Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
NEW YORK VALUE (NNY)
NEW YORK PERFORMANCE PLUS (NNP)
NEW YORK INVESTMENT QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
INSURED NEW YORK PREMIUM INCOME (NNF)
ANNUAL REPORT/SEPTEMBER 30, 1996
Photographic image of couple walking on beach.
<PAGE>
Photographic image of financial adviser reviewing financial statements/plans
with older couple.
Tax-informed investing
An important part of any successful investment program is gauging how well
your investments have performed and measuring your progress toward your
long-term goals.
<PAGE>
<TABLE>
<CAPTION>
Taxes dramatically alter the relative returns of the five asset classes shown
at right. Graph showing after-tax returns, 1976-1996.
<S> <C>
Municipals 8.26
Treasuries 5.62
Corporates 6.11
Stocks 10.51
Treasury Bills 3.87
</TABLE>
Traditionally, the most common way to measure performance has been to
compare pre-tax rates of return for different investments across similar time
periods. The rationale behind this method is that each investor is taxed at a
different rate, making pre-tax comparisons the seemingly logical way to ensure
you are comparing apples to apples.
This, however, is precisely the rationale that can make a pre-tax
performance assessment misleading. When returns are presented on a pre-tax
basis, you may lose sight of the major impact taxes can have on your earnings,
and fail to get the complete picture of your progress toward your investment
goals. At Nuveen, we've built our reputation help ing investors realize that
it's not what you earn, it's what you keep.
TAX-INFORMED INVESTING: THE KEY
TO MEASURING LONG-TERM RESULTS
The true measure of an investment is its performance on an after-tax basis.
Analyzing after-tax returns gains added significance when you realize that the
taxes you pay can never be regained. Once that money is "lost," it can't be
put to work through compounding, earning additional dollars for you.
To better illustrate the ways that taxes can affect the amount you keep
versus the amount you earn, Nuveen Research recently studied 20 years of
investment returns, both pre-tax and after-tax, to determine the impact of
taxes on various asset classes. We were particularly interested in the results
for municipal bonds, an asset class that is commonly excluded from the top
performance rankings when only pre-tax returns are considered.
MEASURING WHAT YOU KEEP
The study showed that, once the impact of taxes was figured into the equation,
municipal bonds offered a distinct advantage over other fixed income
investments. Over the study period, municipal bonds outperformed both
corporate and Treasury bonds (see accompanying tables), as high tax rates and
the loss of compounding income took their toll on corporate and Treasury
results.
As investors are well aware, performance over the long term--and the
purchasing power of their earnings--can be eroded by inflation as well as
taxes. The study showed that, over the past 20 years, only municipal bonds and
stocks provided significant after-tax gains over the Consumer Price Index,
the most recognized measure of inflation.
ABOUT THE STUDY
The study, "Measuring What You Keep: Historical After-Tax Returns," compared
pre-tax and after-tax total returns over the past 20 years for five asset
classes: municipal bonds, Treasury bonds, Treasury bills, corporate bonds, and
large company stocks. Returns for each asset class were represented by the
returns on commonly used market indexes compiled by Lehman Brothers and
Ibbotson Associates.
<PAGE>
A hypothetical investment of $100,000 was made in each of these asset
classes at the beginning of 1976, with all dividends and interest reinvested
through the end of 1995. In addition, the after-tax proceeds of an assumed
annual 20% turnover rate were reinvested. The study assumed that taxes were
paid annually at the applicable federal income tax rates for an investor
earning the equivalent of $100,000 in 1995. Of course, this hypothetical
investment performance neither reflects past performance nor predicts future
results of any Nuveen investment.
INCORPORATING TAX-INFORMED
INVESTING IN YOUR PORTFOLIO
The Nuveen study confirms what many investors have known for years: that
municipal bonds can play a critical role in the long-term financial strategies
of tax-informed investors.
Balancing short-term and long-term investments
Combining shorter- and longer-term tax-free investments may help you manage
cumulative risk in your portfolio while still capturing the potential for
attractive overall rates. Shorter-term investments can help reduce the current
volatility of your portfolio and provide a source of investable funds to take
advantage of additional investment opportunities as they arise. Longer-term
leveraged exchange-traded funds have provided attractive yields and offer
trading flexibility that allows quick and easy portfolio adjustments.
Dividend reinvestment
Studies indicate that weathering market cycles by maintaining an investment
plan with long-term goals can help shield investors in the event of a
declining market. The purchase of additional shares on a regular schedule,
such as through dividend reinvestment, is another strategy for navigating
market changes. Dividend reinvestment is an easy and convenient way to set
aside dollars on a regular basis, helping you take advantage of dollar-cost
averaging while gaining the benefits of tax-free compounding.
CONSISTENT AFTER-TAX PERFORMANCE
For the long-term investor, performance--even after the impact of taxes and
inflation--is the true meas ure of an investment's merit. While most investors
choose municipal bonds for their tax-free income advantage, the positive news
about their after-tax returns reinforces their potential value as part of a
tax-informed investment strategy designed to meet long-term objectives.
Understanding the impact of taxes can mean that you keep more of what you
earn, and municipal bonds can help you do just that.
Only municipals and equities generated signif icant increases in purchasing
power over the twenty-year period, with after-tax and inflation-adjusted
returns in excess of 2.75% annually.
<TABLE>
<CAPTION>
ANNUAL AFTER-TAX REAL RETURNS, 1976-1995
PERIOD MUNICIPALS TREASURIES CORPORATES STOCKS BILLS
<S> <C> <C> <C> <C> <C>
1976-1985 .69% -3.32% -2.14% 2.75% -2.67%
1986-1995 5.15 4.21 3.91 7.31 0.13
1976-1995 2.88% 0.37% 0.84% 5.02% -1.30%
</TABLE>
<PAGE>
Photographic image of couple walking on beach.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
16 Commonly used terms
18 Portfolio of investments
46 Statement of net assets
48 Statement of operations
50 Statement of changes in net assets
53 Notes to financial statements
64 Financial highlights
68 Report of independent auditors
69 Nuveen Exchange-Traded Funds
dividend reinvestment program
<PAGE>
Municipal market perspective
This year's bond market has not been easy to categorize. While 1994
represented the worst period in recent bond market history and 1995 the best
in a decade, 1996 has seen a stream of mixed reports on the state of the
economy that have caused investors alternately to view the markets with
uncertainty and enthusiasm.
Despite this climate, the municipal bond market has rewarded investors with
solid returns, dependable income, and opportunities to purchase bonds with
strong credit quality. In recent months, municipal bonds have once again begun
to outperform Treasuries, an indication of the strength and resilience of this
market segment.
A look at the current economy shows a combination of factors that historically
bode well for the bond market. Inflation is maintaining the same modest pace
that it has demonstrated over the past five years and gives every indication
of being well under control. At the same time, the economy continues to
moderate, as evidenced by the lack of price pressure at the consumer and
producer levels, steady employment statistics, low labor costs, and a stable
money supply.
<PAGE>
Dear shareholder
Photographic image of head shot of Chairman and Chief Executive Officer of
Nuveen.
"Municipal bonds continue to play an important role in meeting the
investment goals of conservative investors."
As I begin my duties as the new chairman and chief executive officer of John
Nuveen & Co. Incorporated and chairman of the board of the Nuveen
exchange-traded funds, I am pleased to have this opportunity to report to you
on the performance of your funds. My experience at Nuveen over the past 19
years has shaped my commitment to maintaining Nuveen's tradition of value
investing and prudent management. We continue to focus on building shareholder
value, providing research-oriented management, and delivering dependable
performance, in the belief that this focus will contribute to many more years
of investment success for our fund shareholders.
Municipal bonds continue to play an important role in meeting the investment
goals of conservative investors. The performance of the exchange-traded funds
covered in this report demonstrates the ability of quality investments to
provide extremely attractive tax-free income and solid taxable-equivalent
yields. As of September 30, 1996, the current annual yield on share price for
these funds ranged from 5.98% to 6.43%. To match these yields, an investor in
the combined 40.5% federal and New York state income tax bracket would have
had to earn at least 10.05% on taxable alternatives. Without question, taxable
yields at this level on investments of comparable quality can be difficult to
obtain in today's markets.
The net asset values of some funds declined slightly over the past year,
reflecting the general trend of higher yields and lower prices, yet returns
<PAGE>
remained attractive. For the funds covered in this report, total returns,
representing changes in net asset value and reinvestment of all dividends and
capital gains, if any, ranged from 4.85% to 8.35%, equivalent to taxable
investments with total returns of 9.32% to 12.37%. As concerns about the
effects of a potential flat tax evaporated and the Federal Reserve continued
to stand firm on interest rates, confidence in the bond market enjoyed a
resurgence, and the share prices of all of these funds rose. This, added to
the attractive returns and solid yields, further improved investors' overall
experience for the year ended September 30, 1996.
I would like to take this opportunity to share with you the news of some
recent developments that will give Nuveen the flexibility to meet expanded
investor needs for capital preservation, current income, and future growth.
In November, we are introducing the Nuveen Growth and Income Stock Fund,
the first of three Nuveen equity-based mutual funds designed to provide a
high-quality complement to our current municipal bond funds. These new funds
will be offered in affiliation with Institutional Capital Corporation (ICAP),
an institutional equity management firm located in Chicago that shares
Nuveen's values and investment management style. Tailor-made to address the
needs of the Nuveen investor, these funds can play a critical role in
achieving a balanced strategy for investors who count on their investments to
provide a core element of their financial security.
In a move designed to complement the ICAP alliance, Nuveen is acquiring
Flagship Resources, Inc., a fixed income mutual fund specialist based in
Dayton, Ohio. Flagship is a firm that shares our views on the importance of
research and emphasizes a conservative, value-oriented approach to portfolio
management. In January 1997, the tax-exempt mutual fund activities of Flagship
and Nuveen will be merged, resulting in more than 40 municipal funds, the
broadest selection available in the U.S.
We are excited about these recent developments, and we are pleased to be
bringing Nuveen investors expanded options for achieving wealth preservation,
dependable income, and long-term asset growth. We thank you for your continued
confidence in Nuveen.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 15, 1996
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, discusses the
investment environment and recent factors affecting the municipal market
What has been Nuveen's investment approach over the past year?
Nuveen continues to pursue its value investing strategy, a disciplined approach
to security selection and portfolio construction designed to deliver
above-market performance by identifying individual bonds with current yields,
prices, credit quality, and future prospects that are exceptionally attractive
relative to other bonds in the market. This approach was rewarded over the
past year, as many of our portfolio holdings were upgraded by the national
rating agencies, indicating that our judgments about credit quality were on
target.
As opportunity allowed, we purchased bonds at discounts from their par
value. These bonds, which have coupon rates slightly below market levels, are
<PAGE>
less likely to be called from our portfolios, assuring more stable yields for
our investors.
Some funds' discounts have narrowed over the past few months.
What caused this improvement?
To understand the reasons for this improvement, it may be helpful to remember
that each share has two prices: the net asset value (NAV), which represents
the underlying value of the bonds, and the share price, which is the fund's
price on the stock exchange. As with other securities, share prices for
municipal bond funds change frequently, driven by investors' demand for shares
and the available supply. When a fund's NAV is higher than its share price, we
say that the shares can be purchased at a discount.
In 1995, the recovery of the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is not unusual, as the market often takes time to
reflect underlying value balanced against the various factors that affect
individual investor decisions, such as the outlook for the direction of
interest rates, inflation forecasts, the relative strength of the stock
market, and legislative and tax outlooks.
As investor worries about tax reform--and the potential effect of a flat tax
proposal on tax-free investments--waned over the first half of 1996, the
demand for tax-free products grew. Adding to the positive outlook for the bond
market was the Federal Reserve's decision to hold the line on interest rates,
<PAGE>
indicating that it believes inflation is under control. The combination of
higher yields, concerns about the endurance of the stock market's bullish
performance, and broker recommendations also prompted greater demand for
municipal bonds and bond funds.
In addition, shareholders have found that municipal bond funds provide an
important level of diversification in a well-structured portfolio. Because
inflation and tax reform appear to present few problems at this point,
investors are taking advantage of the opportunity to lock in current rates.
With increased demand, share prices generally have risen, resulting in narrower
discounts. In fact, some exchange-traded funds are now trading at a premium,
that is, their share prices are higher than their NAVs.
What are some of the factors affecting dividend stability and changes?
For many investors, stability of income is another important objective. To help
investors satisfy this objective, we set dividends on Nuveen funds
conservatively, seeking a level that we expect will be sustainable for at least
several months. Many of the funds that saw dividend reductions over the past
year had previously enjoyed prolonged periods without dividend changes; for
most funds, the recent changes were relatively small. Still, dividends
ultimately depend on the overall earnings of each fund (which can be reduced
by bond calls), fluc tuations in interest rates, capital gains distributions,
and other portfolio changes.
<PAGE>
With the exception of the New York Value Fund, which is unleveraged, the
funds in this report use leverage as an additional way to enhance income for
common shareholders. The dividends of leveraged funds can be affected by a
sudden or prolonged rise in short-term interest rates. In fact, short-term
rates on average have been higher over the past two years than they were in
the early 1990s. This has resulted in higher rates for preferred shareholders
and less income available for common shareholders. It is important to remember
that leverage can increase NAV volatility as well as investment potential.
Greater stability in both long and short-term interest rates in 1996 has
reduced some of the pressures on dividends and NAVs for many leveraged funds.
Another factor that can lower dividends is bond calls. When the Federal
Reserve Board made a series of rate cuts between July 1995 and January 1996,
long-term municipal bond yields reacted by declining almost 130 basis points
from their levels at the beginning of 1995. Current long-term rates are well
below those at the start of the decade. As older, higher-yielding bonds were
called from some portfolios, they were replaced with the bonds available in
the market today, reducing fund earnings. To minimize the effect of bond calls
and protect investors' current income, Nuveen has taken advantage of
opportunities to invest in non-callable bonds as well as bonds priced at a
discount from their par value.
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market
<PAGE>
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
The Fund adjusted its monthly tax-free dividend in July as older, higher
coupon bonds were called and replaced with today's lower yielding bonds. In
addition, shareholders received a capital gains distribution in December.
