UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-21211 --------------------- Nuveen Insured New York Tax-Free Advantage Municipal Fund ------------------------------------------------------------------------------ (Exact name of registrant as specified in charter) Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------ (Address of principal executive offices) (Zip code) Jessica R. Droeger Nuveen Investments 333 West Wacker Drive Chicago, IL 60606 ------------------------------------------------------------------------------ (Name and address of agent for service) Registrant's telephone number, including area code: (312) 917-7700 ------------------- Date of fiscal year end: September 30 ------------------ Date of reporting period: March 31, 2004 ------------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Nuveen Investments Municipal Closed-End Exchange-Traded Funds SEMIANNUAL REPORT March 31, 2004 NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND NQN NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND NVN NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND NUN NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND NNF NUVEEN INSURED NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND NKO NUVEEN INSURED NEW YORK TAX-FREE ADVANTAGE MUNICIPAL FUND NRK Photo of: Man holding up small boy. Photo of: 2 women with 2 girls looking at seashells. DEPENDABLE, TAX-FREE INCOME BECAUSE IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) Logo: NUVEEN Investments FASTER INFORMATION RECEIVE YOUR NUVEEN FUND REPORT ELECTRONICALLY By registering for electronic delivery, you will receive an e-mail 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 e-mail than by traditional mail. Registering is easy and only takes a few minutes (see instructions at right). -------------------------------------------------------------------------------- SOME COMMON CONCERNS: WILL MY E-MAIL ADDRESS BE DISTRIBUTED TO OTHER COMPANIES? No, your e-mail 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 your 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 and follow the simple instructions, using the address sheet that accompanied this report as a guide. 2 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen and follow the simple instructions. 3 Click Submit. Confirm the information you just entered is correct, then click Submit again. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select ACCESS YOUR ACCOUNT. Select the E-REPORT ENROLLMENT section. Click on Enrollment Today. 3 You'll be taken to a screen that asks for your Social Security number and e-mail address. Fill in this information, then click Enroll. 4 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 5 Use this same process if you need to change your registration information or cancel internet viewing. Logo: NUVEEN Investments Photo of: Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Sidebar text: WE THINK THAT MUNICIPAL BOND INVESTMENTS LIKE YOUR NUVEEN FUND CAN BE IMPORTANT BUILDING BLOCKS IN A WELL-BALANCED PORTFOLIO. Dear SHAREHOLDER I am very pleased to report that for the period ended March 31, 2004, your Nuveen Fund continued to provide you with attractive monthly tax-free income. While tax-free income always is welcome, many of you may have begun to wonder whether interest rates will rise, and whether that possibility should cause you to adjust your holdings of tax-free municipal bond investments. We believe that these are questions that should be thought through with a clear focus on your long-term financial goals and not on day-to-day market movements. By maintaining a carefully balanced portfolio with the help of a trusted investment professional, you may be able to reduce your overall investment risk over the long-term, and give yourself a better chance to meet your ultimate financial goals. As you read through this report, please don't skip the inside front cover. I urge you to consider receiving future Fund reports and other Fund information by e-mail and the Internet. Not only will you be able to receive the information faster, but this also may help lower your Fund's expenses. Sign up is quick and easy. 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, 2004 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 national and state economic and market conditions, key investment strategies, and the six-month performance of these six Nuveen New York Funds. With thirteen years of investment experience, including seven at Nuveen, Paul has managed NQN, NVN, NUN, and NNF since 1999, adding NKO and NRK at their inceptions in 2002. WHAT FACTORS AFFECTED THE U.S. ECONOMY AND MUNICIPAL MARKET DURING THE SEMIANNUAL REPORTING PERIOD ENDED MARCH 31, 2004? During this reporting period, the greatest influences on the national economy and the municipal market continued to be historically low interest rates, little movement in the reported rate of inflation, and growing evidence of economic improvement. Since its last credit easing in June 2003, the Federal Reserve has maintained the fed funds rate at 1.0%, the lowest level since 1958. This accommodative monetary policy helped to spur gross domestic product (GDP) growth of 4.2% (annualized) in the first quarter of 2004, following a 3.1%. rise in 2003. Over the six-month reporting period, inflation remained under control with the core CPI averaging 1.2%. In this generally favorable environment, many municipal bonds performed well during the six months ended March 31, 2004. Although, municipal supply nationally in 2003 reached $382.7 billion, issuance slowed somewhat during the latter part of the year. Tighter supply continued into the first two months of 2004 before issuance picked up significantly in March. Over the entire six-month reporting period ended March 2004, the supply of new bonds was down 10%, or $19 billion, compared with the preceding six months. HOW WERE ECONOMIC AND MARKET CONDITIONS IN NEW YORK? New York continued to recover from financial problems triggered by the national economic downturn and deepened by the terrorist attacks of 2001. Although increased Wall Street activity and a rebounding tourism industry had positive implications for the state's economy and future tax revenues, New York continued to slightly lag the national pace of recovery during this reporting period. New York was the largest issuer in the nation during the first three months of 2004, with $11 billion in new paper. Over the six-month reporting period ended March 31, 2004, state issuance totaled $23 billion, up 10% over the preceding six months. In February 2004, Standard & Poor's (S&P) reconfirmed its rating of New York's general obligation debt at AA with a negative outlook, while Moody's and Fitch maintained their ratings of A2 with a stable outlook and AA-, respectively. As of March 31, 2004, New York City was rated A2/A/A+ by Moody's, S&P and Fitch, respectively, with all three rating agencies returning their outlooks for the city to stable from negative over the past year. IN THIS ENVIRONMENT, WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE SIX MONTHS ENDED MARCH 31, 2004? Over this reporting period, our major focus continued to be careful management of the Funds' durations1 as a way to mitigate some of the interest rate risk inherent in each Fund's portfolio and better position 1 Duration is a measure of a fund's net asset value (NAV) volatility in reaction to interest rate movements. Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for a fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the fund. References to duration in this commentary are intended to indicate fund duration unless otherwise noted. 2 the Funds to produce potentially more consistent returns over time. Interest rate risk is the risk that the value of a Fund's portfolio will decline if market interest rates rise (since bond prices move in the opposite direction of interest rates). The longer the duration of a Fund's portfolio, the greater its interest rate risk. Overall, we were able to shorten the durations of NQN, NVN, NUN, NKO, and NRK during the course of this six-month period, while the duration of NNF remained relatively unchanged for the reporting period. As mentioned earlier, municipal supply in New York remained strong during the six-month reporting period, and we participated in some of the larger deals that came to market during this time. However, because we believed that the Funds were relatively well positioned as they entered this period, turnover was fairly low over the six months. In keeping with our duration strategy and the steepness of the municipal bond yield curve over this period, the core of our purchase activity focused on securities in the long-intermediate part of the yield curve (i.e., bonds that mature in 15 to 20 years). In many cases, bonds in this part of the curve offered yields similar to those of longer-term bonds with less inherent interest rate risk. In order to purchase these bonds for our portfolios, we sold some of our longer duration holdings across several sectors in NKO and NRK. HOW DID THE FUNDS PERFORM? Individual results for the Funds, as well as for relevant benchmarks, are presented in the accompanying table. TOTAL RETURNS ON NET ASSET VALUE For periods ended 3/31/04 (6-month returns cumulative, all others annualized) 6-MONTH 1-YEAR 5-YEAR 10-YEAR ----------------------------------------------------------- NQN 4.23% 8.38% 8.22% 7.28% ----------------------------------------------------------- NVN 4.65% 8.87% 7.83% 7.30% ----------------------------------------------------------- NUN 4.34% 7.97% 7.37% 7.40% ----------------------------------------------------------- NNF 4.23% 7.68% 7.05% 8.04% ----------------------------------------------------------- NKO 6.07% 10.19% NA NA ----------------------------------------------------------- NRK 6.71% 10.44% NA NA ----------------------------------------------------------- Lehman Brothers NY Insured Tax-Exempt Bond Index2 3.09% 5.90% 6.33% 6.98% ----------------------------------------------------------- Lipper NY Insured Municipal Debt Funds average3 4.76% 8.26% 6.79% 7.35% ----------------------------------------------------------- Data represents past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. For additional information, see the individual Performance Overview for your Fund in this report. For the six months ended March 31, 2004, the cumulative returns of all six of the Funds in this report outperformed the return on their Lehman Brothers New York Insured benchmark. The primary factor in the six-month performance of these Funds versus that of the unmanaged, unleveraged Lehman index was the Funds' use of leverage. While leveraging can add volatility to the Funds' net asset values (NAVs) and share prices, this strategy can also provide opportunities for additional income and total return for common shareholders during periods of low or falling interest rates, as was the case during this reporting period. The Funds' cumulative return performances relative to one another during this period were also influenced by their durations. In general, the longer a Fund's duration, the more its value will be impacted by changes in prevailing interest rates. Among the 2 The Lehman Brothers New York Insured Tax-Exempt Bond Index is an unleveraged, unmanaged index comprising a broad range of insured New York municipal bonds. Results for the Lehman index do not reflect any expenses. 3 The Lipper New York Insured Municipal Debt Funds category average is calculated using the returns of all closed-end exchange-traded funds in this category for each period as follows: 6 months, 13 funds; 1 year, 13; 5 years, 7; and 10 years, 6. Fund and Lipper returns assume reinvestment of dividends. 3 Funds in this report, the best performers over this period were the ones with the longest durations as of March 31, 2004. NKO and NRK, for example, had durations of 10.14 and 10.27, respectively, at the end of March, compared with a range of 7.84 to 8.75 for NQN, NVN, NUN, and NNF. In addition to leverage and duration, NKO and NRK also benefited from their ability to hold lower-rated bonds, as these securities outperformed the market as a whole over this period. Among the lower-rated holdings making a strong contribution to the returns of these two Funds during this reporting period were unenhanced tobacco bonds issued by various New York municipal entities as well as Puerto Rico and backed by revenues from the 1998 master tobacco settlement agreement. As of March 31, 2004, NKOhad 3.7% and NRK had 3% in tobacco-backed bonds. Insured tobacco bonds also performed well during this period, and all six Funds benefited from their insured tobacco holdings. It is important to note that, following this reporting period, Moody's downgraded all municipal-issued tobacco securities that were not enhanced or additionally secured. As of April 2003, the New York City and Puerto Rico tobacco bonds were rated Baa3 by Moody's, while all New York county tobacco bonds were rated Ba1 (below investment-grade). Insured tobacco bonds maintained their Aaa ratings by Moody's. However, the other two major credit rating agencies--S&P and Fitch--did not change their ratings for tobacco securities that were not enhanced or additionally secured as of March 31, 2004. Over this reporting period, NQN, NVN, NUN, and NNF had only modest weightings in single family and multifamily housing bonds, which lessened the impact of the poor six-month performance of the housing sector, as measured by the Lehman Brothers Municipal Bond Index. NRK did not hold any housing-related bonds as of March 31, 2004, while NKO had a 5% weighting in this sector. In NKO's case, however, individual security selection played a crucial role, as the Fund's housing holdings made a positive contribution to NKO's performance despite the overall sector's weak results. Some of the additional factors that impacted the Funds' performances over this semiannual reporting period included: o Low levels of call exposure, which benefited the Funds by enabling us to avoid reinvesting proceeds from called bonds in the current low interest rate environment. o The advance refunding of several holdings in NQN, NVN, NUN, NNF, and NRK, which enhanced prices and contributed to total returns. o Keeping the Funds' assets fully invested in the municipal market at all times, which enabled the Funds to receive the full benefit of market gains during this period. 4 HOW ABOUT THE FUNDS' DIVIDENDS AND SHARE PRICES? With short-term interest rates remaining at historically low levels during this reporting period, the leveraged structures of NQN, NVN, NUN, NNF, NKO, and NRK helped to support their dividend-paying capabilities. During this reporting period, continued low short-term rates enabled us to maintain the dividends of all six of these Funds. Common shareholders of NQN ($0.4154 per share), NVN ($0.2745), NUN ($0.2570) and NKO($0.1154) also received substantial capital gains and net ordinary income distributions at the end of December 2003. All of these Funds seek to pay stable dividends at rates that reflect each Fund's past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund's NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of March 31, 2004, all of the Funds in this report had positive UNII, except NRK which had negative UNII. At the end of this reporting period on March 31, 2004, NQN, NVN, NNF, and NRK were trading at premiums to their common share NAVs, while NUN and NKO were trading at discounts (see charts on individual Performance Overview pages). HOW WERE THE FUNDS POSITIONED IN TERMS OF CREDIT QUALITY AND BOND CALLS AS OF MARCH 31, 2004? Given the current geopolitical and economic climate, we continued to believe that maintaining strong credit quality was important. NQN, NVN, NUN, and NNF continued to be 100% invested in insured and/or U.S. guaranteed securities. NKO and NRK, which are allowed to invest up to 20% of their assets in uninsured investment-grade quality securities, held 83% and 85% of their portfolios, respectively, in insured bonds as of March 31, 2004. As of March 31, 2004, potential call exposure during 2004-2005 ranged from zero in NKO and NRK to 8% in NQN, 10% in NVN and NUN, and 13% in NNF. The number of actual bond calls in all of these Funds will depend largely on market interest rates. 5 Nuveen New York Investment Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2004 NQN Pie Chart: CREDIT QUALITY Insured 81% Insured and U.S. Guaranteed 18% U.S. Guaranteed 1% FUND SNAPSHOT -------------------------------------------------- Share Price $16.64 -------------------------------------------------- Common Share Net Asset Value $16.59 -------------------------------------------------- Premium/(Discount) to NAV 0.30% -------------------------------------------------- Market Yield 5.88% -------------------------------------------------- Taxable-Equivalent Yield1 8.84% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $293,825 -------------------------------------------------- Average Effective Maturity (Years) 17.45 -------------------------------------------------- Leverage-Adjusted Duration 7.84 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/90) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 14.41% 4.23% -------------------------------------------------- 1-Year 16.59% 8.38% -------------------------------------------------- 5-Year 6.42% 8.22% -------------------------------------------------- 10-Year 7.97% 7.28% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 25% -------------------------------------------------- U.S. Guaranteed 19% -------------------------------------------------- Healthcare 14% -------------------------------------------------- Education and Civic Organizations 9% -------------------------------------------------- Transportation 8% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0805 May 0.0805 Jun 0.0805 Jul 0.0805 Aug 0.0805 Sep 0.0815 Oct 0.0815 Nov 0.0815 Dec 0.0815 Jan 0.0815 Feb 0.0815 Mar 0.0815 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 15.45 15.45 15.55 15.69 15.86 16.06 16.37 16.45 16.81 16.65 16.48 16.59 16.31 15.86 15.17 15.32 15.06 15.28 15.16 15.27 15.25 15.34 15.3 15.41 15.3 15.37 15.42 15.6 15.6 15.97 15.98 16.11 15.73 16.05 16.16 16.4 16.55 16.57 16.54 16.58 16.42 16.56 16.84 16.67 16.75 3/31/04 16.75 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2003 of $0.4154 per share. 6 Nuveen New York Select Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2004 NVN Pie Chart: CREDIT QUALITY Insured 83% Insured and U.S. Guaranteed 17% FUND SNAPSHOT -------------------------------------------------- Share Price $16.35 -------------------------------------------------- Common Share Net Asset Value $16.27 -------------------------------------------------- Premium/(Discount) to NAV 0.49% -------------------------------------------------- Market Yield 5.83% -------------------------------------------------- Taxable-Equivalent Yield1 8.77% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $380,979 -------------------------------------------------- Average Effective Maturity (Years) 17.94 -------------------------------------------------- Leverage-Adjusted Duration 8.75 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 5/22/91) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 12.56% 4.65% -------------------------------------------------- 1-Year 16.58% 8.87% -------------------------------------------------- 5-Year 6.87% 7.83% -------------------------------------------------- 10-Year 8.33% 7.30% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 28% -------------------------------------------------- U.S. Guaranteed 17% -------------------------------------------------- Healthcare 11% -------------------------------------------------- Tax Obligation/General 10% -------------------------------------------------- Utilities 9% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0785 May 0.0785 Jun 0.0785 Jul 0.0785 Aug 0.0785 Sep 0.0795 Oct 0.0795 Nov 0.0795 Dec 0.0795 Jan 0.0795 Feb 0.0795 Mar 0.0795 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 13.4 13.41 13.47 13.5 13.43 13.9 14.06 14.54 14.6 14.5 14.49 14.29 14.4 13.99 13.64 13.54 13.15 13.61 13.59 13.59 13.48 13.6 13.52 13.5 13.45 13.52 13.56 13.5 13.48 13.56 13.56 13.53 13.62 14.44 14.33 14.7 14.74 14.37 14.38 14.76 14.8 14.35 14.59 14.58 14.57 3/31/04 14.44 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2003 of $0.2745 per share. 7 Nuveen New York Quality Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2004 NUN Pie Chart: CREDIT QUALITY Insured 85% Insured and U.S. Guaranteed 14% U.S. Guaranteed 1% FUND SNAPSHOT -------------------------------------------------- Share Price $15.73 -------------------------------------------------- Common Share Net Asset Value $16.06 -------------------------------------------------- Premium/(Discount) to NAV -2.05% -------------------------------------------------- Market Yield 5.84% -------------------------------------------------- Taxable-Equivalent Yield1 8.78% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $386,891 -------------------------------------------------- Average Effective Maturity (Years) 17.41 -------------------------------------------------- Leverage-Adjusted Duration 8.74 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/20/91) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 10.60% 4.34% -------------------------------------------------- 1-Year 15.45% 7.97% -------------------------------------------------- 5-Year 6.17% 7.37% -------------------------------------------------- 10-Year 8.05% 7.40% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 29% -------------------------------------------------- Education and Civic Organizations 17% -------------------------------------------------- U.S. Guaranteed 15% -------------------------------------------------- Utilities 9% -------------------------------------------------- Healthcare 9% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0765 May 0.0765 Jun 0.0765 Jul 0.0765 Aug 0.0765 Sep 0.0765 Oct 0.0765 Nov 0.0765 Dec 0.0765 Jan 0.0765 Feb 0.0765 Mar 0.0765 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 14.64 14.65 14.75 14.8 15.1 15.23 15.53 15.5 15.84 15.75 15.76 15.84 15.67 15.33 14.61 14.79 14.6 14.65 14.65 14.89 14.72 14.85 14.81 14.8 14.78 14.82 15 15.15 15.03 15.1 15.2 15.37 15.09 15.51 15.38 15.7 15.85 15.8 15.74 15.74 15.9 15.93 16.04 16.14 15.93 3/31/04 15.84 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2003 of $0.2570 per share. 