-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Vs7AVTGyOcuKVwsrzCKZsHszYLJyBkG/Ksx/zUvjj332njYgn9BgmegDHCs1K4+W VmFiLWP4vbDwhTOOy8BtPA== 0000891804-02-001100.txt : 20020607 0000891804-02-001100.hdr.sgml : 20020607 20020605101444 ACCESSION NUMBER: 0000891804-02-001100 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020331 FILED AS OF DATE: 20020605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK MUNICIPAL VALUE FUND INC CENTRAL INDEX KEY: 0000818850 STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-05238 FILM NUMBER: 02670457 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: 333 W. WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 nv26573.txt FSA-1-3-02 Nuveen Municipal Closed-End Exchange-Traded Funds SEMIANNUAL REPORT March 31, 2002 NEW YORK NNY NNP NQN NVN NUN NNF NAN NXK [photos of women smiling and woman with child] Dependable, tax-free income because IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R) THE NUVEEN INVESTOR See Page 13 [LOGO: NUVEEN Investments] RECEIVE YOUR NUVEEN FUND UPDATES FASTER THAN EVER! By registering for online access, you can view and save on your computer the Fund information you currently receive in the mail. This information then can be retrieved any time, and you can select only the specific pages you want to view or print. Once you sign up, you'll receive an e-mail notice the moment Fund reports are ready. This notice will contain a link to the report - all you have to do is click on the internet address provided. You'll be saving time, as well as saving printing and distribution expenses for your Fund. Registering for electronic access is easy and only takes a few minutes. (see instructions at right) Your e-mail address is strictly confidential and will not be used for anything other than notifications of shareholder information. And if you decide you don't like receiving your reports electronically, it's a simple process to go back to regular mail delivery. [LOGO: NUVEEN Investments] SIGN UP TODAY -- HERE'S ALL YOU NEED TO DO... IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COMEFROM YOUR FINANCIAL ADVISOR BROKERAGE ACCOUNT, FOLLOW THE STEPS OUTLINED BELOW: 1 G0 to WWW.INVESTORDELIVERY.COM 2 Look at the address sheet that accompanied this report. Enter the personal 13-CHARACTER ENROLLMENT NUMBER imprinted near your name on the address sheet. 3 You'll be taken to a page with several options. Select the NEW ENROLLMENT-CREATE screen. Once there, enter your e-mail address (e.g. yourID@providerID.com), and a personal, 4-digit PIN of your choice. (Pick a number that's easy to remember.) 4 Click Submit. Confirm the information you just entered is correct, then click Submit again. 5 You should get a confirmation e-mail within 24 hours. If you do not, go back through these steps to make sure all the information is correct. 6 Use this same process if you need to change your registration information or cancel internet viewing. IF YOUR NUVEEN FUND DIVIDENDS AND STATEMENTS COME DIRECTLY TO YOU FROM NUVEEN, FOLLOW THE STEPS OUTLINED BELOW: 1 Go to WWW.NUVEEN.COM 2 Select the Access Account tab. Select the E-REPORT ENROLLMENT section. Click on Enrollment Page. 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. Dear SHAREHOLDER [photo of: Timothy R. Schwertfeger] Timothy R. Schwertfeger Chairman of the Board " I URGE YOU TO CONSIDER RECEIVING FUTURE FUND REPORTS AND OTHER INFORMATION ELECTRONICALLY ...SEE THE INSIDE FRONT COVER OF THIS REPORT FOR DETAILED INSTRUCTIONS." I am pleased to report that during the period covered by this report, your Fund continued to meet its primary objective of providing attractive monthly income, while at the same time offering opportunities to reduce overall portfolio volatility. Detailed information on your Fund's performance can be found in the Portfolio Manager's Comments and Performance Overview sections of this report. I urge you to take the time to read them. I also urge you to consider receiving future Fund reports and other information electronically via the Internet and e-mail rather than in hard copy. Not only will you be able to receive the information faster, but this also may help lower Fund expenses. Sign up is quick and easy - see the inside front cover of this report for detailed instructions. In addition to providing you with steady tax-free income, your Nuveen Fund also features several characteristics that can help make it an essential part of your overall investment strategy. These include careful research, constant surveillance and judicious trading by Nuveen's seasoned portfolio management team, with every action designed to supplement income, improve Fund structure, better adapt to current market conditions or increase diversification. In uncertain markets like these, prudent investors understand the importance of diversification, balance, and risk management, all attributes your Nuveen Fund can bring to your portfolio. For more than 100 years, Nuveen has specialized in offering quality investments such as these Nuveen Funds to those seeking to accumulate and preserve wealth. Our mission continues to be to assist you and your financial advisor by offering the investment services and products that can help you meet your financial objectives. We thank you for continuing to choose Nuveen Investments as a partner as you work toward that goal. /s/ Timothy R. Schwertfeger TIMOTHY R. SCHWERTFEGER Chairman of the Board May 15, 2002 1 Nuveen New York Municipal Closed-End Exchange-Traded Funds (NNY, NNP, NQN, NVN, NUN, NNF, NAN, NXK) Portfolio Manager's COMMENTS Portfolio manager Paul Brennan reviews economic and market conditions, key strategies, and recent Fund performance. Paul has eleven years of investment management experience, and has managed the Nuveen New York Funds since 1999, adding the Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) upon its inception in March 2001. WHAT WERE THE MAJOR DRIVERS OF THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING THIS REPORTING PERIOD? The two major forces at work during the twelve months ended March 31, 2002, were the general slowdown in economic growth and the Federal Reserve's aggressive easing of short-term interest rates. In addition, the events of September 11, 2001, and the uncertain geopolitical climate that followed also have impacted the economy and the markets. In the fixed-income markets, the general environment of the past twelve months helped many municipal securities perform well. The trend toward increased issuance established in 2001 continued in the first three months of 2002, with $67.4 billion in new supply nationwide, up 10% over January March 2001. On the demand side, municipal bonds continued to be highly sought after by individual investors looking for diversification, tax-free income and an alternative to a volatile stock market. Institutional investors, especially traditional purchasers such as insurance companies and pension plans, also have been active buyers in the new issue market. HOW WAS THE ECONOMIC AND MARKET ENVIRONMENT IN NEW YORK? As the state most directly impacted by the terrorist attacks, New York continues to grapple with the aftermath of September 11, which exacerbated the general economic slowing already taking place. Declining revenues from income, sales, and capital gains taxes, compounded by multi-billion dollar losses in the financial and tourism industries, resulted in budget deficits for both the state and New York City. Over the past twelve months, New York's financial, insurance, and real estate sector lost more than 33,000 jobs, and state unemployment as a whole rose 1.5%, reaching 6.2% in March 2002, compared with 5.7% at the national level. Currently, the state government is reviewing initiatives designed to close its budget gap, which is projected at $9 billion through fiscal 2003. New York City, which is facing a $5 billion deficit in fiscal 2003, has increased the city's cigarette tax and is studying proposals for aggressive budget cuts. Despite these factors, the municipal market in New York continued to perform exceptionally well. Credit ratings for state-issued debt remained intact at A2/AA/AA, while New York City bonds were affirmed at A2/A/A+. During the first three months of 2002, New York issued $4.5 billion in new municipal bonds. Although this represents a 12% decline from January-March 2001, we expect this situation to reverse itself in coming months, with numerous deals already listed on the state and city calendars. In addition, the state recently revamped its reimbursement procedures for local school districts, which will require these districts to refinance existing debt. This is expected to bring hundreds of deals to market through the end of 2002. Overall, both individual and institutional investors continued to be strong buyers of New York bonds, with demand at times outpacing the relatively tighter supply during the first quarter of 2002. HOW DID THE NUVEEN NEW YORK FUNDS PERFORM OVER THE PAST 12 MONTHS? During the twelve months ended March 31, 2002, the Fed's policy of interest rate easing, combined with favorable market technicals, created a generally positive total return environment for municipal bonds. While concerns about 2 the potential strength of an economic recovery sparked some volatility in the bond market during the last two months of 2001, the first quarter of 2002 saw many municipal bonds outperform their taxable counterparts. Individual results for the Nuveen New York Funds are presented in the accompanying table. TOTAL RETURN LEHMAN LIPPER MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 - ---------------------------------------------------------------- 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 3/31/02 EQUIVALENT3 3/31/02 3/31/02 3/31/02 - ---------------------------------------------------------------- NNY 5.35% 8.23% 3.56% 3.82% 3.50% - ---------------------------------------------------------------- NNP 6.21% 9.55% 4.48% 3.82% 3.50% - ---------------------------------------------------------------- NQN 6.12% 9.42% 4.10% 3.88% 3.54% - ---------------------------------------------------------------- NVN 6.33% 9.74% 3.65% 3.88% 3.54% - ---------------------------------------------------------------- NUN 6.15% 9.46% 3.41% 3.88% 3.54% - ---------------------------------------------------------------- NNF 6.10% 9.38% 4.05% 3.88% 3.54% - ---------------------------------------------------------------- NAN 6.22% 9.57% 4.38% 3.82% 3.50% - ---------------------------------------------------------------- NXK 6.38% 9.82% 4.29% 3.82% 3.50% - ---------------------------------------------------------------- Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. Overall, the market environment of the past twelve months favored funds with longer durations4. As of March 31, 2002, the durations of the four insured New York Funds - NQN, NVN, NUN, and NNF - ranged from 8.88 to 11.71, compared with 7.73 for the unleveraged Lehman Brothers New York Insured Tax-Exempt Bond Index. NNP and NAN had durations of 11.35 and 11.14, respectively, compared with 7.23 for the Lehman New York Tax-Exempt Index, while the unleveraged NNY had an average duration of 6.30. The duration of NXK, which was established in 2001, was 14.01, which we believe is typical of newer Funds. Over time, we plan to move this duration in line with the other Nuveen New York Municipal Closed-End Exchange-Traded Funds. The relative performances of these Funds were also influenced by market activity, portfolio structure, including call exposure, and individual holdings. The total returns of NVN and NUN, in particular, were impacted by heavier call exposure over the past twelve months. These two Funds have now worked through many of their calls and, after 2002, it is expected they will have very little call exposure over the next four years. HOW DID THE MARKET ENVIRONMENT AFFECT THE FUNDS' DIVIDENDS AND SHARE PRICES? With the Fed's interest rate cuts, the dividend-payment capabilities of these Funds (with the exception of unleveraged NNY) benefited from the use of leverage, a strategy that can potentially enhance the dividends paid to common shareholders. This benefit is tied in part to the short-term rates the leveraged Funds pay their MuniPreferred, shareholders. For example, declining short-term rates can enable the Funds to reduce the amount of income they pay preferred shareholders, which can leave more earnings to support common share dividends. During the year ended March 31, 2002, our prudent use of leverage and steady or falling short-term interest rates enabled us to implement four dividend increases in NNP, NQN, and NNF, three increases in NAN, two increases in NVN and NUN, and one increase in NXK. However, the unleveraged NNY was unable to participate in the benefits offered by this strategy over the past twelve months, and the Fund's dividend was reduced in December 2001. Over the next twelve months, the level of short-term rates, the number of bond calls, and the interest rates at which we can reinvest the proceeds of any calls will continue to influence the dividends of the Nuveen New York Funds. Over the past year, all of the Funds except NNP and NNF experienced a decline in share price. As a result, NAN moved from a premium (share price above NAV) to a discount (share price below NAV), while the remaining Funds continued to trade at a discount over the past twelve months. - -------------------------------------------------------------------------------- [sidebar footnotes]: 1 The performance of the insured Nuveen New York Funds is compared with that of the Lehman Brothers New York Insured Tax-Exempt Bond Index, an unleveraged index comprising a broad range of insured New York municipal bonds, while the perfor mance of the non-insured Funds is compared with that of the Lehman New York Tax-Exempt Bond Index, an unleveraged index comprising a broad range of investment-grade New York municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The total returns of the insured Funds are compared with the average annualized return of the 9 funds in the Lipper New York Insured Municipal Debt Funds category, while the non-insured Funds are compared with the average annualized return of the 12 funds in the Lipper New York Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 The taxable-equivalent yield represents the yield that must be earned on a taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. The taxable-equivalent yield is based on the Fund's market yield on the indicated date and a combined federal and state income tax rate of 35%. 4 Duration is a measure of a Fund's NAV volatility in reaction to interest rate movements. Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. With the exception of NNY, which is unleveraged, references to duration in this commentary are intended to indicate Fund duration unless otherwise noted. - -------------------------------------------------------------------------------- WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK FUNDS DURING THE YEAR ENDED MARCH 31, 2002? In investing new cash and proceeds from sales and bond calls over the past twelve months, we focused on attractive bonds with the potential to support the Funds' long-term dividend-payment capabilities, enhance total return potential, and add value and diversification. In the non-insured Funds, we found value in lower-rated bonds, particularly in the healthcare sector. This sector, which has benefited from stabilizing finances, remains an important strategic selection for us, providing attractive income as well as competitive total returns. In the insured Funds, we emphasized yield curve positioning. Despite fewer opportunities resulting from lighter supply in the New York market during the past few months, the Funds benefited 3 from strong security selection and our ability to enhance earnings through the use of leverage. In view of recent world events, maintaining strong credit quality also remained a primary area of emphasis. The noninsured Funds continued to offer excellent credit quality, with allocations of bonds rated AAA/U.S. guaranteed and AA ranging from 71% to 82% as of March 31, 2002. The insured Funds, NQN, NVN, NUN, and NNF are 100% invested in insured and/or U.S. guaranteed securities. Over the past few years, we have worked to position the Funds to benefit from an eventual debt restructuring by the Metropolitan Transportation Authority (MTA), increasing our exposure to this issuer as opportunities allowed. This restructuring is now on the calendar to start in 2002 as part of a five-year capital improvement plan by the MTA, North America's largest transit network. The advance refunding of these bonds (if it occurs as scheduled) should enhance the value of these securities and also provide stronger upside potential. As of April 10, 2002, Standard & Poor's has upgraded the MTA's credit rating to A from BBB+, an indication of the resilience of New York state and city agencies in the aftermath of September 11. The credit ratings of the Port Authority of New York and New Jersey, which recently auctioned bonds for the first time since the September 11 attacks, were affirmed at pre-September levels (A1/AA-/AA-). In addition, all three rating agencies have revised their outlooks from negative to stable, citing the Port Authority's improving passenger trends, diverse revenue stream, and considerable reserves. In terms of bond calls, the Funds offer excellent levels of call protection in 2002 and 2003, with call exposure ranging from none in NXK to 12% in NNF over the next 21 months. NVN and NUN, which were established in 1991, face a slightly higher level of potential calls (19% and 20%, respectively, in 2002) as these Funds continue to work their way past the point in their life cycles normally associated with increased call exposure. The number of actual calls experienced by the Funds will depend largely on market interest rates over this time. We believe the current call exposure of these Funds is very manageable, and we foresee no problems in working through the call risk. In general, we have taken a methodical approach to deciding whether to hold or to sell a bond as its call date approaches, emphasizing support and stability for the Funds' dividend-payment capabilities. In coming months, the anticipated increase in New York municipal supply should provide us with increased opportunities to find appropriate replacement bonds for any bonds that are called. WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET IN GENERAL AND THE NUVEEN NEW YORK FUNDS IN PARTICULAR? In general, our outlook for the fixed-income markets over the next twelve months remains positive. The U.S. economy appears headed for a recovery, but one we believe will be characterized by a moderate pace of growth, with inflation and interest rates remaining low over the near term. Nationally, we think new municipal supply should continue to be strong, and we expect issuance in New York to increase over 2001's high levels, as the state deals with budget deficits and the continued need to provide essential services. This should enhance our opportunities to make attractive trades and interesting swaps. Given the current environment, we anticipate that much of 2002's issuance will be insured. We expect demand for tax-exempt municipal bonds to remain robust, as investors keep an eye on continued stock market fluctuations and look for ways to rebalance their portfolios and reduce risk. Over the next six months, we plan to remain focused on strategies that add value for our shareholders, provide support for the Funds' dividends and total returns, and fully utilize Nuveen's experience and research expertise to adjust to changes in market conditions. In our opinion, the Nuveen New York Funds are well diversified for the market environment ahead and well positioned to take advantage of the opportunities presented by increased issuance. Overall, we believe these Funds represent an important element of investors' long-range financial programs, providing dependable tax-free income as well as balance, diversification, and quality. 4 NNY Nuveen New York Municipal Value Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY AAA/U.S. Guaranteed 48% AA 23% A 15% BBB 8% NR 6% PORTFOLIO STATISTICS - ---------------------------------------------------- Share Price $9.08 - ---------------------------------------------------- Net Asset Value $9.66 - ---------------------------------------------------- Market Yield 5.35% - ---------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.64% - ---------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.23% - ---------------------------------------------------- Net Assets Applicable to Common Shares ($000) $146,128 - ---------------------------------------------------- Average Effective Maturity (Years) 21.96 - ---------------------------------------------------- Average Duration 6.30 - ---------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 10/87) - ---------------------------------------------------- ON SHARE PRICE ON NAV - ---------------------------------------------------- 1-Year 4.80% 3.56% - ---------------------------------------------------- 5-Year 3.55% 4.84% - ---------------------------------------------------- 10-Year 4.46% 5.58% - ---------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - ---------------------------------------------------- Tax Obligation/Limited 20% - ---------------------------------------------------- Long-Term Care 15% - ---------------------------------------------------- Healthcare 11% - ---------------------------------------------------- Utilities 9% - ---------------------------------------------------- Education and Civic Organizations 9% - ---------------------------------------------------- [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 Apr $0.0425 May 0.0425 Jun 0.0425 Jul 0.0425 Aug 0.0425 Sep 0.0425 Oct 0.0425 Nov 0.0425 Dec 0.0405 Jan 0.0405 Feb 0.0405 Mar 0.0405 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $9.12 9.1 9.12 9.1 9.11 9.17 9.1 9.11 9.12 9.14 9.13 9.15 9.34 9.5 9.6 9.29 9.46 9.47 9.63 9.68 9.64 9.72 9.75 9.8 9.54 9.49 9.63 9.59 9.55 9.59 9.45 9.62 9.59 9.62 9.55 9.45 9.26 9.09 9.2 9.3 9.33 9.26 9.33 9.36 9.47 9.41 9.51 9.57 9.49 9.18 9.13 3/31/02 9.08 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2001 of $0.0027 per share. 5 NNP Nuveen New York Performance Plus Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY AAA/U.S. Guaranteed 44% AA 29% A 13% BBB 12% NR 2% PORTFOLIO STATISTICS - ------------------------------------------------------ Share Price $14.98 - ------------------------------------------------------ Net Asset Value $15.56 - ------------------------------------------------------ Market Yield 6.21% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.87% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.55% - ------------------------------------------------------ Net Assets Applicable to Common Shares ($000) $232,699 - ------------------------------------------------------ Average Effective Maturity (Years) 21.94 - ------------------------------------------------------ Leverage-Adjusted Duration 11.35 - ------------------------------------------------------ ANNUALIZED TOTAL RETURN (Inception 11/89) - ------------------------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------------------------ 1-Year 6.51% 4.48% - ------------------------------------------------------ 5-Year 3.70% 6.15% - ------------------------------------------------------ 10-Year 6.37% 7.44% - ------------------------------------------------------ TOP FIVE SECTORS (as a % of total investments) - ------------------------------------------------------ Tax Obligation/Limited 18% - ------------------------------------------------------ Education and Civic Organizations 17% - ------------------------------------------------------ Healthcare 14% - ------------------------------------------------------ Transportation 12% - ------------------------------------------------------ Utilities 9% - ------------------------------------------------------ [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 Apr $0.0725 May 0.0725 Jun 0.0735 Jul 0.0735 Aug 0.0735 Sep 0.075 Oct 0.075 Nov 0.075 Dec 0.076 Jan 0.076 Feb 0.076 Mar 0.0775 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.77 14.82 14.9 14.72 14.95 14.84 14.95 14.87 14.88 15.09 14.87 15.15 15.37 15.69 15.34 15.32 15.44 15.38 15.62 15.6 15.85 15.84 15.96 15.9 14.79 15.39 15.64 15.35 15.4 15.68 15.54 15.78 15.5 15.43 15.58 15.02 14.91 14.48 14.75 15.05 15.45 15.45 15.45 15.7 15.8 15.86 15.84 15.86 15.6 15.33 15.22 3/31/02 14.98 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2001 of $0.0014 per share. 6 NQN Nuveen New York Investment Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY Insured 91% Insured and U.S. Guaranteed 8% U.S. Guaranteed 1% PORTFOLIO STATISTICS - ----------------------------------------------------- Share Price $14.50 - ----------------------------------------------------- Net Asset Value $15.24 - ----------------------------------------------------- Market Yield 6.12% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.74% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.42% - ----------------------------------------------------- Net Assets Applicable to Common Shares ($000) $269,813 - ----------------------------------------------------- Average Effective Maturity (Years) 21.18 - ----------------------------------------------------- Leverage-Adjusted Duration 11.47 - ----------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 11/90) - ----------------------------------------------------- ON SHARE PRICE ON NAV - ----------------------------------------------------- 1-Year 3.68% 4.10% - ----------------------------------------------------- 5-Year 3.59% 6.10% - ----------------------------------------------------- 10-Year 5.91% 6.90% - ----------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - ----------------------------------------------------- Tax Obligation/Limited 24% - ----------------------------------------------------- Education and Civic Organizations 15% - ----------------------------------------------------- Healthcare 12% - ----------------------------------------------------- Transportation 12% - ----------------------------------------------------- U.S. Guaranteed 9% - ----------------------------------------------------- [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 Apr $0.069 May 0.069 Jun 0.07 Jul 0.07 Aug 0.07 Sep 0.071 Oct 0.071 Nov 0.071 Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.074 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.4 14.52 14.52 14.33 14.47 14.66 14.75 14.22 14.25 14.46 14.34 14.45 14.56 14.7 14.55 14.46 14.59 14.72 15.2 14.99 15.18 15.1 15.11 15.13 14.07 14.72 15.27 14.83 14.65 14.95 15.13 15.3 14.9 14.9 14.89 14.56 14.32 14.22 14.6 14.72 14.96 15 15.01 15.25 15.4 15.4 15.34 15.4 15.23 14.85 14.69 3/31/02 14.5 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains and net ordinary income distribution in December 2001 of $0.0475 per share. 7 NVN Nuveen New York Select Quality Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY Insured 93% Insured and U.S. Guaranteed 6% U.S. Guaranteed 1% PORTFOLIO STATISTICS - ----------------------------------------------------- Share Price $14.13 - ----------------------------------------------------- Net Asset Value $14.88 - ----------------------------------------------------- Market Yield 6.33% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 9.04% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.74% - ----------------------------------------------------- Net Assets Applicable to Common Shares ($000) $348,590 - ----------------------------------------------------- Average Effective Maturity (Years) 21.43 - ----------------------------------------------------- Leverage-Adjusted Duration 11.71 - ----------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 5/91) - ----------------------------------------------------- ON SHARE PRICE ON NAV - ----------------------------------------------------- 1-Year 1.46% 3.65% - ----------------------------------------------------- 5-Year 4.13% 5.63% - ----------------------------------------------------- 10-Year 6.44% 6.94% - ----------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - ----------------------------------------------------- Tax Obligation/ Limited 25% - ----------------------------------------------------- Education and Civic Organizations 17% - ----------------------------------------------------- Healthcare 11% - ----------------------------------------------------- Tax Obligation/General 10% - ----------------------------------------------------- Utilities 10% - ----------------------------------------------------- [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 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 0.0735 Jan 0.0735 Feb 0.0735 Mar 0.0745 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.85 14.51 14.53 14.48 14.52 14.76 14.55 14.34 14.66 14.65 14.35 14.6 14.7 14.93 14.87 14.37 14.51 14.7 14.81 15.05 14.92 15.14 14.91 14.9 13.85 14.5 14.79 14.6 14.35 14.53 14.75 14.87 14.5 14.64 14.81 14.34 14.26 14.03 14.14 14.44 14.82 14.78 14.69 14.95 15.14 15.1 15.08 15.1 14.77 14.72 14.26 3/31/02 14.13 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains distribution in December 2001 of $0.1257 per share. 