-wide Managed Assets shall be .1400% until such
time as a different rate or rates is determined.
Each Fund paid through July 31, 2004, an annual management fee, payable monthly,
at the rates set forth below, which were based upon the average daily net assets
(including net assets attributable to Preferred shares) of each Fund as follows:
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
AVERAGE DAILY NET ASSETS NEW YORK QUALITY INCOME (NUN)
(INCLUDING NET ASSETS INSURED NEW YORK PREMIUM INCOME (NNF)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For the next $3 billion .5875
For net assets over $5 billion .5750
================================================================================
AVERAGE DAILY NET ASSETS INSURED NEW YORK DIVIDEND ADVANTAGE (NKO)
(INCLUDING NET ASSETS INSURED NEW YORK TAX-FREE ADVANTAGE (NRK)
ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .6500%
For the next $125 million .6375
For the next $250 million .6250
For the next $500 million .6125
For the next $1 billion .6000
For net assets over $2 billion .5750
================================================================================
66
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
Directors/Trustees that enables Directors/Trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised Funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
Funds.
For the first ten years of Insured New York Dividend Advantage's (NKO)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
MARCH 31, MARCH 31,
--------------------------------------------------------------------------------
2002* .30% 2008 .25%
2003 .30 2009 .20
2004 .30 2010 .15
2005 .30 2011 .10
2006 .30 2012 .05
2007 .30
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Dividend Advantage
(NKO) for any portion of its fees and expenses beyond March 31, 2012.
For the first eight years of Insured New York Tax-Free Advantage's (NRK)
operations, the Adviser has agreed to reimburse the Fund, as a percentage of
average daily net assets (including net assets attributable to Preferred
shares), for fees and expenses in the amounts and for the time periods set forth
below:
YEAR ENDING YEAR ENDING
NOVEMBER 30, NOVEMBER 30,
--------------------------------------------------------------------------------
2002* .32% 2007 .32%
2003 .32 2008 .24
2004 .32 2009 .16
2005 .32 2010 .08
2006 .32
================================================================================
* From the commencement of operations.
The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage
(NRK) for any portion of its fees and expenses beyond November 30, 2010.
6. ANNOUNCEMENT REGARDING PARENT COMPANY OF ADVISER
In early April, 2005, The St. Paul Travelers Companies, Inc. ("St. Paul
Travelers"), which owned 79% of Nuveen, (A) completed a public offering of a
substantial portion of its equity stake in Nuveen, (B) sold Nuveen $200 million
of its Nuveen shares, (C) entered into an agreement with Nuveen to sell an
additional $400 million of its Nuveen shares on a "forward" basis with payment
for and settlement of these shares delayed for several months, and (D) entered
into agreements with two unaffiliated investment banking firms to sell an amount
equal to most or all of its remaining Nuveen shares for current payment but for
future settlement. The settlement of transactions (C) and (D) above would likely
be deemed to be an "assignment" (as defined in the 1940 Act) of the investment
management agreements between the Funds and NAM, which would result in the
automatic termination of each agreement under the 1940 Act. The Board of
Directors/Trustees will consider approval of new ongoing investment management
agreements for each Fund and the submission of those agreements for approval by
each respective Fund's shareholders. Those agreements, if approved by a Fund's
shareholders, would take effect upon such approval. There can be no assurance
that these approvals will be obtained.
67
Notes to
FINANCIAL STATEMENTS (Unaudited) (continued)
7. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid on May 2, 2005, to shareholders of record on
April 15, 2005, as follows:
INSURED INSURED INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE
QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE
(NQN) (NVN) (NUN) (NNF) (NKO) (NRK)
---------------------------------------------------------------------------------------------------------
Dividend per share $.0785 $.0765 $.0735 $.0740 $.0715 $.0635
=========================================================================================================
68
Financial
HIGHLIGHTS (Unaudited)