8 Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2004 NNF Pie Chart: CREDIT QUALITY Insured 93% Insured and U.S. Guaranteed 7% FUND SNAPSHOT -------------------------------------------------- Share Price $16.29 -------------------------------------------------- Common Share Net Asset Value $16.28 -------------------------------------------------- Premium/(Discount) to NAV 0.06% -------------------------------------------------- Market Yield 5.67% -------------------------------------------------- Taxable-Equivalent Yield1 8.53% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $135,528 -------------------------------------------------- Average Effective Maturity (Years) 18.58 -------------------------------------------------- Leverage-Adjusted Duration 7.87 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 12/17/92) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 11.02% 4.23% -------------------------------------------------- 1-Year 12.60% 7.68% -------------------------------------------------- 5-Year 6.16% 7.05% -------------------------------------------------- 10-Year 9.23% 8.04% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 26% -------------------------------------------------- Education and Civic Organizations 21% -------------------------------------------------- Healthcare 13% -------------------------------------------------- Utilities 11% -------------------------------------------------- Tax Obligation/General 8% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE Apr 0.077 May 0.077 Jun 0.077 Jul 0.077 Aug 0.077 Sep 0.077 Oct 0.077 Nov 0.077 Dec 0.077 Jan 0.077 Feb 0.077 Mar 0.077 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 15.2 15.2 15.48 15.55 15.62 15.65 15.8 15.91 16.28 16.41 16.05 16.33 16.1 15.48 14.9 15 14.82 14.9 15.02 15.02 15.05 15.06 15.04 15.13 15.16 15.05 15.3 15.48 15.43 15.8 15.93 15.82 15.84 16.11 16.13 16.2 16.12 16.28 16.15 16.24 16.28 16.42 16.31 16.45 16.58 3/31/04 16.3 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 9 Nuveen Insured New York Dividend Advantage Municipal Fund Performance OVERVIEW As of March 31, 2004 NKO Pie Chart: CREDIT QUALITY Insured 83% AAA (uninsured) 5% AA (uninsured) 6% BBB (uninsured) 6% FUND SNAPSHOT -------------------------------------------------- Share Price $15.35 -------------------------------------------------- Common Share Net Asset Value $15.80 -------------------------------------------------- Premium/(Discount) to NAV -2.85% -------------------------------------------------- Market Yield 5.82% -------------------------------------------------- Taxable-Equivalent Yield1 8.75% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $125,696 -------------------------------------------------- Average Effective Maturity (Years) 19.76 -------------------------------------------------- Leverage-Adjusted Duration 10.14 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 3/25/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 11.44% 6.07% -------------------------------------------------- 1-Year 11.03% 10.19% -------------------------------------------------- Since Inception 7.76% 11.63% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 29% -------------------------------------------------- Healthcare 14% -------------------------------------------------- Utilities 11% -------------------------------------------------- Education and Civic Organizations 9% -------------------------------------------------- Tax Obligation/General 9% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE2 Apr 0.0745 May 0.0745 Jun 0.0745 Jul 0.0745 Aug 0.0745 Sep 0.0745 Oct 0.0745 Nov 0.0745 Dec 0.0745 Jan 0.0745 Feb 0.0745 Mar 0.0745 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 14.73 14.5 14.89 14.93 15.09 15.14 15.2 15.31 15.43 15.53 15.48 15.7 15.47 14.78 14.57 14.22 14.18 14.08 14.13 14.55 14.29 14.31 14.32 14.25 14.3 14.56 14.5 14.78 14.81 14.78 14.79 14.83 14.77 14.99 14.97 14.97 15.15 14.98 15.2 15.15 15.3 15.45 15.41 15.68 15.53 3/31/04 15.53 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 2 The Fund also paid shareholders capital gains and net ordinary income distributions in December 2003 of $0.1154 per share. 10 Nuveen Insured New York Dividend Advantage Municipal Fund Performance OVERVIEW As of March 31, 2004 NRK Pie Chart: CREDIT QUALITY Insured 85% AAA (uninsured) 2% AA (uninsured) 7% A (uninsured) 1% BBB (uninsured) 5% FUND SNAPSHOT -------------------------------------------------- Share Price $15.03 -------------------------------------------------- Common Share Net Asset Value $14.94 -------------------------------------------------- Premium/(Discount) to NAV 0.60% -------------------------------------------------- Market Yield 5.79% -------------------------------------------------- Taxable-Equivalent Yield1 8.71% -------------------------------------------------- Net Assets Applicable to Common Shares ($000) $52,473 -------------------------------------------------- Average Effective Maturity (Years) 20.80 -------------------------------------------------- Leverage-Adjusted Duration 10.27 -------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN (Inception 11/21/02) -------------------------------------------------- ON SHARE PRICE ON NAV -------------------------------------------------- 6-Month (Cumulative) 12.93% 6.71% -------------------------------------------------- 1-Year 8.54% 10.44% -------------------------------------------------- Since Inception 5.80% 8.96% -------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) -------------------------------------------------- Tax Obligation/Limited 42% -------------------------------------------------- Education and Civic Organizations 15% -------------------------------------------------- Healthcare 12% -------------------------------------------------- Utilities 11% -------------------------------------------------- Transportation 8% -------------------------------------------------- Bar Chart: 2003-2004 MONTHLY TAX-FREE DIVIDENDS PER SHARE Apr 0.0725 May 0.0725 Jun 0.0725 Jul 0.0725 Aug 0.0725 Sep 0.0725 Oct 0.0725 Nov 0.0725 Dec 0.0725 Jan 0.0725 Feb 0.0725 Mar 0.0725 Line Chart: SHARE PRICE PERFORMANCE Weekly Closing Price Past performance is not predictive of future results. 4/1/03 14.9 14.9 14.7 14.55 14.95 14.63 15.2 15.3 15.1 15.03 14.81 15.28 15.03 15 13.75 13.52 13.58 13.65 13.76 13.6 13.77 13.65 13.63 13.82 13.69 13.8 13.86 14.25 14.32 14.25 14.26 14.49 14.4 14.77 14.93 15 14.65 14.75 14.71 14.72 14.9 15.07 15.21 15.42 15.35 3/31/04 15 1 Taxable-equivalent yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a combined federal and state income tax rate of 33.5%. For investments that generate qualified dividend income, the taxable-equivalent yield is lower. 11 Shareholder MEETING REPORT The Shareholder Meeting was held in Chicago, Illinois, on December 17, 2003. NQN NVN NUN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William E. Bennett* For 15,830,707 -- 20,717,198 -- 21,749,156 -- Withhold 198,058 -- 377,274 -- 351,913 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Robert P. Bremner For 15,836,140 -- 20,734,359 -- 21,746,533 -- Withhold 192,625 -- 360,113 -- 354,536 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Lawrence H. Brown For 15,828,165 -- 20,727,170 -- 21,752,150 -- Withhold 200,600 -- 367,302 -- 348,919 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Jack B. Evans For 15,839,090 -- 20,731,221 -- 21,757,062 -- Withhold 189,675 -- 363,251 -- 344,007 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Anne E. Impellizzeri For 15,827,168 -- 20,733,920 -- 21,751,737 -- Withhold 201,597 -- 360,552 -- 349,332 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== William L. Kissick For 15,823,964 -- 20,729,207 -- 21,752,018 -- Withhold 204,801 -- 365,265 -- 349,051 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Thomas E. Leafstrand For 15,821,414 -- 20,725,130 -- 21,751,095 -- Withhold 207,351 -- 369,342 -- 349,974 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Peter R. Sawers For 15,816,439 -- 20,731,069 -- 21,749,098 -- Withhold 212,326 -- 363,403 -- 351,971 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== 12 NQN NVN NUN ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William J. Schneider For -- 5,454 -- 6,865 -- 7,133 Withhold -- 36 -- 330 -- 29 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,490 -- 7,195 -- 7,162 ==================================================================================================================================== Timothy R. Schwertfeger For -- 5,454 -- 6,865 -- 7,113 Withhold -- 36 -- 330 -- 49 ------------------------------------------------------------------------------------------------------------------------------------ Total -- 5,490 -- 7,195 -- 7,162 ==================================================================================================================================== Judith M. Stockdale For 15,832,336 -- 20,735,122 -- 21,753,302 -- Withhold 196,429 -- 359,350 -- 347,767 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== Sheila W. Wellington For 15,829,718 -- 20,725,555 -- 21,750,198 -- Withhold 199,047 -- 368,917 -- 350,871 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 16,028,765 -- 21,094,472 -- 22,101,069 -- ==================================================================================================================================== 13 Shareholder MEETING REPORT (continued) NNF NKO NRK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William E. Bennett* For 7,613,744 -- 7,692,185 -- 3,420,558 -- Withhold 98,795 -- 98,293 -- 36,180 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Robert P. Bremner For 7,626,435 -- 7,705,335 -- 3,420,558 -- Withhold 86,104 -- 85,143 -- 36,180 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Lawrence H. Brown For 7,625,435 -- 7,705,335 -- 3,423,883 -- Withhold 87,104 -- 85,143 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Jack B. Evans For 7,626,435 -- 7,705,335 -- 3,423,883 -- Withhold 86,104 -- 85,143 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Anne E. Impellizzeri For 7,625,294 -- 7,705,335 -- 3,423,216 -- Withhold 87,245 -- 85,143 -- 33,522 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== William L. Kissick For 7,625,212 -- 7,699,985 -- 3,423,883 -- Withhold 87,327 -- 90,493 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Thomas E. Leafstrand For 7,625,353 -- 7,699,985 -- 3,423,883 -- Withhold 87,186 -- 90,493 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Peter R. Sawers For 7,622,644 -- 7,700,985 -- 3,423,883 -- Withhold 89,895 -- 89,493 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== 14 NNF NKO NRK ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Common and Common and Common and MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred MuniPreferred shares voting shares voting shares voting shares voting shares voting shares voting together together together together together together as a class as a class as a class as a class as a class as a class ==================================================================================================================================== William J. Schneider For -- 2,517 -- 2,422 -- 1,080 Withhold -- 8 -- 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,525 -- 2,430 -- 1,080 ==================================================================================================================================== Timothy R. Schwertfeger For -- 2,517 -- 2,422 -- 1,080 Withhold -- 8 -- 8 -- -- ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,525 -- 2,430 -- 1,080 ==================================================================================================================================== Judith M. Stockdale For 7,622,585 -- 7,705,335 -- 3,423,883 -- Withhold 89,954 -- 85,143 -- 32,855 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== Sheila W. Wellington For 7,622,162 -- 7,704,335 -- 3,423,733 -- Withhold 90,377 -- 86,143 -- 33,005 -- ------------------------------------------------------------------------------------------------------------------------------------ Total 7,712,539 -- 7,790,478 -- 3,456,738 -- ==================================================================================================================================== * Mr. Bennett resigned as a member of the Boards of the Nuveen Funds effective May 1, 2004. 15 Nuveen New York Investment Quality Municipal Fund,Inc. (NQN) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.9% $ 5,030 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA $ 5,673,840 Revenue Bonds, American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 3,374,280 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 4,375 Dormitory Authority of the State of New York, Insured 9/06 at 102.00 AAA 4,736,244 Revenue Bonds, Long Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured 1,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 1,110,910 Revenue Bonds, Siena College, Series 1997, 5.750%, 7/01/26 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,063,720 Revenue Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 6,500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 6,804,200 Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 3,500 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 3,639,475 Insured Revenue Bonds, The Culinary Institute of America, Series 1999, 5.000%, 7/01/22 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 2,259,540 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured 1,250 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 1,455,400 Revenue Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,200 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,402,800 Revenue Bonds, Cooper Union, Series 1999, 6.250%, 7/01/29 - MBIA Insured 2,945 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 3,130,947 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/21 - FGIC Insured 2,000 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,143,920 Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/18 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.2% 2,000 New York City Health and Hospitals Corporation, 2/09 at 101.00 AAA 2,150,520 New York, Health System Revenue Bonds, Series 1999A, 5.125%, 2/15/14 - AMBAC Insured New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 3,150 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,410,915 2,100 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,264,241 1,000 Dormitory Authority of the State of New York, 2/06 at 102.00 AAA 1,079,350 FHA-Insured Mortgage Hospital Revenue Bonds, Maimonides Medical Center, Series 1996A, 5.750%, 8/01/24 - MBIA Insured 3,135 Dormitory Authority of the State of New York, 2/08 at 101.50 AAA 3,205,193 Secured Hospital Insured Revenue Bonds, Southside Hospital, Series 1998, 5.000%, 2/15/25 - MBIA Insured 7,080 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 7,064,707 FHA-Insured Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 5,000 Dormitory Authority of the State of New York, 2/08 at 102.00 AAA 5,354,500 FHA-Insured Mortgage Hospital Revenue Bonds, Highland Hospital of Rochester, Series 1997A, 5.400%, 8/01/27 - MBIA Insured 3,280 Dormitory Authority of the State of New York, 11/08 at 101.00 AAA 3,400,770 Revenue Bonds, North Shore Health System Obligated Group, Series 1998, 5.000%, 11/01/23 - MBIA Insured 6,000 Dormitory Authority of the State of New York, 7/13 at 100.00 AAA 6,362,040 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 16 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999: $ 955 5.250%, 8/01/19 - AMBAC Insured 8/09 at 101.00 AAA $ 1,039,193 4,000 5.500%, 8/01/38 - AMBAC Insured 8/09 at 101.00 AAA 4,333,200 8,000 Dormitory Authority of the State of New York, Revenue 7/09 at 101.00 AAA 8,754,960 Bonds, Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 1,500 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 1,645,395 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,000 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,287,730 Revenue Bonds, New Island Hospital, Series 1999A, 5.750%, 7/01/19 - AMBAC Insured 8,525 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 9,072,817 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.7% New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A: 1,745 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 1,846,088 2,720 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 2,879,202 255 New York State Housing Finance Agency, FHA-Insured 8/04 at 102.00 AAA 262,007 Mortgage Multifamily Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.0% 1,860 New York State Mortgage Agency, Homeowner 4/07 at 102.00 AAA 1,973,795 Mortgage Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,065,140 Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 3,000 Castle Rest Residential Health Care Facility, Syracuse, 8/07 at 102.00 AAA 3,033,450 New York, FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185 East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102.00 AAA 1,318,763 Mortgage Revenue Bonds, St. John's Meadows Project, Series 1997A, 5.750%, 8/01/37 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.2% Erie County, New York, General Obligation Bonds, Series 2003A: 1,000 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,122,490 1,200 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,340,184 1,300 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,445,587 1,400 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,550,052 Germantown Central School District, Columbia County, New York, School District Bonds, Series 1999: 700 5.400%, 6/15/17 - FGIC Insured 6/08 at 101.00 Aaa 779,436 700 5.400%, 6/15/18 - FGIC Insured 6/08 at 101.00 Aaa 779,436 2,000 Hempstead Town, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,244,640 Series 2001A, 5.250%, 1/15/14 - MBIA Insured 700 Jericho Union Free School District, Nassau County, 8/09 at 101.00 Aaa 796,432 New York, General Obligation Bonds, Series 2000, 5.600%, 8/01/18 - MBIA Insured Monticello Central School District, Sullivan County, New York, General Obligation Bonds, Series 2000: 1,905 6.000%, 6/15/18 - FGIC Insured 6/09 at 101.00 AAA 2,220,316 2,000 6.000%, 6/15/19 - FGIC Insured 6/09 at 101.00 AAA 2,331,040 2,165 6.000%, 6/15/20 - FGIC Insured 6/09 at 101.00 AAA 2,523,351 County of Nassau, New York, General Obligations, Serial General Improvement Bonds, Series B: 2,005 5.250%, 6/01/22 - AMBAC Insured 6/09 at 102.00 AAA 2,221,179 1,000 5.250%, 6/01/23 - AMBAC Insured 6/09 at 102.00 AAA 1,073,830 17 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 5,000 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA $ 5,452,700 Fiscal Series 2004I, 5.000%, 8/01/17 (WI, Settling 4/01/04) - MBIA Insured 1,500 Town of North Hempstead, Nassau County, New York, 3/08 at 101.00 Aaa 1,551,270 General Obligation Refunding Serial Bonds, series 1998B, 4.750%, 3/01/18 - FGIC Insured Oneida County, New York, General Obligations Public Improvement Bonds, Series 2000: 500 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 556,125 500 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 554,275 255 Port Jervis, Orange County, New York, General 3/09 at 101.00 Aaa 284,509 Obligation Bonds, Water Improvements, Series 1999, 5.625%, 3/15/24 - FGIC Insured County of Suffolk, New York, Public Improvement Serial Bonds, Series 2000A: 1,130 5.750%, 5/01/17 - MBIA Insured 5/10 at 101.00 AAA 1,300,065 1,100 6.000%, 5/01/18 - MBIA Insured 5/10 at 101.00 AAA 1,287,517 610 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 713,987 640 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 749,798 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 37.7% Erie County Industrial Development Authority, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,000 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,142,210 1,200 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,358,832 2,760 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 3,104,641 State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 4,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 5,384,070 1,250 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 1,395,450 2,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 2,226,740 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,089,880 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,162,880 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 6,422,340 2,500 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 2,598,350 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 2,115 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 2,288,599 1,305 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,347,178 1,305 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,339,935 3,125 Nassau Health Care Corporation, New York, 8/09 at 102.00 AAA 3,501,344 County Guaranteed Health System Revenue Bonds, Series 1999, 5.750%, 8/01/29 - FSA Insured 3,025 New York City Transit Authority, New York, 1/10 at 101.00 AAA 3,461,659 Metropolitan Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 2,000 New York City Transitional Finance Authority, 8/12 at 100.00 AAA 2,174,840 New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/20 - AMBAC Insured 2,510 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 2,652,041 New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,660 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 1,798,261 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 2,000 New York City Transitional Finance Authority, 2/14 at 100.00 AAA 2,155,280 New York, Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 5,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 5,652,100 New York City, Court Facilities Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 1,250 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 1,287,350 Revenue Bonds, Leake and Watts Services Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured 2,250 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,400,863 Revenue Bonds, 853 Schools Program, 1998 Issue 2, Saint Anne Institute, Series 1998E, 5.000%, 7/01/18 - AMBAC Insured 18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 Dormitory Authority of the State of New York, 7/14 at 100.00 AAA $ 2,131,160 Department of Health Revenue Bonds, Series 2004-2, 5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured 110 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 122,383 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 155 Dormitory Authority of the State of New York, 2/06 at 102.00 AAA 165,083 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1996B, 5.375%, 2/15/26 - MBIA Insured 1,505 Dormitory Authority of the State of New York, 8/11 at 100.00 AAA 1,663,808 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2001B, 5.500%, 8/15/19 - MBIA Insured 1,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 1,531,968 Revenue 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, 7/09 at 101.00 AAA 2,286,520 Insured Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured 1,670 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 1,871,920 