8 NUN Nuveen New York Quality Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY Insured 91% Insured and U.S. Guaranteed 8% U.S. Guaranteed 1% PORTFOLIO STATISTICS - ------------------------------------------------------ Share Price $14.35 - ------------------------------------------------------ Net Asset Value $14.79 - ------------------------------------------------------ Market Yield 6.15% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.79% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.46% - ------------------------------------------------------ Net Assets Applicable to Common Shares ($000) $356,153 - ------------------------------------------------------ Average Effective Maturity (Years) 19.82 - ------------------------------------------------------ Leverage-Adjusted Duration 11.06 - ------------------------------------------------------ ANNUALIZED TOTAL RETURN (Inception 11/91) - ------------------------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------------------------ 1-Year 2.00% 3.41% - ------------------------------------------------------ 5-Year 5.01% 5.83% - ------------------------------------------------------ 10-Year 6.60% 6.82% - ------------------------------------------------------ TOP FIVE SECTORS (as a % of total investments) - ------------------------------------------------------ Tax Obligation/Limited 28% - ------------------------------------------------------ Education and Civic Organizations 22% - ------------------------------------------------------ Transportation 11% - ------------------------------------------------------ Utilities 9% - ------------------------------------------------------ U.S. Guaranteed 9% - ------------------------------------------------------ [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 Apr $0.071 May 0.071 Jun 0.071 Jul 0.071 Aug 0.071 Sep 0.071 Oct 0.071 Nov 0.071 Dec 0.072 Jan 0.072 Feb 0.072 Mar 0.0735 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.54 14.37 14.46 14.47 14.43 14.48 14.56 14.3 14.38 14.32 14.11 14.26 14.27 14.59 14.49 14.05 14.18 14.44 14.78 14.73 14.78 14.85 14.69 14.75 13.79 14.33 14.4 13.96 14.13 14.07 14.27 14.37 14.26 14.2 14.47 13.97 13.9 13.9 13.93 14.3 14.57 14.69 14.7 14.8 14.85 14.75 14.85 14.94 14.71 14.57 14.31 3/31/02 14.35 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a capital gains and net ordinary income distribution in December 2001 of $0.0129 per share. 9 NNF Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY Insured 82% Insured and U.S. Guaranteed 14% U.S. Guaranteed 4% PORTFOLIO STATISTICS - ------------------------------------------------------ Share Price $14.45 - ------------------------------------------------------ Net Asset Value $14.86 - ------------------------------------------------------ Market Yield 6.10% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.71% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.38% - ------------------------------------------------------ Net Assets Applicable to Common Shares ($000) $123,438 - ------------------------------------------------------ Average Effective Maturity (Years) 17.92 - ------------------------------------------------------ Leverage-Adjusted Duration 8.88 - ------------------------------------------------------ ANNUALIZED TOTAL RETURN (Inception 12/92) - ------------------------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------------------------ 1-Year 6.10% 4.05% - ------------------------------------------------------ 5-Year 7.28% 6.98% - ------------------------------------------------------ Since Inception 5.47% 6.36% - ------------------------------------------------------ TOP FIVE SECTORS (as a % of total investments) - ------------------------------------------------------ Education and Civic Organizations 22% - ------------------------------------------------------ U.S. Guaranteed 18% - ------------------------------------------------------ Utilities 12% - ------------------------------------------------------ Tax Obligation/Limited 12% - ------------------------------------------------------ Tax Obligation/General 10% - ------------------------------------------------------ [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share2 Apr $0.0675 May 0.0675 Jun 0.0685 JUl 0.0685 Aug 0.0685 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.0715 Jan 0.0715 Feb 0.0715 Mar 0.0735 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.05 14.25 14.13 14.1 14.28 14.21 14.15 14.07 14.02 14.33 14.22 14.35 14.4 14.62 14.51 14.4 14.39 14.38 14.99 15 15.02 15.13 15.06 15.07 14.14 14.57 14.74 14.82 14.85 15.08 14.92 15.1 14.96 15.03 15.03 14.81 14.97 14.6 14.66 14.83 15.12 15.08 15 15.3 15.47 15.22 15.33 15.43 15.45 15.11 14.6 3/31/02 14.45 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2001 of $0.0049 per share. 10 NAN Nuveen New York Dividend Advantage Municipal Fund Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY AAA/U.S. Guaranteed 53% AA 28% A 12% BBB 3% NR 3% Other 1% PORTFOLIO STATISTICS - ------------------------------------------------------ Share Price $13.80 - ------------------------------------------------------ Net Asset Value $14.46 - ------------------------------------------------------ Market Yield 6.22% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.89% - ------------------------------------------------------ Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.57% - ------------------------------------------------------ Net Assets Applicable to Common Shares ($000) $132,796 - ------------------------------------------------------ Average Effective Maturity (Years) 21.64 - ------------------------------------------------------ Leverage-Adjusted Duration 11.14 - ------------------------------------------------------ ANNUALIZED TOTAL RETURN (Inception 5/99) - ------------------------------------------------------ ON SHARE PRICE ON NAV - ------------------------------------------------------ 1-Year -1.85% 4.38% - ------------------------------------------------------ Since Inception 2.89% 6.23% - ------------------------------------------------------ TOP FIVE SECTORS (as a % of total investments) - ------------------------------------------------------ Healthcare 22% - ------------------------------------------------------ Tax Obligation/Limited 20% - ------------------------------------------------------ Education and Civic Organizations 17% - ------------------------------------------------------ Tax Obligation/General 11% - ------------------------------------------------------ Utilities 7% - ------------------------------------------------------ [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share Apr $0.066 May 0.066 Jun 0.068 Jul 0.068 Aug 0.068 Sep 0.0695 Oct 0.0695 Nov 0.0695 Dec 0.0695 Jan 0.0695 Feb 0.0695 Mar 0.0715 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $14.5 14.5 14.5 14.39 14.43 14.42 14.45 14.25 14.25 14.45 14.4 14.64 14.81 14.82 14.77 14.75 14.62 14.72 14.91 14.95 15 15.1 14.95 15 14.23 14.44 14.9 14.73 14.66 14.66 14.75 14.95 15 14.92 14.8 14.4 14.52 13.96 14.08 14.2 14.23 14.44 14.48 14.5 14.55 14.6 14.8 14.86 14.68 14.25 13.9 3/31/02 13.8 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 11 NXK Nuveen New York Dividend Advantage Municipal Fund 2 Performance OVERVIEW As of March 31, 2002 [PIE CHART DATA]: CREDIT QUALITY AAA/U.S. Guaranteed 48% AA 34% A 5% BBB 9% NR 4% PORTFOLIO STATISTICS - ----------------------------------------------------- Share Price $13.35 - ----------------------------------------------------- Net Asset Value $14.13 - ----------------------------------------------------- Market Yield 6.38% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 9.11% - ----------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.82% - ----------------------------------------------------- Net Assets Applicable to Common Shares ($000) $91,251 - ----------------------------------------------------- Average Effective Maturity (Years) 24.88 - ----------------------------------------------------- Leverage-Adjusted Duration 14.01 - ----------------------------------------------------- ANNUALIZED TOTAL RETURN (Inception 3/01) - ----------------------------------------------------- ON SHARE PRICE ON NAV - ----------------------------------------------------- 1-Year -6.10% 4.29% - ----------------------------------------------------- Since Inception -6.10% 4.07% - ----------------------------------------------------- TOP FIVE SECTORS (as a % of total investments) - ----------------------------------------------------- Education and Civic Organizations 20% - ----------------------------------------------------- Utilities 16% - ----------------------------------------------------- Tax Obligation/Limited 15% - ----------------------------------------------------- Transportation 13% - ----------------------------------------------------- Healthcare 9% - ----------------------------------------------------- [BAR CHART DATA]: 2001-2002 Monthly Tax-Free Dividends Per Share May $0.07 Jun 0.07 Jul 0.07 Aug 0.07 Sep 0.07 Oct 0.07 Nov 0.07 Dec 0.07 Jan 0.07 Feb 0.07 Mar 0.071 [LINE CHART DATA]: Share Price Performance Weekly Closing Price 4/1/01 $15.08 15 15 15.05 15 14.96 15 14.8 14.85 15 14.75 14.77 14.65 14.71 14.7 14.81 14.75 14.76 15.03 14.91 15.05 15.11 15.09 14.99 14.25 14.46 14.37 14.4 14.29 14.25 14.48 14.93 14.85 14.6 14.53 14.34 14.11 13.75 13.57 13.96 14.05 14.2 14 14.24 14.88 14.77 14.49 14.48 14.4 14.05 13.4 3/31/02 13.35 Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 30%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35%. 12 THE NUVEEN INVESTOR [photo of boys walking] V1 Bond surveillance - a HIGH PRIORITY at NUVEEN The Enron scandal has raised numerous questions about the real value of American securities. Investors want to know what safeguards are in place to inspire their trust and ensure their holdings are dependable. The Nuveen Investor recently spoke with David Blair, Assistant Vice President and Senior Analyst at Nuveen, about the research and surveillance processes used for Nuveen funds. HOW DO NUVEEN'S RESEARCH ANALYSTS EVALUATE BONDS PRIOR TO PURCHASE? We evaluate factors impacting market sectors, issuers and specific bonds and assign credit ratings to bonds we consider for purchase. We seek to purchase bonds with stable and improving credit characteristics, which have attractive prices and yields relative to other bonds in their sectors. HOW DO YOU CONDUCT YOUR RESEARCH? We conduct detailed analyses that often involve site visits and discussions with managers of the projects being financed. Since Nuveen is a major investor with large buying power, issuers and project managers are willing to listen to us and respond to our concerns. IS THE RESEARCH AND ANALYSIS PROCESS ANY DIFFERENT WHEN CONSIDERING HIGH-YIELD BONDS? Up to 20 percent of some funds can be invested in below investment grade bonds to help the fund attain a higher yield. This underscores the need for research. If one of our 16 analysts believes a high-yield bond should be purchased, a second analyst reviews the issue as well. HOW DO YOU MONITOR THE VARIOUS BONDS ONCE THEY'VE BEEN PURCHASED? We have a proprietary database with information and analysis on the bonds Nuveen holds in its funds. Among other things, we are able to evaluate risk exposure to sectors, issuers and specific bonds on an on-going basis. HOW DOES THE RESEARCH DEPARTMENT COMMUNICATE THE INFORMATION GATHERED? We conduct biweekly meetings within the research department and weekly meetings with portfolio managers. We also write-up our findings and distribute them with "buy," "hold" or "sell" recommendations to portfolio managers. (continued on page 15) Volume one 2002 INSIDE 13 Bond Surveillance - A High Priority at Nuveen 14 Is it Time to Rethink Your Bond Strategy? 15 Many Investors Continue to Find Solutions with Professional Advice 16 Fund Reports Available Online 16 ETFConnect: The Source for All Exchange-Traded Funds (C)2002 Nuveen Investments. All rights reserved. [LOGO: NUVEEN Investments] 13 V1 IS IT TIME TO RETHINK YOUR BOND STRATEGY? Significant stock market losses in recent history have sent many investors toward bonds as a way to potentially cut their losses and balance equity- dominated portfolios. While many consider bonds a set-and-forget investment, there are several circumstances that might prompt you to reassess -- and perhaps revamp -- your bond holdings. TAX BRACKET CHANGES The Economic Growth and Tax Relief Reconciliation Act of 2001 has dropped tax brackets a percentage point this year, but a higher salary, large bonus, sale of assets or retirement may push you into a higher tax bracket for 2002. If you are in a higher tax bracket and want to generate an income stream without raising your tax burden, tax-free municipal bonds may be a prudent option. Even if you are in a lower tax bracket, municipal bonds could make sense. The question is whether municipal or taxable bonds will deliver a better taxable yield. RETIREMENT PLANS CHANGE Whether you are near retirement or are currently enjoying it, you may want to consider rebalancing your retirement accounts with less stock and more bonds, to potentially reduce risk and try to preserve the assets that you have accumulated. If you are just entering retirement you may want to make tax-free municipal bonds a part of your portfolio to emphasize income generation and protection from taxation. RISK TOLERANCE CHANGES The recent market volatility and market downturn may have caused many investors to reevaluate their tolerance for risk. On the other hand, your portfolio might have performed well over the last few years and you may not need to take on extra risk to meet your long-term goals. In either situation you could take a look at your bond portfolio and determine whether you need to make changes to correspond with your tolerance for risk. PORTFOLIO CHANGES If you make significant changes to one or more of your investments, you'll want to look at your portfolio as a whole, particularly with regard to overall asset allocation. You may need to do some rebalancing to stay on track with your investment strategy. Your financial advisor can help. Regardless of how your circumstances change, he or she can provide up-to-date information on the bond market and various funds to help you decide how to maximize your returns consistent with your short- and long-term financial goals. No investment is risk free and some investments carry more risk than others. It is important to know what the risks are, to evaluate them against any potential rewards, and to determine your tolerance for risk when selecting an investment. [photos of bridge to lighthouse and toddlers playing] The Nuveen Investor Vol 02.1 NUVEEN Investments 14 V1 [photo of woman and child] MANY INVESTORS CONTINUE TO FIND SOLUTIONS WITH PROFESSIONAL ADVICE For many investors, current financial markets are confusing and frustrating. According to research conducted for the Forum for Investor Advice*, that's the number one reason many turn to a financial advisor. They want someone to suggest ideas and provide consultation, dialogue and professional advice. Investors say their advisors are helpful in other key ways, including... o Saving time. After consultation, investors note that the second most important reason for using an advisor is to have someone else monitor their portfolio, reducing the amount of time they spend on investing. o Help in sorting through information. Investors in the 21st century have more products from which to choose than in the past. For example, there are approximately 8,000 mutual funds today, up from 3,000 in 1990. o Assistance in setting financial goals. According to investors who use a financial advisor, they are more likely to have a plan for a specific financial goal than do-it-yourself investors. o Staying focused. Advisor-assisted investors are more likely than do-it-yourself investors to have developed a comprehensive investment program. o Peace of mind. Investors say their comfort level in all types of markets is higher when using an advisor for a "second opinion" on an investment decision. *The survey of 324 investors was conducted in December of 2000 by Market Facts and analyzed by New York based Neuwirth Research. Of the 324, 166 said they had an ongoing relationship with a financial advisor, while 157 described themselves as do-it-yourselfers. - -------------------------------------------------------------------------------- (continued from page 13) HOW ARE PROBLEM BONDS IDENTIFIED AND HANDLED? We conduct surveillance on our bonds on a regular basis to ensure, among other things, that deteriorating bonds are identified early. We then discuss any emerging problems and potential courses of action with the portfolio manager. HOW MANY ISSUES DOES THE RESEARCH DEPARTMENT FOLLOW? We follow 12 sectors and 1,500 uninsured bonds, worth about $18 billion of Nuveen's $45 billion in total municipal assets. The remaining $27 billion in municipal assets are insured or escrowed (backed by Treasury bonds). For the insured bonds, we monitor closely on a regular basis the insurers guaranteeing the bonds. WILL RESEARCH AND SURVEILLANCE CHANGE IN LIGHT OF PROBLEMS WITH ENRON SECURITIES? Overall, our investment process and surveillance have worked well and been effective. However, we meet as a group on a regular basis and are constantly evaluating ways to improve the process to respond to issues and the market environment. The Nuveen Investor Vol 02.1 NUVEEN Investments 15 V1 LOOK AHEAD... FUND REPORTS AVAILABLE ONLINE Nuveen Fund information is now available online. Once you register, you'll receive an e-mail notice with a link to your Fund's reports and other information just as soon as it is ready. Registering takes only a few minutes. If you receive statements from a brokerage firm or financial advisor, go to WWW.INVESTORDELIVERY.COM. Enter your personal 13-character enrollment number imprinted on the address sheet of this report near your name. From the options on the follow-up page, select the New Enrollment-Create screen. Once there, enter your e-mail address and a personal, four-digit PIN. Hit the Submit button. Confirm the information you entered is correct, then hit Submit again. [picture of InvestorDelivery.com website] If you receive statements directly from Nuveen, go to WWW.NUVEEN.COM. Select the Access Your Account tab, then select E-Report Enrollment. Finally, click on the Enrollment Page. Once there, you'll need to provide your social security number and e-mail address. Click on Enroll. [picture of nuveen.com website] After registering, you should receive a confirming e-mail within 24 hours. If not, repeat these steps to ensure all information is accurate. You can use this same process if you need to change your registration information or want to cancel Internet viewing. The e-mail address you provide is strictly confidential and will only be used to notify you of shareholder information. The information in this newsletter should not be construed as specific tax or investment advice. Contact your advisor for information about your particular situation. ETFCONNECT: THE SOURCE FOR ALL EXCHANGE-TRADED FUNDS Last fall, Nuveen launched ETFConnect, the industry's first website featuring all-encompassing information on exchanged-traded funds. Whatever you're looking for in the world of Index ETFs or Closed-End Exchange-Traded Funds - prices, NAVs, dividend information, performance histories, new developments - this is the place. Highlights include Quick Facts sheets for more than 500 funds, a multi-fund search capability, website links, a list of fund sponsors, tools for portfolio tracking, and a continually updated education center. Check out WWW.ETFCONNECT.COM. [picture of etfconnect.com website] The Nuveen Investor Vol 02.1 NUVEEN Investments 16 Shareholder MEETING REPORT The Shareholder Meeting was held in Chicago, Illinois on December 19, 2001.
NNY NNP - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Common Shares Shares Shares Shares Shares Shares Series-M Series-T Series-W Series-F ==================================================================================================================================== Robert P. Bremner For -- 13,051,049 1,382 672 1,987 509 Withhold -- 150,194 -- -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,201,243 1,382 672 1,987 513 ==================================================================================================================================== Lawrence H. Brown For 12,942,927 13,063,653 1,382 672 1,982 509 Withhold 118,944 137,590 -- -- 5 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,061,871 13,201,243 1,382 672 1,987 513 ==================================================================================================================================== Anne E. Impellizzeri For -- 13,060,711 1,382 672 1,982 509 Withhold -- 140,532 -- -- 5 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,201,243 1,382 672 1,987 513 ==================================================================================================================================== Peter R. Sawers For 12,942,927 13,065,083 1,382 672 1,987 509 Withhold 118,944 136,160 -- -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,061,871 13,201,243 1,382 672 1,987 513 ==================================================================================================================================== Judith M. Stockdale For -- 13,049,124 1,382 672 1,987 509 Withhold -- 152,119 -- -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,201,243 1,382 672 1,987 513 ==================================================================================================================================== William J. Schneider For -- -- 1,382 672 1,987 509 Withhold -- -- -- -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- -- 1,382 672 1,987 513 ==================================================================================================================================== Timothy R. Schwertfeger For 12,942,527 -- 1,382 672 1,987 509 Withhold 119,344 -- -- -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,061,871 -- 1,382 672 1,987 513 ====================================================================================================================================
17
Shareholder MEETING REPORT (continued) NQN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Shares Shares Series-M Series-T Series-F ==================================================================================================================================== Robert P. Bremner For 15,957,920 881 2,277 2,238 Withhold 121,203 -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,079,123 881 2,289 2,243 ==================================================================================================================================== Lawrence H. Brown For 15,957,020 881 2,277 2,238 Withhold 122,103 -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,079,123 881 2,289 2,243 ==================================================================================================================================== Anne E. Impellizzeri For 15,955,830 881 2,277 2,238 Withhold 123,293 -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,079,123 881 2,289 2,243 ==================================================================================================================================== Peter R. Sawers For 15,959,020 881 2,277 2,238 Withhold 120,103 -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,079,123 881 2,289 2,243 ==================================================================================================================================== Judith M. Stockdale For 15,955,565 881 2,277 2,238 Withhold 123,558 -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 16,079,123 881 2,289 2,243 ==================================================================================================================================== William J. Schneider For -- 881 2,277 2,238 Withhold -- -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 881 2,289 2,243 ==================================================================================================================================== Timothy R. Schwertfeger For -- 881 2,277 2,238 Withhold -- -- 12 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 881 2,289 2,243 ====================================================================================================================================
18
NVN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Shares Shares Series-T Series-W Series-TH ==================================================================================================================================== Robert P. Bremner For 20,989,331 1,718 2,312 3,446 Withhold 140,549 -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,129,880 1,718 2,323 3,467 ==================================================================================================================================== Lawrence H. Brown For 20,988,327 1,718 2,312 3,446 Withhold 141,553 -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,129,880 1,718 2,323 3,467 ==================================================================================================================================== Anne E. Impellizzeri For 20,989,196 1,718 2,312 3,446 Withhold 140,684 -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,129,880 1,718 2,323 3,467 ==================================================================================================================================== Peter R. Sawers For 20,987,728 1,718 2,312 3,446 Withhold 142,152 -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,129,880 1,718 2,323 3,467 - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale For 20,989,509 1,718 2,312 3,446 Withhold 140,371 -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,129,880 1,718 2,323 3,467 ==================================================================================================================================== William J. Schneider For -- 1,718 2,312 3,446 Withhold -- -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,718 2,323 3,467 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,718 2,312 3,446 Withhold -- -- 11 21 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,718 2,323 3,467 ====================================================================================================================================
19
Shareholder MEETING REPORT (continued) NUN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Shares Shares Shares Shares Shares Series-M Series-W Series-TH Series-F ==================================================================================================================================== Robert P. Bremner For 21,743,909 1,953 2,057 2,348 964 Withhold 246,306 -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,990,215 1,953 2,072 2,360 964 ==================================================================================================================================== Lawrence H. Brown For 21,750,059 1,953 2,057 2,348 964 Withhold 240,156 -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,990,215 1,953 2,072 2,360 964 ==================================================================================================================================== Anne E. Impellizzeri For 21,742,995 1,953 2,057 2,348 964 Withhold 247,220 -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,990,215 1,953 2,072 2,360 964 ==================================================================================================================================== Peter R. Sawers For 21,750,059 1,953 2,057 2,348 964 Withhold 240,156 -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,990,215 1,953 2,072 2,360 964 ==================================================================================================================================== Judith M. Stockdale For 21,751,332 1,953 2,057 2,348 964 Withhold 238,883 -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 21,990,215 1,953 2,072 2,360 964 ==================================================================================================================================== William J. Schneider For -- 1,953 2,057 2,348 964 Withhold -- -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,953 2,072 2,360 964 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,953 2,057 2,348 964 Withhold -- -- 15 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,953 2,072 2,360 964 ====================================================================================================================================
20 NNF NAN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Common Shares Shares Series-M Series-T Shares Series-F - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For 7,651,860 1,306 1,255 8,918,872 2,558 Withhold 82,763 -- -- 51,262 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,734,623 1,306 1,255 8,970,134 2,558 ==================================================================================================================================== Lawrence H. Brown For 7,651,860 1,306 1,255 8,920,656 2,558 Withhold 82,763 -- -- 49,478 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,734,623 1,306 1,255 8,970,134 2,558 ==================================================================================================================================== Anne E. Impellizzeri For 7,651,719 1,306 1,255 8,917,467 2,558 Withhold 82,904 -- -- 52,667 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,734,623 1,306 1,255 8,970,134 2,558 ==================================================================================================================================== Peter R. Sawers For 7,651,860 1,306 1,255 8,920,656 2,558 Withhold 82,763 -- -- 49,478 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,734,623 1,306 1,255 8,970,134 2,558 ==================================================================================================================================== Judith M. Stockdale For 7,651,860 1,306 1,255 8,918,133 2,558 Withhold 82,763 -- -- 52,001 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,734,623 1,306 1,255 8,970,134 2,558 ==================================================================================================================================== William J. Schneider For -- 1,306 1,255 -- 2,558 Withhold -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,306 1,255 -- 2,558 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,306 1,255 -- 2,558 Withhold -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,306 1,255 -- 2,558 ====================================================================================================================================
