Nuveen Municipal Closed-End Exchange-Traded Funds SEMIANNUAL REPORT March 31, 2003 NEW YORK NQN NVN NUN NNF NKO NRK DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments FASTER INFORMATION RECEIVE YOUR NUVEEN FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an email as soon as your Nuveen Fund information is available. Click on the link and you will be taken directly to the report. Your Fund report can be viewed and saved on your computer. Your report will arrive faster via email than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). SOME COMMON CONCERNS: WILL MY EMAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES? No, your email address is strictly confidential and will not be used for anything other than notification of shareholder information. WHAT IF I CHANGE MY MIND AND WANT TO RECEIVE INVESTOR MATERIALS THROUGH REGULAR MAIL DELIVERY AGAIN? If you decide you do not like receiving you reports electronically, it's a simple process to go back to regular mail delivery. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME FROM YOUR FINANCIAL ADVISOR OR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.INVESTORDELIVERY.COM 2 Refer to the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name. 3 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen. Once there, enter your email address (e.g. yourID@providerID.com), and a personal, 4-digit PIN number of your choice. (Pick a number that's easy to remember.) 4 Click Submit. Confirm the information you just entered is correct, then click Submit again. 5 You should get a confirmation email within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and email address. Fill in this information, then click Enroll. 4 You should get a confirmation email within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Chairman of the Board Sidebar text: "I'D ALSO LIKE TO DIRECT YOUR ATTENTION TO THE INSIDE FRONT COVER OF THIS REPORT, WHICH EXPLAINS THE QUICK AND EASY PROCESS TO BEGIN RECEIVING FUND REPORTS LIKE THIS VIA E-MAIL AND THE INTERNET." Dear SHAREHOLDER I am pleased to report that over the period covered by this report, your Nuveen New York Fund has continued to provide you with attractive tax-free monthly income and a solid total return. For specific information about the performance of your Fund, please read the Portfolio Manager's Comments and Performance Overview sections of this report. With interest rates at historically low levels, many have begun to wonder how fixed-income investments will perform if interest rates begin to rise. No one knows what the future will bring, which is why we think a well-balanced portfolio that is structured and carefully monitored with the help of an investment professional is an important component in achieving your long-term financial goals. A well-diversified portfolio may actually help to reduce your overall investment risk, and we believe that municipal bond investments like your Nuveen Fund can be important building blocks in a portfolio crafted to perform well through a variety of market conditions. I'd also like to direct your attention to the inside front cover of this report, which explains the quick and easy process to begin receiving Fund reports like this via e-mail and the internet. Thousands of Nuveen Fund shareholders already have signed-up, and they are getting their Fund information faster and more conveniently than ever. I urge you to consider joining them. Since 1898, Nuveen Investments has offered financial products and solutions that incorporate careful research, diversification, and the application of conservative risk-management principles. We are grateful that you have chosen us as a partner as you pursue your financial goals. We look forward to continuing to earn your trust in the months and years ahead. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board May 15, 2003 1 Nuveen New York Municipal Closed-End Exchange-Traded Funds (NQN, NVN, NUN, NNF, NKO, NRK) Portfolio Manager's COMMENTS Portfolio manager Paul Brennan reviews U.S. and state economic conditions, key investment strategies, and the recent performance of the Funds. With twelve years of investment experience, Paul assumed portfolio management responsibility for most of these New York Funds in 1999, adding NKO and NRK upon their inceptions in March 2002 and November 2002, respectively. WHAT WERE THE MAJOR FACTORS AFFECTING THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING THIS REPORTING PERIOD? In a number of ways, underlying economic and market conditions have not changed significantly since our last shareholder report dated September 30, 2002. We believe the most influential factors affecting the performance of the U.S. economy and the municipal market continued to be the slow pace of economic growth and interest rates that remained at 40-year lows. In addition, continued geopolitical concerns, centering on Iraq and the ongoing threat of terrorism, also had an impact during this reporting period. In the municipal market, the sluggish economic recovery and a general lack of inflationary pressures created conditions that helped many bonds perform well during the period ended March 31, 2003. After record issuance of $357 billion in calendar year 2002, municipal bond new issue supply nationwide remained strong during the first quarter of 2003. More than $83 billion in new municipal bonds were issued in January, February and March 2003, up 22% over the same period in 2002. Demand for municipal bonds also remained strong over most of this reporting period, as many individual investors continued to seek tax-free income and increased diversification for their portfolios. Institutional investors, including traditional municipal bond purchasers such as property/casualty insurance companies as well as non-traditional purchasers such as hedge funds, arbitrage accounts, and pension funds, also were active municipal buyers over this reporting period. HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK? Despite a diverse economic base and per capita income levels that rank among the highest in the nation, the economies of both New York state and New York City have been significantly impacted by anemic growth, continued declines in the financial sector, the national recession in manufacturing, and a decline in tourism. Like many other government entities, New York state and city are grappling with budget deficits stemming largely from a decline in tax revenues. Although the state managed to close a $5.8 billion shortfall in its fiscal 2003 budget by cutting expenses and drawing on rainy day reserves, it was unsuccessful in plugging a gap that subsequently appeared and ended fiscal 2003 with a $2 billion deficit. The state's proposed $90.8 billion fiscal 2004 budget includes a gap of $11.5 billion, and the state has indicated that without some form of special financing it may face a cash crisis as 2003 unfolds. Although a balanced budget was scheduled to be enacted by April 1, negotiations were still underway at the end of this reporting period, and - for the 19th consecutive year - the state was temporarily operating without a budget. In New York City, the budgetary impact of the tax revenue decline was compounded by soaring public security costs. However, through expenditure reductions, federal and state aid, and Transitional Finance Authority (TFA) borrowing, the city was successful in balancing its fiscal 2003 budget. A subsequent shortfall was closed with further 2 spending cuts and the largest property tax increase (18.5%) in New York City history, enabling the city to end fiscal 2003 with a projected $900 million surplus. Despite this surplus and $2.6 billion in spending cuts over the past 16 months, the city is again facing a deficit of about $3.8 billion in its fiscal 2004 budget. One proposal under study would reinstate the tax on the city's 800,000 commuters, which could raise as much as $1.4 billion, but which requires approval from the state government. If the commuter tax is not approved, a contingency plan that includes the layoff of 15,000 city employees is being evaluated. To date, New York City has taken the steps, no matter how difficult, to keep its budget balanced. This has been motivated in part by the state-mandated control and review processes that grew out of the city's fiscal problems in the 1970s. In March 2003, Moody's reconfirmed its A2 and Standard & Poor's its AA credit ratings for the state. Moody's currently rates New York City A2 with a declining outlook, while S&P has assigned the city an A rating with a negative outlook. Municipal issuance in New York continued to be very robust, with $49 billion of new bonds in calendar year 2002, an increase of 117% over 2001, and $9 billion in the first quarter of 2003, up 91% over January-March 2002. HOW DID THESE FUNDS PERFORM OVER THE TWELVE MONTHS ENDED MARCH 31, 2003? Individual results for these Funds, as well as selected benchmarks, are presented in the accompanying table. TOTAL RETURN LEHMAN LIPPER MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 ------------------------------------------------------------------------------ 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 3/31/03 EQUIVALENT3 3/31/03 3/31/03 3/31/03 ------------------------------------------------------------------------------ NQN 6.21% 9.55% 16.04% 11.14% 13.30% ------------------------------------------------------------------------------ NVN 6.22% 9.57% 15.76% 11.14% 13.30% ------------------------------------------------------------------------------ NUN 6.24% 9.60% 15.93% 11.14% 13.30% ------------------------------------------------------------------------------ NNF 6.02% 9.26% 14.10% 11.14% 13.30% ------------------------------------------------------------------------------ NKO 6.04% 9.29% 13.55% 11.14% 13.30% ------------------------------------------------------------------------------ NRK 5.92% 9.11% NA - - ------------------------------------------------------------------------------ Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. For the twelve months ended March 31, 2003, all of the Funds in this report with at least one year of history outperformed the unleveraged, unmanaged Lehman Brothers New York Insured Tax-Free Bond Index, as well as their Lipper fund peer group average. Much of the Funds' outperformance of the Lehman Index is attributable to the leveraged structure of these Funds. Leverage is a strategy that can provide the opportunity for additional common shareholder income by accepting some additional price risk and volatility. In addition to leverage, the relative performances of these Funds were influenced by other factors, including call exposure, portfolio trading activity and the price movement of specific sectors and holdings. For example, these insured Funds benefited from the fact that, over the one-year period, insured New York bonds tended to outperform many other sectors of the municipal bond market. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? As short-term interest rates remained at historically low levels, the Funds' use of leverage also enhanced their dividend-paying capabilities. The amount of this benefit is tied in part to the short-term rates these Funds pay their MuniPreferred(R) shareholders. Low short-term rates can enable the Funds to reduce the amount of income they pay MuniPreferred shareholders, which can potentially leave more earnings to support common share dividends. During the twelve months ended March 31, 2003, the continued low level of short-term interest rates enabled us to implement four dividend increases in NQN and three in NVN, NUN, and NNF. NKO has continued to pay an attractive monthly dividend since its first distribution in May 2002, and NRK, which was introduced in November 2002, declared its first monthly dividend in January 2003. Over the course of the twelve-month period, the share prices of the four older Funds rose, while those of NKO and NRK declined slightly from their initial offering prices. As of March 31, 2003, the four older Funds and NKO were all trading at a discount to their common share net asset values, 1 The total annual returns on common share net asset value (NAV) for these Nuveen Funds are compared with the total annual return of the Lehman Brothers New York Insured Tax-Exempt Bond Index, an unleveraged index comprising a broad range of insured New York municipal bonds. Results for the Lehman index do not reflect any expenses. 2 The total returns of the Nuveen New York Insured Funds are compared with the average annualized return of the nine funds in the Lipper New York Insured Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 The taxable-equivalent yield represents the yield that must be earned on a taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. The taxable-equivalent yield is based on the Fund's market yield on the indicated date and a combined federal and state income tax rate of 35%. 3 while NRK was trading at a premium (see charts on individual Performance Overview pages). WHAT KEY STRATEGIES WERE USED TO MANAGE THESE FUNDS DURING THE YEAR ENDED MARCH 31, 2003? Over this period, our strategic focus across all of these Funds continued to be on diversifying their portfolios, enhancing call protection and positioning the Funds more defensively in anticipation of potential changes in the interest rate environment. Given the recent steepness of the municipal yield curve, we sought value in long-intermediate securities (i.e., bonds that mature in 15 to 20 years). In many cases, securities in this part of the yield curve were offering yields similar to those of longer-term bonds but, in our opinion, with less interest rate risk. The purchase of these long-intermediate bonds helped to moderate the durations of these Funds, making their portfolios less sensitive to interest rate changes while still allowing them to provide competitive yields and returns. As the economic recovery continued to be sluggish and growth remained slow, we also tried to be ready for a scenario in which interest rates might stay relatively low over a longer period of time than some are now suggesting. We believe that structuring the portfolios with bonds offering maturities of 15 to 20 years helps to position the Funds for this environment as well. During 2002, the Metropolitan Transportation Authority (MTA), which includes the Triborough Bridge and Tunnel Authority, restructured its debt program by issuing $15 billion in new bonds. As the new MTA issues came to market, all of the previous debt was either advance refunded or escrowed to maturity. Since we had accumulated large positions in MTA bonds in anticipation of the restructuring, the advance refunding increased our allocations of pre-refunded bonds in each of these Funds, benefiting the Funds'performance through significant price appreciation as well as enhanced credit quality. The heavy issuance in the New York market over the past year provided us with increased opportunities to purchase the types of bond structures that we favor, especially as we worked to shorten the Funds' durations to help guard against the risk of rising interest rates. We also continued to look for individual issues that we believed would perform well regardless of the future direction of interest rates. From a sector perspective, our portfolios remained heavily weighted in education bonds, which was one of the top performing groups among the Lehman revenue sectors for the twelve-month period. Given the current geopolitical and economic climate, we also believed that maintaining strong credit quality remained a vital requirement for our Funds. As of March 31, 2003, the four older Funds were 100% invested in U.S. guaranteed and/or insured bonds, while NKO and NRK held 87% and 86%, respectively, of their portfolios in U.S. guaranteed or insured bonds. Although both NKO and NRK are predominantly invested in insured bonds, these two Funds are allowed to invest up to 20% in uninsured investment-grade (rated BBB or higher) securities. In addition, NRK cannot hold any bonds whose income is subject to the federal alternative minimum tax (AMT). As noted earlier, NRK declared its first dividend in January 2003, and we believe the portfolio is well invested and the Fund is in a good position to pay attractive monthly dividends going forward. As part of their allocations of uninsured, investment-grade quality bonds, NKO and NRK currently hold modest positions in bonds backed by the master 4 tobacco settlement agreement of 1998. Recently, the increased issuance of tobacco bonds by states with budget problems similar to New York's, as well as pending court cases against the tobacco companies, have weakened the prices of such bonds. However, the prices of New York tobacco bonds, especially those issued by New York City, generally have held up better than many issued in other states due to their more comprehensive debt service coverage. At the present time, our strategy is to maintain our current tobacco holdings while we continue to regularly evaluate the situation. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE FUNDS IN PARTICULAR? In the municipal market, new issuance volume nationally should remain strong, as issuers continue to take advantage of the low rate environment. Given the current budget deficits in both New York City and state and their continued need for spending on infrastructure, education, and healthcare, we expect to see significant issuance of new municipal debt in New York. We think demand for tax-exempt municipal bonds should also remain solid, as investors continue to look for ways to rebalance their portfolios and reduce overall investment risk. Over the coming months, we will continue to closely monitor the budgetary situation in New York and watch for any impact on the state's credit rating. Over the next two years, we believe that these Funds all offer adequate levels of call protection. The two newer Funds - NKO and NRK - do not face any significant call exposure for several years. In the four older Funds, as of March 31, 2003, the percentage of bonds eligible for calls during 2003 and 2004 ranged from 11% to 14%. The number of actual calls over the next two years will depend largely on market interest rates during this time. Going forward, we plan to closely watch several areas of the market, including progress toward resolution of New York City and state budget deficits, the overall credit environment, and the direction of interest rates and inflation. Over the next twelve months, we expect to see our allocations of pre-refunded bonds drop, as we try to capture the appreciation in these bonds by selling them at a premium and redeploy the proceeds into other opportunities. In general, we plan to remain focused on strategies that can add value for our shareholders and provide support for the Funds' long-term dividend-paying capabilities. Municipal bonds have performed well in recent years. However, there is no guarantee this trend will continue, which is why we believe it's important to maintain an appropriate balance of investments. As part of a well-structured, well-balanced portfolio, we believe your Nuveen Fund can continue to play an important role in helping you reach your long-term financial objectives. 5 Nuveen New York Investment Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2003 NQN PIE CHART: CREDIT QUALITY INSURED 78% INSURED AND U.S. GUARANTEED 21% U.S. GUARANTEED 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.56 -------------------------------------------------- Common Share Net Asset Value $16.63 -------------------------------------------------- Market Yield 6.21% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.87% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.55% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $294,266 -------------------------------------------------- Average Effective Maturity (Years) 18.34 -------------------------------------------------- Leverage-Adjusted Duration 7.79 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/90) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 14.51% 16.04% -------------------------------------------------- 5-Year 4.22% 7.61% -------------------------------------------------- 10-Year 5.37% 6.80% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 24% -------------------------------------------------- U.S. Guaranteed 22% -------------------------------------------------- Healthcare 12% -------------------------------------------------- Education and Civic Organizations 11% -------------------------------------------------- Transportation 8% -------------------------------------------------- BAR CHART: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 4/02 0.074 5/02 0.074 6/02 0.075 7/02 0.075 8/02 0.075 9/02 0.0765 10/02 0.0765 11/02 0.0765 12/02 0.0775 1/03 0.0775 2/03 0.0775 3/03 0.0805 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/02 14.63 14.82 14.6 14.7 14.83 14.83 14.8 14.96 14.96 15.07 15.38 15.4 15.68 15.53 15.45 15.21 15.21 15.48 15.6 15.75 15.47 15.7 15.8 15.7 15.63 15.85 15.99 15.51 14.88 14.7 15.09 15.05 14.94 15.01 15.07 15.38 15.34 15.27 15.36 15.54 15.35 15.15 15.18 15.34 15.3 15.07 15.21 15.39 15.75 15.5 15.08 3/31/03 15.45 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0867 per share. 