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.875%, 2/15/16 - FSA Insured 2,265 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,323,165 Riverbank State Park, Special Obligation Refunding Revenue Bonds, Series 1996, 5.125%, 4/01/22 - AMBAC Insured 1,750 New York State Local Government Assistance 4/08 at 101.00 AAA 1,805,615 Corporation, Revenue Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured 1,000 Dormitory Authority of the State of New York, 3/13 at 100.00 AAA 1,042,110 Revenue Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 4,600 Dormitory Authority of the State of New York, 10/12 at 100.00 AAA 4,961,054 Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,290 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 1,434,196 1,300 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 1,440,582 2,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 2,122,420 3,500 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 3,856,160 Bridge Trust Fund Bonds, Series 2002A, 5.250%, 4/01/17 - FSA Insured 2,225 New York State Thruway Authority, Highway and 4/13 at 100.00 AAA 2,415,082 Bridge Trust Fund Bonds, Second General, Series 2003, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 1,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 1,080,470 1,750 5.000%, 4/01/21 - MBIA Insured 4/14 at 100.00 AAA 1,869,998 650 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 756,294 Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured 2,000 Puerto Rico Municipal Finance Agency, Series 1999A, 8/09 at 101.00 AAA 2,257,380 5.500%, 8/01/19 - FSA Insured 1,435 Suffolk County Industrial Development Agency, 10/10 at 102.00 Aaa 1,691,076 New York, Civic Facility Revenue Bonds, Hampton Bays Public Library Project, Series 1999A, 6.000%, 10/01/19 - MBIA Insured New York Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 6,300 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 6,921,873 4,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 4,871,835 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.3% 2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,242,420 Transportation Revenue Refunding Bonds, Series 2002A, 5.500%, 11/15/19 - AMBAC Insured 2,300 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,475,145 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 5,428,800 Consolidated Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured 5,025 Port Authority of New York and New Jersey, Special 12/07 at 100.00 AAA 5,460,567 Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/25 (Alternative Minimum Tax) - MBIA Insured 19 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) Puerto Rico Ports Authority, Revenue Bonds, Series 1991D: $ 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) - FGIC Insured 7/04 at 100.00 AAA $ 5,435,063 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) - FGIC Insured 7/04 at 100.00 AAA 11,754,725 Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Revenue Refunding Bonds, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 911,157 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,489,497 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 28.6% 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 625,789 425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) - FSA Insured 12/09 at 101.00 AAA 506,591 1,230 Buffalo, New York, General Obligation Bonds, 12/09 at 101.00 AAA 1,466,135 Series 1999E, 6.000%, 12/01/18 (Pre-refunded to 12/01/09) - FSA Insured Chitenango Central School District, Madison and Onondaga Counties, New York, General Obligation Bonds, Series 2000: 1,125 5.650%, 6/15/18 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,312,448 1,185 5.650%, 6/15/19 (Pre-refunded to 6/15/09) - FGIC Insured 6/09 at 101.00 AAA 1,382,445 East Rochester Union Free School District, Monroe County, New York, General Obligation Bonds, Series 2000: 265 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 310,442 200 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,296 200 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 234,296 500 Freeport, New York, General Obligation Bonds, 4/10 at 101.00 Aaa 595,550 Series 2000A, 6.000%, 4/01/18 (Pre-refunded to 4/01/10) - FGIC Insured Longwood Central School District, Suffolk County, New York, Series 2000: 1,410 5.750%, 6/15/17 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892 1,410 5.750%, 6/15/18 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892 Lyndonville Central School District, Orleans County, New York, General Obligation Bonds, Series 2000: 330 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 380,556 330 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 380,556 2,210 Metropolitan Transportation Authority, New York, 7/07 at 102.00 AAA 2,389,209 Commuter Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 - AMBAC Insured 8,215 Metropolitan Transportation Authority, New York, 7/09 at 100.00 AAA 9,415,622 Commuter Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 (Pre-refunded to 7/01/09) - FGIC 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 5,763,916 7,600 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 10/15 at 100.00 AAA 8,405,752 1,000 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 1,135,090 Dedicated Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured County of Nassau, New York, General Obligations, Serial General Improvement Bonds, Series F: 1,505 6.500%, 3/01/17 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,789,656 1,000 6.500%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,189,140 910 6.500%, 3/01/20 (Pre-refunded to 3/01/10) - FSA Insured 3/10 at 100.00 AAA 1,079,296 805 County of Nassau, New York, General Obligations, 9/09 at 102.00 Aaa 896,826 Serial General Improvement Bonds, Series D, 5.300%, 9/01/17 (Pre-refunded to 9/01/09) - FSA Insured New York City, New York, General Obligation Bonds, Fiscal Series 1990I: 950 7.250%, 8/15/14 - AMBAC Insured 8/04 at 100.00 AAA 976,686 1,270 7.250%, 8/15/17 - AMBAC Insured 8/04 at 100.00 AAA 1,305,674 New York City, New York, General Obligation Bonds, Fiscal Series 1991A: 3,030 7.250%, 3/15/18 - FSA Insured 9/04 at 100.00 AAA 3,294,095 2,250 7.250%, 3/15/19 - FSA Insured 9/04 at 100.00 AAA 2,446,110 340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 407,942 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 3,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA $ 3,480,120 Lease Revenue Bonds, State University Dormitory Facilities, Series 1999C, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured 1,055 Dormitory Authority of the State of New York, No Opt. Call AAA 1,339,977 Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 - MBIA Insured 975 Dormitory Authority of the State of New York, 8/11 at 100.00 AAA 1,133,915 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2001B, 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 5,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 5,800,200 Third General Resolution Consolidated Revenue Bonds, City University System, Series 1999-1, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - FSA Insured Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 2001A: 1,145 5.500%, 8/15/19 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,328,337 1,210 5.500%, 8/15/20 (Pre-refunded to 8/15/11) - MBIA Insured 8/11 at 100.00 AAA 1,403,745 4,000 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 4,545,640 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured 3,225 New York State Housing Finance Agency, State No Opt. Call AAA 3,489,418 University Construction Bonds, Series 1986A, 7.900%, 11/01/06 35 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 37,192 Mental Health Services Facilities Improvement Revenue Bonds, Series 1995A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 40 New York State Medical Care Facilities Finance 8/04 at 102.00 AAA 41,572 Agency, Improvement Revenue Bonds, Mental Health Services Facilities, Series 1994E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) - FGIC Insured 5,915 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 6,774,272 Revenue Bonds, State University Educational Facilities, Series 2002A, 5.125%, 5/15/20 (Pre-refunded to 5/15/12) - FGIC Insured 1,000 Puerto Rico, Public Improvement General Obligation 7/10 at 100.00 AAA 1,172,710 Bonds, Series 2000, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) - MBIA Insured 350 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 417,907 Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to 7/01/10) - MBIA Insured 1,630 Watertown City School District, Jefferson County, 6/09 at 101.00 AAA 1,909,512 New York, General Obligation Bonds, Series 2000, 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 11.8% 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 9,489,960 3,000 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,343,860 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,170,370 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 2,597,975 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,643,175 2,620 Long Island Power Authority, New York, Electric System 9/13 at 100.00 AAA 2,854,935 General Revenue Bonds, Series 2003C, 5.000%, 9/01/16 - CIFG Insured 2,275 New York State Energy Research and Development 5/04 at 101.00 AAA 2,319,112 Authority, Adjustable Rate Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 2,250 New York State Energy Research and Development 7/04 at 101.50 AAA 2,297,138 Authority, Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Energy Research and Development 7/05 at 102.00 AAA 1,067,990 Authority, 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 5/04 at 100.00 AAA 2,579,375 Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - MBIA Insured 21 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,000 New York State Energy Research and Development 9/08 at 102.00 AAA $ 2,168,660 Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.8% 3,655 Buffalo Municipal Water Finance Authority, New York, 7/09 at 101.00 AAA 4,190,055 Water System Revenue Bonds, Series 1999, 6.000%, 7/01/29 - FSA Insured 5,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 5,438,200 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,101,050 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured 4,750 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 5,187,617 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 2,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 2,113,360 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,958,352 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 2,750 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 2,972,885 System Revenue Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 397,205 Total Long-Term Investments (cost $395,538,663) - 147.7% 433,876,328 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 3,948,492 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (49.0)% (144,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 293,824,820 ==================================================================================================================== 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, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 13.0% Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Project, Series 2000A: $ 1,315 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,481,440 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 686,677 500 Amherst Industrial Development Agency, New York, 8/10 at 102.00 AAA 563,285 Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 1,000 Nassau County Industrial Development Agency, 7/08 at 102.00 AAA 1,031,310 New York, Civic Facility Revenue and Refunding Bonds, Hofstra University Project, Series 1998, 5.000%, 7/01/23 - MBIA Insured 1,075 New York City Trust for Cultural Resources, New York, 7/09 at 101.00 AAA 1,212,600 Revenue Bonds, American Museum of Natural History, Series 1999A, 5.750%, 7/01/29 - AMBAC Insured 7,250 New York City Industrial Development Agency, 1/09 at 101.00 AAA 7,491,498 New York, Civic Facility Revenue Bonds, Horace Mann School Project, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 2,249,520 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 1,870 Dormitory Authority of the State of New York, Insured 7/04 at 100.00 AAA 1,879,163 Revenue Bonds, Fordham University, Series 1990, 7.200%, 7/01/15 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 2,221,820 Revenue Bonds, Siena College, Series 1997, " 5.750%, 7/01/26 - MBIA Insured 2,860 Dormitory Authority of the State of New York, 7/08 at 101.00 AAA 2,951,120 Insured Revenue Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 4,500 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 Aaa 4,710,600 Revenue Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,694,655 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,541,872 2,235 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,721,486 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,910,421 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,417,928 500 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 582,160 Revenue Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured Dormitory Authority of the State of New York, Revenue Bonds, Canisius College, Series 2000: 1,000 5.100%, 7/01/20 - MBIA Insured 7/11 at 101.00 AAA 1,072,490 2,875 5.250%, 7/01/30 - MBIA Insured 7/11 at 101.00 AAA 3,061,789 Dormitory Authority of the State of New York, Insured Revenue Bonds, New York University, Series 2001-2: 1,350 5.500%, 7/01/18 - AMBAC Insured 7/11 at 100.00 AAA 1,515,065 800 5.500%, 7/01/20 - AMBAC Insured 7/11 at 100.00 AAA 890,576 600 5.500%, 7/01/21 - AMBAC Insured 7/11 at 100.00 AAA 663,834 2,500 Dormitory Authority of the State of New York, General No Opt. Call AAA 2,946,675 Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured 2,125 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,260,894 Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/19 - AMBAC Insured 1,710 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 AAA 1,835,890 Revenue 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, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 16.6% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 3,031,924 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,911,167 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: 2,415 7.375%, 8/01/11 8/04 at 100.00 AAA 2,426,037 4,150 7.400%, 8/01/30 8/04 at 100.00 AAA 5,995 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 6,349,664 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 6,500 Dormitory Authority of the State of New York, 2/08 at 102.00 AAA 6,940,180 FHA-Insured Mortgage Revenue Refunding Bonds, United Health Services, Series 1997, 5.375%, 8/01/27 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 2,993,520 FHA-Insured Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2003-1: 2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,650,850 3,210 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,388,572 5,730 Dormitory Authority of the State of New York, 8/09 at 101.00 AAA 6,207,309 FHA-Insured Mortgage Hospital Revenue Bonds, Montefiore Medical Center, Series 1999, 5.500%, 8/01/38 - AMBAC Insured 6,430 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 6,979,636 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 12,020 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 12,792,405 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/26 - AMBAC Insured 2,025 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 2,147,897 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.8% 12,933 New York City Housing Development Corporation, 4/04 at 105.00 AAA 13,606,083 New York, Multifamily Housing Limited Obligation Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, Series 1996A: 870 6.100%, 11/01/15 - FSA Insured 5/06 at 102.00 AAA 920,399 3,625 6.125%, 11/01/20 - FSA Insured 5/06 at 102.00 AAA 3,837,171 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.7% 2,325 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 2,476,451 Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.3% 2,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 2,277,540 Revenue Bonds, WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured 6,000 Dormitory Authority of the State of New York, 8/11 at 101.00 AAA 6,309,300 FHA-Insured Mortgage Nursing Home Revenue Bonds, Norwegian Christian Home and Health Center, Series 2001, 5.200%, 8/01/36 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 15.4% Erie County, New York, General Obligation Bonds, Series 1999A: 700 5.500%, 10/01/17 - FGIC Insured 10/09 at 101.00 AAA 794,255 700 5.250%, 10/01/19 - FGIC Insured 10/09 at 101.00 AAA 767,914 Erie County, New York, General Obligation Bonds, Series 2003A: 1,410 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,582,711 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,675,230 1,510 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,679,105 1,635 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,810,239 2,500 County of Nassau, New York, General Obligations, 6/09 at 102.00 AAA 2,684,575 Serial General Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured 45 New York City, New York, General Obligation Bonds, 8/04 at 100.00 AAA 45,514 Fiscal Series 1992C, 6.250%, 8/01/10 - FSA Insured 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) New York City, New York, General Obligation Bonds, Fiscal Series 1998H: $ 4,150 5.125%, 8/01/25 - MBIA Insured 8/08 at 101.00 AAA $ 4,303,633 6,000 5.375%, 8/01/27 - MBIA Insured 8/08 at 101.00 AAA 6,415,500 5,000 New York City, New York, General Obligation Bonds, 4/09 at 101.00 AAA 5,173,200 Fiscal Series 1999-I, 5.000%, 4/15/29 - MBIA Insured 3,000 New York City, New York, General Obligation Bonds, 8/10 at 101.00 AAA 3,271,860 Fiscal Series 2001D, 5.000%, 8/01/16 - FGIC Insured 6,250 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 6,815,875 Fiscal Series 2004I, 5.000%, 8/01/17 (WI, settling 4/01/04) - MBIA Insured 3,000 Town of North Hempstead, Nassau County, New York, 3/08 at 101.00 Aaa 3,102,540 General Obligation Refunding Serial Bonds, Series 1998B, 4.750%, 3/01/18 - FGIC Insured Oneida County, New York, General Obligation Public Improvement Bonds, Series 2000: 100 5.375%, 4/15/18 - MBIA Insured 4/09 at 102.00 AAA 111,225 100 5.375%, 4/15/19 - MBIA Insured 4/09 at 102.00 AAA 110,855 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 606,548 525 5.875%, 6/15/18 - FSA Insured 6/10 at 100.00 Aaa 606,548 525 5.875%, 6/15/20 - FSA Insured 6/10 at 100.00 Aaa 606,963 525 5.875%, 6/15/21 - FSA Insured 6/10 at 100.00 Aaa 606,963 525 5.875%, 6/15/22 - FSA Insured 6/10 at 100.00 Aaa 605,425 525 5.875%, 6/15/23 - FSA Insured 6/10 at 100.00 Aaa 602,333 525 5.875%, 6/15/24 - FSA Insured 6/10 at 100.00 Aaa 601,031 525 5.875%, 6/15/26 - FSA Insured 6/10 at 100.00 Aaa 603,445 525 5.875%, 6/15/28 - FSA Insured 6/10 at 100.00 Aaa 603,445 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 - AMBAC Insured No Opt. Call AAA 1,222,608 960 6.700%, 2/15/17 - AMBAC Insured No Opt. Call AAA 1,230,739 960 6.700%, 2/15/18 - AMBAC Insured No Opt. Call AAA 1,237,075 960 6.700%, 2/15/19 - AMBAC Insured No Opt. Call AAA 1,244,218 960 6.700%, 2/15/20 - AMBAC Insured No Opt. Call AAA 1,247,078 747 6.700%, 2/15/21 - AMBAC Insured No Opt. Call AAA 972,676 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 735 5.250%, 10/01/20 - MBIA Insured No Opt. Call AAA 838,010 735 5.250%, 10/01/21 - MBIA Insured No Opt. Call AAA 835,372 730 5.250%, 10/01/22 - MBIA Insured No Opt. Call AAA 826,397 730 5.250%, 10/01/23 - MBIA Insured No Opt. Call AAA 823,520 730 5.250%, 10/01/24 - MBIA Insured No Opt. Call AAA 820,119 730 5.250%, 10/01/25 - MBIA Insured No Opt. Call AAA 820,608 725 5.250%, 10/01/26 - MBIA Insured No Opt. Call AAA 815,241 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 42.1% Erie County Industrial Development Authority, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,230 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,404,918 1,225 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,387,141 4,600 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 5,174,402 State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,392,920 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,349,080 5,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 5,566,850 2,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 2,089,880 4,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 4,162,880 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 8,027,925 2,300 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 2,390,482 25 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: $ 4,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA $ 4,328,320 1,560 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,610,419 1,560 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,601,761 5,875 New York City Transit Authority, Metropolitan 1/10 at 101.00 AAA 6,200,358 Transportation 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 1/10 at 101.00 AAA 5,979,229 Transportation 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, 8/07 at 101.00 AAA 51,400 New York, Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B: 2,820 5.250%, 5/01/16 - MBIA Insured 11/11 at 101.00 AAA 3,121,091 1,000 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 1,102,590 7,500 New York City Transitional Finance Authority, 8/12 at 100.00 AAA 8,127,975 New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,698,065 New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 3,060 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,314,867 New York, Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 2,000 New York City Transitional Finance Authority, 2/14 at 100.00 AAA 2,155,280 New York, Future Tax Secured Bonds, Fiscal Series Series 2004C, 5.000%, 2/01/19 - XLCA Insured 5,250 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 5,934,705 New York City, Court Facilities Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 5,000 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 5,149,400 Revenue Bonds, Leake and Watts Services Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured 3,000 Dormitory Authority of the State of New York, 7/14 at 100.00 AAA 3,196,740 Department of Health Revenue Bonds, Series 2004-2, 5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured 105 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 116,820 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured Dormitory Authority of the State of New York, Improvement Revenue Bonds, Mental Health Services Facilities, Series 1996B: 95 5.375%, 2/15/26 - MBIA Insured 2/06 at 102.00 AAA 101,180 80 5.375%, 2/15/26 - FSA Insured 2/06 at 102.00 AAA 85,204 7,145 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 8,168,593 Revenue Bonds, Special Act