<TABLE>
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0560
11/13/95 $0.0560
12/13/95 $0.0560 $0.0402
01/10/96 $0.0560
02/13/96 $0.0560
03/13/96 $0.0560
04/11/96 $0.0560
05/13/96 $0.0560
06/12/96 $0.0560
07/11/96 $0.0530
08/13/96 $0.0530
09/11/96 $0.0530
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 6.06%
Taxable-equivalent yield 10.18%
Annual total return on NAV 4.85%
Taxable-equivalent total return 9.32%
Share price $10.50
NAV $10.23
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NNP
Dividends of NNP have been consistently at an attractive level despite a modest
reduction in August. Dividends are adjusted periodically to reflect the current
earnings of the portfolio.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0940
11/13/95 $0.0940
12/13/95 $0.0940
01/10/96 $0.0940
02/13/96 $0.0940
03/13/96 $0.0940
04/11/96 $0.0940
05/13/96 $0.0940
06/12/96 $0.0940
07/11/96 $0.0940
08/13/96 $0.0925
09/11/96 $0.0925
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 6.43%
Taxable-equivalent yield 10.81%
Annual total return on NAV 5.53%
Taxable-equivalent total return 10.34%
Share price $17.25
NAV $16.17
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, share holders enjoyed 12 months of steady dividends. In addition,
shareholders received a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0875
11/13/95 $0.0875
12/13/95 $0.0875 $0.0226
01/10/96 $0.0875
02/13/96 $0.0875
03/13/96 $0.0875
04/11/96 $0.0875
05/13/96 $0.0875
06/12/96 $0.0875
07/11/96 $0.0875
08/13/96 $0.0875
09/11/96 $0.0875
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 6.22%
Taxable-equivalent yield 10.45%
Annual total return on NAV 5.09%
Taxable-equivalent total return 9.65%
Share price $16.875
NAV $15.89
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NVN
Dividends of NVN have been consistently at an attractive level despite a
modest reduction in August. Dividends are adjusted periodically to reflect the
current earnings of the portfolio. In addition, shareholders received a capital
gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0840
11/13/95 $0.0840
12/13/95 $0.0840 $0.0249
01/10/96 $0.0840
02/13/96 $0.0840
03/13/96 $0.0840
04/11/96 $0.0840
05/13/96 $0.0840
06/12/96 $0.0840
07/11/96 $0.0840
08/13/96 $0.0825
09/11/96 $0.0825
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 6.19%
Taxable-equivalent yield 10.40%
Annual total return on NAV 5.86%
Taxable-equivalent total return 10.29%
Share price $16.00
NAV $15.78
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, share holders enjoyed 12 months of steady dividends. In addition,
shareholders received a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0780
11/13/95 $0.0780
12/13/95 $0.0780 $0.0197
01/10/96 $0.0780
02/13/96 $0.0780
03/13/96 $0.0780
04/11/96 $0.0780
05/13/96 $0.0780
06/12/96 $0.0780
07/11/96 $0.0780
08/13/96 $0.0780
09/11/96 $0.0780
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 6.14%
Taxable-equivalent yield 10.32%
Annual total return on NAV 6.45%
Taxable-equivalent total return 10.74%
Share price $15.25
NAV $15.32
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
Shareholders enjoyed an increase in the monthly tax-free dividend in August,
as short-term rates in this state persisted at levels lower than expected when
the dividends were set.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/11/95 $0.0665
11/13/95 $0.0665
12/13/95 $0.0665
01/10/96 $0.0665
02/13/96 $0.0665
03/13/96 $0.0665
04/11/96 $0.0665
05/13/96 $0.0665
06/12/96 $0.0665
07/11/96 $0.0665
08/13/96 $0.0685
09/11/96 $0.0685
<CAPTION>
<S> <C>
FUND HIGHLIGHTS 9/30/96
Yield 5.98%
Taxable-equivalent yield 10.05%
Annual total return on NAV 8.35%
Taxable-equivalent total return 12.37%
Share price $13.75
NAV $14.26
The price, net asset value and dividend history used in this chart constitute
past performance and do not necessarily predict the future price, net asset
value or dividends of the Fund or of any other Nuveen Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date
(in the case of this report, September 30, 1996) 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, the combined tax rate
is assumed to be 40.5% for New York shareholders, based on incomes of
$121,300-$263,750 for investors filing singly, $147,700-$263,750 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 applicable), divided by the 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.
<PAGE>
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 technique used to enhance the income produced for common shareholders by a
long-term municipal bond fund through the issuance of short-term
preferred shares. The proceeds from the sale of the preferred shares can be
used to purchase additional long-term bonds, thus increasing the portfolio's
income stream. Changes in net asset value per share, both up and down, are
also magnified by leverage.
Each Fund intends to repurchase shares of its own common or preferred stock
(if applicable) in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the 12-month period ended
September 30, 1996. Any future repurchases will be reported to shareholders in
the next annual or semiannual report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEWYORK MUNICIPAL VALUE FUND, INC. (NNY)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Certificates of Participation, The State of New York,
Commissioner of the Office of Mental Health of the State
of New York:
$ 1,000,000 8.250%, 9/01/07 Baa1 9/97 at 102 $ 1,051,850
3,000,000 8.300%, 9/01/12 Baa1 9/97 at 102 3,158,550
4,000,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1986, 7.375%, 7/01/16 Aaa No Opt. Call 4,691,200
250,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1991A, 9.500%, 4/15/14 Baa1 10/96 at 115 7/8 291,693
5,000,000 Dormitory Authority of the State of New York Bonds, Upstate
Community Colleges, 1987 Issue, 8.125%, 7/01/17
(Pre-refunded to 7/01/97) Aaa 7/97 at 102 5,258,950
1,000,000 Dormitory Authority of the State of New York, City University
Refunding Bonds, 1988A Issue, 8.200%, 7/01/12 Baa1 7/98 at 102 1,078,670
1,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18 Baa1 No Opt. Call 979,850
2,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 Baa1 7/03 at 100 1,709,000
1,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990A,
7.400%, 5/15/01 Baa1 5/00 at 102 1,084,200
1,000,000 Dormitory Authority of the State of New York, Court Facilities
Lease Revenue Bonds (The City of New York Issue), Series
1993A, 5.700%, 5/15/22 Baa1 5/03 at 101 1/2 944,090
1,000,000 New York Local Government Assistance Corporation, New York,
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 1,134,130
1,000,000 New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17 Aaa 12/02 at 102 1,048,370
1,000,000 New York State Energy Research and Development Authority,
Electric Facilities Revenue Bonds, Series 1991 A
(Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax) A1 1/00 at 101 1,079,010
1,000,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) Aaa 7/03 at 102 963,340
4,000,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds (Central Hudson Gas & Electric
Corporation), Series C, 8.375%, 12/01/28 (Alternative Minimum Tax) A- 12/98 at 102 4,361,760
4,500,000 New York State Energy Research and Development Authority, Pollution
Control Revenue Bonds, Series C (Rochester Gas and Electric
Corporation Project), 8.375%, 12/01/28 (Alternative Minimum Tax) Baa1 12/98 at 102 4,880,700
1,425,000 New York State Environmental Facilities Corporation, Water
Facilities Revenue Bonds, Series 1992 (The New Rochelle
Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) A- 6/02 at 102 1,467,408
1,000,000 New York State Housing Finance Agency, State University Construction
Refunding Bonds, 1988 Series A, 8.100%, 11/01/10 (Pre-refunded
to 11/01/98) Aaa 11/98 at 102 1,097,600
1,000,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk Housing
Revenue Bonds, 1989 Series A, 8.100%, 11/01/05 Baa 11/99 at 100 1,059,720
New York State Housing Finance Agency, Health Facilities Revenue
Bonds (New York City), 1990 Series A Refunding:
4,145,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) Aaa 11/00 at 102 4,743,994
855,000 8.000%, 11/01/08 BBB+ 11/00 at 102 957,096
1,000,000 New York State Housing Finance Agency, Service Contract
Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 Baa1 9/04 at 102 1,032,310
2,500,000 New York State Medical Care Facilities Finance Agency, Hospital
and Nursing Home Insured Mortgage Revenue Bonds, 1987 Series A,
8.000%, 2/15/27 (Pre-refunded to 8/15/97) Aaa 8/97 at 102 2,620,925
1,800,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C,
6.550%, 8/15/12 Aa 8/02 at 102 1,881,342
4,980,000 New York State Medical Care Facilities Finance Agency, Albany
Medical Center Hospital Project Revenue Bonds, 1987 Series A,
8.000%, 2/15/28 AAA 8/98 at 102 5,358,331
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 New York Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1987 Series A,
8.300%, 2/15/22 (Pre-refunded to 2/15/98) AAA 2/98 at 102 $ 5,375,100
3,240,000 New York State Medical Care Facilities Financing Agency,
Hospital and Nursing Home-FHA Insured Mortgage Revenue
Bonds, 1995 Series B, 6.250%, 2/15/15 AAA 8/05 at 102 3,370,702
1,000,000 New York State Medical Care Facilities Finance Agency, Huntington
Hospital Project Revenue Bonds, 1987 Series A Refunding,
8.125%, 11/01/14 (Pre-refunded to 11/01/97) Aaa 11/97 at 102 1,064,470
6,250,000 New York State Medical Care Facilities Finance Agency, Hospital
Insured Mortgage Revenue Bonds, 1987 Series A Refunding,
8.000%, 2/15/25 (Pre-refunded to 8/15/97) Aaa 8/97 at 102 6,591,500
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1987
Series A Refunding:
1,650,000 8.875%, 8/15/07 (Pre-refunded to 8/15/97) AAA 8/97 at 102 1,753,488
1,850,000 8.875%, 8/15/07 Baa1 8/97 at 102 1,959,483
New York State Urban Development Corporation, State Facilities
Revenue Bonds, Series 1991:
1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) Baa1 4/01 at 102 1,134,130
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 1,134,130
3,900,000 New York State Urban Development Corporation, Correctional
Capital Facilities Revenue Bonds, 1993 Refunding Series,
5.500%, 1/01/15 Baa1 1/03 at 102 3,631,355
1,000,000 New York State Urban Development Corporation, State Facilities
Revenue Bonds, 1995 Refunding Series, 5.750%, 4/01/11 Baa1 No Opt. Call 993,690
5,000,000 New York State, Urban Development Corporation, Project Revenue
Bonds (Onondaga County Convention Center), Series 1990,
7.875%, 1/01/20 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 5,711,000
1,000,000 Power Authority of the State of New York, General Purpose
Bonds, Series V, 8.000%, 1/01/17 Aa 1/98 at 102 1,068,080
380,000 State of New York Mortgage Agency, Mortgage Revenue Bonds,
Eighth Series D, 8.375%, 10/01/17 Aa 1/98 at 102 396,150
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax) Aa 6/00 at 102 1,595,280
8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) Aa 10/01 at 19 11/32 1,145,664
2,955,000 Town of Babylon Industrial Development Agency (New York),
Resource Recovery Revenue Bonds, Series 1985, Ogden Martin
System of Babylon, Inc. Project), 8.500%, 1/01/19 Baa1 7/98 at 103 3,256,824
250,000 Battery Park City Authority, Revenue Refunding Bonds, Series
1993A, Junior Revenue Refunding Bonds, 5.800%, 11/01/22 A 11/03 at 102 239,468
1,000,000 Town of Brookhaven Industrial Development Agency, 1988 Civic
Facility Revenue Bonds, St Joseph's College, New York Civic
Facility, 8.100%, 4/01/08 A 4/98 at 102 1,063,290
2,500,000 Cattaraugus County, New York, Certificates of Participation (
Olean Office Facility Project), Series 1988 A, 8.500%, 8/01/09
(Pre-refunded to 8/01/98) BBB- 8/98 at 102 2,732,650
1,000,000 City of Geneva Industrial Development Agency (Ontario County, New
York), 1991 Civic Facility Revenue Bonds (Finger Lakes United
Cerebral Palsy, Inc. Civic Facility), 8.500%, 11/01/16 N/R 11/01 at 102 1,063,440
5,000,000 Town of Hempstead Industrial Development Agency (Hempstead, New
York), Fixed Rate/Convertible Resource Recovery Revenue Bonds
(1985 American Ref-Fuel Company of Hempstead Project),
7.375%, 12/01/05 A- 12/96 at 102 5,118,050
1,000,000 Metropolitan Transportation Authority (New York), Transit
Facilities 1987 Service Contract Bonds, Series 1, 8.500%,
7/01/17 (Pre-refunded to 7/01/97) AAA 7/97 at 102 1,054,540
2,000,000 Metropolitan Transportation Authority (New York), Transit
Facilities 1987 Service Contract Bonds, Series 7, 4.750%, 7/01/19 Baa1 7/03 at 100 1,656,080
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Metropolitan Transportation Authority, Transit Facilities
Revenue Bonds, Series J, 5.500%, 7/01/22 Aaa 7/02 at 100 $ 963,270
3,500,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series D, 9.500%, 8/01/02 Baa1 8/01 at 101 1/2 4,135,530
1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996
Series B, 6.750%, 8/15/03 Baa1 No Opt. Call 1,481,698
25,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series C, 6.300%, 8/01/03 Aaa 8/02 at 101 1/2 27,109
1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series D 6.600%, 2/01/04 A- No Opt. Call 1,196,131
The City of New York, General Obligation Bonds, Fiscal 1988
Series A:
2,500,000 8.125%, 11/01/06 (Pre-refunded to 11/01/97) Aaa 11/97 at 101 1/2 2,650,300
2,500,000 8.500%, 11/01/11 (Pre-refunded to 11/01/97) Aaa 11/97 at 101 1/2 2,655,725
35,000 The City of New York, General Obligation Bonds, Fiscal 1986
Series C 8.500%, 8/01/12 Baa1 2/97 at 102 35,982