6 Nuveen New York Select Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2003 NVN PIE CHART: CREDIT QUALITY INSURED 83% INSURED AND U.S. GUARANTEED 17% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.15 -------------------------------------------------- Common Share Net Asset Value $16.11 -------------------------------------------------- Market Yield 6.22% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.89% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.57% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $377,292 -------------------------------------------------- Average Effective Maturity (Years) 18.92 -------------------------------------------------- Leverage-Adjusted Duration 8.90 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/91) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 14.99% 15.76% -------------------------------------------------- 5-Year 4.84% 7.00% -------------------------------------------------- 10-Year 6.25% 6.76% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 25% -------------------------------------------------- U.S. Guaranteed 17% -------------------------------------------------- Education and Civic Organizations 14% -------------------------------------------------- Utilities 10% -------------------------------------------------- Healthcare 10% -------------------------------------------------- BAR CHART: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 4/02 0.0745 5/02 0.0745 6/02 0.076 7/02 0.076 8/02 0.076 9/02 0.077 10/02 0.077 11/02 0.077 12/02 0.077 1/03 0.077 2/03 0.077 3/03 0.0785 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/02 14.51 14.49 14.52 14.55 14.7 14.68 14.62 14.75 14.78 15 14.99 15.1 15.28 15.3 15.6 15.18 15.15 15.4 15.69 15.39 15.13 15.18 15.62 15.48 15.56 15.62 15.63 15.44 14.6 14.65 14.64 14.95 14.9 14.76 14.83 15 14.9 14.95 15.16 15.27 14.9 14.77 14.81 14.85 14.87 14.72 14.88 15.02 15.28 14.75 14.6 3/31/03 15.13 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2002 of $0.1442 per share. 7 Nuveen New York Quality Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2003 NUN PIE CHART: CREDIT QUALITY INSURED 83% INSURED AND U.S. GUARANTEED 16% U.S. GUARANTEED 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $14.70 -------------------------------------------------- Common Share Net Asset Value $16.00 -------------------------------------------------- Market Yield 6.24% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.91% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.60% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $385,246 -------------------------------------------------- Average Effective Maturity (Years) 18.41 -------------------------------------------------- Leverage-Adjusted Duration 8.93 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/91) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 10.17% 15.93% -------------------------------------------------- 5-Year 4.31% 6.83% -------------------------------------------------- 10-Year 6.17% 6.81% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 28% -------------------------------------------------- Education and Civic Organizations 18% -------------------------------------------------- U.S. Guaranteed 17% -------------------------------------------------- Utilities 9% -------------------------------------------------- Healthcare 9% -------------------------------------------------- BAR CHART: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 4/02 0.0735 5/02 0.0735 6/02 0.0745 7/02 0.0745 8/02 0.0745 9/02 0.0755 10/02 0.0755 11/02 0.0755 12/02 0.0755 1/03 0.0755 2/03 0.0755 3/03 0.0765 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/02 14.45 14.3 14.23 14.5 14.7 14.7 14.65 14.75 14.67 14.73 14.7 14.8 14.92 15 15.15 14.92 14.67 15.05 15.35 15.06 14.9 14.95 15.2 15.35 15.14 15.37 15.35 15.07 14.55 14.55 14.72 14.72 14.48 14.68 14.65 14.92 14.75 14.84 14.93 15.2 15.01 14.78 14.78 14.73 14.73 14.62 14.7 14.92 15.1 14.72 14.55 3/31/03 14.56 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.1911 per share. 8 Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2003 NNF PIE CHART: CREDIT QUALITY INSURED 89% INSURED AND U.S. GUARANTEED 8% U.S. GUARANTEED 3% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $15.34 -------------------------------------------------- Common Share Net Asset Value $16.01 -------------------------------------------------- Market Yield 6.02% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.60% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.26% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $133,252 -------------------------------------------------- Average Effective Maturity (Years) 18.68 -------------------------------------------------- Leverage-Adjusted Duration 7.56 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/92) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 12.56% 14.10% -------------------------------------------------- 5-Year 5.94% 6.84% -------------------------------------------------- 10-Year 6.63% 7.03% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Education and Civic Organizations 22% -------------------------------------------------- Tax Obligation/Limited 20% -------------------------------------------------- Utilities 12% -------------------------------------------------- Healthcare 12% -------------------------------------------------- U.S. Guaranteed 11% -------------------------------------------------- BAR CHART: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/02 0.0735 5/02 0.0735 6/02 0.0745 7/02 0.0745 8/02 0.0745 9/02 0.0755 10/02 0.0755 11/02 0.0755 12/02 0.0755 1/03 0.0755 2/03 0.0755 3/03 0.077 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/02 14.86 14.74 14.82 14.85 15.09 15.01 14.93 15.22 15.15 15.24 15.23 15.6 15.5 15.48 15.71 15.5 15.7 15.78 16.11 15.52 15.41 15.5 15.68 15.75 15.85 15.79 15.82 15.6 15.39 15 15.16 15.48 15.4 14.83 14.82 15.08 14.99 14.81 15.25 15.23 15.09 14.86 14.81 14.89 14.8 14.73 14.8 15.09 15.3 15.34 15.27 3/31/03 15.37 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 9 Nuveen Insured New York Dividend Advantage Municipal Fund Performance OVERVIEW As of March 31, 2003 NKO PIE CHART: CREDIT QUALITY INSURED/U.S. GUARANTEED 87% AAA (UNINSURED) 2% AA (UNINSURED) 5% A (UNINSURED) 4% BBB (UNINSURED) 2% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $14.79 -------------------------------------------------- Common Share Net Asset Value $15.30 -------------------------------------------------- Market Yield 6.04% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.63% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.29% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $121,783 -------------------------------------------------- Average Effective Maturity (Years) 21.97 -------------------------------------------------- Leverage-Adjusted Duration 11.62 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 1-Year 4.72% 13.55% -------------------------------------------------- Since Inception 4.72% 13.31% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 27% -------------------------------------------------- Healthcare 14% -------------------------------------------------- Education and Civic Organizations 12% -------------------------------------------------- Utilities 11% -------------------------------------------------- Tax Obligation/General 11% -------------------------------------------------- BAR CHART: 2002-2003 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 5/02 0.0745 6/02 0.0745 7/02 0.0745 8/02 0.0745 9/02 0.0745 10/02 0.0745 11/02 0.0745 12/02 0.0745 1/03 0.0745 2/03 0.0745 3/03 0.0745 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/02 15.01 15.02 15.09 15 15 15.12 15.03 15.14 14.8 14.95 15.05 14.99 15 15 15.1 15.1 14.64 15.1 15.21 15.2 15 15.22 15.33 15.45 15.1 15.34 15.15 15.2 14.7 14.68 15 15 14.99 14.49 14.5 14.9 14.65 14.41 14.1 14.71 14.5 14.77 14.62 14.94 14.95 14.69 14.63 14.95 14.83 15 14.56 3/31/03 14.7 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains distribution in December 2002 of $0.0783 per share. 10 Nuveen Insured New York Tax-Free Advantage Municipal Fund Performance OVERVIEW As of March 31, 2003 NRK PIE CHART: CREDIT QUALITY INSURED 86% AAA (UNINSURED) 3% AA (UNINSURED) 7% A (UNINSURED) 3% BBB (UNINSURED) 1% PORTFOLIO STATISTICS -------------------------------------------------- Share Price $14.70 -------------------------------------------------- Common Share Net Asset Value $14.36 -------------------------------------------------- Market Yield 5.92% -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.46% -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.11% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $50,391 -------------------------------------------------- Average Effective Maturity (Years) 23.07 -------------------------------------------------- Leverage-Adjusted Duration 12.38 -------------------------------------------------- CUMULATIVE TOTAL RETURN (Inception 11/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- Since Inception -0.54% 1.74% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 42% -------------------------------------------------- Utilities 14% -------------------------------------------------- Transportation 14% -------------------------------------------------- Education and Civic Organizations 12% -------------------------------------------------- Healthcare 10% -------------------------------------------------- BAR CHART: MONTHLY TAX-FREE DIVIDENDS PER SHARE 1/03 0.0725 2/03 0.0725 3/03 0.0725 LINE CHART: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 11/22/02 15.05 15.06 15 15 15 14.77 14.63 14.5 14.2 14.6 14.75 14.4 14.25 14.8 14.99 14.94 14.7 3/31/03 14.6 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 11 Shareholder MEETING REPORT The Shareholder Meeting was held in Chicago, Illinois on December 18, 2002. NQN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Shares Shares Series-M Series-T Series-F ==================================================================================================================================== Robert P. Bremner For 15,867,601 933 2,351 2,366 Withhold 143,420 -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,011,021 933 2,372 2,366 ==================================================================================================================================== Lawrence H. Brown For 15,866,601 933 2,351 2,366 Withhold 144,420 -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,011,021 933 2,372 2,366 ==================================================================================================================================== Anne E. Impellizzeri For 15,855,786 933 2,351 2,366 Withhold 155,235 -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,011,021 933 2,372 2,366 ==================================================================================================================================== Peter R. Sawers For 15,863,419 933 2,351 2,366 Withhold 147,602 -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,011,021 933 2,372 2,366 ==================================================================================================================================== Judith M. Stockdale For 15,863,726 933 2,351 2,366 Withhold 147,295 -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,011,021 933 2,372 2,366 ==================================================================================================================================== William J. Schneider For -- 933 2,351 2,366 Withhold -- -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 933 2,372 2,366 ==================================================================================================================================== Timothy R. Schwertfeger For -- 933 2,351 2,366 Withhold -- -- 21 -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 933 2,372 2,366 ==================================================================================================================================== 12 NVN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Shares Shares Series-T Series-W Series-TH ==================================================================================================================================== Robert P. Bremner For 21,004,733 1,701 2,306 3,396 Withhold 169,635 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total 21,174,368 1,704 2,317 3,417 ==================================================================================================================================== Lawrence H. Brown For 21,004,733 1,701 2,306 3,396 Withhold 169,635 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total 21,174,368 1,704 2,317 3,417 ==================================================================================================================================== Anne E. Impellizzeri For 20,995,766 1,701 2,306 3,396 Withhold 178,602 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total 21,174,368 1,704 2,317 3,417 ==================================================================================================================================== Peter R. Sawers For 21,005,768 1,701 2,306 3,396 Withhold 168,600 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total 21,174,368 1,704 2,317 3,417 ==================================================================================================================================== Judith M. Stockdale For 20,998,806 1,701 2,306 3,396 Withhold 175,562 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total 21,174,368 1,704 2,317 3,417 ==================================================================================================================================== William J. Schneider For -- 1,701 2,306 3,396 Withhold -- 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,704 2,317 3,417 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,701 2,306 3,396 Withhold -- 3 11 21 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,704 2,317 3,417 ==================================================================================================================================== 13 Shareholder MEETING REPORT (continued) NUN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Shares Shares Shares Shares Shares Series-M Series-W Series-TH Series-F ==================================================================================================================================== Robert P. Bremner For 21,741,300 2,144 2,099 2,337 1,022 Withhold 289,738 -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 22,031,038 2,144 2,122 2,358 1,025 ==================================================================================================================================== Lawrence H. Brown For 21,753,680 2,144 2,099 2,337 1,022 Withhold 277,358 -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 22,031,038 2,144 2,122 2,358 1,025 ==================================================================================================================================== Anne E. Impellizzeri For 21,742,303 2,144 2,099 2,337 1,022 Withhold 288,735 -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 22,031,038 2,144 2,122 2,358 1,025 ==================================================================================================================================== Peter R. Sawers For 21,756,403 2,144 2,099 2,337 1,022 Withhold 274,635 -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 22,031,038 2,144 2,122 2,358 1,025 ==================================================================================================================================== Judith M. Stockdale For 21,760,142 2,144 2,099 2,337 1,022 Withhold 270,896 -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 22,031,038 2,144 2,122 2,358 1,025 ==================================================================================================================================== William J. Schneider For -- 2,144 2,099 2,337 1,022 Withhold -- -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,144 2,122 2,358 1,025 ==================================================================================================================================== Timothy R. Schwertfeger For -- 2,144 2,099 2,337 1,022 Withhold -- -- 23 21 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,144 2,122 2,358 1,025 ==================================================================================================================================== 14 NNF ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Common Shares Shares Shares Series-M Series-T ==================================================================================================================================== Robert P. Bremner For 7,689,312 1,273 1,258 Withhold 70,259 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 7,759,571 1,274 1,261 ==================================================================================================================================== Lawrence H. Brown For 7,689,912 1,273 1,258 Withhold 69,659 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 7,759,571 1,274 1,261 ==================================================================================================================================== Anne E. Impellizzeri For 7,689,771 1,273 1,258 Withhold 69,800 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 7,759,571 1,274 1,261 ==================================================================================================================================== Peter R. Sawers For 7,689,771 1,273 1,258 Withhold 69,800 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 7,759,571 1,274 1,261 ==================================================================================================================================== Judith M. Stockdale For 7,689,312 1,273 1,258 Withhold 70,259 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total 7,759,571 1,274 1,261 ==================================================================================================================================== William J. Schneider For -- 1,273 1,258 Withhold -- 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,274 1,261 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,273 1,258 Withhold -- 1 3 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,274 1,261 ==================================================================================================================================== 15 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.6% $ 5,030 The Trust for Cultural Resources of the City of New York, New York, 7/09 at 101.00 AAA $ 5,574,095 Revenue Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 3,220,290 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 - MBIA Insured 4,375 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AAA 4,689,475 University, Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 - FSA Insured 1,000 Dormitory Authority of the State of New York, Siena College, 7/07 at 102.00 AAA 1,104,410 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,025,320 University, Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 - MBIA Insured 6,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,700,720 Bonds, Series 1998, New York Medical College, 5.000%, 7/01/21 - MBIA Insured 3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101.00 AAA 3,598,595 Institute of America, Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101.00 AAA 2,216,600 Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 - FSA Insured 1,250 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 1,430,825 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101.00 AAA 1,403,340 Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 - MBIA Insured 2,945 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 3,062,211 