21 Nuveen New York Municipal Value Fund, Inc. (NNY) Portfolio of INVESTMENTS March 31, 2002 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 5.3% $ 500 Erie Tobacco Asset Securitization Corporation, Erie County, New 7/10 at 101.00 A1 $ 515,205 York, Tobacco Settlement Asset-Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2000: 150 6.000%, 6/01/15 6/10 at 101.00 A1 157,149 860 6.150%, 6/01/25 6/10 at 101.00 A1 895,062 1,620 New York Counties Tobacco Trust I, Tobacco Settlement Pass- 6/10 at 101.00 A1 1,645,758 Through Bonds, Series 2000, 5.800%, 6/01/23 480 New York Counties Tobacco Trust II, Tobacco Settlement Pass- 6/11 at 101.00 A1 463,435 Through Bonds, Series 2001, 5.250%, 6/01/25 1,000 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 A2 1,064,770 Tobacco Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 375 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 A1 365,363 Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 1,250 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 Aa1 1,307,000 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation, New 7/10 at 101.00 A1 1,317,325 York, Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 8.6% City of Albany Industrial Development Agency, New York, Civic Facility Revenue Bonds (The Albany Law School of Union University Project), Series 2000A: 600 5.700%, 10/01/20 10/10 at 100.00 AA 621,372 750 5.750%, 10/01/30 10/10 at 100.00 AA 774,165 2,000 The Trust for Cultural Resources of the City of New York, New 4/07 at 101.00 AAA 2,056,900 York, Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 575 The Trust for Cultural Resources for the City of New York, New 7/10 at 101.00 A 585,770 York, Revenue Bonds, Series 2000 (The Museum of American Folk Art), 6.000%, 7/01/22 400 New York City Industrial Development Agency, New York, Civic 11/10 at 101.00 BBB- 407,668 Facility Revenue Bonds (2000 Polytechnic University Project), 6.000%, 11/01/20 1,100 New York City Industrial Development Agency, New York, Civic 1/12 at 100.00 A- 1,062,974 Facility Revenue Bonds (The YMCA of Greater New York), Series 2002, 5.250%, 8/01/21 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1993A: 1,000 5.750%, 7/01/18 No Opt. Call AA- 1,083,290 1,000 6.000%, 7/01/20 No Opt. Call AA- 1,106,650 1,000 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AA 1,008,290 University Insured Revenue Bonds, Series 1996, 5.500%, 9/01/20 750 Dormitory Authority of the State of New York, Pratt Institute 7/09 at 102.00 AA 801,248 Revenue Bonds, Series 1999, 6.000%, 7/01/24 1,250 Dormitory Authority of the State of New York, Marymount 7/09 at 101.00 AA 1,350,775 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 800 Dormitory Authority of the State of New York, D'Youville 7/11 at 102.00 AA 786,560 College Insured Revenue Bonds, Series 2001, 5.250%, 7/01/20 1,000 Dormitory Authority of the State of New York, State University 5/12 at 101.00 AAA 993,130 Educational Facilities Revenue Bonds, Series 2002A, 5.000%, 5/15/17 22 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 11.1% $ 500 Cattaraugus County Industrial Development Agency, New York, 8/08 at 102.00 A+ $ 482,245 Civic Facility Revenue Bonds, Series 1998A (Olean General Hospital Project), 5.250%, 8/01/23 1,000 Nassau County Industrial Development Agency, New York, Civic No Opt. Call N/R 980,020 Facility Revenue Refunding Bonds, Series B (North Shore Health System Obligated Group Projects), 5.875%, 11/01/11 500 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA 506,440 Health System Bonds, 1999 Series A, 5.125%, 2/15/14 500 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Baa3 492,895 Facility Revenue Bonds (Staten Island University Hospital Project), Series 2001B, 6.375%, 7/01/31 2,250 Dormitory Authority of the State of New York, The Rosalind 2/07 at 102.00 AAA 2,306,228 and Joseph Gurwin Jewish Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 1,000 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101.00 BBB 1,052,050 New York University Health Obligated Group Revenue Bonds, Series 2000A, 6.500%, 7/01/25 1,250 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101.00 A3 1,343,800 Services of Long Island Revenue Bonds, Series 2000A (St. Catherine of Sienna Medical Center), 6.500%, 7/01/20 3,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102.00 AAA 3,022,170 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,515 New York State Medical Care Facilities Financing Agency, 8/05 at 102.00 AAA 2,691,025 Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 1,200 Newark-Wayne Community Hospital, Inc., New York, Hospital 9/03 at 102.00 N/R 1,158,528 Revenue Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15 1,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 1,599,975 Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) 500 City of Yonkers Industrial Development Authority, New York, 7/11 at 101.00 BBB- 519,645 Civic Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.3% 400 East Syracuse Housing Authority, New York, Mortgage Revenue 4/10 at 102.00 AAA 431,296 Refunding Bonds, Series 2001A (FHA-Insured Mortgage Loan - Bennett Manor Section 8 Assisted Project), 6.700%, 4/01/21 1,500 New York City Housing Development Corporation, New York, 4/03 at 102.00 AAA 1,548,870 Multifamily Mortgage Revenue Bonds (FHA-Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: 1,000 5.400%, 11/01/21 5/11 at 101.00 AA 1,003,420 1,000 5.500%, 11/01/31 5/11 at 101.00 AA 1,001,860 1,000 5.600%, 11/01/42 5/11 at 101.00 AA 1,001,850 410 New York State Housing Finance Agency, Multifamily Housing 8/11 at 101.00 Aa1 414,957 Revenue Bonds (Secured Mortgage Program), 2001 Series B, 5.625%, 8/15/33 (Alternative Minimum Tax) 440 New York State Housing Finance Agency, Multifamily Housing 8/11 at 100.00 Aa1 446,706 Revenue Bonds (Secured Mortgage Program), 2001 Series E, 5.600%, 8/15/20 (Alternative Minimum Tax) 590 New York State Housing Finance Agency, Multifamily Housing 8/11 at 100.00 Aa1 597,222 Revenue Bonds (Secured Mortgage Program), 2001 Series F, 5.700%, 8/15/32 (Alternative Minimum Tax) 1,275 County of Westchester Industrial Development Agency, New 8/11 at 102.00 Aaa 1,255,314 York, Civic Facility Revenue Bonds, Series 2001A, GNMA Collateralized Mortgage Loan (Living Independently for the Elderly Inc. Project), 5.375%, 8/20/21 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.6% 3,750 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 3,746,025 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) 23 Nuveen New York Municipal Value Fund, Inc. (NNY) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited)) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 15.3% $ 1,000 Town of Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA $ 1,069,910 Civic Facility Revenue Bonds, Series 2000B (WSNCHS East, Inc. Project), 6.000%, 8/01/24 2,015 Village of East Rochester Housing Authority, New York, FHA- 8/07 at 102.00 AAA 2,080,145 Insured Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 3,125 Village of East Rochester Housing Authority, New York, FHA- 8/08 at 101.00 AAA 3,025,375 Insured Mortgage Revenue Bonds (St. John's Meadows Project), Series 1998A, 5.250%, 8/01/38 760 New York City Industrial Development Agency, New York, Civic 7/10 at 102.00 N/R 794,542 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2000, 8.125%, 7/01/19 530 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 521,335 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2001-A1, 7.250%, 7/01/16 3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102.00 AA 3,192,150 for the Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102.00 AA- 2,099,020 Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 3,000 Dormitory Authority of the State of New York, W.K. Nursing 8/06 at 102.00 AAA 3,180,510 Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 6.125%, 2/01/36 1,000 Dormitory Authority of the State of New York, Eger Health Care 2/08 at 102.00 AAA 956,110 Center of Staten Island, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28 1,000 Dormitory Authority of the State of New York, Concord Nursing 7/10 at 101.00 A1 1,073,660 Home, Inc. Revenue Bonds, Series 2000, 6.500%, 7/01/29 1,220 New York State Medical Care Facilities Finance Agency, 8/02 at 102.00 AAA 1,264,176 Hospital and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 3,000 Syracuse Housing Authority, Syracuse, New York, FHA-Insured 2/08 at 102.00 AAA 3,123,450 Mortgage Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.8% 1,000 County of Nassau, New York, General Improvement Bonds, 3/10 at 100.00 AAA 1,073,180 Series E, 6.000%, 3/01/19 25 The City of New York, New York, General Obligation Bonds, 8/02 at 101.50 AAA 25,730 Fiscal 1992 Series C, 6.300%, 8/01/03 1,135 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,203,906 Fiscal 1995 Series D, 6.600%, 2/01/04 1,390 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,466,269 Fiscal 1996 Series B, 6.750%, 8/15/03 75 The City of New York, New York, General Obligation Bonds, No Opt. Call A 76,865 Fiscal 1991 Series D, 9.500%, 8/01/02 1,000 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 1,192,880 Treatment Plant Bonds (Serial), Series 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) 550 Northern Mariana Islands Commonwealth, General Obligation 6/10 at 100.00 A 557,920 Bonds, Series 2000A, 6.000%, 6/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 19.4% 1,000 Battery Park City Authority, New York, Revenue Refunding 11/03 at 102.00 A+ 1,003,500 Bonds, Junior Revenue Refunding Bonds, Series 1993A, 5.800%, 11/01/22 5,000 Metropolitan Transportation Authority, New York, Dedicated 4/07 at 101.00 AAA 5,027,600 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 1,000 Nassau County Interim Finance Authority, New York, Sales 11/10 at 100.00 AAA 1,070,430 Tax Secure Bonds, Series 2000A, 5.750%, 11/15/16 500 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AA+ 537,250 Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29 1,000 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AA+ 1,015,810 Tax Secured Bonds, Fiscal 2000 Series C, 5.500%, 11/01/29 2,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 2,102,200 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 25 Dormitory Authority of the State of New York, Judicial Facilities 4/02 at 114.14 Baa1 28,662 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 3,125 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 3,112,313 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 24 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk 5/02 at 100.00 Baa1 $ 1,051,360 Housing Revenue Bonds, 1989 Series A, 8.100%, 11/01/05 10 New York State Housing Finance Agency, Service Contract 9/04 at 102.00 AAA 10,889 Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 1,810 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,867,974 Bonds (Child Care Facilities Development Program Issue), Series 2002, 5.375%, 4/01/16 600 New York State Urban Development Corporation, Revenue No Opt. Call AA- 649,224 Bonds (University Facilities Grants Project), 1995 Refunding Series, 5.875%, 1/01/21 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 1,000 5.250%, 1/01/20 1/11 at 100.00 AAA 1,003,750 2,000 6.000%, 1/01/29 1/09 at 101.00 AAA 2,136,540 3,000 City School District of the City of Niagara Falls, New York, 6/08 at 101.00 AAA 3,009,810 Certificates of Participation (High School Facility), Series 1998, 5.375%, 6/15/28 750 Niagara Falls City School District, Niagara County, New York, 6/09 at 101.00 BBB- 802,043 Certificates of Participation (High School Facility), Series 2000, 6.625%, 6/15/28 1,230 Suffolk County Judicial Facilities Agency, Suffolk County, New 10/09 at 101.00 AAA 1,232,288 York, Service Agreement Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16 1,500 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin 10/10 at 101.00 BBB- 1,615,050 Islands Gross Receipts Taxes Loan Notes), Series 1999A, 6.500%, 10/01/24 1,120 City of Yonkers Industrial Development Agency, New York, Civic 2/11 at 100.00 BBB- 1,174,578 Facility Revenue Bonds (Community Development Properties - Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.8% 1,000 Buffalo and Fort Erie Public Bridge Authority, New York, Toll 1/05 at 101.00 AAA 1,038,870 Bridge System Revenue Bonds, Series 1995, 5.750%, 1/01/25 2,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,237,828 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 1,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 1,012,490 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 1,500 Metropolitan Transportation Authority, New York, Transit 7/09 at 100.00 BBB+ 1,591,635 Facilities Revenue Bonds, Series 1999A, 6.000%, 7/01/24 1,100 New York City Industrial Development Agency, New York, 12/08 at 102.00 BBB- 848,089 Special Facility Revenue Bonds (1998 British Airways PLC Project), Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 500 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 512,060 Revenue Bonds (Buffalo Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,600 Triborough Bridge and Tunnel Authority, New York, General 1/10 at 100.00 AA- 2,656,550 Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 4.8% 20 City of New York, New York, General Obligation Bonds, Fiscal 10/07 at 101.00 Aaa 22,389 1997 Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 1,000 New York City Municipal Water Finance Authority, New York, 6/05 at 101.00 AAA 1,092,760 Water and Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 (Pre-refunded to 6/15/05) 85 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 97,133 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 3,860 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,625,901 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 990 New York State Housing Finance Agency, Service Contract 9/04 at 102.00 AAA 1,091,772 Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 20 New York State Medical Care Facilities Finance Agency, 8/02 at 102.00 AAA 20,761 Hospital and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02) 25 Nuveen New York Municipal Value Fund, Inc. (NNY) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.2% $ 1,975 County of Cattaraugus Industrial Development Agency, New No Opt. Call N/R $ 1,864,538 York, Tax-Exempt Industrial Development Revenue Bonds, Series 1999A (Laidlaw Energy and Environmental, Inc. Project), 8.500%, 7/01/21 (Alternative Minimum Tax) 3,500 Erie County Industrial Development Agency, New York, Solid 12/10 at 103.00 N/R 1,207,500 Waste Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13 (Alternative Minimum Tax)# 2,500 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 A- 2,437,375 Revenue Bonds, Series 1998A, 5.250%, 12/01/26 2,330 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 2,327,111 Revenue Bonds, Series 2001A, 5.375%, 9/01/21 750 Long Island Power Authority, New York, Electric System General 5/11 at 100.00 A- 738,488 Revenue Bonds, 2000 Series L, 5.375%, 5/01/33 New York City Industrial Development Agency, New York, Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997: 1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 1,042,700 1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102.00 BBB- 986,700 1,500 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100.00 Aa2 1,453,155 Series 2000A, 5.250%, 11/15/40 Suffolk County Industrial Development Agency, New York, 1998 Industrial Development Revenue Bonds (Nissequogue Cogen Partners Facility): 1,000 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 926,660 575 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 510,221 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.7% 300 Monroe County Water Authority, New York, Water Revenue 8/11 at 101.00 AA 294,234 Bonds, Series 2001, 5.150%, 8/01/22 500 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 537,315 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,014,750 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 1,250 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 1,266,112 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 1,500 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA 1,562,340 Water and Sewer System Revenue Bonds, Fiscal 2001 Series D, 5.500%, 6/15/17 415 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 468,360 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 1,425 New York State Environmental Facilities Corporation, Water 6/02 at 102.00 A- 1,440,784 Facilities Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 3,065 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 3,142,330 Revenue Bonds, Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 142,795 Total Investments (cost $141,220,902) - 98.9% 144,469,715 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 1,658,645 -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 146,128,360 ==================================================================================================================== * 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. # Non-income producing security. In the case of a bond, non-income producing generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. N/R Investment is not rated. See accompanying notes to financial statements. 26 Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 7.4% $ 1,250 Erie Tobacco Asset Securitization Corporation, Erie County, New 7/10 at 101.00 A1 $ 1,288,013 York, Tobacco Settlement Asset-Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2000: 400 6.000%, 6/01/15 6/10 at 101.00 A1 419,064 955 6.150%, 6/01/25 6/10 at 101.00 A1 993,935 2,880 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 A1 2,925,792 Pass-Through Bonds, Series 2000, 5.800%, 6/01/23 975 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 A1 941,353 Pass-Through Bonds, Series 2001, 5.250%, 6/01/25 2,500 Nassau County Tobacco Settlement Corporation, New York, 7/09 at 101.00 A2 2,661,925 Tobacco Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 935 Rensselaer Tobacco Asset Securitization Corporation, New 6/12 at 100.00 A1 910,971 York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 3,750 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 Aa1 3,921,000 Series 1999-1, 6.250%, 7/15/27 3,000 Westchester Tobacco Asset Securitization Corporation, New 7/10 at 101.00 A1 3,161,580 York, Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 25.8% 1,500 City of Albany Industrial Development Agency, New York, Civic 12/09 at 101.00 AA 1,693,650 Facility Revenue Bonds (The University Heights Association, Inc. - Albany Law School Project), Series 1999A, 6.750%, 12/01/29 2,700 Town of Brookhaven Industrial Development Agency, Civic 12/07 at 101.00 A3 2,782,512 Facility Revenue Bonds, Series 2000 (St. Joseph's College - New York Civic Facility), 6.000%, 12/01/20 1,285 Cattaraugus County Industrial Development Agency, New York, 9/08 at 101.00 BBB 1,235,617 Civic Facility Revenue Bonds (St. Bonaventure University - Construction Project), Series 1998B, 5.000%, 9/15/13 County of Monroe Industrial Development Agency, New York, Civic Facility Revenue Bonds (St. John Fisher College Project), Series 1999: 1,000 5.375%, 6/01/17 6/09 at 102.00 AA 1,009,290 2,365 5.375%, 6/01/24 6/09 at 102.00 AA 2,319,758 3,000 The Trust for Cultural Resources of the City of New York, New 4/07 at 101.00 AAA 3,085,350 York, Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 1,000 The Trust for Cultural Resources of the City of New York, New 7/09 at 101.00 AAA 1,047,740 York, Revenue Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 1,000 The Trust for Cultural Resources of the City of New York, New 7/10 at 101.00 A 1,018,730 York, Revenue Bonds, Series 2000 (The Museum of American Folk Art), 6.000%, 7/01/22 900 New York City Industrial Development Agency, New York, Civic 11/10 at 101.00 BBB- 917,253 Facility Revenue Bonds, Series 2000 (Polytechnic University Project), 6.000%, 11/01/20 1,250 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,273,038 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 315 Dormitory Authority of the State of New York, College and 6/02 at 100.50 AAA 319,649 University Revenue (Pooled Capital Program), Series 1985, 7.800%, 12/01/05 2,500 Dormitory Authority of the State of New York, State University No Opt. Call AA- 2,748,275 Educational Facilities Revenue Bonds, Series 1993A, 5.875%, 5/15/17 3,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 3,364,470 System Consolidated Revenue Bonds, Series 1993B, 6.000%, 7/01/14 27 Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 2,850 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA $ 2,999,027 Community Colleges, Revenue Bonds, Series 2000A, 5.750%, 7/01/29 580 Dormitory Authority of the State of New York, Fashion Institute 7/10 at 101.00 AAA 589,558 of Technology, Revenue Bonds, Series 2000, 5.375%, 7/01/20 5,590 Dormitory Authority of the State of New York, University of 7/09 at 101.00 A+ 5,822,991 Rochester Revenue Bonds, Series 1999A, 5.500%, 7/01/16 2,400 Dormitory Authority of the State of New York, State University 5/08 at 101.00 AAA 2,188,368 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 Dormitory Authority of the State of New York, Pratt Institute Revenue Bonds, Series 1999: 1,250 6.000%, 7/01/20 7/09 at 102.00 AA 1,338,275 1,000 6.000%, 7/01/24 7/09 at 102.00 AA 1,068,330 3,810 6.000%, 7/01/28 7/09 at 102.00 AA 4,055,859 8,345 Dormitory Authority of the State of New York, Marymount 7/09 at 101.00 AA 9,017,774 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2: 1,490 5.000%, 7/01/17 7/08 at 101.00 AAA 1,470,332 1,055 5.000%, 7/01/18 7/08 at 101.00 AAA 1,033,647 2,120 Dormitory Authority of the State of New York, New York No Opt. Call AAA 2,231,427 University Revenue Bonds, Series 2001-1, 5.500%, 7/01/20 5,535 Dormitory Authority of the State of New York, State University 5/12 at 101.00 AAA 5,496,975 Educational Facilities Revenue Bonds, Series 2002A, 5.000%, 5/15/17 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.3% 750 New York City Industrial Development Agency, New York, Civic 7/12 at 100.00 Baa3 739,343 Facility Revenue Bonds (Staten Island University Hospital Project), Series 2001B, 6.375%, 7/01/31 2,000 Dormitory Authority of the State of New York, St. Vincent's 8/02 at 101.00 AAA 2,047,080 Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30 1,000 Dormitory Authority of the State of New York, St. James Mercy 2/08 at 102.00 AA 1,000,880 Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.250%, 2/01/18 8,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101.00 AAA 8,141,520 Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 3,400 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101.00 BBB 3,576,970 New York University Health Obligated Group Revenue Bonds, Series 2000A, 6.500%, 7/01/25 3,750 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101.00 A3 4,031,400 Services of Long Island Revenue Bonds, Series 2000A (St. Catherine of Sienna Medical Center), 6.500%, 7/01/20 1,700 Dormitory Authority of the State of New York, Revenue Bonds 7/11 at 101.00 A3 1,672,307 (Lenox Hill Hospital Obligated Group), Series 2001, 5.500%, 7/01/30 7,995 New York State Medical Care Facilities Finance Agency, 8/02 at 102.00 AAA 8,193,036 Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 5,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 5,540,645 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,160 New York State Medical Care Facilities Financing Agency, 8/05 at 102.00 AAA 2,311,178 Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 3,005 New York State Medical Care Facilities Financing Agency, 2/05 at 102.00 Aa2 3,096,232 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 7,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 7,999,875 Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) 1,100 City of Yonkers Industrial Development Authority, New York, 7/11 at 101.00 BBB- 1,143,219 Civic Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 28 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.4% $ 1,000 Hudson Housing Development Corporation, Hudson, New York, 1/03 at 101.00 Aaa $ 1,013,760 Multifamily Mortgage Revenue Refunding Bonds, Series 1992A (Providence Hall - Schuyler Court Projects - FHA- Insured Mortgages), 6.500%, 1/01/25 New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2001A: 1,610 5.500%, 11/01/31 5/11 at 101.00 AA 1,612,995 2,000 5.600%, 11/01/42 5/11 at 101.00 AA 2,003,700 3,160 New York State Housing Finance Agency, Multifamily Housing 5/02 at 100.00 AAA 3,168,248 Revenue Bonds (AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax) 1,585 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102.00 Aa1 1,627,209 Revenue Bonds (Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax) 1,100 New York State Housing Finance Agency, Multifamily Housing 8/09 at 101.00 Aa1 1,131,405 Revenue Bonds (Secured Mortgage Program), Series 1999I, 6.200%, 2/15/20 (Alternative Minimum Tax) 4,250 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 4/02 at 100.00 AA 4,415,580 Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 6.4% 3,740 State of New York Mortgage Agency, Homeowner Mortgage 11/09 at 100.00 Aa1 3,930,890 Revenue Bonds, Series 88, 6.250%, 4/01/30 (Alternative Minimum Tax) 1,460 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102.00 AAA 1,515,772 Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1,000 State of New York Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 1,014,030 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) 1,250 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101.00 Aa1 1,248,675 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) 7,130 State of New York Mortgage Agency (Homeowner Mortgage 4/11 at 100.00 Aa1 7,139,982 Program), Series 97, 5.500%, 4/01/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 7.6% 1,930 New York City Industrial Development Agency, New York, Civic 7/10 at 102.00 N/R 2,017,719 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2000, 8.125%, 7/01/19 1,350 New York City Industrial Development Agency, New York, Civic 7/11 at 101.00 N/R 1,327,928 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2001-A1, 7.250%, 7/01/16 3,000 Dormitory Authority of the State of New York, FHA-Insured 2/07 at 102.00 AA 3,192,150 Mortgage Nursing Home Revenue Bonds (Hebrew Home for the Aged at Riverdale), 6.125%, 2/01/37 1,375 Dormitory Authority of the State of New York, The Miriam 7/10 at 102.00 A 1,477,713 Osborn Memorial Home Association Revenue Bonds, Series 2000B, 6.375%, 7/01/29 2,710 New York State Medical Care Facilities Finance Agency, FHA- 2/06 at 102.00 AA+ 2,897,722 Insured Mortgage Hospital and Nursing Home Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 2,755 County of Oswego Industrial Development Agency, Oswego, 2/09 at 101.00 AAA 2,718,551 New York, Civic Facility Revenue Bonds, Series 1999A (FHA-Insured Mortgage - Bishops Commons, Inc. Project), 5.375%, 2/01/49 4,000 Syracuse Housing Authority, Syracuse, New York, FHA-Insured 2/08 at 102.00 AAA 4,164,600 Mortgage Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 4.3% 745 Village of Freeport, Nassau County, New York, Various Purposes 4/10 at 101.00 Aaa 813,369 Serial Bonds, 2000 Series A, 6.000%, 4/01/18 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,500 5.750%, 6/15/17 6/11 at 101.00 Aaa 1,618,740 1,500 5.750%, 6/15/18 6/11 at 101.00 Aaa 1,610,610 1,275 County of Nassau, New York, Serial General Improvement 3/10 at 100.00 AAA 1,422,212 Bonds (General Obligations), Series F, 6.500%, 3/01/18 29 Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 10 The City of New York, New York, General Obligation Bonds, 8/02 at 101.50 AAA $ 10,298 Fiscal 1992 Series C, 6.625%, 8/01/12 245 The City of New York, New York, General Obligation Bonds, 5/03 at 101.50 AAA 254,094 Fiscal 1993 Series E, 5.750%, 5/15/13 30 The City of New York, New York, General Obligation Bonds, No Opt. Call A 30,746 Fiscal 1991 Series D, 9.500%, 8/01/02 2,095 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,555,230 Treatment Plant Bonds (Serial), Series 1994, 8.000%, 11/01/09 (Alternative Minimum Tax) 1,350 Northern Mariana Islands Commonwealth, General Obligation 6/10 at 100.00 A 1,369,440 Bonds, Series 2000A, 6.000%, 6/01/20 County of Oneida, New York, General Obligations, Public Improvement Bonds, Series 2000: 200 5.375%, 4/15/18 4/09 at 102.00 AAA 205,472 200 5.375%, 4/15/19 4/09 at 102.00 AAA 204,742 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 27.0% 2,000 Battery Park City Authority, New York, Junior Revenue Bonds, Series 1996A, 5.500%, 11/01/29 11/06 at 102.00 AAA 2,025,780 7,000 Metropolitan Transportation Authority, New York, Dedicated 4/07 at 101.00 AAA 7,038,640 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 5,000 Metropolitan Transportation Authority, New York, Dedicated 4/08 at 101.00 AAA 4,687,450 Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18 2,000 Nassau Health Care Corporation, Nassau County, New York, 8/09 at 102.00 AAA 2,100,820 Health System Revenue Bonds (Guaranteed), Series 1999, 5.750%, 8/01/29 4,575 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 4,854,029 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 1,230 New York City Transitional Finance Authority, New York, Future 8/09 at 101.00 AA+ 1,290,553 Tax Secured Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24 3,000 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AA+ 3,047,430 Tax Secured Bonds, Fiscal 2000 Series C, 5.500%, 11/01/29 3,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 3,153,300 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 Dormitory Authority of the State of New York, Revenue Bonds (Nassau County BOCES Program), Series 2001A: 1,265 5.250%, 8/15/17 8/11 at 100.00 AAA 1,272,843 1,385 5.250%, 8/15/18 