1,480,000 The City of New York, General Obligation Bonds, Fiscal 1987
Series C, 7.000%, 2/01/15 Baa1 2/00 at 100 1,507,188
2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996
Series I, 5.875%, 3/15/18 Baa1 3/06 at 101 1/2 2,751,338
485,000 New York City Housing Development Corporation, Mortgage Revenue
Bonds (South Williamsburg Cooperative), 1990 Series A,
7.900%, 2/01/23 (Alternative Minimum Tax) Aa 2/00 at 102 515,996
1,430,000 New York City Housing Development Corporation, Mortgage Revenue
Bonds (South Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax) Aa 9/00 at 102 1,540,997
1,500,000 New York City Housing Development Corporation, Multi-Family
Mortgage Revenue Bonds (FHA Insured Mortgage Loan), 1993 Series A,
6.550%, 10/01/15 AAA 4/03 at 102 1,564,455
3,750,000 New York City, New York, Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, Fiscal 1988 Series A,
9.000%, 6/15/17 (Pre-refunded to 6/15/97) Aaa 6/97 at 102 3,960,338
1,000,000 New York City, Municipal Water Finance Authority (New York), Water
and Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01) Aaa 6/01 at 101 1/2 1,144,230
2,600,000 New York City Industrial Development Agency, Civic Facility
Revenue Bonds (YMCA of Greater New York Project), 8.000%, 8/01/16 N/R 8/01 at 102 2,789,592
1,000,000 New YorkCity Industrial Development Agency, Special Facility Revenue
Bonds (1990 American Airlines, Inc. Project), 8.000%, 7/01/20
(Alternative Minimum Tax) Baa2 1/99 at 102 1,058,640
1,000,000 New York City Industrial Development Agency, Special Facility Revenue
Bonds, Series 1994 (Terminal One Group Association, L.P. Project),
6.125%, 1/01/24 (Alternative Minimum Tax) A 1/04 at 102 992,030
1,400,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue
Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15 N/R 9/03 at 102 1,339,576
1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant
(Serial)Bonds, 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) Aaa No Opt. Call 1,165,940
2,000,000 St. Lawrence County Solid Waste Disposal Authority, County of
St. Lawrence, New York, Solid Waste Disposal Revenue Bonds, Interim
Disposal System, Series 1987, 8.875%, 1/01/08 Baa 1/98 at 102 2,128,100
2,000,000 Triborough Bridge and Tunnel Authority (New York), General Purpose
Revenue Bonds, Series L, 8.125%, 1/01/12 Aa 1/98 at 102 2,134,000
1,275,000 Triborough Bridge and TunnelAuthority, New York, Mortgage Recording
Tax Special Obligation Bonds, Series 1988A, 8.000%, 1/01/18
(Pre-refunded to 1/01/98) Aaa 1/98 at 101 1/2 1,356,863
$145,030,000 Total Investments - (cost $135,095,639) - 96.2% 146,137,681
============
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 2.0%
The City of New York, General Obligation Bonds, Fiscal
1995 Series B, Variable Rate Demand Bonds:
$ 1,800,000 3.700%, 8/15/05+ VMIG-1 $ 1,800,000
1,200,000 3.700%, 8/15/22+ VMIG-1 1,200,000
$ 3,000,000 Total Temporary Investments - 2.0% 3,000,000
============
Other Assets Less Liabilities - 1.8% 2,710,214
Net Assets - 100% $151,847,895
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 26 $ 68,460,000 47%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 8 10,277,509 7
PORTFOLIO OF A+ A1 1 1,079,010 1
INVESTMENTS A, A- A, A2, A3 7 14,438,137 10
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 26 46,690,417 32
TEMPORARY Non-rated Non-rated 3 5,192,608 3
INVESTMENTS):
TOTAL 71 $146,137,681 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** Optional Call Provisions (not covered by the report of independent
auditors): 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. + 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,420,000 Dormitory Authority of the State of New York, College and
University Revenue (Pooled Capital Program), Series 1985,
7.800%, 12/01/05 Aaa 12/98 at 102 $ 3,705,296
3,970,000 Dormitory Authority of the State of New York, United Health
Services, Inc., FHA-Insured Mortgage Revenue Bonds, Series 1989,
7.350%, 8/01/29 AAA 2/00 at 102 4,278,985
6,850,000 Dormitory Authority of the State of New York, Revenue Bonds,
Department of Health of the State of New York Issue, Series 1990,
7.700%, 7/01/20 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 7,720,704
4,400,000 Dormitory Authority of the State of New York Bonds, Upstate
Community Colleges, 1990A Issue, 7.600%, 7/01/20
(Pre-refunded to 7/01/00) Baa1 7/00 at 102 4,918,276
2,190,000 Dormitory Authority of the State of New York, Vassar College,
Revenue Bonds, Series 1990, 7.250%, 7/01/15 Aa 7/00 at 102 2,434,689
4,000,000 Dormitory Authority of the State of New York, City University
System Consolidated, Second General Resolution Revenue Bonds,
Series 1990F, 7.875%, 7/01/07 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 4,530,880
10,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1990A, 7.625%, 7/01/20
(Pre-refunded to 7/01/00) Aaa 7/00 at 102 11,245,500
3,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1993 B, 6.000%, 7/01/14 Aaa No Opt. Call 3,166,590
Dormitory Authority of the State of New York, City University System
Consolidated Revenue Bonds, Series 1993F:
1,000,000 5.500%, 7/01/12 Baa1 7/03 at 102 957,250
3,000,000 5.000%, 7/01/20 Baa1 7/03 at 100 2,563,500
2,000,000 Dormitory Authority of the State of New York, St. Vincent's
Hospital and Medical Center of New York, FHA-Insured Mortgage
Revenue Bonds, Series 1991, 7.400%, 8/01/30 AAA 8/01 at 102 2,230,220
2,500,000 Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1993A, 5.875%,
5/15/17 Baa1 No Opt. Call 2,493,875
Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1989B:
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) Aaa 5/00 at 102 3,492,972
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) AAA 5/00 at 102 388,108
2,360,000 5.000%, 5/15/18 Baa1 5/00 at 100 2,028,798
2,600,000 Dormitory Authority of the State of New York, State
University Educational Facilities, Revenue Bonds, Series
1990B, 7.375%, 5/15/14 (Pre-refunded to 5/15/00) AAA 5/00 at 102 2,893,826
1,000,000 Dormitory Authority of the State of New York, Skidmore College,
Insured Revenue Bonds, Series 1993, 5.250%, 7/01/13 Aaa 7/03 at 102 956,430
1,500,000 Dormitory Authority of the State of New York, Court Facilities
Lease Revenue Bonds (The City of New York Issue), Series 1993 A,
5.375%, 5/15/16 Baa1 5/03 at 101 1/2 1,370,835
3,000,000 New York Local Government Assistance Corporation, Series 1991A
Bonds, 7.250%, 4/01/18 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 3,372,180
8,000,000 New York Local Government Assistance Corporation, New York,
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 9,073,040
1,000,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1986 A (Consolidated Edison
Company of New York, Inc. Project), 7.500%, 11/15/21
(Alternative Minimum Tax) A1 11/96 at 102 1,023,020
8,500,000 New York State Energy Research and Development Authority,
Electric Facilities Revenue Bonds, Series 1989A (Consolidated
Edison Company of New York, Inc. Project), 7.750%, 1/01/24
(Alternative Minimum Tax) A1 1/98 at 101 1/2 8,918,965
3,100,000 New York State Energy Research and Development Authority,
Electric Facilities Revenue Bonds, Series 1990 A (Consolidated
Edison Company of New York, Inc. Project), 7.500%, 7/01/25
(Alternative Minimum Tax) A1 7/99 at 101 3,326,610
1,000,000 New York State Energy Research and Development Authority, Solid
Waste Disposal Revenue Bonds (New York State Electric and Gas
Corporation Project), 1993 Series A, 5.700%, 12/01/28
(Alternative MinimumTax) Aaa 12/03 at 102 973,340
9,825,000 New York State Environmental Facilities Corporation, State Water
Pollution Control Revolving Fund Revenue Bonds, Series 1990 A
(New York City Municipal Water Finance Authority Project),
7.500%, 6/15/12 Aa 6/00 at 102 10,874,801
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Environmental Facilities Corporation, State Water
Pollution Control, Revolving Fund Revenue Bonds, Series 1991 A (New
York City Municipal Water Finance Authority Project), 7.250%, 6/15/10 Aa 6/01 at 102 $ 1,118,050
3,160,000 New York State Housing Finance Agency, Multi-Family Housing Revenue
Bonds (AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29
(Alternative Minimum Tax) Aaa 11/99 at 102 3,322,076
1,585,000 New York State Housing Finance Agency, Multi-Family Housing Revenue
Bonds (Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12
(Alternative Minimum Tax) Aa 8/02 at 102 1,682,145
New York State Housing Finance Agency, Health Facilities Revenue Bonds
(New York City), 1990 Series ARefunding:
4,560,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) Aaa 11/00 at 102 5,218,966
940,000 8.000%, 11/01/08 BBB+ 11/00 at 102 1,052,245
3,950,000 New York State Medical Care Facilities Finance Agency, Albany
Medical Center Hospital Project Revenue Bonds, 1987 Series A,
8.000%, 2/15/28 AAA 8/98 at 102 4,250,082
9,000,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1988 Series C,
7.700%, 2/15/22 (Pre-refunded to 8/15/98) AAA 8/98 at 102 9,733,950
2,780,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home-FHA Insured Mortgage Revenue Bonds, 1995 Series B,
6.250%, 2/15/15 AAA 8/05 at 102 2,892,145
4,000,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1987 Series A,
8.300%, 2/15/22 (Pre-refunded to 2/15/98) AAA 2/98 at 102 4,300,080
10,000,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series B,
6.200%, 8/15/22 AAA 8/02 at 102 10,265,100
4,500,000 New York State Medical Care Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Center FHA-Insured Mortgage Revenue
Bonds, 1989 Series B, 7.450%, 2/15/29 Aaa 2/00 at 102 4,991,255
1,295,000 New York State Medical Care Facilities Finance Agency, Hospital
Insured Mortgage Revenue Bonds, 1990 Series A, 7.700%, 2/15/25
(Pre-refunded to 8/15/00) Aaa 8/00 at 102 1,461,809
4,500,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series C
(Mount Sinai Hospital), 5.750%, 8/15/19 AAA 8/02 at 102 4,407,210
1,145,000 New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1989 Series
A (General Obligation Bonds), 7.800%, 2/15/19
(Pre-refunded to 2/15/99) Aaa 2/99 at 102 1,257,015
820,000 New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1991 Series D,
7.400%, 2/15/18 Baa1 2/02 at 102 907,674
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds,
1991 Series A:
1,465,000 7.500%, 2/15/21 (Pre-refunded to 2/15/01) Aaa 2/01 at 102 1,654,600
535,000 7.500%, 2/15/21 Baa1 2/01 at 102 594,770
New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement Revenue
Bonds, 1990 Series A:
1,205,000 7.750%, 2/15/20 (Pre-refunded to 2/15/00) Aaa 2/00 at 102 1,348,021
1,195,000 7.750%, 2/15/20 Baa1 2/00 at 102 1,316,615
1,005,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement Revenue Bonds,
1990 Series B, 7.875%, 8/15/20 Baa1 8/00 at 102 1,122,726
1,405,000 New York State MedicalCare Facilities Finance Agency (Mental
Health Services), 7.875%, 8/15/20 (Pre-refunded to 8/15/00) Aaa 8/00 at 102 1,594,099
3,000,000 New York State Medical Care, Facilities Finance Agency, FHA-Insured
Mortgage Project Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 AA+ 2/06 at 102 3,060,180
5,800,000 New York State Medical Care Facilities Financing Agency, FHA-Insured
Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 Aa 2/05 at 102 6,012,280
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 New York State Thruway Authority, Local Highway and Bridge Service
Contract Bonds, Series 1993, 5.250%, 4/01/13 Baa1 4/03 at 102 $ 1,384,650
6,225,000 New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, Series G, 7.000%, 1/01/17
(Pre-refunded to 1/01/00) Aaa 1/00 at 102 6,811,084
5,655,000 New York State Urban Development Corporation, Project Revenue
Bonds (Onondaga County Convention Center), Series 1990,
7.875%, 1/01/20 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 6,459,141
4,500,000 New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, Series 5, 5.500%, 1/01/25 Aaa 1/05 at 102 4,364,730
New York State Urban Development Corporation, Correctional Capital
Facilities Revenue Bonds, Series 1:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) Aaa 1/00 at 102 4,466,520
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) Aaa 1/00 at 102 1,109,130
1,000,000 New York State Urban Development Corporation, Correctional Capital
Facilities Revenue Bonds, 1993 Refunding Series, 5.500%, 1/01/15 Baa1 1/03 at 102 929,710
1,845,000 New York State, Environmental Facilities Corporation, State Water
Pollution Control, Revolving Fund Revenue Bonds, Series 1994 D
(Pooled Loan Issue), 6.900%, 5/15/15 Aaa 11/04 at 102 2,090,274
3,230,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series HH-4, 8.050%, 4/01/22 (Alternative MinimumTax) Aa 10/00 at 102 3,413,141
9,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax) Aa 6/00 at 102 9,784,384
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative MinimumTax) Aa 10/03 at 102 1,469,250
1,670,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series SS, 7.950%, 10/01/22 (Alternative Minimum Tax) Aa 10/00 at 102 1,781,823
45,135,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) Aa 10/01 at 19 11/32 6,302,200
1,490,000 Town of Babylon Industrial Development Agency (New York), Resource
Recovery Revenue Bonds, Series 1985, Ogden Martin System of
Babylon, Inc. Project), 8.500%, 1/01/19 Baa1 7/98 at 103 1,642,189
1,985,000 Town of Babylon Industrial Development Agency (New York), Resource
Recovery Revenue Bonds, Series 1985 B (Ogden Martin System of
Babylon, Inc. Project), 8.500%, 1/01/19 Baa1 7/98 at 103 2,187,748