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/21 - FGIC Insured 2,000 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 2,105,480 University, Insured Revenue Bonds, Series 2001, 5.000%, 7/01/18 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.1% 2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 2,136,160 Health System Bonds, 1999 Series A, 5.125%, 2/15/14 - AMBAC Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 2,400 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,535,216 2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,204,664 1,000 Dormitory Authority of the State of New York, Maimonides 2/06 at 102.00 AAA 1,049,510 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 - MBIA Insured 3,135 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 3,170,237 Insured Revenue Bonds (Southside Hospital), Series 1998, 5.000%, 2/15/25 - MBIA Insured 6,080 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 6,121,952 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 5,000 Dormitory Authority of the State of New York, Highland 2/08 at 102.00 AAA 5,180,600 Hospital of Rochester, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 - MBIA Insured 3,280 Dormitory Authority of the State of New York (North Shore 11/08 at 101.00 AAA 3,340,975 Health System Obligated Group), North Shore University Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 - MBIA Insured Dormitory Authority of the State of New York, Montefiore Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999: 985 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA 1,063,209 4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,188,520 16 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA $ 8,449,040 Services of Long Island Obligated Group), St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 1,500 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 1,584,195 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,000 Dormitory Authority of the State of New York, New Island 7/09 at 101.00 AAA 3,271,890 Hospital Insured Revenue Bonds, Series 1999A, 5.750%, 7/01/19 - AMBAC Insured 8,525 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 8,856,623 Nassau University Health System Obligation Group, Series 2001B, South Nassau Communities Hospital Revenue Bonds, 5.250%, 7/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.2% New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 1,970 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 2,179,096 2,985 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,279,858 845 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 883,600 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.7% 1,965 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102.00 AAA 2,089,777 Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 3,000 Castle Rest Residential Health Care Facility, Syracuse, New York, 8/07 at 102.00 AAA 3,054,630 FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185 Village of East Rochester Housing Authority, New York, 8/07 at 102.00 AAA 1,259,288 FHA-Insured Mortgage Revenue Bonds (St. Johns Meadows Project), Series 1997A, 5.750%, 8/01/37 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.2% 500 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101.00 Aaa 581,070 Serial Bonds, 2000 Series A, 6.000%, 4/01/18 - FGIC Insured Germantown Central School District, Columbia County, New York, School District Serial Bonds, Series 1999: 700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 773,066 700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 768,495 2,000 Town of Hempstead, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,205,180 Series 2001A, 5.250%, 1/15/14 - MBIA Insured 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 784,371 School District Serial Bonds, Series 2000, 5.600%, 8/01/18 - MBIA Insured Monticello Central School District, Sullivan County, New York, Serial Bonds, Series 2000: 1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,216,487 2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,319,060 2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,510,382 County of Nassau, New York, General Obligation Serial General Improvement Bonds, Series F: 1,505 6.500%, 3/01/17 - FSA Insured 3/10 at 100.00 AAA 1,769,564 1,000 6.500%, 3/01/19 - FSA Insured 3/10 at 100.00 AAA 1,172,450 910 6.500%, 3/01/20 - FSA Insured 3/10 at 100.00 AAA 1,063,908 County of Nassau, New York, General Obligation Serial General Improvement Bonds, Series B: 2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,096,087 1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,038,940 805 County of Nassau, New York, General Obligation Serial General 9/09 at 102.00 Aaa 872,540 Improvement Bonds, Series D, 5.300%, 9/01/17 - FSA Insured 1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101.00 Aaa 1,544,040 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 - FGIC Insured 17 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) County of Oneida, New York, General Obligation Public Improvement Bonds, Series 2000: $ 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA $ 547,280 500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 544,030 255 City of Port Jervis, Orange County, New York, Water Improvement 3/09 at 101.00 Aaa 269,392 Serial Bonds, Series 1999, 5.625%, 3/15/24 - FGIC Insured County of Suffolk, New York, Public Improvement Serial Bonds, 2000 Series A: 1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,281,036 1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,271,149 610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 702,391 640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 736,762 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 34.4% 2,760 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 3,040,278 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,367,888 1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,087,930 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,036,180 3,500 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 3,552,850 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 6,000 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 6,269,280 3,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,554,600 3,125 Nassau Health Care Corporation, New York, Health System 8/09 at 102.00 AAA 3,434,438 Revenue Bonds, Series 1999 (Nassau County, New York Guaranteed), 5.750%, 8/01/29 - FSA Insured 3,025 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 3,410,809 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 10,000 New York City Transitional Finance Authority, New York, Future 5/08 at 101.00 AAA 9,506,500 Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 - FGIC Insured 2,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 2,134,380 Future Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/20 - AMBAC Insured 2,510 New York City Transitional Finance Authority, New York, Future 2/13 at 100.00 AAA 2,589,542 Tax Secured Bonds, Fiscal 2003 Series D Refunding, 5.000%, 2/01/22 - MBIA Insured 5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,550,150 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 - AMBAC Insured 1,250 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102.00 AAA 1,338,850 Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 - MBIA Insured 2,250 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 2,344,927 Bonds (853 Schools Program - 1998 Issue 2), Saint Anne Institute Insured Revenue Bonds, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured 1,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 1,506,281 Bonds (853 Schools Program - 1999 Issue 2), Anderson School, Series 1999E, 5.750%, 7/01/19 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Special Act 7/09 at 101.00 AAA 2,248,180 School Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 - MBIA Insured 4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 4,484,900 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 - MBIA Insured 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Bonds, Series 2001A: 1,145 5.500%, 8/15/19 - MBIA Insured 8/11 at 100.00 AAA 1,240,275 1,210 5.500%, 8/15/20 - MBIA Insured 8/11 at 100.00 AAA 1,303,630 2,480 Dormitory Authority of the State of New York, Mental Health 8/11 at 100.00 AAA 2,686,361 Services Facilities Improvement Revenue Bonds, Series 2001B, 5.500%, 8/15/19 - MBIA Insured 18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,670 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA $ 1,867,561 Facilities Improvement Revenue Bonds, Series 2000D, 5.875%, 2/15/16 - FSA Insured 2,265 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100.00 AAA 2,309,235 State Park, Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 - AMBAC Insured 1,750 New York Local Government Assistance Corporation (a public 4/08 at 101.00 AAA 1,796,970 benefit corporation of the State of New York), Series 1997B, Refunding Bonds, 4.875%, 4/01/20 - MBIA Insured 3,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 3,091,470 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 - MBIA Insured 35 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 36,578 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 - MBIA Insured 40 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 43,181 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 - FGIC Insured 2,080 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 2,182,586 Mental Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 - MBIA Insured 1,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,016,050 Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 4,600 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 4,833,450 Financing Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,410,215 1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,411,982 2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,083,100 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,790,815 Fund Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured 2,225 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,353,605 Trust Fund, Series 2003A, Second General, 5.250%, 4/01/22 (WI, settling 4/03/03) - MBIA Insured 1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101.00 AAA 1,144,250 Revenue Bonds, Series B, 5.875%, 7/01/35 - MBIA Insured 2,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101.00 AAA 2,222,020 5.500%, 8/01/19 - FSA Insured 1,435 Industrial Development Agency, Suffolk County, New York, 10/10 at 102.00 Aaa 1,656,205 Civic Facility Revenue Bonds, Series 1999A (Hampton Bays Public Library Project), 6.000%, 10/01/19 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.2% 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,194,820 Revenue Bonds, Series 2002A Refunding, 5.500%, 11/15/19 - AMBAC Insured 2,300 Niagara Frontier Transportation Authority, Buffalo, New York, 4/09 at 101.00 AAA 2,429,375 Niagara International Airport, Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,300,050 Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured 5,025 The Port Authority of New York and New Jersey, Special 12/07 at 100.00 AAA 5,385,343 Project Bonds, Series 6, JFK International Air Terminal LLC Project, 5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured Puerto Rico Ports Authority, Revenue Bonds, Series D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/03 at 100.00 AAA 5,424,300 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/03 at 100.00 AAA 11,744,950 Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 895,307 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,428,800 19 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 34.8% City of Buffalo, New York, General Obligation Bonds, Series 1999D: $ 525 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA $ 629,123 425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 509,290 1,230 City of Buffalo, New York, School Bonds, Series 1999E, 12/09 at 101.00 AAA 1,473,122 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured Chitennango Central School District, Madison and Onondaga Counties, New York, Serial Bonds, Series 2000: 1,125 5.650%, 6/15/18 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,314,000 1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) -FGIC Insured 6/09 at 101.00 AAA 1,384,080 East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 265 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 311,017 200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,730 200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,730 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793 1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 330 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 385,288 330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 385,288 2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,329,539 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured 10,215 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 11,694,234 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured 2,650 Metropolitan Transportation Authority, New York, Commuter 7/13 at 100.00 AAA 2,959,494 Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21 (Pre-refunded to 7/01/13) - AMBAC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A: 5,090 5.000%, 4/01/23 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 5,674,485 7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,285,444 1,000 Metropolitan Transportation Authority, New York, Dedicated 10/14 at 100.00 AAA 1,118,380 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 1,550 The City of New York, New York, General Obligation Bonds, 6/03 at 100.00 AAA 1,565,035 Fiscal 1991 Series B, 7.000%, 6/01/04 - AMBAC Insured The City of New York, New York, General Obligation Bonds, Fiscal 1990 Series I: 950 7.250%, 8/15/14 - AMBAC Insured 8/03 at 100.00 AAA 1,026,048 1,270 7.250%, 8/15/17 - AMBAC Insured 8/03 at 100.00 AAA 1,371,664 The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series A: 3,030 7.250%, 3/15/18 - FSA Insured 9/03 at 100.00 AAA 3,412,841 2,250 7.250%, 3/15/19 - FSA Insured 9/03 at 100.00 AAA 2,397,960 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 406,949 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 1,085 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 1,367,133 Facilities Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 - BIG Insured 1,000 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA 1,054,400 System Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 (Pre-refunded to 7/01/05) - AMBAC Insured 5,000 Dormitory Authority of the State of New York, City University 7/09 at 101.00 AAA 5,367,150 System Consolidated Third General Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - FSA Insured 4,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 4,106,840 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured 4,150 New York State Housing Finance Agency, State University No Opt. Call AAA 4,612,352 Construction Bonds, 1986 Series A, 7.900%, 11/01/06 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 3,140 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA $ 3,476,765 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 6,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 6,732,000 New York Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) - AMBAC Insured 5,915 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 6,685,606 Bonds, State University Educational Facilities, Series 2002A, 5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured 4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102.00 AAA 4,573,964 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) - FGIC Insured 7,900 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 9,303,277 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1,000 Commonwealth of Puerto Rico, General Obligation Public 7/10 at 100.00 AAA 1,168,000 Improvement Bonds, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) - MBIA Insured 1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101.00 AAA 1,913,049 General Obligation Bonds, Series 2000, 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.6% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 9,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 9,227,160 3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,289,200 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,089,100 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,517,825 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,576,175 2,275 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 2,329,236 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 2,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 2,299,613 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 1,050,790 Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 2,500 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 2,553,950 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured 2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,164,640 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 9.5% 3,655 Buffalo, New York, Municipal Water Finance Authority, Water 7/09 at 101.00 AAA 4,183,184 System Revenue Bonds, Series 1999, 6.000%, 7/01/29 - FSA Insured 5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 5,520,850 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,101,640 Water and Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 - FSA Insured 4,750 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 5,116,320 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,074,720 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,938,897 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 - MBIA Insured 21 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 5,000 Suffolk County Water Authority, New York, Water System 6/03 at 102.00 AAA $ 5,127,550 Revenue Bonds, Series 1994, 5.000%, 6/01/17 - MBIA Insured 2,750 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 2,998,240 Revenue Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 399,475 Total Long-Term Investments (cost $390,254,501) - 145.8% 429,086,711 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.1% 9,179,495 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.9)% (144,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $294,266,206 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 22 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.3% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds, UBF Faculty-Student Housing Corporation - Village Green Project, Series 2000A: $ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,460,978 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 673,446 500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102.00 AAA 555,505 Civic Facility Revenue Bonds, UBF Faculty-Student Housing Corporation - Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 1,020,950 Civic Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 - MBIA Insured 1,000 The Trust for Cultural Resources of the City of New York, 7/09 at 101.00 AAA 1,108,170 New York, Revenue Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 - AMBAC Insured 7,250 New York City Industrial Development Agency, New York, 1/09 at 101.00 AAA 7,337,725 Civic Facility Revenue Bonds (Horace Mann School Project), 5.000%, 7/01/28 - MBIA Insured 2,095 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 2,288,431 Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/18 - FGIC Insured 12,875 Dormitory Authority of the State of New York, Mount Sinai 7/03 at 100.00 AAA 13,058,340 School of Medicine, Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 - MBIA Insured 1,870 Dormitory Authority of the State of New York, Fordham 7/03 at 100.00 AAA 1,878,602 University, Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Siena College, 7/07 at 102.00 AAA 2,208,820 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 - MBIA Insured 2,860 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,896,208 University, Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 - MBIA Insured 4,500 Dormitory Authority of the State of New York, Ithaca College, 7/08 at 101.00 Aaa 4,638,960 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,662,450 Community Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 - FSA Insured Dormitory Authority of the State of New York, University of Rochester, Revenue Bonds, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,456,501 2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,630,030 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,808,077 