8/11 at 100.00 AAA 1,386,440 Dormitory Authority of the State of New York, Mental Health Facilities Improvement Revenue Bonds, Series 2000D: 1,755 5.875%, 2/15/18 8/10 at 100.00 AAA 1,865,758 1,690 5.875%, 2/15/19 8/10 at 100.00 AAA 1,793,090 2,080 5.875%, 8/15/19 8/10 at 100.00 AAA 2,206,880 5 New York State Medical Care Facilities Finance Agency, 8/02 at 102.00 AA- 5,119 Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/10 at 101.00 AAA 1,073,730 Fund Bonds, Series 2000B, 5.750%, 4/01/16 4,200 New York State Thruway Authority, Service Contract Local 4/11 at 100.00 AA- 4,243,512 Highway and Bridge Revenue Bonds, Series 2001, 5.250%, 4/01/17 3,000 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AA- 2,980,260 Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 3,204,810 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 5,000 City School District of the City of Niagara Falls, New York, 6/08 at 101.00 AAA 5,016,350 Certificates of Participation (High School Facility), Series 1998, 5.375%, 6/15/28 2,750 Puerto Rico Highway and Transportation Authority, 7/10 at 101.00 AAA 2,928,035 Transportation Revenue Bonds, Series B, 5.875%, 7/01/35 3,480 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin 10/10 at 101.00 BBB- 3,746,916 Islands Gross Receipts Taxes Loan Notes), Series 1999A, 6.500%, 10/01/24 2,520 City of Yonkers Industrial Development Agency, New York, 2/11 at 100.00 BBB- 2,642,800 Civic Facility Revenue Bonds (Community Development Properties - Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 18.6% $ 1,680 Albany Parking Authority, New York, Parking Revenue Bonds, 10/11 at 101.00 BBB+ $ 1,679,278 Series 2001B, 5.250%, 10/15/12 15,525 Metropolitan Transportation Authority, New York, Commuter 7/08 at 101.00 BBB+ 15,103,341 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28 4,000 Metropolitan Transportation Authority, New York, Transit 7/09 at 100.00 BBB+ 4,244,360 Facilities Revenue Bonds, Series 1999A, 6.000%, 7/01/24 1,900 New York City Industrial Development Agency, New York, 12/08 at 102.00 BBB- 1,464,881 Special Facility Revenue Bonds (1998 British Airways PLC Project), Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 3,455 New York State Thruway Authority, General Revenue Bonds, 1/04 at 102.00 AAA 3,353,803 Series B, 5.000%, 1/01/20 1,000 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 1,024,120 Revenue Bonds (Buffalo Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 1,925 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,996,937 Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/06 at 102.00 BB 1,709,642 1996 Series A (American Airlines, Inc. Project), 6.250%, 6/01/26 (Alternative Minimum Tax) 2,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AA- 2,021,900 Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/17 1,600 Triborough Bridge and Tunnel Authority, New York, General No Opt. Call AA- 1,591,488 Purpose Revenue Bonds, Series 1993B, 5.000%, 1/01/20 1,325 Triborough Bridge and Tunnel Authority, New York, General 1/09 at 101.00 AA- 1,333,321 Purpose Revenue Bonds, Series 1999A, 5.125%, 1/01/18 7,500 Triborough Bridge and Tunnel Authority, New York, General 1/10 at 100.00 AA- 7,663,125 Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 4.7% 1,350 The City of New York, New York, General Obligation Bonds, 4/02 at 100.00 AAA 1,385,667 Fiscal 1990 Series B, 7.250%, 10/01/06 40 The City of New York, New York, General Obligation Bonds, 8/02 at 101.50 AAA 41,260 Fiscal 1992 Series C, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 275 The City of New York, New York, General Obligation Bonds, No Opt. Call Aaa 279,444 Fiscal 1995 Series E, 6.500%, 8/01/02 2,600 The City of New York, New York, General Obligation Bonds, 2/05 at 101.00 Aaa 2,856,230 Fiscal 1995 Series F, 6.375%, 2/15/06 (Pre-refunded to 2/15/05) 145 The City of New York, New York, General Obligation Bonds, 5/03 at 101.50 AAA 152,787 Fiscal 1993 Series E, 5.750%, 5/15/13 (Pre-refunded to 5/15/03) 3,000 New York City Municipal Water Finance Authority, New York, Water 6/05 at 101.00 AAA 3,278,280 and Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 (Pre-refunded to 6/15/05) New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 2,000 6.500%, 6/15/31 (Pre-refunded to 6/15/10) 6/10 at 101.00 AA*** 2,345,300 505 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 6/10 at 101.00 AAA 577,084 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.3% 1,000 Islip Resource Recovery Agency, New York, Resource Recovery 7/04 at 102.00 AAA 1,072,120 System Revenue Bonds (1985 Facility), Series 1994B, 6.125%, 7/01/13 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 2,500 5.250%, 12/01/26 6/08 at 101.00 A- 2,437,375 5,130 5.500%, 12/01/29 6/03 at 101.00 A- 5,155,034 5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100.00 A- 4,966,850 Revenue Bonds, Series 2001A, 5.375%, 9/01/25 5,000 New York City Industrial Development Agency, New York, 10/08 at 102.00 BBB- 4,933,500 Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 4,000 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100.00 Aa2 3,875,080 Series 2000A, 5.250%, 11/15/40 31 Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,000 Power Authority of the State of New York, Revenue Bonds, No Opt. Call Aa2 $ 2,149,600 Series 2001, 5.500%, 11/15/07 2,000 Niagara County Industrial Development Agency, New York, 11/11 at 101.00 Baa1 2,009,420 Solid Waste Disposal Facility Revenue Refunding Bonds (American Ref-Fuel Company of Niagara L.P. Facility), Series 2001D, 5.550%, 11/15/24 (Mandatory put 11/15/15) 5,000 Suffolk County Industrial Development Agency, New York, 1998 1/09 at 101.00 N/R 4,436,700 Industrial Development Revenue Bonds (Nissequogue Cogen Partners Facility), 5.500%, 1/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 8.6% 700 Monroe County Water Authority, New York, Water Revenue 8/11 at 101.00 AA 686,546 Bonds, Series 2001, 5.150%, 8/01/22 1,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,268,438 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 5,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 5,064,450 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA 2,083,120 Water and Sewer System Revenue Bonds, Fiscal 2001 Series D, 5.500%, 6/15/17 2,495 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 2,815,807 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 7,325 New York State Environmental Facilities Corporation, State 6/02 at 100.00 AAA 7,520,941 Water Pollution Control Revolving Fund Revenue Bonds, Series 1990 A (New York City Municipal Water Finance Authority Project), 7.500%, 6/15/12 520 New York State Environmental Facilities Corporation, State 11/04 at 102.00 AAA 576,380 Water Pollution Control Revolving Fund Revenue Bonds (Pooled Loan Issue), Series 1994 D, 6.900%, 5/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ $ 343,620 Total Investments (cost $338,962,211) - 151.4% 352,276,949 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.0% 4,721,652 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.4)% (124,300,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 232,698,601 ==================================================================================================================== * 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. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements. 32 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 23.4% $ 5,030 The Trust for Cultural Resources of the City of New York, New 7/09 at 101.00 AAA $ 5,270,132 York, Revenue Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 2,260 New York City Industrial Development Agency, New York, Civic 7/08 at 101.00 AAA 1,927,260 Facility Refunding and Equipment Revenue Bonds (1998 Lighthouse International Project), 4.500%, 7/01/33 3,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 3,055,290 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 1,000 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA 1,004,000 System Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 4,375 Dormitory Authority of the State of New York, Long Island 9/06 at 102.00 AAA 4,434,981 University Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 1,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102.00 AAA 1,045,410 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 2,000 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 1,939,240 System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 6,000 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 5,725,440 University Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 1,000 Dormitory Authority of the State of New York, State University 5/08 at 100.00 AAA 921,480 Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 6,500 Dormitory Authority of the State of New York, New York 7/08 at 101.00 AAA 6,323,265 Medical College Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101.00 Aaa 3,393,495 Institute of America Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22 2,265 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101.00 Aaa 2,161,354 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 1,500 Dormitory Authority of the State of New York, State University 5/08 at 101.00 AAA 1,367,730 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 2,000 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 2,104,580 Community Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 5,000 Dormitory Authority of the State of New York, City University 7/09 at 101.00 AAA 5,092,150 System Consolidated Third General Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 1,250 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 1,348,525 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101.00 AAA 1,312,056 Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 Dormitory Authority of the State of New York, City University System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A: 2,945 5.125%, 7/01/21 7/10 at 100.00 AAA 2,909,277 4,000 5.125%, 7/01/24 7/10 at 100.00 AAA 3,921,600 2,000 Dormitory Authority of the State of New York, Yeshiva University 7/11 at 100.00 AAA 1,976,840 Insured Revenue Bonds, Series 2001, 5.000%, 7/01/18 5,915 Dormitory Authority of the State of New York, State University 5/12 at 101.00 AAA 5,866,379 Educational Facilities Revenue Bonds, Series 2002A, 5.125%, 5/15/20 33 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 18.4% $ 2,000 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 AAA $ 2,025,760 Health System Bonds, 1999 Series A, 5.125%, 2/15/14 1,000 Dormitory Authority of the State of New York, FHA-Insured 2/06 at 102.00 AAA 1,032,150 Mortgage Hospital Revenue Bonds (Maimonides Medical Center), Series 1996A, 5.750%, 8/01/24 3,135 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 2,996,966 Insured Revenue Bonds (Southside Hospital), Series 1998, 5.000%, 2/15/25 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds (The New York and Presbyterian Hospital), Series 1998: 6,080 4.750%, 8/01/27 2/08 at 101.00 AAA 5,533,530 4,000 5.000%, 8/01/32 2/08 at 101.00 AAA 5,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 5,000,550 Mortgage Hospital Revenue Bonds (Highland Hospital of Rochester), Series 1997A, 5.400%, 8/01/27 3,280 Dormitory Authority of the State of New York, North Shore 11/08 at 101.00 AAA 3,148,078 University Hospital Revenue Bonds (North Shore Health System Obligated Group), Series 1998, 5.000%, 11/01/23 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds (Montefiore Medical Center), Series 1999: 1,000 5.250%, 8/01/19 8/09 at 101.00 AAA 1,009,780 4,000 5.500%, 8/01/38 8/09 at 101.00 AAA 4,030,200 8,000 Dormitory Authority of the State of New York, St. Charles 7/09 at 101.00 AAA 8,141,520 Hospital and Rehabilitation Center Revenue Bonds (Catholic Health Services of Long Island Obligated Group), Series 1999A, 5.500%, 7/01/22 1,500 Dormitory Authority of the State of New York, St. Francis Hospital 7/09 at 101.00 AAA 1,526,535 Revenue Bonds (Catholic Health Services of Long Island Obligated Group), Series 1999A, 5.500%, 7/01/22 3,000 Dormitory Authority of the State of New York, New Island 7/09 at 101.00 AAA 3,157,200 Hospital Insured Revenue Bonds, Series 1999A, 5.750%, 7/01/19 8,525 Dormitory Authority of the State of New York, South Nassau 7/11 at 101.00 AAA 8,403,519 Communities Hospital Revenue Bonds (Winthrop South Nassau University Health System Obligation Group), Series 2001B, 5.250%, 7/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.3% New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 1,970 6.100%, 11/01/15 5/06 at 102.00 AAA 2,094,721 2,985 6.125%, 11/01/20 5/06 at 102.00 AAA 3,132,966 985 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 1,031,689 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.8% 1,985 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102.00 AAA 2,076,270 Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.6% 3,000 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/07 at 102.00 AAA 3,000,090 FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185 Village of East Rochester Housing Authority, New York, 8/07 at 102.00 AAA 1,223,311 FHA-Insured Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 13.1% 1,230 City of Buffalo, New York, School Serial Bonds, Series 1999E, 12/09 at 101.00 AAA 1,341,795 6.000%, 12/01/18 Chitennango Central School District, Madison and Onondaga Counties, New York, Serial Bonds, Series 2000: 1,125 5.650%, 6/15/18 6/09 at 101.00 AAA 1,188,304 1,185 5.650%, 6/15/19 6/09 at 101.00 AAA 1,248,267 East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 265 5.750%, 6/15/17 6/09 at 101.00 Aaa 281,475 200 5.750%, 6/15/18 6/09 at 101.00 Aaa 211,558 200 5.750%, 6/15/19 6/09 at 101.00 Aaa 211,182 34 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 500 Village of Freeport, Nassau County, New York, Various Purposes 4/10 at 101.00 Aaa $ 545,885 Serial Bonds, 2000 Series A, 6.000%, 4/01/18 Germantown Central School District, Columbia County, New York, School District Serial Bonds, Series 1999: 700 5.400%, 6/15/17 6/08 at 101.00 Aaa 721,133 700 5.400%, 6/15/18 6/08 at 101.00 Aaa 717,808 2,000 Town of Hempstead, New York, General Obligation Bonds, 1/11 at 101.00 Aaa 2,079,280 Series 2001A, 5.250%, 1/15/14 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101.00 Aaa 736,666 School District Serial Bonds, Series 2000, 5.600%, 8/01/18 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/17 6/11 at 101.00 Aaa 1,521,616 1,410 5.750%, 6/15/18 6/11 at 101.00 Aaa 1,513,973 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 330 5.750%, 6/01/18 6/08 at 101.00 Aaa 348,566 330 5.750%, 6/01/19 6/08 at 101.00 Aaa 348,025 Monticello Central School District, Sullivan County, New York, Serial Bonds, Series 2000: 1,905 6.000%, 6/15/18 6/09 at 101.00 AAA 2,052,142 2,000 6.000%, 6/15/19 6/09 at 101.00 AAA 2,149,420 2,165 6.000%, 6/15/20 6/09 at 101.00 AAA 2,325,383 County of Nassau, New York, Serial General Improvement Bonds (General Obligation), Series F: 1,505 6.500%, 3/01/17 3/10 at 100.00 AAA 1,686,157 1,000 6.500%, 3/01/19 3/10 at 100.00 AAA 1,112,660 910 6.500%, 3/01/20 3/10 at 100.00 AAA 1,010,628 County of Nassau, New York, Serial General Improvement Bonds (General Obligation), Series B: 2,005 5.250%, 6/01/22 6/09 at 102.00 AAA 1,993,732 1,000 5.250%, 6/01/23 6/09 at 102.00 AAA 991,720 805 County of Nassau, New York, Serial General Improvement 9/09 at 102.00 Aaa 818,041 Bonds (General Obligation), Series D, 5.300%, 9/01/17 1,500 Town of North Hempstead, Nassau County, New York, Refunding 3/08 at 101.00 Aaa 1,434,495 Serial Bonds (General Obligation), 1998 Series B, 4.750%, 3/01/18 County of Oneida, New York, Public Improvement Bonds (General Obligation), Series 2000: 500 5.375%, 4/15/18 4/09 at 102.00 AAA 513,680 500 5.375%, 4/15/19 4/09 at 102.00 AAA 511,855 255 City of Port Jervis, Orange County, New York, Water 3/09 at 101.00 Aaa 263,752 Improvement Serial Bonds, Series 1999, 5.625%, 3/15/24 County of Suffolk, New York, Public Improvement Serial Bonds, 2000 Series A: 1,130 5.750%, 5/01/17 5/10 at 101.00 AAA 1,212,162 1,100 6.000%, 5/01/18 5/10 at 101.00 AAA 1,198,560 610 6.000%, 5/01/19 5/10 at 101.00 AAA 662,942 640 6.000%, 5/01/20 5/10 at 101.00 AAA 695,098 1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101.00 AAA 1,721,133 Serial Bonds (General Obligation), Series 2000, 5.750%, 6/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 36.4% 3,775 Metropolitan Transportation Authority, New York, Dedicated 4/07 at 101.00 AAA 3,795,838 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A: 5,090 5.000%, 4/01/23 4/08 at 101.00 AAA 5,015,126 7,600 4.750%, 4/01/28 4/08 at 101.00 AAA 7,084,568 1,000 Metropolitan Transportation Authority, New York, Dedicated 4/09 at 101.00 AAA 973,270 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 35 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,125 Nassau Health Care Corporation, Nassau County, New York, 8/09 at 102.00 AAA $ 3,282,531 Health System Revenue Bonds (Guaranteed), Series 1999, 5.750%, 8/01/29 3,025 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 3,209,495 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 10,000 New York City Transitional Finance Authority, New York, Future 5/08 at 101.00 AAA 8,726,800 Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,255,500 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 1,250 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102.00 AAA 1,333,687 Bonds (Leake and Watts Services, Inc.), Series 1994, 6.000%, 7/01/23 2,250 Dormitory Authority of the State of New York, St. Anne Institute 7/08 at 101.00 AAA 2,209,320 Insured Revenue Bonds (853 Schools Program - 1998 Issue 2), Series 1998E, 5.000%, 7/01/18 1,340 Dormitory Authority of the State of New York, Anderson School 7/09 at 101.00 AAA 1,419,449 Insured Revenue Bonds (853 Schools Program - 1999 Issue 2), Series 1999E, 5.750%, 7/01/19 2,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 2,118,580 Bonds (Special Act School Districts Program), Series 1999, 5.750%, 7/01/19 4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 4,282,542 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,116,190 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Bonds, Series 2001A: 1,145 5.500%, 8/15/19 8/11 at 100.00 AAA 1,181,755 1,210 5.500%, 8/15/20 8/11 at 100.00 AAA 1,241,569 2,480 Dormitory Authority of the State of New York, Mental Health 8/11 at 100.00 AAA 2,559,608 Services Facilities Improvement Revenue Bonds, Series 2001B, 5.500%, 8/15/19 1,670 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 1,794,365 Facilities Improvement Revenue Bonds, Series 2000D, 5.875%, 2/15/16 2,265 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100.00 AAA 2,223,301 State Park, Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4,250 New York Local Government Assistance Corporation (A Public 4/08 at 101.00 AAA 4,077,748 Benefit Corporation of the State of New York), Series 1997B Refunding Bonds, 4.875%, 4/01/20 3,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 2,975,070 Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 35 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102.00 AAA 36,535 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 215 New York State Medical Care Facilities Finance Agency, Mental 8/02 at 102.00 AAA 219,904 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 40 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102.00 AAA 42,765 Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 2,080 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 2,074,114 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 3,500 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 3,542,105 Fund Bonds, Series 2002A, 5.250%, 4/01/17 5,500 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 5,023,150 Facilities Service Contract Revenue Bonds, Series B, 4.750%, 1/01/28 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 3,000 5.125%, 1/01/21 1/11 at 100.00 AAA 2,964,150 3,250 5.125%, 1/01/22 1/11 at 100.00 AAA 3,202,095 7,900 6.000%, 1/01/29 1/09 at 101.00 AAA 8,439,333 36 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101.00 AAA $ 1,064,740 Revenue Bonds, Series B, 5.875%, 7/01/35 2,000 Puerto Rico Municipal Finance Agency, Serial Bonds, 1999 8/09 at 101.00 AAA 2,082,720 Series A, 5.500%, 8/01/19 1,435 Suffolk County Industrial Development Agency, New York, Civic 10/10 at 102.00 Aaa 1,563,289 Facility Revenue Bonds, Series 1999A (Hampton Bays Public Library Project), 6.000%, 10/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 18.3% 2,210 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 2,198,044 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 10,215 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 10,342,585 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 2,650 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 2,625,541 Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21 1,000 Metropolitan Transportation Authority, New York, Commuter 7/08 at 101.00 AAA 1,004,910 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28 3,505 Metropolitan Transportation Authority, New York, Transit 7/07 at 101.50 AAA 3,637,769 Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/25 2,300 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 2,355,476 Revenue Bonds (Buffalo Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000 Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 5,186,850 Bonds, One Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 5,025 Port Authority of New York and New Jersey, Special Project 12/07 at 100.00 AAA 5,140,324 Bonds, Series 6 (JFK International Air Terminal LLC Project), 5.750%, 12/01/25 (Alternative Minimum Tax) Puerto Rico Ports Authority, Revenue Bonds, Series D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) 7/02 at 101.00 AAA 5,431,913 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) 7/02 at 100.00 AAA 11,522,310 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 14.0% City of Buffalo, New York, General Obligation Bonds, Series 1999D: 525 6.000%, 12/01/18 (Pre-refunded to 12/01/09) 12/09 at 101.00 AAA 597,833 425 6.000%, 12/01/19 (Pre-refunded to 12/01/09) 12/09 at 101.00 AAA 483,960 1,550 The City of New York, New York, General Obligation Bonds, 6/02 at 100.75 AAA 1,575,203 Fiscal 1991 Series B, 7.000%, 6/01/04 The City of New York, New York, General Obligation Bonds, Fiscal 1990 Series I: 950 7.250%, 8/15/14 8/02 at 100.00 AAA 990,090 1,270 7.250%, 8/15/17 8/02 at 100.00 AAA 1,295,222 The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series A: 3,030 7.250%, 3/15/18 9/02 at 100.00 AAA 3,375,875 2,250 7.250%, 3/15/19 9/02 at 100.00 AAA 2,453,310 2,000 New York City Municipal Water Finance Authority, New York, 6/05 at 101.00 AAA 2,185,520 Water and Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 (Pre-refunded to 6/15/05) 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,532 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 1,115 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 1,340,843 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 5,000 New York State Housing Finance Agency, State University No Opt. Call AAA 5,539,200 Construction Bonds, 1986 Series A, 7.900%, 11/01/06 3,140 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,448,725 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 1,635 New York State Medical Care Facilities Finance Agency, 8/04 at 102.00 AAA 1,795,492 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) 6,000 New York State Medical Care Facilities Finance Agency, New 2/05 at 102.00 AAA 6,721,260 York, Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 37 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102.00 AAA $ 4,544,748 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) 1,000 Commonwealth of Puerto Rico, General Obligation Public 7/10 at 100.00 AAA 1,111,940 Improvement Bonds of 2000, 5.750%, 7/01/26 (Pre-refunded to 7/01/10) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.5% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,000 5.125%, 12/01/22 6/08 at 101.00 AAA 6,868,260 3,000 5.750%, 12/01/24 6/08 at 101.00 AAA 3,134,460 3,000 5.250%, 12/01/26 6/08 at 101.00 AAA 2,960,940 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 2,500 5.000%, 9/01/27 9/11 at 100.00 AAA 2,390,775 2,500 5.250%, 9/01/28 9/11 at 100.00 AAA 2,465,425 2,500 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 2,559,675 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) 2,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 2,280,915 Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series C, 5.600%, 6/01/25 (Alternative Minimum Tax) 1,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 1,046,960 Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 2,554,200 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 2,110,960 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 12.7% 3,655 Buffalo Municipal Water Finance Authority, New York, Water 7/09 at 101.00 AAA 3,917,721 System Revenue Bonds, Series 1999, 6.000%, 7/01/29 2,115 Town of Clifton Park Water Authority, New York, Water System 10/03 at 102.00 AAA 2,010,413 Revenue Bonds, Series 1993, 5.000%, 10/01/26 5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 5,373,150 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,036,040 Water and Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 5,000 New York City Municipal Water Finance Authority, New York, 6/08 at 101.00 AAA 4,507,750 Water and Sewer System Revenue Bonds, Fiscal 1999 Series A, 4.750%, 6/15/31 4,750 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 4,820,063 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 3,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 2,941,080 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,873,443 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 38 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 5,000 Suffolk County Water Authority, New York, Water System 6/03 at 102.00 AAA $ 4,934,250 Revenue Bonds, Series 1994, 5.000%, 6/01/17 2,750 Western Nassau County Water Authority, New York, System 5/06 at 102.00 AAA 2,819,380 Revenue Bonds, Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 403,760 Total Investments (cost $389,931,198) - 151.5% 408,801,799 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 5,011,212 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (53.4)% (144,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 269,813,011 ==================================================================================================================== 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. * 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. 