69
Financial
HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
=================================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $16.46 $ .49 $ (.41) $(.04) $(.01) $ .03 $(.49) $(.27) $ (.76)
2004 16.80 1.02 .12 (.05) (.03) 1.06 (.99) (.41) (1.40)
2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04)
2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93)
2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84)
2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92)
NEW YORK SELECT
QUALITY (NVN)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 16.18 .49 (.32) (.05) (.01) .11 (.47) (.13) (.60)
2004 16.28 1.01 .19 (.06) (.02) 1.12 (.95) (.27) (1.22)
2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08)
2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02)
2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87)
2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93)
NEW YORK QUALITY
INCOME (NUN)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 15.90 .47 (.29) (.05) (.01) .12 (.46) (.09) (.55)
2004 16.09 .98 .09 (.06) (.02) .99 (.92) (.26) (1.18)
2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10)
2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89)
2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85)
2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90)
=================================================================================================================================
Total Returns
--------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=====================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $-- $15.73 $14.7700 (.04)% .15%
2004 -- 16.46 15.5200 10.21 6.61
2003 -- 16.80 15.3800 3.63 5.68
2002 -- 16.92 15.8600 14.54 14.52
2001 -- 15.67 14.7200 12.44 14.12
2000 -- 14.50 13.8750 (1.52) 7.10
NEW YORK SELECT
QUALITY (NVN)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) -- 15.69 14.4900 .23 .67
2004 -- 16.18 15.0400 6.96 7.27
2003 -- 16.28 15.2200 4.57 5.63
2002 -- 16.48 15.6200 15.35 14.27
2001 -- 15.41 14.5000 10.43 11.99
2000 -- 14.57 13.9375 (2.92) 6.14
NEW YORK QUALITY
INCOME (NUN)
-------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) -- 15.47 14.2400 .54 .71
2004 -- 15.90 14.7000 6.77 6.41
2003 -- 16.09 14.8900 4.37 5.32
2002 -- 16.37 15.3500 13.79 14.14
2001 -- 15.20 14.3300 12.63 11.39
2000 -- 14.44 13.5000 (3.79) 5.74
=====================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- -------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==========================================================================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $278,678 1.18%* 6.02%* 1.18%* 6.02%* 13%
2004 291,660 1.18 6.26 1.18 6.26 11
2003 297,312 1.19 6.42 1.18 6.42 19
2002 299,475 1.22 6.90 1.21 6.92 9
2001 277,380 1.27 7.29 1.24 7.31 21
2000 256,711 1.26 8.39 1.24 8.41 32
NEW YORK SELECT
QUALITY (NVN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 367,750 1.18* 6.13* 1.18* 6.14* 8
2004 379,117 1.19 6.31 1.19 6.32 8
2003 381,274 1.19 6.49 1.18 6.50 16
2002 386,011 1.23 7.06 1.22 7.07 15
2001 360,809 1.28 7.59 1.26 7.61 31
2000 341,311 1.28 8.49 1.28 8.49 20
NEW YORK QUALITY
INCOME (NUN)
--------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 372,663 1.19* 5.96* 1.18* 5.97* 7
2004 383,012 1.19 6.21 1.19 6.21 10
2003 387,439 1.20 6.31 1.19 6.32 14
2002 394,330 1.24 7.02 1.23 7.03 32
2001 365,974 1.26 7.62 1.24 7.63 13
2000 347,716 1.22 8.31 1.22 8.31 15
==========================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
==================================================================
NEW YORK INVESTMENT
QUALITY (NQN)
------------------------------------------------------------------
Year Ended 9/30:
2005(a) $144,000 $25,000 $73,382
2004 144,000 25,000 75,635
2003 144,000 25,000 76,617
2002 144,000 25,000 76,992
2001 144,000 25,000 73,156
2000 144,000 25,000 69,568
NEW YORK SELECT
QUALITY (NVN)
------------------------------------------------------------------
Year Ended 9/30:
2005(a) 193,000 25,000 72,636
2004 193,000 25,000 74,108
2003 193,000 25,000 74,388
2002 193,000 25,000 75,001
2001 193,000 25,000 71,737
2000 193,000 25,000 69,211
NEW YORK QUALITY
INCOME (NUN)
------------------------------------------------------------------
Year Ended 9/30:
2005(a) 197,000 25,000 72,292
2004 197,000 25,000 73,606
2003 197,000 25,000 74,167
2002 197,000 25,000 75,042
2001 197,000 25,000 71,443
2000 197,000 25,000 69,126
==================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended March 31, 2005.
See accompanying notes to financial statements.