Battery Park City Authority, Revenue Bonds, Series 1990:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) Aaa 5/99 at 102 7,761,275
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) Aaa 5/99 at 100 2,634,700
2,500,000 Town of Hempstead Industrial Development Agency (Hempstead, New
York), Fixed Rate/Convertible Resource Recovery Revenue Bonds (1985
American Ref-Fuel Company of Hempstead Project), 7.375%, 12/01/05 A- 12/96 at 102 2,559,025
1,000,000 Hudson Housing Development Corporation (Hudson, New York),
Multifamily Mortgage Revenue Refunding Bonds, Series 1992A
(Providence Hall-Schuyler Court Projects-FHA Insured Mortgages),
6.500%, 1/01/25 Aaa 1/03 at 101 1,020,700
1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue
Bonds, (1985 Facility-Series B (1994)), 6.125%, 7/01/13 (Alternative
Minimum Tax) Aaa 7/04 at 102 1,029,850
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities
1987 Service Contract Bonds, Series 2, 8.000%, 7/01/18
(Pre-refunded to 7/01/98) Aaa 7/98 at 102 1,084,450
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities
1987 Service Contract Bonds, Series 4, 7.500%, 7/01/19
(Pre-refunded to 7/01/00) Aaa 7/00 at 102 1/2 1,116,040
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities
1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16
(Pre-refunded to 7/01/00) Aaa 7/00 at 102 6,161,540
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities
Service Contract Bonds, Series K, 7.500%, 7/01/17
(Pre-refunded to 7/01/98) Aaa 7/98 at 102 $ 3,229,290
1,500,000 Metropolitan Transportation Authority (New York), Transit
Facilities 1987 Service Contract Bonds, Series 7, 4.750%, 7/01/19 Baa1 7/03 at 100 1,242,060
2,000,000 Monroe County Airport Authority, Greater Rochester International
Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative
Minimum Tax) Aaa 1/00 at 102 2,172,120
1,000,000 Monroe County Water Authority (New York), Series 1991 B Water System
Revenue Bonds, 6.500%, 8/01/16 (Pre-refunded to 8/01/01) Aaa 8/01 at 101 1,090,170
3,000,000 The City of New York (New York), General Obligation Bonds, Fiscal
1991 Series F, 3.000%, 11/15/00 Baa1 No Opt. Call 2,771,340
The City of New York, General Obligation Bonds, Fiscal 1991
Series B:
955,000 8.000%, 6/01/99 Aaa No Opt. Call 1,043,252
70,000 8.000%, 6/01/99 Baa1 No Opt. Call 75,670
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series D, 9.500%, 8/01/02 Baa1 8/01 at 101 1/2 1,772,370
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series E, 6.500%, 8/01/02 Baa1 No Opt. Call 4,209,240
480,000 The City of New York, General Obligation Bonds, Fiscal 1987
Series D, 8.000%, 8/01/06 Aaa 8/97 at 102 504,984
2,420,000 New York City General Obligation, 8.000%, 8/01/06
(Pre-refunded to 8/01/97) Aaa 8/97 at 102 2,550,946
1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series B, 7.250%, 10/01/06 Aaa No Opt. Call 1,443,231
2,600,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series F, 6.375%, 2/15/06 Baa1 2/05 at 101 2,693,418
50,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series C, 6.625%, 8/01/12 Aaa 8/02 at 101 1/2 54,428
2,150,000 The City of New York, General Obligation Bonds, Fiscal 1989
Series B, 6.750%, 12/01/14 (Pre-refunded to 12/01/96) Aaa 12/96 at 101 /1 2,193,194
500,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 8.000%, 3/15/13 Aaa 3/00 at 101 1/2 562,655
1,000,000 The City of New York, General Obligation Bonds, Fiscal 1993
Series E, 5.750%, 5/15/13 Aaa 5/03 at 101 1/2 1,009,060
5,750,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHA Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19 AAA 6/01 at 102 6,095,518
1,000,000 New York City, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19
(Pre-refunded to 6/15/98) AAA 6/98 at 101 1/2 1,060,420
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Revenue Bonds, Fiscal 1989 Series
A:
2,165,000 7.625%, 6/15/16 (Pre-refunded to 6/15/97) Aaa 6/97 at 101 1/2 2,255,302
1,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) AAA 6/97 at 101 1/2 1,037,390
4,000,000 New York City, Municipal Water Finance Authority (New York),
Water and Sewer System Revenue Bonds, Fiscal 1991 Series
C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) Aaa 6/01 at 101 1/2 4,576,920
1,000,000 New York City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18 Aaa 6/02 at 101 1/2 1,000,210
New York City Municipal Water Finance Authority (New York), Water
and Sewer System Revenue Bonds, Fiscal 1990 Series A:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) AAA 6/99 at 101 1/2 2,183,540
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) A 6/99 at 101 1/2 1,358,413
250,000 New York City Municipal Water Finance Authority (New York), Water
and Sewer System Revenue Bonds, Fiscal 1991 Series A, 7.500%,
6/15/19 (Pre-refunded to 6/15/00) Aaa 6/00 at 101 1/2 278,735
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,700,000 New York City Transit Authority, Transit Facilities Revenue
Bonds, Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) Aaa 1/00 at 102 $ 6,322,041
6,750,000 New York City Industrial Development Agency, Special Facility
Revenue Bonds (1990 American Airlines, Inc. Project), 8.000%,
7/01/20
(Alternative Minimum Tax) Baa2 1/99 at 102 7,145,820
2,095,000 City of Niagara Falls, Niagara County, New York, Water Treatment
Plant (Serial) Bonds, 1994, 8.000%, 11/01/09 (Alternative
Minimum Tax) Aaa No Opt. Call 2,576,724
2,165,000 Triborough Bridge and Tunnel Authority, New York, General Purpose
Revenue Bonds, Series O, 7.700%, 1/01/19 (Pre-refunded to 1/01/99) Aaa 1/99 at 101 1/2 2,358,118
2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax
Special Obligation Bonds, Series 1989 A, 7.125%, 1/01/19
(Pre-refunded to 1/01/00) Aaa 1/00 at 101 2,178,460
1,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Bonds,
Series 1992, 5.500%, 1/01/17 Aaa 1/02 at 100 967,320
2,500,000 Triborough Bridge and Tunnel Authority, New York, Mortgage Recording
Tax Special Obligation Bonds, Series 1988A, 8.000%, 1/01/18
(Pre-refunded to 1/01/98) Aaa 1/98 at 101 1/2 2,660,525
2,230,000 City of Yonkers, New York, General Obligation School Bonds-1990-C,
7.375%, 12/01/09 (Pre-refunded to 12/01/00) Aaa 12/00 at 102 2,510,400
5,705,000 Puerto Rico Housing Finance Corporation, Multifamily Mortgage
Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22 AA 4/00 at 102 6,029,271
$348,180,000 Total Investments - (cost $304,278,246) - 97.6% 331,277,892
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.1%
$ 2,100,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series B, Variable Rate Demand Bonds, 3.700%, 8/15/22+ VMIG-1 2,100,000
400,000 New York State Energy Research and Development Authority, Pollution
Control Refunding Revenue Bonds (New York State Electric andGas
Corporation Project), 1994 Series C, Variable Rate Demand Bonds,
3.750%, 6/01/29+ VMIG-1 400,000
1,100,000 Syracuse Industrial Development Agency, Multi-Modal Interchangeable
Rate Civic Facility, Revenue Bonds (Syracuse University),
3.950%, 3/01/23+ VMIG-1 1,100,000
$ 3,600,000 Total Temporary Investments - 1.1% 3,600,000
============
Other Assets Less Liabilities - 1.3% 4,482,254
Net Assets - 100% $339,360,146
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 67 $214,748,866 65%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 53,962,214 16
PORTFOLIO OF A+ A1 3 13,268,595 4
INVESTMENTS A, A- A, A2, A3 2 3,917,438 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 22 45,380,779 14
TEMPORARY
INVESTMENTS):
TOTAL 106 $331,277,892 100%
<FN>
* Ratings (not covered by the report of independent auditors): Using the higher of
Standard & Poor's or Moody's rating.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,150,000 Dormitory Authority of the State of New York, Judicial Facilities
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16 Aaa No Opt. Call $ 1,359,680
10,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 11,202,800
1,000,000 Dormitory Authority of the State of New York, Cooper Union, Insured
Revenue Bonds, Series 1990, 7.200%, 7/01/20 Aaa 7/01 at 102 1,115,640
Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990C:
5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) Aaa 5/00 at 102 5,921,228
9,825,000 6.125%, 5/15/20 Aaa 5/00 at 100 9,916,078
5,000,000 Dormitory Authority of the State of New York, New York
University, Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 Aaa 7/01 at 102 5,078,400
2,540,000 Dormitory Authority of the State of New York, Fordham University,
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded
to 7/01/00) Aaa 7/00 at 102 2,819,451
1,250,000 Dormitory Authority of the State of New York, Leake and Watts
Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 Aaa 7/04 at 102 1,266,900
1,000,000 Dormitory Authority of the State of New York, Maimonides Medical
Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A,
5.750%, 8/01/24 Aaa 2/06 at 102 991,000
10,000,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1990 A (Consolidated Edison
Company of New York, Inc. Project), 7.500%, 7/01/25
(Alternative MinimumTax) A1 7/99 at 101 10,731,000
5,000,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1991 A (Consolidated Edison
Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative MinimumTax) A1 1/00 at 101 5,395,050
2,000,000 New York State Energy Research and Development Authority,
Facilities Revenue Bonds, Series 1992 A (Consolidated Edison
Company of New York, Inc. Project), 6.750%, 1/15/27
(Alternative MinimumTax) Aaa 1/01 at 101 2,119,080
2,000,000 New York State Energy Research and Development Authority,
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative MinimumTax) Aaa 12/01 at 101 2,077,660
2,500,000 New York State Energy Research and Development Authority,
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative MinimumTax) Aaa 5/02 at 102 2,694,150
2,250,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company
Project), 5.600%, 6/01/25 (Alternative MinimumTax) Aaa 7/03 at 102 2,167,515
3,665,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds (Central Hudson Gas &Electric
Corporation Projects), Series C, 8.375%, 12/01/28
(Alternative Minimum Tax) A- 12/98 at 102 3,996,463
3,000,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds (Central Hudson Gas & Electric
Corporation Project), 1984 Series B, 7.375%, 10/01/14 Aaa 10/99 at 103 3,318,030
New York State Energy Research and Development Authority, Pollution
Control Revenue Bonds, Series C (Rochester Gas and Electric
Corporation Projects):
5,000,000 8.375%, 12/01/28 (Alternative Minimum Tax) Aaa 12/98 at 102 5,472,850
1,595,000 8.375%, 12/01/28 (Alternative Minimum Tax) Baa1 12/98 at 102 1,729,937
2,500,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and
Electric Corporation Projects) 6.500%, 5/15/32 (Alternative
Minimum Tax) Aaa 5/02 at 102 2,632,350
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
3,000,000 5.750%, 11/01/08 Aaa 5/06 at 102 3,032,700
2,000,000 6.100%, 11/01/15 Aaa 5/06 at 102 2,029,760
3,000,000 6.125%, 11/01/20 Aaa 5/06 at 102 3,038,310
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 New York State Housing Finance Agency, State University
Construction Refunding Bonds, 1986 Series A, 7.900%, 11/01/06 Aaa No Opt. Call $ 5,962,850
1,000,000 New York State Housing Finance Agency, Insured Multi-Family
Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 Aaa 8/04 at 102 1,031,110
10,590,000 New York State Medical Care Facilities Finance Agency, Secured
Hospital Revenue Bonds, 1987 Series A, 7.100%, 2/15/27 Aaa 2/97 at 102 10,898,910
5,000,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home Insured Mortgage Revenue Bonds,
1989 Series A, 7.600%, 2/15/29 Aa 2/99 at 102 5,394,400
New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1989 Series A:
3,000,000 7.250%, 2/15/24 Aaa 2/99 at 102 3,211,950
2,100,000 7.250%, 2/15/24 Aa 2/99 at 102 2,242,485
New York State Medical Care Facilities Finance Agency,
Hospital Insured Mortgage Revenue Bonds, 1987 Series
ARefunding:
3,000,000 7.875%, 2/15/07 (Pre-refunded to 8/15/97) Aa 8/97 at 102 3,142,200
1,720,000 8.000%, 2/15/25 (Pre-refunded to 8/15/97) Aaa 8/97 at 102 1,813,981
9,500,000 New York State Medical Care Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Center FHA-Insured Mortgage
Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded
to 2/15/00) Aaa 2/00 at 102 10,539,205
2,500,000 New York State Medical Care Facilities Finance Agency, Beth
Israel Medical Center (Main Campus), Project Revenue Bonds,
1990 Series A, 7.500%, 11/01/10 Aaa 11/00 at 102 2,785,350
12,000,000 New York State Medical Care Facilities Finance Agency, North
Shore University Hospital, Mortgage Project Revenue Bonds,
1990 Series A, 7.200%, 11/01/20 Aaa 11/00 at 102 13,247,040
8,625,000 New York State Medical Care Facilities Finance Agency, The Mary
Imogene Bassett Hospital, Project Revenue Bonds, 1991 Series A,
7.125%, 11/01/20 Aaa 5/01 at 102 9,510,529
2,110,000 New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1992
Series B, 6.250%, 8/15/18 Aaa 2/02 at 102 2,196,299
2,000,000 New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1994
Series E, 6.250%, 8/15/19 Aaa 8/02 at 100 2,090,480
3,175,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25 Aaa 2/05 at 102 3,237,357
2,080,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement Revenue Bonds,
1993 Series F, Refunding, 5.250%, 2/15/19 Aaa 2/04 at 102 1,956,094
6,000,000 New York State Medical Care Facilities Finance Agency, New York
Hospital FHA-Insured Mortgage Revenue Bonds, 1994 Series A
