Nuveen Exchange-Traded Funds
Providing tax-free income
to help you live your dreams.
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK MUNICIPAL INCOME FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
SEMIANNUAL REPORT/MARCH 31, 1995
Photo of man reading statement on porch.
CONTENTS
3 Dear shareholder
5 Answering your questions
8 Fund performance
11 Amendment to dividend reinvestment plan
12 Getting to know your fund
14 Portfolio of investments
47 Statement of net assets
49 Statement of operations
51 Statement of changes in net assets
55 Notes to financial statements
68 Financial highlights
<PAGE>
Dear shareholder
"Providing secure income remains our top priority"
Photo of Richard J. Franke, Chairman of the Board
The 12 months ended March 31, 1995, was a difficult period for the bond
markets. Since February 1994, the Federal Reserve Board has raised interest
rates seven times to fend off future inflation, and the prices of all bonds
and bond funds declined.
This time of unusually high volatility and uncertainty has brought home a
basic fact about fixed-income securities: interest rates are subject to
change, and sometimes the changes can have marked effects on net asset values.
At Nuveen, we believe that the best approach to tax-free investing in such
tumultuous times is to focus on quality and income dependability. By this
standard, in one of the most challenging periods the municipal market has seen
in years, your Fund continued to meet its objectives well, providing an
attractive level of tax-free income while holding portfolio values in line
with or higher than the market as a whole.
Looking first at income, on March 31, current yields on share prices for the
funds covered in this report ranged from 6.31% to 7.16%. To equal these
yields, an investor in the 41% combined federal and state income tax bracket
would need to have earned at least 10.69% on taxable alternatives. This
taxable yield is difficult to achieve on investments of comparable quality.
The fact that many of these funds are leveraged means that they will be
somewhat more sensitive to interest rate changes, both upward and downward,
than unleveraged funds.
As we have noted in past reports, the municipal market's supply and demand
fundamentals continue to be sound. To put these trends in perspective, in 1994
the supply of new municipal bonds declined by approximately 40% from 1993, a
trend expected to continue in 1995. At the same time, demand for tax-free
bonds, which has been subdued over the past year as a result of the market's
extraordinary volatility, seems to be resuming its long-term upward trend as
investors recognize the exceptional yields tax-free bonds offer at current
price levels.
This combination of lower supply, which may be reduced further by the high
volume of bond calls expected in 1995, and the likelihood of rising demand
should help support municipal bond prices in the long term.
Through our value approach to investing--
a disciplined approach to security selection and portfolio construction
supported by one of the largest and most respected research teams in the
municipal industry--we will continue to pursue the objectives of your Fund:
attractive tax-free income and the enhancement of portfolio value relative to
the municipal bond market.
At Nuveen we are taking steps to increase the value our funds provide to
shareholders--steps reflected in the mergers of several of our New York funds
in December and January. Through the mergers of these funds, we expect to
achieve administrative expense reductions and improve liquidity for
shareholders.
In closing, I want to welcome new investors to the Nuveen New York
Exchange-Traded Funds and thank those who have been with us for some time. All
of us at Nuveen appreciate your confidence in our family of municipal bond
funds, and we look forward to helping you reach your tax-free investment
objectives in the future.
Sincerely,
Richard J. Franke
Chairman of the Board
May 15, 1995
<PAGE>
Answering your questions
We spoke recently with Tom Spalding, head of Nuveen's portfolio management
team, and asked him about developments in the municipal market and the outlook
for Nuveen's Tax-Free Exchange-Traded Funds.
How did my Fund hold its value compared with the market as a whole?
These have been difficult times for all fixed-income investors. The Bond Buyer
40 index--a measure of municipal market performance--declined by 0.41% over
the past 12 months and 30-year Treasury bonds declined by 4.81% during the
year. The net asset values of the funds covered in this report, however,
either showed modest gains or declined less than 2%. Viewed in that context,
the Nuveen funds covered in this report held their value well.
The fact that many of these funds are leveraged also increases the impact of
interest rate changes on their net asset values per common share. Keep in
mind, however, that leverage also has enabled these funds to generate a higher
level of tax-free income than unleveraged funds.
If my Fund is leveraged, will rising short-term interest rates affect my
dividends?
With the long-term bonds in the leveraged funds' portfolios yielding around
6.5% and the average 7-day rate on short-term preferred shares averaging 4.0%
to 4.1% over the past three months, leverage has continued to provide an
important income benefit to our shareholders.
Although the funds' core dividends are set to provide relatively stable
income, steady increases in short-term interest rates will affect these
dividends over time.
In general, our leveraged funds' dividends continue to be highly attractive
compared with taxable alternatives. All things considered, prudent leverage
can provide highly attractive returns in a variety of market conditions to
investors who understand its uses, benefits, and characteristics, and are
willing to accept somewhat higher short-term NAV fluctuations in anticipation
of greater long-term returns.
Will bond calls affect my income or the stability of the net asset value of my
shares?
In general, bond calls can mean some reduction in income for investors in both
individual bonds and bond funds, because bonds issued when interest rates were
higher need to be replaced with today's lower-yielding bonds. The effect of
bond calls, however, depends to some extent on the age of a fund and the types
of bonds in its portfolio.
Older funds hold high coupon bonds that may be subject to calls, but these
bonds also often are priced at premiums to their par values and to their call
prices. As we saw last year, this premium is a "cushion" that can soften the
effect of rising interest rates. As these bonds approach their call dates, the
premiums gradually approach the bonds' call prices, potentially reducing net
asset values.
Newer funds on the other hand, primarily hold bonds priced at discounts to
their par values. As a result, these funds are more sensitive to interest rate
changes, both up and down, but they are unaffected by the declining premium
values related to called bonds.
Of course, we manage all of our portfolios with calls in mind. As part of
our basic management process, we continually evaluate opportunities to sell
bonds approaching their call dates and to reinvest the proceeds in bonds we
think have potential to provide above-market returns.
<PAGE>
<TABLE>
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, plus a capital
gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0560
5/94 $0.0560
6/94 $0.0560
7/94 $0.0560
8/94 $0.0560
9/94 $0.0560
10/94 $0.0560
11/94 $0.0560
12/94 $0.0560 $0.0010
1/95 $0.0560
2/95 $0.0560
3/95 $0.0560
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.40%
Taxable-equivalent yield 10.85%
Annual total return on NAV 4.90%
Taxable-equivalent total return 9.46%
Share price $10.50
NAV $10.37
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK MUNICIPAL INCOME FUND, INC.
NNM
Dividends of NNM have been more affected by bond calls than dividends of newer
funds since this Fund holds bonds purchased when rates were considerably
higher than today.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0635
5/94 $0.0600
6/94 $0.0600
7/94 $0.0600
8/94 $0.0600
9/94 $0.0600
10/94 $0.0600
11/94 $0.0585
12/94 $0.0585
1/95 $0.0585
2/95 $0.0585
3/95 $0.0585
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.31%
Taxable-equivalent yield 10.69%
Annual total return on NAV 5.34%
Taxable-equivalent total return 9.85%
Share price $11.125
NAV $11.21
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NNP
Shareholders enjoyed a dividend increase in February following more than 10
months of steady dividends. NNO and NRY were merged into this fund in January.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0915
5/94 $0.0915
6/94 $0.0915
7/94 $0.0915
8/94 $0.0915
9/94 $0.0915
10/94 $0.0915
11/94 $0.0915
12/94 $0.0915
1/95 $0.0915
2/95 $0.0940
3/95 $0.0940
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 7.16%
Taxable-equivalent yield 12.14%
Annual total return on NAV 6.63%
Taxable-equivalent total return 11.52%
Share price $15.75
NAV $16.08
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
Shareholders enjoyed 8 months of steady dividends following an increase in
August. In addition, the Fund paid two supplemental dividends totaling 2 cents
per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0865
5/94 $0.0865 $0.0100
6/94 $0.0865
7/94 $0.0865
8/94 $0.0875 $0.0100
9/94 $0.0875
10/94 $0.0875
11/94 $0.0875
12/94 $0.0875
1/95 $0.0875
2/95 $0.0875
3/95 $0.0875
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.89%
Taxable-equivalent yield 11.68%
Annual total return on NAV 5.81%
Taxable-equivalent total return 10.58%
Share price $15.25
NAV $15.83
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NVN
Shareholders enjoyed 8 months of steady dividends following an increase in
August. In addition, the Fund paid two supplemental dividends totaling
3 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0820
5/94 $0.0820 $0.0150
6/94 $0.0820
7/94 $0.0820
8/94 $0.0840 $0.0150
9/94 $0.0840
10/94 $0.0840
11/94 $0.0840
12/94 $0.0840
1/95 $0.0840
2/95 $0.0840
3/95 $0.0840
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.78%
Taxable-equivalent yield 11.49%
Annual total return on NAV 7.32%
Taxable-equivalent total return 12.08%
Share price $14.875
NAV $15.55
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
Shareholders enjoyed 8 months of steady dividends following an increase in
August. In addition, the Fund paid two supplemental dividends totaling
2 cents per common share and a capital gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0755
5/94 $0.0755 $0.0100
6/94 $0.0755
7/94 $0.0755
8/94 $0.0780 $0.0100
9/94 $0.0780
10/94 $0.0780
11/94 $0.0780
12/94 $0.0780 $0.0150
1/95 $0.0780
2/95 $0.0780
3/95 $0.0780
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.69%
Taxable-equivalent yield 11.34%
Annual total return on NAV 7.68%
Taxable-equivalent total return 12.24%
Share price $14.00
NAV $14.96
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
In line with the Fund's objective of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends, plus supplemental
dividends totaling 3.9 cents per common share.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/94 $0.0665
5/94 $0.0665 $0.0130
6/94 $0.0665
7/94 $0.0665
8/94 $0.0665 $0.0130
9/94 $0.0665
10/94 $0.0665
11/94 $0.0665 $0.0130
12/94 $0.0665
1/95 $0.0665
2/95 $0.0665
3/95 $0.0665
<CAPTION>
FUND HIGHLIGHTS 3/31/95
<S> <C>
Yield 6.51%
Taxable-equivalent yield 11.03%
Annual total return on NAV 8.67%
Taxable-equivalent total return 13.17%
Share price $12.25
NAV $13.53
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
Amendment to Dividend Reinvestment Plan
Effective September 1, 1995, your Fund's Dividend Reinvestment Plan will be
amended in order to enhance the ability of the Plan Agent to obtain the best
execution when making open-market purchases of Fund shares in connection with
the Plan. As of the effective date, the Plan Agent, United States Trust
Company of New York, may make Plan purchases in advance of the payment date of
the applicable Fund distribution, provided that settlement for such purchases
shall occur no earlier than the payment date for such distribution.
<PAGE>
Getting to know your fund
Yield
An exchange-traded fund's annualized monthly dividend on a given date (in the
case of this report, March 31, 1995) divided by its closing price per share on
that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, this combined tax rate
is assumed to be 41% for New York shareholders, based on incomes of
$117,950-$256,500 for investors filing singly, $143,600-$256,500 for those
filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, if any, divided by its total number of
common shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per common share for a given period,
assuming reinvestment of all dividends and capital gains distributions, if
any.
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the Fund's
stated total return on NAV.