39 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 26.5% Town of Amherst Industrial Development Agency, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Village Green Project), Series 2000A: $ 1,315 5.625%, 8/01/20 8/10 at 102.00 AAA $ 1,371,466 610 5.750%, 8/01/25 8/10 at 102.00 AAA 644,276 500 Town of Amherst Industrial Development Agency, New York, 8/10 at 102.00 AAA 521,470 Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Lakeside Cottage Project), Series 2000B, 5.625%, 8/01/20 1,000 Nassau County Industrial Development Agency, New York, 7/08 at 102.00 AAA 966,260 Civic Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 1,000 The Trust for Cultural Resources of the City of New York, New 7/09 at 101.00 AAA 1,047,740 York, Revenue Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 7,250 New York City Industrial Development Agency, New York, Civic 1/09 at 101.00 AAA 6,898,593 Facility Revenue Bonds (Horace Mann School Project), 5.000%, 7/01/28 2,095 Dormitory Authority of the State of New York, State University 7/11 at 100.00 AAA 2,175,637 Dormitory Facilities Lease Revenue Bonds, Series 2001, 5.500%, 7/01/18 12,875 Dormitory Authority of the State of New York, Mount Sinai 7/02 at 101.00 AAA 13,180,266 School of Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 1,870 Dormitory Authority of the State of New York, Fordham 7/02 at 100.00 AAA 1,893,319 University Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 1,175 Dormitory Authority of the State of New York, City University 7/05 at 102.00 AAA 1,179,700 System Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 2,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102.00 AAA 2,090,820 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 8,485 Dormitory Authority of the State of New York, Fordham 7/08 at 101.00 AAA 8,096,726 University Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1: 3,120 5.375%, 7/01/24 1/08 at 102.00 AAA 3,133,478 10,000 5.125%, 7/01/27 1/08 at 102.00 AAA 9,696,200 2,000 Dormitory Authority of the State of New York, State University 5/08 at 100.00 AAA 1,842,960 Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 4,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101.00 Aaa 4,377,645 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101.00 AAA 1,578,435 Community Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 Dormitory Authority of the State of New York, University of Rochester Revenue Bonds, Series 2000A: 1,990 0.000%, 7/01/17 7/10 at 101.00 AAA 1,319,131 2,235 0.000%, 7/01/18 7/10 at 101.00 AAA 1,477,894 2,495 0.000%, 7/01/19 7/10 at 101.00 AAA 1,644,654 1,870 0.000%, 7/01/21 7/10 at 101.00 AAA 1,221,110 500 Dormitory Authority of the State of New York, Pace University 7/10 at 101.00 AAA 539,410 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 5,000 Dormitory Authority of the State of New York, State University 5/06 at 102.00 AAA 5,065,750 Educational Facilities Revenue Bonds, Series 1996, 5.500%, 5/15/26 3,485 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 3,416,694 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/24 40 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, Canisius College Revenue Bonds, Series 2000: $ 1,000 5.100%, 7/01/20 7/11 at 101.00 AAA $ 988,800 2,875 5.250%, 7/01/30 7/11 at 101.00 AAA 2,835,153 Dormitory Authority of the State of New York, New York University Insured Revenue Bonds, 2001 Series 2: 1,350 5.500%, 7/01/18 7/11 at 100.00 AAA 1,401,962 800 5.500%, 7/01/20 7/11 at 100.00 AAA 823,608 600 5.500%, 7/01/21 7/11 at 100.00 AAA 616,368 2,500 Dormitory Authority of the State of New York, New York No Opt. Call AAA 2,591,450 University Revenue Bonds, Series 2001-1, 5.500%, 7/01/40 2,125 Dormitory Authority of the State of New York, Yeshiva 7/11 at 100.00 AAA 2,089,874 University Insured Revenue Bonds, Series 2001, 5.000%, 7/01/19 5,795 Dormitory Authority of the State of New York, State University 5/12 at 101.00 AAA 5,715,782 Educational Facilities Revenue Bonds, Series 2002A, 5.000%, 5/15/18 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 16.2% Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds (St. Vincent's Hospital and Medical Center of New York), Series 1991: 3,500 7.375%, 8/01/11 8/02 at 101.00 AAA 3,585,365 4,150 7.400%, 8/01/30 8/02 at 101.00 AAA 4,247,691 6,000 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 5,937,900 Mortgage Hospital Revenue Bonds (Millard Fillmore Hospitals), Series 1997, 5.375%, 2/01/32 585 Dormitory Authority of the State of New York, FHA-Insured No Opt. Call AAA 608,862 Mortgage Hospital Revenue Bonds (Maimonides Medical Center), Series 1996A, 5.500%, 8/01/14 6,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 6,463,860 Mortgage Revenue Refunding Bonds (United Health Services), Series 1997, 5.375%, 8/01/27 10,000 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 101.00 AAA 9,342,100 Mortgage Hospital Revenue Bonds (The New York and Presbyterian Hospital), Series 1998, 5.000%, 8/01/32 5,730 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 5,773,262 Mortgage Hospital Revenue Bonds (Montefiore Medical Center), Series 1999, 5.500%, 8/01/38 6,430 Dormitory Authority of the State of New York, St. Francis 7/09 at 101.00 AAA 6,529,601 Hospital Revenue Bonds (Catholic Health Services of Long Island Obligated Group), Series 1999A, 5.500%, 7/01/24 12,020 Dormitory Authority of the State of New York, Winthrop 7/11 at 101.00 AAA 11,848,715 University Hospital Association Revenue Bonds (Winthrop South Nassau University Health System Obligated Group), Series 2001A, 5.250%, 7/01/26 2,025 Dormitory Authority of the State of New York, South Nassau 7/11 at 101.00 AAA 1,981,868 Communities Hospital Revenue Bonds (Winthrop South Nassau University Health System Obligation Group), Series 2001B, 5.250%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 6.0% 15,000 New York City Housing Development Corporation, New York, 4/02 at 105.00 AAA 15,768,750 Multifamily Housing Limited Obligation Bonds, Series 1991C, Pass-Through Certificates, 6.500%, 2/20/19 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980 6.100%, 11/01/15 5/06 at 102.00 AAA 1,042,044 3,980 6.125%, 11/01/20 5/06 at 102.00 AAA 4,177,289 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.5% 1,500 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102.00 AAA 1,571,730 Revenue Bonds, Series 43, 6.450%, 10/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.3% 2,000 Town of Babylon Industrial Development Agency, New York, 8/09 at 101.00 AAA 2,139,820 Civic Facility Revenue Bonds, Series 2000 B (WSNCHS East, Inc. Project), 6.000%, 8/01/24 6,000 Dormitory Authority of the State of New York, FHA-Insured 8/11 at 101.00 AAA 5,742,660 Mortgage Nursing Home Revenue Bonds (Norwegian Christian Home and Health Center), Series 2001, 5.200%, 8/01/36 41 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 16.0% East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: $ 300 5.750%, 6/15/17 6/09 at 101.00 Aaa $ 318,651 350 5.750%, 6/15/18 6/09 at 101.00 Aaa 370,227 365 5.750%, 6/15/19 6/09 at 101.00 Aaa 385,407 County of Erie, New York, General Obligation Serial Bonds, Public Improvement Bonds, Series 1999A: 700 5.500%, 10/01/17 10/09 at 101.00 AAA 732,109 700 5.250%, 10/01/19 10/09 at 101.00 AAA 705,992 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,000 5.750%, 6/15/19 6/11 at 101.00 Aaa 1,071,430 1,000 5.750%, 6/15/20 6/11 at 101.00 Aaa 1,068,350 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 340 5.750%, 6/01/18 6/08 at 101.00 Aaa 359,128 340 5.750%, 6/01/19 6/08 at 101.00 Aaa 358,571 2,500 County of Nassau, New York, Serial General Improvement 6/09 at 102.00 AAA 2,479,300 Bonds (General Obligation), Series B, 5.250%, 6/01/23 The City of New York, New York, General Obligation Bonds, Fiscal 1992 Series C: 45 6.250%, 8/01/10 8/02 at 101.50 AAA 46,290 45 6.625%, 8/01/14 8/02 at 101.50 AAA 46,301 The City of New York, New York, General Obligation Bonds, Fiscal 1998 Series H: 4,150 5.125%, 8/01/25 8/08 at 101.00 AAA 4,050,359 6,000 5.375%, 8/01/27 8/08 at 101.00 AAA 6,015,540 5,000 The City of New York, New York, General Obligation Bonds, 4/09 at 101.00 AAA 4,747,750 Fiscal 1999 Series I, 5.000%, 4/15/29 3,000 The City of New York, New York, General Obligation Bonds, 8/10 at 101.00 AAA 2,992,200 Fiscal 2001 Series D, 5.000%, 8/01/16 3,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101.00 Aaa 2,868,990 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 Town of North Hempstead, Nassau County, New York, General Obligation Bonds, 1999 Series B: 2,135 5.875%, 7/15/18 7/09 at 101.00 Aaa 2,289,147 2,255 5.875%, 7/15/19 7/09 at 101.00 Aaa 2,413,481 County of Oneida, New York, General Obligations, Public Improvement Bonds, Series 2000: 100 5.375%, 4/15/18 4/09 at 102.00 AAA 102,736 100 5.375%, 4/15/19 4/09 at 102.00 AAA 102,371 6,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101.00 AAA 5,459,460 Bonds (General Obligation), Series 1998, 4.500%, 7/01/23 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/17 6/10 at 100.00 Aaa 565,294 525 5.875%, 6/15/18 6/10 at 100.00 Aaa 562,711 525 5.875%, 6/15/20 6/10 at 100.00 Aaa 559,776 525 5.875%, 6/15/21 6/10 at 100.00 Aaa 559,776 525 5.875%, 6/15/22 6/10 at 100.00 Aaa 559,046 525 5.875%, 6/15/23 6/10 at 100.00 Aaa 559,046 525 5.875%, 6/15/24 6/10 at 100.00 Aaa 558,679 525 5.875%, 6/15/26 6/10 at 100.00 Aaa 557,587 525 5.875%, 6/15/28 6/10 at 100.00 Aaa 557,078 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 No Opt. Call AAA 1,142,026 960 6.700%, 2/15/17 No Opt. Call AAA 1,143,130 960 6.700%, 2/15/18 No Opt. Call AAA 1,144,262 960 6.700%, 2/15/19 No Opt. Call AAA 1,144,397 960 6.700%, 2/15/20 No Opt. Call AAA 1,145,645 747 6.700%, 2/15/21 No Opt. Call AAA 891,246 42 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: $ 735 5.250%, 10/01/20 No Opt. Call AAA $ 753,875 735 5.250%, 10/01/21 No Opt. Call AAA 749,891 730 5.250%, 10/01/22 No Opt. Call AAA 743,359 730 5.250%, 10/01/23 No Opt. Call AAA 741,804 730 5.250%, 10/01/24 No Opt. Call AAA 740,147 730 5.250%, 10/01/25 No Opt. Call AAA 739,381 725 5.250%, 10/01/26 No Opt. Call AAA 733,512 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 38.0% 1,000 Battery Park City Authority, New York, Senior Revenue 11/03 at 102.00 AAA 1,003,680 Refunding Bonds, Series 1993A, 5.250%, 11/01/17 3,000 Metropolitan Transportation Authority, New York, Dedicated 4/07 at 101.00 AAA 3,016,560 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 11,000 Metropolitan Transportation Authority, New York, Dedicated 4/08 at 101.00 AAA 10,253,980 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 4/09 at 101.00 AAA 4,024,480 1,000 5.250%, 4/01/23 4/09 at 101.00 AAA 1,009,640 3,250 5.000%, 4/01/29 4/09 at 101.00 AAA 3,163,128 5,875 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,803,795 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 5,225 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,543,673 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 2,000 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 1,912,660 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 2,000 New York City Transitional Finance Authority, New York, Future 5/08 at 101.00 AAA 1,745,360 Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2002 Series B: 2,820 5.250%, 5/01/16 11/11 at 101.00 AAA 2,878,459 1,000 5.250%, 5/01/17 11/11 at 101.00 AAA 1,014,150 5,250 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 5,518,275 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 505 Dormitory Authority of the State of New York, Judicial Facilities 4/02 at 114.14 Baa1 578,977 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 5,000 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102.00 AAA 5,334,750 Bonds (Leake and Watts Services, Inc.), Series 1994, 6.000%, 7/01/23 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue Bonds, Series 1996B: 2,530 5.375%, 2/15/26 2/06 at 102.00 AAA 2,519,728 2,660 5.375%, 2/15/26 2/06 at 102.00 AAA 2,649,200 7,145 Dormitory Authority of the State of New York, Special Act 7/09 at 101.00 AAA 7,568,627 School Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,116,190 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 2,000 New York State Environmental Facilities Corporation, Special 4/07 at 100.00 AAA 1,963,180 Obligation Refunding Revenue Bonds (Riverbank State Park), 1996 Series, 5.125%, 4/01/22 7,750 New York Local Government Assistance Corporation, Refunding 4/08 at 101.00 AAA 7,435,893 Bonds (A Public Benefit Corporation of the State of New York), Series 1997B, 4.875%, 4/01/20 4,400 New York Local Government Assistance Corporation, Refunding 4/03 at 102.00 AAA 4,493,324 Bonds, Series 1993B, 5.500%, 4/01/21 43 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) State of New York Municipal Bond Bank Agency, Special Program Revenue Bonds, City of Buffalo, 2001 Series A: $ 875 5.125%, 5/15/19 5/11 at 100.00 AAA $ 871,001 920 5.125%, 5/15/20 5/11 at 100.00 AAA 912,438 965 5.250%, 5/15/21 5/11 at 100.00 AAA 966,669 1,015 5.250%, 5/15/22 5/11 at 100.00 AAA 1,015,294 20 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102.00 AAA 20,877 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 365 New York State Medical Care Facilities Finance Agency, Mental 8/02 at 102.00 AAA 373,326 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 3,985 New York State Medical Care Facilities Finance Agency, Mental 8/02 at 100.00 AAA 3,991,535 Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 3,575 New York State Thruway Authority, Highway and Bridge Trust 10/11 at 100.00 AAA 3,640,601 Fund Bonds, Series 2001B, 5.250%, 4/01/16 5,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 5,017,350 Fund Bonds, Series 2002A, 5.250%, 4/01/19 10,000 New York State Urban Development Corporation, Correctional 1/05 at 102.00 AAA 10,105,300 Facilities Revenue Bonds, Series 5, 5.500%, 1/01/25 2,000 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AAA 2,005,720 Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 2,175 5.125%, 1/01/22 1/11 at 100.00 AAA 2,142,941 6,000 5.125%, 1/01/23 1/11 at 100.00 AAA 5,894,220 5,000 6.000%, 1/01/29 1/09 at 101.00 AAA 5,341,350 2,000 5.250%, 1/01/30 1/11 at 100.00 AAA 1,972,500 4,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 4,287,440 Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 1,000 Puerto Rico Public Finance Corporation, Commonwealth No Opt. Call AAA 1,056,470 Appropriation Bonds, 2002 Series E, 5.500%, 8/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.0% 5,010 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.50 AAA 5,193,617 Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/27 9,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 9,112,410 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1998A: 3,000 5.000%, 7/01/23 7/08 at 101.00 AAA 2,955,360 4,695 5.250%, 7/01/28 7/08 at 101.00 AAA 4,718,052 2,500 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 2,560,300 Revenue Bonds (Buffalo Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 10,000 Port Authority of New York and New Jersey, Consolidated Bonds, 5/02 at 101.00 AA- 10,107,800 Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) 7,000 Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101.00 AAA 7,261,590 One-Hundred Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 44 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 10.7% $ 1,200 Town of Brookhaven, Suffolk County, New York, Various 10/02 at 102.00 AAA $ 1,251,744 Purposes Serial Bonds, 1991 Series B, 6.400%, 10/01/11 (Pre-refunded to 10/01/02) 2,000 Metropolitan Transportation Authority, New York, Commuter 7/02 at 102.00 AAA 2,062,960 Facilities Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 5,000 Metropolitan Transportation Authority, New York, Transit 7/02 at 101.50 AAA 5,132,500 Facilities Revenue Bonds, Series K, 6.250%, 7/01/11 (Pre-refunded to 7/01/02) The City of New York, New York, General Obligation Bonds, Fiscal 1992 Series C: 4,955 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101.50 AAA 5,104,740 4,955 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101.50 AAA 5,111,033 The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series A: 1,500 7.250%, 3/15/18 9/02 at 100.00 AAA 1,671,225 3,100 7.250%, 3/15/19 9/02 at 100.00 AAA 3,380,116 3,000 The City of New York, New York, General Obligation Bonds, 4/02 at 100.00 AAA 3,112,860 Fiscal 1990 Series B, 7.000%, 10/01/19 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 255 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 6/10 at 101.00 AAA 291,399 1,775 6.000%, 6/15/33 (Pre-refunded to 6/15/10) 6/10 at 101.00 AAA 2,020,110 2,230 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102.00 AAA 2,449,254 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 5,000 New York State Medical Care Facilities Finance Agency, New 2/05 at 102.00 AAA 5,601,050 York Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 15.4% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 8,300 5.125%, 12/01/22 6/08 at 101.00 AAA 8,143,794 7,000 5.250%, 12/01/26 6/08 at 101.00 AAA 6,908,860 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 No Opt. Call AAA 1,220,600 4,000 0.000%, 6/01/25 No Opt. Call AAA 1,154,360 15,000 0.000%, 6/01/26 No Opt. Call AAA 4,083,600 3,000 0.000%, 6/01/27 No Opt. Call AAA 772,020 4,500 0.000%, 6/01/28 No Opt. Call AAA 1,093,905 3,000 0.000%, 6/01/29 No Opt. Call AAA 687,630 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 3,000 5.000%, 9/01/27 9/11 at 100.00 AAA 2,868,930 3,125 5.250%, 9/01/28 9/11 at 100.00 AAA 3,081,781 11,000 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 11,262,570 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 3,140,880 Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 4/02 at 102.00 AAA 3,094,950 Pollution Control Refunding Revenue Bonds (Niagara Mohawk Power Corporation Project), Series 1991A, 6.625%, 10/01/13 6,000 New York State Energy Research and Development Authority, 9/08 at 102.00 AAA 6,332,880 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.0% 5,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 5,373,150 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 2,225 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 2,229,806 Water and Sewer System Revenue Bonds, Fiscal 1997 Series A, 5.375%, 6/15/26 45 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 10,500 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA $ 10,654,875 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 7,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 6,862,520 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 1,245 6.100%, 6/15/31 6/10 at 101.00 AAA 1,405,082 1,225 6.000%, 6/15/33 6/10 at 101.00 AAA 1,374,119 5,000 New York State Environmental Facilities Corporation, State 9/02 at 100.00 AAA 5,071,750 Water Pollution Control Revolving Fund Revenue Bonds, Pooled Loan Issue, Series 1991 B, 7.100%, 9/15/11 1,300 New York State Environmental Facilities Corporation, Water 6/02 at 102.00 AAA 1,328,872 Facilities Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 2,230 Upper Mohawk Valley Regional Water Finance Authority, New No Opt. Call Aaa 728,781 York, Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ $ 558,257 Total Investments (cost $518,028,266) - 153.6% 535,176,182 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 6,413,632 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.4)% (193,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 348,589,814 ==================================================================================================================== 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. * 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. 46 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 33.3% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation- Village Green Project), Series 2000A: $ 1,065 5.625%, 8/01/20 8/10 at 102.00 AAA $ 1,110,731 610 5.750%, 8/01/25 8/10 at 102.00 AAA 644,276 500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102.00 AAA 521,470 Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Lakeside Cottage Project), Series 2000B, 5.625%, 8/01/20 2,840 Industrial Development Agency, Monroe County, New York, 6/02 at 101.00 AAA 2,890,467 Industrial Development Revenue Bonds (Wilmur Associates Facility - Eastman Place Remarketing), Series 1986, 7.250%, 12/01/16 (Alternative Minimum Tax) 6,350 Industrial Development Agency, Nassau County, New York, Civic Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 7/08 at 102.00 AAA 6,135,751 5,000 The Trust for Cultural Resources of the City of New York, New 7/06 at 101.00 AAA 5,239,800 York, Revenue Bonds (The New York Botanical Garden), Series 1996, 5.800%, 7/01/26 7,250 The Trust for Cultural Resources of the City of New York, New 1/07 at 102.00 AAA 7,394,710 York, Revenue Refunding Bonds (The Museum of Modern Art), Series 1996A, 5.500%, 1/01/21 14,500 The Trust for Cultural Resources of the City of New York, New 4/07 at 101.00 AAA 14,912,525 York, Revenue Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/27 4,775 Industrial Development Agency, New York City, New York, 6/07 at 102.00 AAA 4,718,703 Civic Facility Revenue Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27 1,410 Dormitory Authority of the State of New York, Lease Revenue 7/11 at 100.00 AAA 1,451,609 Bonds (State University Dormitory Facilities), Series 2001, 5.500%, 7/01/20 1,000 Dormitory Authority of the State of New York, Insured Revenue 7/02 at 101.00 AAA 1,023,710 Bonds (Mount Sinai School of Medicine), Series 1991, 6.750%, 7/01/15 7,515 Dormitory Authority of the State of New York, Insured Revenue 7/02 at 102.00 AAA 7,735,490 Bonds (Marist College), Series 1992, 6.000%, 7/01/22 1,000 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102.00 AAA 1,011,430 Bonds (Fordham University), Series 1994, 5.500%, 7/01/23 1,600 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,740,736 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 6,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 6,608,880 System Consolidated Revenue Bonds, Series 1993A, 5.750%, 7/01/13 1,970 Dormitory Authority of the State of New York, Strong Memorial 7/04 at 102.00 AAA 2,047,401 Hospital Revenue Bonds (University of Rochester), Series 1994, 5.900%, 7/01/17 8,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 8,401,570 Bonds (Ithaca College), Series 1997, 5.250%, 7/01/26 1,150 Dormitory Authority of the State of New York, Insured Revenue 7/06 at 102.00 AAA 1,198,691 Bonds (St. John's University), Series 1996, 5.600%, 7/01/16 4,625 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 4,571,443 Bonds (Barnard College), Series 1996, 5.250%, 7/01/26 1,700 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 1,648,354 System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 2,000 Dormitory Authority of the State of New York, City University 7/08 at 102.00 AAA 1,911,880 System Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 7,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 6,679,680 Bonds (Fordham University), Series 1998, 5.000%, 7/01/28 47 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) $ 1,525 Dormitory Authority of the State of New York, State University 5/08 at 101.00 AAA $ 1,390,526 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 1,750 Dormitory Authority of the State of New York, Revenue Bonds 7/10 at 101.00 AAA 1,841,508 (Upstate Community Colleges), Series 2000A, 5.750%, 7/01/29 Dormitory Authority of the State of New York, Revenue Bonds (University of Rochester), Series 2000A: 1,990 0.000%, 7/01/17 7/10 at 101.00 AAA 1,319,131 2,230 0.000%, 7/01/18 7/10 at 101.00 AAA 1,474,588 2,495 0.000%, 7/01/19 7/10 at 101.00 AAA 1,644,654 1,870 0.000%, 7/01/21 7/10 at 101.00 AAA 1,221,110 4,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 4,375,640 Educational Facilities Revenue Bonds (1989 Resolution), Series 2000C, 5.750%, 5/15/16 2,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 1,964,280 System Consolidated Fourth General Resolution Revenue Bonds, Series 2000A, 5.125%, 7/01/23 1,000 Dormitory Authority of the State of New York, Revenue Bonds No Opt. Call AAA 1,036,580 (New York University), Series 2001-1, 5.500%, 7/01/40 2,750 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 2,643,328 Bonds (Yeshiva University), Series 2001, 5.000%, 7/01/26 Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Series 2002A: 8,100 5.125%, 5/15/19 5/12 at 101.00 AAA 8,062,983 2,000 5.000%, 5/15/27 5/12 at 101.00 AAA 1,913,060 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 12.1% 4,000 Dormitory Authority of the State of New York, FHA-Insured 8/04 at 105.00 AAA 3,958,600 Mortgage Hospital Revenue Bonds (Millard Fillmore Hospitals), Series 1997, 5.375%, 2/01/32 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds (The New York and Presbyterian Hospital), Series 1998: 7,000 4.750%, 8/01/27 2/08 at 101.00 AAA 6,370,840 1,000 5.000%, 8/01/32 2/08 at 101.00 AAA 9,000 Dormitory Authority of the State of New York, St. Francis 7/09 at 101.00 AAA 9,139,410 Hospital Revenue Bonds (Catholic Health Services of Long Island Obligated Group), Series 1999A, 5.500%, 7/01/24 9,000 Dormitory Authority of the State of New York, South Nassau 7/11 at 101.00 AAA 8,808,300 Communities Hospital Revenue Bonds (Winthrop South Nassau University Health System Obligated Group), Series 2001B, 5.250%, 7/01/31 5,350 New York State Medical Care Facilities Finance Agency, Project 5/02 at 102.00 AAA 5,509,698 Revenue Bonds (Sisters of Charity Hospital of Buffalo), 1991 Series A, 6.625%, 11/01/18 3,300 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 3,295,479 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 3,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 3,083,760 FHA-Insured Mortgage Revenue Bonds (Montefiore Medical Center), 1995 Series A, 5.750%, 2/15/25 1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102.00 AAA 2,063,087 Revenue Bonds (Health Center Projects - Secured Mortgage Program), Series 1995A, 6.375%, 11/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.6% 12,475 New York City Housing Development Corporation, New York, 4/02 at 105.00 AAA 13,114,344 Limited Obligation Multifamily Housing Bonds (Pass-through Certificates), Series 1991C, 6.500%, 2/20/19 1,690 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 1,773,773 Mortgage Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 1,575 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102.00 AAA 1,649,655 Housing Mortgage Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 48 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.7% $ 1,995 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 33, 5.400%, 10/01/17 3/04 at 102.00 AAA $ 2,014,471 3,980 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) 4/07 at 102.00 AAA 4,163,000 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.8% 4,450 Castle Rest Residential Healthcare Facility, Syracuse, New York, 8/07 at 102.00 AAA 4,450,134 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, Insured Revenue 7/06 at 102.00 AAA 2,029,920 Bonds (United Cerebral Palsy of New York City, Inc.), Series 1996, 5.500%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.6% East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 300 5.750%, 6/15/17 6/09 at 101.00 Aaa 318,651 360 5.750%, 6/15/18 6/09 at 101.00 Aaa 380,804 400 5.750%, 6/15/19 6/09 at 101.00 Aaa 422,364 1,000 Erie County, New York, General Obligation Bonds, 1995 6/05 at 101.50 AAA 1,023,460 Series B, 5.625%, 6/15/20 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/19 6/11 at 101.00 Aaa 1,510,716 1,410 5.750%, 6/15/20 6/11 at 101.00 Aaa 1,506,374 Monroe County, New York, General Obligation Public Improvement Bonds, Series 2002: 2,250 5.000%, 3/01/15 3/12 at 100.00 AAA 2,270,070 1,000 5.000%, 3/01/17 3/12 at 100.00 AAA 993,210 1,500 Nassau County, New York, General Obligation Serial General 6/09 at 102.00 AAA 1,487,580 Improvement Bonds, Series B, 5.250%, 6/01/23 200 The City of New York, New York, General Obligation Bonds, 8/02 at 101.50 AAA 205,904 Fiscal 1992 Series C, 6.625%, 8/01/15 The City of New York, New York, General Obligation Bonds, Fiscal 2001 Series D: 1,500 5.250%, 8/01/15 8/10 at 101.00 AAA 1,534,920 5,360 5.250%, 8/01/15 8/10 at 101.00 AAA 5,484,781 5,000 5.000%, 8/01/16 8/10 at 101.00 AAA 4,987,000 5,000 The City of New York, New York, General Obligation Bonds, 3/12 at 100.00 AAA 4,881,200 Fiscal 2002 Series C, 5.125%, 3/15/25 5,900 Commonwealth of Puerto Rico, General Obligation Public 7/08 at 101.00 AAA 5,368,469 Improvement Refunding Bonds, Series 1998, 4.500%, 7/01/23 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/19 6/10 at 100.00 Aaa 561,608 525 5.875%, 6/15/25 6/10 at 100.00 Aaa 558,317 525 5.875%, 6/15/27 6/10 at 100.00 Aaa 557,225 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 42.8% 15,000 Metropolitan Transportation Authority, New York, Commuter 7/02 at 101.00 AAA 15,472,500 Facilities Service Contract Bonds, 1987 Series 5, 6.500%, 7/01/16 3,000 Metropolitan Transportation Authority, New York, Dedicated 4/08 at 101.00 AAA 2,796,540 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 4/09 at 101.00 AAA 4,024,480 2,000 5.250%, 4/01/23 4/09 at 101.00 AAA 2,019,280 2,000 5.000%, 4/01/29 4/09 at 101.00 AAA 1,946,540 5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 5,400,200 Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 5,150 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 5,464,099 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 3,000 New York City Transitional Finance Authority, New York, Future 8/07 at 101.00 AAA 2,868,990 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 49 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,000 New York City Transitional Finance Authority, New York, 5/08 at 101.00 AAA $ 2,618,040 Future Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal 2002 Series B: 10,170 5.250%, 5/01/12 11/11 at 101.00 AAA 10,685,924 1,000 5.250%, 5/01/17 11/11 at 101.00 AAA 1,014,150 2,500 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AAA 2,705,425 Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 6,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 6,306,600 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 5,375 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102.00 AAA 5,734,856 Bonds (Leake and Watts Services, Inc.), Series 1994, 6.000%, 7/01/23 2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102.00 AAA 2,160,114 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 3,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AAA 3,468,557 Bonds (Harmony Heights School), Series 1999C, 5.500%, 7/01/18 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102.00 AAA 3,116,190 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 5,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 4,894,950 Services Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 5,500 New York Local Government Assistance Corporation (a public 4/04 at 100.00 AAA 5,275,600 benefit corporation of the State of New York), Revenue Bonds, Series 1993D, 5.000%, 4/01/23 5,250 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 5,235,143 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 4,930 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 2001B, 5.250%, 4/01/17 10/11 at 100.00 AAA 4,986,991 6,965 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 6,978,373 Fund Bonds, Series 2002A, 5.250%, 4/01/20 3,000 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AAA 3,008,580 Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 3,190 New York State Urban Development Corporation, State No Opt. Call AAA 3,446,029 Facilities Revenue Bonds, Series 1995 Refunding, 5.600%, 4/01/15 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 4,250 5.125%, 1/01/22 1/11 at 100.00 AAA 4,187,355 6,955 5.125%, 1/01/25 1/11 at 100.00 AAA 6,808,110 10,000 6.000%, 1/01/29 1/09 at 101.00 AAA 10,682,700 6,000 5.250%, 1/01/30 1/11 at 100.00 AAA 5,917,500 3,500 Puerto Rico Highway and Transportation Authority, Transportation 7/12 at 100.00 AAA 3,362,660 Revenue Bonds, Series D, 5.000%, 7/01/32 Puerto Rico Highway and Transportation Authority, Transportation Revenue Bonds, Series E Refunding: 3,000 5.500%, 7/01/14 No Opt. Call AAA 3,269,730 6,000 5.500%, 7/01/18 No Opt. Call AAA 6,431,160 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 17.2% 4,250 Buffalo and Fort Erie Public Bridge Authority, New York, Toll 1/05 at 101.00 AAA 4,415,198 Bridge System Revenue Bonds, Series 1995, 5.750%, 1/01/25 3,000 Metropolitan Transportation Authority, New York, Commuter 7/06 at 102.00 AAA 3,293,820 Facilities Revenue Bonds, Series 1996A, 6.000%, 7/01/16 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1997A: 3,005 5.500%, 7/01/11 7/07 at 101.50 AAA 3,220,669 1,000 5.625%, 7/01/27 7/07 at 101.50 AAA 1,036,650 15,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 15,187,350 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 50 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 500 Metropolitan Transportation Authority, New York, Commuter 7/08 at 101.00 AAA $ 502,455 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28 Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 7/08 at 101.00 AAA 9,844,900 5,500 4.750%, 7/01/26 7/08 at 101.00 AAA 5,149,815 1,000 Niagara Frontier Transportation Authority, New York, Airport 