(AMBAC Insured Series), 6.800%, 8/15/24 Aaa 2/05 at 102 6,621,300
4,150,000 New York State Thruway Authority, General Revenue Bonds,
Series C, 6.000%, 1/01/25 Aaa 1/05 at 102 4,217,853
1,550,000 New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, Series C, 7.500%, 1/01/12
(Pre-refunded to 1/01/98) Aaa 1/98 at 102 1,647,526
15,000,000 New York State Urban Development Corporation, Correctional
Capital Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20
(Pre-refunded to 1/01/00) Aaa 1/00 at 102 16,636,950
3,150,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series MM-1, 7.950%, 10/01/21 (Alternative Minimum Tax) Aa 2/01 at 102 3,352,986
7,145,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series SS, 7.950%, 10/01/22 (Alternative Minimum Tax) Aa 10/00 at 102 7,623,429
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 Aaa 3/01 at 102 2,806,272
2,115,000 Town of Clifton Park Water Authority (New York), Water
System Revenue Bonds, Series 1993, 5.000%, 10/01/26 Aaa 10/03 at 102 1,896,415
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,500,000 Metropolitan Transportation Authority, Commuter Facilities
Revenue Bonds, Series 1992B, 6.250%, 7/01/17 Aaa 7/02 at 102 $ 5,737,545
2,570,000 Metropolitan Transportation Authority, Commuter Facilities
Service Contract Bonds, Series K, 7.500%, 7/01/17 (Pre-refunded
to 7/01/98) Aaa 7/98 at 102 2,766,425
4,290,000 Metropolitan Transportation Authority (New York), Transit
Facilities Service Contract Bonds, Series L, 7.500%, 7/01/17 Aaa 7/98 at 102 4,608,104
1,360,000 Metropolitan Transportation Authority, Transit Facilities
Revenue Bonds, Series J, 5.500%, 7/01/22 Aaa 7/02 at 100 1,310,047
County of Nassau, New York, General Obligation Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,192,401
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,181,309
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,170,217
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,159,124
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,142,486
The City of New York, General Obligation Bonds, Fiscal 1991
Series B:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) Aaa 6/01 at 101 1/2 2,168,576
1,550,000 7.000%, 6/01/04 Aaa 6/01 at 101 1/2 1,670,466
4,935,000 The City of New York, General Obligation Bonds, Fiscal 1988
Series B,
7.500%, 8/01/07 (Pre-refunded to 2/01/98) Aaa 2/98 at 101 1/2 5,232,432
The City of New York, General ObligationBonds, Fiscal 1990
Series I:
950,000 7.250%, 8/15/14 Aaa 8/99 at 101 1/2 1,033,505
1,270,000 7.250%, 8/15/17 Aaa 8/99 at 101 1/2 1,365,187
The City of New York, General ObligationBonds, Fiscal 1991
Series A:
3,030,000 7.250%, 3/15/18 Aaa 3/00 at 101 1/2 3,274,067
2,250,000 7.250%, 3/15/19 Aaa 3/00 at 101 1/2 2,456,460
730,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series I,
7.250%, 8/15/17 Aaa 8/99 at 101 1/2 794,912
10,255,000 New York City Educational Construction Fund, Revenue Bonds,
1989 Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99) Aaa 10/99 at 101 1/2 11,190,769
1,250,000 New York City Health and Hospitals Corporation, Health System
Bonds, 1993 Series A, 5.750%, 2/15/22 Aaa 2/03 at 102 1,232,675
7,790,000 New York City Housing Development Corporation, MBIA Insured
Residential Revenue Refunding Bonds (Royal Charter
Properties-East, Inc. Project), 1988 Series 1, 7.375%, 4/01/17 Aaa 4/98 at 101 1/2 8,114,765
10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHAInsured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19 AAA 6/01 at 102 10,600,900
1,000,000 New York City (New York), Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, Fiscal 1989 Series B, 7.625%,
6/15/17 (Pre-refunded to 6/15/98) Aaa 6/98 at 101 1/2 1,072,510
New York City Municipal WaterFinance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A:
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) Aaa 6/00 at 101 1/2 6,600,213
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) Aaa 6/00 at 101 1/2 1,337,928
2,000,000 New York City Municipal Water Finance Authority, Water and
Sewer System Revenue Bonds, Fiscal 1990 Series A, 7.375%,
6/15/09(Pre-refunded to 6/15/99) Aaa 6/99 at 101 1/2 2,183,540
1,000,000 New YorkCity Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 Aaa 6/06 at 101 993,560
11,000,000 New York City Transit Authority, Transit Facilities Revenue
Bonds, Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) Aaa 1/00 at 102 12,200,430
9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds,
Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax) Aaa 4/01 at 101 9,555,840
3,080,000 Suffolk County Water Authority, New York, Water System Revenue
Bonds, Series 1990, 7.100%, 6/01/10 (Pre-refunded to 6/01/99) Aaa 6/99 at 102 3,352,888
9,635,000 Suffolk County Water Authority, New York, Water System Revenue
Bonds, Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00) Aaa 6/00 at 102 10,612,855
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Suffolk County Water Authority, New York, Water System Revenue
Bonds, Series 1994, 5.000%, 6/01/17 Aaa 6/03 at 102 $ 4,574,900
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series R, 7.375%, 1/01/16 (Pre-refunded to 1/01/00) Aaa 1/00 at 101 1/2 7,244,908
4,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series M, 7.500%, 1/01/15 (Pre-refunded to 1/01/98) Aaa 1/98 at 102 4,251,680
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) Aaa 1/01 at 101 1/2 3,315,120
2,500,000 Triborough Bridge and TunnelAuthority,General Purpose Revenue
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 2,772,900
4,510,000 Triborough Bridge and TunnelAuthority, Mortgage Recording Tax
Special Obligation Bonds, Series 1989 A, 7.125%, 1/01/19
(Pre-refunded to 1/01/00) Aaa 1/00 at 101 4,912,426
5,000,000 Triborough Bridge and TunnelAuthority, Special Obligation
Refunding Bonds, Series 1991B, 6.875%, 1/01/15 Aaa 1/01 at 102 5,464,950
6,000,000 Triborough Bridge and Tunnel Authority, New York, Mortgage
Recording Tax Special Obligation Bonds, Series 1988A,
8.000%, 1/01/18 (Pre-refunded to 1/01/98) Aaa 1/98 at 101 1/2 6,385,260
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) Aaa 7/01 at 102 5,770,642
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) Aaa 7/01 at 102 11,543,470
$361,855,000 Total Investments - (cost $356,633,246) - 98.3% 387,717,395
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 700,000 The City of New York, General Obligation Bonds, Fiscal 1995
============
Series B,Variable Rate Demand Bonds, 3.700%, 8/15/05+ VMIG-1 700,000
Other Assets Less Liabilities - 1.5% 5,771,862
Net Assets - 100% $394,189,257
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 78 $344,109,445 88%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 5 21,755,500 6
PORTFOLIO OF A+- A1 2 16,126,050 4
INVESTMENTS A, A- A, A2, A3 1 3,996,463 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 1,729,937 1
TEMPORARY
INVESTMENTS):
TOTAL 87 $387,717,395 100%
<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, any of which ensure the timely payment of principal and
interest.
* Ratings (not covered by the report of independent auditors): Using the higher
of Standard & Poor's or Moody's rating.
** Optional Call Provisions (not covered by the report of independent
auditors): 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. + 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1989B, 7.250%,
5/15/15 (Pre-refunded to 5/15/00) Aaa 5/00 at 102 $ 5,544,400
Dormitory Authority of the State of New York, St. Vincent's
Hospital and MedicalCenter of New York, FHA-Insured Mortgage
Revenue Bonds, Series 1991:
5,000,000 7.375%, 8/01/11 AAA 8/01 at 102 5,581,700
4,150,000 7.400%, 8/01/30 AAA 8/01 at 102 4,627,707
1,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990C, 7.000%,
5/15/18 (Pre-refunded to 5/15/00) Aaa 5/00 at 102 1,100,600
12,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14 Aaa 7/00 at 102 13,133,400
10,930,000 Dormitory Authority of the State of New York, Ithaca College,
Insured Revenue Bonds, Series 1991, 6.250%, 7/01/21 Aaa 7/01 at 102 11,333,098
10,000,000 Dormitory Authority of the State of New York, New York University,
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 Aaa 7/01 at 102 10,156,800
3,920,000 Dormitory Authority of the State of New York, Rensselaer
Polytechnic Institute, Insured Revenue Bonds, Series 1991,
6.500%, 7/01/06 Aaa 7/01 at 102 4,268,527
6,000,000 Dormitory Authority of the State of New York, St. John's
University, New York, Insured Revenue Bonds, Series 1991,
6.875%, 7/01/11 Aaa 7/01 at 102 6,614,640
12,875,000 Dormitory Authority of the State of New York, Mount Sinai School
of Medicine, Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 Aaa 7/01 at 102 14,074,435
13,275,000 Dormitory Authority of the State of New York, Judicial Facilities
Lease Revenue Bonds (Suffolk County Issue), Series 1991B,
7.000%, 4/15/16 Aaa 4/01 at 102 14,659,184
5,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1991A, 6.750%,
5/15/21 (Pre-refunded to 5/15/02) Aaa 5/02 at 102 5,590,000
5,000,000 Dormitory Authority of the State of New York, Judicial Facilities
Lease Revenue Bonds, (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14 Baa1 10/96 at 115 27/32 5,833,850
Dormitory Authority of the State of New York, Fordham University,
Insured Revenue Bonds, Series 1990:
10,380,000 7.200%, 7/01/15 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 11,522,008
1,870,000 7.200%, 7/01/15 Aaa 7/00 at 102 2,068,893
5,000,000 Dormitory Authority of the State of New York, Leake and Watts
Services Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 Aaa 7/04 at 102 5,067,600
1,460,000 Dormitory Authority of the State of New York, Maimonides Medical
Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996B,
5.500%, 8/01/14 Aaa No Opt. Call 1,465,650
4,000,000 New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A,
5.500%, 8/15/21 Aaa 2/02 at 100 3,809,880
5,440,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1987 (Consolidated Edison Company
of New York, Inc. Project), 7.125%, 3/15/22 (Alternative Minimum Tax) Aa3 3/97 at 102 5,581,222
14,000,000 New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1991 A (Consolidated Edison Company
of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) A1 1/00 at 101 15,106,140
11,000,000 New York State Energy Research and Development Authority, Adjustable
Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union
Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) Aaa 5/02 at 102 11,854,260
3,000,000 New York State Energy Research and Development Authority, Pollution
Control Refunding Revenue Bonds (Niagara Mohawk Power Corporation
Project), 1991 Series A, 6.625%, 10/01/13 Aaa 10/01 at 102 3,265,170
1,000,000 New York State Energy Research and Development Authority, Adjustable
Rate Pollution Control Revenue Bonds (New York State Electric and
Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative
Minimum Tax) Aaa 7/05 at 102 1,013,620
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,500,000 New York State Energy Research and Development Authority, Facilities
Revenue Bonds, Series 1992 A (Consolidated Edison Company of New
York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) Aaa 1/01 at 101 $ 2,648,850
3,500,000 New York State Energy Research and Development Authority, Facilities
Revenue Bonds, Series 1992B (Consolidated Edison Company of New
York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) Aaa 12/01 at 101 3,635,905
5,000,000 New York State Environmental Facilities Corporation, State Water
Pollution ControlRevolving Fund Revenue Bonds, Series 1991 B
(Pooled Loan Issue), 7.100%, 9/15/11 Aaa 9/00 at 102 5,487,150
1,300,000 New York State Environmental Facilities Corporation, Water Facilities
Revenue Bonds, Series 1992 (The New Rochelle Water Company
Project), 6.400%, 12/01/24 (Alternative Minimum Tax) Aaa 6/02 at 102 1,360,294
4,000,000 New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series ARefunding, 6.125%, 11/01/20 Aaa 5/06 at 102 4,051,080
12,000,000 New York State Medical Care Facilities Finance Agency, Secured
Hospital Revenue Bonds, 1987 Series A, 7.100%, 2/15/27 Aaa 2/97 at 102 12,350,040
8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's-
Roosevelt Hospital Center FHA-Insured Mortgage Revenue Bonds,
1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) Aaa 2/00 at 102 9,923,494
5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-
Roosevelt Hospital Center FHA-Insured Mortgage Revenue Bonds,
1989 Series A, 7.375%, 2/15/19 Aaa 2/00 at 102 6,036,085
10,755,000 New York State Medical Care Facilities Finance Agency, North Shore
University Hospital, Mortgage Project Revenue Bonds, 1990 Series A,
7.200%, 11/01/20 Aaa 11/00 at 102 11,872,660
5,625,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series B,
6.250%, 8/15/18 Aaa 2/02 at 102 5,855,063
3,590,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1989 Series C,
7.375%, 8/15/19 (Pre-refunded to 8/15/99) Aaa 8/99 at 102 3,946,272
6,265,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1989 Series C,
7.375%, 8/15/19 Aaa 8/99 at 102 6,847,457
3,000,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1993 Series F
Refunding, 5.375%, 2/15/14 Aaa 2/04 at 102 2,896,350
5,000,000 New York State Medical Care Facilities Finance Agency, New York
Hospital FHA-Insured Mortgage Revenue Bonds, 1994 Series A
(AMBAC Insured Series), 6.800%, 8/15/24 Aaa 2/05 at 102 5,517,750
2,250,000 New York State Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1995 Series A,