Leverage
A fund structure that enhances the income produced for common shareholders by
a long-term municipal bond fund through the issuance of short-term preferred
shares. Preferred shareholders receive short-term tax-free income, while the
proceeds can be used to purchase additional long-term bonds, thus increasing
the portfolio's income for common shareholders.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as are deemed advisable. No
shares were repurchased during the 6 months ended March 31, 1995. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
Nuveen New York Municipal Value Fund, Inc. (NNY)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York Local Government Assistance Corporation,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 1,143,090
New York State Certificates of Participation
(Commissioner of Office of Mental Health):
1,000,000 8.250%, 9/01/07 9/97 at 102 Baa1 1,106,270
3,000,000 8.300%, 9/01/12 9/97 at 102 Baa1 3,192,990
1,000,000 New York State Energy Research and Development
Authority, Gas Facilities (The Brooklyn Union Gas
Company), Alternative Minimum Tax,
5.600%, 6/01/25 7/03 at 102 Aaa 915,930
3,000,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas
and Electric Corporation), Alternative Minimum
Tax, 8.375%, 12/01/28 12/98 at 102 A3 3,267,900
3,500,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 Baa1 3,841,005
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (New York Electric
and Gas Corporation), Alternative Minimum Tax,
5.950%, 12/01/27 12/03 at 102 Baa1 885,400
1,000,000 New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax,
6.000%, 3/15/28 3/03 at 102 Aaa 948,570
1,425,000 New York State Environmental Facilities Corporation,
Water Facilities (The New Rochelle Water Company
Project), Alternative Minimum Tax,
6.400%, 12/01/24 6/02 at 102 A3 1,398,851
4,000,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 4,432,000
2,500,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home Insured
Mortgage (St. Vincent's Hospital), 8.000%, 2/15/27
(Pre-refunded to 8/15/97) 8/97 at 102 Aaa 2,723,575
4,980,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home Insured
Mortgage (Albany Medical Center),
8.000%, 2/15/28 8/98 at 102 AAA 5,500,908
5,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Catholic Medical Center), 8.300%, 2/15/22
(Pre-refunded to 2/15/98) 2/98 at 102 AAA 5,558,250
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,250,000 New York State Medical Care Facilities Finance
Agency (Columbia-Presbyterian), 8.000%, 2/15/25
(Pre-refunded to 8/15/97) 8/97 at 102 Aaa $ 5,736,885
1,800,000 New York State Medical Care Facilities Finance
Agency (Hospital and Nursing Home),
6.550%, 8/15/12 (DD) 8/02 at 102 AA 1,835,136
New York State Medical Care Facilities Finance
Agency, Mental Health Services:
1,650,000 8.875%, 8/15/07 (Pre-refunded to 8/15/97) 8/97 at 102 AAA 1,833,117
1,850,000 8.875%, 8/15/07 8/97 at 102 Baa1 2,012,504
1,000,000 6.375%, 8/15/17 12/02 at 102 Aaa 1,019,900
New York State Mortgage Agency:
20,000 9.750%, 10/01/10 4/95 at 102 1/2 Aa 20,607
455,000 8.625%, 4/01/11 10/95 at 102 Aa 471,967
1,375,000 8.375%, 10/01/17 1/98 at 102 Aa 1,461,254
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
1,550,000 8.125%, 4/01/20 10/97 at 102 Aa 1,641,776
495,000 8.250%, 4/01/22 4/99 at 102 Aa 520,210
1,500,000 7.950%, 4/01/22 6/00 at 102 Aa 1,580,010
8,205,000 0.000%, 10/01/23 10/01 at 13/32 Aa 983,451
New York State Urban Development Corporation
(Correctional Facilities):
1,500,000 8.000%, 1/01/16 (Pre-refunded to 1/01/96) 1/96 at 102 Baa1 1,570,230
1,500,000 7.000%, 1/01/16 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa 1,554,285
2,000,000 New York State Urban Development Corporation
(Center for Industrial Innovation),
7.000%, 1/01/13 1/96 at 102 Baa1 2,044,160
5,000,000 New York State Urban Development Corporation
(Onondaga County Convention Center),
7.875%, 1/01/20 1/01 at 102 Baa1 5,439,150
1,000,000 New York State Urban Development Corporation,
State Facilities, 7.500%, 4/01/20 4/01 at 102 Baa1 1,072,970
1,000,000 New York State Power Authority, General Purpose,
8.000%, 1/01/17 1/98 at 102 AA- 1,089,200
1,000,000 Brookhaven Industrial Development Agency, Civic
Facility (St. Joseph's College), 8.100%, 4/01/08 4/98 at 102 A 1,098,500
1,500,000 Cattaraugus County (Olean Office Facility),
Certificates of Participation, 8.500%, 8/01/09
(Pre-refunded to 8/01/98) 8/98 at 102 BBB- 1,693,050
4,000,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,774,400
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Dormitory Authority of the State of New York
(City University):
$ 5,000,000 8.125%, 7/01/17 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa $ 5,453,350
1,000,000 5.750%, 7/01/18 No Opt. Call Baa1 928,630
Dormitory Authority of the State of New York,
Educational Facilities (State University):
1,000,000 7.400%, 5/15/01 5/00 at 102 Baa1 1,086,710
1,250,000 5.250%, 5/15/19 No Opt. Call Baa1 1,077,175
1,000,000 Dormitory Authority of the State of New York,
Court Facilities Lease, 5.700%, 5/15/22 5/03 at 101 1/2 Baa1 906,780
5,000,000 Hempstead Industrial Development Agency,
Resource Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- 5,172,000
1,000,000 Metropolitan Transportation Authority, Transit
Facilities, 5.500%, 7/01/22 (DD) 7/02 at 100 Aaa 920,660
New York City General Obligation:
25,000 6.300%, 8/01/03 8/02 at 101 1/2 Aaa 26,595
1,135,000 6.600%, 2/01/04 No Opt. Call A- 1,154,261
2,500,000 8.125%, 11/01/06 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,754,550
2,500,000 8.500%, 11/01/11 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,774,575
2,500,000 7.000%, 2/01/15 2/96 at 102 A- 2,518,950
1,455,000 New York City Housing Development Corporation
(South Bronx Cooperatives), Alternative
Minimum Tax, 8.100%, 9/01/23 9/00 at 102 Aa 1,548,062
1,000,000 New York City Housing Development Corporation,
Multi-Family Mortgage (FHA-Insured),
6.550%, 10/01/15 4/03 at 102 AAA 1,015,370
New York City Municipal Water Finance Authority,
Water and Sewer System:
3,750,000 9.000%, 6/15/17 (Pre-refunded to 6/15/97) 6/97 at 102 Aaa 4,157,175
1,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,150,890
1,600,000 New York City Industrial Development Agency,
Civic Facility (YMCA of Greater New York),
8.000%, 8/01/16 8/01 at 102 N/R 1,691,216
1,000,000 New York City Industrial Development Agency
(American Airlines, Inc.), Alternative Minimum
Tax, 8.000%, 7/01/20 1/99 at 102 Baa3 1,047,460
1,955,000 Newark-Wayne Community Hospital,
7.600%, 9/01/15 9/03 at 102 N/R 1,974,374
1,000,000 Port Authority of New York and New Jersey, Special
Project, LaGuardia Airport Passenger Terminal
(Delta Air Lines), 6.950%, 6/01/08 6/02 at 102 Ba1 1,006,590
2,000,000 St. Lawrence County, Solid Waste Disposal
Authority, 8.875%, 1/01/08 1/98 at 102 Baa 2,215,640
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Triborough Bridge and Tunnel Authority, General
Purpose, 8.125%, 1/01/12 1/98 at 102 Aa $ 2,199,380
1,275,000 Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax, 8.000%, 1/01/18 (Pre-refunded
to 1/01/98) 1/98 at 101 1/2 Aaa 1,396,265
$118,000,000 Total Investments - (cost $107,163,420) - 96.4% 118,544,159
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.3%
$ 400,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 4.500%, 8/01/21t VMIG-1 400,000
Other Assets Less Liabilities - 3.3% 3,982,901
Net Assets - 100% $122,927,060
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 20 $ 51,358,340 43%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 11 13,351,053 11
PORTFOLIO OF A, A- A, A2, A3 6 14,610,462 13
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 17 34,552,124 29
(EXCLUDING BB+, BB, BB- Ba1, Ba, Ba2, Ba3 1 1,006,590 1
TEMPORARY Non-rated Non-rated 2 3,665,590 3
INVESTMENTS):
TOTAL 57 $118,544,159 100%
<FN>
* 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.
(DD) Security purchased on a delayed delivery basis (note 1).
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK MUNICIPAL INCOME FUND, INC. (NNM)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax,
7.500%, 1/01/26 1/00 at 101 Aa3 $ 1,054,650
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas
and Electric Corporation), Alternative Minimum
Tax, 8.375%, 12/01/28 12/98 at 102 A3 1,089,300
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 Baa1 1,097,430
1,000,000 New York State Housing Finance Agency (State
University Construction), 8.100%, 11/01/10
(Pre-refunded to 11/01/98) 11/98 at 102 Aaa 1,124,970
1,000,000 New York State Housing Finance Agency
(H. E. L. P.-Suffolk Housing), Alternative
Minimum Tax, 8.100%, 11/01/05 11/99 at 100 Baa 1,078,880
1,000,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 1,108,000
1,000,000 New York State Housing Finance Agency, Service
Contract, 6.375%, 9/15/14 9/04 at 102 Baa1 997,200
1,000,000 New York State Medical Care Facilities Finance
Agency (Huntington Hospital), 8.125%, 11/01/14
(Pre-refunded to 11/01/97) 11/97 at 102 BBB 1,100,080
1,000,000 New York State Medical Care Facilities Finance
Agency (Columbia-Presbyterian), 8.000%, 2/15/25
(Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,092,740
865,000 New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax,
8.125%, 4/01/20 10/97 at 102 Aa 916,217
1,250,000 New York State Urban Development Corporation,
Correctional Capital Facilities, 5.500%, 1/01/15 1/03 at 102 Baa1 1,126,025
2,955,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 3,221,748
250,000 Battery Park City Authority, Junior Revenue,
5.800%, 11/01/22 11/03 at 102 A 224,443
1,000,000 Cattaraugus County (Olean Office Facility),
Certificates of Participation, 8.500%, 8/01/09
(Pre-refunded to 8/01/98) 8/98 at 102 BBB- 1,128,700
1,000,000 Dormitory Authority of the State of New York (City
University), 8.200%, 7/01/12 7/98 at 102 Baa1 1,107,030
250,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease (Suffolk County),
9.500%, 4/15/14 4/95 at 116 15/32 Baa1 292,283
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,250,000 Dormitory Authority of the State of New York (State
University), 5.250%, 5/15/19 No Opt. Call Baa1 $ 1,077,175
1,000,000 Geneva Industrial Development Agency, Civic
Facility (Finger Lakes Cerebral Palsy),
8.500%, 11/01/16 11/01 at 102 N/R 1,032,380
1,000,000 Metropolitan Transportation Authority, Transit
Facilities Service Contract, 8.500%, 7/01/17
(Pre-refunded to 7/01/97) 7/97 at 102 AAA 1,098,580
New York City General Obligation:
945,000 8.500%, 8/01/12 (Pre-refunded to 8/01/96) 8/96 at 102 A- 1,009,506
55,000 8.500%, 8/01/12 8/96 at 102 A- 58,081
495,000 New York City Housing Development Corporation
(South Williamsburg Cooperative), Alternative
Minimum Tax, 7.900%, 2/01/23 2/00 at 102 Aa 520,438
500,000 New York City Housing Development Corporation,
Multi-Family Mortgage (FHA-Insured),
6.550%, 10/01/15 4/03 at 102 AAA 507,685
1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System, 7.875%, 6/15/16
(Pre-refunded to 6/15/96) 6/96 at 102 Aaa 1,060,340
1,850,000 New York City Industrial Development Agency,
Civic Facility (International Center for Integrative
Studies, Inc.-The Door Project), 9.000%, 3/01/09tt 3/97 at 103 N/R 555,000
1,000,000 New York City Industrial Development Agency,
Civic Facility (YMCA of Greater New York),
8.000%, 8/01/16 8/01 at 102 N/R 1,057,009
1,000,000 New York City Industrial Development Agency
(Terminal One Group), Alternative Minimum
Tax, 6.125%, 1/01/24 1/04 at 102 A 957,609
$26,665,000 Total Investments - (cost $26,312,780) - 94.7% 26,693,499
===========
Other Assets Less Liabilities - 5.3% 1,483,154
Net Assets - 100% $28,176,653
===========
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 5 $ 4,884,315 18%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 2,491,305 9
PORTFOLIO OF A, A- A, A2, A3 5 3,338,939 13
INVESTMENTS: BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 11 13,334,551 50
Non-rated Non-rated 3 2,644,389 10
TOTAL 27 $26,693,499 100%
<FN>
* 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.