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,341,781 500 Dormitory Authority of the State of New York, Pace University, 7/10 at 101.00 AAA 572,330 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 - MBIA Insured Dormitory Authority of the State of New York, Revenue Bonds, Series 2000, Canisius College: 1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,053,510 2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 2,993,392 Dormitory Authority of the State of New York, Insured Revenue Bonds, New York University, 2001 Series 2: 1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,474,646 800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 864,008 600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 644,988 2,500 Dormitory Authority of the State of New York, Revenue No Opt. Call AAA 2,856,725 Bonds, Series 2001-1, New York University, 5.500%, 7/01/40 - AMBAC Insured 2,125 Dormitory Authority of the State of New York, Yeshiva University, 7/11 at 100.00 AAA 2,223,494 Insured Revenue Bonds, Series 2001, 5.000%, 7/01/19 - AMBAC Insured 1,710 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,809,146 Bonds, Fordham University, Series 2002, 5.000%, 7/01/18 - FGIC Insured 23 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.2% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 2,957,752 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,834,568 Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991: 2,980 7.375%, 8/01/11 8/03 at 100.00 AAA 3,023,985 4,150 7.400%, 8/01/30 8/03 at 100.00 AAA 4,279,895 5,995 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105.00 AAA 6,185,881 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 390 Dormitory Authority of the State of New York, Maimonides No Opt. Call AAA 401,478 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.500%, 8/01/14 - MBIA Insured 6,500 Dormitory Authority of the State of New York (United Health 2/08 at 102.00 AAA 6,720,870 Services), FHA-Insured Mortgage Revenue Refunding Bonds, Series 1997, 5.375%, 8/01/27 - AMBAC Insured 5,730 Dormitory Authority of the State of New York, Montefiore 8/09 at 101.00 AAA 6,000,055 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 6,430 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 6,758,766 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 12,020 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 12,487,578 Nassau University Health System Obligated Group, Series 2001A, Winthrop University Hospital Association Revenue Bonds, 5.250%, 7/01/26 - AMBAC Insured 2,025 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 2,100,695 Nassau University Health System Obligated Group, Series 2001B, South Nassau Communities Hospital Revenue Bonds, 5.250%, 7/01/31 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.6% 14,953 New York City Housing Development Corporation, New York, 4/03 at 105.00 AAA 15,731,772 Multifamily Housing Limited Obligation Bonds, Series 1991C, Pass-through Certificates, 6.500%, 2/20/19 - AMBAC Insured New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,084,017 3,980 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 4,373,144 ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.2% 2,000 Industrial Development Agency, Town of Babylon, New York, 8/09 at 101.00 AAA 2,181,560 Civic Facility Revenue Bonds, Series 2000B (WSNCHS East, Inc. Project), 6.000%, 8/01/24 - MBIA Insured 6,000 Dormitory Authority of the State of New York, Norwegian 8/11 at 101.00 AAA 6,166,740 Christian Home and Health Center, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2001, 5.200%, 8/01/36 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 13.1% County of Erie, New York, General Obligation Serial Bonds, Public Improvement Series 1999A: 700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 781,760 700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 752,815 2,500 County of Nassau, New York, General Obligation Serial General 6/09 at 102.00 AAA 2,597,350 Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured 45 The City of New York, New York, General Obligation Bonds, 8/03 at 100.75 AAA 45,861 Fiscal 1992 Series C, 6.250%, 8/01/10 - FSA Insured The City of New York, New York, General Obligation Bonds, Fiscal 1998 Series H: 4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA 4,243,873 6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,241,020 5,000 The City of New York, New York, General Obligation Bonds, 4/09 at 101.00 AAA 5,051,000 Fiscal 1999 Series I, 5.000%, 4/15/29 - MBIA Insured 3,000 The City of New York, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,174,690 Fiscal 2001 Series D, 5.000%, 8/01/16 - FGIC Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 3,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101.00 Aaa $ 3,088,080 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 - FGIC Insured Town of North Hempstead, Nassau County, New York, General Obligation Bonds, 1999 Series B: 2,135 5.875%, 7/15/18 - FGIC Insured 7/09 at 101.00 Aaa 2,456,275 2,255 5.875%, 7/15/19 - FGIC Insured 7/09 at 101.00 Aaa 2,583,959 County of Oneida, New York, General Obligation Public Improvement Bonds, Series 2000: 100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 109,456 100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 108,806 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/17 - FSA Insured 6/10 at 100.00 Aaa 606,050 525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 603,740 525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 601,078 525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 598,999 525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 595,796 525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 593,565 525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 594,022 525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 593,602 525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 595,408 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,223,770 960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,229,933 960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,232,947 960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,236,854 960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,235,050 747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 958,588 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 822,671 735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 815,990 730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 805,102 730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 800,226 730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 798,036 730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 797,700 725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 792,809 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 36.8% 1,000 Battery Park City Authority, New York, Senior Revenue 11/03 at 102.00 AAA 1,040,460 Refunding Bonds, Series 1993A, 5.250%, 11/01/17 - MBIA Insured 4,600 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 5,067,130 Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,282,930 4,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 4,351,720 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,036,180 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,060,400 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,836,600 5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,078,000 5,875 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 6,084,326 Authority Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 - AMBAC Insured 5,225 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,891,397 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 50 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 50,582 Future Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 - MBIA Insured 25 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 New York City Transitional Finance Authority, New York, 5/08 at 101.00 AAA $ 1,901,300 Future Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 - FGIC Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2002 Series B: 2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,082,119 1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,086,120 5,500 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,830,550 Future Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,610,915 Future Tax Secured Bonds, Fiscal 2003 Series D Refunding, 5.000%, 2/01/22 - MBIA Insured 5,250 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,827,658 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 - AMBAC Insured 505 Dormitory Authority of the State of New York, Judicial 4/03 at 114.14 Baa1 579,432 Facilities Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 5,000 Dormitory Authority of the State of New York, Leake and 7/04 at 102.00 AAA 5,355,400 Watts Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 - MBIA Insured Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 1996B: 2,530 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 2,638,790 2,660 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 2,774,380 7,145 Dormitory Authority of the State of New York, Special Act 7/09 at 101.00 AAA 8,031,623 School Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 - MBIA Insured 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100.00 AAA 2,039,060 State Park, Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 - AMBAC Insured 7,750 New York Local Government Assistance Corporation (a public 4/08 at 101.00 AAA 7,958,010 benefit corporation of the State of New York), Series 1997B, Refunding Bonds, 4.875%, 4/01/20 - MBIA Insured State of New York Municipal Bond Bank Agency, Special Program Revenue Bonds, City of Buffalo, 2001 Series A: 875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 923,694 920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 966,055 965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,017,428 1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,064,502 20 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 20,902 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 - MBIA Insured 3,970 New York State Medical Care Facilities Finance Agency, 8/03 at 100.00 AAA 4,069,250 Mental Health Services Facilities Improvement Revenue Bonds, Series 1992A, 5.500%, 8/15/21 - FGIC Insured 1,500 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,524,075 Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 7,925 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 8,327,194 Financing Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 2,006,004 2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,280,894 3,575 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 3,882,271 Fund Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,349,500 Fund Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured 2,375 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,512,275 Fund, Series 2003A, Second General, 5.250%, 4/01/22 (WI, settling 4/03/03) - MBIA Insured 4,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 4,632,520 Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 - FSA Insured 1,000 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,133,430 Appropriation Bonds, 2002 Series E, 5.500%, 8/01/27 - AMBAC Insured 26 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.1% Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002A Refunding: $ 6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA $ 6,619,380 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,087,920 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002E Refunding: 1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,448,582 4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,660,507 2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101.00 AAA 2,640,625 International Airport), New York, Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 7,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 7,420,070 Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,802,093 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,012,800 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 29.5% 325 Brookhaven, New York, General Obligation Bonds, Series 1991B, 10/04 at 100.00 AAA 331,825 6.400%, 10/01/11 (Pre-refunded to 10/01/04) - MBIA Insured East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 352,095 350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 410,777 365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 428,382 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,175,740 1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,175,740 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 396,964 340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 396,964 9,000 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 10,303,290 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured 4,695 Metropolitan Transportation Authority, New York, Commuter 7/11 at 100.00 AAA 5,320,468 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28 (Pre-refunded to 7/01/11) - FGIC Insured 3,000 Metropolitan Transportation Authority, New York, Dedicated 10/10 at 100.00 AAA 3,413,190 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 (Pre-refunded to 10/01/10) - MBIA Insured 11,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 11,992,090 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,473,520 1,000 5.250%, 4/01/23 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,141,590 3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,634,735 The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series A: 1,500 7.250%, 3/15/18 - FSA Insured 9/03 at 100.00 AAA 1,689,525 3,100 7.250%, 3/15/19 - FSA Insured 9/03 at 100.00 AAA 3,303,856 3,000 The City of New York, New York, General Obligation Bonds, 4/03 at 100.00 AAA 3,006,450 Fiscal 1990 Series B, 7.000%, 10/01/19 - FSA Insured 255 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 305,212 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 10 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 11,283 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 27 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,175 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA $ 1,238,920 System Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 (Pre-refunded to 7/01/05) - AMBAC Insured Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1: 3,120 5.375%, 7/01/24 (Pre-refunded to 1/01/08) - FGIC Insured 1/08 at 102.00 AAA 3,304,174 7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 7,143,500 5,000 Dormitory Authority of the State of New York, State University 5/06 at 102.00 AAA 5,681,850 Educational Facilities, Revenue Bonds, Series 1996, 5.500%, 5/15/26 (Pre-refunded to 5/15/06) - FSA Insured 3,485 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 3,578,084 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured 2,230 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 2,469,167 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 5,795 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 6,493,935 State University Educational Facilities, Series 2002A, 5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured 10,000 New York State, Urban Development Corporation, Correctional 1/05 at 102.00 AAA 10,933,500 Facilities Revenue Bonds, Series 5, 5.500%, 1/01/25 (Pre-refunded to 1/01/05) - MBIA Insured 2,000 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AAA 2,240,860 Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 (Pre-refunded to 1/01/06) - AMBAC Insured New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,706,140 5,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 5,888,150 2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,252,300 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.7% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 8,300 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 8,509,492 7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,207,900 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,396,200 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,319,880 15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 4,697,400 3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 889,350 4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,265,490 3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 802,170 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 3,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 3,021,390 3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,220,219 10,025 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 10,263,996 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,152,370 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation Project, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 3,000 New York State Energy Research and Development Authority, 4/03 at 101.00 AAA 3,123,300 Pollution Control Refunding Revenue Bonds, Niagara Mohawk Power Corporation Project, Series 1991A, 6.625%, 10/01/13 - FGIC Insured 6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,493,920 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.5% $ 5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA $ 5,520,850 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 - MBIA Insured 2,225 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 2,345,951 New York, Water and Sewer System Revenue Bonds, Fiscal 1997 Series A, 5.375%, 6/15/26 - FSA Insured 10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,309,760 New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured 5,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 5,186,800 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 - FGIC Insured New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,454,172 1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,423,094 350 New York State Environmental Facilities Corporation, 9/03 at 100.00 AAA 351,610 State Water Pollution Control Revolving Fund Revenue Bonds, Series 1991B (Pooled Loan Issue), 7.100%, 9/15/11 2,230 Upper Mohawk Valley Regional Water Finance Authority, No Opt. Call Aaa 834,573 New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 550,255 Total Long-Term Investments (cost $515,636,010) - 148.0% 558,364,296 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.2% 11,928,096 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.2)% (193,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $377,292,392 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 29 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 26.1% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds, UBF Faculty-Student Housing Corporation - Village Green Project, Series 2000A: $ 1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,183,226 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 673,446 500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102.00 AAA 555,505 Civic Facility Revenue Bonds, UBF Faculty-Student Housing Corporation - Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 2,730 County of Monroe Industrial Development Agency, New York, 6/03 at 100.00 AAA 2,755,334 1986 Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) - MBIA Insured 6,350 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 6,483,033 Civic Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 - MBIA Insured 5,000 The Trust for Cultural Resources of the City of New York, 7/06 at 101.00 AAA 5,555,700 New York, Revenue Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 - MBIA Insured 7,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102.00 AAA 7,873,210 New York, Revenue Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 - AMBAC Insured 14,500 The Trust for Cultural Resources of the City of New York, 4/07 at 101.00 AAA 15,817,325 New York, Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 - MBIA Insured 4,775 New York City Industrial Development Agency, New York, 6/07 at 102.00 AAA 4,965,666 Civic Facility Revenue Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27 - MBIA Insured 1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,517,752 Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/20 - FGIC Insured 1,000 Dormitory Authority of the State of New York, Mount Sinai 7/03 at 100.00 AAA 1,014,240 School of Medicine, Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Fordham 7/04 at 102.00 AAA 1,064,280 University, Insured Revenue Bonds, Series 1994, 5.500%, 7/01/23 - FGIC Insured 1,600 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,894,016 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 - FSA Insured 6,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 7,038,180 