70-71 SPREAD
Financial HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions
---------------------------------------------------------------- ---------------------------------
Distributions Distributions
from Net from From Net
Beginning Investment Capital Investment Capital
Common Net Income to Gains to Income to Gains to
Share Net Realized/ Preferred Preferred Common Common
Net Asset Investment Unrealized Share- Share- Share- Share-
Value Income Gain (Loss) holders+ holders+ Total holders holders Total
=================================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $16.14 $ .46 $ (.29) $(.04) $(.01) $ .12 $(.46) $(.18) $(.64)
2004 16.07 .97 .08 (.06) -- .99 (.92) -- (.92)
2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92)
2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88)
2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81)
2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82)
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 15.69 .48 (.13) (.05) (.01) .29 (.44) (.12) (.56)
2004 15.44 .98 .35 (.06) (.01) 1.26 (.89) (.12) (1.01)
2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97)
2002(b) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37)
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
---------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 14.75 .45 (.08) (.05) -- .32 (.40) -- (.40)
2004 14.42 .92 .35 (.07) -- 1.20 (.87) -- (.87)
2003(c) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65)
=================================================================================================================================
Total Returns
--------------------
Based
Offering on
Costs and Ending Common
Preferred Common Based Share
Share Share Ending on Net
Underwriting Net Asset Market Market Asset
Discounts Value Value Value** Value**
=============================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $ -- $15.62 $14.2900 (2.13)% .74%
2004 -- 16.14 15.2300 7.14 6.40
2003 -- 16.07 15.1000 .56 5.26
2002 -- 16.17 15.9400 15.88 12.21
2001 -- 15.26 14.5700 15.32 13.11
2000 -- 14.24 13.3750 (.96) 6.38
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) -- 15.42 14.1000 2.13 1.84
2004 -- 15.69 14.3500 7.55 8.48
2003 -- 15.44 14.3000 (.77) 4.01
2002(b) (.13) 15.82 15.3900 5.16 13.18
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
---------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) -- 14.67 13.4100 1.24 2.18
2004 -- 14.75 13.6400 5.83 8.58
2003(c) (.23) 14.42 13.7100 (4.40) 5.29
=============================================================================================
Ratios/Supplemental Data
------------------------------------------------------------------------------------------------
Before Credit/Reimbursement After Credit/Reimbursement***
----------------------------- -------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Ending Expenses Income to Expenses Income to
Net to Average Average to Average Average
Assets Net Assets Net Assets Net Assets Net Assets
Applicable Applicable Applicable Applicable Applicable Portfolio
to Common to Common to Common to Common to Common Turnover
Shares (000) Shares++ Shares++ Shares++ Shares++ Rate
==============================================================================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) $130,126 1.20%* 5.81%* 1.20%* 5.81%* 10%
2004 134,434 1.21 6.11 1.20 6.11 16
2003 133,735 1.21 6.38 1.21 6.38 21
2002 134,574 1.25 6.92 1.24 6.92 17
2001 126,648 1.29 7.24 1.28 7.25 8
2000 118,171 1.30 7.80 1.29 7.81 17
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 122,720 1.18* 5.71* .73* 6.16* 2
2004 124,860 1.20 5.91 .74 6.37 9
2003 122,901 1.20 6.07 .74 6.53 15
2002(b) 125,893 1.15* 5.07* .65* 5.57* 29
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
------------------------------------------------------------------------------------------------------------------------------
Year Ended 9/30:
2005(a) 51,528 1.26* 5.58* .77* 6.08* 1
2004 51,818 1.26 5.85 .76 6.35 16
2003(c) 50,645 1.19* 5.10* .70* 5.59* 5
==============================================================================================================================
Preferred Shares at End of Period
------------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
=======================================================================
INSURED NEW YORK
PREMIUM INCOME (NNF)
-----------------------------------------------------------------------
Year Ended 9/30:
2005(a) $65,000 $25,000 $75,049
2004 65,000 25,000 76,705
2003 65,000 25,000 76,436
2002 65,000 25,000 76,759
2001 65,000 25,000 73,711
2000 65,000 25,000 70,450
INSURED NEW YORK
DIVIDEND ADVANTAGE (NKO)
-----------------------------------------------------------------------
Year Ended 9/30:
2005(a) 61,000 25,000 75,295
2004 61,000 25,000 76,172
2003 61,000 25,000 75,369
2002(b) 61,000 25,000 76,596
INSURED NEW YORK
TAX-FREE ADVANTAGE (NRK)
-----------------------------------------------------------------------
Year Ended 9/30:
2005(a) 27,000 25,000 72,711
2004 27,000 25,000 72,979
2003(c) 27,000 25,000 71,894
=======================================================================
* Annualized.
** Total Investment Return on Market Value is the combination of changes in
the market price per share and the effect of reinvested dividend income and
reinvested capital gains distributions, if any, at the average price paid
per share at the time of reinvestment. Total Return on Common Share Net
Asset Value is the combination of changes in Common Share net asset value,
reinvested dividend income at net asset value and reinvested capital gains
distributions at net asset value, if any. Total returns are not annualized.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred shares.
(a) For the six months ended March 31, 2005.
(b) For the period March 25, 2002 (commencement of operations) through
September 30, 2002.
(c) For the period November 21, 2002 (commencement of operations) through
September 30, 2003.
See accompanying notes to financial statements.
72-73 SPREAD
Reinvest Automatically
EASILY AND CONVENIENTLY
Sidebar text: NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET
UP YOUR REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS
DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest
dividends and/or capital gains distributions in additional fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive
a statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number of
shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
the shares may increase before purchases are completed, the average purchase
price per share may exceed the market price at the time of valuation, resulting
in the acquisition of fewer shares than if the dividend or distribution had been
paid in shares issued by the Fund. A pro rata portion of any applicable
brokerage commissions on open market purchases will be paid by Plan
participants. These commissions usually will be lower than those charged on
individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
74
Other Useful
INFORMATION
Effective Jan. 1, 2005, the asset management services and operations of Nuveen
Advisory Corp. (NAC) and Nuveen Institutional Advisory Corp (NIAC) became part
of Nuveen Asset Management (NAM). This internal consolidation is intended to
simplify the delivery of services to the investment management clients of Nuveen
Investments. It does not affect the investment objectives or portfolio
management of any Fund.