4/04 at 102.00 AAA 1,061,570 Revenue Bonds (Greater Buffalo International Airport), Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 2,500 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 2,560,300 Revenue Bonds (Buffalo-Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series: 5,000 6.500%, 11/01/26 (Alternative Minimum Tax) 5/02 at 101.00 AAA 5,056,100 5,000 6.500%, 11/01/26 (Alternative Minimum Tax) 5/02 at 101.00 AAA 5,056,100 5,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AAA 5,020,400 Purpose Revenue Bonds, Series 2002A, 5.250%, 1/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 13.3% 1,980 Town of Clifton Park Water Authority, New York, Water System 10/02 at 102.00 AAA 2,065,338 Revenue Bonds, 1991 Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 19,800 The City of New York, New York, General Obligation Bonds, 8/02 at 101.50 AAA 20,423,502 Fiscal 1992 Series C, 6.625%, 8/01/15 (Pre-refunded to 8/01/02) New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 170 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 6/10 at 101.00 AAA 194,266 1,190 6.000%, 6/15/33 (Pre-refunded to 6/15/10) 6/10 at 101.00 AAA 1,354,327 3,400 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,074,628 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 3,000 Dormitory Authority of the State of New York, State University 5/02 at 102.00 AAA 3,079,320 Educational Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 3,250 Dormitory Authority of the State of New York, Insured Revenue 7/02 at 102.00 AAA 3,349,190 Bonds (The New York Public Library), Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02) 1,240 Dormitory Authority of the State of New York, Revenue Bonds 7/05 at 102.00 AAA 1,371,973 (Sarah Lawrence College), Series 1995, 6.000%, 7/01/24 (Pre-refunded to 7/01/05) 3,700 Dormitory Authority of the State of New York, City University 7/04 at 102.00 AAA 4,053,794 System Consolidated Third General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) 1,420 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102.00 AA*** 1,473,122 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02) 1,000 New York State Medical Care Facilities Finance Agency, 11/03 at 102.00 AAA 1,075,910 Rochester, Revenue Bonds (St. Mary's Hospital Mortgage Project), 1994 Series A Refunding, 6.200%, 11/01/14 (Pre-refunded to 11/01/03) 4,700 Niagara Falls Bridge Commission, New York, Toll Bridge System 10/02 at 102.00 AAA 4,896,648 Revenue Bonds, Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.9% 1,650 Islip Resource Recovery Agency, Resource Recovery System No Opt. Call AAA 1,953,897 Revenue Bonds (1985 Facility), 1994 Series B, 7.250%, 7/01/11 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,000 5.125%, 12/01/22 6/08 at 101.00 AAA 6,868,260 3,200 5.750%, 12/01/24 6/08 at 101.00 AAA 3,343,424 3,000 5.250%, 12/01/26 6/08 at 101.00 AAA 2,960,940 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 No Opt. Call AAA 1,220,600 4,000 0.000%, 6/01/25 No Opt. Call AAA 1,154,360 5,000 0.000%, 6/01/26 No Opt. Call AAA 1,361,200 7,000 0.000%, 6/01/27 No Opt. Call AAA 1,801,380 10,500 0.000%, 6/01/28 No Opt. Call AAA 2,552,445 7,000 0.000%, 6/01/29 No Opt. Call AAA 1,604,470 51 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: $ 2,500 5.000%, 9/01/27 9/11 at 100.00 AAA $ 2,390,775 2,500 5.250%, 9/01/28 9/11 at 100.00 AAA 2,465,425 6,000 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 6,139,560 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) 1,250 New York State Energy Research and Development Authority, 7/03 at 102.00 AAA 1,267,175 Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series C, 5.600%, 6/01/25 (Alternative Minimum Tax) 12,000 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 12,260,160 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.4% 3,250 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 3,297,936 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2002 Series A: 2,000 5.750%, 6/15/27 6/11 at 100.00 AAA 2,102,720 4,000 5.250%, 6/15/33 6/11 at 100.00 AAA 3,921,440 New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 830 6.100%, 6/15/31 6/10 at 101.00 AAA 936,720 810 6.000%, 6/15/33 6/10 at 101.00 AAA 908,600 1,000 Western Nassau County Water Authority, New York, System Revenue Bonds, Series 1995, 5.650%, 5/01/26 5/06 at 102.00 AAA 1,025,230 - ------------------------------------------------------------------------------------------------------------------------------------ $ 569,335 Total Investments (cost $531,995,195) - 153.7% 547,539,457 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.6% 5,613,821 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (55.3)% (197,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 356,153,278 ==================================================================================================================== 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. * 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. Securities are normally considered to be equivalent to AAA rated securities. See accompanying notes to financial statements. 52 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 33.5% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Village Green Project), Series 2000A: $ 250 5.625%, 8/01/20 8/10 at 102.00 AAA $ 260,735 250 5.750%, 8/01/25 8/10 at 102.00 AAA 264,048 2,000 Industrial Development Agency, Monroe County, New York, 6/05 at 102.00 AAA 2,138,720 Civic Facility Revenue Bonds (Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 5,460 The Trust for Cultural Resources of the City of New York, New 7/06 at 101.00 AAA 5,721,862 York, Revenue Bonds (The New York Botanical Garden), Series 1996, 5.800%, 7/01/26 1,250 The Trust for Cultural Resources of the City of New York, New 1/07 at 102.00 AAA 1,274,950 York, Revenue Refunding Bonds (The Museum of Modern Art), Series 1996A, 5.500%, 1/01/21 4,000 The Trust for Cultural Resources of the City of New York, New 4/07 at 101.00 AAA 4,125,960 York, Revenue Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/22 1,000 Industrial Development Agency, New York City, New York, Civic 11/04 at 102.00 AAA 1,093,310 Facility Revenue Bonds (USTA National Tennis Center, Inc. Project), 6.375%, 11/15/14 2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 2,036,860 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 1,000 Dormitory Authority of the State of New York, State University No Opt. Call AAA 1,055,250 Educational Facilities Revenue Bonds, Series 1993A, 5.500%, 5/15/19 2,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,175,920 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 3,000 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 3,128,790 Bonds (New School for Social Research), Series 1997, 5.750%, 7/01/26 1,500 Dormitory Authority of the State of New York, Insured Revenue 7/06 at 102.00 AAA 1,563,510 Bonds (St. John's University), Series 1996, 5.600%, 7/01/16 2,000 Dormitory Authority of the State of New York, Insured Revenue 9/06 at 102.00 AAA 2,027,420 Bonds (Long Island University), Series 1996, 5.500%, 9/01/26 6,000 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 Aaa 5,836,860 Bonds (Ithaca College), Series 1998, 5.000%, 7/01/21 1,500 Dormitory Authority of the State of New York, Revenue Bonds 7/10 at 101.00 AAA 1,578,435 (Upstate Community Colleges), Series 2000A, 5.750%, 7/01/29 3,215 Dormitory Authority of the State of New York, Revenue Bonds 7/10 at 101.00 AAA 2,068,499 (University of Rochester), Series 2000A, 0.000%, 7/01/24 250 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 269,705 Bonds (Pace University), Series 2000, 6.000%, 7/01/29 1,000 Dormitory Authority of the State of New York, City University 7/10 at 100.00 AAA 985,050 System Consolidated Fourth General Resolution Revenue Bonds, Series 2000A, 5.125%, 7/01/22 500 Dormitory Authority of the State of New York, Revenue Bonds No Opt. Call AAA 518,290 (New York University), Series 2001-1, 5.500%, 7/01/40 810 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 100.00 AAA 793,322 Bonds (Yeshiva University), Series 2001, 5.000%, 7/01/20 Dormitory Authority of the State of New York, Revenue Bonds (State University Educational Facilities), Series 2002A: 1,270 5.000%, 5/15/16 5/12 at 101.00 AAA 1,272,616 1,000 5.125%, 5/15/20 5/12 at 101.00 AAA 991,780 53 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 14.8% $ 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/05 at 102.00 AAA $ 3,048,540 Mortgage Hospital Revenue Bonds (Ellis Hospital), Series 1995, 5.600%, 8/01/25 1,500 Dormitory Authority of the State of New York, Revenue Bonds 1/08 at 102.00 AAA 1,507,935 (Vassar Brothers Hospital), Series 1997, 5.250%, 7/01/17 3,000 Dormitory Authority of the State of New York, St. Charles 7/09 at 101.00 AAA 3,053,070 Hospital and Rehabilitation Center Revenue Bonds (Catholic Health Services of Long Island Obligated Group), Series 1999A, 5.500%,7/01/22 3,450 Dormitory Authority of the State of New York, Winthrop 7/11 at 101.00 AAA 3,376,515 University Hospital Association Revenue Bonds (Winthrop South Nassau University Health System Obligated Group), Series 2001A, 5.250%,7/01/31 2,500 New York State Medical Care Facilities Finance Agency, 11/02 at 102.00 AAA 2,609,150 Revenue Bonds (South Nassau Communities Hospital Project), 1992 Series A, 6.125%, 11/01/11 4,700 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 4,693,561 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 1.9% 2,240 New York State Housing Finance Agency, Housing Project 5/06 at 102.00 AAA 2,351,037 Mortgage Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.8% 2,225 State of New York Mortgage Agency, Homeowner Mortgage 3/03 at 102.00 Aa1 2,289,525 Revenue Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax) 1,200 State of New York Mortgage Agency, Homeowner Mortgage 10/03 at 102.00 Aa1 1,216,284 Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.5% 1,000 Industrial Development Agency, Town of Babylon, New York, 8/09 at 101.00 AAA 1,069,910 Civic Facility Revenue Bonds (WSNCHS East, Inc. Project), Series 2000B, 6.000%, 8/01/24 850 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 814,113 Bonds (NYSARC, Inc.), Series 2001A, 5.000%, 7/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 15.5% 1,510 Erie County, New York, General Obligation Bonds, 1995 6/05 at 101.50 AAA 1,545,425 Series B, 5.625%, 6/15/20 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 500 5.750%, 6/15/19 6/11 at 101.00 Aaa 535,715 500 5.750%, 6/15/20 6/11 at 101.00 Aaa 534,175 210 Nassau County, New York, General Obligation General No Opt. Call AAA 223,997 Improvement Serial Bonds, Series 1993-H, 5.500%, 6/15/16 1,500 Nassau County, New York, General Obligation General 8/04 at 103.00 AAA 1,576,350 Improvement Serial Bonds, Series O, 5.700%, 8/01/13 1,000 Nassau County, New York, General Improvement Bonds, 3/10 at 100.00 AAA 1,073,180 Series E, 6.000%, 3/01/19 4,000 The City of New York, New York, General Obligation Bonds, No Opt. Call AAA 4,548,240 Fiscal 1995 Series E, 8.000%, 8/01/05 2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101.00 AAA 2,030,020 Fiscal 1998 Series F, 5.250%, 8/01/16 2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,602,973 Treatment Plant Serial Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds, Series 1994: 1,000 7.500%, 3/01/13 No Opt. Call AAA 1,239,490 2,000 6.900%, 3/01/22 3/04 at 102.00 AAA 2,181,960 Suffolk County, New York, Public Improvement Serial Bonds, 2000 Series A: 500 6.000%, 5/01/19 5/10 at 101.00 AAA 543,395 500 6.000%, 5/01/20 5/10 at 101.00 AAA 543,045 54 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.1% $ 1,000 Metropolitan Transportation Authority, New York, Dedicated 4/07 at 101.00 AAA $ 1,005,520 Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 1,500 Metropolitan Transportation Authority, New York, Dedicated 4/08 at 101.00 AAA 1,398,270 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 500 Metropolitan Transportation Authority, New York, Dedicated 4/09 at 101.00 AAA 486,635 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 2,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100.00 AAA 2,160,080 Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30 500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101.00 AAA 530,495 Authority, Triborough Bridge and Tunnel Authority, New York, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 1,500 New York City Transitional Finance Authority, New York, Future 5/10 at 101.00 AAA 1,623,255 Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 1,051,100 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 2,000 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 1,957,980 Facilities Improvement Revenue Bonds, Series 2000D, 5.250%, 8/15/30 1,500 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102.00 AAA 1,487,535 Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 1,000 New York State Thruway Authority, Highway and Bridge Trust 4/12 at 100.00 AAA 1,006,570 Fund Bonds, Series 2002A, 5.250%, 4/01/18 1,900 New York State Urban Development Corporation, Revenue No Opt. Call AAA 1,996,064 Refunding Bonds (Correctional Facilities), Series A, 5.250%, 1/01/14 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 1,580 5.250%, 1/01/20 1/11 at 100.00 AAA 1,585,925 2,045 6.000%, 1/01/29 1/09 at 101.00 AAA 2,184,612 1,250 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101.00 AAA 1,330,925 Revenue Bonds, Series B, 5.875%, 7/01/35 1,000 Puerto Rico Highway and Transportation Authority, Transportation No Opt. Call AAA 1,071,860 Revenue Bonds, Series E Refunding, 5.500%, 7/01/18 1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101.00 AAA 1,502,790 Agreement Revenue Bonds (John P. Colahan Court Complex), Series 1999, 5.000%, 4/15/16 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.7% 5,200 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.50 AAA 5,390,580 Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/27 500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101.00 AAA 512,060 (Buffalo-Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,500 The Port Authority of New York and New Jersey, Consolidated 1/03 at 101.00 AAA 2,543,950 Bonds, Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax) 1,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 1,037,370 Bonds, One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 26.8% 1,000 Metropolitan Transportation Authority, New York, Commuter 7/04 at 101.50 AAA 1,092,550 Facilities Revenue Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04) 1,700 Metropolitan Transportation Authority, New York, Transit 7/06 at 102.00 AAA 1,909,525 Facilities Revenue Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06) 55 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,500 The City of New York, New York, General Obligation Bonds, 8/02 at 100.00 AAA $ 1,520,430 Fiscal 1990 Series F, 6.000%, 8/01/19 340 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 388,532 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 (Pre-refunded to 6/15/10) 2,500 Dormitory Authority of the State of New York, State University 5/03 at 102.00 AAA 2,653,400 Educational Facilities Revenue Bonds, Series 1992A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03) 6,855 Dormitory Authority of the State of New York, City University 7/04 at 102.00 AAA 7,577,517 System Consolidated Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) 2,690 New York State Medical Care Facilities Finance Agency, Hospital 8/04 at 100.00 AAA 2,908,347 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series C, 6.375%, 8/15/29 (Pre-refunded to 8/15/04) 7,800 New York State Medical Care Facilities Finance Agency, 2/05 at 102.00 AAA 8,737,638 FHA-Insured Mortgage Revenue Bonds (New York Hospital), Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 3,755 New York State Medical Care Facilities Finance Agency, 8/05 at 102.00 AA*** 4,184,760 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 (Pre-refunded to 8/15/05) 1,900 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102.00 AAA 2,080,728 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 18.7% 1,165 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102.00 AAA 1,249,020 Revenue Bonds (1985 Facility), 1994 Series B, 6.125%, 7/01/13 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,500 5.125%, 12/01/22 6/08 at 101.00 AAA 7,358,850 2,000 5.250%, 12/01/26 6/08 at 101.00 AAA 1,973,960 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A: 500 5.000%, 9/01/27 9/11 at 100.00 AAA 478,155 625 5.250%, 9/01/28 9/11 at 100.00 AAA 616,356 2,500 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 2,558,150 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 7/05 at 102.00 AAA 2,617,400 Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), Series 1987A, 6.150%, 7/01/26 (Alternative Minimum Tax) 6,100 New York State Energy Research and Development Authority, 5/02 at 102.00 AAA 6,232,248 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 9.6% 1,830 Monroe County Water Authority, New York, Water Revenue 8/11 at 101.00 AAA 1,793,345 Bonds, Series 2001, 5.250%, 8/01/36 500 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA 537,315 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, New York, 6/07 at 101.00 AAA 1,036,040 Water and Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 1,800 New York City Municipal Water Finance Authority, New York, 6/09 at 101.00 AAA 1,826,550 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 1,170 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA 1,187,632 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 980,360 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 56 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 1,660 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AAA $ 1,873,441 Water and Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 2,500 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 2,624,350 Revenue Bonds, Series 1993 Refunding, 5.100%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ $ 179,620 Total Investments (cost $176,613,544) - 150.9% 186,249,672 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 2,188,376 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.7)% (65,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 123,438,048 ==================================================================================================================== 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. * 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. Securities are normally considered to be equivalent to AAA rated securities. See accompanying notes to financial statements. 57 Nuveen New York Dividend Advantage Municipal Fund (NAN) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 7.6% $ 750 Erie Tobacco Asset Securitization Corporation, Erie County, 7/10 at 101.00 A1 $ 772,808 New York, Tobacco Settlement Asset-Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2000: 265 6.000%, 6/01/15 6/10 at 101.00 A1 277,630 2,195 6.150%, 6/01/25 6/10 at 101.00 A1 2,284,490 1,890 New York Counties Tobacco Trust I, Tobacco Settlement 6/10 at 101.00 A1 1,920,051 Pass-through Bonds, Series 2000, 5.800%, 6/01/23 650 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 A1 627,569 Pass-through Bonds, Series 2001, 5.250%, 6/01/25 540 Rensselaer Tobacco Asset Securitization Corporation, New York, 6/12 at 100.00 A1 526,122 Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 2,250 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 Aa1 2,352,600 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation, New 7/10 at 101.00 A1 1,317,325 York, Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 24.7% Village of Kenmore Housing Authority, New York, Tax-Exempt Student Housing Revenue Bonds (State University of New York at Buffalo Student Apartment Project), Series 1999A: 3,000 5.500%, 8/01/19 8/09 at 102.00 AA 3,051,270 2,750 5.500%, 8/01/24 8/09 at 102.00 AA 2,762,733 3,070 Industrial Development Agency, Monroe County, New York, 6/09 at 102.00 AA 3,011,271 Civic Facility Revenue Bonds (St. John Fisher College Project), Series 1999, 5.375%, 6/01/24 500 The Trust for Cultural Resources for the City of New York, 7/10 at 101.00 A 509,365 New York, Revenue Bonds (The Museum of American Folk Art), Series 2000, 6.000%, 7/01/22 500 Industrial Development Agency, New York City, New York, 11/10 at 101.00 BBB- 509,585 Civic Facility Revenue Bonds (Polytechnic University Project), Series 2000, 6.000%, 11/01/20 1,800 Industrial Development Agency, New York City, New York, 1/12 at 100.00 A- 1,739,412 Civic Facility Revenue Bonds (The YMCA of Greater New York), Series 2002, 5.250%, 8/01/21 3,500 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AA- 3,545,535 Bonds (State University Dormitory Facilities Issue), Series 1999B, 5.375%, 7/01/19 1,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101.00 AAA 1,018,430 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,500 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 101.00 AAA 2,492,075 Bonds (Rochester Institute of Technology), Series 1997, 5.250%, 7/01/22 1,000 Dormitory Authority of the State of New York, Insured Revenue 7/07 at 102.00 AAA 1,051,710 Bonds (Siena College), Series 1997, 5.700%, 7/01/17 500 Dormitory Authority of the State of New York, Revenue Bonds 7/10 at 101.00 AAA 508,240 (Fashion Institute of Technology), Series 2000, 5.375%, 7/01/20 3,000 Dormitory Authority of the State of New York, Revenue Bonds 7/09 at 101.00 A+ 3,125,040 (University of Rochester), Series 1999A, 5.500%, 7/01/16 500 Dormitory Authority of the State of New York, Insured Revenue 7/10 at 101.00 AAA 539,410 Bonds (Pace University), Series 2000, 6.000%, 7/01/29 58 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, Revenue Bonds (Pratt Institute), Series 1999: $ 1,750 6.000%, 7/01/20 7/09 at 102.00 AA $ 1,873,585 750 6.000%, 7/01/28 7/09 at 102.00 AA 798,398 1,250 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101.00 AA 1,350,775 Bonds (Marymount Manhattan College), Series 1999, 6.250%, 7/01/29 1,500 Industrial Development Agency, Niagara County, New York, Civic 11/11 at 101.00 AA 1,457,475 Facility Revenue Bonds (Niagara University Project), Series 2001A, 5.350%, 11/01/23 3,565 Industrial Development Agency, Rensselaer County, New York, 8/09 at 101.00 A+ 3,442,649 Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute Non-Residential Project), Series 1999B, 5.125%, 8/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 32.8% Industrial Development Agency, City of Albany, New York, Civic Facility Revenue Bonds (Albany Medical Center Project), Series 1999: 1,120 6.000%, 5/01/19 5/09 at 101.00 N/R 973,123 1,460 6.000%, 5/01/29 5/09 at 101.00 N/R 1,203,274 Dormitory Authority of the State of New York, Frances Schervier Home and Hospital Insured Revenue Bonds (Franciscan Health Partnership Obligated Group), Series 1997: 2,000 5.500%, 7/01/17 7/07 at 102.00 AA 2,035,120 2,000 5.500%, 7/01/27 at 102.00 AA 1,993,040 Dormitory Authority of the State of New York, FHA-Insured Mortgage Hospital Revenue Bonds (Victory Memorial Hospital), Series 1999: 2,395 5.250%, 8/01/15 8/09 at 101.00 AAA 2,441,774 2,000 5.375%, 8/01/25 8/09 at 101.00 AAA 1,997,200 4,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101.50 AAA 4,842,143 Revenue Refunding Bonds (Wyckoff Heights Medical Center), Series 1998H, 5.300%, 8/15/21 2,655 Dormitory Authority of the State of New York, FHA-Insured 2/09 at 101.00 AAA 2,647,327 Mortgage Hospital Revenue Bonds (The Memorial Hospital of William F. and Gertrude F. Jones, Inc.), Series 1999, 5.250%, 8/01/19 4,825 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 4,848,836 Mortgage Hospital Revenue Bonds (Montefiore Medical Center), Series 1999, 5.450%, 8/01/29 1,575 Dormitory Authority of the State of New York, Revenue Bonds 7/10 at 101.00 BBB 1,656,979 (Mount Sinai NYU Health Obligated Group), Series 2000A, 6.500%, 7/01/25 2,000 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101.00 A3 2,150,080 Services of Long Island Revenue Bonds (St. Catherine of Sienna Medical Center), Series 2000A, 6.500%, 7/01/20 5,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 Aa2 5,122,400 Hospital Insured Mortgage Revenue Bonds, 1994 Series A, 5.250%, 8/15/14 4,000 Industrial Development Agency, Ulster County, New York, Civic 11/09 at 101.00 A2 3,903,440 Facility Revenue Bonds (The Kingston Hospital Project - Letter of Credit Secured), Series 1999, 5.650%, 11/15/24 3,825 Industrial Development Agency, New York, FHA-Insured Civic 8/09 at 101.00 AAA 3,919,210 Facility Revenue Bonds (Soldiers and Sailors Memorial Hospital of Yates County Project), Series 1999A, 5.650%, 2/01/39 650 Industrial Development Authority, City of Yonkers, New York, 7/11 at 101.00 BBB- 675,539 Civic Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 3,000 Industrial Development Agency, City of Yonkers, New York, 2/09 at 101.00 AAA 3,003,720 FHA-Insured Mortgage Revenue Bonds (Michael Malotz Skilled Nursing Pavilion Project), Series 1999, 5.450%, 2/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.0% 1,000 New York City Housing Development Corporation, New York, 11/10 at 101.00 AA 1,018,300 Multifamily Housing Revenue Bonds, Series 2000A, 5.850%, 11/01/20 (Alternative Minimum Tax) 3,000 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA 3,005,580 Multifamily Housing Revenue Bonds, Series 2001A, 5.500%, 11/01/31 59 Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.8% $ 645 Guam Housing Corporation, Single Family Mortgage Revenue No Opt. Call AAA $ 644,968 Bonds (Guaranteed Mortgage-Backed Securities Program), 1998 Series A, 5.750%, 9/01/31 (Alternative Minimum Tax) 5,700 State of New York Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 5,779,971 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 3.2% Appleridge Retirement Community, Inc., New York, Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - Appleridge Retirement Community, Inc. Project), Series 1999: 1,150 5.700%, 9/01/31 9/09 at 102.00 Aaa 1,190,365 1,250 5.750%, 9/01/41 9/09 at 102.00 Aaa 1,298,300 960 Industrial Development Agency, New York City, New York, Civic 7/10 at 102.00 N/R 1,003,632 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2000, 8.125%, 7/01/19 750 Industrial Development Agency, New York City, New York, Civic 7/11 at 101.00 N/R 737,738 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2001-A1, 7.250%, 7/01/16 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 16.6% Monticello Central School District, Sullivan County, New York, Serial Bonds, Series 2000: 300 6.000%, 6/15/18 6/09 at 101.00 AAA 323,172 335 6.000%, 6/15/19 6/09 at 101.00 AAA 360,028 300 6.000%, 6/15/20 6/09 at 101.00 AAA 322,224 Nassau County, New York, General Improvement Bonds, Series E: 1,400 6.000%, 3/01/17 3/10 at 100.00 AAA 1,512,952 740 6.000%, 3/01/19 3/10 at 100.00 AAA 794,153 The City of New York, New York, General Obligation Bonds, Fiscal 1999 Series J: 2,000 5.000%, 5/15/20 5/09 at 101.00 AAA 1,949,840 5,000 5.125%, 5/15/29 5/09 at 101.00 AAA 4,836,100 800 Northern Mariana Islands Commonwealth, General Obligation 6/10 at 100.00 A 811,520 Bonds, Series 2000A, 6.000%, 6/01/20 Orange County, New York, General Obligation Bonds, Series 1997: 3,040 5.125%, 9/01/22 9/07 at 101.00 Aa1 2,994,491 1,195 5.125%, 9/01/23 9/07 at 101.00 Aa1 1,173,609 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 720 5.250%, 10/01/18 No Opt. Call AAA 746,230 720 5.250%, 10/01/19 No Opt. Call AAA 742,111 2,280 Rockland County, New York, Various Purpose Serial Bonds, 10/09 at 101.00 AA 2,423,503 Series 1999, 5.600%, 10/15/16 City School District of Rye, Westchester County, New York, General Obligation Serial Bonds, Series 1999: 650 5.600%, 8/15/17 8/08 at 101.00 Aaa 686,758 675 5.600%, 8/15/18 8/08 at 101.00 Aaa 710,201 675 5.600%, 8/15/19 8/08 at 101.00 Aaa 708,379 1,000 City of Yonkers, New York, General Obligation Bonds (School 6/09 at 101.00 AAA 975,730 Issue), Series 1999C, 5.000%, 6/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 29.5% 1,000 Battery Park City Authority, New York, Junior Revenue Refunding Bonds, Series 1993A, 5.800%, 11/01/22 11/03 at 102.00 A+ 1,003,500 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 1,000 5.000%, 4/01/17 4/09 at 101.00 AAA 1,006,120 6,520 5.250%, 4/01/23 4/09 at 101.00 AAA 6,582,853 2,500 Nassau County Interim Finance Authority, New York, Sales Tax 11/10 at 100.00 AAA 2,676,075 Secured Bonds, Series 2000A, 5.750%, 11/15/16 2,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101.00 AAA 2,102,200 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 60 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,910 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 102.00 AAA $ 2,981,586 Bonds (Special Act School Districts Program), Series 1998, 5.250%, 7/01/15 5,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101.00 AAA 4,904,400 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 1,960 Dormitory Authority of the State of New York, Mental Health 8/10 at 100.00 AAA 2,083,696 Services Facilities Improvement Revenue Bonds, Series 2000D, 5.875%, 8/15/18 1,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102.00 AAA 991,690 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 1,000 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,015,470 Bonds (Child Care Facilities Development Program Issue), Series 2002, 5.375%, 4/01/19 1,795 New York State Thruway Authority, Highway and Bridge Trust 4/10 at 101.00 AAA 1,860,087 Fund Bonds, Series 2000B, 5.600%, 4/01/20 2,900 New York State Thruway Authority, Local Highway and Bridge 4/08 at 101.00 AAA 2,981,635 Service Contract Bonds, Series 1998A, 5.375%, 4/01/16 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101.00 AAA 3,204,810 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 3,345 Judicial Facilities Agency, Suffolk County, New York, Service 10/09 at 101.00 AAA 3,439,764 Agreement Revenue Bonds (John P. Colahan Court Complex), Series 1999, 5.250%, 10/15/15 750 Virgin Islands Public Finance Authority, Revenue Bonds (Gross 10/10 at 101.00 BBB- 807,525 Receipts Tax Loan Note), Series 1999A, 6.500%, 10/01/24 1,400 Industrial Development Agency, City of Yonkers, New York, Civic 2/11 at 100.00 BBB- 1,468,222 Facility Revenue Bonds (Community Development Properties - Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.0% 1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102.00 AAA 1,243,238 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 2,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 2,024,980 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 1,750 Industrial Development Agency, New York City, New York, 8/07 at 102.00 BB 1,338,680 Special Facility Revenue Bonds (1990 American Airlines, Inc. Project) Remarketed Series 1990, 5.400%, 7/01/19 (Alternative Minimum Tax) 500 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 512,060 Revenue Bonds (Buffalo-Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 3,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA 3,112,110 Bonds, One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 1,000 Triborough Bridge and Tunnel Authority, New York, General 1/12 at 100.00 AA- 1,017,880 Purpose Revenue Bonds, Series 2001A, 5.250%, 1/01/16 4,000 Triborough Bridge and Tunnel Authority, New York, General 1/07 at 101.00 AA- 4,007,560 Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 0.8% 1,000 New York City Municipal Water Finance Authority, New York, 6/05 at 101.00 AAA 1,092,760 Water and Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 (Pre-refunded to 6/15/05) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.3% 500 Industrial Development Agency, Erie County, New York, Solid 12/10 at 103.00 N/R 168,750 Waste Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 9.050%, 12/01/25 (Alternative Minimum Tax)# Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 4,800 5.125%, 12/01/22 6/08 at 101.00 AAA 4,709,664 5,575 5.250%, 12/01/26 6/08 at 101.00 AAA 5,502,412 2,000 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100.00 Aa2 1,957,820 Series 2000A, 5.250%, 11/15/30 1,415 Industrial Development Agency, Suffolk County, New York, No Opt. Call N/R 1,400,210 Industrial Development Revenue Bonds (Nissequogue Cogen Partners Facility), Series 1998, 4.875%, 1/01/08 (Alternative Minimum Tax) 61 Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.4% $ 6,000 New York City Municipal Water Finance Authority, New York, 6/06 at 101.00 AAA $ 6,447,780 Water and Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 2,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 2,025,780 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ $ 196,735 Total Investments (cost $193,482,323) - 149.7% 198,699,930 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.3% 3,096,568 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (52.0)% (69,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 132,796,498 ==================================================================================================================== * 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. # Non-income producing security. In the case of a bond, non-income producing generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. N/R Investment is not rated. See accompanying notes to financial statements. 