tt The Fund received $72,000 of the $83,000 interest coupon payment due March
1, 1994. Interest income has not been accrued since that date. Legal
proceedings have been initiated to enforce the rights of the Fund and all
other bondholders, which include the right to obtain the property that secures
the obligation of the issuer.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York Local Government Assistance Corporation:
$ 3,000,000 7.250%, 4/01/18 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 3,390,810
8,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 9,144,720
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
1,000,000 7.500%, 11/15/21 11/96 at 102 Aa3 1,037,300
8,500,000 7.750%, 1/01/24 1/98 at 101 1/2 Aa3 9,003,455
3,100,000 7.500%, 7/01/25 7/99 at 101 Aa3 3,248,397
1,500,000 6.375%, 12/01/27 12/01 at 101 Aa2 1,480,545
New York State Energy Research and Development
Authority, Pollution Control (New York Electric
and Gas Corporation), Alternative Minimum Tax:
1,000,000 5.950%, 12/01/27 12/03 at 102 Baa1 885,400
1,000,000 5.700%, 12/01/28 12/03 at 102 Aaa 924,290
New York State Environmental Facilities Corporation,
Water Pollution Control Revolving Fund:
1,000,000 7.250%, 6/15/10 6/01 at 102 Aa 1,081,490
9,825,000 7.500%, 6/15/12 6/00 at 102 Aa 10,641,654
1,920,000 6.900%, 5/15/15 11/04 at 102 Aaa 2,072,966
3,255,000 New York State Housing Finance Agency,
Multi-Family Housing, Alternative Minimum Tax,
7.550%, 11/01/29 11/99 at 102 Aaa 3,424,748
1,585,000 New York State Housing Finance Agency,
Multi-Family Housing, (Secured Mortgage
Program), 7.000%, 8/15/12 8/02 at 102 Aa 1,663,616
5,500,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 6,094,000
1,375,000 New York State Housing Finance Agency, Service
Contract Obligation, 5.500%, 9/15/22 9/03 at 102 Baa1 1,215,885
3,950,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, Insured
Mortgage (Albany Medical Center), 8.000%, 2/15/28 8/98 at 102 AAA 4,363,170
9,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Buffalo General Hospital), 7.700%, 2/15/22
(Pre-refunded to 8/15/98) 8/98 at 102 AAA 9,995,040
4,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Catholic Medical Center), 8.300%, 2/15/22
(Pre-refunded to 2/15/98) 2/98 at 102 AAA 4,446,600
New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center):
4,500,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 5,050,215
1,500,000 5.700%, 2/15/29 8/03 at 102 AAA 1,380,345
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,295,000 New York State Medical Care Facilities Finance
Agency, Insured Mortgage (Presbyterian Hospital),
7.700%, 2/15/25 (Pre-refunded to 8/15/00) 8/00 at 102 AA $ 1,485,961
6,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home
(FHA-Insured), 6.200%, 8/15/22 8/02 at 102 AAA 6,012,120
4,500,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home,
FHA-Insured (Mt. Sinai Hospital),
5.750%, 8/15/19 8/02 at 102 AAA 4,301,100
New York State Medical Care Facilities Finance
Agency, Mental Health Services, Facilities
Improvement:
1,000,000 6.000%, 2/15/11 8/98 at 100 Baa1 980,880
820,000 7.400%, 2/15/18 2/02 at 102 Baa1 874,194
1,145,000 7.800%, 2/15/19 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,280,786
1,205,000 7.750%, 2/15/20 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,366,121
1,195,000 7.750%, 2/15/20 2/00 at 102 Baa1 1,288,437
1,405,000 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 1,616,115
1,005,000 7.875%, 8/15/20 8/00 at 102 Baa1 1,092,405
1,460,000 7.500%, 2/15/21 (Pre-refunded to 2/15/01) 2/01 at 102 Aaa 1,661,480
540,000 7.500%, 2/15/21 2/01 at 102 Baa1 578,567
New York State Mortgage Agency:
1,450,000 6.700%, 4/01/15 4/02 at 102 Aa 1,503,027
1,000,000 6.450%, 10/01/17 9/04 at 102 Aaa 1,020,990
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
3,390,000 8.050%, 4/01/22 10/00 at 102 Aa 3,576,789
9,200,000 7.950%, 4/01/22 6/00 at 102 Aa 9,690,728
1,730,000 7.950%, 10/01/22 10/00 at 102 Aa 1,825,669
45,135,000 0.000%, 10/01/23 10/01 at 19 13/32 Aa 5,409,881
1,500,000 5.850%, 10/01/25 10/03 at 102 Aa 1,353,060
1,500,000 New York State Thruway Authority, Local Highway
and Bridge Service Contract, 5.250%, 4/01/13 4/03 at 102 Baa1 1,320,825
New York State Urban Development Corporation,
Correctional Facilities:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,550,120
1,000,000 5.500%, 1/01/15 1/03 at 102 Baa1 900,820
6,225,000 7.000%, 1/01/17 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,860,137
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,122,050
5,655,000 New York State Urban Development Corporation
(Onondaga County Convention Center),
7.875%, 1/01/20 1/01 at 102 Baa1 6,151,679
5,250,000 New York State Power Authority, General Purpose,
7.375%, 1/01/18 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa 5,470,238
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,475,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 $ 3,788,688
1,720,000 Battery Park City Authority, Senior Revenue,
5.700%, 11/01/20 11/03 at 102 AA 1,567,298
Battery Park City Authority:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa 7,894,731
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,648,175
4,080,000 Dormitory Authority of the State of New York,
College and University (Pooled Capital Program),
7.800%, 12/01/05 12/98 at 102 Aaa 4,492,814
Dormitory Authority of the State of New York,
Court Facilities:
1,500,000 5.375%, 5/15/16 5/03 at 101 1/2 Baa1 1,323,135
1,250,000 5.700%, 5/15/22 5/03 at 101 1/2 Baa1 1,133,475
Dormitory Authority of the State of New York
(City University):
2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,297,260
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 911,560
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 BBB 2,297,260
10,000,000 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,367,100
6,850,000 Dormitory Authority of the State of New York
(Department of Health), 7.700%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,796,259
2,000,000 Dormitory Authority of the State of New York,
FHA-Insured (St. Vincent's Hospital and Medical
Center), 7.400%, 8/01/30 8/01 at 102 AAA 2,157,620
1,000,000 Dormitory Authority of the State of New York
(Skidmore College), 5.250%, 7/01/13 7/03 at 102 Aaa 929,970
Dormitory Authority of the State of New York
(State University):
1,375,000 5.500%, 5/15/08 No Opt. Call Baa1 1,282,298
2,600,000 7.375%, 5/15/14 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 2,919,930
1,650,000 7.375%, 5/15/14 5/00 at 102 Baa1 1,755,699
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,521,543
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 391,283
2,000,000 7.000%, 5/15/16 5/00 at 102 Baa1 2,073,340
2,500,000 5.875%, 5/15/17 No Opt. Call Baa1 2,352,625
3,970,000 Dormitory Authority of the State of New York
(United Health Services), 7.350%, 8/01/29 2/00 at 102 AAA 4,237,380
4,400,000 Dormitory Authority of the State of New York
(Upstate Community Colleges), 7.600%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Baa1 4,997,608
2,190,000 Dormitory Authority of the State of New York
(Vassar College), 7.250%, 7/01/15 7/00 at 102 AA- 2,380,727
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,500,000 Hempstead Industrial Development Agency,
Resource Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- $ 2,586,000
1,000,000 Hudson Housing Development Corporation,
FHA-Insured, Multi-Family Mortgage (Providence
Hall-Schuyler Court), 6.500%, 1/01/25 1/03 at 101 Aaa 997,250
1,000,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax,
6.125%, 7/01/13 7/04 at 102 Aaa 1,009,190
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Service Contract, 7.500%, 7/01/19
(Pre-refunded to 7/01/00) 7/00 at 101 1/2 Aaa 1,127,130
Metropolitan Transportation Authority, Transit
Facilities Service Contract:
2,730,000 5.750%, 7/01/15 7/03 at 101 1/2 Baa1 2,515,313
5,500,000 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 6,242,335
3,000,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 3,294,060
1,000,000 8.000%, 7/01/18 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 1,123,220
2,000,000 Monroe County Airport Authority (Greater
Rochester International Airport), Alternative
Minimum Tax, 7.250%, 1/01/19 1/00 at 102 Aaa 2,163,880
1,000,000 Monroe County Water Authority, Water System,
6.500%, 8/01/16 (Pre-refunded to 8/01/01) 8/01 at 101 Aaa 1,086,660
New York City General Obligation:
1,025,000 8.000%, 6/01/99 No Opt. Call A- 1,109,942
3,000,000 3.000%, 11/15/00 No Opt. Call A- 2,583,060
4,000,000 6.500%, 8/01/02 No Opt. Call A- 4,084,400
2,420,000 8.000%, 8/01/06 (Pre-refunded to 8/01/97) 8/97 at 102 Aaa 2,636,590
480,000 8.000%, 8/01/06 8/97 at 102 Aaa 521,736
1,350,000 7.250%, 10/01/06 No Opt. Call Aaa 1,481,544
1,000,000 6.125%, 8/01/10 8/04 at 101 1/2 A- 951,730
50,000 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 52,660
500,000 8.000%, 3/15/13 3/00 at 101 1/2 Aaa 555,155
1,000,000 5.750%, 5/15/13 5/03 at 101 1/2 Aaa 966,100
2,150,000 6.750%, 12/01/14 (Pre-refunded to 12/01/96) 12/96 at 101 1/2 Aaa 2,259,435
5,750,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured),
7.350%, 6/01/19 6/01 at 102 AAA 6,101,900
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City Municipal Water Finance Authority,
Water and Sewer System:
$ 2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 AAA $ 2,212,340
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A- 1,367,100
2,165,000 7.625%, 6/15/16 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 2,334,281
1,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 AAA 1,061,530
1,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 960,330
250,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 280,718
1,000,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 A- 1,076,500
4,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 4,603,560
5,700,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,375,108
6,750,000 New York City Industrial Development Agency
(American Airlines, Inc.), Alternative Minimum
Tax, 8.000%, 7/01/20 1/99 at 102 Baa3 7,070,355
2,095,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.000%, 11/01/09 No Opt. Call Aaa 2,539,622
1,500,000 Port Authority of New York and New Jersey,
5.250%, 7/15/21 7/03 at 101 AA- 1,335,690
2,165,000 Triborough Bridge and Tunnel Authority, General
Purpose, 7.700%, 1/01/19 (Pre-refunded
to 1/01/99) 1/99 at 101 1/2 Aaa 2,400,335
Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax, Special Obligation:
1,000,000 5.500%, 1/01/17 1/02 at 100 Aaa 938,440
2,500,000 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 2,737,774
2,000,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 2,195,980
1,250,000 UFA Development Corporation, FHA-Insured
(Loretto-Utica Project), 5.950%, 7/01/35 7/04 at 102 Aa 1,145,537
2,230,000 Yonkers General Obligation, 7.375%, 12/01/09
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 2,526,767
5,705,000 Puerto Rico Housing Finance Corporation,
Multi-Family Mortgage, 7.500%, 4/01/22 4/00 at 102 AA 5,998,921
$343,740,000 Total Investments - (cost $299,653,194) - 97.1% 324,966,781
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.5%
New York City General Obligation, Variable Rate
Demand Bonds:
$ 3,600,000 4.500%, 8/01/21t VMIG-1 3,600,000
1,300,000 4.500%, 8/01/22t VMIG-1 1,300,000
$ 4,900,000 Total Temporary Investments - 1.5% 4,900,000
============
Other Assets Less Liabilities - 1.4% 4,803,249
Net Assets - 100% $334,670,030
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 62 $192,893,856 60%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 19 65,429,745 20
PORTFOLIO OF A, A- A, A2, A3 7 13,758,732 4
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 23 52,884,448 16
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 111 $324,966,781 100%
<FN>
* 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,520,000 New York State, Various Purposes Full Faith and
Credit, 7.300%, 3/01/10 3/01 at 102 Aaa $ 2,754,738
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
10,000,000 7.500%, 7/01/25 7/99 at 101 Aa3 10,478,700
5,000,000 7.500%, 1/01/26 1/00 at 101 Aa3 5,273,250
2,000,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,068,580
2,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 1,999,760
New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax:
2,500,000 6.750%, 2/01/24 5/02 at 102 Aaa 2,613,125
2,250,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,060,843
3,665,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas
and Electric Corporation), Alternative Minimum
Tax, 8.375%, 12/01/28 12/98 at 102 A3 3,992,285
3,000,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas
and Electric Corporation), 7.375%, 10/01/14 10/99 at 103 Aaa 3,266,880
New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax:
5,000,000 8.375%, 12/01/28 12/98 at 102 Aaa 5,551,050
1,595,000 8.375%, 12/01/28 12/98 at 102 Baa1 1,750,401
2,500,000 6.500%, 5/15/32 5/02 at 102 Aaa 2,540,975
5,000,000 New York State Housing Finance Agency, State
University Construction, 7.900%, 11/01/06 No Opt. Call Aaa 5,913,600
1,000,000 New York State Housing Finance Agency, Multi-
Family Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,005,560
10,590,000 New York State Medical Care Facilities Finance
Agency, Secured Hospital (Bronx Lebanon),
7.100%, 2/15/27 2/97 at 102 Aaa 11,053,842
5,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, Insured
Mortgage (Kingsbrook Jewish Medical Center),
7.600%, 2/15/29 2/99 at 102 AA 5,389,600
New York State Medical Care Facilities Finance
Agency, FHA-Insured (Montefiore Medical Center):
2,100,000 7.250%, 2/15/24 2/99 at 102 AA 2,222,703
3,000,000 7.250%, 2/15/24 2/99 at 102 Aaa 3,241,230
New York State Medical Care Facilities Finance
Agency (Columbia-Presbyterian):
3,000,000 7.875%, 2/15/07 (Pre-refunded to 8/15/97) 8/97 at 102 AA 3,233,970
1,720,000 8.000%, 2/15/25 (Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,879,513
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 9,500,000 New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa $ 10,661,565
2,500,000 New York State Medical Care Facilities Finance
Agency (Beth Israel Medical Center),
7.500%, 11/01/10 11/00 at 102 Aaa 2,769,250
12,000,000 New York State Medical Care Facilities Finance
Agency (North Shore University Hospital),
7.200%, 11/01/20 11/00 at 102 Aaa 12,899,640
8,625,000 New York State Medical Care Facilities Finance
Agency (Mary Imogene Bassett Hospital),
7.125%, 11/01/20 5/01 at 102 Aaa 9,260,663
New York State Medical Care Facilities Finance
Agency, Mental Health Services:
2,165,000 6.250%, 8/15/18 2/02 at 102 Aaa 2,182,363
2,000,000 6.250%, 8/15/19 8/02 at 100 Aaa 2,012,740
3,000,000 6.000%, 2/15/25 2/05 at 102 Aaa 2,954,400
6,000,000 New York State Medical Care Facilities Finance
Agency, FHA-Insured (New York Hospital),