System Consolidated Revenue Bonds, Series 1993A, 5.750%, 7/01/13 - MBIA Insured 1,970 Dormitory Authority of the State of New York, University 7/04 at 102.00 AAA 2,106,324 of Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 - MBIA Insured 8,500 Dormitory Authority of the State of New York, Ithaca 7/07 at 102.00 AAA 8,844,250 College, Insured Revenue Bonds, Series 1997, 5.250%, 7/01/26 - AMBAC Insured 1,150 Dormitory Authority of the State of New York, St. Johns 7/06 at 102.00 AAA 1,280,824 University, Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 - MBIA Insured 4,625 Dormitory Authority of the State of New York, Barnard 7/07 at 101.00 AAA 4,811,249 College, Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26 - AMBAC Insured 2,125 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 2,151,903 University, Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, City University 7/08 at 102.00 AAA 2,025,940 System Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 - FGIC Insured 1,750 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,939,525 Community Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 - FSA Insured 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, University of Rochester, Revenue Bonds, Series 2000A: $ 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA $ 1,456,501 2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,626,384 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,808,077 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,341,781 4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,733,840 Educational Facilities Revenue Bonds, Series 2000C, 1989 Resolution, 5.750%, 5/15/16 - FSA Insured 2,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 2,060,860 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/23 - FGIC Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, No Opt. Call AAA 1,142,690 Series 2001-1, New York University, 5.500%, 7/01/40 - AMBAC Insured 2,750 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 2,793,450 University, Insured Revenue Bonds, Series 2001, 5.000%, 7/01/26 - AMBAC Insured 1,650 Dormitory Authority of the State of New York, Insured Revenue 7/12 at 100.00 AAA 1,734,068 Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.0% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 2,957,752 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,834,568 3,995 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105.00 AAA 4,122,201 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 7,000 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 7,048,300 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 9,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101.00 AAA 9,460,170 Services of Long Island Obligated Group, St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 9,000 Dormitory Authority of the State of New York, Winthrop South 7/11 at 101.00 AAA 9,336,420 Nassau University Health System Obligated Group, Series 2001B, South Nassau Communities Hospital Revenue Bonds, 5.250%, 7/01/31 - AMBAC Insured 5,350 New York State Medical Care Facilities Finance Agency, Sisters 5/03 at 101.00 AAA 5,559,720 of Charity Hospital of Buffalo Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 - AMBAC Insured 3,300 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 3,432,330 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 - MBIA Insured 3,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,249,180 Montefiore Medical Center FHA-Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25 - AMBAC Insured 1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,146,734 Health Center Projects Revenue Bonds, Secured Mortgage Program, Series 1995A, 6.375%, 11/15/19 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.2% 12,436 New York City Housing Development Corporation, New York, 4/03 at 105.00 AAA 13,083,590 Multifamily Housing Limited Obligation Bonds, Series 1991C, Pass-through Certificates, 6.500%, 2/20/19 - AMBAC Insured 1,690 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 1,856,938 Mortgage Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 - FSA Insured 1,350 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 1,411,668 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.6% 1,995 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102.00 AAA 2,050,242 Revenue Bonds, Series 33, 5.400%, 10/01/17 - AMBAC Insured 3,940 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102.00 AAA 4,190,190 Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured 31 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.7% $ 4,450 Castle Rest Residential Health Care Facility, Syracuse, 8/07 at 102.00 AAA $ 4,531,035 New York, FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102.00 AAA 2,149,860 Palsy of New York City, Inc., Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 7.6% 1,000 County of Erie, New York, General Obligation Bonds, 1995 6/05 at 101.50 AAA 1,090,220 Series B, 5.625%, 6/15/20 - FGIC Insured County of Monroe, New York, General Obligation Public Improvement Bonds, Series 2002: 2,250 5.000%, 3/01/15 - FGIC Insured 3/12 at 100.00 AAA 2,426,918 1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,063,930 1,500 County of Nassau, New York, General Obligation Serial General 6/09 at 102.00 AAA 1,558,410 Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured The City of New York, New York, General Obligation Bonds, Fiscal 2001 Series D: 1,500 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 1,627,695 5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,816,297 5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,291,150 5,000 The City of New York, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,122,550 Fiscal 2002 Series C, 5.125%, 3/15/25 - FSA Insured Peru Central School District, Clinton County, New York, General Obligation Bonds, Series 2002B Refunding: 1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,770,628 1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,812,969 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/19 - FSA Insured 6/10 at 100.00 Aaa 601,361 525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 592,751 525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 594,342 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 41.1% 4,600 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA 5,067,130 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,282,930 5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,439,650 3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,054,270 8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,120,800 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 7,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 7,836,600 5,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 5,078,000 5,150 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,806,831 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 75 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 75,872 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 - MBIA Insured 3,000 New York City Transitional Finance Authority, New York, 5/08 at 101.00 AAA 2,851,950 Future Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 - FGIC Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2002 Series B: 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,403,011 2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,628,410 1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,014,030 5,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 5,300,500 Future Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 3,610,915 Future Tax Secured Bonds, Fiscal 2003 Series D Refunding, 5.000%, 2/01/22 - MBIA Insured 32 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 6,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA $ 6,660,180 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 - AMBAC Insured Dormitory Authority of the State of New York, Lease Revenue Bonds, Madison-Oneida Board of Cooperative Educational Services Program, Series 2002: 1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,112,152 1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,162,887 1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,192,806 5,375 Dormitory Authority of the State of New York, Leake and 7/04 at 102.00 AAA 5,757,055 Watts Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 - MBIA Insured 2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 2,257,024 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 - MBIA Insured 3,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,681,214 Bonds (853 Schools Program - 1999 Issue 1), Harmony Heights School, Series 1999C, 5.500%, 7/01/18 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,310,230 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 5,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 5,155,250 Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 - FSA Insured 5,500 New York Local Government Assistance Corporation (a public 4/04 at 100.00 AAA 5,515,675 benefit corporation of the State of New York), Series 1993D Bonds, 5.000%, 4/01/23 - AMBAC Insured 5,250 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 5,508,930 Mental Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 - FGIC Insured 1,500 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 1,524,075 Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 7,900 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 8,300,925 Financing Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,416,219 3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,258,420 4,930 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 5,320,604 Fund Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured 6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 7,409,088 Fund Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured 2,400 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 2,538,720 Fund, Series 2003A, Second General, 5.250%, 4/01/22 (WI, 4/03/03) - MBIA Insured 3,190 New York State Urban Development Corporation, State No Opt. Call AAA 3,707,418 Facilities Revenue Bonds, 1995 Refunding Series, 5.600%, 4/01/15 - MBIA Insured Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series E Refunding: 3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,482,550 6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 6,948,780 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.2% 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA 4,552,558 Toll Bridge System Revenue Bonds, Series 1995, 5.750%, 1/01/25 - MBIA Insured Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002A Refunding: 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,186,619 4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,175,840 Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002E Refunding: 2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,891,738 8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,658,865 33 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 1,000 Niagara Frontier Transportation Authority (Greater Buffalo 4/04 at 102.00 AAA $ 1,059,100 International Airport), New York, Airport Revenue Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) - AMBAC Insured 2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101.00 AAA 2,640,625 International Airport), New York, Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,322,350 Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - FGIC Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Refunding Bonds, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,802,093 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,012,800 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 25.7% East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 352,095 360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 422,514 400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 469,460 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793 1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,657,793 15,000 Metropolitan Transportation Authority, New York, Commuter 7/09 at 100.00 AAA 17,172,150 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC Insured Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 - FGIC Insured 7/08 at 101.00 AAA 10,543,000 4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,565,835 3,000 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 3,270,570 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 4,473,520 2,000 5.250%, 4/01/23 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,283,180 2,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 2,236,760 5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,889,950 Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 203,475 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 16,925 Future Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 2,500 New York City Transitional Finance Authority, New York, 5/10 at 101.00 AAA 2,970,775 Future Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured 3,305 Dormitory Authority of the State of New York, Judicial No Opt. Call AAA 4,164,399 Facilities Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 1,700 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 1,734,850 System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 3,700 Dormitory Authority of the State of New York, City University 7/04 at 102.00 AAA 4,011,836 System Consolidated Third General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) - AMBAC Insured 8,100 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 9,155,268 State University Educational Facilities, Series 2002A, 5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured 3,000 New York State Urban Development Corporation, 1/06 at 102.00 AAA 3,361,290 Correctional Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 (Pre-refunded to 1/01/06) - AMBAC Insured New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 10,000 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 1/09 at 101.00 AAA 11,776,300 6,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,756,900 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.3% $ 1,650 Islip Resource Recovery Agency, New York, Resource Recovery No Opt. Call AAA $ 2,049,118 System Revenue Bonds (1985 Facility), Series 1994B, 7.250%, 7/01/11 (Alternative Minimum Tax) - AMBAC Insured Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,000 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,176,680 3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,508,480 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,089,100 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 - FSA Insured No Opt. Call AAA 1,396,200 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,319,880 5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,565,800 7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,075,150 10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 2,952,810 7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 1,871,730 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 2,500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 2,517,825 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,576,175 5,465 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 5,669,938 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 1,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 1,277,563 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured 12,000 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 12,258,960 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.3% 3,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 3,500,640 New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2002 Series A: 2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,211,260 4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,149,440 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 969,448 810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 940,983 1,000 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 1,090,270 Revenue Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 560,056 Total Long-Term Investments (cost $526,932,334) - 147.8% 569,446,475 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 3.3% 12,799,372 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.1)% (197,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $385,245,847 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 35 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 32.8% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds, UBF Faculty-Student Housing Corporation - Village Green Project, Series 2000A: $ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 277,753 250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 276,003 2,000 Industrial Development Agency, County of Monroe, New York, 6/05 at 102.00 AAA 2,200,500 Civic Facility Revenue Bonds (Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 - MBIA Insured 5,460 The Trust for Cultural Resources of the City of New York, 7/06 at 101.00 AAA 6,066,824 New York, Revenue Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 - MBIA Insured 1,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102.00 AAA 1,357,450 New York, Revenue Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 - AMBAC Insured 4,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101.00 AAA 4,391,440 New York, Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/22 - MBIA Insured 1,000 New York City Industrial Development Agency, New York, Civic 11/04 at 102.00 AAA 1,092,030 Facility Revenue Bonds (USTA National Tennis Center Incorporated Project), 6.375%, 11/15/14 - FSA Insured 2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 2,146,860 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 - MBIA Insured 1,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 1,151,740 Educational Facilities Revenue Bonds, Series 1993A, 5.500%, 5/15/19 - AMBAC Insured 2,200 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,604,272 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 - FSA Insured 3,000 Dormitory Authority of the State of New York, New School 7/07 at 102.00 AAA 3,313,230 for Social Research, Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 - MBIA Insured 1,500 Dormitory Authority of the State of New York, St. Johns 7/06 at 102.00 AAA 1,670,640 University, Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AAA 2,143,760 University, Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 - FSA Insured 5,000 Dormitory Authority of the State of New York, Ithaca 7/08 at 101.00 Aaa 5,154,400 College Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,662,450 Community Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 - FSA Insured 3,215 Dormitory Authority of the State of New York, University of 7/10 at 101.00 AAA 2,288,951 Rochester, Revenue Bonds, Series 2000A, 0.000%, 7/01/24 - MBIA Insured 250 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 286,165 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 1,034,790 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/22 - FGIC Insured Dormitory Authority of the State of New York, Revenue Bonds, Series 2001-1, New York University: 1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,687,185 500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 571,345 810 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 842,983 University, Insured Revenue Bonds, Series 2001, 5.000%, 7/01/20 - AMBAC Insured 1,270 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 1,370,965 Bonds, State University Educational Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC Insured 36 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 17.1% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 1,000 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 1,056,340 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,049,840 3,000 Dormitory Authority of the State of New York, Ellis Hospital, 8/05 at 102.00 AAA 3,107,730 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 - MBIA Insured 1,500 Dormitory Authority of the State of New York (Vassar Brothers 1/08 at 102.00 AAA 1,590,285 Hospital), Revenue Bonds, Series 1997, 5.250%, 7/01/17 - FSA Insured 2,910 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 2,930,079 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 3,000 Dormitory Authority of the State of New York (Catholic 7/09 at 101.00 AAA 3,168,390 Health Services of Long Island Obligated Group), St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,450 Dormitory Authority of the State of New York, Winthrop 7/11 at 101.00 AAA 3,578,961 