62 Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 6.8% $ 650 New York Counties Tobacco Trust II, Tobacco Settlement 6/11 at 101.00 A1 $ 627,569 Pass-through Bonds, Series 2001, 5.250%, 6/01/25 325 Rensselaer Tobacco Asset Securitization Corporation, New 6/12 at 100.00 A1 316,648 York, Tobacco Settlement Asset-Backed Bonds, Series 2001A, 5.200%, 6/01/25 5,000 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101.00 Aa1 5,228,000 Series 1999-1, 6.250%, 7/15/27 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 29.8% 2,750 Industrial Development Agency, City of Albany, New York, 7/11 at 101.00 Aaa 2,756,215 Civic Facility Revenue Bonds (St. Rose College Project), Series 2001A, 5.375%, 7/01/31 1,975 Industrial Development Agency, Town of Amherst, New York, 8/11 at 102.00 AAA 1,932,893 Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation), Series 2001A, 5.250%, 8/01/31 2,190 Industrial Development Agency, Monroe County, New York, 6/11 at 102.00 AA 2,115,671 Civic Facility Revenue Bonds (St. John Fisher College Project), Series 2001, 5.250%, 6/01/26 1,100 Industrial Development Agency, New York City, New York, Civic 1/12 at 100.00 A- 1,062,974 Facility Revenue Bonds (The YMCA of Greater New York), Series 2002, 5.250%, 8/01/21 3,500 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101.00 AAA 3,404,835 Bonds (New York Medical College), Series 1998, 5.000%, 7/01/21 3,500 Dormitory Authority of the State of New York, Revenue Bonds 7/09 at 101.00 AA- 3,292,765 (Upstate Community Colleges), Series 1999A, 5.000%, 7/01/28 1,265 Dormitory Authority of the State of New York, City University 7/08 at 102.00 AAA 1,259,004 System Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.250%, 7/01/25 5,000 Dormitory Authority of the State of New York, City University 1/08 at 102.00 AAA 5,031,050 System Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.375%, 7/01/24 1,000 Dormitory Authority of the State of New York, Revenue Bonds 7/11 at 101.00 AAA 986,140 (Canisius College), Series 2000, 5.250%, 7/01/30 3,000 Dormitory Authority of the State of New York, Revenue Bonds No Opt. Call AAA 3,109,740 (New York University), 2000 Series 1, 5.500%, 7/01/40 Dormitory Authority of the State of New York, Insured Revenue Bonds (Yeshiva University), Series 2001: 800 5.000%, 7/01/21 7/11 at 100.00 AAA 780,144 1,500 5.000%, 7/01/30 7/11 at 100.00 AAA 1,429,065 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.2% 1,000 Industrial Development Agency, Nassau County, New York, Civic No Opt. Call N/R 980,020 Facility Revenue Refunding Bonds (North Shore Health System Obligated Group Projects), Series B, 5.875%, 11/01/11 850 New York City Health and Hospitals Corporation, New York, 2/09 at 101.00 A3 828,121 Health System Bonds, Series 1999A, 5.250%, 2/15/17 500 Industrial Development Agency, New York City, New York, Civic 7/12 at 100.00 Baa3 492,895 Facility Revenue Bonds (Staten Island University Hospital Project), Series 2001B, 6.375%, 7/01/31 1,500 Dormitory Authority of the State of New York, FHA-Insured 2/08 at 102.00 AAA 1,491,660 Mortgage Revenue Refunding Bonds (United Health Services), Series 1997, 5.375%, 8/01/27 3,000 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 3,022,650 Mortgage Hospital Revenue Bonds (Montefiore Medical Center), Series 1999, 5.500%, 8/01/38 2,575 Dormitory Authority of the State of New York, FHA-Insured 8/09 at 101.00 AAA 2,649,752 Mortgage Revenue Bonds (The New York Hospital Medical Center of Queens), Series 1999, 5.550%, 8/15/29 2,640 Dormitory Authority of the State of New York, Revenue Bonds 7/11 at 101.00 A3 2,596,994 (Lenox Hill Hospital Obligated Group), Series 2001, 5.500%, 7/01/30 63 Nuveen New York Dividend Advantage Municipal Fund 2 (NXK) (continued) Portfolio of INVESTMENTS March 31, 2002 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 7.0% $ 3,930 New York City Housing Development Corporation, New York, 5/11 at 101.00 AA $ 3,943,559 Multifamily Housing Revenue Bonds, Series 2001B, 5.250%, 11/01/16 1,000 New York City Housing Development Corporation, New York, 11/11 at 100.00 AA 964,730 Multifamily Housing Revenue Bonds, Series 2001-C2, 5.400%, 11/01/33 (Alternative Minimum Tax) 1,475 New York State Housing Finance Agency, Multifamily Housing 2/11 at 100.00 Aa1 1,481,003 Revenue Bonds (Secured Mortgage Program), Series 2001L, 5.700%, 2/15/34 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 4.4% 4,000 State of New York Mortgage Agency, Homeowner Mortgage 10/09 at 100.00 Aa1 4,056,120 Revenue Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 2.8% 525 Industrial Development Agency, New York City, New York, Civic 7/11 at 101.00 N/R 516,416 Facility Revenue Bonds (Special Needs Facilities Pooled Program), Series 2001-A1, 7.250%, 7/01/16 2,150 Dormitory Authority of the State of New York, Insured Revenue 7/11 at 102.00 AAA 2,069,483 Bonds (New York State Rehabilitation Association - Pooled Loan Program No. 1), Series 2001A, 5.000%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.8% 5,000 Nassau County, New York, General Obligation General 6/09 at 102.00 AAA 4,971,900 Improvement Serial Bonds, Series B, 5.250%, 6/01/22 4,000 The City of New York, New York, General Obligation Bonds, 8/08 at 101.00 AAA 4,010,360 Fiscal 1998 Series H, 5.375%, 8/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 22.4% 3,750 Metropolitan Transportation Authority, New York, Dedicated 4/09 at 101.00 AAA 3,649,763 Tax Fund Bonds, Series 1999A, 5.000%, 4/01/29 1,670 Nassau County Interim Finance Authority, New York, Sales Tax 11/10 at 100.00 AAA 1,708,076 Secured Bonds, Series 2000A, 5.375%, 11/15/17 1,450 Dormitory Authority of the State of New York, Revenue 7/08 at 101.00 AA- 1,372,585 Refunding Bonds (State Department of Health), Series 1998, 5.000%, 7/01/24 State of New York Municipal Bond Bank Agency, City of Buffalo, Special Program Revenue Bonds, 2001 Series A: 1,070 5.250%, 5/15/23 5/11 at 100.00 AAA 1,067,903 1,125 5.250%, 5/15/24 5/11 at 100.00 AAA 1,121,276 1,905 Dormitory Authority of the State of New York, Service Contract 4/12 at 100.00 AA- 1,952,415 Bonds (Child Care Facilities Development Program Issue), Series 2002, 5.375%, 4/01/17 2,500 New York State Urban Development Corporation, Correctional 1/06 at 102.00 AA- 2,483,550 Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 4,205 New York State Urban Development Corporation, Correctional 1/11 at 100.00 AAA 4,154,750 Facilities Service Contract Revenue Bonds, Series C, 5.125%, 1/01/21 3,000 Virgin Islands Public Finance Authority, Revenue and Refunding 10/08 at 101.00 BBB- 2,954,700 Bonds (Virgin Islands Matching Fund Loan Notes) (Senior Lien), Series 1998A, 5.500%, 10/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 19.4% Albany Parking Authority, New York, Parking Revenue Bonds, Series 2001A: 2,000 5.625%, 7/15/20 7/11 at 101.00 BBB+ 1,999,820 1,500 5.625%, 7/15/25 7/11 at 101.00 BBB+ 1,490,235 2,400 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101.00 AAA 2,449,872 Facilities Revenue Bonds, Series 1997C, 5.250%, 7/01/17 3,400 Niagara Frontier Transportation Authority, New York, Airport 4/09 at 101.00 AAA 3,482,008 Revenue Bonds (Buffalo-Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 64 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 2,195 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101.00 AAA $ 2,222,767 Bonds, One Hundred and Twentieth Series, 5.500%, 10/15/35 (Alternative Minimum Tax) 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/07 at 102.00 AA- 3,009,060 Purpose Revenue Bonds, Series 1996B, 5.200%, 1/01/22 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/07 at 101.00 AA- 3,005,670 Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 24.1% 5,000 Long Island Power Authority, New York, Electric System General 6/08 at 101.00 AAA 4,928,200 Revenue Bonds, Series 1998A, 5.250%, 12/01/26 1,500 Long Island Power Authority, New York, Electric System General 5/11 at 100.00 A- 1,476,975 Revenue Bonds, Series 2000L, 5.375%, 5/01/33 Industrial Development Agency, New York City, New York, Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners - L.P. Project), Series 1997: 1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 1,042,700 2,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102.00 BBB- 1,973,400 6,500 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100.00 Aa2 6,297,005 Series 2000A , 5.250%, 11/15/40 Industrial Development Agency, Niagara County, New York, Solid Waste Disposal Facility Revenue Refunding Bonds (American Ref-Fuel Company of Niagara L.P. Facility), Series 2001D: 2,000 5.550%, 11/15/24 (Mandatory put 11/15/15) 11/11 at 101.00 Baa1 2,009,420 450 5.450%, 11/15/26 (Alternative Minimum Tax) 11/11 at 101.00 Baa1 457,596 (Mandatory put 11/15/12) Industrial Development Agency, Suffolk County, New York, Industrial Development Revenue Bonds (Nissequogue Cogen Partners Facility), Series 1998: 1,250 5.300%, 1/01/13 (Alternative Minimum Tax) 1/09 at 101.00 N/R 1,158,324 3,000 5.500%, 1/01/23 (Alternative Minimum Tax) 1/09 at 101.00 N/R 2,662,020 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 10.0% 6,000 New York City Municipal Water Finance Authority, New York, 6/10 at 101.00 AA 6,077,340 Water and Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 1,000 New York City Municipal Water Finance Authority, New York, 6/11 at 101.00 AA 1,041,560 Water and Sewer System Revenue Bonds, Fiscal 2001 Series D, 5.500%, 6/15/17 2,000 New York City Municipal Water Finance Authority, New York, 6/11 at 100.00 AAA 1,960,720 Water and Sewer System Revenue Bonds, Fiscal 2002 Series A, 5.250%, 6/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ $ 137,570 Total Investments (cost $137,468,836) - 149.7% 136,618,086 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.8% 1,633,294 -------------------------------------------------------------------------------------------------------------------- Preferred Shares, at Liquidation Value - (51.5)% (47,000,000) -------------------------------------------------------------------------------------------------------------------- Net Assets Applicable to Common Shares - 100% $ 91,251,380 ==================================================================================================================== * 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. N/R Investment is not rated. See accompanying notes to financial statements.
65 Statement of ASSETS AND LIABILITIES March 31, 2002 (Unaudited)
NEW YORK NEW YORK NEW YORK NEW YORK VALUE PERFORMANCE PLUS INVESTMENT QUALITY SELECT QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $144,469,715 $352,276,949 $408,801,799 $535,176,182 Cash 49,001 464,042 749,577 1,235,838 Receivables: Interest 2,382,600 5,746,263 5,979,407 7,458,724 Investments sold -- -- -- -- Other assets 9,839 21,782 22,034 25,192 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 146,911,155 358,509,036 415,552,817 543,895,936 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- -- -- Accrued expenses: Management fees 71,623 194,804 225,278 292,994 Other 98,797 136,192 175,619 234,446 Preferred share dividends payable N/A 20,225 29,147 33,821 Common share dividends payable 612,375 1,159,214 1,309,762 1,744,861 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 782,795 1,510,435 1,739,806 2,306,122 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $146,128,360 $232,698,601 $269,813,011 $348,589,814 ==================================================================================================================================== Common shares outstanding 15,120,364 14,957,607 17,699,489 23,420,962 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 9.66 $ 15.56 $ 15.24 $ 14.88 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 151,204 $ 149,576 $ 176,995 $ 234,210 Paid in surplus 144,261,147 217,764,064 248,497,049 327,691,822 Balance of undistributed net investment income 41,348 1,589,274 1,978,008 2,390,520 Accumulated net realized gain (loss) from investment transactions (1,574,152) (119,051) 290,358 1,125,346 Net unrealized appreciation (depreciation) of investments 3,248,813 13,314,738 18,870,601 17,147,916 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common Shares $146,128,360 $232,698,601 $269,813,011 $348,589,814 ==================================================================================================================================== Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 66 INSURED NEW YORK NEW YORK NEW YORK NEW YORK DIVIDEND DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $547,539,457 $186,249,672 $198,699,930 $136,618,086 Cash -- 4,311 853,819 -- Receivables: Interest 7,889,379 2,729,470 3,081,708 2,254,225 Investments sold -- 270,000 -- -- Other assets 17,213 13,880 8,567 1,530 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 555,446,049 189,267,333 202,644,024 138,873,841 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 124,209 -- -- 1,874 Accrued expenses: Management fees 299,077 104,101 59,630 41,284 Other 64,097 100,298 112,759 112,874 Preferred share dividends payable 35,233 14,220 18,519 7,982 Common share dividends payable 1,770,155 610,666 656,618 458,447 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 2,292,771 829,285 847,526 622,461 - ------------------------------------------------------------------------------------------------------------------------------------ Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 $ 47,000,000 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $356,153,278 $123,438,048 $132,796,498 $ 91,251,380 ==================================================================================================================================== Common shares outstanding 24,083,739 8,308,388 9,183,464 6,457,000 ==================================================================================================================================== Net asset value per Common share outstanding (net assets applicable to Common shares, divided by Common shares outstanding) $ 14.79 $ 14.86 $ 14.46 $ 14.13 ==================================================================================================================================== NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF: - ------------------------------------------------------------------------------------------------------------------------------------ Common shares, $.01 par value per share $ 240,837 $ 83,084 $ 91,835 $ 64,570 Paid-in surplus 335,102,807 118,071,723 130,339,446 91,617,371 Balance of undistributed net investment income 2,784,175 854,700 701,061 377,054 Accumulated net realized gain (loss) from investment transactions 2,481,197 (5,207,587) (3,553,451) 43,135 Net unrealized appreciation (depreciation) of investments 15,544,262 9,636,128 5,217,607 (850,750) - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares $356,153,278 $123,438,048 $132,796,498 $ 91,251,380 ==================================================================================================================================== Authorized shares: Common 200,000,000 200,000,000 Unlimited Unlimited Preferred 1,000,000 1,000,000 Unlimited Unlimited ==================================================================================================================================== See accompanying notes to financial statements. 67 Statement of OPERATIONS Six Months Ended March 31, 2002 (Unaudited) NEW YORK NEW YORK NEW YORK NEW YORK VALUE PERFORMANCE PLUSINVESTMENT QUALITY SELECT QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $ 4,156,304 $10,005,836 $11,314,805 $ 15,006,865 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 429,249 1,148,604 1,329,789 1,732,410 Preferred shares - auction fees N/A 154,949 179,507 240,589 Preferred shares - dividend disbursing agent fees N/A 19,945 14,959 14,959 Shareholders' servicing agent fees and expenses 35,404 32,754 31,415 33,907 Custodian's fees and expenses 19,673 56,753 65,321 87,822 Directors'/Trustees' fees and expenses 997 1,995 2,244 2,992 Professional fees 6,756 7,777 8,592 7,476 Shareholders' reports - printing and mailing expenses 10,722 13,961 17,203 17,053 Stock exchange listing fees 15,707 15,707 15,707 15,707 Investor relations expense 17,593 27,110 30,189 38,369 Portfolio insurance expense -- -- 6,234 33,051 Other expenses 3,832 17,113 12,944 16,063 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 539,933 1,496,668 1,714,104 2,240,398 Custodian fee credit (3,581) (18,235) (20,041) (27,219) Expense reimbursement -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 536,352 1,478,433 1,694,063 2,213,179 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 3,619,952 8,527,403 9,620,742 12,793,686 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (103,881) 459,293 390,671 1,127,181 Change in net unrealized appreciation (depreciation) of investments (2,749,478) (7,107,008) (7,937,102) (11,082,156) - ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (2,853,359) (6,647,715) (7,546,431) (9,954,975) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From undistributed net investment income N/A (945,907) (909,631) (972,200) From accumulated net realized gains from investment transactions N/A -- (246,687) (837,116) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders N/A (945,907) (1,156,318) (1,809,316) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 766,593 $ 933,781 $ 917,993 $ 1,029,395 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 68 INSURED NEW YORK NEW YORK NEW YORK NEW YORK DIVIDEND DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $15,490,112 $5,208,240 $5,428,109 $3,700,857 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 1,765,157 613,859 656,915 453,257 Preferred shares - auction fees 245,576 81,028 86,013 58,589 Preferred shares - dividend disbursing agent fees 19,945 9,972 4,987 4,987 Shareholders' servicing agent fees and expenses 20,943 12,367 3,640 3,989 Custodian's fees and expenses 78,758 22,494 27,069 28,315 Directors'/Trustees' fees and expenses 3,041 1,147 1,167 997 Professional fees 8,736 5,996 6,096 14,373 Shareholders' reports - printing and mailing expenses 19,696 7,280 5,984 9,346 Stock exchange listing fees 15,707 11,218 11,220 369 Investor relations expense 39,717 14,226 13,683 1,050 Portfolio insurance expense -- 2,894 -- -- Other expenses 16,314 7,421 7,468 4,450 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 2,233,590 789,902 824,242 579,722 Custodian fee credit (18,771) (4,022) (6,892) (14,320) Expense reimbursement -- -- (305,470) (209,631) - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 2,214,819 785,880 511,880 355,771 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 13,275,293 4,422,360 4,916,229 3,345,086 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions 2,687,538 179,920 310,902 65,725 hange in net unrealized appreciation (depreciation) of investments (13,559,928) (3,874,674) (4,510,606) (3,021,687) - ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (10,872,390) (3,694,754) (4,199,704) (2,955,962) - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO PREFERRED SHAREHOLDERS From undistributed net investment income (1,432,008) (477,745) (553,960) (384,062) From accumulated net realized gains from investment transactions (89,293) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Preferred shareholders (1,521,301) (477,745) (553,960) (384,062) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations $ 881,602 $ 249,861 $ 162,565 $ 5,062 ==================================================================================================================================== See accompanying notes to financial statements. 69 Statement of CHANGES IN NET ASSETS (Unaudited) NEW YORK INVESTMENT NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP) QUALITY (NQN) --------------------------------- ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/02 9/30/01 3/31/02 9/30/01 3/31/02 9/30/01 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 3,619,952 $ 7,596,480 $ 8,527,403 $ 17,404,121 $ 9,620,742 $ 19,827,402 Net realized gain (loss) from investment transactions (103,881) 1,717,808 459,293 3,144,295 390,671 2,208,826 Change in net unrealized appreciation (depreciation) of investments (2,749,478) 3,712,887 (7,107,008) 15,614,541 (7,937,102) 17,859,795 Distributions to Preferred Shareholders: From undistributed net investment income N/A N/A (945,907) (3,847,756) (909,631) (4,374,182) From accumulated net realized gains from investment transactions N/A N/A -- -- (246,687) -- Net increase in net assets applicable to Common shares from operations 766,593 13,027,175 933,781 32,315,201 917,993 35,521,841 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From undistributed net investment income (3,775,801) (7,732,557) (6,833,904) (13,143,149) (7,647,627) (14,852,763) From accumulated net realized gains from investment transactions -- -- -- -- (837,375) -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,775,801) (7,732,557) (6,833,904) (13,143,149) (8,485,002) (14,852,763) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- -- -- Preferred shares offering costs N/A N/A -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (3,009,208) 5,294,618 (5,900,123) 19,172,052 (7,567,009) 20,669,078 Net assets applicable to Common shares at the beginning of period 149,137,568 143,842,950 238,598,724 219,426,672 277,380,020 256,710,942 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $146,128,360 $149,137,568 $232,698,601 $238,598,724 $269,813,011 $277,380,020 ==================================================================================================================================== Balance of undistributed net investment income at the end of period $ 41,348 $ 171,892 $ 1,589,274 $ 617,246 $ 1,978,008 $ 526,295 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred shares. See accompanying notes to financial statements. 70 INSURED NEW YORK NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) PREMIUM INCOME (NNF) --------------------------------- ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/02 9/30/01 3/31/02 9/30/01 3/31/02 9/30/01 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 12,793,686 $ 27,039,146 $ 13,275,293 $ 27,555,524 $ 4,422,360 $ 8,977,593 Net realized gain (loss) from investment transactions 1,127,181 5,400,143 2,687,538 1,252,116 179,920 568,314 Change in net unrealized appreciation (depreciation) of investments (11,082,156) 13,363,922 (13,559,928) 16,022,286 (3,874,674) 7,661,616 Distributions to Preferred Shareholders: From undistributed net investment income (972,200) (5,877,755) (1,432,008) (6,049,848) (477,745) (2,003,408) From accumulated net realized gains from investment transactions (837,116) -- (89,293) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 1,029,395 39,925,456 881,602 38,780,078 249,861 15,204,115 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From undistributed net investment income (10,304,995) (20,426,587) (10,395,643) (20,521,931) (3,593,884) (6,726,853) From accumulated net realized gains from investment transactions (2,944,026) -- (306,940) -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (13,249,021) (20,426,587) (10,702,583) (20,521,931) (3,593,884) (6,726,853) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- -- -- 133,985 -- Preferred shares offering costs -- -- -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions -- -- -- -- 133,985 -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (12,219,626) 19,498,869 (9,820,981) 18,258,147 (3,210,038) 8,477,262 Net assets applicable to Common shares at the beginning of period 360,809,440 341,310,571 365,974,259 347,716,112 126,648,086 118,170,824 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $348,589,814 $360,809,440 $356,153,278 $365,974,259 $123,438,048 $126,648,086 ==================================================================================================================================== Balance of undistributed net investment income at the end of period $ 2,390,520 $ 765,998 $ 2,784,175 $ 1,219,349 $ 854,700 $ 496,172 ==================================================================================================================================== See accompanying notes to financial statements. 71 Statement of CHANGES IN NET ASSETS (Unaudited) (continued) NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) --------------------------------- --------------------------------- FOR THE PERIOD 3/28/01 (COMMENCEMENT SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED OF OPERATIONS) 3/31/02 9/30/01 3/31/02 THROUGH 9/30/01 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 4,916,229 $ 9,908,561 $ 3,345,086 $ 2,833,130 Net realized gain (loss) from investment transactions 310,902 (152,108) 65,725 (22,590) Change in net unrealized appreciation (depreciation) of investments (4,510,606) 12,994,306 (3,021,687) 2,180,754 Distributions to Preferred Shareholders: From undistributed net investment income (553,960) (2,184,177) (384,062) (448,506) From accumulated net realized gains from investment transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from operations 162,565 20,566,582 5,062 4,542,788 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO COMMON SHAREHOLDERS From undistributed net investment income (3,847,439) (7,311,624) (2,718,408) (2,260,003) From accumulated net realized gains from investment transactions -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets applicable to Common shares from distributions to Common shareholders (3,847,439) (7,311,624) (2,718,408) (2,260,003) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 92,202,750 Net proceeds from shares issued to shareholders due to reinvestment of distributions 39,958 15,333 -- -- Preferred shares offering costs -- -- -- (621,084) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets applicable to Common shares from capital share transactions 39,958 15,333 -- 91,581,666 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets applicable to Common shares (3,644,916) 13,270,291 (2,713,346) 93,864,451 Net assets applicable to Common shares at the beginning of period 136,441,414 123,171,123 93,964,726 100,275 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets applicable to Common shares at the end of period $132,796,498 $136,441,414 $ 91,251,380 $93,964,726 ==================================================================================================================================== Balance of undistributed net investment income at the end of period $ 701,061 $ 186,231 $ 377,054 $ 124,621 ==================================================================================================================================== See accompanying notes to financial statements.