6.000%, 2/15/25 Aaa 2/05 at 102 2,294,190
5,000,000 New York State Urban Development Corporation, Section 236 Revenue
Bonds, Series 1992A, 6.750%, 1/01/26 Aaa 1/02 at 102 5,436,500
1,000,000 New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, 1993A, Refunding Series,
5.250%, 1/01/14 Aaa No Opt. Call 969,570
1,720,000 New York State Urban Development Corporation, Youth Facilities
Revenue Bonds, Series 1994, 5.700%, 4/01/14 Aaa 4/04 at 102 1,726,123
State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series VV:
9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) Aa 10/01 at 102 10,464,978
2,070,000 7.375%, 10/01/11 (Alternative Minimum Tax) Aaa 10/01 at 102 2,234,358
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series 43, 6.450%, 10/01/17 Aaa 9/04 at 102 1,568,175
2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth
Series A, 6.875%, 4/01/17 Aaa 10/96 at 102 2,395,535
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
State of New York, Serial Bonds:
$ 4,055,000 6.750%, 8/01/08 Aaa 8/01 at 102 $ 4,454,012
4,055,000 6.750%, 8/01/10 Aaa 8/01 at 102 4,452,187
1,000,000 Albany Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Series 1993A, 5.500%, 12/01/22 Aaa 12/03 at 102 965,640
1,000,000 Battery Park City Authority, Water and Sewer System Revenue Bonds,
Series 1993A, 5.250%, 11/01/17 Aaa 11/03 at 102 944,550
1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purposes
Serial Bonds, 1991 Series B, 6.400%, 10/01/11 Aaa 10/02 at 102 1,274,340
City of Buffalo, New York, Refunding Serial Bonds-1991:
530,000 6.250%, 2/01/11 Aaa 2/01 at 101 552,096
760,000 6.250%, 2/01/13 Aaa 2/01 at 101 788,705
760,000 6.250%, 2/01/15 Aaa 2/01 at 101 786,030
5,000,000 Metropolitan Transportation Authority, Commuter Facilities
Revenue Bonds, Series 1992B, 6.250%, 7/01/17 Aaa 7/02 at 102 5,215,950
1,000,000 Metropolitan Transportation Authority, Commuter Facilities
Revenue Bonds, Series 1996A, 6.000%, 7/01/21 Aaa 7/06 at 102 1,022,330
10.000,000 Metropolitan Transportation Authority, Commuter Facilities Service
Contract Bonds, Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98) Aaa 7/98 at 102 10,764,300
5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue
Bonds, Series K, 6.250%, 7/01/11 Aaa 7/02 at 101 1/2 5,271,350
7,900,000 Monroe County Airport Authority, Greater Rochester International
Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative
Minimum Tax) Aaa 1/00 at 102 8,579,874
5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue
Bonds, (Hofstra University Project-Series 1991), 6.750%, 8/01/11 Aaa 8/01 at 102 5,492,000
The City of New York, General Obligation Bonds, Fiscal 1992 Series C,
Fixed Rate Bonds, Subseries C-1:
4,130,000 6.250%, 8/01/10 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 4,516,981
870,000 6.250%, 8/01/10 Aaa 8/02 at 101 1/2 911,856
The City of New York, General Obligation Bonds, 1992 Series C:
4,765,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 5,300,634
235,000 6.625%, 8/01/14 Aaa 8/02 at 101 1/2 255,191
The City of New York, General Obligation Bonds, Fiscal 1991
Series A:
1,500,000 7.250%, 3/15/18 Aaa 3/00 at 101 1/2 1,620,825
3,100,000 7.250%, 3/15/19 Aaa 3/00 at 101 1/2 3,384,456
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series B, 7.000%, 10/01/19 Aaa 10/99 at 100 3,189,000
New York City Educational Construction Fund, Revenue Bonds, 1989
Series A:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) Aaa 10/99 at 101 1/2 1,849,192
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) Aaa 10/99 at 101 1/2 13,640,625
2,600,000 New York City Health and Hospitals Corporation, Health System
Bonds, 1993 Series A, 5.625%, 2/15/13 Aaa 2/03 at 102 2,586,064
4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage
Refunding Bonds (FHA Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19 AAA 6/01 at102 4,240,360
15,000,000 Pass-Through Certificates of New York City HDC Multifamily Housing,
Limited Obligation Bonds, Series 1991A, 6.500%, 2/20/19 Aaa 7/97 at 105 17,554,200
2,000,000 New York City, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19
(Pre-refunded to 6/15/98) Aaa 6/98 at 101 1/2 2,123,220
3,200,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19
(Pre-refunded to 6/15/00) Aaa 6/00 at 101 1/2 3,567,808
5,000,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16
(Pre-refunded to 6/15/01) Aaa 6/01 at 101 1/2 5,564,050
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,350,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14
(Pre-refunded to 6/15/99) Aaa 6/99 at 101 1/2 $ 5,756,386
1,455,000 New York City, Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19
(Pre-refunded to 6/15/98) Aaa 6/98 at 101 1/2 1,545,647
3,500,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fixed Rate Fiscal 1994 Series B, 5.375%,
6/15/19 Aaa 6/04 at 101 3,345,090
1,500,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 Aaa 6/06 at 101 1,490,340
2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds,
Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) Aaa 1/00 at 102 3,083,381
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue
Refunding Bonds, Series 1991A, (The American Museum of Natural
History), 6.900%, 4/01/21 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 5,549,800
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue
Refunding Bonds, Series 1991A, (The Museum of Modern Art),
6.625%, 1/01/19 Aaa 1/02 at 102 5,405,700
10,000,000 The Port Authority of New York & New Jersey, Consolidated Bonds,
Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) AA- 11/01 at 101 10,457,200
Rensselaer County, New York, General Obligation Serial Bonds,
Series 1991:
960,000 6.700%, 2/15/16 Aaa No Opt. Call 1,098,038
960,000 6.700%, 2/15/17 Aaa No Opt. Call 1,101,965
960,000 6.700%, 2/15/18 Aaa No Opt. Call 1,099,075
960,000 6.700%, 2/15/19 Aaa No Opt. Call 1,101,072
960,000 6.700%, 2/15/20 Aaa No Opt. Call 1,104,202
747,000 6.700%, 2/15/21 Aaa No Opt. Call 860,410
County of Suffolk, New York, Public Improvement Bonds, 1991
Series A:
790,000 6.500%, 10/01/11 Aaa 10/01 at 102 850,032
745,000 6.500%, 10/01/12 Aaa 10/01 at 102 801,270
720,000 6.500%, 10/01/13 Aaa 10/01 at 102 774,382
730,000 6.500%, 10/01/14 Aaa 10/01 at 102 784,465
735,000 6.500%, 10/01/15 Aaa 10/01 at 102 789,162
250,000 6.500%, 10/01/16 Aaa 10/01 at 102 268,423
245,000 6.500%, 10/01/17 Aaa 10/01 at 102 262,718
245,000 6.500%, 10/01/18 Aaa 10/01 at 102 262,718
240,000 6.500%, 10/01/19 Aaa 10/01 at 102 257,357
County of Suffolk, New York, Public Improvement Bonds, 1991
Series B:
265,000 6.500%, 10/01/11 Aaa 10/01 at 102 285,137
265,000 6.500%, 10/01/12 Aaa 10/01 at 102 285,015
270,000 6.500%, 10/01/13 Aaa 10/01 at 102 290,393
275,000 6.500%, 10/01/14 Aaa 10/01 at 102 295,518
280,000 6.500%, 10/01/15 Aaa 10/01 at 102 300,633
275,000 6.500%, 10/01/16 Aaa 10/01 at 102 295,265
280,000 6.500%, 10/01/17 Aaa 10/01 at 102 300,250
285,000 6.500%, 10/01/19 Aaa 10/01 at 102 305,610
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 19,903,875
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series P, 6.500%, 1/01/15 (Pre-refunded to 1/01/99) Aaa 1/99 at 101 1/2 2,659,150
12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation
Refunding Bonds, Series 1991A, 6.625%, 1/01/17 Aaa 1/01 at 102 12,900,960
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Triborough Bridge and Tunnel Authority, Special Obligation
Refunding Bonds, Series 1991B:
$ 14,000,000 7.100%, 1/01/10 Aaa 1/01 at 102 $ 15,438,640
3,500,000 6.875%, 1/01/15 Aaa 1/01 at 102 3,825,465
$461,817,000 Total Investments - (cost $458,330,674) - 98.6% 498,793,233
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.3%
$ 500,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series B, Variable Rate Demand Bonds, 3.700%, 8/15/05+ VMIG-1 500,000
800,000 The City of New York, General Obligation Bonds, Fiscal 1994
Series A, Adjustable Rate Bonds, Subseries A-4, 3.900%,
8/01/21+ VMIG-1 800,000
$ 1,300,000 Total Temporary Investments - 0.3% 1,300,000
============
Other Assets Less Liabilities - 1.1% 6,034,706
Net Assets - 100% $506,127,939
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 105 $451,349,843 91%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 26,503,400 5
PORTFOLIO OF A+ A1 1 15,106,140 3
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 5,833,850 1
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 110 $498,793,233 100%
<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, any of which ensure the timely payment of principal and
interest.
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,520,000 Dormitory Authority of the State of New York, Judicial Facilities Lease
Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 Aaa No Opt. Call $ 4,128,256
8,250,000 Dormitory Authority of the State of New York, New York Foundling
Charitable Corporation, Insured Revenue Bonds, Series 1987,
6.500%, 7/01/12 Aaa 7/97 at 102 8,510,618
1,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1989A, 7.125%, 5/15/17 Aaa 5/99 at 102 1,088,150
6,450,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds, Series 1990F,
7.500%, 7/01/20 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 7,225,806
10,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990C, 7.000%, 5/15/18
(Pre-refunded to 5/15/00) Aaa 5/00 at 102 11,006,000
5,455,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 Aaa 7/00 at 102 5,970,225
1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of
Medicine, Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 Aaa 7/01 at 102 1,093,160
Dormitory Authority of the State of New York, Hamilton College, Insured
Revenue Bonds, Series 1991:
2,000,000 6.500%, 7/01/11 Aaa 7/01 at 102 2,142,440
7,750,000 6.500%, 7/01/21 Aaa 7/01 at 102 8,090,458
1,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990B, 7.000%, 5/15/16 Aaa 5/00 at 102 1,096,710
3,000,000 Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1991A, 6.750%, 5/15/21
(Pre-refunded to 5/15/02) Aaa 5/02 at 102 3,354,000
7,250,000 Dormitory Authority of the State of New York, The New York Public
Library, Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 Aaa 7/02 at 102 7,267,110
7,515,000 Dormitory Authority of the State of New York, Marist College, Insured
Revenue Bonds, Series 1992, 6.000%, 7/01/22 Aaa 7/02 at 102 7,599,995
1,000,000 Dormitory Authority of the State of New York, City University System
Consolidated Second General Resolution Revenue Bonds, Series
1993A, 5.750%, 7/01/18 Aaa No Opt. Call 1,016,730
5,375,000 Dormitory Authority of the State of New York, Leake and Watts
Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 Aaa 7/04 at 102 5,447,670
1,970,000 Dormitory Authority of the State of New York, University of
Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994,
5.900%, 7/01/17 Aaa 7/04 at 102 1,985,031
1,000,000 Dormitory Authority of the State of New York, Fordham University,
Insured Revenue Bonds, Series 1994, 5.500%, 7/01/23 Aaa 7/04 at 102 969,280
3,700,000 Dormitory Authority of the State of New York, City University System
Consolidated Third General Resolution Revenue Bonds, 1994
Series 1, 6.300%, 7/01/24 Aaa 7/04 at 102 3,882,299
1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence College,
Revenue Bonds, Series 1995, 6.000%, 7/01/24 Aaa 7/05 at 102 1,261,985
2,000,000 Dormitory Authority of the State of New York, Mental Health Services,
Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 Aaa 2/06 at 102 1,846,720
2,000,000 Dormitory Authority of the State of New York, United Cerebral Palsy of
New York City, Inc., Insured Revenue Bonds, Series 1996,
5.500%, 7/01/24 Aaa 7/06 at 102 1,940,320
New York Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1992 Series A:
7,495,000 6.375%, 8/15/10 Aaa 2/02 at 102 7,985,623
15,675,000 6.375%, 8/15/17 Aaa 12/02 at 102 16,433,200
5,000 New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/10 (Pre-refunded to 2/15/02) Aaa 2/02 at 102 5,458
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds (Consolidated Edison Company of New York,
Inc. Project), Series 1989 C:
$ 10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) A1 11/98 at 101 $ 10,527,000
5,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) Aaa 11/98 at 101 5,316,700
12,675,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series 1985 I(The Brooklyn Union Gas
Company Project), 7.125%, 12/01/20 Aaa 12/96 at 102 13,001,128
6,000,000 New York State Energy Research and Development Authority, Adjustable
Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union
Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) Aaa 5/02 at 102 6,465,000
2,500,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company
Project), 5.600%, 6/01/25 (Alternative Minimum Tax) Aaa 7/03 at 102 2,408,350
12,000,000 New York State Energy Research and Development Authority, Pollution
Control Revenue Bonds, Series 1992B (Rochester Gas and Electric
Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) Aaa 5/02 at 102 12,635,280
2,500,000 New York State Energy Research and Development Authority, Solid Waste
Disposal Revenue Bonds (New York State Electric and Gas Corporation
Project), 1993 Series A, 5.700%, 12/01/28 (Alternative Minimum Tax) Aaa 12/03 at 102 2,433,350
9,000,000 New York State Energy Research and Development Authority, Facilities
Revenue Bonds, Series 1992B (Consolidated Edison Company of New
York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) Aaa 12/01 at 101 9,349,470