South Nassau University Health System Obligated Group, Series 2001A, Winthrop University Hospital Association Revenue Bonds, 5.250%, 7/01/31 - AMBAC Insured 4,700 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 4,888,470 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 - MBIA Insured 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,448,188 Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.8% 2,240 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 2,461,267 Mortgage Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.9% 1,200 State of New York Mortgage Agency, Homeowner Mortgage 10/03 at 102.00 Aa1 1,226,688 Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 1,000 Industrial Development Agency, Town of Babylon, New York, 8/09 at 101.00 AAA 1,090,780 Civic Facility Revenue Bonds, Series 2000B (WSNCHS East, Inc. Project), 6.000%, 8/01/24 - MBIA Insured 850 Dormitory Authority of the State of New York, NYSARC, Inc. 7/11 at 102.00 AAA 865,989 Insured Revenue Bonds, Series 2001A, 5.000%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 14.8% 1,510 County of Erie, New York, General Obligation Bonds, 6/05 at 101.50 AAA 1,646,232 1995 Series B, 5.625%, 6/15/20 - FGIC Insured 210 Nassau County, New York, General Obligation Serial No Opt. Call AAA 242,409 General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16 - MBIA Insured 1,500 Nassau County, New York, General Obligation Serial General 8/04 at 103.00 AAA 1,621,185 Improvement Bonds, Series O, 5.700%, 8/01/13 - FGIC Insured 1,000 County of Nassau, New York, General Improvement Bonds, 3/10 at 100.00 AAA 1,145,490 Series E, 6.000%, 3/01/19 - FSA Insured 4,000 The City of New York, New York, General Obligation Bonds, No Opt. Call AAA 4,573,160 Fiscal 1995 Series E, 8.000%, 8/01/05 - MBIA Insured 2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101.00 AAA 2,156,660 Fiscal 1998 Series F, 5.250%, 8/01/16 - FGIC Insured 2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,719,509 Treatment Plant Serial Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds, Series 1994: 1,000 7.500%, 3/01/13 - MBIA Insured No Opt. Call AAA 1,304,740 2,000 6.900%, 3/01/22 - MBIA Insured 3/04 at 102.00 AAA 2,132,220 1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aaa 1,067,990 New York, General Obligation Bonds, Series 2002 Refunding, 5.125%, 6/15/18 - FSA Insured County of Suffolk, New York, Public Improvement Serial Bonds, 2000 Series A: 500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 575,730 500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 575,595 37 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 29.3% $ 1,350 Metropolitan Transportation Authority, New York, State Service 7/12 at 100.00 AAA $ 1,487,093 Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,087,930 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,030,200 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 2,500 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,612,200 1,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,320,280 500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 563,770 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2003 Series C: 1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,067,190 1,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 1,425,835 1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,547,535 Future Tax Secured Bonds, Fiscal 2003 Series D Refunding, 5.000%, 2/01/22 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 1,110,030 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 2,062,100 Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 - FSA Insured 1,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 1,545,735 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 - MBIA Insured 2,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 2,032,100 Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured Dormitory Authority of the State of New York, School Districts Financing Program Revenue Bonds, Series 2002D: 4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,518,225 875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 888,563 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 545 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 595,789 600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 651,684 1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,041,550 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002A: 1,500 5.250%, 4/01/17 - FSA Insured 4/12 at 100.00 AAA 1,624,635 1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,076,080 1,250 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,316,075 Fund, Series 2003A, Second General, 5.250%, 4/01/23 (WI, settling 4/03/03) - MBIA Insured 1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 2,142,060 Facilities Bonds, 5.250%, 1/01/14 - FSA Insured 1,000 New York State Urban Development Corporation, State 3/13 at 100.00 AAA 1,087,460 Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 - FGIC Insured 1,250 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 1,430,313 Transportation Revenue Bonds, Series B, 5.875%, 7/01/35 - MBIA Insured 1,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 1,158,130 Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 - FSA Insured 1,500 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,590,435 Service Agreement Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.0% Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002A Refunding: 500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 548,705 1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,782,708 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA $ 2,037,380 Revenue Bonds, Series 2002E Refunding, 5.000%, 11/15/25 - MBIA Insured 500 Niagara Frontier Transportation Authority, New York, Buffalo 4/09 at 101.00 AAA 528,125 Niagara International Airport, Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 1,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,060,010 Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, Subordinate Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 895,307 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,428,800 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 15.8% Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 587,870 500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 587,870 1,500 Metropolitan Transportation Authority, New York, Dedicated 10/15 at 100.00 AAA 1,635,285 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 500 Metropolitan Transportation Authority, New York, Dedicated Tax 10/14 at 100.00 AAA 559,190 Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 2,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/10 at 100.00 AAA 2,355,980 Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 1,500 The City of New York, New York, General Obligation Bonds, 8/03 at 100.00 AAA 1,522,035 Fiscal 1990 Series F, 6.000%, 8/01/19 - FGIC Insured 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 406,949 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 1,975 New York State Medical Care Facilities Finance Agency, 8/04 at 100.00 AAA 2,115,363 Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series C, 6.375%, 8/15/29 (Pre-refunded to 8/15/04) 4,300 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 4,824,600 New York Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) - AMBAC Insured 3,550 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AA*** 4,020,766 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 2,045 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 2,408,253 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 17.5% 1,165 Islip Resource Recovery Agency, New York, Resource Recovery 7/04 at 102.00 AAA 1,244,756 System Revenue Bonds (1985 Facility), Series 1994B, 6.125%, 7/01/13 (Alternative Minimum Tax) - AMBAC Insured Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,500 5.125%, 12/01/22 - FSA Insured 6/08 at 101.00 AAA 7,689,300 2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,059,400 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 503,565 625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 644,044 2,280 New York State Energy Research and Development Authority, 5/03 at 101.50 AAA 2,365,500 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 2,500 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 2,626,975 Pollution Control Revenue Bonds, New York State Electric and Gas Corporation Project, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 6,100 New York State Energy Research and Development Authority, 5/03 at 101.00 AAA 6,231,638 Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured 39 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 8.1% $ 1,830 Monroe County Water Authority, New York, Water Revenue 8/11 at 101.00 AAA $ 1,901,297 Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured 500 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 552,085 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,101,640 Water and Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 - FSA Insured 1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,938,816 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 - FGIC Insured 1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,261,716 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,037,360 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,938,895 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 - MBIA Insured 1,000 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 1,113,790 Revenue Bonds, Series 1993 Refunding, 5.100%, 6/01/12 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 182,425 Total Long-Term Investments (cost $180,582,225) - 146.6% 195,344,633 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.2% 2,907,811 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.8)% (65,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $133,252,444 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Such securities are normally considered to be equivalent to AAA rated securities. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 40 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 6.1% $ 2,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- $ 1,864,720 Asset-Backed Bonds, Series 2002 Refunding, 5.375%, 5/15/33 3,775 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 A- 3,573,755 Pass-through Bonds, Series 2001, 5.250%, 6/01/25 2,050 TSASC, Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 A1 1,931,018 Series 2002-1, 5.500%, 7/15/24 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.4% 1,000 Monroe County Industrial Development Agency, New York, 10/11 at 101.00 Aaa 1,015,500 Civic Facility Revenue Bonds, Nazareth College of Rochester Project, Series 2001, 5.000%, 10/01/31 - MBIA Insured 7,000 The Trust for Cultural Resources of the City of New York, 7/12 at 100.00 AAA 7,233,870 New York, Revenue Bonds, Series 2001D, Museum of Modern Art, 5.125%, 7/01/31 - AMBAC Insured 4,000 Dormitory Authority of the State of New York, Mount Sinai School No Opt. Call AAA 4,265,080 of Medicine, Insured Revenue Bonds, Series 1994A, 5.150%, 7/01/24 - MBIA Insured Dormitory Authority of the State of New York, Revenue Bonds, Series 1998A, New York University: 3,250 6.000%, 7/01/18 - MBIA Insured No Opt. Call AAA 3,938,578 3,000 5.750%, 7/01/27 - MBIA Insured No Opt. Call AAA 3,495,000 ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 20.6% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 1,500 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 1,584,510 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,049,840 2,000 Dormitory Authority of the State of New York, The New York 2/08 at 101.00 AAA 2,013,800 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 9,800 Dormitory Authority of the State of New York, The New York 8/09 at 101.00 AAA 10,329,886 Hospital Medical Center of Queens, FHA- Insured Mortgage Revenue Bonds, Series 1999, 5.600%, 2/15/39 - AMBAC Insured 2,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101.00 AAA 2,112,260 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 2,500 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 2,663,675 Revenue Bonds, Bronx Lebanon Hospital, Series 1998E, 5.200%, 2/15/15 - MBIA Insured Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital, Series 2002A: 1,400 5.125%, 2/01/22 - AMBAC Insured 8/12 at 100.00 AAA 1,448,188 2,000 5.000%, 2/01/31 - AMBAC Insured 8/12 at 100.00 AAA 2,025,920 Industrial Development Agency, Suffolk County, New York, Civic Facility Revenue Bonds, Huntington Hospital Project Bonds, Series 2002C: 725 6.000%, 11/01/22 11/12 at 100.00 Baa1 762,432 1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,076,183 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.5% New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,818,849 1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,423,620 Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Willow Towers, Inc. Project, Series 2002: 1,000 5.250%, 2/01/22 8/12 at 101.00 AAA 1,044,700 2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,613,525 41 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 16.1% City of Buffalo, New York, School Bonds, Series 2002B: $ 1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA $ 1,629,181 2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,565,594 Canandaigua City School District, Ontario County, New York, General Obligation Bonds, Series 2002A Refunding: 1,240 5.375%, 4/01/17 - FSA Insured 4/12 at 101.00 Aaa 1,367,088 1,300 4.000%, 4/01/18 - FSA Insured 4/12 at 101.00 Aaa 1,248,169 1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,283,510 Clarence Central School District, Erie County, New York, General Obligation Bonds, Series 2002 Refunding: 1,235 4.000%, 5/15/18 - FSA Insured 5/12 at 100.00 Aaa 1,185,427 1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,216,792 1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,245,996 1,390 4.000%, 5/15/21 - FSA Insured 5/12 at 100.00 Aaa 1,277,702 3,000 The City of New York, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,244,290 Fiscal 2001 Series H, 5.250%, 3/15/16 - FGIC Insured 3,250 The City of New York, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,329,657 Fiscal 2002 Series C, 5.125%, 3/15/25 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 40.3% Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 4,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 4,072,360 3,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 3,045,300 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2002A: 2,290 5.250%, 11/15/25 - FSA Insured 11/12 at 100.00 AAA 2,392,775 1,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,015,600 1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,097,370 Tax Secured Bonds, Series 2000A, 5.375%, 11/15/17 - MBIA Insured 4,245 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 4,396,249 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 - AMBAC Insured 5,000 New York City Transitional Finance Authority, New York, Future 11/11 at 101.00 AAA 5,464,750 Tax Secured Bonds, Fiscal 2002 Series B, 5.250%, 5/01/16 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, Future 8/12 at 100.00 AAA 1,060,100 Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/21 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 3,103,500 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 - FSA Insured 3,000 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA 3,152,250 Financing Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,140,450 Fund Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/13 at 100.00 AAA 1,052,860 Fund, Series 2003A, Second General, 5.250%, 4/01/23 (WI, settling 4/03/03) - MBIA Insured 8,600 New York State Urban Development Corporation, State No Opt. Call AAA 10,001,800 Facilities Revenue Bonds, 1995 Refunding Series, 5.700%, 4/01/20 - FSA Insured 3,000 New York State Urban Development Corporation, State Personal 3/12 at 100.00 AA 3,073,530 Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 1,000 New York State Urban Development Corporation, State Personal 3/13 at 100.00 AAA 1,093,370 Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/20 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.8% Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2002A Refunding: 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,087,920 4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,074,760 4,000 The Port Authority of New York and New Jersey, Consolidated 8/08 at 101.00 AAA 4,269,880 Bonds, One Hundred Twenty Fourth Series, 5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA $ 3,043,320 Purpose Revenue Bonds, Series 2001A, 5.000%, 1/01/32 - MBIA Insured 780 Triborough Bridge and Tunnel Authority, New York, Subordinate No Opt. Call AAA 895,307 Revenue Refunding Bonds, Series 2002E, 5.500%, 11/15/20 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.2% 2,000 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 2,041,000 System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 815 New York State Housing Finance Agency, State University No Opt. Call AAA 1,044,398 Construction Bonds, 1986 Series A, 8.000%, 5/01/11 4,750 Dormitory Authority of the State of New York, Revenue Bonds, 5/12 at 101.00 AAA 5,322,898 State University Educational Facilities, Series 2002A, 5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured 2,575 Puerto Rico Infrastructure Financing Authority, Special Obligation 10/10 at 101.00 AAA 2,786,227 Bonds, 2000 Series A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.7% 1,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 1,025,240 Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,035,650 2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,797,726 5,000 New York State Energy Research and Development Authority, 11/08 at 102.00 AAA 5,126,850 Pollution Control Revenue Refunding Bonds (Niagara Mohawk Power Corporation Project), Series 1998A, 5.150%, 11/01/25 - AMBAC Insured 5,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 5,236,400 Series HH, 5.250%, 7/01/29 - FSA Insured 1,090 Industrial Development Agency, Westchester County, New York, 7/07 at 101.00 BBB 1,133,665 Resource Recovery Revenue Bonds, Westchester RESCO Company Project, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.2% 2,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 2,319,035 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 4,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 4,054,800 Water and Sewer System Revenue Bonds, Fiscal 2002 Series F, 5.000%, 6/15/29 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 172,930 Total Long-Term Investments (cost $173,129,557) - 148.9% 181,335,655 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 1,447,537 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.1)% (61,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $121,783,192 ==================================================================================================================== At least 80% of the Fund's net assets are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements. 