72 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 stock exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), 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 New York Dividend Advantage Municipal Fund (NAN) and Nuveen New York Dividend Advantage Municipal Fund 2 (NXK). All of the New York Funds covered in this report are traded on the New York Stock Exchange, with the exception of New York Dividend Advantage 2 (NXK) which is traded on the American Stock Exchange. Prior to the commencement of operations of New York Dividend Advantage 2 (NXK), 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 The John Nuveen Company, and the recording of the organizational expenses ($15,000) and their reimbursement by Nuveen Investments, also a wholly owned subsidiary of The John Nuveen Company. Each Fund seeks to provide current income exempt from both regular federal and New York state income taxes by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The Funds are registered under the Investment Company Act of 1940 as closed-end management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. If it is determined that market prices for a security are unavailable or inappropriate, the Board of Directors/Trustees of the Funds 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 in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2002, the Funds had no such outstanding purchase commitments. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities for financial reporting purposes. 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, to retain such tax-exempt status when distributed to shareholders of the Funds. 73 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend. Generally, payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. 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 shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares New York Value (NNY) is not authorized to issue Preferred shares. The Funds below 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 by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND DIVIDEND PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE 2 (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) (NXK) - -------------------------------------------------------------------------------------------------------- Number of shares: Series M 1,600 960 -- 2,200 1,320 -- -- Series T 800 2,400 1,720 -- 1,280 -- -- Series W 2,000 -- 2,400 2,200 -- -- 1,880 Series Th -- -- 3,600 2,400 -- -- -- Series F 572 2,400 -- 1,080 -- 2,760 -- - -------------------------------------------------------------------------------------------------------- Total 4,972 5,760 7,720 7,880 2,600 2,760 1,880 ========================================================================================================
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. 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' 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 net asset value of the Funds' shares 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, 2002. 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. 74 Offering Costs Nuveen Investments has agreed to pay all offering costs (other than the sales load) that exceed $.03 per Common share for New York Dividend Advantage 2 (NXK). New York Dividend Advantage 2's (NXK) share of offering costs ($193,500) was recorded as a reduction of the proceeds from the sale of Common shares. Costs incurred by New York Dividend Advantage 2 (NXK) in connection with its offering of Preferred shares ($621,084) were recorded as a reduction of the proceeds from the sale of the Preferred shares. 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 from operations during the reporting period. Actual results may differ from those estimates. Change in Accounting Policy As required, effective October 1, 2001, the Funds have adopted the provisions of the new AICPA Audit and Accounting Guide for Investment Companies and began accreting taxable market discount on debt securities. Prior to October 1, 2001, the Funds did not accrete taxable market discount on debt securities until they were sold. The cumulative effect of this accounting change had no impact on the total net assets applicable to Common shares or the Common share net assets values of the Funds, but resulted in an increase in the cost of securities and a corresponding decrease in unrealized appreciation or increase in unrealized depreciation based on securities held by the Funds on October 1, 2001, as follows: NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------ $25,305 $224,667 $388,461 $108,263 ================================================================== INSURED NEW YORK NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND DIVIDEND INCOME INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - ------------------------------------------------------------------ $117,415 $7,797 $-- $9,817 ================================================================== The effect of this change for the six months ended March 31, 2002, was to increase investment income with a corresponding decrease in net unrealized appreciation or increase in unrealized depreciation as follows: NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------- $11,823 $61,427 $79,004 $11,622 =================================================================== INSURED NEW YORK NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND DIVIDEND INCOME INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - ------------------------------------------------------------------- $16,956 $3,198 $-- $9,962 =================================================================== The Statement of Changes in Net Assets and Financial Highlights for the prior periods have not been restated to reflect this change in presentation. Classification and Measurement of Redeemable Securities Effective October 1, 2001, the Funds (excluding New York Value (NNY) which is not authorized to issue preferred shares) adopted the classification requirement of EITF D-98, Classification and Measurement of Redeemable Securities. EITF D-98 requires that Preferred shares, at liquidation value, be presented separately in the Statement of Assets and Liabilities. Accordingly, certain reclassifications have been made to the financial statements and financial highlights for all prior periods presented. The adoption of EITF D-98 had no impact on the Funds' net asset values applicable to common shares. 75 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) 2. FUND SHARES Transactions in Common and Preferred shares were as follows:
NEW YORK NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP) --------------------- ----------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/02 9/30/01 3/31/02 9/30/01 - --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- -- - --------------------------------------------------------------------------------------------------------- -- -- -- -- ========================================================================================================= Preferred shares sold N/A N/A -- -- ========================================================================================================= NEW YORK INVESTMENT NEW YORK SELECT QUALITY (NQN) QUALITY (NVN) --------------------- ----------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/02 9/30/01 3/31/02 9/30/01 - --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- -- -- - --------------------------------------------------------------------------------------------------------- -- -- -- -- ========================================================================================================= Preferred shares sold -- -- -- -- ========================================================================================================= NEW YORK QUALITY INSURED NEW YORK INCOME (NUN) PREMIUM INCOME (NNF) --------------------- ----------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/02 9/30/01 3/31/02 9/30/01 - --------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- 8,756 -- - --------------------------------------------------------------------------------------------------------- -- -- 8,756 -- ========================================================================================================= Preferred shares sold -- -- -- -- ========================================================================================================= NEW YORK NEW YORK DIVIDEND ADVANTAGE (NAN) DIVIDEND ADVANTAGE 2 (NXK) ------------------------ ---------------------------- FOR THE PERIOD 3/28/01 (COMMENCEMENT SIX MONTHS YEAR SIX MONTHS OF OPERATIONS) ENDED ENDED ENDED THROUGH 3/31/02 9/30/01 3/31/02 9/30/01 - ---------------------------------------------------------------------------------------------------------- Common shares: Shares sold -- -- -- 6,450,000 Shares issued to shareholders due to reinvestment of distributions 3,034 1,423 -- -- - ---------------------------------------------------------------------------------------------------------- 3,034 1,423 -- 6,450,000 ========================================================================================================== Preferred shares sold -- -- -- 1,880 ==========================================================================================================
76 3. DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid May 1, 2002, to shareholders of record on April 15, 2002, as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND DIVIDEND VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------- Dividend per share $.0405 $.0775 $.0740 $.0745 $.0735 $.0735 $.0715 $.0710 ========================================================================================================= 4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities during the six months ended March 31, 2002, were as follows: NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $6,396,785 $28,646,798 $16,663,151 $33,534,792 Short-term municipal securities -- 9,050,000 8,700,000 10,250,000 Sales and maturities: Long-term municipal securities 7,065,703 25,128,349 15,412,215 27,701,833 Short-term municipal securities -- 9,050,000 8,700,000 18,650,000 ========================================================================================================= INSURED NEW YORK NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND DIVIDEND INCOME INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $109,381,121 $11,429,924 $8,148,674 $7,873,908 Short-term municipal securities 10,500,000 500,000 9,000,000 1,700,000 Sales and maturities: Long-term municipal securities 107,041,391 11,557,118 8,633,132 6,773,297 Short-term municipal securities 10,500,000 500,000 9,000,000 1,700,000 ========================================================================================================= At March 31, 2002, the cost of investments owned for federal income tax purposes were as follows: INSURED NEW YORKNEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND DIVIDEND VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE ADVANTAGE 2 (NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------- $141,183,774 $338,683,982 $389,468,812 $517,987,286 $531,870,035 $176,602,549 $193,482,323 $137,471,647 =========================================================================================================
77 Notes to FINANCIAL STATEMENTS (Unaudited) (continued) At September 30, 2001, the Funds' last fiscal year end, the following Funds 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 NEW YORK NEW YORK NEW YORK PERFORMANCE PREMIUM DIVIDEND VALUE PLUS INCOME ADVANTAGE (NNY) (NNP) (NNF) (NAN) - ------------------------------------------------------------------------- Expiration year: 2002 $ -- $ -- $1,243,060 $ -- 2003 -- -- 3,373 -- 2004 -- -- 2,802,391 -- 2005 -- -- 540,548 -- 2006 -- -- -- -- 2007 -- -- -- 1,388,238 2008 1,349,401 323,091 490,279 797,642 2009 120,870 255,253 307,856 1,678,473 - ------------------------------------------------------------------------- Total $1,470,271 $578,344 $5,387,507 $3,864,353 ========================================================================= 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at March 31, 2002, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $ 6,452,062 $15,627,799 $21,075,907 $20,836,088 depreciation (3,166,121) (2,034,832) (1,742,920) (3,647,192) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $ 3,285,941 $13,592,967 $19,332,987 $17,188,896 ========================================================================================================= INSURED NEW YORK NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND DIVIDEND INCOME INCOME ADVANTAGE ADVANTAGE 2 (NUN) (NNF) (NAN) (NXK) - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $18,807,481 $10,080,627 $ 6,589,937 $ 352,247 depreciation (3,138,059) (433,504) (1,372,330) (1,205,808) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $15,669,422 $ 9,647,123 $ 5,217,607 $ (853,561) =========================================================================================================
78 6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' (excluding New York Value (NNY), New York Dividend Advantage (NAN) and New York Dividend Advantage 2 (NXK)) 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 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For the next $3 billion .5875 of 1 For net assets over $5 billion .5750 of 1 ============================================================================================================
Under New York Value's (NNY) investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, of .35 of 1% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income of the Fund. Under New York Dividend Advantage's (NAN) and New York Dividend Advantage 2's (NXK) investment management agreement 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 the Fund as follows:
AVERAGE DAILY NET ASSETS (INCLUDING NET ASSETS ATTRIBUTABLE TO PREFERRED SHARES) MANAGEMENT FEE - ----------------------------------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5750 of 1 ===========================================================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain expenses of New York Dividend Advantage (NAN) in an amount equal to .30% of the average daily net assets (including net assets attributable to Preferred shares) for the period May 26, 1999 (commencement of operations) through July 31, 2004, ...25% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended July 31, 2005, .20% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended July 31, 2006, .15% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended July 31, 2007, .10% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended July 31, 2008, and .05% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended July 31, 2009. The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for any portion of its fees and expenses beyond July 31, 2009. The Adviser has agreed to waive part of its management fees or reimburse certain expenses of New York Dividend Advantage 2 (NXK) in an amount equal to .30% of the average daily net assets (including net assets attributable to Preferred shares) for the period March 28, 2001 (commencement of operations) through March 31, 2006, .25% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended March 31, 2007, .20% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended March 31, 2008, .15% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended March 31, 2009, .10% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended March 31, 2010, and .05% of the average daily net assets (including net assets attributable to Preferred shares) for the year ended March 31, 2011. The Adviser has not agreed to reimburse New York Dividend Advantage 2 (NXK) for any portion of its fees and expenses beyond March 31, 2011. 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. 79 Financial HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ---------------------------------------------------- ------------------------ Distributions Distributions From Net From Net Offering Beginning Net Investment Capital Investment Capital Costs and Ending Common Realized/ Income to Gains to Income to Gains to Preferred Common Share Net Unrealized Preferred Preferred Common Common Share Share Ending Net Asset Investment Investment Share- Share- Share- Share- Underwriting Net Asset Market Value Income Gain (Loss) holders+ holders+ Total holders holders Total Discounts Value Value ==================================================================================================================================== NEW YORK VALUE (NNY) ==================================================================================================================================== Year Ended 9/30: 2002(a) $ 9.86 $ .24 $ (.19) $N/A $N/A $ .05 $ (.25) $-- $ (.25) $-- $ 9.66 $ 9.0800 2001 9.51 .50 .36 N/A N/A .86 (.51) -- (.51) -- 9.86 9.4900 2000 9.53 .52 (.03) N/A N/A .49 (.51) -- (.51) -- 9.51 8.7500 1999 10.39 .51 (.76) N/A N/A (.25) (.51) (.10) (.61) -- 9.53 8.7500 1998 10.28 .55 .20 N/A N/A .75 (.55) (.09) (.64) -- 10.39 10.1250 1997 10.23 .62 .06 N/A N/A .68 (.62) (.01) (.63) -- 10.28 10.6875 NEW YORK PERFORMANCE PLUS (NNP) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) 15.95 .57 (.44) (.06) -- .07 (.46) -- (.46) -- 15.56 14.9800 2001 14.67 1.16 1.26 (.26) -- 2.16 (.88) -- (.88) -- 15.95 15.3900 2000 14.65 1.23 .12 (.30) (.02) 1.03 (.95) (.06) (1.01) -- 14.67 14.1250 1999 16.24 1.24 (1.56) (.22) -- (.54) (1.03) -- (1.03) (.02) 14.65 15.3125 1998 16.23 1.31 .02 (.23) -- 1.10 (1.09) -- (1.09) -- 16.24 17.7500 1997 16.17 1.35 .06 (.24) -- 1.17 (1.11) -- (1.11) -- 16.23 18.7500 NEW YORK INVESTMENT QUALITY (NQN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) 15.67 .54 (.43) (.05) (.01) .05 (.43) (.05) (.48) -- 15.24 14.5000 2001 14.50 1.12 1.14 (.25) -- 2.01 (.84) -- (.84) -- 15.67 14.7200 2000 14.44 1.19 .09 (.30) -- .98 (.92) -- (.92) -- 14.50 13.8750 1999 15.89 1.19 (1.30) (.21) (.02) (.34) (1.00) (.09)(1.09) (.02) 14.44 15.0625 1998 15.85 1.24 .09 (.22) -- 1.11 (1.06) (.01)(1.07) -- 15.89 17.5000 1997 15.89 1.29 (.01) (.22) (.01) 1.05 (1.07) (.02)(1.09) -- 15.85 18.1250 NEW YORK SELECT QUALITY (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) 15.41 .55 (.43) (.04) (.04) .04 (.44) (.13) (.57) -- 14.88 14.1300 2001 14.57 1.15 .81 (.25) -- 1.71 (.87) -- (.87) -- 15.41 14.5000 2000 14.64 1.22 (.05) (.31) -- .86 (.93) -- (.93) -- 14.57 13.9375 1999 15.99 1.20 (1.28) (.21) (.01) (.30) (.99) (.04)(1.03) (.02) 14.64 15.3750 1998 15.90 1.19 .11 (.22) -- 1.08 (.99) -- (.99) -- 15.99 16.9375 1997 15.78 1.21 .13 (.22) -- 1.12 (.99) (.01)(1.00) -- 15.90 16.8125 ==================================================================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------ Municipal Auction Rate Cumulative Total Returns Before Credit/Reimbursement After Credit/Reimbursement*** Preferred Stock at End of Period -------------- --------------------------- ------------------------ ---------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Based Net to Average Average to Average Average Based on Assets Net Assets Net Assets Net Assets Net Assets Aggregate Liquidation on Net Applicable Applicable Applicable Applicable Applicable Portfolio Amount and Market Asset Market Asset to Common to Common to Common to Common to Common Turnover Outstanding Value Coverage Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate (000) Per Share Per Share ==================================================================================================================================== NEW YORK VALUE (NNY) ==================================================================================================================================== Year Ended 9/30: 2002(a) (1.76)% .50% $146,128 .73%* 4.90%* .73%* 4.90%* 4% $ N/A $ N/A $ N/A 2001 14.66 9.23 149,138 .76 5.13 .74 5.15 23 N/A N/A N/A 2000 6.17 5.29 143,843 .74 5.52 .73 5.53 33 N/A N/A N/A 1999 (8.04) (2.58) 144,079 .74 5.10 .74 5.10 19 N/A N/A N/A 1998 .87 7.57 157,086 .75 5.37 .75 5.37 36 N/A N/A N/A 1997 8.11 6.87 154,298 .79 6.10 .79 6.10 28 N/A N/A N/A NEW YORK PERFORMANCE PLUS (NNP) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) .27 .41 232,699 1.27* 7.21* 1.25* 7.22* 7 124,300 25,000 71,802 2001 15.56 15.01 238,599 1.29 7.47 1.28 7.49 19 124,300 25,000 72,988 2000 (.71) 7.45 219,427 1.29 8.61 1.27 8.63 44 124,300 25,000 69,132 1999 (8.25) (3.65) 218,751 1.20 7.89 1.19 7.90 22 124,300 25,000 68,997 1998 .63 7.00 240,374 1.17 8.10 1.17 8.10 30 104,300 25,000 82,616 1997 15.77 7.49 238,020 1.17 8.38 1.17 8.38 7 104,300 25,000 82,052 NEW YORK INVESTMENT QUALITY (NQN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) 1.72 .30 269,813 1.25* 6.99* 1.23* 7.01* 4 144,000 25,000 71,843 2001 12.44 14.12 277,380 1.27 7.29 1.24 7.31 21 144,000 25,000 73,156 2000 (1.52) 7.10 256,711 1.26 8.39 1.24 8.41 32 144,000 25,000 69,568 1999 (8.13) (2.45) 255,347 1.22 7.78 1.22 7.79 17 144,000 25,000 69,331 1998 2.60 7.27 278,372 1.18 7.88 1.18 7.88 20 120,000 25,000 82,994 1997 14.40 6.84 275,569 1.18 8.18 1.18 8.18 2 120,000 25,000 82,410 NEW YORK SELECT QUALITY (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(a) 1.29 .23 348,590 1.26* 7.18* 1.24* 7.20* 5 193,000 25,000 70,154 2001 10.43 11.99 360,809 1.28 7.59 1.26 7.61 31 193,000 25,000 71,737 2000 (2.92) 6.14 341,311 1.28 8.49 1.28 8.49 20 193,000 25,000 69,211 1999 (3.33) (2.11) 342,282 1.19 7.75 1.18 7.75 13 193,000 25,000 69,337 1998 6.84 7.01 369,617 1.14 7.51 1.14 7.51 11 150,000 25,000 86,603 1997 11.77 7.34 363,293 1.15 7.70 1.15 7.70 3 150,000 25,000 85,549 ====================================================================================================================================
N/A Fund is not authorized to issue Preferred shares. * 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 Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, where applicable. (a) For the six months ended March 31, 2002. See accompanying notes to financial statements. 80-81 SPREAD Financial HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ---------------------------------------------------- ------------------------ Distributions Distributions From Net From Net Offering Beginning Net Investment Capital Investment Capital Costs and Ending Common Realized/ Income to Gains to Income to Gains to Preferred Common Share Net Unrealized Preferred Preferred Common Common Share Share Ending Net Asset Investment Investment Share- Share- Share- Share- Underwriting Net Asset Market Value Income Gain (Loss) holders+ holders+ Total holders holders Total Discounts Value Value ==================================================================================================================================== NEW YORK QUALITY INCOME (NUN) ==================================================================================================================================== Year Ended 9/30: 2002(c) $15.20 $ .55 $ (.46) $(.06) $ -- $ .03 $(.43) $(.01) $(.44) $ -- $14.79 $14.3500 2001 14.44 1.14 .72 (.25) -- 1.61 (.85) -- (.85) -- 15.20 14.3300 2000 14.54 1.18 (.08) (.30) -- .80 (.90) -- (.90) -- 14.44 13.5000 1999 15.90 1.15 (1.29) (.22) (.01) (.37) (.94) (.03) (.97) (.02) 14.54 15.0000 1998 15.66 1.15 .30 (.24) (.01) 1.20 (.94) (.02) (.96) -- 15.90 16.6250 1997 15.32 1.17 .39 (.24) (.01) 1.31 (.94) (.03) (.97) -- 15.66 16.1875 INSURED NEW YORK PREMIUM INCOME (NNF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) 15.26 .53 (.44) (.06) -- .03 (.43) -- (.43) -- 14.86 14.4500 2001 14.24 1.08 .99 (.24) -- 1.83 (.81) -- (.81) -- 15.26 14.5700 2000 14.20 1.08 .07 (.29) -- .86 (.82) -- (.82) -- 14.24 13.3750 1999 15.68 1.07 (1.49) (.23) -- (.65) (.83) -- (.83) -- 14.20 14.3750 1998 14.95 1.06 .75 (.26) -- 1.55 (.82) -- (.82) -- 15.68 15.6875 1997 14.26 1.07 .69 (.25) -- 1.51 (.82) -- (.82) -- 14.95 14.8750 NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) 14.86 .54 (.46) (.06) -- .02 (.42) -- (.42) -- 14.46 13.8000 2001 13.42 1.08 1.40 (.24) -- 2.24 (.80) -- (.80) -- 14.86 14.4400 2000 13.27 1.08 .18 (.29) -- .97 (.82) -- (.82) -- 13.42 12.3125 1999(a) 14.33 .27 (.95) (.05) -- (.73) (.21) -- (.21) (.12) 13.27 14.3750 NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) 14.55 .52 (.46) (.06) -- -- (.42) -- (.42) -- 14.13 13.3500 2001(b) 14.33 .44 .33 (.07) -- .70 (.35) -- (.35) (.13) 14.55 14.4600 ==================================================================================================================================== Ratios/Supplemental Data --------------------------------------------------------------------- Municipal Auction Rate Cumulative Total Returns Before Credit/Reimbursement After Credit/Reimbursement*** Preferred Stock at End of Period -------------- ------------------------- ------------------------ ---------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Ending Expenses Income to Expenses Income to Based Net to Average Average to Average Average Based on Assets Net Assets Net Assets Net Assets Net Assets Aggregate Liquidation on Net Applicable Applicable Applicable Applicable Applicable Portfolio Amount and Market Asset Market Asset to Common to Common to Common to Common to Common Turnover Outstanding Value Coverage Value** Value** Shares (000) Shares++ Shares++ Shares++ Shares++ Rate (000) Per Share Per Share ==================================================================================================================================== NEW YORK QUALITY INCOME (NUN) ==================================================================================================================================== Year Ended 9/30: 2002(c) 3.26% .21% $356,153 1.23%* 7.32%* 1.22%* 7.33%* 19% $197,000 $25,000 $70,197 2001 12.63 11.39 365,974 1.26 7.62 1.24 7.63 13 197,000 25,000 71,443 2000 (3.79) 5.74 347,716 1.22 8.31 1.22 8.31 15 197,000 25,000 69,126 1999 (4.13) (2.60) 349,932 1.18 7.46 1.17 7.47 7 197,000 25,000 69,408 1998 8.89 7.90 378,795 1.16 7.33 1.16 7.33 12 170,000 25,000 80,705 1997 12.90 8.80 369,327 1.17 7.59 1.17 7.59 13 170,000 25,000 79,313 INSURED NEW YORK PREMIUM INCOME (NNF) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) 2.08 .20 123,438 1.26* 7.05* 1.25* 7.06* 6 65,000 25,000 72,476 2001 15.32 13.11 126,648 1.29 7.24 1.28 7.25 8 65,000 25,000 73,711 2000 (.96) 6.38 118,171 1.30 7.80 1.29 7.81 17 65,000 25,000 70,450 1999 (3.37) (4.33) 117,800 1.29 7.03 1.29 7.03 8 65,000 25,000 70,308 1998 11.29 10.67 129,306 1.29 6.99 1.29 6.99 15 65,000 25,000 74,733 1997 14.63 10.93 122,813 1.32 7.42 1.32 7.42 24 65,000 25,000 72,236 NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) (1.63) .11 132,796 1.22* 6.83* .76* 7.29* 4 69,000 25,000 73,115 2001 24.06 16.98 136,441 1.25 7.01 .78 7.49 18 69,000 25,000 74,435 2000 (8.62) 7.82 123,171 1.31 7.89 .79 8.42 19 69,000 25,000 69,627 1999(a) (2.76) (5.93) 121,801 1.10* 5.36* .65* 5.81* 25 69,000 25,000 69,131 NEW YORK DIVIDEND ADVANTAGE 2 (NXK) - ------------------------------------------------------------------------------------------------------------------------------------ Year Ended 9/30: 2002(c) (4.87) (.02) 91,251 1.25* 6.72* .77* 7.20* 5 47,000 25,000 73,538 2001(b) (1.29) 4.02 93,965 1.12* 5.63* .69* 6.06* 11 47,000 25,000 74,981 - ------------------------------------------------------------------------------------------------------------------------------------ * 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 Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in 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 May 26, 1999 (commencement of operations) through September 30,1999. (b) For the period March 28, 2001 (commencement of operations) through September 30, 2001. (c) For the six months ended March 31, 2002. See accompanying notes to financial statements.
82-83 SPREAD Build Your Wealth AUTOMATICALLY NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR REINVESTMENT ACCOUNT. NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen 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. 84 Fund INFORMATION BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICES JPMorgan Chase Bank P.O. Box 660086 Dallas, TX 75266-0086 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL POLICY NOTICE: Nuveen New York Dividend Advantage Municipal Fund Nuveen New York Dividend Advantage Municipal Fund 2 These Funds may not invest, under normal circumstances, less than 80% of their net assets (plus any borrowings for investment purposes) in investments the income from which is exempt from both regular federal and New York state income taxes. Each Fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six-month period ended March 31, 2002. Any future repurchases will be reported to shareholders in the next annual or semiannual report. 85 Serving Investors FOR GENERATIONS [photo of John Nuveen, Sr.] For over a century, generations of Americans have relied on Nuveen Investments to help them grow and keep the money they've earned. Financial advisors, investors and their families have associated Nuveen Investments with quality, expertise and dependability since 1898. That is why financial advisors have entrusted the assets of more than 1.3 million investors to Nuveen. With the know-how that comes from a century of experience, Nuveen continues to build upon its reputation for quality. Now, financial advisors and investors can count on Nuveen Investments to help them design customized solutions that meet the far-reaching financial goals unique to family wealth strategies - solutions that can translate into legacies. To find out more about how Nuveen Investments' products and services can help you preserve your financial security, talk with your financial advisor, or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. [LOGO: NUVEEN Investments] Nuveen Investments o 333 West Wacker Drive Chicago, IL 60606 o www.nuveen.com FSA-1-3-02 -----END PRIVACY-ENHANCED MESSAGE-----