6.800%, 8/15/24 2/05 at 102 Aaa 6,381,900
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
3,150,000 7.950%, 10/01/21 2/01 at 102 Aa 3,306,492
7,410,000 7.950%, 10/01/22 10/00 at 102 Aa 7,819,773
4,150,000 New York State Thruway Authority, 6.000%, 1/01/25 1/05 at 102 Aaa 4,087,252
New York State Urban Development Corporation
(Correctional Facilities):
1,550,000 7.500%, 11/01/12 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 1,690,368
15,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 16,830,750
1,150,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 1,372,640
Dormitory Authority of the State of New York (City
University System):
5,000,000 6.500%, 7/01/14 7/96 at 100 Aaa 5,038,000
1,000,000 5.750%, 7/01/18 No Opt. Call Aaa 963,910
10,000,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,309,900
1,000,000 Dormitory Authority of the State of New York
(Cooper Union), 7.200%, 7/01/20 7/01 at 102 Aaa 1,077,640
Dormitory Authority of the State of New York
(State University):
2,370,000 5.250%, 5/15/08 5/04 at 102 Aaa 2,280,675
5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,949,204
9,825,000 6.125%, 5/15/20 5/00 at 100 Aaa 9,860,467
5,000,000 Dormitory Authority of the State of New York
(New York University), 6.000%, 7/01/15 7/01 at 102 Aaa 5,009,100
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,540,000 Dormitory Authority of the State of New York
(Fordham University), 7.200%, 7/01/15
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa $ 2,837,891
2,750,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 2,727,505
Metropolitan Transportation Authority, Commuter
Facilities, Service Contract:
2,570,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 2,821,911
4,290,000 7.500%, 7/01/17 7/98 at 102 Aaa 4,671,167
7,500,000 Metropolitan Transportation Authority, Commuter
Facilities, 6.250%, 7/01/17 7/02 at 102 Aaa 7,598,850
Nassau County General Obligation:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,191,605
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,180,521
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,169,436
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,158,351
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,141,724
New York City General Obligation:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 Aaa 2,155,355
1,550,000 7.000%, 6/01/04 No Opt. Call Aaa 1,698,614
4,935,000 7.500%, 8/01/07 (Pre-refunded to 2/01/98) 2/98 at 101 1/2 Aaa 5,344,210
950,000 7.250%, 8/15/14 No Opt. Call Aaa 1,040,497
730,000 7.250%, 8/15/17 8/99 at 101 1/2 Aaa 771,289
1,270,000 7.250%, 8/15/17 No Opt. Call Aaa 1,390,980
3,030,000 7.250%, 3/15/18 No Opt. Call Aaa 3,336,212
2,250,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 2,393,123
10,255,000 New York City Educational Construction Fund,
7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 11,301,113
1,250,000 New York City Health and Hospitals Corporation,
Health System, 5.750%, 2/15/22 2/03 at 102 Aaa 1,178,300
7,790,000 New York City Housing Development Corporation
(Royal Charter Properties-East), 7.375%, 4/01/17 4/98 at 101 1/2 Aaa 8,145,223
10,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured),
7.350%, 6/01/19 6/01 at 102 AAA 10,612,000
New York City Municipal Water Finance Authority,
Water and Sewer System:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 2,212,340
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,630,395
2,000,000 7.625%, 6/15/17 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 2,190,940
1,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 960,330
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,350,972
11,000,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 12,302,840
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 9,000,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 6.750%, 4/15/26 4/01 at 101 Aaa $ 9,395,730
Suffolk County Water Authority, Water System:
3,080,000 7.100%, 6/01/10 (Pre-refunded to 6/01/99) 6/99 at 102 Aaa 3,385,690
9,635,000 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 10,660,549
Triborough Bridge and Tunnel Authority, General
Purpose:
4,000,000 7.500%, 1/01/15 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 4,341,680
6,580,000 7.375%, 1/01/16 (Pre-refunded to 1/01/00) 1/00 at 101 1/2 Aaa 7,319,658
1,375,000 6.000%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 100 Aaa 1,435,913
2,500,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 2,772,625
3,000,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 3,314,340
Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax:
750,000 6.250%, 1/01/12 1/02 at 101 1/2 Aaa 766,628
5,000,000 6.875%, 1/01/15 1/01 at 102 Aaa 5,343,650
750,000 6.000%, 1/01/15 1/02 at 101 1/2 Aaa 749,055
6,000,000 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 6,570,660
4,510,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 4,951,934
Puerto Rico Ports Authority, Alternative Minimum Tax:
5,250,000 7.000%, 7/01/14 7/01 at 102 Aaa 5,683,650
11,500,000 6.000%, 7/01/21 7/01 at 100 Aaa 11,453,425
$358,190,000 Total Investments - (cost $353,528,491) - 98.4% 383,668,178
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 300,000 New York City General Obligation, Variable Rate
Demand Bonds, 4.550%, 2/01/21t VMIG-1 300,000
700,000 New York City Municipal Water Finance Authority,
Variable Rate Demand Bonds, 4.600%, 6/15/22t VMIG-1 700,000
$ 1,000,000 Total Temporary Investments - 0.2% 1,000,000
============
Other Assets Less Liabilities - 1.4% 5,371,370
Net Assets - 100% $390,039,548
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 76 $340,201,005 88%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 37,724,487 10
PORTFOLIO OF A, A- A, A2, A3 1 3,992,285 1
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 1,750,401 1
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 85 $383,668,178 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities to 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 5,440,000 7.125%, 3/15/22 3/97 at 102 Aa3 $ 5,615,821
14,000,000 7.500%, 1/01/26 1/00 at 101 Aa3 14,765,100
2,500,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,585,725
3,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 3,499,580
2,500,000 6.000%, 3/15/28 3/03 at 102 Aaa 2,371,425
11,000,000 New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax,
6.750%, 2/01/24 5/02 at 102 Aaa 11,497,750
3,000,000 New York State Energy Research and Development
Authority, Pollution Control (Niagara Mohawk
Power Corporation), 6.625%, 10/01/13 10/01 at 102 Aaa 3,151,920
1,300,000 New York State Environmental Facilities Corporation,
Water Facilities (The New Rochelle Water Company
Project), 6.400%, 12/01/24 6/02 at 102 Aaa 1,303,419
5,000,000 New York State Environmental Facilities Corporation
(Water Pollution Control), 7.100%, 9/15/11 9/00 at 102 Aaa 5,358,700
New York State General Obligation:
4,055,000 6.750%, 8/01/08 8/01 at 102 Aaa 4,351,907
4,055,000 6.750%, 8/01/10 8/01 at 102 Aaa 4,331,146
12,000,000 New York State Medical Care Facilities Finance
Agency (Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 12,525,600
New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center):
5,500,000 7.375%, 2/15/19 2/00 at 102 Aaa 5,880,435
8,945,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,038,705
10,755,000 New York State Medical Care Facilities Finance
Agency, Mortgage Project (North Shore University
Hospital), 7.200%, 11/01/20 11/00 at 102 Aaa 11,561,302
New York State Medical Care Facilities Finance
Agency, Mental Health Services, Facilities
Improvement:
5,775,000 6.250%, 8/15/18 2/02 at 102 Aaa 5,821,316
3,590,000 7.375%, 8/15/19 (Pre-refunded to 8/15/99) 8/99 at 102 Aaa 3,997,429
6,265,000 7.375%, 8/15/19 8/99 at 102 Aaa 6,804,041
2,250,000 6.000%, 2/15/25 2/05 at 102 Aaa 2,215,800
5,000,000 New York State Medical Care Facilities Finance
Agency, FHA-Insured (New York Hospital),
6.800%, 8/15/24 2/05 at 102 Aaa 5,318,250
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
$ 9,820,000 7.375%, 10/01/11 10/01 at 102 Aa $ 10,413,815
2,070,000 7.375%, 10/01/11 10/01 at 102 Aaa 2,218,295
New York State Mortgage Agency:
2,345,000 6.875%, 4/01/17 10/96 at 102 Aaa 2,410,402
1,500,000 6.450%, 10/01/17 9/04 at 102 Aaa 1,531,485
5,000,000 New York State Urban Development Corporation,
6.750%, 1/01/26 1/02 at 102 Aaa 5,244,850
1,000,000 New York State Urban Development Corporation,
Correctional Facilities, 5.250%, 1/01/14 No Opt. Call Aaa 921,440
1,200,000 Brookhaven General Obligation, 6.400%, 10/01/11 10/02 at 102 Aaa 1,270,884
Buffalo General Obligation:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 548,592
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 780,953
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 780,193
Dormitory Authority of the State of New York
(City University):
12,000,000 7.000%, 7/01/14 7/00 at 102 Aaa 12,916,200
5,000,000 8.125%, 7/01/17 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,453,350
3,000,000 5.750%, 7/01/18 No Opt. Call Aaa 2,884,500
Dormitory Authority of the State of New York,
FHA-Insured (St. Vincent's Hospital and Medical
Center):
5,000,000 7.375%, 8/01/11 8/01 at 102 AAA 5,450,900
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,477,062
Dormitory Authority of the State of New York
(State University):
1,000,000 5.250%, 5/15/08 5/04 at 102 Aaa 962,310
5,000,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,587,300
1,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 1,105,800
5,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 5,560,200
10,930,000 Dormitory Authority of the State of New York
(Ithaca College), 6.250%, 7/01/21 7/01 at 102 Aaa 11,054,930
10,000,000 Dormitory Authority of the State of New York
(New York University), 6.000%, 7/01/15 7/01 at 102 Aaa 10,018,200
3,920,000 Dormitory Authority of the State of New York
(Rensselaer Polytecnic Institute), 6.500%, 7/01/06 7/01 at 102 Aaa 4,182,091
6,000,000 Dormitory Authority of the State of New York
(St. John's University), 6.875%, 7/01/11 7/01 at 102 Aaa 6,443,520
12,875,000 Dormitory Authority of the State of New York
(Mount Sinai School of Medicine), 6.750%, 7/01/15 7/01 at 102 Aaa 13,649,045
Dormitory Authority of the State of New York,
Judicial Facilities (Suffolk County):
5,000,000 9.500%, 4/15/14 4/95 at 116 1/2 Baa1 5,845,650
13,275,000 7.000%, 4/15/16 4/01 at 102 Aaa 14,194,161
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Dormitory Authority of the State of New York
(Fordham University):
$ 10,380,000 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa $ 11,597,366
1,870,000 7.200%, 7/01/15 7/00 at 102 Aaa 2,029,997
6,500,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 6,446,830
5,000,000 Metropolitan Transportation Authority, Commuter
Facilities, 6.250%, 7/01/17 7/02 at 102 Aaa 5,065,900
10,000,000 Metropolitan Transportation Authority, Commuter
Facilities, Service Contract, 7.500%, 7/01/17
(Pre-refunded to 7/01/98) 7/98 at 102 Aaa 10,980,200
5,000,000 Metropolitan Transportation Authority, Transit
Facilities, 6.250%, 7/01/11 7/02 at 101 1/2 Aaa 5,108,500
7,900,000 Monroe County Airport Authority (Greater Rochester
International Airport), Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 8,547,326
5,000,000 Nassau County Industrial Development Agency,
Civic Facilities (Hofstra University Project),
6.750%, 8/01/11 8/01 at 102 Aaa 5,289,550
New York City General Obligation:
4,130,000 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 4,470,560
870,000 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 895,926
4,765,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 5,263,181
235,000 6.625%, 8/01/14 8/02 at 101 1/2 Aaa 246,038
1,500,000 7.250%, 3/15/18 No Opt. Call Aaa 1,651,590
3,100,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 3,297,191
3,000,000 7.000%, 10/01/19 10/99 at 100 Aaa 3,107,220
New York City Educational Construction Fund:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 1,864,917
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,775,125
4,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured),
7.350%, 6/01/19 6/01 at 102 AAA 4,244,800
15,000,000 New York City Housing Development Corporation,
Pass-Through Certificates, Multi-Family Housing
(FHA-Insured), 6.500%, 2/20/19 7/97 at 105 Aaa 17,821,650
New York City Municipal Water Finance
Authority, Water and Sewer System:
3,640,000 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 3,921,481
1,710,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,784,607
5,000,000 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 5,551,450
5,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 5,301,150
3,455,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 3,719,308
3,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 3,593,184
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City Transit Authority, Transit Facilities
(Livingston Plaza Project):
$ 2,780,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa $ 3,109,263
2,000,000 6.000%, 1/01/21 1/00 at 100 Aaa 1,963,760
5,000,000 New York City Trust for Cultural Resources
(American Museum of Natural History),
6.900%, 4/01/21 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,531,350
5,000,000 New York City Trust for Cultural Resources (The
Museum of Modern Art), 6.625%, 1/01/19 1/02 at 102 Aaa 5,268,800
10,000,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 6.500%, 11/01/26 11/01 at 101 AA- 10,203,300
Rensselaer County General Obligation:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,082,554
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,085,578
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,081,757
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,084,301
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,086,710
747,000 6.700%, 2/15/21 No Opt. Call Aaa 847,367
Suffolk County General Obligation:
1,055,000 6.500%, 10/01/11 10/01 at 102 Aaa 1,101,125
1,010,000 6.500%, 10/01/12 10/01 at 102 Aaa 1,053,471
990,000 6.500%, 10/01/13 10/01 at 102 Aaa 1,029,254
1,005,000 6.500%, 10/01/14 10/01 at 102 Aaa 1,043,492
1,015,000 6.500%, 10/01/15 10/01 at 102 Aaa 1,053,875
525,000 6.500%, 10/01/16 10/01 at 102 Aaa 544,042
525,000 6.500%, 10/01/17 10/01 at 102 Aaa 544,042
245,000 6.500%, 10/01/18 10/01 at 102 Aaa 253,886
525,000 6.500%, 10/01/19 10/01 at 102 Aaa 542,628
Triborough Bridge and Tunnel Authority, General
Purpose:
4,150,000 6.500%, 1/01/15 (Pre-refunded to1/01/99) 1/99 at 101 1/2 Aaa 4,433,818
17,945,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 19,908,145
Triborough Bridge and Tunnel Authority, Special
Obligation:
14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 15,287,440
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,740,554
12,000,000 6.625%, 1/01/17 1/01 at 102 Aaa 12,586,680
$457,837,000 Total Investments - (cost $455,270,770) - 98.5% 489,943,738