School District Program, Series 1999, 5.750%, 7/01/19 - MBIA Insured 2,000 New York State Environmental Facilities Corporation, 4/07 at 100.00 AAA 2,051,360 Riverbank State Park, Special Obligation Revenue Refunding Bonds, Series 1996, 5.125%, 4/01/22 - AMBAC Insured 7,750 New York State Local Government Assistance Corporation, Revenue 4/08 at 101.00 AAA 7,996,295 Bonds, Series 1997B, 4.875%, 4/01/20 - MBIA Insured State of New York Municipal Bond Bank Agency, Special Program Revenue Bonds, City of Buffalo, Series 2001A: 875 5.125%, 5/15/19 - AMBAC Insured 5/11 at 100.00 AAA 942,585 920 5.125%, 5/15/20 - AMBAC Insured 5/11 at 100.00 AAA 986,562 965 5.250%, 5/15/21 - AMBAC Insured 5/11 at 100.00 AAA 1,038,765 1,015 5.250%, 5/15/22 - AMBAC Insured 5/11 at 100.00 AAA 1,086,415 1,500 Dormitory Authority of the State of New York, 3/13 at 100.00 AAA 1,563,165 Revenue Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 7,925 Dormitory Authority of the State of New York, 10/12 at 100.00 AAA 8,547,033 Revenue Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 1,835 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 2,040,116 2,100 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 2,327,094 26 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,575 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA $ 3,966,641 Trust Fund Bonds, Series 2001B, 5.250%, 4/01/16 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,458,250 Trust Fund Bonds, Series 2002A, 5.250%, 4/01/19 - FSA Insured 2,375 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,577,896 Trust Fund Bonds, Second General, Series 2003, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 2,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 2,160,940 1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,063,520 4,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 4,696,760 Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured New York Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 9,229,164 2,500 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 2,706,575 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.2% Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 6,000 5.500%, 11/15/18 - AMBAC Insured 11/12 at 100.00 AAA 6,763,920 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,136,300 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E: 1,335 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 1,482,744 4,575 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 4,788,378 2,500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,690,375 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 7,000 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 7,600,320 Consolidated Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, Subordinate Lien, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,833,996 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,113,082 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 25.2% 325 Brookhaven, New York, General Obligation Bonds, 10/04 at 100.00 AAA 328,575 Series 1991B, 6.400%, 10/01/11 (Pre-refunded to 10/01/04) - MBIA Insured East Rochester Union Free School District, Monroe County, New York, General Obligation Bonds, Series 2000: 300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 351,444 350 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 410,018 365 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 427,590 Longwood Central School District, Suffolk County, New York, Series 2000: 1,000 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,185,030 1,000 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,185,030 Lyndonville Central School District, Orleans County, New York, General Obligation Bonds, Series 2000: 340 5.750%, 6/01/18 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 392,088 340 5.750%, 6/01/19 (Pre-refunded to 6/01/08) - FGIC Insured 6/08 at 101.00 Aaa 392,088 4,695 Metropolitan Transportation Authority, New York, 7/11 at 100.00 AAA 5,376,855 Commuter 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, 10/10 at 100.00 AAA 3,436,920 Dedicated 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, 10/15 at 100.00 AAA 12,166,220 Dedicated 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 4,540,360 3,250 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 3,689,043 27 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) New York City, New York, General Obligation Bonds, Fiscal Series 1991A: $ 1,500 7.250%, 3/15/18 - FSA Insured 9/04 at 100.00 AAA $ 1,630,740 3,100 7.250%, 3/15/19 - FSA Insured 9/04 at 100.00 AAA 3,370,196 3,000 New York City, New York, General Obligation Bonds, 4/04 at 100.00 AAA 3,006,150 Fiscal Series 1990B, 7.000%, 10/01/19 - FSA Insured 255 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 305,957 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 10 New York City Transitional Finance Authority, 8/07 at 101.00 AAA 11,140 New York, Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 2,095 Dormitory Authority of the State of New York, Lease 7/11 at 100.00 AAA 2,433,154 Revenue Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/18 (Pre-refunded to 7/01/11) - FGIC Insured 505 Dormitory Authority of the State of New York, Judicial 4/04 at 114.14 Baa1*** 617,135 Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1991A, 9.500%, 4/15/14 Dormitory Authority of the State of New York, Third General Resolution Consolidated Revenue Bonds, City University System, Series 1997-1: 3,120 5.375%, 7/01/24 (Pre-refunded to 1/01/08) - FGIC Insured 1/08 at 102.00 AAA 3,548,470 7,000 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 1/08 at 102.00 AAA 7,898,520 2,895 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 3,273,463 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 (Pre-refunded to 2/15/07) - MBIA Insured 5,000 Dormitory Authority of the State of New York, 5/06 at 102.00 AAA 5,512,000 Revenue Bonds, State University Educational Facilities, 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, Fourth 7/10 at 100.00 AAA 3,960,389 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/24 (Pre-refunded to 7/01/10) - FGIC Insured 20 New York State Medical Care Facilities Finance 2/05 at 102.00 AAA 21,252 Agency, Mental Health Services Facilities Improvement Revenue Bonds, Series 1995A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) - MBIA Insured 5,795 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 6,585,380 Revenue Bonds, State University Educational Facilities, Series 2002A, 5.000%, 5/15/18 (Pre-refunded to 5/15/12) - FGIC Insured 5,000 New York State Urban Development Corporation, 1/09 at 101.00 AAA 5,861,500 Correctional Facilities Service Contract Revenue Bonds, Series 1999C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series 2000C: 6,000 5.125%, 1/01/23 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 6,791,220 2,000 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured 1/11 at 100.00 AAA 2,278,920 Town of North Hempstead, Nassau County, New York, General Obligation Bonds, Series 1999B: 2,135 5.875%, 7/15/18 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,517,379 2,255 5.875%, 7/15/19 (Pre-refunded to 7/15/09) - FGIC Insured 7/09 at 101.00 Aaa 2,658,871 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 14.2% 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 8,751,852 7,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 7,397,530 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 1,541,400 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,458,080 15,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 5,190,750 3,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 987,390 4,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 1,409,040 3,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 892,650 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 3,117,570 3,125 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 3,303,969 10,025 New York State Energy Research and Development 5/04 at 101.00 AAA 10,219,385 Authority, Adjustable Rate Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 3,000 New York State Energy Research and Development 7/05 at 102.00 AAA $ 3,203,970 Authority, Pollution Control Revenue Bonds, New York State Electric and Gas Corporation Project, Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) - MBIA Insured 6,000 New York State Energy Research and Development 9/08 at 102.00 AAA 6,505,980 Authority, Pollution Control Revenue Bonds, Rochester Gas and Electric Corporation Project, Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.5% 5,000 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 5,438,200 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 2,225 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 2,367,155 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1997A, 5.375%, 6/15/26 - FSA Insured 10,500 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 11,467,365 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 5,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 5,283,400 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B: 1,245 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA 1,468,764 1,225 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 1,438,297 350 New York State Environmental Facilities Corporation, 9/04 at 100.00 AAA 351,638 State Water Pollution Control Revolving Fund Revenue Bonds, Pooled Loan Issue, Series 1991B, 7.100%, 9/15/11 2,230 Upper Mohawk Valley Regional Water Finance No Opt. Call Aaa 918,222 Authority, New York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 551,800 Total Long-Term Investments (cost $524,289,793) - 150.0% 571,579,861 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.7% 2,399,272 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.7)% (193,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 380,979,133 ==================================================================================================================== 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. 29 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 24.8% Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Project, Series 2000A: $ 1,065 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 1,199,797 610 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 686,677 500 Amherst Industrial Development Agency, New York, 8/10 at 102.00 AAA 563,285 Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Lakeside Cottage Project, Series 2000B, 5.625%, 8/01/20 - AMBAC Insured 6,350 Nassau County Industrial Development Agency, 7/08 at 102.00 AAA 6,548,819 New York, Civic Facility Revenue and Refunding Bonds, Hofstra University Project, Series 1998, 5.000%, 7/01/23 - MBIA Insured 5,000 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,435,250 Revenue Bonds, New York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 7,250 New York City Trust for Cultural Resources, 1/07 at 102.00 AAA 7,894,598 New York, Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 14,500 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 15,781,800 Revenue Bonds, American Museum of Natural History, Series 1997A, 5.650%, 4/01/27 - MBIA Insured 4,775 New York City Industrial Development Agency, 6/07 at 102.00 AAA 4,989,923 New York, Civic Facility Revenue Bonds, Trinity Episcopal School Corporation Project, Series 1997, 5.250%, 6/15/27 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 2,249,520 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 1,000 Dormitory Authority of the State of New York, 7/04 at 102.00 AAA 1,028,250 Insured Revenue Bonds, Fordham University, Series 1994, 5.500%, 7/01/23 - FGIC Insured 1,800 Dormitory Authority of the State of New York, Second No Opt. Call AAA 2,140,596 General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 6,000 Dormitory Authority of the State of New York, No Opt. Call AAA 7,139,580 Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/13 - MBIA Insured 8,500 Dormitory Authority of the State of New York, 7/07 at 102.00 AAA 8,889,555 Insured Revenue Bonds, Ithaca College, Series 1997, 5.250%, 7/01/26 - AMBAC Insured 1,150 Dormitory Authority of the State of New York, Insured 7/06 at 102.00 AAA 1,262,493 Revenue Bonds, St. John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured 4,625 Dormitory Authority of the State of New York, Insured 7/07 at 101.00 AAA 4,801,906 Revenue Bonds, Barnard College, Series 1996, 5.250%, 7/01/26 - AMBAC Insured 2,125 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 2,192,703 Revenue Bonds, Fordham University, Series 1998, 5.000%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Third 7/08 at 102.00 AAA 2,066,480 General Resolution Consolidated Revenue Bonds, City University System, Series 1998-1, 5.000%, 7/01/26 - FGIC Insured 1,735 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 1,818,315 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/23 - FGIC Insured 1,750 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,977,098 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured Dormitory Authority of the State of New York, Revenue Bonds, University of Rochester, Series 2000A: 1,990 0.000%, 7/01/17 - MBIA Insured 7/10 at 101.00 AAA 1,541,872 2,230 0.000%, 7/01/18 - MBIA Insured 7/10 at 101.00 AAA 1,717,635 2,495 0.000%, 7/01/19 - MBIA Insured 7/10 at 101.00 AAA 1,910,421 1,870 0.000%, 7/01/21 - MBIA Insured 7/10 at 101.00 AAA 1,417,928 4,000 Dormitory Authority of the State of New York, State No Opt. Call AAA 4,762,600 University Educational Facilities Revenue Bonds, 1989 Resolution, Series 2000C, 5.750%, 5/15/16 - FSA Insured 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 1,000 Dormitory Authority of the State of New York, No Opt. Call AAA $ 1,178,670 General Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 - AMBAC Insured 2,750 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 2,857,360 Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/26 - AMBAC Insured 1,650 Dormitory Authority of the State of New York, Insured 7/12 at 100.00 AAA 1,763,074 Revenue Bonds, Fordham University, Series 2002, 5.000%, 7/01/19 - FGIC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.3% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: 2,800 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA 3,031,924 2,700 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 2,911,167 3,995 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 4,231,344 Mortgage Hospital Revenue Bonds, Millard Fillmore Hospitals, Series 1997, 5.375%, 2/01/32 - AMBAC Insured 7,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 6,984,880 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured Dormitory Authority of the State of New York, Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2003-1: 2,500 5.000%, 7/01/21 - MBIA Insured 7/13 at 100.00 AAA 2,650,850 3,300 5.000%, 7/01/22 - MBIA Insured 7/13 at 100.00 AAA 3,483,579 9,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 9,769,320 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/24 - MBIA Insured 9,000 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 9,546,210 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001B, 5.250%, 7/01/31 - AMBAC Insured 3,300 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 3,373,722 FHA-Insured Hospital Mortgage Revenue Refunding Bonds, New York and Presbyterian Hospital, Series 1994A, 5.375%, 2/15/25 - MBIA Insured 3,350 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,520,950 FHA-Insured Mortgage Revenue Bonds, Montefiore Medical Center, Series 1995A, 5.750%, 2/15/25 - AMBAC Insured 1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,089,093 Secured Mortgage Revenue Bonds, Brookdale Family Care Centers Inc., Series 1995A, 6.375%, 11/15/19 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.5% 10,756 New York City Housing Development Corporation, 4/04 at 105.00 AAA 11,315,725 New York, Multifamily Housing Limited Obligation Bonds, Pass-Through Certificates, Series 1991C, 6.500%, 2/20/19 - AMBAC Insured 1,540 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 1,630,136 Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured 400 New York State Housing Finance Agency, FHA-Insured 8/04 at 102.00 AAA 410,992 Mortgage Multifamily Housing Revenue Bonds, Series 1994B, 6.250%, 8/15/14 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.8% 1,995 State of New York Mortgage Agency, Homeowner 9/04 at 102.00 AAA 2,036,835 Mortgage Revenue Bonds, Series 33, 5.400%, 10/01/17 - AMBAC Insured 3,735 State of New York Mortgage Agency, Homeowner 4/07 at 102.00 AAA 3,963,507 Mortgage Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - MBIA Insured 1,000 New York State Mortgage Agency, Mortgage 7/10 at 100.00 AAA 1,065,140 Revenue Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.7% 4,450 Castle Rest Residential Health Care Facility, 8/07 at 102.00 AAA 4,499,617 Syracuse, New York, FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 Dormitory Authority of the State of New York, Revenue 7/06 at 102.00 AAA 2,170,340 Bonds, United Cerebral Palsy of New York City Inc., Series 1996, 5.500%, 7/01/24 - MBIA Insured 31 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.5% $ 1,000 Erie County, New York, General Obligation Bonds, 6/05 at 101.50 AAA $ 1,061,020 Series 1995B, 5.625%, 6/15/20 - FGIC Insured Erie County, New York, General Obligation Bonds, Series 2003A: 1,500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 1,683,735 1,500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 1,675,230 1,600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 1,779,184 1,700 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 1,882,206 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 2,457,945 1,000 5.000%, 3/01/17 - FGIC Insured 3/12 at 100.00 AAA 1,076,740 1,500 County of Nassau, New York, General Obligations, 6/09 at 102.00 AAA 1,610,745 Serial General Improvement Bonds, Series B, 5.250%, 6/01/23 - AMBAC Insured New York City, New York, General Obligation Bonds, Fiscal Series 2001D: 2,095 5.250%, 8/01/15 - FSA Insured 8/10 at 101.00 AAA 2,334,165 5,360 5.250%, 8/01/15 - MBIA Insured 8/10 at 101.00 AAA 5,971,898 5,000 5.000%, 8/01/16 - FGIC Insured 8/10 at 101.00 AAA 5,453,100 5,000 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 5,266,750 Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured 6,250 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 6,815,875 Fiscal Series 2004I, 5.000%, 8/01/17 (WI, settling 4/01/04) - MBIA Insured Peru Central School District, Clinton County, New York, General Obligation Refunding Bonds, Series 2002B: 1,845 4.000%, 6/15/18 - FGIC Insured 6/12 at 100.00 AAA 1,839,963 1,915 4.000%, 6/15/19 - FGIC Insured 6/12 at 100.00 AAA 1,885,930 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 606,548 525 5.875%, 6/15/25 - FSA Insured 6/10 at 100.00 Aaa 603,445 525 5.875%, 6/15/27 - FSA Insured 6/10 at 100.00 Aaa 603,445 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 42.8% Erie County Industrial Development Authority, New York, School Facility Revenue Bonds, Buffalo City School District, Series 2003: 1,200 5.750%, 5/01/20 - FSA Insured 5/12 at 100.00 AAA 1,370,652 1,000 5.750%, 5/01/22 - FSA Insured 5/12 at 100.00 AAA 1,132,360 4,600 Metropolitan Transportation Authority, New York, 7/12 at 100.00 AAA 5,174,402 State Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 2,000 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 2,392,920 3,000 5.500%, 1/01/19 - MBIA Insured 7/12 at 100.00 AAA 3,349,080 6,000 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 6,680,220 3,000 5.000%, 7/01/25 - FGIC Insured 7/12 at 100.00 AAA 3,134,820 8,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 8,325,760 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 8,027,925 3,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 3,118,020 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 1,555 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 1,605,258 1,555 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 1,596,627 5,150 New York City Transit Authority, New York, 1/10 at 101.00 AAA 5,893,403 Metropolitan Transportation Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 - AMBAC Insured 75 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 77,099 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 - MBIA Insured New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2002B: 10,170 5.250%, 5/01/12 - MBIA Insured 11/11 at 101.00 AAA 11,572,138 2,420 5.250%, 5/01/17 - MBIA Insured 11/11 at 101.00 AAA 2,668,268 1,000 5.000%, 5/01/30 - MBIA Insured 11/11 at 101.00 AAA 1,042,110 32 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 6,000 New York City Transitional Finance Authority, 8/12 at 100.00 AAA $ 6,502,380 New York, Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 3,500 New York City Transitional Finance Authority, 2/13 at 100.00 AAA 3,698,065 New York, Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,995 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,161,164 Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 1,845 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,988,246 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 6,000 Dormitory Authority of the State of New York, 5/10 at 101.00 AAA 6,782,520 New York City, Court Facilities Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 - AMBAC Insured Dormitory Authority of the State of New York, Madison-Oneida, Lease Revenue Bonds, Board of Cooperative Educational Services, Series 2002: 1,045 5.250%, 8/15/20 - FSA Insured 8/12 at 100.00 AAA 1,134,400 1,100 5.250%, 8/15/21 - FSA Insured 8/12 at 100.00 AAA 1,190,046 1,135 5.250%, 8/15/22 - FSA Insured 8/12 at 100.00 AAA 1,222,066 5,375 Dormitory Authority of the State of New York, Insured 7/04 at 102.00 AAA 5,535,605 Revenue Bonds, Leake and Watts Services Inc., Series 1994, 6.000%, 7/01/23 - MBIA Insured 3,340 Dormitory Authority of the State of New York, Insured 7/09 at 101.00 AAA 3,740,433 Revenue 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, 7/14 at 100.00 AAA 3,196,740 Department of Health Revenue Bonds, Series 2004-2, 5.000%, 7/01/21 (WI, settling 4/06/04) - FGIC Insured 110 Dormitory Authority of the State of New York, 2/07 at 102.00 AAA 122,383 Improvement Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 - MBIA Insured 540 Dormitory Authority of the State of New York, Improvement 8/10 at 100.00 AAA 564,781 Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 - FSA Insured 80 Dormitory Authority of the State of New York, Improvement 2/06 at 102.00 AAA 84,422 Revenue Bonds, Mental Health Services Facilities, Series 1996B, 5.125%, 8/15/21 - MBIA Insured 1,500 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 1,563,165 Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 7,900 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 8,520,071 Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2002B: 