1,700,000 New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A, 6.125%, 11/01/20 Aaa 5/06 at 102 1,721,709
1,500,000 New York State Housing Finance Agency, Insured Multi-Family
Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 Aaa 8/04 at 102 1,546,665
1,845,000 New York State Medical Care Facilities Finance Agency, Secured
Hospital Revenue Bonds, 1987 Series A, 7.100%, 2/15/27 Aaa 2/97 at 102 1,898,819
6,530,000 New York State Medical Care Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Center, FHA-Insured Mortgage Revenue
Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) Aaa 2/00 at 102 7,244,317
3,335,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1989 Series A,
7.250%, 2/15/09 Aaa 2/99 at 102 3,569,050
5,200,000 New York State Medical Care Facilities Finance Agency, Sisters of
Charity Hospital of Buffalo, Project Revenue Bonds, 1991 Series A,
6.625%, 11/01/18 Aaa 11/01 at 102 5,577,052
1,500,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series A,
6.700%, 8/15/23 AA 8/02 at 102 1,583,760
1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's
Hospital (Rochester), Mortgage Project Revenue Bonds, 1994 Series
A Refunding, 6.200%, 11/01/14 Aaa 11/03 at 102 1,047,650
2,000,000 New York State Medical Care Facilities Finance Agency, Health Center
Projects Revenue Bonds (Secured Mortgage Program), 1995 Series A,
6.375%, 11/15/19 Aaa 11/05 at 102 2,120,940
3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore
Medical Center, FHA-Insured Mortgage Revenue Bonds, 1995 Series A,
5.750%, 2/15/25 Aaa 2/05 at 102 2,968,710
7,000,000 New York State Thruway Authority, General Revenue Bonds, Series A,
5.750%, 1/01/19 Aaa 1/02 at 102 6,960,170
New York State Urban Development Corporation, Section 236 Revenue
Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 Aaa 1/02 at 102 5,978,646
17,995,000 6.750%, 1/01/26 Aaa 1/02 at 102 19,565,964
8,900,000 New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, Series F, 6.500%, 1/01/19 Aaa 1/99 at 101 1/2 9,310,379
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Urban Development Corporation, Correctional Facilities
Revenue Bonds, Series G, 7.250%, 1/01/14 (Pre-refunded to 1/01/00) Aaa 1/00 at 102 $ 1,101,640
3,710,000 New York State Urban Development Corporation, Correctional Facilities
Revenue Bonds, Series C, 7.500%, 1/01/12 (Pre-refunded to 1/01/98) Aaa 1/98 at 102 3,943,433
3,100,000 New York State Urban Development Corporation, Correctional Capital
Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded
to 1/01/00) Aaa 1/00 at 102 3,438,303
2,000,000 New York State Urban Development Corporation, Correctional Facilities
Revenue Bonds, 1993A, Refunding Series, 5.250%, 1/01/14 Aaa No Opt. Call 1,939,140
3,000,000 New York State Urban Development Corporation, Youth Facilities Revenue
Bonds, Series 1994, 5.700%, 4/01/14 Aaa 4/04 at 102 3,010,680
4,825,000 Power Authority of the State of New York, General Purpose Bonds,
Series Z, 6.500%, 1/01/19 Aaa 1/02 at 102 5,166,031
5,000,000 Power Authority of the State of New York, General Purpose Bonds,
Series Y, 6.000%, 1/01/20 Aaa 1/01 at 100 5,033,900
985,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series VV, 7.250%, 10/01/07 (Alternative Minimum Tax) Aaa 10/01 at 102 1,033,078
190,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth
Series F, 8.000%, 10/01/17 Aa 7/98 at 102 191,651
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series 33, 5.400%, 10/01/17 Aaa 3/04 at 102 1,903,580
5,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, Series
1993A, 5.250%, 11/01/17 Aaa 11/03 at 102 4,722,750
2,500,000 Battery Park City Authority, Junior Revenue Bonds, Series 1996A,
5.500%, 11/01/26 (WI) Aaa 11/06 at 102 2,412,650
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System
Revenue Bonds, Series 1995, 5.750%, 1/01/25 Aaa 1/05 at 101 3,000,840
1,980,000 Town of Clifton Park Water Authority, New York, Water System Revenue
Bonds, 1991 Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) Aaa 10/02 at 102 2,187,722
2,120,000 County of Erie, New York, General Obligation Serial Bonds, Public
Improvement Serial Bonds, 1992, 7.650%, 1/15/97 Aaa No Opt. Call 2,144,210
1,000,000 County of Erie, New York, General Obligation Bonds, 1995 Series B,
5.625%, 6/15/20 Aaa 6/05 at 101 1/2 987,020
1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue
Bonds (1985 Facility - Series B (1994)), 7.250%, 7/01/11 (Alternative
Minimum Tax) Aaa No Opt. Call 1,931,655
3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue
Bonds, Series 1996A, 6.000%, 7/01/16 Aaa 7/06 at 102 3,079,890
15,000,000 Metropolitan Transportation Authority, Transit Facilities, 1987
Service Contract Bonds, Series 5, 6.500%, 7/01/16 Aaa 7/01 at 102 16,029,000
24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds,
Series J, 6.500%, 7/01/18 Aaa 7/02 at 102 25,949,958
3,500,000 Monroe County Airport Authority, Greater Rochester International
Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative
Minimum Tax) Aaa 1/00 at 102 3,801,210
3,365,000 County of Monroe Industrial Development Agency (Monroe County, New
York), 1986 Industrial Development Revenue Bonds (Wilmur Associates
Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative
Minimum Tax) Aaa 12/99 at 103 3,708,634
County of Nassau, New York, General Obligation Serial Bonds:
1,410,000 6.100%, 11/15/07 Aaa 11/01 at 103 1,499,859
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) Aaa 11/01 at 103 1,391,859
1,495,000 6.100%, 11/15/09 Aaa 11/01 at 103 1,580,529
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) Aaa 11/01 at 103 1,419,475
1,000,000 6.100%, 11/15/10 Aaa 11/01 at 103 1,054,430
2,500,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series H, 7.100%, 2/01/10 Aaa 2/02 at 101 1/2 2,807,425
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
The City of New York, General Obligation Bonds, Fiscal 1992 Series C,
Subseries C-1:
$ 19,800,000 6.625%, 8/01/15 (Pre-refunded to 8/1/02) Aaa 8/02 at 101 1/2 $ 22,025,718
200,000 6.625%, 8/01/15 Aaa 8/02 at 101 1/2 217,184
12,475,000 Pass-Through Certificates of New York City, HDCMultifamily Housing,
Limited Obligation Bonds, Series 1991A, 6.500%, 2/20/19 Aaa 7/97 at 105 14,599,243
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series A:
9,500,000 6.750%, 6/15/16 Aaa 6/01 at 101 10,322,305
9,770,000 6.250%, 6/15/21 Aaa 6/01 at 100 10,034,767
5,090,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14
Pre-refunded to 6/15/99) Aaa 6/99 at 101 1/2 5,476,637
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series C:
1,800,000 6.500%, 6/15/21 (Pre-refunded to 6/15/97) Aaa 6/97 at 101 1/2 1,861,074
19,490,000 6.500%, 6/15/21 Aaa 6/97 at 101 1/2 19,979,004
5,000,000 The Trust for Cultural Resources of The City of New York, New York
Botanical Garden Recreational Facilities Improvements, 5.800%,
7/01/26 Aaa 7/06 at 101 5,005,450
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds,
Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02) Aaa 10/02 at 102 5,130,802
1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo
International Airport), Airport Revenue Bonds, Series 1994A,
6.250%, 4/01/24 (Alternative Minimum Tax) Aaa 4/04 at 102 1,036,580
10,000,000 The Port of Authority of New York and New Jersey, Consolidated
Bonds, Seventy-First Series, 6.500%, 1/15/26 Aaa 1/01 at 101 10,569,600
10,000,000 The Port Authority of New York & New Jersey, Consolidated Bonds,
Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) Aaa 11/01 at 101 10,502,400
7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series X, 6.500%, 1/01/19 Aaa 1/02 at 101 1/2 7,461,440
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) Aaa 1/01 at 101 1/2 2,762,600
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) Aaa 1/01 at 102 3,327,480
5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series W, 6.750%, 1/01/22 (Pre-refunded to 1/01/02) Aaa 1/02 at 101 1/2 6,428,255
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series P, 6.500%, 1/01/15 (Pre-refunded to 1/01/99) Aaa 1/99 at 101 1/2 2,659,150
24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation
Refunding Bonds, Series 1991B, 6.875%, 1/01/15 Aaa 1/01 at 102 26,231,759
2,000,000 Western Nassau County Water Authority, System Revenue Bonds,
Series 1995, 5.650%, 5/01/26 Aaa 5/06 at 102 1,981,440
525,000 City of Yonkers, New York, General Obligation Serial Bonds-1992-A,
6.500%, 2/15/07 Aaa 2/02 at 102 575,600
1,390,000 City of Yonkers, New York, General Obligation Serial Bonds-1992-B,
6.500%, 2/15/07 Aaa 2/02 at 102 1,523,967
$490,915,000 Total Investments - (cost $489,307,207) - 98.4% 520,760,360
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 300,000 The City of New York, General Obligation Bonds, Fiscal 1995
============
Series B, Variable Rate Demand Bonds, 3.700%, 8/15/05+ VMIG-1 300,000
Other Assets Less Liabilities - 1.5% 7,873,303
Net Assets - 100% $528,933,663
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 93 $508,457,949 97%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 2 1,775,411 1
PORTFOLIO OF A+ A1 1 10,527,000 2
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 96 $520,760,360 100%
<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, any of which ensure the timely payment of principal and
interest.
* Ratings (not covered by the report of independent auditors): Using the higher
of Standard & Poor's or Moody's rating.
** Optional Call Provisions (not covered by the report of independent
auditors): 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. (WI) Security purchased on a when-issued basis (note 1).
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Dormitory Authority of the State of New York, Colgate
University, Insured Revenue Bonds, Series 1991A:
$ 1,250,000 6.700%, 7/01/11 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 $ 1,381,350
1,000,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,096,990
4,500,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14 Aaa 7/01 at 102 4,925,025
2,000,000 Dormitory Authority of the State of New York, New York
University, Insured Revenue Bonds, Series 1991,
6.000%, 7/01/15 Aaa 7/01 at 102 2,031,360
2,500,000 Dormitory of the State of New York, The New York Public
Library, Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 Aaa 7/02 at 102 2,505,900
2,500,000 Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1995A, 6.000%,
5/15/22 Aaa 5/03 at 102 2,503,950
4,000,000 Dormitory Authority of the State of New York, Rensselaer
Polytechnic Institute Insured Revenue Bonds, Series 1993,
5.250%, 7/01/22 Aaa 7/03 at 101 3,725,000
2,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18 Aaa No. Opt. Call 2,033,460
2,450,000 Dormitory Authority of the State of New York, Mount Sinai School
of Medicine, Insured Revenue Bonds, Series 1994A, 5.000%, 7/01/21 Aaa 7/04 at 102 2,219,259
1,000,000 Dormitory Authority of the State of New York, University of
Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994,
5.500%, 7/01/21 Aaa 7/04 at 102 960,110
6,855,000 Dormitory Authority of the State of New York, City University
System Consolidated, Third General Resolution Revenue Bonds,
1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) Aaa 7/04 at 102 7,798,934
1,950,000 Dormitory Authority of the State of New York, Long Beach Medical
Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995,
5.550%, 8/01/15 Aaa 8/05 at 102 1,904,234
3,000,000 Dormitory Authority of the State of New York, Ellis Hospital,
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995,
5.600%, 8/01/25 Aaa 8/05 at 102 2,942,940
4,000,000 Dormitory Authority of the State of New York, Maimonides Medical
Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A,
5.750%, 8/01/14 Aaa 2/06 at 102 4,021,160
2,000,000 New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17 Aaa 12/02 at 102 2,096,740
2,500,000 New York State Energy Research and Development Authority,
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A,
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) Aaa 5/02 at 102 2,693,750
5,000,000 New York State Energy Research and Development Authority, Gas
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) Aaa 7/03 at 102 4,816,700
6,100,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series 1992B, (Rochester Gas
and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative
Minimum Tax) Aaa 5/02 at 102 6,422,934
2,500,000 New York State Energy Research and Development Authority,
Adjustable Rate Pollution Control Revenue Bonds, (New York
State Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax) Aaa 7/05 at 102 2,534,050
1,500,000 New York State Energy Research and Development Authority,
Solid Waste Disposal Revenue Bonds (New York State Electric and
Gas Corporation Project), 1993 Series A, 5.700%, 12/01/28
(Alternative Minimum Tax) Aaa 12/03 at 102 1,460,010
2,500,000 New York State Energy Research and Development Authority,
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax) Aaa 12/01 at 101 2,597,075
1,000,000 New York State Energy Research and Development Authority,
Facilities Refunding Revenue Bonds, Series 1993 B (Consolidated
Edison Company of New York, Inc. Project), 5.250%, 8/15/20 Aaa 10/03 at 102 934,820
2,250,000 New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 Aaa 5/06 at 102 2,278,733
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 New York State Housing Finance Agency, Service Contract
Obligation Revenue Bonds, 1993 Series A, 5.500%, 9/15/22 Aaa 9/03 at 102 $ 1,417,890
100,000 New York State Medical Care Facilities Finance Agency, St.