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.5%
$ 2,800,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 4.500%, 8/01/22t VMIG-1 2,800,000
Other Assets Less Liabilities - 1.0% 4,785,676
Net Assets - 100% $497,529,414
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 91 $443,100,052 91%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 4 40,998,036 8
PORTFOLIO OF BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 5,845,650 1
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 96 $489,943,738 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 10,000,000 7.250%, 11/01/24 11/98 at 101 Aa2 $ 10,415,600
5,000,000 7.250%, 11/01/24 11/98 at 101 Aaa 5,305,150
9,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 8,998,920
12,675,000 New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), 7.125%, 12/01/20 12/96 at 102 Aaa 13,151,707
New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax:
6,000,000 6.750%, 2/01/24 5/02 at 102 Aaa 6,271,260
2,500,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,289,825
10,000,000 New York State Energy Research and Development
Authority, Pollution Control (Niagara Mohawk
Power Corporation), 6.625%, 10/01/13 10/01 at 102 Aaa 10,506,400
12,000,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
6.500%, 5/15/32 5/02 at 102 Aaa 12,196,680
2,500,000 New York State Energy Research and Development
Authority, Solid Waste Disposal (New York State
Electric and Gas Corporation), Alternative
Minimum Tax, 5.700%, 12/01/28 12/03 at 102 Aaa 2,310,725
1,500,000 New York State Housing Finance Agency,
Multi-Family Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,508,340
1,845,000 New York State Medical Care Facilities Finance
Agency (Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 1,925,811
4,200,000 New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 4,713,534
3,345,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Montefiore Medical Center), 7.250%, 2/15/09 2/99 at 102 Aaa 3,606,646
5,000,000 New York State Medical Care Facilities Finance
Agency (Sisters of Charity of Buffalo),
6.625%, 11/01/18 11/01 at 102 Aaa 5,189,950
New York State Medical Care Facilities Finance
Agency, Mental Health Services, Facilities
Improvement:
7,500,000 6.375%, 8/15/10 2/02 at 102 Aaa 7,779,375
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 15,986,933
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 New York State Medical Care Facilities Financing
Agency, Hospital and Nursing Home, FHA-Insured
Mortgage, 6.700%, 8/15/23 8/02 at 102 AA $ 1,552,560
1,000,000 New York State Medical Care Facilities Finance
Agency (St. Mary's Hospital-Rochester Project),
6.200%, 11/01/14 11/03 at 102 Aaa 1,009,970
985,000 New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax,
7.250%, 10/01/07 10/01 at 102 Aaa 1,057,821
New York State Mortgage Agency:
1,300,000 8.000%, 10/01/17 7/98 at 102 Aa 1,355,497
2,000,000 5.400%, 10/01/17 3/04 at 102 Aaa 1,827,580
20,000,000 New York State Thruway Authority, 5.750%, 1/01/19 1/02 at 102 Aaa 19,149,800
New York State Urban Development Corporation:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 5,822,130
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 18,876,215
New York State Urban Development Corporation,
Correctional Facilities:
3,710,000 7.500%, 1/01/12 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 4,045,978
1,000,000 7.250%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,116,100
2,000,000 5.250%, 1/01/14 No Opt. Call Aaa 1,842,880
8,900,000 6.500%, 1/01/19 1/99 at 101 1/2 Aaa 9,073,639
3,100,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102` Aaa 3,478,355
3,000,000 New York State Urban Development Corporation,
Youth Facilities, 5.700%, 4/01/14 4/04 at 102 Aaa 2,892,180
New York State Power Authority:
4,825,000 6.500%, 1/01/19 1/02 at 102 Aaa 4,986,782
10,000,000 6.000%, 1/01/20 1/01 at 100 Aaa 9,947,800
1,980,000 Clifton Park Water Authority, Water System,
6.375%, 10/01/26 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 2,166,734
7,250,000 Dormitory Authority of the State of New York (The
New York Public Library), 5.875%, 7/01/22 7/02 at 102 Aaa 7,061,935
3,520,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,201,472
8,250,000 Dormitory Authority of the State of New York
(Foundling Charitable Corporation),
6.500%, 7/01/12 7/97 at 102 Aaa 8,596,005
7,000,000 Dormitory Authority of the State of New York
(Cornell University), 6.875%, 7/01/14 7/96 at 102 Aaa 7,211,260
Dormitory Authority of the State of New York,
Educational Facilities (State University):
1,000,000 5.250%, 5/15/08 5/04 at 102 Aaa 962,310
1,000,000 7.000%, 5/15/16 5/00 at 102 Aaa 1,062,770
1,000,000 7.125%, 5/15/17 5/99 at 102 Aaa 1,098,840
12,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 13,269,600
3,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 3,336,120
2,000,000 6.000%, 5/15/22 5/03 at 102 Aaa 1,981,320
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 3,100,000 Dormitory Authority of the State of New York
(Special Arts School Districts), 6.000%, 7/01/15 1/00 at 100 Aaa $ 3,085,275
Dormitory Authority of the State of New York
(City University System):
5,455,000 7.000%, 7/01/14 7/00 at 102 Aaa 5,871,489
1,000,000 5.750%, 7/01/18 No Opt. Call Aaa 963,910
6,450,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,294,886
1,120,000 Dormitory Authority of the State of New York
(New York University), 6.000%, 7/01/15 7/01 at 102 Aaa 1,122,038
1,000,000 Dormitory Authority of the State of New York
(Mount Sinai School of Medicine), 6.750%, 7/01/15 7/01 at 102 Aaa 1,060,120
Dormitory Authority of the State of New York
(Hamilton College):
2,000,000 6.500%, 7/01/11 7/01 at 102 Aaa 2,090,520
7,750,000 6.500%, 7/01/21 7/01 at 102 Aaa 8,054,498
5,625,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 5,578,988
1,240,000 Dormitory Authority of the State of New York
(Sarah Lawrence College), 6.000%, 7/01/24 7/05 at 102 Aaa 1,224,698
2,120,000 Erie County General Obligation, 7.650%, 1/15/97 No Opt. Call Aaa 2,226,996
1,650,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 7.250%, 7/01/11 No Opt. Call Aaa 1,888,062
Metropolitan Transportation Authority, Service
Contract (Transit Facilities):
15,000,000 6.500%, 7/01/16 7/01 at 102 Aaa 15,500,250
24,155,000 6.500%, 7/01/18 7/02 at 102 Aaa 24,982,550
3,500,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 3,786,790
3,435,000 Monroe County Industrial Development Agency
(Wilmur Associates-University of Rochester),
7.250%, 12/01/16 12/99 at 103 Aaa 3,676,584
Nassau County General Obligation:
1,410,000 6.100%, 11/15/07 11/01 at 103 Aaa 1,479,598
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,383,064
1,495,000 6.100%, 11/15/09 11/01 at 103 Aaa 1,553,664
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,410,506
1,510,000 6.100%, 11/15/10 11/01 at 103 Aaa 1,557,580
New York City General Obligation:
2,500,000 7.100%, 2/01/10 2/02 at 101 1/2 Aaa 2,719,600
19,800,000 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 21,870,090
200,000 6.625%, 8/01/15 8/02 at 101 1/2 Aaa 208,958
12,475,000 New York City Housing Development Corporation,
Pass-Through Certificates, Multi-Family Housing,
FHA Collateralized, 6.500%, 2/20/19 7/97 at 105 Aaa 14,821,672
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City Municipal Water Finance Authority,
Water and Sewer System:
$ 3,460,000 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa $ 3,727,562
1,630,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,701,117
9,500,000 6.750%, 6/15/16 6/01 at 101 Aaa 10,005,175
2,810,000 6.500%, 6/15/21 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 2,954,996
19,490,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 20,007,849
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 9,823,637
4,700,000 Niagara Falls Bridge Commission, Toll Bridge
System, 6.125%, 10/01/19 (Pre-refunded
to 10/01/02) 10/02 at 102 Aaa 5,070,736
1,000,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), Alternative
Minimum Tax, 6.250%, 4/01/24 4/04 at 102 Aaa 1,005,520
10,000,000 Port Authority of New York and New Jersey,
6.500%, 1/15/26 1/01 at 101 Aaa 10,373,300
10,000,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 6.500%, 11/01/26 11/01 at 101 Aaa 10,263,500
500,000 Suffolk County Industrial Development Agency,
Southwest Sewer System, 4.750%, 2/01/09 2/04 at 101 Aaa 446,100
Triborough Bridge and Tunnel Authority,
General Purpose:
2,500,000 6.500%, 1/01/15 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,670,975
7,000,000 6.500%, 1/01/19 1/02 at 101 1/2 Aaa 7,239,540
3,000,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 3,327,150
2,500,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 2,761,950
5,800,000 6.750%, 1/01/22 (Pre-refunded to 1/01/02) 1/02 at 101 1/2 Aaa 6,412,538
24,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation, 6.875%, 1/01/15 1/01 at 102 Aaa 25,649,520
Yonkers General Obligation:
1,915,000 6.500%, 2/15/07 2/02 at 102 Aaa 2,044,985
400,000 6.500%, 2/15/12 2/02 at 102 Aaa 418,887
$490,080,000 Total Investments - (cost $488,681,169) - 98.6% 512,457,932
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 900,000 New York City Municipal Water Finance Authority,
============
Variable Rate Demand Bonds, 4.600%, 6/15/22t VMIG-1 900,000
Other Assets Less Liabilities - 1.2% 6,566,678
Net Assets - 100% $519,924,610
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 84 $499,134,275 97%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 13,323,657 3
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 87 $512,457,932 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Gas Facilities (The Brooklyn Union Gas
Company), Alternative Minimum Tax:
$ 2,500,000 6.750%, 2/01/24 5/02 at 102 Aaa $ 2,613,025
5,000,000 5.600%, 6/01/25 7/03 at 102 Aaa 4,579,650
6,100,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
6.500%, 5/15/32 5/02 at 102 Aaa 6,199,979
1,500,000 New York State Energy Research and Development
Authority, Solid Waste Disposal (New York State
Electric and Gas Corporation), Alternative
Minimum Tax, 5.700%, 12/01/28 12/03 at 102 Aaa 1,386,435
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
1,000,000 5.250%, 8/15/20 10/03 at 102 Aaa 895,650
2,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 2,499,700
5,500,000 6.000%, 3/15/28 3/03 at 102 Aaa 5,217,135
2,500,000 New York State Housing Finance Agency, Service
Contract Obligation, 5.500%, 9/15/22 9/03 at 102 Aaa 2,301,250
100,000 New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 112,227
2,500,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Mt. Sinai Hospital), 6.375%, 8/15/29 8/02 at 102 AAA 2,518,150
2,500,000 New York State Medical Care Facilities Finance
Agency (South Nassau Communities Hospital),
6.125%, 11/01/11 11/02 at 102 Aaa 2,529,625
New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement:
1,500,000 5.750%, 2/15/14 8/03 at 102 Aaa 1,446,375
1,485,000 5.700%, 8/15/14 2/03 at 102 Aaa 1,426,046
3,000,000 5.900%, 8/15/22 8/02 at 102 Aaa 2,916,480
1,000,000 5.800%, 8/15/22 2/03 at 102 Aaa 958,940
3,000,000 New York State Medical Care Facilities Finance
Agency (North Shore Hospital at Glen Cove),
5.125%, 11/01/12 11/03 at 102 Aaa 2,729,190
3,250,000 New York State Medical Care Facilities Finance
Agency, FHA-Insured (St. Luke's-Roosevelt
Hospital Center), 5.700%, 2/15/29 8/03 at 102 Aaa 3,068,878
7,800,000 New York State Medical Care Facilities Finance
Agency, FHA-Insured (New York Hospital),
6.800%, 8/15/24 2/05 at 102 Aaa 8,296,470
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
$ 2,500,000 6.650%, 10/01/25 3/03 at 102 Aa $ 2,508,800
1,200,000 5.850%, 10/01/25 10/03 at 102 Aa 1,082,448
New York State Thruway Authority:
1,600,000 5.500%, 1/01/23 1/02 at 100 Aaa 1,474,160
4,000,000 6.000%, 1/01/25 1/05 at 102 Aaa 3,939,520
2,000,000 New York State Urban Development Corporation,
6.700%, 1/01/12 1/02 at 102 Aaa 2,111,380
8,000,000 New York State Urban Development Corporation,
Correctional Facilities, 5.250%, 1/01/18 1/03 at 102 Aaa 7,204,800
Broome County General Obligation:
350,000 5.300%, 4/15/12 4/01 at 102 Aaa 329,763
250,000 5.300%, 4/15/13 4/01 at 102 Aaa 233,213
100,000 5.300%, 4/15/14 4/01 at 102 Aaa 92,865
Buffalo General Obligation:
600,000 5.375%, 2/15/11 2/03 at 102 Aaa 578,550
400,000 5.375%, 2/15/12 2/03 at 102 Aaa 381,004
600,000 5.375%, 2/15/13 2/03 at 102 Aaa 567,984
3,600,000 Buffalo Municipal Water Finance Authority, Water
System, 5.750%, 7/01/19 7/03 at 102 Aaa 3,436,776
2,000,000 Buffalo Sewer Authority, Sewer System,
5.000%, 7/01/12 7/03 at 100 Aaa 1,810,640
2,500,000 Dormitory Authority of the State of New York
(The New York Public Library), 5.875%, 7/01/22 7/02 at 102 Aaa 2,435,150
2,000,000 Dormitory Authority of the State of New York
(New York University), 6.000%, 7/01/15 7/01 at 102 Aaa 2,003,640
Dormitory Authority of the State of New York,
Educational Facilities (State University):
2,500,000 6.000%, 5/15/17 5/00 at 100 Aaa 2,481,625
2,500,000 6.000%, 5/15/22 5/03 at 102 Aaa 2,476,650
Dormitory Authority of the State of New York
(Colgate University):
500,000 5.625%, 7/01/13 7/03 at 102 Aaa 485,250
1,000,000 6.500%, 7/01/21 7/01 at 102 Aaa 1,033,350
4,000,000 Dormitory Authority of the State of New York
(Rensselaer Polytechnic Institute), 5.250%, 7/01/22 7/03 at 101 Aaa 3,574,920
1,700,000 Dormitory Authority of the State of New York
(Mount Sinai School of Medicine), 5.000%, 7/01/21 7/04 at 102 Aaa 1,468,511
Dormitory Authority of the State of New York
(City University):
4,500,000 7.000%, 7/01/14 7/00 at 102 Aaa 4,843,575
2,000,000 5.750%, 7/01/18 No Opt. Call Aaa 1,927,820
6,855,000 6.750%, 7/01/24 7/04 at 102 Aaa 7,316,616
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Huntington General Obligation:
$ 1,595,000 5.500%, 4/01/13 4/03 at 102 Aaa $ 1,535,076
500,000 5.500%, 4/01/17 4/03 at 102 Aaa 476,715
1,165,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax,
6.125%, 7/01/13 7/04 at 102 Aaa 1,175,706
Metropolitan Transportation Authority, Commuter
Facilities:
2,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 2,026,360
1,500,000 5.500%, 7/01/17 7/02 at 100 Aaa 1,410,135
1,000,000 6.375%, 7/01/18 7/04 at 101 1/2 Aaa 1,025,300
2,500,000 Metropolitan Transportation Authority, Transit
Facilities, 5.750%, 7/01/15 7/03 at 101 1/2 Aaa 2,395,950
Monroe County General Obligation:
590,000 5.600%, 12/01/10 12/03 at 101 Aaa 581,486
490,000 5.600%, 12/01/12 12/03 at 101 Aaa 473,438
1,800,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
5.375%, 1/01/19 1/03 at 102 Aaa 1,600,128
4,380,000 Montgomery, Otsego, Schoharie, Solid Waste
Management Authority, Solid Waste System,
5.250%, 1/01/14 1/01 at 102 Aaa 4,035,907
Nassau County General Obligation:
1,500,000 5.700%, 8/01/13 8/04 at 103 Aaa 1,459,965
905,000 5.500%, 5/01/16 No Opt. Call Aaa 851,216