3,125 5.375%, 4/01/17 - AMBAC Insured 4/12 at 100.00 AAA 3,474,313 3,000 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 3,324,420 4,930 New York State Thruway Authority, Highway and Bridge 10/11 at 100.00 AAA 5,440,748 Trust Fund Bonds, Series 2001B, 5.250%, 4/01/17 - MBIA Insured 6,965 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 7,563,502 Trust Fund Bonds, Series 2002A, 5.250%, 4/01/20 - FSA Insured 2,400 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA 2,605,032 Trust Fund Bonds, Second General, Series 2003, 5.250%, 4/01/22 - MBIA Insured New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: 2,000 5.000%, 4/01/19 - MBIA Insured 4/14 at 100.00 AAA 2,160,940 1,000 5.000%, 4/01/22 - MBIA Insured 4/14 at 100.00 AAA 1,063,520 3,190 New York State Urban Development Corporation, No Opt. Call AAA 3,734,597 Revenue Refunding Bonds, State Facilities, Series 1995, 5.600%, 4/01/15 - MBIA Insured Puerto Rico Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series 2002E: 3,000 5.500%, 7/01/14 - FSA Insured No Opt. Call AAA 3,545,490 6,000 5.500%, 7/01/18 - FSA Insured No Opt. Call AAA 7,045,140 New York Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 8,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 9,229,164 1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,082,630 33 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.0% $ 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, 1/05 at 101.00 AAA $ 4,408,780 Revenue Bonds, Series 1995, 5.750%, 1/01/25 - MBIA Insured Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 3,815 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 4,277,416 4,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 4,272,600 Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002E: 2,665 5.500%, 11/15/21 - MBIA Insured 11/12 at 100.00 AAA 2,959,936 8,500 5.000%, 11/15/25 - MBIA Insured 11/12 at 100.00 AAA 8,896,440 2,500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 2,690,375 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 5,000 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AAA 5,417,850 General Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - FGIC Insured Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, Subordinate Lien, Series 2002E: 1,570 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 1,833,996 3,800 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 4,113,082 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 22.7% East Rochester Union Free School District, Monroe County, New York, General Obligation Bonds, Series 2000: 300 5.750%, 6/15/17 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 351,444 360 5.750%, 6/15/18 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 421,733 400 5.750%, 6/15/19 (Pre-refunded to 6/15/09) - FSA Insured 6/09 at 101.00 Aaa 468,592 Longwood Central School District, Suffolk County, New York, Series 2000: 1,410 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892 1,410 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 1,670,892 5,000 Metropolitan Transportation Authority, New York, 7/09 at 100.00 AAA 5,730,750 Commuter 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 10,734,000 4,500 4.750%, 7/01/26 - FGIC Insured 7/08 at 101.00 AAA 4,558,185 3,000 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 3,318,060 Dedicated 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 4,540,360 1,000 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 10/14 at 100.00 AAA 1,135,090 5,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 5,912,900 Dedicated 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, 6/10 at 101.00 AAA 203,971 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 15 New York City Transitional Finance Authority, New York, 8/07 at 101.00 AAA 16,710 Future Tax Secured Bonds, Fiscal Series 1998A, 5.000%, 8/15/27 (Pre-refunded to 8/15/07) - MBIA Insured 2,500 New York City Transitional Finance Authority, 5/10 at 101.00 AAA 2,982,400 New York, Future Tax Secured Bonds, Fiscal Series 2000B, 6.000%, 11/15/24 (Pre-refunded to 5/15/10) - FGIC Insured 1,410 Dormitory Authority of the State of New York, Lease 7/11 at 100.00 AAA 1,637,588 Revenue Bonds, State University Dormitory Facilities, Series 2001, 5.500%, 7/01/20 (Pre-refunded to 7/01/11) - FGIC Insured 3,200 Dormitory Authority of the State of New York, No Opt. Call AAA 4,064,384 Judicial Facilities Lease Revenue Bonds, Suffolk County Issue, Series 1986, 7.375%, 7/01/16 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,700 Dormitory Authority of the State of New York, Third 1/08 at 102.00 AAA $ 1,918,212 General Resolution Consolidated Revenue Bonds, City University System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 2,890 Dormitory Authority of the State of New York, Improvement 2/07 at 102.00 AAA 3,267,810 Revenue Bonds, Mental Health Services Facilities, Series 1997A, 5.750%, 8/15/22 (Pre-refunded to 2/15/07) - MBIA Insured 4,460 Dormitory Authority of the State of New York, Improvement 5/10 at 100.00 AAA 5,093,811 Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 (Pre-refunded to 5/15/10) - FSA Insured 265 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 301,149 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/23 (Pre-refunded to 7/01/10) - FGIC Insured 8,100 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 9,276,687 Bonds, State University Educational Facilities, Series 2002A, 5.125%, 5/15/19 (Pre-refunded to 5/15/12) - FGIC Insured 10,000 New York State Urban Development Corporation, 1/09 at 101.00 AAA 11,723,000 Correctional Facilities Service Contract Revenue Bonds, Series 1999C, 6.000%, 1/01/29 (Pre-refunded to 1/01/09) - AMBAC Insured 6,000 New York State Urban Development Corporation, 1/11 at 100.00 AAA 6,836,760 Correctional Facilities Service Contract Revenue Bonds, Series 2000C, 5.250%, 1/01/30 (Pre-refunded to 1/01/11) - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.7% 1,650 Islip Resource Recovery Agency, New York, Revenue No Opt. Call AAA 2,061,048 Bonds, 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 7,381,080 3,200 5.750%, 12/01/24 - FSA Insured 6/08 at 101.00 AAA 3,566,784 3,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 3,170,370 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 1,541,400 4,000 0.000%, 6/01/25 - FSA Insured No Opt. Call AAA 1,458,080 5,000 0.000%, 6/01/26 - FSA Insured No Opt. Call AAA 1,730,250 7,000 0.000%, 6/01/27 - FSA Insured No Opt. Call AAA 2,303,910 10,500 0.000%, 6/01/28 - FSA Insured No Opt. Call AAA 3,287,760 7,000 0.000%, 6/01/29 - FSA Insured No Opt. Call AAA 2,082,850 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 2,597,975 2,500 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,643,175 5,465 New York State Energy Research and Development 5/04 at 101.00 AAA 5,634,142 Authority, Adjustable Rate Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 1,250 New York State Energy Research and Development 7/04 at 101.50 AAA 1,276,188 Authority, Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989C, 5.600%, 6/01/25 (Alternative Minimum Tax) - MBIA Insured 12,000 New York State Energy Research and Development 5/04 at 100.00 AAA 12,381,000 Authority, 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 - 3.4% 3,250 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 3,549,422 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002A: 2,000 5.750%, 6/15/27 - MBIA Insured 6/11 at 100.00 AAA 2,245,560 4,000 5.250%, 6/15/33 - FGIC Insured 6/11 at 100.00 AAA 4,226,720 35 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B: $ 830 6.100%, 6/15/31 - MBIA Insured 6/10 at 101.00 AAA $ 979,176 810 6.000%, 6/15/33 - MBIA Insured 6/10 at 101.00 AAA 951,034 1,000 Western Nassau County Water Authority, New York, 5/06 at 102.00 AAA 1,081,050 System Revenue Bonds, Series 1995, 5.650%, 5/01/26 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 558,391 Total Long-Term Investments (cost $531,827,327) - 149.2% 577,401,334 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.5% 2,000 New York City Municipal Water Finance Authority, A-1+ 2,000,000 New York, Water and Sewer System Variable Rate Demand Revenue Bonds, Fiscal Series 1994C, 1.100%, 6/15/23 - FGIC Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 2,000 Total Short-Term Investments (cost $2,000,000) 2,000,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $533,827,327) - 149.7% 579,401,334 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.2% 4,490,017 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (50.9)% (197,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 386,891,351 ==================================================================================================================== All of the bonds in the portfolio, excluding temporary investments in short-term municipal securities, 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. + 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. 36 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 31.5% Amherst Industrial Development Agency, New York, Revenue Bonds, UBF Faculty/Student Housing Corporation, University of Buffalo Project, Series 2000A: $ 250 5.625%, 8/01/20 - AMBAC Insured 8/10 at 102.00 AAA $ 281,643 250 5.750%, 8/01/25 - AMBAC Insured 8/10 at 102.00 AAA 281,425 2,000 Monroe County Industrial Development Agency, 6/05 at 102.00 AAA 2,129,680 New York, Civic Facility Revenue Bonds, Nazareth College of Rochester Project, Series 1995, 6.000%, 6/01/20 - MBIA Insured 5,460 New York City Trust for Cultural Resources, New York, 7/06 at 101.00 AAA 5,935,293 Revenue Bonds, New York Botanical Garden, Series 1996, 5.800%, 7/01/26 - MBIA Insured 1,250 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,361,138 Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 4,000 New York City Trust for Cultural Resources, New York, 4/07 at 101.00 AAA 4,369,680 Revenue Bonds, American Museum of Natural History, Series 1997A, 5.650%, 4/01/22 - MBIA Insured 1,000 New York City Industrial Development Agency, New York, 11/04 at 102.00 AAA 1,049,960 Civic Facility Revenue Bonds, USTA National Tennis Center Incorporated Project, Series 1994, 6.375%, 11/15/14 - FSA Insured 1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 1,000 Dormitory Authority of the State of New York, No Opt. Call AAA 1,164,580 Revenue Bonds, State University Educational Facilities, Series 1993A, 5.500%, 5/15/19 - AMBAC Insured 2,200 Dormitory Authority of the State of New York, Second No Opt. Call AAA 2,616,284 General Resolution Consolidated Revenue Bonds, City University System, Series 1993A, 5.750%, 7/01/18 - FSA Insured 3,000 Dormitory Authority of the State of New York, Insured 7/07 at 102.00 AAA 3,332,730 Revenue Bonds, New School for Social Research, Series 1997, 5.750%, 7/01/26 - MBIA Insured 1,500 Dormitory Authority of the State of New York, Insured 7/06 at 102.00 AAA 1,646,730 Revenue Bonds, St. John's University, Series 1996, 5.600%, 7/01/16 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured 9/06 at 102.00 AAA 2,165,140 Revenue Bonds, Long Island University, Series 1996, 5.500%, 9/01/26 - FSA Insured 5,000 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 Aaa 5,234,000 Revenue Bonds, Ithaca College, Series 1998, 5.000%, 7/01/21 - AMBAC Insured 1,500 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 1,694,655 Bonds, Upstate Community Colleges, Series 2000A, 5.750%, 7/01/29 - FSA Insured 3,215 Dormitory Authority of the State of New York, Revenue 7/10 at 101.00 AAA 2,402,344 Bonds, University of Rochester, Series 2000A, 0.000%, 7/01/24 - MBIA Insured 250 Dormitory Authority of the State of New York, Insured 7/10 at 101.00 AAA 291,080 Revenue Bonds, Pace University, Series 2000, 6.000%, 7/01/29 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Fourth 7/10 at 100.00 AAA 1,054,030 General Resolution Consolidated Revenue Bonds, City University System, Series 2000A, 5.125%, 7/01/22 - FGIC Insured Dormitory Authority of the State of New York, General Revenue Bonds, New York University, Series 2001-1: 1,500 5.500%, 7/01/24 - AMBAC Insured No Opt. Call AAA 1,731,645 500 5.500%, 7/01/40 - AMBAC Insured No Opt. Call AAA 589,335 810 Dormitory Authority of the State of New York, Insured 7/11 at 100.00 AAA 857,304 Revenue Bonds, Yeshiva University, Series 2001, 5.000%, 7/01/20 - AMBAC Insured 1,270 Dormitory Authority of the State of New York, 5/12 at 101.00 AAA 1,388,212 Revenue Bonds, State University Educational Facilities, Series 2002A, 5.000%, 5/15/16 - FGIC Insured 37 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 19.7% New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2003A: $ 1,625 5.250%, 2/15/21 - AMBAC Insured 2/13 at 100.00 AAA $ 1,759,599 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 102.00 AAA 3,185,340 Mortgage Hospital Revenue Bonds, Ellis Hospital, Series 1995, 5.600%, 8/01/25 - MBIA Insured 1,500 Dormitory Authority of the State of New York, Revenue 1/08 at 102.00 AAA 1,597,230 Bonds, Vassar Brothers Hospital, Series 1997, 5.250%, 7/01/17 - FSA Insured 2,910 Dormitory Authority of the State of New York, 2/08 at 101.00 AAA 2,903,714 FHA-Insured Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 2,740 Dormitory Authority of the State of New York, 7/13 at 100.00 AAA 2,905,332 Revenue Bonds, Memorial Sloan Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 3,000 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 3,283,110 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Charles Hospital and Rehabilitation Center, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 3,450 Dormitory Authority of the State of New York, Revenue 7/11 at 101.00 AAA 3,659,381 Bonds, Winthrop-South Nassau University Health System Obligated Group, Series 2001A, 5.250%, 7/01/31 - AMBAC Insured 4,700 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 4,804,998 FHA-Insured Hospital Mortgage Revenue Refunding Bonds, New York and Presbyterian Hospital, Series 1994A, 5.375%, 2/15/25 - MBIA Insured 1,400 Dormitory Authority of the State of New York, 8/12 at 100.00 AAA 1,481,606 FHA-Insured Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.6% 2,035 New York State Housing Finance Agency, Mortgage 5/06 at 102.00 AAA 2,154,109 Revenue Refunding Bonds, Housing Project, Series 1996A, 6.125%, 11/01/20 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.4% 505 State of New York Mortgage Agency, Homeowner 4/04 at 102.00 Aa1 505,485 Mortgage Revenue Bonds, Series 30C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 1,000 Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 1,138,770 Revenue Bonds, WSNCHS East, Inc. Project, Series 2000B, 6.000%, 8/01/24 - MBIA Insured 850 Dormitory Authority of the State of New York, Insured 7/11 at 102.00 AAA 890,664 Revenue Bonds, NYSARC Inc., Series 2001A, 5.000%, 7/01/26 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 11.4% 1,510 Erie County, New York, General Obligation Bonds, 6/05 at 101.50 AAA 1,602,140 Series 1995B, 5.625%, 6/15/20 - FGIC Insured Erie County, New York, General Obligation Bonds, Series 2003A: 500 5.250%, 3/15/15 - FGIC Insured 3/13 at 100.00 Aaa 561,245 500 5.250%, 3/15/16 - FGIC Insured 3/13 at 100.00 Aaa 558,410 600 5.250%, 3/15/17 - FGIC Insured 3/13 at 100.00 Aaa 667,194 600 5.250%, 3/15/18 - FGIC Insured 3/13 at 100.00 Aaa 664,308 210 Nassau County, New York, General Obligation No Opt. Call AAA 244,259 Serial Improvement Bonds, Series 1993H, 5.500%, 6/15/16 - MBIA Insured 2,000 New York City, New York, General Obligation Bonds, 2/08 at 101.00 AAA 2,194,220 Series 1998F, 5.250%, 8/01/16 - FGIC Insured 2,500 New York City, New York, General Obligation Bonds, 8/14 at 100.00 AAA 2,726,350 Fiscal Series 2004I, 5.000%, 8/01/17 (WI, settling 4/01/04) - MBIA Insured 2,115 Niagara Falls, Niagara County, New York, General No Opt. Call AAA 2,639,393 Obligation Water Treatment Plant Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) - MBIA Insured 1,000 Niagara Falls, Niagara County, New York, Public No Opt. Call AAA 1,319,290 Improvement Serial Bonds, Series 1994, 7.500%, 3/01/13 - MBIA Insured 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 Red Hook Central School District, Dutchess County, 6/12 at 100.00 Aaa $ 1,084,890 New York, General Obligation Refunding Bonds, Series 2002, 5.125%, 6/15/18 - FSA Insured County of Suffolk, New York, Public Improvement Serial Bonds, Series 2000A: 500 6.000%, 5/01/19 - MBIA Insured 5/10 at 101.00 AAA 585,235 500 6.000%, 5/01/20 - MBIA Insured 5/10 at 101.00 AAA 585,780 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 38.9% 750 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA 858,292 School Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/19 - FSA Insured 1,350 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 1,518,574 Service Contract Bonds, Series 2002B, 5.500%, 7/01/18 - MBIA Insured Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds, Series 2002A: 1,500 5.750%, 7/01/18 - FSA Insured No Opt. Call AAA 1,794,690 1,500 5.500%, 1/01/20 - MBIA Insured 7/12 at 100.00 AAA 1,670,055 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,081,440 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 2,675,975 1,000 5.000%, 11/15/32 - FSA Insured 11/12 at 100.00 AAA 1,039,340 Nassau County Interim Finance Authority, New York, Sales Tax Secured Revenue Bonds, Series 2003A: 1,000 5.000%, 11/15/18 - AMBAC Insured No Opt. Call AAA 1,082,080 580 4.750%, 11/15/21 - AMBAC Insured 11/13 at 100.00 AAA 598,746 580 4.750%, 11/15/22 - AMBAC Insured 11/13 at 100.00 AAA 595,527 500 New York City Transit Authority, New York, Metropolitan 1/10 at 101.00 AAA 572,175 Transportation Authority, Triborough Bridge and Tunnel Authority, 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 Series 2003C: 1,000 5.250%, 8/01/20 - AMBAC Insured 8/12 at 100.00 AAA 1,087,420 2,345 5.250%, 8/01/21 - AMBAC Insured 8/12 at 100.00 AAA 2,541,347 1,500 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,584,885 Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 1,083,290 Future Tax Secured Bonds, Fiscal Series 2003E, 5.250%, 2/01/22 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 1,077,640 Future Tax Secured Bonds, Fiscal Series Series 2004C, 5.000%, 2/01/19 - XLCA Insured 1,000 Dormitory Authority of the State of New York, New York 5/10 at 101.00 AAA 1,130,420 City, Court Facilities Lease Revenue Bonds, Series 1999, 5.750%, 5/15/30 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Department 7/14 at 100.00 AAA 1,065,580 of Health Revenue Bonds, Series 2004-2, 5.000%, 7/01/21 (WI, Settling 4/06/04) - FGIC Insured 215 Dormitory Authority of the State of New York, 8/10 at 100.00 AAA 224,866 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 - FSA Insured 2,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 2,084,220 Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 - FGIC Insured Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2002D: 4,300 5.250%, 10/01/23 - MBIA Insured 10/12 at 100.00 AAA 4,637,507 875 5.000%, 10/01/30 - MBIA Insured 10/12 at 100.00 AAA 911,584 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 605,920 600 5.375%, 4/01/18 - AMBAC Insured 4/12 at 100.00 AAA 664,884 1,000 5.000%, 4/01/20 - AMBAC Insured 4/12 at 100.00 AAA 1,061,210 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 1,652,640 1,000 5.250%, 4/01/18 - FSA Insured 4/12 at 100.00 AAA 1,097,420 1,250 New York State Thruway Authority, Highway and 4/13 at 100.00 AAA 1,352,887 Bridge Trust Fund Bonds, Second General, Series 2003, 5.250%, 4/01/23 - MBIA Insured 39 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2004: $ 1,000 5.000%, 4/01/20 - MBIA Insured 4/14 at 100.00 AAA $ 1,073,650 1,000 5.000%, 4/01/23 - MBIA Insured 4/14 at 100.00 AAA 1,060,170 1,900 New York State Urban Development Corporation, No Opt. Call AAA 2,173,410 Revenue Bonds, Correctional Facilities, Series 1994A, 5.250%, 1/01/14 - FSA Insured 2,000 New York State Urban Development Corporation, 3/13 at 100.00 AAA 2,231,080 State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1, 5.500%, 3/15/21 - FGIC Insured 1,000 Puerto Rico Highway and Transportation Authority, No Opt. Call AAA 1,174,190 Highway Revenue Refunding Bonds, Series 2002E, 5.500%, 7/01/18 - FSA Insured 810 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 942,459 Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 - MBIA Insured 1,500 Suffolk County Judicial Facilities Agency, New York, 10/09 at 101.00 AAA 1,624,365 Service Agreement Revenue Bonds, John P. Colahan Court Complex, Series 1999, 5.000%, 4/15/16 - AMBAC Insured 3,800 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 4,113,994 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.0% Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 500 5.500%, 11/15/19 - AMBAC Insured 11/12 at 100.00 AAA 560,605 1,750 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 1,831,620 2,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,093,280 Transportation Revenue Refunding Bonds, Series 2002E, 5.000%, 11/15/25 - MBIA Insured 500 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 538,075 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 1,000 The Port Authority of New York and New Jersey, 10/07 at 101.00 AAA 1,085,760 Consolidated Bonds, One Hundred Twentieth Series 2000, 5.750%, 10/15/26 (Alternative Minimum Tax) - MBIA Insured Triborough Bridge and Tunnel Authority, New York, General Revenue Refunding Bonds, Subordinate Lien, Series 2002E: 780 5.500%, 11/15/20 - MBIA Insured No Opt. Call AAA 911,157 2,300 5.250%, 11/15/22 - MBIA Insured 11/12 at 100.00 AAA 2,489,497 ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 10.1% Longwood Central School District, Suffolk County, New York, Series 2000: 500 5.750%, 6/15/19 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 592,515 500 5.750%, 6/15/20 (Pre-refunded to 6/15/11) - FGIC Insured 6/11 at 101.00 Aaa 592,515 1,500 Metropolitan Transportation Authority, New York, 10/15 at 100.00 AAA 1,659,030 Dedicated Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 (Pre-refunded to 10/01/15) - FGIC Insured 500 Metropolitan Transportation Authority, New York, 10/14 at 100.00 AAA 567,545 Dedicated Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 (Pre-refunded to 10/01/14) - FSA Insured 2,000 Metropolitan Transportation Authority, New York, 4/10 at 100.00 AAA 2,365,160 Dedicated Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 (Pre-refunded to 4/01/10) - FGIC Insured 1,000 County of Nassau, New York, General Obligation 3/10 at 100.00 AAA 1,162,210 Improvement Bonds, Series 2000E, 6.000%, 3/01/19 (Pre-refunded to 3/01/10) - FSA Insured 1,500 New York City, New York, General Obligation Bonds, 8/04 at 100.00 AAA 1,522,920 Fiscal Series 1990F, 6.000%, 8/01/19 - FGIC Insured 340 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 407,942 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) - MBIA Insured 2,000 