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
Each Fund's (i) quarterly portfolio of investments, (ii) information regarding
how the Funds voted proxies relating to portfolio securities held during the
12-month period ended June 30, 2004, and (iii) a description of the policies and
procedures that the Funds used to determine how to vote proxies relating to
portfolio securities are available without charge, upon request, by calling
Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at
www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 450 Fifth Street NW, Washington, D.C. 20549.
GLOSSARY OF TERMS USED IN THIS REPORT
AVERAGE ANNUAL TOTAL RETURN: This is a commonly used method to express an
investment's performance over a particular, usually multi-year time period. It
expresses the return that would have been necessary each year to equal the
investment's actual cumulative performance (including change in NAV or market
price and reinvested dividends and capital gains distributions, if any) over the
time period being considered.
AVERAGE EFFECTIVE MATURITY: The average of all the maturities of the bonds in a
Fund's portfolio, computed by weighting each maturity date (the date the
security comes due) by the market value of the security. This figure does not
account for the likelihood of prepayments or the exercise of call provisions.
LEVERAGE-ADJUSTED DURATION: Duration is a measure of the expected period over
which a bond's principal and interest will be paid, and consequently is a
measure of the sensitivity of a bond's or bond Fund's value to changes when
market interest rates change. Generally, the longer a bond's or Fund's duration,
the more the price of the bond or Fund will change as interest rates change.
Leverage-adjusted duration takes into account the leveraging process for a Fund
and therefore is longer than the duration of the Fund's portfolio of bonds.
MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An investment's
current annualized dividend divided by its current market price.
NET ASSET VALUE (NAV): A Fund's common share NAV per share is calculated by
subtracting the liabilities of the Fund (including any MuniPreferred shares
issued in order to leverage the Fund) from its total assets and then dividing
the remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable investment to
equal, on an after-tax basis, the yield of a municipal bond investment.
(SIDEBAR)
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Eugene S. Sunshine
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust
Boston, MA
TRANSFER AGENT AND
SHAREHOLDER SERVICES
State Street Bank & Trust
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the period covered by this report. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
75
Nuveen Investments:
SERVING Investors
For GENERATIONS
Photo of: 2 women looking at a photo album.
Since 1898, financial advisors and their clients have relied on Nuveen
Investments to provide dependable investment solutions. For the past century,
Nuveen Investments has adhered to the belief that the best approach to investing
is to apply conservative risk-management principles to help minimize volatility.
Building on this tradition, we today offer a range of high quality equity and
fixed-income solutions that are integral to a well-diversified core portfolio.
Our clients have come to appreciate this diversity, as well as our continued
adherence to proven, long-term investing principles.
WE OFFER MANY DIFFERENT INVESTING SOLUTIONS FOR OUR CLIENTS' DIFFERENT NEEDS.
Managing more than $115 billion in assets, Nuveen Investments offers access to a
number of different asset classes and investing solutions through a variety of
products. Nuveen Investments markets its capabilities under four distinct
brands: Nuveen, a leader in fixed-income investments; NWQ, a leader in
value-style equities; Rittenhouse, a leader in growth-style equities; and
Symphony, a leading institutional manager of market-neutral alternative
investment portfolios.
FIND OUT HOW WE CAN HELP YOU REACH YOUR FINANCIAL GOALS.
To learn more about the products and services Nuveen Investments offers, talk to
your financial advisor, or call us at (800) 257-8787. Please read the
information provided carefully before you invest.
Be sure to obtain a prospectus, where applicable. Investors should consider the
investment objective and policies, risk considerations, charges and expenses of
the Fund carefully before investing. The prospectus contains this and other
information relevant to an investment in the Fund. For a prospectus, please
contact your securities representative or Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606. Please read the prospectus carefully before you invest or
send money.
o Share prices
o Fund details
Learn more o Daily financial news
about Nuveen Funds at o Investor education
WWW.NUVEEN.COM/ETF o Interactive planning tools
Logo: NUVEEN Investments
ESA-B-0305D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule I in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable at this time.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's Board implemented after the registrant
last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT
attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference. Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund
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By (Signature and Title)* /s/ Jessica R. Droeger
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Jessica R. Droeger
Vice President and Secretary
Date: June 8, 2005
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: June 8, 2005
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By (Signature and Title)* /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: June 8, 2005
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* Print the name and title of each signing officer under his or her signature.