210,000 5.500%, 6/15/16 No Opt. Call Aaa 197,474
New York City General Obligation:
4,000,000 8.000%, 8/01/05 No Opt. Call Aaa 4,823,760
2,385,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,634,352
1,500,000 6.000%, 8/01/19 No Opt. Call Aaa 1,503,915
New York City Municipal Water Finance Authority,
Water and Sewer System:
4,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 3,841,320
2,185,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 2,243,055
5,500,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 5.250%, 1/01/20 1/03 at 100 Aaa 4,874,265
1,000,000 New York City Industrial Development Agency,
Civic Facility (USTA National Tennis Center
Incorporated Project), 6.375%, 11/15/14 11/04 at 102 Aaa 1,021,730
Niagara County General Obligation:
100,000 5.750%, 8/15/20 8/00 at 102 Aaa 97,135
410,000 5.750%, 8/15/21 8/00 at 102 Aaa 398,057
2,115,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.500%, 11/01/08 No Opt. Call Aaa 2,658,005
1,000,000 Niagara Falls Public Improvement, 7.500%, 3/01/13 No Opt. Call Aaa 1,195,300
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 940,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), 6.000%, 4/01/24 4/04 at 102 Aaa $ 923,522
2,500,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 5.875%, 7/15/16 1/03 at 101 Aaa 2,430,275
Smithtown General Obligation:
500,000 5.000%, 4/01/03 No Opt. Call Aaa 495,130
500,000 5.550%, 4/01/09 4/03 at 102 Aaa 497,595
250,000 Suffolk County General Obligation,
4.450%, 5/01/96 No Opt. Call Aaa 249,310
1,000,000 Suffolk County Industrial Development Agency,
Southwest Sewer System, 4.750%, 2/01/09 2/04 at 101 Aaa 892,200
Suffolk County Water Authority, Water System:
2,500,000 5.100%, 6/01/11 No Opt. Call Aaa 2,295,650
2,500,000 5.100%, 6/01/12 No Opt. Call Aaa 2,270,675
1,500,000 5.625%, 6/01/16 6/02 at 102 Aaa 1,431,195
4,800,000 Triborough Bridge and Tunnel Authority,
6.000%, 1/01/22 (Pre-refunded to 1/01/01) 1/01 at 100 Aaa 5,041,728
Triborough Bridge and Tunnel Authority, Special
Obligation:
500,000 5.500%, 1/01/17 1/02 at 100 Aaa 469,220
2,500,000 6.000%, 1/01/19 1/01 at 100 Aaa 2,487,175
2,750,000 Yonkers General Obligation, 5.500%, 9/01/09 9/03 at 102 Aaa 2,749,833
$177,060,000 Total Investments - (cost $176,096,092) - 98.9% 174,263,473
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.6%
$ 1,000,000 New York City Industrial Development Agency
============
(Japan Airlines Company), Variable Rate Demand
Bonds, Alternative Minimum Tax,
4.450%, 11/01/15t A-1+ 1,000,000
Other Assets Less Liabilities - 0.5% 940,525
Net Assets - 100% $176,203,998
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 79 $170,672,225 98%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 2 3,591,248 2
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 81 $174,263,473 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities to 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $118,544,159 $26,693,499 $324,966,781 $383,668,178
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 400,000 -- 4,900,000 1,000,000
Cash 43,647 73,488 19,341 68,794
Receivables:
Interest 2,410,171 600,559 6,317,428 7,316,927
Investments sold 5,133,086 1,020,000 213,422 --
Prepaid Preferred shares auction fees (note 1) N/A N/A 137,448 86,302
Other assets 20,019 -- 62,356 35,803
------------ ----------- ------------ ------------
Total assets 126,551,082 28,387,546 336,616,776 392,176,004
------------ ----------- ------------ ------------
LIABILITIES
Payable for investments purchased 2,779,916 -- -- --
Accrued expenses:
Management fees (note 6) 66,960 15,495 181,291 210,683
Other 113,389 48,333 228,975 191,563
Preferred share dividends payable N/A N/A 189,666 241,447
Common share dividends payable 663,757 147,065 1,346,814 1,492,763
------------ ----------- ------------ ------------
Total liabilities 3,624,022 210,893 1,946,746 2,136,456
------------ ----------- ------------ ------------
Net assets (note 7) $122,927,060 $28,176,653 $334,670,030 $390,039,548
============ =========== ============ ============
Preferred shares, at liquidation value N/A N/A $104,300,000 $120,000,000
============ =========== ============ ============
Preferred shares outstanding N/A N/A 4,172 4,800
============ =========== ============ ============
Common shares outstanding 11,852,801 2,513,939 14,327,803 17,060,143
============ =========== ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 10.37 $ 11.21 $ 16.08 $ 15.83
============ =========== ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $489,943,738 $512,457,932 $174,263,473
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 2,800,000 900,000 1,000,000
Cash 6,061 26,999 46,597
Receivables:
Interest 8,424,457 8,782,276 2,859,144
Investments sold -- -- --
Prepaid Preferred shares auction fees (note 1) -- 22,131 --
Other assets 35,577 46,432 43,000
------------ ------------ ------------
Total assets 501,209,833 522,235,770 178,212,214
------------ ------------ ------------
LIABILITIES
Payable for investments purchased 1,328,889 -- 1,213,553
Accrued expenses:
Management fees (note 6) 267,480 279,090 96,463
Other 182,723 166,520 127,064
Preferred share dividends payable 24,169 41,268 24,668
Common share dividends payable 1,877,158 1,824,282 546,468
------------ ------------ ------------
Total liabilities 3,680,419 2,311,160 2,008,216
------------ ------------ ------------
Net assets (note 7) $497,529,414 $519,924,610 $176,203,998
============ ============ ============
Preferred shares, at liquidation value $150,000,000 $170,000,000 $ 65,000,000
============ ============ ============
Preferred shares outstanding 6,000 6,800 2,600
============ ============ ============
Common shares outstanding 22,347,118 23,388,229 8,217,560
============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 15.55 $ 14.96 $ 13.53
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended March 31, 1995
(Unaudited)
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $ 4,415,187 $1,002,898 $ 8,086,770 $12,755,571
----------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 392,875 89,524 752,934 1,211,670
Preferred shares--auction fees N/A N/A 102,470 162,054
Preferred shares--dividend disbursing agent fees N/A N/A 9,069 9,973
Shareholders' servicing agent fees and expenses 25,861 4,479 35,643 30,614
Custodian's fees and expenses 22,906 17,952 29,131 33,822
Directors' fees and expenses (note 6) 633 548 1,311 1,047
Professional fees 7,851 11,003 73,156 9,447
Shareholders' reports--printing and mailing expenses 15,090 5,504 108,327 46,628
Stock exchange listing fees 12,329 3,241 6,920 9,762
Investor relations expense 3,867 1,786 6,910 16,529
Portfolio insurance expense -- -- -- 60,987
Other expenses 3,577 1,530 12,888 13,148
----------- ----------- ----------- -----------
Total expenses 484,989 135,567 1,138,759 1,605,681
----------- ----------- ----------- -----------
Net investment income 3,930,198 867,331 6,948,011 11,149,890
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 116,211 20,000 (713,955) 417,705
Net change in unrealized appreciation or depreciation
of investments (264,927) 101,715 6,891,890 1,818,371
----------- ----------- ----------- -----------
Net gain (loss) from investments (148,716) 121,715 6,177,935 2,236,076
----------- ----------- ----------- -----------
Net increase in net assets from operations $3,781,482 $ 989,046 $13,125,946 $13,385,966
=========== =========== =========== ===========
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended March 31, 1995
(Unaudited)
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
INVESTMENT INCOME
Interest income (note 1) $15,756,395 $16,001,080 $ 4,263,449
------------ ------------ -----------
Expenses:
Management fees (note 6) 1,529,246 1,587,069 443,292
Preferred shares--auction fees 186,987 241,901 66,124
Preferred shares--dividend disbursing agent fees 14,959 14,027 12,164
Shareholders' servicing agent fees and expenses 26,121 25,941 7,589
Custodian's fees and expenses 40,002 41,659 23,317
Directors' fees and expenses (note 6) 3,149 2,992 1,523
Professional fees 7,388 13,110 52,014
Shareholders' reports--printing and mailing expenses 60,117 57,917 79,049
Stock exchange listing fees 16,125 6,982 4,607
Investor relations expense 13,815 8,687 4,804
Portfolio insurance expense 66,284 15,709 5,004
Other expenses 6,385 6,968 10,976
------------ ------------ -----------
Total expenses 1,970,578 2,022,962 710,463
------------ ------------ -----------
Net investment income 13,785,817 13,978,118 3,552,986
------------ ------------ -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 304,593 (38,072) (2,458,091)
Net change in unrealized appreciation or depreciation
of investments 6,913,862 11,130,342 13,018,805
------------ ------------ -----------
Net gain (loss) from investments 7,218,455 11,092,270 10,560,714
------------ ------------ -----------
Net increase in net assets from operations $21,004,272 $25,070,388 $14,113,700
============ ============ ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNY NNM
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,930,198 $ 7,722,232 $ 867,331 $ 1,754,584
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 116,211 (262,676) 20,000 (123,390)
Net change in unrealized appreciation or depreciation
of investments (264,927) (6,594,626) 101,715 (1,777,178)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from operations 3,781,482 864,930 989,046 (145,984)
------------ ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (3,971,532) (7,836,491) (885,561) (1,856,829)
Preferred shareholders N/A N/A N/A N/A
From accumulated net realized gains from
investment transactions:
Common shareholders -- (176,312) -- --
Preferred shareholders N/A N/A N/A N/A
In excess of accumulated net realized gains from
investment transactions:
Common shareholders (11,813) -- -- --
Preferred shareholders N/A N/A N/A N/A
------------ ------------ ----------- -----------
Decrease in net assets from distributions to shareholders (3,983,345) (8,012,803) (885,561) (1,856,829)
------------ ------------ ----------- -----------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NNO and NRY (note 1) -- -- -- --
Net proceeds from sale of Common shares issued
in acquisition of NYP (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions 818,275 1,482,971 23,096 284,173
------------ ------------ ----------- -----------
Net increase in net assets derived from capital
share transactions 818,275 1,482,971 23,096 284,173
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 616,412 (5,664,902) 126,581 (1,718,640)
Net assets at beginning of period 122,310,648 127,975,550 28,050,072 29,768,712
------------ ------------ ----------- -----------
Net assets at end of period $122,927,060 $122,310,648 $28,176,653 $28,050,072
============ ============ =========== ===========
Balance of undistributed net investment income
at end of period $ 459,124 $ 500,458 $ 23,966 $ 42,196
============ ============ =========== ===========
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNP NQN
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 6,948,011 $ 9,685,304 $ 11,149,890 $ 22,101,858
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (713,955) (57,294) 417,705 68,800
Net change in unrealized appreciation or depreciation
of investments 6,891,890 (9,089,777) 1,818,371 (26,672,150)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 13,125,946 538,233 13,385,966 (4,501,492)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (5,304,940) (8,029,623) (8,956,581) (18,370,211)
Preferred shareholders (1,385,193) (1,951,745) (2,345,084) (4,138,697)
From accumulated net realized gains from
investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
In excess of accumulated net realized gains from
investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (6,690,133) (9,981,368) (11,301,665) (22,508,908)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NNO and NRY (note 1) 164,436,079 -- -- --
Net proceeds from sale of Common shares issued
in acquisition of NYP (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions 207,417 897,664 -- 2,005,856
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 164,643,496 897,664 -- 2,005,856
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 171,079,309 (8,545,471) 2,084,301 (25,004,544)
Net assets at beginning of period 163,590,721 172,136,192 387,955,247 412,959,791
------------ ------------ ------------ ------------
Net assets at end of period $334,670,030 $163,590,721 $390,039,548 $387,955,247
============ ============ ============ ============
Balance of undistributed net investment income
at end of period $ 716,107 $ 629,910 $ 1,249,730 $ 1,401,506
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NVN NUN
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 13,785,817 $ 27,330,526 $ 13,978,118 $ 27,614,271
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 304,593 164,164 (38,072) 429,037
Net change in unrealized appreciation or depreciation
of investments 6,913,862 (39,336,605) 11,130,342 (46,236,694)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 21,004,272 (11,841,915) 25,070,388 (18,193,386)
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (11,262,947) (23,732,644) (10,945,689) (22,265,601)
Preferred shareholders (2,742,319) (4,090,895) (3,103,138) (5,670,021)
From accumulated net realized gains from
investment transactions:
Common shareholders -- (239,114) (339,334) (357,841)
Preferred shareholders -- (30,600) (87,530) (86,463)
In excess of accumulated net realized gains from
investment transactions:
Common shareholders -- -- (11,490) --
Preferred shareholders -- -- (2,964) --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (14,005,266) (28,093,253) (14,490,145) (28,379,926)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NNO and NRY (note 1) -- -- -- --
Net proceeds from sale of Common shares issued
in acquisition of NYP (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions -- -- -- --
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 6,999,006 (39,935,168) 10,580,243 (46,573,312)
Net assets at beginning of period 490,530,408 530,465,576 509,344,367 555,917,679
------------ ------------ ------------ ------------
Net assets at end of period $497,529,414 $490,530,408 $519,924,610 $509,344,367
============ ============ ============ ============
Balance of undistributed net investment income
at end of period $ 1,539,916 $ 1,759,364 $ 1,585,546 $ 1,656,255
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNF
6 months ended Year ended
3/31/95 9/30/94
<S> <C> <C>
OPERATIONS
Net investment income $ 3,552,986 $ 4,433,933
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (2,458,091) (6,839)
Net change in unrealized appreciation or depreciation
of investments 13,018,805 (11,026,304)