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 2,320,080 Revenue Bonds, State University Dormitory Facilities, Series 1999C, 5.500%, 7/01/29 (Pre-refunded to 7/01/09) - MBIA Insured 1,785 Dormitory Authority of the State of New York, 5/10 at 100.00 AAA 2,038,666 Improvement Revenue Bonds, Mental Health Services Facilities, Series 2000D, 5.250%, 8/15/30 (Pre-refunded to 5/15/10) - FSA Insured 440 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 525,369 Highway Revenue Bonds, Series 2000B, 5.875%, 7/01/35 (Pre-refunded to 7/01/10) - MBIA Insured 40 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.6% 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 $ 7,908,300 2,000 5.250%, 12/01/26 - MBIA Insured 6/08 at 101.00 AAA 2,113,580 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 500 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 519,595 625 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 660,794 2,280 New York State Energy Research and Development 5/04 at 101.00 AAA 2,350,566 Authority, Adjustable Rate Gas Facilities Revenue Bonds, The Brooklyn Union Gas Company Project, Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) - MBIA Insured 2,500 New York State Energy Research and Development 7/05 at 102.00 AAA 2,669,975 Authority, 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 5/04 at 100.00 AAA 6,293,675 Authority, 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 - 8.1% 1,830 Monroe County Water Authority, New York, Water 8/11 at 101.00 AAA 1,944,650 Revenue Bonds, Series 2001, 5.250%, 8/01/36 - MBIA Insured 500 New York City Municipal Water Finance Authority, 6/06 at 101.00 AAA 543,820 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1996B, 5.750%, 6/15/26 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, 6/07 at 101.00 AAA 1,101,050 New York, Water and Sewer System Revenue Bonds, Fiscal Series 1997B, 5.750%, 6/15/29 - FSA Insured 1,800 New York City Municipal Water Finance Authority, 6/09 at 101.00 AAA 1,965,834 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000A, 5.500%, 6/15/32 - FGIC Insured 1,170 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,277,780 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 - MBIA Insured 1,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 1,056,680 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002A, 5.250%, 6/15/33 - FGIC Insured 1,660 New York City Municipal Water Finance Authority, 6/10 at 101.00 AAA 1,958,351 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2000B, 6.100%, 6/15/31 - MBIA Insured 1,000 Suffolk County Water Authority, New York, Water No Opt. Call AAA 1,134,250 System Revenue Refunding Bonds, Series 1993, 5.100%, 6/01/12 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 183,965 Total Long-Term Investments (cost $184,067,503) - 146.8% 198,988,688 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.2% 250 Puerto Rico Government Development Bank, A-1 250,000 Adjustable Refunding Bonds, Variable Rate Demand Obligations, Series 1985, 0.920%, 12/01/15 - MBIA Insured+ ------------------------------------------------------------------------------------------------------------------------------------ $ 250 Total Short-Term Investments (cost $250,000) 250,000 =============----------------------------------------------------------------------------------------------------------------------- Total Investments (cost $184,317,503) - 147.0% 199,238,688 -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.0% 1,289,164 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.0)% (65,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 135,527,852 ==================================================================================================================== All of the bonds in the portfolio, excluding temporary investments in short-term municipal securities, 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. + 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. 41 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 5.4% $ 930 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 917,808 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 3,390 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 BBB 3,232,772 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 1,000 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 995,010 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 1,685 TSASC, Inc., New York, Tobacco Asset-Backed Bonds, 7/12 at 100.00 BBB 1,647,391 Series 2002-1, 5.500%, 7/15/24 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 13.8% 4,000 New York City Trust for Cultural Resources, New York, 7/12 at 100.00 AAA 4,216,960 Revenue Bonds, Museum of Modern Art, Series 2001D, 5.125%, 7/01/31 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 4,000 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 4,379,320 Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 3,250 Dormitory Authority of the State of New York, Revenue No Opt. Call AAA 3,968,478 Bonds, New York University, Series 1998A, 6.000%, 7/01/18 - MBIA Insured 1,280 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 1,339,904 Revenue Bonds, New York Medical College, Series 1998, 5.000%, 7/01/21 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Second 7/10 at 101.00 AAA 2,372,540 General Resolution Consolidated Revenue Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.1% 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 1,624,245 1,000 5.250%, 2/15/22 - AMBAC Insured 2/13 at 100.00 AAA 1,078,210 2,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 1,995,680 Mortgage Hospital Revenue Bonds, New York and Presbyterian Hospital, Series 1998, 4.750%, 8/01/27 - AMBAC Insured 1,725 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AAA 1,829,087 Bonds, Memorial Sloan Kettering Cancer Center, Series 2003-1, 5.000%, 7/01/21 - MBIA Insured 600 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 628,518 Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 9,800 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 10,878,294 Mortgage Revenue Bonds, New York Hospital Medical Center of Queens, Series 1999, 5.600%, 2/15/39 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Hospital 7/09 at 101.00 AAA 2,193,860 Revenue Bonds, Catholic Health Services of Long Island Obligated Group - St. Francis Hospital, Series 1999A, 5.500%, 7/01/22 - MBIA Insured 2,500 Dormitory Authority of the State of New York, Secured 2/08 at 101.50 AAA 2,747,275 Hospital Revenue Bonds, Bronx Lebanon Hospital, Series 1998E, 5.200%, 2/15/15 - MBIA Insured 1,400 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 1,481,606 Mortgage Hospital Revenue Bonds, St. Barnabas Hospital, Series 2002A, 5.125%, 2/01/22 - AMBAC Insured Suffolk County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Huntington Hospital Project, Series 2002C: 725 6.000%, 11/01/22 11/12 at 100.00 Baa1 782,674 1,045 5.875%, 11/01/32 11/12 at 100.00 Baa1 1,096,748 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.4% New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2002A: 2,725 5.375%, 11/01/23 (Alternative Minimum Tax) 5/12 at 100.00 AA 2,902,071 1,375 5.500%, 11/01/34 (Alternative Minimum Tax) 5/12 at 100.00 AA 1,453,898 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) Dormitory Authority of the State of New York, GNMA Collateralized Revenue Bonds, Willow Towers, Inc., Series 2002: $ 1,000 5.250%, 2/01/22 8/12 at 101.00 AAA $ 1,071,810 2,500 5.400%, 2/01/34 8/12 at 101.00 AAA 2,674,175 ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.8% 1,000 New York State Mortgage Agency, Mortgage Revenue 7/10 at 100.00 AAA 1,065,140 Bonds, Twenty Fourth Series 2000, 5.875%, 10/01/15 (Alternative Minimum Tax) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 13.1% Buffalo, New York, General Obligation Bonds, Series 2002B: 1,490 5.375%, 11/15/18 - MBIA Insured 11/12 at 100.00 AAA 1,661,678 2,375 5.375%, 11/15/20 - MBIA Insured 11/12 at 100.00 AAA 2,622,903 Canandaigua City School District, Ontario County, New York, General Obligation Refunding Bonds, Series 2002A: 1,240 5.375%, 4/01/17 - FSA Insured 4/12 at 101.00 Aaa 1,387,833 1,355 4.000%, 4/01/19 - FSA Insured 4/12 at 101.00 Aaa 1,334,702 Clarence Central School District, Erie County, New York, General Obligation Refunding Bonds, Series 2002: 1,285 4.000%, 5/15/19 - FSA Insured 5/12 at 100.00 Aaa 1,265,597 1,335 4.000%, 5/15/20 - FSA Insured 5/12 at 100.00 Aaa 1,298,568 200 County of Nassau, New York, General Obligation Serial 11/07 at 102.00 AAA 219,918 General Improvement Bonds, Series X, 5.100%, 11/01/16 (DD, settling 4/01/04) - AMBAC Insured 3,000 New York City, New York, General Obligation Bonds, 3/11 at 101.00 AAA 3,293,490 Fiscal Series 2001H, 5.250%, 3/15/16 - FGIC Insured 3,250 New York City, New York, General Obligation Bonds, 3/12 at 100.00 AAA 3,423,387 Fiscal Series 2002C, 5.125%, 3/15/25 - FSA Insured ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 42.6% 400 Erie County Industrial Development Authority, New York, 5/12 at 100.00 AAA 456,884 School Facility Revenue Bonds, Buffalo City School District, Series 2003, 5.750%, 5/01/20 - FSA Insured 4,000 Metropolitan Transportation Authority, New York, State 7/12 at 100.00 AAA 4,179,760 Service Contract Refunding Bonds, Series 2002A, 5.000%, 7/01/25 - FGIC Insured 2,290 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,451,193 Dedicated Tax Fund Bonds, Series 2002A, 5.250%, 11/15/25 - FSA Insured 1,000 Nassau County Interim Finance Authority, New York, No Opt. Call AAA 1,082,080 Sales Tax Secured Revenue Bonds, Series 2003A, 5.000%, 11/15/18 - AMBAC Insured 4,245 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 4,480,088 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, 11/11 at 101.00 AAA 5,533,850 Future Tax Secured Bonds, Fiscal Series 2002B, 5.250%, 5/01/16 - MBIA Insured 1,000 New York City Transitional Finance Authority, New York, 8/12 at 100.00 AAA 1,083,730 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/21 - AMBAC Insured 500 New York City Transitional Finance Authority, New York, 2/14 at 100.00 AAA 538,820 Future Tax Secured Bonds, Fiscal Series 2004C, 5.000%, 2/01/19 - XLCA Insured 250 Dormitory Authority of the State of New York, Insured 7/08 at 101.00 AAA 273,348 Revenue Bonds, 853 Schools Program, 1998 Issue 2, Vanderheyden Hall Inc., Series 1998F, 5.250%, 7/01/18 - AMBAC Insured 3,000 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 3,152,490 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,000 New York State Local Government Assistance Corporation, 10/08 at 101.00 AAA 1,088,250 Revenue Bonds, Series 1998A, 5.000%, 4/01/15 3,000 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 3,235,470 Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 5,000 New York State Thruway Authority, Highway and Bridge 4/12 at 100.00 AAA 5,264,200 Trust Fund Bonds, Series 2002A, 5.000%, 4/01/22 - FSA Insured 43 Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 New York State Thruway Authority, Highway and Bridge 4/13 at 100.00 AAA $ 1,082,310 Trust Fund Bonds, Second General, Series 2003, 5.250%, 4/01/23 - MBIA Insured 8,600 New York State Urban Development Corporation, No Opt. Call AAA 10,130,628 Revenue Refunding Bonds, State Facilities, Series 1995, 5.700%, 4/01/20 - FSA Insured 3,000 New York State Urban Development Corporation, 3/12 at 100.00 AA 3,141,540 State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002A, 5.125%, 3/15/27 New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1: 1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,119,540 1,500 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,673,310 New York Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1: 1,400 5.250%, 6/01/20 - AMBAC Insured 6/13 at 100.00 AAA 1,538,194 1,000 5.250%, 6/01/22 - AMBAC Insured 6/13 at 100.00 AAA 1,082,630 750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 827,408 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 9.2% Metropolitan Transportation Authority, New York, Transportation Revenue Refunding Bonds, Series 2002A: 2,000 5.125%, 11/15/22 - FGIC Insured 11/12 at 100.00 AAA 2,136,300 4,000 5.000%, 11/15/25 - FGIC Insured 11/12 at 100.00 AAA 4,186,560 85 Niagara Frontier Transportation Authority, New York, 4/09 at 101.00 AAA 91,473 Revenue Bonds, Buffalo Niagara International Airport, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) - MBIA Insured 4,000 The Port Authority of New York and New Jersey, 8/08 at 101.00 AAA 4,283,040 Consolidated Bonds, One Hundred Twenty Fourth Series 2001, 5.000%, 8/01/11 (Alternative Minimum Tax) - FGIC Insured 780 Triborough Bridge and Tunnel Authority, New York, No Opt. Call AAA 911,157 General Revenue Refunding Bonds, Subordinate Lien, Series 2002E, 5.500%, 11/15/20 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 10.2% 1,000 Nassau County Interim Finance Authority, New York, 11/10 at 100.00 AAA 1,116,630 Sales Tax Secured Revenue Bonds, Series 2000A, 5.375%, 11/15/17 (Pre-refunded to 11/15/10) - MBIA Insured 2,000 Dormitory Authority of the State of New York, 1/08 at 102.00 AAA 2,256,720 Third General Resolution Consolidated Revenue Bonds, City University System, Series 1997-1, 5.125%, 7/01/27 (Pre-refunded to 1/01/08) - MBIA Insured 935 New York State Housing Finance Agency, State University No Opt. Call AAA 1,177,754 Construction Bonds, Series 1986A, 8.000%, 5/01/11 4,750 Dormitory Authority of the State of New York, Revenue 5/12 at 101.00 AAA 5,397,853 Bonds, State University Educational Facilities, Series 2002A, 5.000%, 5/15/27 (Pre-refunded to 5/15/12) - FGIC Insured 2,575 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 2,871,177 Obligation Bonds, Series 2000A, 5.500%, 10/01/40 ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.6% 1,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 1,054,440 General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 - FSA Insured Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 5,000 5.000%, 9/01/27 - FSA Insured 9/11 at 100.00 AAA 5,195,950 2,715 5.250%, 9/01/28 - FSA Insured 9/11 at 100.00 AAA 2,870,488 5,000 New York State Energy Research and Development 11/08 at 102.00 AAA 5,226,400 Authority, 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 7/10 at 101.00 AAA 5,355,550 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured 1,090 Westchester County, New York, Industrial Development 7/07 at 101.00 BBB 1,167,836 Agency, Resource Recovery Revenue Bonds, Westchester RESCO Company Project, Series 1996, 5.500%, 7/01/09 (Alternative Minimum Tax) 44 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 7.5% $ 2,665 Albany Municipal Water Finance Authority, New York, 6/08 at 100.00 AAA $ 2,914,280 Second Resolution Revenue Bonds, Series 2003A, 5.250%, 12/01/18 - AMBAC Insured 2,170 New York City Municipal Water Finance Authority, 6/10 at 101.00 AA 2,369,900 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2001A, 5.500%, 6/15/33 3,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA 3,110,880 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured 1,000 Niagara Falls Public Water Authority, New York, 7/06 at 100.00 AAA 1,066,690 Water and Sewer Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 170,660 Total Long-Term Investments (cost $172,770,532) - 146.7% 184,383,111 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 2,312,570 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (48.5)% (61,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 125,695,681 ==================================================================================================================== At least 80% of the Fund's net assets (including net assets applicable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets applicable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: 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. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements. 45 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.4% $ 375 Puerto Rico, The Children's Trust Fund, Tobacco Settlement 5/12 at 100.00 BBB $ 370,084 Asset-Backed Refunding Bonds, Series 2002, 5.375%, 5/15/33 1,500 New York Counties Tobacco Trust III, Tobacco Settlement 6/13 at 100.00 BBB 1,492,515 Pass-Through Bonds, Series 2003, 5.750%, 6/01/33 450 TSASC Inc., New York, Tobacco Flexible Amortization 7/09 at 101.00 BBB 459,666 Bonds, Series 1999-1, 6.250%, 7/15/34 ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 22.5% 1,000 New York City Trust for Cultural Resources, New York, 1/07 at 102.00 AAA 1,088,910 Revenue Refunding Bonds, Museum of Modern Art, Series 1996A, 5.500%, 1/01/21 - AMBAC Insured 1,000 Dormitory Authority of the State of New York, Lease No Opt. Call AAA 1,124,760 Revenue Bonds, State University Dormitory Facilities, Series 2003B, 5.250%, 7/01/32 (Optional put 7/01/13) - XLCA Insured 395 Dormitory Authority of the State of New York, Lease 7/09 at 101.00 AAA 411,317 Revenue Bonds, State University Dormitory Facilities, Series 1999B, 5.125%, 7/01/28 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Insured No Opt. Call AAA 2,189,660 Revenue Bonds, Mount Sinai School of Medicine, Series 1994A, 5.150%, 7/01/24 - MBIA Insured 1,000 Dormitory Authority of the State of New York, Second 7/10 at 101.00 AAA 1,186,270 General Resolution Consolidated Revenue Refunding Bonds, City University System, Series 2000A, 6.125%, 7/01/13 - AMBAC Insured 2,000 Dormitory Authority of the State of New York, Insured 9/12 at 100.00 AA 2,068,640 Revenue Bonds, Long Island University, Series 2003A, 5.000%, 9/01/32 - RAAI Insured 1,000 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 AA 1,033,220 Bonds, Mount St. Mary College, Series 2003, 5.000%, 7/01/32 - RAAI Insured 2,500 Dormitory Authority of the State of New York, Revenue 7/12 at 100.00 Aaa 2,698,450 Bonds, Rochester Institute of Technology, Series 2002A, 5.250%, 7/01/22 - AMBAC Insured ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 17.8% 2,640 New York City Health and Hospitals Corporation, New York, 2/13 at 100.00 AAA 2,858,671 Health System Revenue Bonds, Series 2003A, 5.250%, 2/15/21 - AMBAC Insured 750 Dormitory Authority of the State of New York, Revenue 7/13 at 100.00 Baa1 785,648 Bonds, South Nassau Communities Hospital, Series 2003B, 5.500%, 7/01/23 500 Dormitory Authority of the State of New York, Revenue 5/13 at 100.00 A3 523,380 Bonds, North Shore Long Island Jewish Group, Series 2003, 5.375%, 5/01/23 2,000 Dormitory Authority of the State of New York, 2/13 at 100.00 AAA 2,081,720 FHA-Insured Mortgage Hospital Revenue Bonds, Lutheran Medical Center, Series 2003, 5.000%, 8/01/31 - MBIA Insured 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/12 at 100.00 AAA 3,116,850 Mortgage Hospital Revenue Bonds, St. 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, FHA-Insured 2/13 at 102.00 AAA 1,243,705 Mortgage Nursing Home Revenue Bonds, Shorefront Jewish Geriatric Center Inc., Series 2002, 5.200%, 2/01/32 ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 5.1% 2,400 New York City, New York, General Obligation Bonds, 8/08 at 101.00 AAA 2,488,848 Fiscal Series 1998H, 5.125%, 8/01/25 - MBIA Insured 195 State of New York, General Obligation Bonds, 3/08 at 101.00 AAA 210,372 Series 1998B, 5.000%, 3/01/17 - AMBAC Insured 46 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 63.4% 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 $ 1,044,940 2,000 5.000%, 7/01/30 - AMBAC Insured 7/12 at 100.00 AAA 2,081,440 1,975 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 2,052,697 Dedicated Tax 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+ 584,679 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 3,297,960 Future Tax Secured Bonds, Fiscal Series 2003C, 5.250%, 8/01/18 - AMBAC Insured 2,000 New York City Transitional Finance Authority, New York, 2/13 at 100.00 AAA 2,113,180 Future Tax Secured Refunding Bonds, Fiscal Series 2003D, 5.000%, 2/01/22 - MBIA Insured 2,000 Dormitory Authority of the State of New York, Improvement 8/09 at 101.00 AAA 2,101,660 Revenue Bonds, Mental Health Services Facilities, Series 1999D, 5.250%, 2/15/29 - FSA Insured 1,290 New York State Environmental Facilities Corporation, 1/13 at 100.00 AAA 1,359,518 State Personal Income Tax Revenue Bonds, Series 2002A, 5.000%, 1/01/23 - FGIC Insured 3,000 Dormitory Authority of the State of New York, Revenue 3/13 at 100.00 AAA 3,126,330 Bonds, State Personal Income Tax, Series 2003A, 5.000%, 3/15/32 - FGIC Insured 3,000 Dormitory Authority of the State of New York, Revenue 10/12 at 100.00 AAA 3,235,470 Bonds, School Districts Financing Program, Series 2002D, 5.250%, 10/01/23 - MBIA Insured 3,500 New York State Thruway Authority, Highway and 4/12 at 100.00 AAA 3,714,235 Bridge Trust Fund Bonds, Series 2002B, 5.000%, 4/01/20 - AMBAC Insured 100 New York State Urban Development Corporation, 1/08 at 102.00 AAA 105,117 Correctional Capital Facilities Revenue Refunding Bonds, Series 1998, 5.000%, 1/01/20 - MBIA Insured New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, State Facilities and Equipment, Series 2002C-1: 1,000 5.500%, 3/15/20 - FGIC Insured 3/13 at 100.00 AAA 1,119,540 1,000 5.500%, 3/15/21 - FGIC Insured 3/13 at 100.00 AAA 1,115,540 2,000 New York State Urban Development Corporation, No Opt. Call AA- 2,267,420 Service Contract Revenue Bonds, Correctional and Youth Facilities, Series 2002A, 5.500%, 1/01/17 (Mandatory put 1/01/11) 2,095 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 2,327,901 Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 - AMBAC Insured 700 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AAA 769,097 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/20 - AMBAC Insured 750 New York Tobacco Settlement Financing Corporation, 6/13 at 100.00 AA- 827,408 Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/21 ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.1% 1,000 Metropolitan Transportation Authority, New York, 11/12 at 100.00 AAA 1,046,640 Transportation Revenue Refunding Bonds, Series 2002A, 5.000%, 11/15/25 - FGIC Insured 3,030 The Port Authority of New York and New Jersey, 11/12 at 101.00 AAA 3,218,648 Consolidated Bonds, One Hundred Twenty Eighth Series 2002, 5.000%, 11/01/22 - FSA Insured 1,975 Triborough Bridge and Tunnel Authority, New York, 1/12 at 100.00 AAA 2,070,017 General Purpose Revenue Bonds, Series 2002A, 5.125%, 1/01/31 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 2.2% 990 Dormitory Authority of the State of New York, 7/09 at 101.00 AAA 1,130,233 Lease Revenue Bonds, State University Dormitory Facilities, Series 1999B, 5.125%, 7/01/28 (Pre-refunded to 7/01/09) - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 16.2% 4,000 Long Island Power Authority, New York, Electric System 6/08 at 101.00 AAA 4,217,760 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 2,130,280 Bonds, Series 2002A, 5.000%, 11/15/20 2,000 Puerto Rico Electric Power Authority, Power Revenue 7/10 at 101.00 AAA 2,142,220 Bonds, Series 2000HH, 5.250%, 7/01/29 - FSA Insured 47 Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK) (continued) Portfolio of INVESTMENTS March 31, 2004 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION(1) PROVISIONS* RATINGS** VALUE ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.7% $ 1,000 New York City Municipal Water Finance Authority, 6/11 at 100.00 AAA $ 1,036,960 New York, Water and Sewer System Revenue Bonds, Fiscal Series 2002F, 5.000%, 6/15/29 - MBIA Insured 870 Niagara Falls Public Water Authority, New York, 7/06 at 100.00 AAA 928,020 Water and Sewer Revenue Bonds, Series 2003A, 5.500%, 7/15/24 - MBIA Insured ------------------------------------------------------------------------------------------------------------------------------------ $ 73,725 Total Long-Term Investments (cost $75,535,236) - 149.8% 78,597,596 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 874,979 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.5)% (27,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 52,472,575 ==================================================================================================================== At least 80% of the Fund's net assets (including net assets applicable to Preferred shares) are invested in municipal securities that are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance which ensures the timely payment of principal and interest. Up to 20% of the Fund's net assets (including net assets applicable to Preferred shares) may be invested in municipal securities that are (i) either backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities (also ensuring the timely payment of principal and interest), or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. (1) All percentages shown in the Portfolio of Investments are based on net assets applicable to Common shares. * Optional Call Provisions: 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. See accompanying notes to financial statements. 