43 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) Portfolio of INVESTMENTS March 31, 2003 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 3.7% $ 2,000 The Children's Trust Fund, Puerto Rico, Tobacco Settlement 5/12 at 100.00 A- $ 1,864,720 Asset-Backed Bonds, Series 2002 Refunding, 5.375%, 5/15/33 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 18.3% 1,385 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,416,689 Bonds (State University Dormitory Facilities Issue), Series 1999B, 5.125%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Mount Sinai No Opt. Call AAA 2,132,540 School of Medicine, Insured Revenue Bonds, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured Revenue 9/12 at 100.00 AA 2,018,620 Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 - RAAI Insured 1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 AA 1,005,900 Mount Saint Mary College, Series 2003, 5.000%, 7/01/32 - RAAI Insured 2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/12 at 100.00 Aaa 2,635,575 Rochester Institute of Technology, Series 2002A, 5.250%, 7/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 15.6% 2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,788,738 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Lutheran 2/13 at 100.00 AAA 2,031,720 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2003, 5.000%, 8/01/31 - MBIA Insured 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 3,038,880 Mortgage Hospital Revenue Bonds, Saint Barnabas Hospital, Series 2002A, 5.000%, 2/01/31 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.4% 1,185 Dormitory Authority of the State of New York, Shorefront 2/13 at 102.00 AAA 1,201,768 Jewish Geriatric Center, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 2002, 5.200%, 2/01/32 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 4.9% 2,400 The City of New York, New York, General Obligation Bonds, 8/08 at 101.00 AAA 2,454,288 Fiscal 1998 Series H, 5.125%, 8/01/25 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 63.0% Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 1,018,090 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,030,200 3,000 Metropolitan Transportation Authority, New York, Dedicated Tax 11/12 at 100.00 AAA 3,046,800 Fund Bonds, Series 2002A, 5.000%, 11/15/32 - FSA Insured 560 Monroe Newpower Corporation, New York, Power Facilities 1/13 at 102.00 BBB+ 568,428 Revenue Bonds, Series 2003, 5.500%, 1/01/34 3,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 3,237,360 Future Tax Secured Bonds, Fiscal 2003 Series C, 5.250%, 8/01/18 - AMBAC Insured 2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,063,380 Future Tax Secured Bonds, Fiscal 2003 Series D Refunding, 5.000%, 2/01/22 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 2,069,000 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,290 New York State Environmental Facilities Corporation, State 1/13 at 100.00 AAA 1,324,469 Personal Income Tax Revenue Bonds, Series 2002A, 5.000%, 1/01/23 - FGIC Insured 3,000 Dormitory Authority of the State of New York, State Personal 3/13 at 100.00 AAA 3,048,150 Income Tax Revenue Bonds, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 44 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,000 Dormitory Authority of the State of New York, School Districts 10/12 at 100.00 AAA $ 3,152,250 Financing Program Revenue Bonds, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,645,425 Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1: 1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,093,370 1,000 5.000%, 3/15/33 3/13 at 100.00 AA 1,009,740 2,000 New York State Urban Development Corporation, Correctional No Opt. Call AA- 2,218,480 and Youth Facilities Service Contract Revenue Bonds, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) 2,095 Puerto Rico Public Finance Corporation, 1998 Series A, No Opt. Call AAA 2,258,955 Commonwealth Appropriation Bonds, 5.125%, 6/01/24 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 20.4% 1,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 1,018,690 Revenue Bonds, Series 2002A Refunding, 5.000%, 11/15/25 - FGIC Insured 2,000 Metropolitan Transportation Authority, New York, Transportation 11/12 at 100.00 AAA 2,031,200 Revenue Bonds, Series 2002F Refunding, 5.000%, 11/15/31 - MBIA Insured 3,030 The Port Authority of New York and New Jersey, Consolidated 11/12 at 101.00 AAA 3,169,682 Bonds, One Hundred Twenty Eighth Series, 5.000%, 11/01/22 - FSA Insured 1,975 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 2,029,510 Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 - MBIA Insured 2,000 Triborough Bridge and Tunnel Authority, New York, Subordinate 11/13 at 100.00 AAA 2,033,700 General Revenue Bonds, Series 2003, 5.000%, 11/15/32 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 18.5% 1,000 Guam Power Authority, Revenue Bonds, 1999 Series A, 10/09 at 101.00 AAA 1,030,870 5.125%, 10/01/29 - MBIA Insured 4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,100,960 General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured 2,000 Power Authority of the State of New York, General Revenue 11/12 at 100.00 Aa2 2,084,440 Bonds, Series 2002A, 5.000%, 11/15/20 2,000 Puerto Rico Electric Power Authority, Power Revenue Bonds, 7/10 at 101.00 AAA 2,094,560 Series HH, 5.250%, 7/01/29 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.0% 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,013,700 Water and Sewer System Revenue Bonds, Fiscal 2002 Series F, 5.000%, 6/15/29 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 72,560 Total Long-Term Investments (cost $73,991,515) - 148.8% 74,980,847 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 2.0% $ 1,000 New York State Energy Research and Development Authority, VMIG-1 1,000,000 ============= Pollution Control Refunding Revenue Bonds, New York State Electric and Gas Corporation, Variable Rate Demand Obligations, Series 1994, 1.150%, 6/01/29+ -------------------------------------------------------------------------------------------------------------------- Total Short-Term Investments (cost $1,000,000) 1,000,000 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.8% 1,409,924 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.6)% (27,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $50,390,771 ==================================================================================================================== At least 80% of the Fund's net assets are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements. 45 Statement of ASSETS AND LIABILITIES March 31, 2003 (Unaudited) NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $390,254,501, $515,636,010 and $526,932,334, respectively) $429,086,711 $558,364,296 $569,446,475 Cash 5,869,180 2,581,375 -- Receivables: Interest 6,031,289 7,830,144 8,168,879 Investments sold -- 4,488,000 7,798,065 Other assets 26,656 41,462 32,147 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 441,013,836 573,305,277 585,445,566 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- 183,288 Payable for investments purchased 2,350,779 2,509,259 2,535,672 Accrued expenses: Management fees 237,134 306,571 312,935 Organization and offering costs -- -- -- Other 144,802 175,101 146,599 Preferred share dividends payable 14,915 21,954 21,225 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 2,747,630 3,012,885 3,199,719 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $294,266,206 $377,292,392 $385,245,847 ==================================================================================================================================== Common shares outstanding 17,699,489 23,420,962 24,083,739 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.63 $ 16.11 $ 16.00 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 176,995 $ 234,210 $ 240,837 Paid-in surplus 248,497,049 327,691,822 335,102,807 Undistributed (Over-distribution of) net investment income 3,187,338 3,811,200 3,955,364 Accumulated net realized gain (loss) from investments 3,572,614 2,826,874 3,432,698 Net unrealized appreciation of investments 38,832,210 42,728,286 42,514,141 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $294,266,206 $377,292,392 $385,245,847 ==================================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 200,000,000 Preferred 1,000,000 1,000,000 1,000,000 ==================================================================================================================================== See accompanying notes to financial statements. 46 INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $180,582,225, $173,129,557 $195,344,633 $181,335,655 $75,980,847 and $74,991,515, respectively) Cash 1,710,276 -- 581,134 Receivables: Interest 2,702,336 2,619,668 994,807 Investments sold -- -- -- Other assets 14,409 1,409 8,214 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 199,771,654 183,956,732 77,565,002 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 31,055 -- Payable for investments purchased 1,311,438 1,049,150 -- Accrued expenses: Management fees 108,826 53,878 21,728 Organization and offering costs -- 4,582 13,500 Other 87,104 28,196 136,047 Preferred share dividends payable 11,842 6,679 2,956 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,519,210 1,173,540 174,231 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $133,252,444 $121,783,192 $50,390,771 ==================================================================================================================================== Common shares outstanding 8,321,313 7,957,934 3,508,150 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.01 $ 15.30 $ 14.36 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 83,213 $ 79,579 $ 35,081 Paid-in surplus 118,271,340 112,922,667 49,427,676 Undistributed (Over-distribution of) net investment income 1,304,159 141,991 (61,318) Accumulated net realized gain (loss) from investments (1,168,676) 432,857 -- Net unrealized appreciation of investments 14,762,408 8,206,098 989,332 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $133,252,444 $121,783,192 $50,390,771 ==================================================================================================================================== Authorized shares: Common Unlimited Unlimited Unlimited Preferred Unlimited Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 47 Statement of OPERATIONS Six Months Ended March 31, 2003 (Unaudited) NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $11,235,360 $14,536,933 $14,474,730 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,378,733 1,785,427 1,821,214 Preferred shares - auction fees 179,507 240,589 285,893 Preferred shares - dividend disbursing agent fees 14,959 14,959 19,945 Shareholders' servicing agent fees and expenses 29,025 29,126 26,922 Custodian's fees and expenses 55,678 69,036 69,142 Directors'/Trustees' fees and expenses 2,803 3,241 3,342 Professional fees 9,057 11,199 11,347 Shareholders' reports - printing and mailing expenses 20,338 21,671 23,977 Stock exchange listing fees 8,091 8,091 8,091 Investor relations expense 30,789 39,330 40,681 Portfolio insurance expense -- 8,605 -- Other expenses 17,293 19,850 18,130 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,746,273 2,251,124 2,328,684 Custodian fee credit (7,044) (28,022) (23,766) Expense reimbursement -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,739,229 2,223,102 2,304,918 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 9,496,131 12,313,831 12,169,812 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain from investments 3,887,878 2,828,994 3,441,279 Change in net unrealized appreciation (depreciation) of investments (7,992,329) (8,462,565) (7,947,227) ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (4,104,451) (5,633,571) (4,505,948) ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From and in excess of net investment income (670,190) (884,726) (734,561) From accumulated net realized gains from investments (147,627) (281,037) (478,550) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (817,817) (1,165,763) (1,213,111) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 4,573,863 $ 5,514,497 $ 6,450,753 ==================================================================================================================================== See accompanying notes to financial statements. 48 INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK)* ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 5,064,352 $ 4,420,958 $ 855,546 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 632,608 585,158 147,187 Preferred shares - auction fees 81,028 76,041 13,685 Preferred shares - dividend disbursing agent fees 9,972 4,987 2,028 Shareholders' servicing agent fees and expenses 9,828 1,568 1,066 Custodian's fees and expenses 25,431 31,595 7,236 Directors'/Trustees' fees and expenses 1,794 965 290 Professional fees 6,796 6,266 5,102 Shareholders' reports - printing and mailing expenses 9,340 11,266 5,091 Stock exchange listing fees 5,798 450 136 Investor relations expense 14,405 7,291 2,513 Portfolio insurance expense 80 -- -- Other expenses 8,808 2,558 720 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 805,888 728,145 185,054 Custodian fee credit (3,683) (12,579) (3,796) Expense reimbursement -- (271,702) (72,461) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 802,205 443,864 108,797 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 4,262,147 3,977,094 746,749 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain from investments 2,337,592 432,971 -- Change in net unrealized appreciation (depreciation) of investments (3,811,715) (3,932,891) 989,332 ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (1,474,123) (3,499,920) 989,332 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From and in excess of net investment income (327,481) (322,035) (45,163) From accumulated net realized gains from investments -- (73,477) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (327,481) (395,512) (45,163) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 2,460,543 $ 81,662 $1,690,918 ==================================================================================================================================== * For the period November 22, 2002 (commencement of operations) through March 31, 2003. See accompanying notes to financial statements. 49 Statement of CHANGES IN NET ASSETS (Unaudited) NEW YORK INVESTMENT QUALITY (NQN) NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) --------------------------------- ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/03 9/30/02 3/31/03 9/30/02 3/31/03 9/30/02 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 9,496,131 $ 19,238,855 $ 12,313,831 $ 25,419,827 $ 12,169,812 $ 25,798,976 Net realized gain from investments 3,887,878 1,467,220 2,828,994 3,595,654 3,441,279 5,277,281 Change in net unrealized appreciation (depreciation) of investments (7,992,329) 19,814,204 (8,462,565) 23,028,908 (7,947,227) 21,416,228 Distributions to Preferred Shareholders: From and in excess of net investment income (670,190) (1,737,838) (884,726) (2,123,752) (734,561) (2,603,448) From accumulated net realized gains from investments (147,627) (246,687) (281,037) (837,116) (478,550) (89,293) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 4,573,863 38,535,754 5,514,497 49,083,521 6,450,753 49,799,744 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From and in excess of net investment income (8,247,963) (15,603,549) (10,918,024) (20,938,114) (10,934,019) (21,136,979) From accumulated net realized gains from investments (1,534,544) (837,375) (3,314,902) (2,944,026) (4,600,971) (306,940) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (9,782,507) (16,440,924) (14,232,926) (23,882,140) (15,534,990) (21,443,919) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- -- -- Preferred shares offering costs -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (5,208,644) 22,094,830 (8,718,429) 25,201,381 (9,084,237) 28,355,825 Net assets applicable to Common shares at the beginning of period 299,474,850 277,380,020 386,010,821 360,809,440 394,330,084 365,974,259 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $294,266,206 $299,474,850 $377,292,392 $386,010,821 $385,245,847 $394,330,084 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,187,338 $ 2,811,992 $ 3,811,200 $ 3,231,990 $ 3,955,364 $ 3,395,082 ==================================================================================================================================== See accompanying notes to financial statements. 50 INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) --------------------------------- ---------------------------------- ----------------------------- FOR THE FOR THE PERIOD 3/26/02 PERIOD 11/22/02 (COMMENCEMENT (COMMENCEMENT SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS) OF OPERATIONS) 3/31/03 9/30/02 3/31/03 THROUGH 9/30/02 THROUGH 3/31/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 4,262,147 $ 8,777,988 $ 3,977,094 $ 3,291,467 $ 746,749 Net realized gain from investments 2,337,592 1,881,239 432,971 696,461 -- Change in net unrealized appreciation (depreciation) of investments (3,811,715) 5,098,567 (3,932,891) 12,145,709 989,332 Distributions to Preferred Shareholders: From and in excess of net investment income (327,481) (863,336) (322,035) (289,910) (45,163) From accumulated net realized gains from investments -- -- (73,477) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 2,460,543 14,894,458 81,662 15,843,727 1,690,918 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From and in excess of net investment income (3,782,038) (7,302,336) (3,557,199) (2,964,146) (762,904) From accumulated net realized gains from investments -- -- (623,098) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,782,038) (7,302,336) (4,180,297) (2,964,146) (762,904) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 113,645,250 50,032,500 Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 333,731 -- 14,017 16,782 Preferred shares offering costs -- -- (11,584) (745,712) (686,800) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions -- 333,731 (11,584) 112,913,555 49,362,482 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (1,321,495) 7,925,853 (4,110,219) 125,793,136 50,290,496 Net assets applicable to Common shares at the beginning of period 134,573,939 126,648,086 125,893,411 100,275 100,275 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $133,252,444 $134,573,939 $121,783,192 $125,893,411 $50,390,771 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,304,159 $ 1,116,285 $ 141,991 $ 37,411 $ (61,318) ==================================================================================================================================== See accompanying notes to financial statements. 51 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The New York Funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New York Stock Exchange, with the exception of Insured New York Dividend Advantage's Common shares (NKO) and Insured New York Tax-Free Advantage's Common shares (NRK) which trade on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Prior to the commencement of operations of Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK), each Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. (formerly, The John Nuveen Company), and the recording of the organization expenses ($11,500 per Fund) and their reimbursement by Nuveen Investments, LLC(formerly, Nuveen Investments), also a wholly owned subsidiary of Nuveen Investments, Inc. Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the security. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2003, New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN), Insured New York Premium Income (NNF) and Insured New York Dividend Advantage (NKO) had outstanding when-issued purchase commitments of $2,350,779, $2,509,259, $2,535,672, $1,311,438 and $1,049,150, respectively. At March 31, 2003, there were no such outstanding purchase commitments in Insured New York Tax-Free Advantage (NRK). Investment Income Interest income, which includes the amortization of premiums and accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. 52 Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared and paid monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set pursuant to a dutch auction process by the auction agent, and is payable at or near the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each of the Funds is as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) -------------------------------------------------------------------------------------------------------- Number of shares: Series M 960 -- 2,200 1,320 -- -- Series T 2,400 1,720 -- 1,280 -- -- Series W -- 2,400 2,200 -- -- -- Series TH -- 3,600 2,400 -- 2,440 1,080 Series F 2,400 -- 1,080 -- -- -- -------------------------------------------------------------------------------------------------------- Total 5,760 7,720 7,880 2,600 2,440 1,080 ======================================================================================================== Effective January 17, 2003, Insured New York Tax-Free Advantage (NRK) issued 1,080 Series TH $25,000 stated value Preferred shares. Insurance New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium Income (NNF) invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) invest at least 80% of their net assets in municipal securities that are covered by insurance. Each Fund may also invest up to 20% of its net assets in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. 53 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the period ended March 31, 2003. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Offering Costs Nuveen Investments, LLC has agreed to pay all Common share offering costs (other than the sales load) that exceed $.03 per Common share for InsuredNew York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK). InsuredNew York Dividend Advantage's (NKO) and Insured New York Tax-Free Advantage's (NRK) share of Common share offering costs ($238,500 and $105,000, respectively) were recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) in connection with their offering of Preferred shares ($757,296 and $686,800, respectively) were recorded as a reduction to paid-in surplus. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets applicable to Common shares from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common and Preferred shares were as follows: NEW YORK INVESTMENT NEW YORK SELECT QUALITY (NQN) QUALITY (NVN) --------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/03 9/30/02 3/31/03 9/30/02 ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- -- ------------------------------------------------------------------------------------------------------- -- -- -- -- ======================================================================================================= Preferred shares sold -- -- -- -- ======================================================================================================= 54 NEW YORK QUALITY INSURED NEW YORK INCOME (NUN) PREMIUM INCOME (NNF) --------------------- ---------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/03 9/30/02 3/31/03 9/30/02 ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- 21,681 ------------------------------------------------------------------------------------------------------- -- -- -- 21,681 ======================================================================================================= Preferred shares sold -- -- -- -- ======================================================================================================= INSURED NEW YORK INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) ------------------------ ------------------------ FOR THE PERIOD FOR THE PERIOD 3/26/02 11/22/02 (COMMENCE- (COMMENCE- MENT OF MENT OF SIX MONTHOPERATIONS) OPERATIONS) ENDED THROUGH THROUGH 3/31/03 9/30/02 3/31/03 ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- 7,950,000 3,500,000 Shares issued to shareholders due to reinvestment of distributions -- 934 1,150 ------------------------------------------------------------------------------------------------------- -- 7,950,934 3,501,150 ======================================================================================================= Preferred shares sold -- 2,440 1,080 ======================================================================================================= 3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term securities during the six months ended March 31, 2003, were as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK)* --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $25,690,515 $37,057,357 $38,499,155 $21,581,256 $17,108,274 $74,017,946 Short-term securities -- -- -- -- -- 20,300,000 Sales and maturities: Long-term municipal securities 30,631,517 36,024,398 37,979,145 22,248,832 13,397,301 -- Short-term securities -- -- -- -- 3,000,000 19,300,000 ========================================================================================================= * For the period November 22, 2002 (commencement of operations) through March 31, 2003. 55 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At March 31, 2003, the cost of investments were as follows: NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) -------------------------------------------------------------------------------- Cost of Investments $389,945,150 $515,497,723 $526,704,024 ================================================================================ INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) -------------------------------------------------------------------------------- Cost of Investments $180,526,542 $173,115,618 $74,991,515 ================================================================================ Gross unrealized appreciation and gross unrealized depreciation on investments at March 31, 2003, were as follows: NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) --------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $39,141,561 $42,884,786 $42,767,793 Depreciation -- (18,213) (25,342) --------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments $39,141,561 $42,866,573 $42,742,451 ========================================================================================================= INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) --------------------------------------------------------------------------------------------------------- Gross unrealized: Appreciation $14,818,091 $8,465,734 $1,093,123 Depreciation -- (245,697) (103,791) --------------------------------------------------------------------------------------------------------- Net unrealized appreciation on investments $14,818,091 $8,220,037 $ 989,332 ========================================================================================================= 56 The tax components of undistributed net investment income and net realized gains at September 30, 2002, the Funds' last fiscal year end, were as follows: INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND QUALITY QUALITY INCOME INCOME ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) --------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income $3,647,464 $4,952,040 $5,102,990 $1,739,790 $640,637 Undistributed net ordinary income * -- 67,701 212,163 -- 696,461 Undistributed net long-term capital gains 1,366,907 3.593,818 4,867,988 -- -- ========================================================================================================= The tax character of distributions paid during the period ended September 30, 2002, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows: INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND QUALITY QUALITY INCOME INCOME ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) --------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $17,260,569 $22,965,054 $23,646,890 $8,073,901 $2,650,830 Distributions from net ordinary income * 4,344 -- 4,833 52,489 -- Distributions from net long-term capital gains 1,084,062 3,781,142 396,233 -- -- ========================================================================================================= * Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At September 30, 2002, the Funds' last fiscal year end, Insured New York Premium Income (NNF) had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: INSURED NEW YORK PREMIUM INCOME (NNF) -------------------------------------------------------------------------------- Expiration year: 2004 $2,167,585 2005 540,548 2006 -- 2007 -- 2008 490,279 2009 307,856 -------------------------------------------------------------------------------- Total $3,506,268 ================================================================================ 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and InsuredNew York Premium Income (NNF) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For the next $3 billion .5875 For net assets over $5 billion .5750 ================================================================================ 57 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Under Insured New York Dividend Advantage's (NKO) and Insured New York Tax-Free Advantage's (NRK) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For net assets over $2 billion .5750 ================================================================================ For the first ten years of Insured New York Dividend Advantage's (NKO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts, and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, -------------------------------------------------------------------------------- 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured New York Dividend Advantage (NKO) for any portion of its fees and expenses beyond March 31, 2012. For the first eight years of Insured New York Tax-Free Advantage's (NRK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts, and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage (NRK) for any portion of its fees and expenses beyond November 30, 2010. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 58 6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid May 1, 2003, to shareholders of record on April 15, 2003, as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) --------------------------------------------------------------------------------------------------------- Dividend per share $.0805 $.0785 $.0765 $.0770 $.0745 $.0725 ========================================================================================================= 59 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ------------------------------------------------------------------- ----------------------------- Distributions from and From and in Excess Distributions in Excess of Net from of Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== NEW YORK INVESTMENT QUALITY (NQN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(a) $16.92 $ .54 $ (.22) $(.04) $(.01) $ .27 $ (.47) $(.09) $ (.56) 2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93) 2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84) 2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92) 1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09) (1.09) 1998 15.85 1.24 .09 (.22) -- 1.11 (1.06) (.01) (1.07) NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(a) 16.48 .53 (.24) (.04) (.01) .24 (.47) (.14) (.61) 2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02) 2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87) 2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93) 1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04) (1.03) 1998 15.90 1.19 .11 (.22) -- 1.08 (.99) -- (.99) NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(a) 16.37 .51 (.19) (.03) (.02) .27 (.45) (.19) (.64) 2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89) 2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85) 2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90) 1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97) 1998 15.66 1.15 .30 (.24) (.01) 1.20 (.94) (.02) (.96) ==================================================================================================================================== Total Returns ---------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================ NEW YORK INVESTMENT QUALITY (NQN) -------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) $-- $16.63 $15.5600 1.69% 1.63% 2002 -- 16.92 15.8600 14.54 14.52 2001 -- 15.67 14.7200 12.44 14.12 2000 -- 14.50 13.8750 (1.52) 7.10 1999 (.02) 14.44 15.0625 (8.13) (2.45) 1998 -- 15.89 17.5000 2.60 7.27 NEW YORK SELECT QUALITY (NVN) -------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) -- 16.11 15.1500 .97 1.53 2002 -- 16.48 15.6200 15.35 14.27 2001 -- 15.41 14.5000 10.43 11.99 2000 -- 14.57 13.9375 (2.92) 6.14 1999 (.02) 14.64 15.3750 (3.33) (2.11) 1998 -- 15.99 16.9375 6.84 7.01 NEW YORK QUALITY INCOME (NUN) -------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) -- 16.00 14.7000 (.02) 1.78 2002 -- 16.37 15.3500 13.79 14.14 2001 -- 15.20 14.3300 12.63 11.39 2000 -- 14.44 13.5000 (3.79) 5.74 1999 (.02) 14.54 15.0000 (4.13) (2.60) 1998 -- 15.90 16.6250 8.89 7.90 ================================================================================ Ratios/Supplemental Data ---------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** --------------------------- ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ================================================================================================================ NEW YORK INVESTMENT QUALITY (NQN) ---------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) $294,266 1.20%* 6.54%* 1.20%* 6.55%* 6% 2002 299,475 1.22 6.90 1.21 6.92 9 2001 277,380 1.27 7.29 1.24 7.31 21 2000 256,711 1.26 8.39 1.24 8.41 32 1999 255,347 1.22 7.78 1.22 7.79 17 1998 278,372 1.18 7.88 1.18 7.88 20 NEW YORK SELECT QUALITY (NVN) ---------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) 377,292 1.21* 6.59* 1.19* 6.61* 6 2002 386,011 1.23 7.06 1.22 7.07 15 2001 360,809 1.28 7.59 1.26 7.61 31 2000 341,311 1.28 8.49 1.28 8.49 20 1999 342,282 1.19 7.75 1.18 7.75 13 1998 369,617 1.14 7.51 1.14 7.51 11 NEW YORK QUALITY INCOME (NUN) ---------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) 385,246 1.22* 6.38* 1.21* 6.40* 7 2002 394,330 1.24 7.02 1.23 7.03 32 2001 365,974 1.26 7.62 1.24 7.63 13 2000 347,716 1.22 8.31 1.22 8.31 15 1999 349,932 1.18 7.46 1.17 7.47 7 1998 378,795 1.16 7.33 1.16 7.33 12 ================================================================================================================ Preferred Shares at End of Period ---------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================= NEW YORK INVESTMENT QUALITY (NQN) ------------------------------------------------------------- Year Ended 9/30: 2003(a) $144,000 $25,000 $76,088 2002 144,000 25,000 76,992 2001 144,000 25,000 73,156 2000 144,000 25,000 69,568 1999 144,000 25,000 69,331 1998 120,000 25,000 82,994 NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------- Year Ended 9/30: 2003(a) 193,000 25,000 73,872 2002 193,000 25,000 75,001 2001 193,000 25,000 71,737 2000 193,000 25,000 69,211 1999 193,000 25,000 69,337 1998 150,000 25,000 86,603 NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------- Year Ended 9/30: 2003(a) 197,000 25,000 73,889 2002 197,000 25,000 75,042 2001 197,000 25,000 71,443 2000 197,000 25,000 69,126 1999 197,000 25,000 69,408 1998 170,000 25,000 80,705 ============================================================= * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Common Share Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares, where applicable. (a) For the six months ended March 31, 2003. See accompanying notes to financial statements. 60-61 SPREAD Financial Highlights (Unaudited) (continued) Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ------------------------------------------------------------------- ------------------------------ Distributions from and From and in Excess Distributions in Excess of Net from of Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(a) $16.17 $ .51 $ (.18) $(.04) $-- $ .29 $(.45) $-- $(.45) 2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88) 2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81) 2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82) 1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83) 1998 14.95 1.06 .75 (.26) -- 1.55 (.82) -- (.82) INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(a) 15.82 .50 (.44) (.04) (.01) .01 (.45) (.08) (.53) 2002(b) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37) INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2003(c) 14.33 .21 .28 (.01) -- .48 (.22) -- (.22) ==================================================================================================================================== Total Returns ---------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** =============================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) $-- $16.01 $15.3400 (.85)% 1.89% 2002 -- 16.17 15.9400 15.88 12.21 2001 -- 15.26 14.5700 15.32 13.11 2000 -- 14.24 13.3750 (.96) 6.38 1999 -- 14.20 14.3750 (3.37) (4.33) 1998 -- 15.68 15.6875 11.29 10.67 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) -- 15.30 14.7900 (.41) .11 2002(b) (.13) 15.82 15.3900 5.16 13.18 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------- Year Ended 9/30: 2003(c) (.23) 14.36 14.7000 (.54) 1.74 =============================================================================== Ratios/Supplemental Data ----------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** --------------------------- ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ============================================================================================================= INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) $133,252 1.23%* 6.49%* 1.22%* 6.50%* 11% 2002 134,574 1.25 6.92 1.24 6.92 17 2001 126,648 1.29 7.24 1.28 7.25 8 2000 118,171 1.30 7.80 1.29 7.81 17 1999 117,800 1.29 7.03 1.29 7.03 8 1998 129,306 1.29 6.99 1.29 6.99 15 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(a) 121,783 1.21* 6.14* .74* 6.61* 7 2002(b) 125,893 1.15* 5.07* .65* 5.57* 29 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2003(c) 50,391 1.08* 3.90* .63* 4.35* -- ============================================================================================================= Preferred Shares at End of Period ---------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================ INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------ Year Ended 9/30: 2003(a) $65,000 $25,000 $76,251 2002 65,000 25,000 76,759 2001 65,000 25,000 73,711 2000 65,000 25,000 70,450 1999 65,000 25,000 70,308 1998 65,000 25,000 74,733 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------ Year Ended 9/30: 2003(a) 61,000 25,000 74,911 2002(b) 61,000 25,000 76,596 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------ Year Ended 9/30: 2003(c) 27,000 25,000 71,658 ============================================================ * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Common Share Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the six months ended March 31, 2003. (b) For the period March 26, 2002 (commencement of operations) through September 30, 2002. (c) For the period November 22, 2002 (commencement of operations) through March 31, 2003. See accompanying notes to financial statements. 62-63 SPREAD Build Your Wealth AUTOMATICALLY SIDEBAR TEXT:NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN CLOSED-END EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Closed-End Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBILITY You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. 64 Fund INFORMATION BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL POLICY CHANGE On November 14, 2002, the Board adopted a policy that allows these Funds, in addition to investments in municipal bonds, to invest up to 5% of its net assets (including assets attributable to preferred shares, if any) in tax-exempt or taxable fixed-income securities or equity securities for the purpose of acquiring control of an issuer whose municipal bonds (a) the Fund already owns and (b) have deteriorated or are expected shortly to deteriorate significantly in credit quality, provided Nuveen Advisory determines that such investment should enable the Fund to better maximize the value of its existing investment in such issuer. This policy is a non-fundamental policy of each Fund which means that it can be changed at any time by the Board of Trustees without vote of the shareholders. GLOSSARY OF TERMS USED IN THIS REPORT Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return (including change in NAV and reinvested dividends) that would have been necessary on an annual basis to equal the investment's actual performance over the time period being considered. Average Effective Maturity: The average of all the maturities of the bonds in a fund's portfolio, computed by weighting each maturity date (the date the security comes due) by the market value of the security. This figure does not account for the likelihood of prepayments or the exercise of call provisions. Leverage-Adjusted Duration: Duration is a measure of a bond or bond fund's sensitivity to changes in interest rates. Generally, the longer a bond or fund's duration, the more the price of the bond or fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. Market Yield (also known as Dividend Yield or Current Yield): An investment's current annualized dividend divided by its current market price. Net Asset Value (NAV): A fund's NAV is calculated by subtracting the liabilities of the fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day. Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment. --------- Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six-month period ended March 31, 2003. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 65 Serving Investors FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. A premier asset management firm managing $80 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. To learn more about the products and services Nuveen Investments offers and for a prospectus, where applicable, talk to your financial advisor, or call us at (800) 257-8787. Please read the information carefully before you invest. Distributed by NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 | www.nuveen.com ESA-B-0303D