------------ ------------
Net increase (decrease) in net assets from operations 14,113,700 (6,599,210)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (2,535,240) (3,528,543)
Preferred shareholders (941,219) (816,379)
From accumulated net realized gains from
investment transactions:
Common shareholders -- --
Preferred shareholders -- --
In excess of accumulated net realized gains from
investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------ ------------
Decrease in net assets from distributions to shareholders (3,476,459) (4,344,922)
------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Common shares:
Net proceeds from sale of Common shares issued
in acquisition of NNO and NRY (note 1) -- --
Net proceeds from sale of Common shares issued
in acquisition of NYP (note 1) 78,846,744 --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions
from net investment income and from net realized
gains from investment transactions -- --
------------ ------------
Net increase in net assets derived from capital
share transactions 78,846,744 --
------------ ------------
Net increase (decrease) in net assets 89,483,985 (10,944,132)
Net assets at beginning of period 86,720,013 97,664,145
------------ ------------
Net assets at end of period $176,203,998 $ 86,720,013
============ ============
Balance of undistributed net investment income
at end of period $ 309,329 $ 326,845
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At March 31, 1995, 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 Municipal Income Fund, Inc. (NNM), 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), and Nuveen Insured New York Premium Income Municipal Fund, Inc.
(NNF). All of the above mentioned Funds are traded on the New York Stock
Exchange, except for NNM, which is traded on the American Stock Exchange.
NNY and NNM are not authorized by their Articles of Incorporation to
issue Preferred shares, therefore, in the Notes to Financial Statements "N/A"
represents not-applicable.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On January 10, 1995, NNP acquired all of the net assets of Nuveen New
York Municipal Market Opportunity Fund, Inc. (NNO) and Nuveen New York Premium
Income Municipal Fund (NRY) pursuant to a plan of reorganization approved by
the shareholders of the Funds on December 8, 1994. The acquisition was
accomplished by a tax-free exchange of 7,176,986 shares of NNP (valued at
$164,436,079) for the 5,880,403 shares of NNO and for the 1,909,411 shares of
NRY outstanding on January 10, 1995. NNO's and NRY's net assets at that date
of $130,279,931 and $34,156,148, respectively, include unrealized appreciation
(depreciation) of $8,503,907 and ($4,009,717), respectively, which was
combined with that of NNP. The combined net assets of NNP immediately after
the acquisition were $323,973,176.
On December 7, 1994, NNF acquired all of the net assets of Nuveen Insured
New York Premium Income Municipal Fund 2 (NYP) pursuant to a plan of
reorganization approved by the shareholders of the Funds on November 18, 1994.
The acquisition was accomplished by a tax-free exchange of 4,001,860 shares of
NNF (valued at $78,846,744 ) for the 4,252,118 shares of NYP outstanding on
December 7, 1994. NYP's net assets at that date of $78,846,744 included
$10,078,616 of unrealized depreciation which was combined with that of NNF.
The combined net assets of NNF immediately after the acquisition were
$161,196,754.
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
<PAGE>
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
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 be settled a month or more after the transaction date. 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 their purchase
commitments. At March 31, 1995, NNY had outstanding purchase commitments of
$2,779,916. There were no such purchase commitments in any of the other Funds.
Interest 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 when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.01 per Common share.
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.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from securities transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized
capital gains are recorded on the ex-dividend date. The amount and timing of
such distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of accumulated net realized
capital gains, if applicable.
<PAGE>
<TABLE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in more than one Series. The
dividend rate on each Series may change every 7 days, as set by the Auction
Agent, except for those Series which have lengthened their current dividend
periods from 7 days to two and three years (as indicated below). The number of
shares outstanding, by Series and in total, for each Fund at March 31, 1995,
is as follows:
<CAPTION>
NNP NQN NVN NUN
<S> <C> <C> <C> <C>
Number of shares:
Series M 1,600 -- -- 2,200*
Series T -- 2,400 -- --
Series W 2,000** -- 2,400 2,200
Series Th -- -- 3,600 2,400
Series F 572 2,400** -- --
----- ----- ----- -----
Total 4,172 4,800 6,000 6,800
===== ===== ===== =====
<CAPTION>
NNF
<S> <C>
Number of shares:
Series M 1,320
Series T 1,280
Series W --
Series Th --
Series F --
-----
Total 2,600
=====
<FN>
*Two year period **Three year period
Preferred share auction fees paid in connection with lengthening the dividend
periods of the Series noted above have been capitalized and are being
amortized over the respective dividend periods.
</TABLE>
<PAGE>
Insurance
NQN, NVN, NUN and NNF invest in municipal securities which are covered by
insurance guaranteeing the timely payment of principal and interest thereon or
backed by an escrow or trust account containing sufficient U.S. Government or
U.S. Government agency securities to 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.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NNY NNM
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 78,374 131,414 2,053 23,425
------ ------- ----- ------
Net increase 78,374 131,414 2,053 23,425
====== ======= ===== ======
<CAPTION>
NNP NQN
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNO and NRY 7,176,986 -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions 12,863 51,661 -- 118,754
--------- ------ ----- -------
Net increase 7,189,849 51,661 -- 118,754
========= ====== ===== =======
<CAPTION>
NVN NUN
6 months ended Year ended 6 months ended Year ended
3/31/95 9/30/94 3/31/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- -- -- --
----- ----- ----- -----
Net increase -- -- -- --
===== ===== ===== =====
<CAPTION>
NNF
6 months ended Year ended
3/31/95 9/30/94
<S> <C> <C>
Common shares:
Shares issued in acquisition of NYP 4,001,860 --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from
net realized gains from investment transactions -- --
--------- -----
Net increase 4,001,860 --
========= =====
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
March 31, 1995, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $4,725,740 $ -- $ 19,390,328 $14,605,028
Investments in municipal securities in acquisition
of NNO and NRY -- -- 154,024,063 --
Temporary municipal investments 1,400,000 200,000 11,900,000 12,100,000
Temporary municipal investments in acquisition
of NNO and NRY -- -- 4,000,000 --
SALES AND MATURITIES
Investments in municipal securities 5,143,086 1,020,000 18,485,182 14,970,140
Temporary municipal investments 2,600,000 300,000 12,700,000 11,700,000
========= ========== ============ ===========
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $17,984,235 $ 5,806,212 $28,686,026
Investments in municipal securities in acquisition
of NYP -- -- 85,081,150
Temporary municipal investments 12,100,000 12,100,000 13,400,000
Temporary municipal investments in acquisition
of NYP -- -- 2,400,000
SALES AND MATURITIES
Investments in municipal securities 18,642,345 4,609,655 25,427,215
Temporary municipal investments 10,300,000 13,500,000 15,000,000
=========== =========== ===========
At March 31, 1995, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for
each Fund.
</TABLE>
<PAGE>
<TABLE>
At September 30, 1994, the Funds' last fiscal year end, the following Funds
had unused capital loss carryovers available for federal income tax purposes
to be applied against future security gains, if any. If not applied, the
carryovers will expire as follows:
<CAPTION>
NNY NNM NNP NNF
<S> <C> <C> <C> <C>
Expiration Year:
1998 $ -- $ -- $ 256,227 $ --
1999 -- -- 680 --
2000 -- -- -- --
2001 -- 59,477 -- --
2002 262,676 123,390 936,904* 1,628,656**
2003 -- -- 1,400,757* --
---------- -------- ---------- ----------
Total $262,676 $ 182,867 $2,594,568 $1,628,656
========== ======== ========== ==========
<FN>
*Due to the acquisition of NNO and NRY by NNP (see note 1), NNO and NRY had
net realized losses from investment transactions of $62,872 and
$2,274,789, respectively, which were carried forward by NNP, as permitted
under applicable tax regulations.
**Due to the acquisition of NYP by NNF (see note 1), NYP had net realized
losses from investment transactions of $1,628,656 which were carried forward
by NNF, as permitted under applicable tax regulations.
</TABLE>
<PAGE>
<TABLE>
4. Distributions to Common Shareholders
On April 3, 1995, the Funds declared Common share dividend distributions
from their ordinary income which were paid May 1, 1995, to shareholders of
record on April 15, 1995, as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Dividend per share $.0560 $.0585 $.0940 $.0875
====== ====== ====== ======
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Dividend per share $.0840 $.0780 $.0665
====== ====== ======
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 1995, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $11,605,316 $1,728,552 $27,043,173 $30,328,617
Depreciation (224,577) (1,347,833) (1,729,586) (188,930)
----------- ---------- ----------- -----------
Net unrealized appreciation (depreciation) $11,380,739 $ 380,719 $25,313,587 $30,139,687
=========== ========== =========== ===========
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Gross unrealized:
Appreciation $34,987,021 $24,359,112 $ 2,552,011
Depreciation (314,053) (582,349) (4,384,630)
----------- ----------- -----------
Net unrealized appreciation (depreciation) $34,672,968 $23,776,763 $(1,832,619)
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. Management Fees and Other Transactions with Affiliates
Under the Funds' investment management agreements with the Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company,
each Fund pays to the Adviser an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net asset
value of each Fund:
<CAPTION>
Average daily net asset value NNY
<S> <C>
For the first $500,000,000 .35 of 1%
For the next $500,000,000 .325 of 1
For net assets over $1,000,000,000 .3 of 1
<CAPTION>
Average daily net asset value NNM, NNP, NQN, NVN, NUN, NNF
<S> <C>
For the first $125,000,000 .65 of 1%
For the next $125,000,000 .6375 of 1
For the next $250,000,000 .625 of 1
For the next $500,000,000 .6125 of 1
For the next $1,000,000,000 .6 of 1
For net assets over $2,000,000,000 .5875 of 1
In addition, NNY pays to the Adviser an annual management fee, payable
monthly, based on gross interest income. The management fee in effect
throughout the period was as follows:
<CAPTION>
Gross interest income NNY
<S> <C>
For the first $50,000,000 4.125%
For the next $50,000,000 4.000
For income over $100,000,000 3.875
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors who are affiliated with the Adviser
or to their officers, all of whom receive remuneration for their services to
the Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. Composition of Net Assets
At March 31, 1995, net assets consisted of:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $ N/A $104,300,000 $120,000,000
Common shares, $.01 par value per share 118,528 25,139 143,278 170,601
Paid-in surplus 111,127,065 27,910,017 207,580,212 238,025,408
Balance of undistributed net investment income 459,124 23,966 716,107 1,249,730
Accumulated net realized gain (loss) from investment
transactions (146,583) (163,188) (3,383,154) 454,122
Distributions in excess of accumulated net realized
gains from investment transactions (11,813) -- -- --
Net unrealized appreciation or depreciation
of investments 11,380,739 380,719 25,313,587 30,139,687
----------- ----------- ------------ ------------
Net assets $122,927,060 $28,176,653 $334,670,030 $390,039,548
============ =========== ============ ============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A N/A 1,000,000 1,000,000
============ =========== ============ ============
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $150,000,000 $170,000,000 $ 65,000,000
Common shares, $.01 par value per share 223,471 233,882 82,176
Paid-in surplus 310,746,549 324,380,945 116,831,796
Balance of undistributed net investment income 1,539,916 1,585,546 309,329
Accumulated net realized gain (loss) from investment
transactions 346,510 (38,072) (4,186,684)
Distributions in excess of accumulated net realized
gains from investment transactions -- (14,454) --
Net unrealized appreciation or depreciation
of investments 34,672,968 23,776,763 (1,832,619)
----------- ------------ ------------
Net assets $497,529,414 $519,924,610 $176,203,998
============ ============ ============
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At March 31, 1995, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Revenue Bonds:
Pollution Control Facilities 12% 22% 7% 9%
Housing Facilities 14 11 20 13
Educational Facilities 4 4 5 14
Lease Rental Facilities 15 10 6 6
Transportation 3 4 1 6
Water / Sewer Facilities -- -- 5 2
Health Care Facilities 2 -- -- 5
Electric Utilities 1 -- -- --
Other 6 16 3 8
General Obligation Bonds 6 4 6 10
Escrowed Bonds 37 29 47 27
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Revenue Bonds:
Pollution Control Facilities 11% 15% 13%
Housing Facilities 12 10 11
Educational Facilities 6 6 16
Lease Rental Facilities 2 7 6
Transportation 10 15 11
Water / Sewer Facilities 1 8 11
Health Care Facilities 10 3 3
Electric Utilities -- 3 --
Other 2 7 7
General Obligation Bonds 3 7 17
Escrowed Bonds 43 19 5
---- ---- ----
100% 100% 100%
==== ==== ====
Certain long-term and intermediate-term investments owned by the Funds are
covered by insurance issued by several private insurers or are backed by an
escrow or trust containing U.S. Government or U.S. Government agency
securities, either of which ensure the timely payment of principal and
interest in the event of default (41% for NNY, 29% for NNM, 53% for NNP, 100%
for NQN, 100% for NVN, 100% for NUN, and 100% for NNF). Such insurance or
escrow, however, does not guarantee the market value of the municipal
securities or the value of any of the Funds' shares.