48 Statement of ASSETS AND LIABILITIES March 31, 2004 (Unaudited) NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $395,538,663, $524,289,793 and $533,827,327, respectively) $433,876,328 $571,579,861 $579,401,334 Cash 4,688,979 2,357,262 1,067,011 Receivables: Interest 6,227,959 7,826,569 8,187,979 Investments sold 1,090,630 2,849,331 6,516,122 Other assets 13,838 30,464 23,347 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 445,897,734 584,643,487 595,195,793 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- -- Payable for investments purchased 7,736,320 10,213,780 10,879,273 Accrued expenses: Management fees 238,759 310,955 316,069 Other 90,662 116,288 86,495 Preferred share dividends payable 7,173 23,331 22,605 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 8,072,914 10,664,354 11,304,442 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 144,000,000 193,000,000 197,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $293,824,820 $380,979,133 $386,891,351 ==================================================================================================================================== Common shares outstanding 17,710,210 23,420,962 24,083,739 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.59 $ 16.27 $ 16.06 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 177,102 $ 234,210 $ 240,837 Paid-in surplus 248,673,839 327,691,821 335,102,932 Undistributed (Over-distribution of) net investment income 3,529,736 4,448,679 4,462,599 Accumulated net realized gain (loss) from investments 3,106,478 1,314,355 1,510,976 Net unrealized appreciation of investments 38,337,665 47,290,068 45,574,007 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $293,824,820 $380,979,133 $386,891,351 ==================================================================================================================================== 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. 49 Statement of ASSETS AND LIABILITIES March 31, 2004 (Unaudited) (continued) INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments, at market value (cost $184,317,503, $172,770,532 $199,238,688 $184,383,111 $78,597,596 and $75,535,236, respectively) Cash 1,856,587 -- -- Receivables: Interest 2,860,752 2,640,817 997,471 Investments sold 606,592 -- -- Other assets 3,502 1,906 570 ------------------------------------------------------------------------------------------------------------------------------------ Total assets 204,566,121 187,025,834 79,595,637 ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- 4,110 73,585 Payable for investments purchased 3,868,160 225,256 -- Accrued expenses: Management fees 110,972 55,371 22,492 Other 57,015 36,089 22,857 Preferred share dividends payable 2,122 9,327 4,128 ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 4,038,269 330,153 123,062 ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value 65,000,000 61,000,000 27,000,000 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $135,527,852 $125,695,681 $52,472,575 ==================================================================================================================================== Common shares outstanding 8,325,354 7,957,934 3,511,954 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 16.28 $ 15.80 $ 14.94 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 83,254 $ 79,579 $ 35,120 Paid-in surplus 118,342,346 112,920,370 49,488,287 Undistributed (Over-distribution of) net investment income 1,451,008 422,353 (74,458) Accumulated net realized gain (loss) from investments 730,059 660,800 (38,734) Net unrealized appreciation of investments 14,921,185 11,612,579 3,062,360 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $135,527,852 $125,695,681 $52,472,575 ==================================================================================================================================== Authorized shares: Common 200,000,000 Unlimited Unlimited Preferred 1,000,000 Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 50 Statement of OPERATIONS Six Months Ended March 31, 2004 (Unaudited) NEW YORK NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $10,903,101 $14,167,127 $14,178,171 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,396,702 1,813,569 1,844,397 Preferred shares - auction fees 180,493 241,911 246,926 Preferred shares - dividend disbursing agent fees 15,041 15,041 20,055 Shareholders' servicing agent fees and expenses 22,013 22,752 22,389 Custodian's fees and expenses 46,076 64,079 63,969 Directors'/Trustees' fees and expenses 5,464 7,329 7,505 Professional fees 10,110 13,273 13,541 Shareholders' reports - printing and mailing expenses 10,373 15,544 17,365 Stock exchange listing fees 7,762 7,762 7,762 Investor relations expense 21,218 27,293 27,999 Portfolio insurance expense -- 9,009 -- Other expenses 19,268 19,747 20,126 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 1,734,520 2,257,309 2,292,034 Custodian fee credit (2,793) (9,527) (8,893) Expense reimbursement -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 1,731,727 2,247,782 2,283,141 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 9,171,374 11,919,345 11,895,030 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investments 3,102,767 1,413,264 1,551,308 Change in net unrealized appreciation (depreciation) of investments 818,049 4,958,777 4,187,782 ------------------------------------------------------------------------------------------------------------------------------------ Net gain from investments 3,920,816 6,372,041 5,739,090 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (261,215) (519,115) (566,059) From accumulated net realized gains from investments (486,403) (466,684) (373,896) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (747,618) (985,799) (939,955) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $12,344,572 $17,305,587 $16,694,165 ==================================================================================================================================== See accompanying notes to financial statements. 51 Statement of OPERATIONS Six Months Ended March 31, 2004 (Unaudited) (continued) ) INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK DIVIDEND TAX-FREE PREMIUM INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $4,890,704 $4,375,102 $1,829,407 ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 645,263 598,909 255,425 Preferred shares - auction fees 81,473 76,459 33,842 Preferred shares - dividend disbursing agent fees 10,027 5,014 5,014 Shareholders' servicing agent fees and expenses 8,039 612 255 Custodian's fees and expenses 25,877 21,572 7,496 Directors'/Trustees' fees and expenses 2,544 1,934 1,183 Professional fees 7,729 8,605 5,486 Shareholders' reports - printing and mailing expenses 7,209 8,936 6,860 Stock exchange listing fees 5,583 470 154 Investor relations expense 8,654 20,268 3,186 Portfolio insurance expense 169 -- -- Other expenses 8,156 7,608 5,676 ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 810,723 750,387 324,577 Custodian fee credit (1,855) (1,709) (5,332) Expense reimbursement -- (278,163) (125,748) ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 808,868 470,515 193,497 ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 4,081,836 3,904,587 1,635,910 ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investments 850,542 661,484 40,183 Change in net unrealized appreciation (depreciation) of investments 845,753 2,975,344 1,768,317 ------------------------------------------------------------------------------------------------------------------------------------ Net gain from investments 1,696,295 3,636,828 1,808,500 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From net investment income (205,265) (194,904) (101,747) From accumulated net realized gains from investments -- (75,265) -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (205,265) (270,169) (101,747) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $5,572,866 $7,271,246 $3,342,663 ==================================================================================================================================== See accompanying notes to financial statements. 52 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 3/31/04 9/30/03 3/31/04 9/30/03 3/31/04 9/30/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 9,171,374 $ 18,869,363 $ 11,919,345 $ 24,527,580 $ 11,895,030 $ 24,292,247 Net realized gain (loss) from investments 3,102,767 7,981,910 1,413,264 6,775,711 1,551,308 6,479,256 Change in net unrealized appreciation (depreciation) of investments 818,049 (9,304,924) 4,958,777 (8,859,561) 4,187,782 (9,075,144) Distributions to Preferred Shareholders: From net investment income (261,215) (1,208,221) (519,115) (1,611,498) (566,059) (1,510,699) From accumulated net realized gains from investments (486,403) (151,496) (466,684) (281,037) (373,896) (486,976) ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 12,344,572 16,186,632 17,305,587 20,551,195 16,694,165 19,698,684 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (8,829,184) (16,814,518) (11,184,146) (21,972,723) (11,073,206) (21,988,456) From accumulated net realized gains from investments (7,179,886) (1,534,544) (6,416,699) (3,314,902) (6,168,948) (4,600,972) ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (16,009,070) (18,349,062) (17,600,845) (25,287,625) (17,242,154) (26,589,428) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 176,898 -- -- -- -- -- Preferred shares offering costs -- -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 176,898 -- -- -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (3,487,600) (2,162,430) (295,258) (4,736,430) (547,989) (6,890,744) Net assets applicable to Common shares at the beginning of period 297,312,420 299,474,850 381,274,391 386,010,821 387,439,340 394,330,084 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $293,824,820 $297,312,420 $380,979,133 $381,274,391 $386,891,351 $387,439,340 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 3,529,736 $ 3,448,761 $ 4,448,679 $ 4,232,595 $ 4,462,599 $ 4,206,834 ==================================================================================================================================== See accompanying notes to financial statements. 53 Statement of CHANGES IN NET ASSETS (Unaudited) (continued) INSURED NEW YORK INSURED NEW YORK INSURED NEW YORK PREMIUM INCOME (NNF) DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) ------------------------------ --------------------------------- ----------------------------------- FOR THE PERIOD 11/21/02 (COMMENCEMENT SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS) 3/31/04 9/30/03 3/31/04 9/30/03 3/31/04 THROUGH 9/30/03 ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 4,081,836 $ 8,459,375 $ 3,904,587 $ 7,947,267 $ 1,635,910 $ 2,380,938 Net realized gain (loss) from investments 850,542 3,382,024 661,484 992,274 40,183 (78,963) Change in net unrealized appreciation (depreciation) of investments 845,753 (4,497,058) 2,975,344 (3,501,754) 1,768,317 1,294,043 Distributions to Preferred Shareholders: From net investment income (205,265) (557,201) (194,904) (606,361) (101,747) (172,209) From accumulated net realized gains from investments -- -- (75,265) (73,477) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 5,572,866 6,787,140 7,271,246 4,757,949 3,342,663 3,423,809 ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From net investment income (3,845,070) (7,626,486) (3,557,196) (7,114,395) (1,527,459) (2,289,845) From accumulated net realized gains from investments -- -- (918,355) (623,098) -- -- ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,845,070) (7,626,486) (4,475,551) (7,737,493) (1,527,459) (2,289,845) ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- 50,032,500 Net proceeds from shares issued to shareholders due to reinvestment of distributions 65,463 -- -- -- 12,366 60,431 Preferred shares offering costs -- -- (1,401) (12,480) -- (682,165) ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares from capital share transactions 65,463 -- (1,401) (12,480) 12,366 49,410,766 ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares 1,793,259 (839,346) 2,794,294 (2,992,024) 1,827,570 50,544,730 Net assets applicable to Common shares at the beginning of period 133,734,593 134,573,939 122,901,387 125,893,411 50,645,005 100,275 ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $135,527,852 $133,734,593 $125,695,681 $122,901,387 $52,472,575 $50,645,005 ==================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 1,451,008 $ 1,419,507 $ 422,353 $ 269,866 $ (74,458) $ (81,162) ==================================================================================================================================== See accompanying notes to financial statements. 54 Notes to FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The New York Funds (the "Funds") covered in this report and their corresponding Common share stock exchange symbols are Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF), Nuveen Insured New York Dividend Advantage Municipal Fund (NKO) and Nuveen Insured New York Tax-Free Advantage Municipal Fund (NRK). All of the Funds' Common shares trade on the New York Stock Exchange, with the exception of Insured New York Dividend Advantage's (NKO) Common shares and Insured New York Tax-Free Advantage's (NRK) Common shares, which trade on the American Stock Exchange. The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end management investment companies. Prior to the commencement of operations of Insured New York Tax-Free Advantage (NRK), the Fund had no operations other than those related to organizational matters, the initial capital contribution of $100,275 by Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of Nuveen Investments, Inc. and the recording of the organization expenses ($11,500) and their reimbursement by Nuveen Investments, LLC, also a wholly owned subsidiary of Nuveen Investments, Inc. Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax applicable to individuals, by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers, evaluations of anticipated cash flows or collateral and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Directors/Trustees of the Funds, or its designee, may establish a fair value for the security. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2004, 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 or delayed delivery purchase commitments of $7,736,320, $10,213,780, $10,213,780, $3,868,160 and $225,256, respectively. 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. Investment Income also includes paydown gains and losses, if any. 55 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net investment income to its shareholders. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, and in the case of Insured New York Tax-Free Advantage (NRK) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Dividends and Distributions to Common Shareholders Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to Common shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Preferred Shares The Funds have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set pursuant to a dutch auction process by the auction agent, and is payable at or near the end of each rate period. The number of Preferred shares outstanding, by Series and in total, for each Fund is as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) -------------------------------------------------------------------------------------------------------- Number of shares: Series M 960 -- 2,200 1,320 -- -- Series T 2,400 1,720 -- 1,280 -- -- Series W -- 2,400 2,200 -- -- -- Series TH -- 3,600 2,400 -- 2,440 1,080 Series F 2,400 -- 1,080 -- -- -- -------------------------------------------------------------------------------------------------------- Total 5,760 7,720 7,880 2,600 2,440 1,080 ======================================================================================================== Effective January 17, 2003, Insured New York Tax-Free Advantage (NRK) issued 1,080 Series TH $25,000 stated value Preferred shares. Insurance New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium Income (NNF) invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Insured New York Dividend Advantage (NKO) and Insured New York Tax-Free Advantage (NRK) invest at least 80% of their net assets (including net assets applicable to Preferred shares) in municipal securities that are covered by insurance. Each Fund may also invest up to 20% of its net assets (including net assets applicable to Preferred shares) in municipal securities which are either (i) backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, or (ii) municipal bonds that are rated, at the time of investment, within the four highest grades (Baa or BBB or better by Moody's, S&P or Fitch) or unrated but judged to be of comparable quality by the Adviser. 56 Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' Common shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the Common share net asset value of the Funds include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Derivative Financial Instruments The Funds may invest in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended March 31, 2004. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Offering Costs Nuveen Investments, LLC has agreed to pay all Common share offering costs (other than the sales load) that exceed $.03 per Common share for Insured New York Tax-Free Advantage (NRK). Insured New York Tax-Free Advantage's (NRK) share of Common share offering costs ($105,000) was recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by Insured New York Tax-Free Advantage (NRK) in connection with its offering of Preferred shares ($682,165) was recorded as a reduction to paid-in surplus. Indemnifications Under the Funds' organizational documents, its Officers and Directors/Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. 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 3/31/04 9/30/03 3/31/04 9/30/03 ------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 10,721 -- -- -- ------------------------------------------------------------------------------------------------------- 10,721 -- -- -- ======================================================================================================= Preferred shares sold -- -- -- -- ======================================================================================================= 57 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) NEW YORK QUALITY INSURED NEW YORK INCOME (NUN) PREMIUM INCOME (NNF) --------------------- ----------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/04 9/30/03 3/31/04 9/30/03 -------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- 4,041 -- -------------------------------------------------------------------------------------------------------- -- -- 4,041 -- ======================================================================================================== Preferred shares sold -- -- -- -- ======================================================================================================== INSURED NEW YORK INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) TAX-FREE ADVANTAGE (NRK) ------------------------ ------------------------ FOR THE PERIOD 11/21/02 (COMMENCE- MENT OF SIX MONTHS YEAR SIX MONTHS OPERATIONS) ENDED ENDED ENDED THROUGH 3/31/04 9/30/03 3/31/04 9/30/03 -------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- 3,500,000 Shares issued to shareholders due to reinvestment of distributions -- -- 831 4,123 -------------------------------------------------------------------------------------------------------- -- -- 831 3,504,123 ======================================================================================================== Preferred shares sold -- -- -- 1,080 ======================================================================================================== 3. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities during the six months ended March 31, 2004, were as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) -------------------------------------------------------------------------------------------------------- Purchases $20,264,398 $27,370,287 $21,516,050 $16,365,998 $11,017,716 $5,941,548 Sales and maturities 26,274,267 16,629,633 24,668,287 15,635,390 11,817,160 6,071,493 ======================================================================================================== 58 4. INCOME TAX INFORMATION The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to the treatment of paydown gains and losses on investments, timing differences in recognizing income on taxable market discount securities and timing differences in recognizing certain gains and losses on security transactions. At March 31, 2004, 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 $395,324,931 $524,170,093 $533,639,433 ================================================================================ INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) -------------------------------------------------------------------------------- Cost of investments $184,243,832 $172,743,370 $75,535,196 ================================================================================ Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 2004, were as follows: NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY QUALITY QUALITY INCOME (NQN) (NVN) (NUN) ------------------------------------------------------------------------------- Gross unrealized: Appreciation $38,904,379 $47,851,594 $46,218,017 Depreciation (352,982) (441,826) (456,116) ------------------------------------------------------------------------------- Net unrealized appreciation of investments $38,551,397 $47,409,768 $45,761,901 =============================================================================== INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK PREMIUM DIVIDEND TAX-FREE INCOME ADVANTAGE ADVANTAGE (NNF) (NKO) (NRK) ------------------------------------------------------------------------------- Gross unrealized: Appreciation $15,178,036 $11,726,175 $3,062,813 Depreciation (183,180) (86,434) (413) ------------------------------------------------------------------------------- Net unrealized appreciation of investments $14,994,856 $11,639,741 $3,062,400 =============================================================================== The tax components of undistributed net investment income and net realized gains at September 30, 2003, the Funds' last fiscal year end, were as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) ---------------------------------------------------------------------------------------------------------------------- Undistributed net tax-exempt income $4,442,077 $5,949,434 $5,827,843 $1,999,011 $846,669 $176,878 Undistributed net ordinary income * 184,151 13,244 19,927 1,378 408,937 -- Undistributed net long-term capital gains 7,670,000 6,784,474 6,511,723 -- 584,000 -- ====================================================================================================================== * Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. 59 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) The tax character of distributions paid during the fiscal year ended September 30, 2003, the Funds' last fiscal year end, was designated for purposes of the dividends paid deduction as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) ---------------------------------------------------------------------------------------------------------- Distributions from net tax-exempt income $17,957,938 $23,493,789 $23,515,811 $8,183,306 $7,725,104 $2,203,834 Distributions from net ordinary income * -- 67,701 212,163 -- 696,575 -- Distributions from net long-term capital gains 1,686,039 3,595,939 4,875,784 -- -- -- ========================================================================================================== * Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. At September 30, 2003, 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: 2009 $120,690 -------------------------------------------------------------------------------- Total $120,690 ================================================================================ Insured New York Tax-Free Advantage (NRK) elected to defer net realized losses from investments incurred from November 1, 2002 through September 30, 2003 ("post-October losses") in accordance with Federal income tax regulations. Insured New York Tax-Free Advantage (NRK) had $78,917 of post-October losses that were treated as having arisen on the first day of the current fiscal year. 60 5. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and InsuredNew York Premium Income (NNF) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For the next $3 billion .5875 For net assets over $5 billion .5750 ================================================================================ Under Insured New York Dividend Advantage's (NKO) and Insured New York Tax-Free Advantage's (NRK) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets (including net assets attributable to Preferred shares) of each Fund as follows: AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE -------------------------------------------------------------------------------- For the first $125 million .6500% For the next $125 million .6375 For the next $250 million .6250 For the next $500 million .6125 For the next $1 billion .6000 For net assets over $2 billion .5750 ================================================================================ The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. For the first ten years of Insured New York Dividend Advantage's (NKO) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING MARCH 31, MARCH 31, -------------------------------------------------------------------------------- 2002* .30% 2008 .25% 2003 .30 2009 .20 2004 .30 2010 .15 2005 .30 2011 .10 2006 .30 2012 .05 2007 .30 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured New York Dividend Advantage (NKO) for any portion of its fees and expenses beyond March 31, 2012. For the first eight years of Insured New York Tax-Free Advantage's (NRK) operations, the Adviser has agreed to reimburse the Fund, as a percentage of average daily net assets (including net assets attributable to Preferred shares), for fees and expenses in the amounts and for the time periods set forth below: YEAR ENDING YEAR ENDING NOVEMBER 30, NOVEMBER 30, -------------------------------------------------------------------------------- 2002* .32% 2007 .32% 2003 .32 2008 .24 2004 .32 2009 .16 2005 .32 2010 .08 2006 .32 ================================================================================ * From the commencement of operations. The Adviser has not agreed to reimburse Insured New York Tax-Free Advantage (NRK) for any portion of its fees and expenses beyond November 30, 2010. 61 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 6. SUBSEQUENT EVENT -- DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid on May 3, 2004, to shareholders of record on April 15, 2004, as follows: INSURED INSURED INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK INVESTMENT SELECT QUALITY PREMIUM DIVIDEND TAX-FREE QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE (NQN) (NVN) (NUN) (NNF) (NKO) (NRK) --------------------------------------------------------------------------------------------------------- Dividend per share $.0815 $.0795 $.0765 $.0770 $.0745 $.0725 ========================================================================================================= 62 Financial HIGHLIGHTS (Unaudited) 63 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ---------------------------------------------------------------- ------------------------------ Distributions Distributions from Net from From Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== NEW YORK INVESTMENT QUALITY (NQN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) $16.80 $ .52 $ .22 $(.01) $(.03) $ .70 $ (.50) $(.41) $ (.91) 2003 16.92 1.07 (.07) (.07) (.01) .92 (.95) (.09) (1.04) 2002 15.67 1.09 1.20 (.10) (.01) 2.18 (.88) (.05) (.93) 2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84) 2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92) 1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09) (1.09) NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) 16.28 .51 .27 (.02) (.02) .74 (.48) (.27) (.75) 2003 16.48 1.05 (.09) (.07) (.01) .88 (.94) (.14) (1.08) 2002 15.41 1.09 1.13 (.09) (.04) 2.09 (.89) (.13) (1.02) 2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87) 2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93) 1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04) (1.03) NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) 16.09 .49 .24 (.02) (.02) .69 (.46) (.26) (.72) 2003 16.37 1.01 (.11) (.06) (.02) .82 (.91) (.19) (1.10) 2002 15.20 1.07 1.10 (.11) -- 2.06 (.88) (.01) (.89) 2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85) 2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90) 1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97) ==================================================================================================================================== Total Returns ------------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ==================================================================================== NEW YORK INVESTMENT QUALITY (NQN) ------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) $-- $16.59 $16.6400 14.41% 4.23% 2003 -- 16.80 15.3800 3.63 5.68 2002 -- 16.92 15.8600 14.54 14.52 2001 -- 15.67 14.7200 12.44 14.12 2000 -- 14.50 13.8750 (1.52) 7.10 1999 (.02) 14.44 15.0625 (8.13) (2.45) NEW YORK SELECT QUALITY (NVN) ------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) -- 16.27 16.3500 12.56 4.65 2003 -- 16.28 15.2200 4.57 5.63 2002 -- 16.48 15.6200 15.35 14.27 2001 -- 15.41 14.5000 10.43 11.99 2000 -- 14.57 13.9375 (2.92) 6.14 1999 (.02) 14.64 15.3750 (3.33) (2.11) NEW YORK QUALITY INCOME (NUN) ------------------------------------------------------------------------------------ Year Ended 9/30: 2004(a) -- 16.06 15.7300 10.60 4.34 2003 -- 16.09 14.8900 4.37 5.32 2002 -- 16.37 15.3500 13.79 14.14 2001 -- 15.20 14.3300 12.63 11.39 2000 -- 14.44 13.5000 (3.79) 5.74 1999 (.02) 14.54 15.0000 (4.13) (2.60) ==================================================================================== Ratios/Supplemental Data ----------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** ------------------------------ ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate ================================================================================================================= NEW YORK INVESTMENT QUALITY (NQN) ----------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(a) $293,825 1.17%* 6.19%* 1.17%* 6.19%* 5% 2003 297,312 1.19 6.42 1.18 6.42 19 2002 299,475 1.22 6.90 1.21 6.92 9 2001 277,380 1.27 7.29 1.24 7.31 21 2000 256,711 1.26 8.39 1.24 8.41 32 1999 255,347 1.22 7.78 1.22 7.79 17 NEW YORK SELECT QUALITY (NVN) ----------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(a) 380,979 1.18* 6.23* 1.18* 6.23* 3 2003 381,274 1.19 6.49 1.18 6.50 16 2002 386,011 1.23 7.06 1.22 7.07 15 2001 360,809 1.28 7.59 1.26 7.61 31 2000 341,311 1.28 8.49 1.28 8.49 20 1999 342,282 1.19 7.75 1.18 7.75 13 NEW YORK QUALITY INCOME (NUN) ----------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(a) 386,891 1.18* 6.12* 1.18* 6.12* 4 2003 387,439 1.20 6.31 1.19 6.32 14 2002 394,330 1.24 7.02 1.23 7.03 32 2001 365,974 1.26 7.62 1.24 7.63 13 2000 347,716 1.22 8.31 1.22 8.31 15 1999 349,932 1.18 7.46 1.17 7.47 7 ================================================================================================================= Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ============================================================== NEW YORK INVESTMENT QUALITY (NQN) -------------------------------------------------------------- Year Ended 9/30: 2004(a) $144,000 $25,000 76,011 2003 144,000 25,000 76,617 2002 144,000 25,000 76,992 2001 144,000 25,000 73,156 2000 144,000 25,000 69,568 1999 144,000 25,000 69,331 NEW YORK SELECT QUALITY (NVN) -------------------------------------------------------------- Year Ended 9/30: 2004(a) 193,000 25,000 74,350 2003 193,000 25,000 74,388 2002 193,000 25,000 75,001 2001 193,000 25,000 71,737 2000 193,000 25,000 69,211 1999 193,000 25,000 69,337 NEW YORK QUALITY INCOME (NUN) -------------------------------------------------------------- Year Ended 9/30: 2004(a) 197,000 25,000 74,098 2003 197,000 25,000 74,167 2002 197,000 25,000 75,042 2001 197,000 25,000 71,443 2000 197,000 25,000 69,126 1999 197,000 25,000 69,408 ============================================================== * 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 at net asset value, reinvested capital gains distributions at net asset value, 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, 2004. See accompanying notes to financial statements. 64-65 SPREAD Financial HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period: Investment Operations Less Distributions ---------------------------------------------------------------- ------------------------------ Distributions Distributions from Net from From Net Beginning Net Investment Capital Investment Capital Common Realized/ Income to Gains to Income to Gains to Share Net Unrealized Preferred Preferred Common Common Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) holders+ holders+ Total holders holders Total ==================================================================================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(c) $16.07 $ .49 $ .20 $(.02) $-- $ .67 $(.46) $-- $(.46) 2003 16.17 1.02 (.13) (.07) -- .82 (.92) -- (.92) 2002 15.26 1.06 .83 (.10) -- 1.79 (.88) -- (.88) 2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81) 2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82) 1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83) INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(c) 15.44 .49 .47 (.02) (.01) .93 (.45) (.12) (.57) 2003 15.82 1.00 (.32) (.08) (.01) .59 (.89) (.08) (.97) 2002(a) 14.33 .41 1.62 (.04) -- 1.99 (.37) -- (.37) INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2004(c) 14.42 .47 .52 (.03) -- .96 (.44) -- (.44) 2003(b) 14.33 .68 .34 (.05) -- .97 (.65) -- (.65) ==================================================================================================================================== Total Returns ------------------- Based Offering on Costs and Ending Common Preferred Common Based Share Share Share Ending on Net Underwriting Net Asset Market Market Asset Discounts Value Value Value** Value** ====================================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) -------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) $-- $16.28 $16.2900 11.02% 4.23% 2003 -- 16.07 15.1000 .56 5.26 2002 -- 16.17 15.9400 15.88 12.21 2001 -- 15.26 14.5700 15.32 13.11 2000 -- 14.24 13.3750 (.96) 6.38 1999 -- 14.20 14.3750 (3.37) (4.33) INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) -------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) -- 15.80 15.3500 11.44 6.07 2003 -- 15.44 14.3000 (.77) 4.01 2002(a) (.13) 15.82 15.3900 5.16 13.18 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) -------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) -- 14.94 15.0300 12.93 6.71 2003(b) (.23) 14.42 13.7100 (4.40) 5.29 ====================================================================================== Ratios/Supplemental Data ----------------------------------------------------------------------------------------- Before Credit/Reimbursement After Credit/Reimbursement*** ------------------------------ ----------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Net to Average Average to Average Average Assets Net Assets Net Assets Net Assets Net Assets Applicable Applicable Applicable Applicable Applicable Portfolio to Common to Common to Common to Common to Common Turnover Shares (000) Shares++ Shares++ Shares++ Shares++ Rate =================================================================================================================== INSURED NEW YORK PREMIUM INCOME (NNF) ------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) $135,528 1.20%* 6.03%* 1.20%* 6.03%* 8% 2003 133,735 1.21 6.38 1.21 6.38 21 2002 134,574 1.25 6.92 1.24 6.92 17 2001 126,648 1.29 7.24 1.28 7.25 8 2000 118,171 1.30 7.80 1.29 7.81 17 1999 117,800 1.29 7.03 1.29 7.03 8 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) 125,696 1.20* 5.81* .75* 6.26* 6 2003 122,901 1.20 6.07 .74 6.53 15 2002(a) 125,893 1.15* 5.07* .65* 5.57* 29 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2004(c) 52,473 1.25* 5.82* .75* 6.32* 8 2003(b) 50,645 1.19* 5.10* .70* 5.59* 5 =================================================================================================================== Preferred Shares at End of Period -------------------------------------- Aggregate Liquidation Amount and Market Asset Outstanding Value Coverage (000) Per Share Per Share ================================================================= INSURED NEW YORK PREMIUM INCOME (NNF) ----------------------------------------------------------------- Year Ended 9/30: 2004(c) $65,000 $25,000 $77,126 2003 65,000 25,000 76,436 2002 65,000 25,000 76,759 2001 65,000 25,000 73,711 2000 65,000 25,000 70,450 1999 65,000 25,000 70,308 INSURED NEW YORK DIVIDEND ADVANTAGE (NKO) ----------------------------------------------------------------- Year Ended 9/30: 2004(c) 61,000 25,000 76,515 2003 61,000 25,000 75,369 2002(a) 61,000 25,000 76,596 INSURED NEW YORK TAX-FREE ADVANTAGE (NRK) ----------------------------------------------------------------- Year Ended 9/30: 2004(c) 27,000 25,000 73,586 2003(b) 27,000 25,000 71,894 ================================================================= * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Common Share Net Asset Value is the combination of reinvested dividend income at net asset value, reinvested capital gains distributions at net asset value, if any, and changes in Common share net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to Preferred shareholders; income ratios reflect income earned on assets attributable to Preferred shares. (a) For the period March 25, 2002 (commencement of operations) through September 30, 2002. (b) For the period November 21, 2002 (commencement of operations) through September 30, 2003. (c) For the six months ended March 31, 2004. See accompanying notes to financial statements. 66-67 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. 68 Fund INFORMATION BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Jack B. Evans William C. Hunter Anne E. Impellizzeri William L. Kissick Thomas E. Leafstrand Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Sheila W. Wellington FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN State Street Bank & Trust Boston, MA TRANSFER AGENT AND SHAREHOLDER SERVICES State Street Bank & Trust Nuveen Funds P.O. Box 43071 Providence, RI 02940-3071 (800) 257-8787 LEGAL COUNSEL Chapman and Cutler LLP Chicago, IL INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL POLICY CHANGE On February 25, 2004, the Board approved policies that would allow NKO at the discretion of the Adviser, to engage in certain types of derivative transactions for the purpose of hedging interest rate risk. There is no guarantee that the Adviser will cause a Fund to enter into such transactions. If a Fund were to engage in hedging, there is no guarantee that such hedging will be successful. PROXY VOTING POLICIES AND PROCEDURES A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling Nuveen Investments at (800) 257-8787; and (ii) on the Commission's website at http://www.sec.gov. 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 period ended March 31, 2004. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 69 Serving Investors FOR GENERATIONS Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions. For the past century, Nuveen Investments has adhered to the belief that the best approach to investing is to apply conservative risk-management principles to help minimize volatility. Building on this tradition, we today offer a range of high quality equity and fixed-income solutions that are integral to a well-diversified core portfolio. Our clients have come to appreciate this diversity, as well as our continued adherence to proven, long-term investing principles. Managing $90 billion in assets, Nuveen Investments offers access to a number of different asset classes and investing solutions through a variety of products. Nuveen Investments markets its capabilities under four distinct brands: Nuveen, a leader in tax-free investments; NWQ, a leader in value-style equities; Rittenhouse, a leader in growth-style equities; and Symphony, a leading institutional manager of market-neutral alternative investment portfolios. To learn more about the products and services Nuveen Investments offers and for a prospectus, where applicable, talk to your financial advisor, or call us at (800) 257-8787. Please read the information carefully before you invest. Distributed by NUVEEN INVESTMENTS, LLC | 333 West Wacker Drive | Chicago, Illinois 60606 | www.nuveen.com ESA-B-0304D ITEM 2. CODE OF ETHICS. Not applicable to this filing. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable to this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable to this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable to this filing. ITEM 6. SCHEDULE OF INVESTMENTS. Not applicable at this time. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to this filing. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable at this time. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. In the event of a vacancy on the Board, the nominating and governance committee receives suggestions from various sources as to suitable candidates. Suggestions should be sent in writing to Lorna Ferguson, Vice President for Board Relations, Nuveen Investments, 333 West Wacker Drive, Chicago, IL 60606. The nominating and governance committee sets appropriate standards and requirements for nominations for new directors and reserves the right to interview all candidates and to make the final selection of any new directors. ITEM 10. CONTROLS AND PROCEDURES. (a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. File the exhibits listed below as part of this Form. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT attached hereto. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable at this time. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Nuveen Insured New York Tax-Free Advantage Municipal Fund ----------------------------------------------------------- By (Signature and Title)* /s/ Jessica R. Droeger ---------------------------------------------- Jessica R. Droeger Vice President and Secretary Date: June 9, 2004 ------------------------------------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title)* /s/ Gifford R. Zimmerman ---------------------------------------------- Gifford R. Zimmerman Chief Administrative Officer (Principal Executive Officer) Date: June 9, 2004 ------------------------------------------------------------------- By (Signature and Title)* /s/ Stephen D. Foy ---------------------------------------------- Stephen D. Foy Vice President and Controller (Principal Financial Officer) Date: June 9, 2004 ------------------------------------------------------------------- * Print the name and title of each signing officer under his or her signature.