Certain temporary investments in short-term municipal securities have credit
enhancements (letters of credit, guarantees or insurance) issued by third
party domestic or foreign banks or other institutions (33% for NNY, 33% for
NNP, 33% for NQN, 100% for NVN, 100% for NUN, 50% for NNF).
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NNY
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $10.390 $.332 $(.015) $(.336) $ N/A
Year ended 9/30,
1994 10.990 .659 (.575) (.669) N/A
1993 10.740 .664 .393 (.670) N/A
2 Mos. ended
9/30/92 10.870 .112 (.129) (.113) N/A
Year ended 7/31,
1992 10.270 .676 .727 (.676) N/A
1991 10.200 .679 .115 (.676) N/A
1990 10.370 .677 (.127) (.676) N/A
1989 9.950 .675 .659 (.679) N/A
10/7/87 to
7/31/88 9.350 .514 .541 (.455) N/A
<CAPTION>
NNM
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 11.170 .346 .047 (.353) N/A
Year ended 9/30,
1994 11.960 .701 (.748) (.743) N/A
1993 12.200 .755 (.185) (.767) N/A
10 Mos. ended
9/30/92 11.940 .661 .325 (.655) N/A
Year ended
11/30/91 11.430 .795 .517 (.802) N/A
1 Mo. ended
11/30/90 11.370 .068 .095 (.068) N/A
Year ended 10/31,
1990 11.710 .806 (.266) (.810) N/A
1989 11.530 .806 .210 (.808) N/A
4/20/88 to
10/31/88 11.210 .358 .244 (.282) N/A
<PAGE>
<CAPTION>
Distributions from capital gains Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NNY
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $(.001)ttt $ N/A $ -- $10.370 $10.500
Year ended 9/30,
1994 (.015) N/A -- 10.390 10.500
1993 (.137) N/A -- 10.990 11.250
2 Mos. ended
9/30/92 -- N/A -- 10.740 11.250
Year ended 7/31,
1992 (.127) N/A -- 10.870 11.625
1991 (.048) N/A -- 10.270 10.625
1990 (.044) N/A -- 10.200 10.500
1989 (.235) N/A -- 10.370 10.500
10/7/87 to
7/31/88 -- N/A -- 9.950 10.000
<CAPTION>
NNM
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 -- N/A -- 11.210 11.125
Year ended 9/30,
1994 -- N/A -- 11.170 10.375
1993 (.043) N/A -- 11.960 12.750
10 Mos. ended
9/30/92 (.071) N/A -- 12.200 12.500
Year ended
11/30/91 -- N/A -- 11.940 11.750
1 Mo. ended
11/30/90 (.035) N/A -- 11.430 11.625
Year ended 10/31,
1990 (.070) N/A -- 11.370 11.625
1989 (.028) N/A -- 11.710 11.500
4/20/88 to
10/31/88 -- N/A -- 11.530 11.625
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NNY
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 3.33% 3.16% $122,927 .81*% 6.53*% 4%
Year ended 9/30,
1994 (.77) .78 122,311 .84 6.16 4
1993 7.27 10.28 127,976 .85 6.16 5
2 Mos. ended
9/30/92 (2.29) (.16) 123,313 .84* 6.20* --
Year ended 7/31,
1992 17.77 14.28 124,620 .90 6.46 9
1991 8.58 8.21 116,236 .96 6.77 14
1990 7.08 5.61 114,368 .98 6.70 16
1989 14.92 14.22 115,379 1.03 6.75 24
10/7/87 to
7/31/88 4.67 11.40 109,750 .99* 6.54* 47
<CAPTION>
NNM
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 10.88 3.63 28,177 .98* 6.30* --
Year ended 9/30,
1994 (13.43) (.40) 28,050 1.00 6.08 12
1993 8.69 4.88 29,769 1.07 6.31 17
10 Mos. ended
9/30/92 12.82 8.54 30,075 .93* 6.58* 3
Year ended
11/30/91 8.02 11.92 29,187 .92 6.84 14
1 Mo. ended
11/30/90 .94 1.44 27,736 .80* 7.26* 1
Year ended 10/31,
1990 8.75 4.77 27,564 .86 6.99 11
1989 6.39 9.15 28,177 .90 6.95 36
4/20/88 to
10/31/88 (.66) 5.45 27,689 .94* 6.21* 21
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NNP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $15.910 $ .652 $ .208 $ (.554) $(.136)
Year ended 9/30,
1994 17.240 1.360 (1.288) (1.128) (.274)
1993 15.730 1.378 1.539 (1.172) (.235)
11 Mos. ended
9/30/92 14.930 1.282 .735 (.996) (.221)
Year ended
10/31/91 13.440 1.394 1.484 (1.053) (.335)
11/15/89 to
10/31/90 14.050 1.138 (.458) (.788) (.263)
<CAPTION>
NQN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 15.710 .653 .129 (.525) (.137)
Year ended 9/30,
1994 17.290 1.299 (1.556) (1.080) (.243)
1993 15.830 1.305 1.494 (1.103) (.236)
11 Mos. ended
9/30/92 14.980 1.220 .832 (.967) (.210)
11/20/90 to
10/31/91 14.050 1.071 1.019 (.773) (.200)
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 15.240 .617 .320 (.504) (.123)
Year ended 9/30,
1994 17.030 1.223 (1.756) (1.062) (.183)
1993 15.270 1.225 1.800 (1.077) (.162)
11 Mos. ended
9/30/92 14.390 1.124 .845 (.882) (.207)
5/22/91 to
10/31/91 14.050 .347 .426 (.239) (.030)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NNP
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $ -- $ -- $ -- $16.080 $15.750
Year ended 9/30,
1994 -- -- -- 15.910 15.875
1993 -- -- -- 17.240 17.875
11 Mos. ended
9/30/92 -- -- -- 15.730 15.750
Year ended
10/31/91 -- -- -- 14.930 15.500
11/15/89 to
10/31/90 -- -- (.239) 13.440 14.375
<CAPTION>
NQN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 -- -- -- 15.830 $15.250
Year ended 9/30,
1994 -- -- -- 15.710 15.250
1993 -- -- -- 17.290 17.375
11 Mos. ended
9/30/92 (.019) (.006) -- 15.830 16.750
11/20/90 to
10/31/91 -- -- (.187) 14.980 15.500
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 -- -- -- 15.550 14.875
Year ended 9/30,
1994 (.011) (.001) -- 15.240 14.625
1993 (.021) (.005) -- 17.030 16.375
11 Mos. ended
9/30/92 -- -- -- 15.270 15.250
5/22/91 to
10/31/91 -- -- (.164) 14.390 15.125
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NNP
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 2.94% 4.73% $334,670 .97*% 5.92*% 8%
Year ended 9/30,
1994 (5.07) (1.22) 163,591 .87 5.76 2
1993 21.53 17.78 172,136 .84 5.89 3
11 Mos. ended
9/30/92 8.14 12.48 160,052 .81* 6.25* 1
Year ended
10/31/91 15.67 19.71 153,310 .84 6.53 46
11/15/89 to
10/31/90 1.05 1.31 142,169 .83* 6.54* 69
<CAPTION>
NQN
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 3.64 4.29 $390,040 .84* 5.86* 4
Year ended 9/30,
1994 (6.26) (2.97) 387,955 .83 5.53 2
1993 10.71 16.82 412,960 .83 5.54 1
11 Mos. ended
9/30/92 14.83 12.67 385,114 .79* 5.89* 5
11/20/90 to
10/31/91 8.61 12.47 368,269 .80* 6.03* 9
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 5.41 5.56 497,529 .82* 5.72* 4
Year ended 9/30,
1994 (4.30) (4.32) 490,530 .83 5.38 2
1993 15.12 19.47 530,466 .85 5.43 1
11 Mos. ended
9/30/92 6.86 12.60 489,917 .83* 5.68* 15
5/22/91 to
10/31/91 2.42 4.14 467,181 .79* 5.22* 2
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NUN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $14.510 $ .598 $ .472 $(.468) $(.133)
Year ended 9/30,
1994 16.500 1.181 (1.958) (.952) (.242)
1993 14.580 1.166 1.893 (.926) (.213)
11/20/91 to
9/30/92 14.050 .731 .646 (.590) (.082)
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 12.740 .517 .830 (.412) (.145)
Year ended
9/30/94 15.340 1.052 (2.621) (.837) (.194)
12/17/92 to
9/30/93 14.050 .601 1.497 (.466) (.079)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Common
share
market
To To Organiza- Net asset value
Common Preferred tion and value end end of
shareholders shareholderst offering costs of period period
NUN
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 $(.015)ttt $(.004)ttt $ -- $14.960 $14.000
Year ended 9/30,
1994 (.015) (.004) -- 14.510 14.000
1993 -- -- -- 16.500 15.500
11/20/91 to
9/30/92 -- -- (.175) 14.580 14.625
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 -- -- -- 13.530 12.250
Year ended
9/30/94 -- -- -- 12.740 11.500
12/17/92 to
9/30/93 -- -- (.263) 15.340 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NUN
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 3.78% 6.70% $519,925 .81*% 5.58*% 1%
Year ended 9/30,
1994 (3.58) (6.37) 509,344 .82 5.20 5
1993 12.76 20.20 555,918 .83 5.15 4
11/20/91 to
9/30/92 1.52 8.11 510,658 .79* 5.00* 17
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C> <C>
6 Mos. ended
3/31/95 10.43 9.86 176,204 1.04* 5.18* 19
Year ended
9/30/94 (16.98) (11.85) 86,720 .96 4.80 5
12/17/92 to
9/30/93 1.53 12.70 97,664 .99* 4.14* 3
<FN>
* 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.
*** Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
ttt The amounts shown reflect distributions in excess of capital gains of
$.0010 to NNY Common shareholders, $.0005 to NUN Common shareholders and
$.0001 to NUN Preferred shareholders.
N/A - Fund is not authorized to issue Preferred Shares.
</TABLE>
<PAGE>
The human bond
Photo of John Nuveen
At John Nuveen & Co. Incorporated, where our tax-free municipal bonds have
helped people live their dreams for nearly 100 years, we still believe our
strongest bond is human.TM
For almost a century, John Nuveen & Company has concentrated its resources and
expertise in one area: municipal bonds. We are one of the oldest and largest
investment banking firms specializing exclusively in municipal securities, and
we strive to be the best.
Our approach to managing our shareholders' investments endures. We maintain
a sharp focus on the needs of prudent investors and their families, offer
investments of quality, and then work to make them better by seeking out
opportunity. We hold to a dedicated belief in the importance of research. And
we sustain a commitment to sound financial management through value investing.
Our hope is that by providing quality investments we may foster opportunity
for our investors. Through careful research, attention to detail, and our
philosophy of managing for long-term value, we strive to provide our
shareholders with the attractive level of income they need to achieve their
personal goals and aspirations.
These are the things that matter most, and it's why we say that, at Nuveen,
our strongest bond is human.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
ETF1-MAY 95