Luke's-Roosevelt Hospital Center FHA-Insured Mortgage Revenue
Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) Aaa 2/00 at 102 110,939
2,500,000 New York State Medical Care Facilities Finance Agency, Hospital and
Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series C
(Mount Sinai Hospital), 6.375%, 8/15/29 AAA 8/02 at 102 2,580,875
2,500,000 New York State Medical Care Facilities Finance Agency, South Nassau
Communities Hospital Project Revenue Bonds, 1992 Series A,
6.125%, 11/01/11 Aaa 11/02 at 102 2,614,850
4,395,000 New York State Medical Care Facilities Finance Agency, FHA-Insured
Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 Aa 8/05 at 102 4,522,455
7,800,000 New York State Medical Care Facilities Finance Agency, New York
Hospital FHA-Insured Mortgage Revenue Bonds, 1994 Series A (AMBAC
Insured Series), 6.800%, 8/15/24 Aaa 2/05 at 102 8,607,690
1,745,000 New York State Medical Care Facilities Finance Agency, Montefiore
Medical Center FHA-Insured Mortgage Revenue Bonds, 1995 Series A,
5.750%, 2/15/25 Aaa 2/05 at 102 1,726,800
3,500,000 New York State Medical Care Facilities Finance Agency FHA Mortgage
Revenue Bonds (St. Luke's-Roosevelt Hospital), Series 1993,
5.625%, 8/15/18 Aaa 8/03 at 102 3,401,160
4,700,000 New York State Medical Care Facilities Finance Agency, Hospital
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.375%, 2/15/25 Aaa 2/04 at 102 4,457,668
2,160,000 New York State Thruway Authority, General Revenue Bonds, Series C,
6.000%, 1/01/25 Aaa 1/05 at 102 2,195,316
2,000,000 New York State Thruway Authority, Highway and Bridge Trust Fund
Bonds, Series 1995A, 6.250%, 4/01/06 Aaa 4/05 at 102 2,183,320
2,000,000 New York State Urban Development Corporation, Section 236 Revenue
Bonds, Series 1992A, 6.700%, 1/01/12 Aaa 1/02 at 102 2,168,140
1,900,000 New York State Urban Development Corporation Correctional
Facilities Revenue Bonds, 1993A, Refunding Series, 5.250%,
1/01/14 Aaa No Opt. Call 1,842,183
6,000,000 New York State, Urban Development Corporation, Correctional
Facilities Revenue Bonds, 1993 Refunding Series, 5.250%, 1/01/18 Aaa 1/03 at 102 5,665,680
2,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax) Aa 3/03 at 102 2,579,375
1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue
Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) Aa 10/03 at 102 1,175,400
3,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds,
Series 1993A, 5.250%, 11/01/17 Aaa 11/03 at 102 2,833,650
2,000,000 Buffalo Sewer Authority, Sewer System Revenue Bonds, Series G,
5.000%, 7/01/12 Aaa 7/03 at 100 1,862,440
1,595,000 Town of Huntington, Suffolk County, New York, General Obligation
Refunding Bonds, 1993, 5.500%, 4/01/13 Aaa 4/03 at 102 1,592,432
1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue
Bonds (1985 Facility - Series B (1994)), 6.125%, 7/01/13
(Alternative Minimum Tax) Aaa 7/04 at 102 1,199,775
2,000,000 Metropolitan Transportation Authority, Commuter Facilities
Revenue Bonds, Series 1992B, 6.250%, 7/01/17 Aaa 7/02 at 102 2,086,380
1,000,000 Metropolitan Transportation Authority, Commuter Facilities
Revenue Bonds, Series 1994A, 6.375%, 7/01/18 Aaa 7/04 at 101 1/2 1,060,790
2,500,000 Metropolitan Transportation Authority (New York), Transit
Facilities Service Contract Bonds, Series P, 5.750%, 7/01/15 Aaa 7/03 at 101 1/2 2,456,150
1,800,000 Monroe County Airport Authority, Greater Rochester International
Airport Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/19
(Alternative Minimum Tax) Aaa 1/03 at 102 1,694,178
2,000,000 County of Monroe County Industrial Development Agency, Civic
Facility Revenue Bonds (Nazareth College of Rochester Project),
Series 1995, 6.000%, 6/01/20 Aaa 6/05 at 102 2,033,680
<PAGE>
<CAPTION>
PRINCIPAL RAT- OPT. CALL MARKET
AMOUNT DESCRIPTION INGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,380,000 Montgomery, Otsego, Scholarie Solid Waste Management Authority,
State of New York, Solid Waste System Revenue Refunding Bonds,
Series 1993A, 5.250%, 1/01/14 Aaa 1/01 at 102 $ 3,251,729
1,000,000 Montgomery, Otsego, Scholarie Solid Waste Management Authority,
Solid Waste System Revenue, 5.250%, 1/01/14 Aaa 1/01 at 102 962,050
210,000 County of Nassau, New York, General Obligation Serial Bonds,
Serial General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16 Aaa No Opt. Call 208,360
1,500,000 County of Nassau, New York, General Obligation Serial Bonds,
Serial General Improvement Bonds, Series O, 5.700%, 8/01/13 Aaa 8/04 at 103 1,517,880
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series E, 8.000%, 8/01/05 Aaa No Opt. Call 4,827,600
2,385,000 The City of New York, General Obligation Bonds, 1992 Series C,
6.625%, 8/01/14 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 2,653,098
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series F, 6.000%, 8/01/19 Aaa 8/98 at 101 1/2 1,469,730
2,185,000 New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Series 1992C, 6.500%, 6/15/21 Aaa 6/97 at 101 1/2 2,239,822
5,460,000 The Trust for Cultural Resources of The City of New York, New York
Botanical Garden Recreational Facilities Improvements, 5.800%,
7/01/26 Aaa 7/06 at 101 5,465,951
1,000,000 New York City Industrial Development Agency, Civic Facility Revenue
Bonds (USTA National Tennis Center Incorporated Project),
6.375%, 11/15/14 Aaa 11/04 at 102 1,065,160
100,000 County of Niagara, New York, Public Improvement (Serial) Bonds,
1993, 5.750%, 8/15/20 Aaa 8/00 at 102 99,287
2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment
Plant (Serial) Bonds, 1994, 8.500%, 11/01/08 (Alternative Minimum
Tax) Aaa No Opt. Call 2,686,981
City of Niagara Falls, Niagara County, New York, Public Improvement
(Serial) Bonds, 1994:
1,000,000 7.500%, 3/01/13 Aaa No Opt. Call 1,219,890
2,000,000 6.900%, 3/01/22 Aaa 3/04 at 102 2,223,180
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds,
Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax) Aaa 1/03 at 101 2,501,375
500,000 Town of Smithtown, Suffolk County, New York, Refunding Serial Bonds,
Series 1993, 5.550%, 4/01/09 Aaa 4/03 at 102 505,910
1,000,000 Suffolk County Industrial Development Agency (Suffolk County, New
York), Suffolk County Southwest Sewer System Revenue Bonds, Series
1994, 4.750%, 2/01/09 Aaa 2/04 at 101 927,040
1,500,000 Suffolk County Water Authority, New York, Water System Revenue
Bonds, Series 1992B Refunding, 5.625%, 6/01/16 Aaa 6/02 at 102 1,478,820
Suffolk County Water Authority, New York, Water System Revenue
Bonds, Series 1993 Refunding:
2,500,000 5.100%, 6/01/11 Aaa No Opt. Call 2,425,725
2,500,000 5.100%, 6/01/12 Aaa No Opt. Call 2,409,675
3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue
Bonds, Series T, 6.000%, 1/01/22 (Pre-refunded to 1/01/01) Aaa 1/01 at 100 4,006,796
2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C,
5.500%, 9/01/09 Aaa 9/03 at 102 2,746,095
2,500,000 Puerto Rico Electric Power Authority, Power Revenue Refunding
Bonds, Series Y, 7.000%, 7/01/07 Aaa No Opt. Call 2,890,273
$175,300,000 Total Investments - (cost $174,953,084) - 98.7% 179,736,127
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 300,000 The City of New York, General Obligation Bonds, Fiscal 1995
============
Series B, Variable Rate Demand Bonds, 3.700%, 8/15/22+ VMIG-1 300,000
Other Assets Less Liabilities - 1.1% 2,139,722
Net Assets - 100% $182,175,849
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 68 $171,458,897 95%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 8,277,230 5
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 71 $179,736,127 100%
<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, any of which ensure the timely payment of principal and
interest.
* Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
** Optional Call Provisions (not covered by the report of independent
auditors): 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.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $146,137,681 $331,277,892 $387,717,395 $498,793,233
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 3,000,000 3,600,000 700,000 1,300,000
Cash 39,190 75,693 331,608 40,458
Receivables:
Interest 2,667,778 6,092,026 7,329,081 8,363,784
Investments sold 995,000 15,000 55,000 --
Other assets 14,529 37,650 26,126 26,527
------------ ------------ ------------ ------------
Total assets 152,854,178 341,098,261 396,159,210 508,524,002
------------ ------------ ------------ ------------
LIABILITIES
Payable for investments purchased -- -- -- --
Accrued expenses:
Management fees (note 6) 80,013 176,977 204,977 261,780
Other 139,610 163,609 215,025 207,548
Preferred share dividends payable -- 53,176 40,303 64,990
Common share dividends payable 786,660 1,344,353 1,509,648 1,861,745
------------ ------------ ------------ ------------
Total liabilities 1,006,283 1,738,115 1,969,953 2,396,063
------------ ------------ ------------ ------------
Net assets (note 7) $151,847,895 $339,360,146 $394,189,257 $506,127,939
============ ============ ============ ============
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000 $150,000,000
============ ============ ============ ============
Preferred shares outstanding N/A 4,172 4,800 6,000
============ ============ ============ ============
Common shares outstanding 14,842,649 14,533,542 17,253,116 22,566,610
============ ============ ============ ============
Net asset value per Common share outstanding (net assets
less Preferred shares at liquidation value, divided
by Common shares outstanding) $ 10.23 $ 16.17 $ 15.89 $ 15.78
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NUN NNF
<S> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $520,760,360 $179,736,127
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 300,000 300,000
Cash 49,382 333,766
Receivables:
Interest 8,656,552 2,625,229
Investments sold 3,918,811 --
Other assets 41,757 17,133
------------ ------------
Total assets 533,726,862 183,012,255
------------ ------------
LIABILITIES
Payable for investments purchased 2,402,917 --
Accrued expenses:
Management fees (note 6) 272,839 95,550
Other 201,788 139,291
Preferred share dividends payable 87,749 38,662
Common share dividends payable 1,827,906 562,903
------------ ------------
Total liabilities 4,793,199 836,406
------------ ------------
Net assets (note 7) $528,933,663 $182,175,849
============ ============
Preferred shares, at liquidation value $170,000,000 $ 65,000,000
============ ============
Preferred shares outstanding 6,800 2,600
============ ============
Common shares outstanding 23,434,690 8,217,560
============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 15.32 $ 14.26
============ ============
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended September 30, 1996
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $10,127,532 $22,414,078 $25,545,681 $31,438,071
----------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 924,592 2,175,953 2,520,686 3,211,346
Preferred shares--auction fees N/A 270,939 300,000 375,000
Preferred shares--dividend disbursing agent fees N/A 40,019 30,000 30,000
Shareholders' servicing agent fees and expenses 73,223 59,891 59,189 53,828
Custodian's fees and expenses 42,863 63,385 63,518 75,494
Directors' fees and expenses (note 6) 2,706 1,544 3,846 5,932
Professional fees 52,374 21,564 19,601 20,867
Shareholders' reports--printing and mailing expenses 72,118 87,717 69,684 96,510
Stock exchange listing fees 22,454 22,666 16,905 32,535
Investor relations expense 3,501 20,767 22,891 14,161
Portfolio insurance expense -- -- 110,992 135,106
Other expenses 10,714 24,199 25,193 26,331
----------- ----------- ----------- -----------
Total expenses 1,204,545 2,788,644 3,242,505 4,077,110
----------- ----------- ----------- -----------
Net investment income 8,922,987 19,625,434 22,303,176 27,360,961
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 390,448 97,055 605,193 345,109
Net change in unrealized appreciation or depreciation
of investments (2,759,606) (3,343,913) (5,097,400) (2,139,436)
----------- ----------- ----------- -----------
Net gain (loss) from investments (2,369,158) (3,246,858) (4,492,207) (1,794,327)
----------- ----------- ----------- -----------
Net increase in net assets from operations $ 6,553,829 $16,378,576 $17,810,969 $25,566,634
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended September 30, 1996
<CAPTION>
NUN NNF
<S> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $32,007,935 $10,430,617
----------- -----------
Expenses:
Management fees (note 6) 3,352,457 1,175,065
Preferred shares--auction fees 425,000 162,501
Preferred shares--dividend disbursing agent fees 45,000 30,000
Shareholders' servicing agent fees and expenses 51,592 16,548
Custodian's fees and expenses 81,151 49,856
Directors' fees and expenses (note 6) 3,963 1,385
Professional fees 19,132 27,575
Shareholders' reports--printing and mailing expenses 107,466 34,458
Stock exchange listing fees 32,954 19,929
Investor relations expense 30,037 9,349
Portfolio insurance expense 30,427 21,326
Other expenses 30,068 17,548
----------- -----------
Total expenses 4,209,247 1,565,540
----------- -----------
Net investment income 27,798,688 8,865,077
----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 1,173,040 (465,881)
Net change in unrealized appreciation or depreciation
of investments (417,870) 3,162,286
----------- -----------
Net gain (loss) from investments 755,170 2,696,405
----------- -----------
Net increase in net assets from operations $28,553,858 $11,561,482
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NNY NNP
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 8,922,987 $ 7,811,689 $ 19,625,434 $ 16,826,085
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 390,448 754,287 97,055 (902,468)
Net change in unrealized appreciation or depreciation
of investments (2,759,606) (35,403) (3,343,913) 11,921,862
------------- ------------- ------------- -------------
Net increase in net assets from operations 6,553,829 8,530,573 16,378,576 27,845,479
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (9,254,789) (7,968,947) (16,274,400) (13,398,367)
Preferred shareholders N/A N/A (3,634,033) (3,321,037)
From accumulated net realized gains from
investment transactions:
Common shareholders (480,474) (11,813) -- --
Preferred shareholders N/A N/A -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to
shareholders (9,735,263) (7,980,760) (19,908,433) (16,719,404)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NNM,
or NNO and NRY, or NYP, as applicable (note 1) 28,973,267 -- -- 164,436,079
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 1,571,945 1,623,656 2,644,024 1,093,104
------------- ------------- ------------- -------------
Net increase in net assets derived from capital share
transactions 30,545,212 1,623,656 2,644,024 165,529,183
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 27,363,778 2,173,469 (885,833) 176,655,258
Net assets at beginning of year 124,484,117 122,310,648 340,245,979 163,590,721
------------- ------------- ------------- -------------
Net assets at end of year $ 151,847,895 $ 124,484,117 $ 339,360,146 $ 340,245,979
============= ============= ============= =============
Balance of undistributed net investment income at
end of year $ 75,475 $ 343,200 $ 594,828 $ 877,827
============= ============= ============= =============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NQN NVN
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 22,303,176 $ 22,226,987 $ 27,360,961 $ 27,451,832
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 605,193 358,785 345,109 656,989
Net change in unrealized appreciation or depreciation
of investments (5,097,400) 7,860,233 (2,139,436) 14,842,889
------------- ------------- ------------- -------------
Net increase in net assets from operations 17,810,969 30,446,005 25,566,634 42,951,710
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (18,037,677) (17,920,430) (22,552,249) (22,525,895)
Preferred shareholders (4,054,584) (4,732,772) (5,066,202) (5,616,093)
From accumulated net realized gains from investment
transactions:
Common shareholders (387,001) -- (557,052) --
Preferred shareholders (108,312) -- (143,064) --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to
shareholders (22,587,574) (22,653,202) (28,318,567) (28,141,988)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NNM,
or NNO and NRY, or NYP, as applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 2,954,112 263,700 3,539,742 --
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 2,954,112 263,700 3,539,742 --
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (1,822,493) 8,056,503 787,809 14,809,722
Net assets at beginning of year 396,011,750 387,955,247 505,340,130 490,530,408
------------- ------------- ------------- -------------
Net assets at end of year $ 394,189,257 $ 396,011,750 $ 506,127,939 $ 505,340,130
============= ============= ============= =============
Balance of undistributed net investment income at end
of year $ 1,186,206 $ 975,291 $ 811,718 $ 1,069,208
============= ============= ============= =============
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NUN NNF
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 27,798,688 $ 27,864,509 $ 8,865,077 $ 7,986,958
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 1,173,040 294,208 (465,881) (2,709,840)
Net change in unrealized appreciation or depreciation
of investments (417,870) 19,224,602 3,162,286 16,472,181
------------- ------------- ------------- -------------
Net increase in net assets from operations 28,553,858 47,383,319 11,561,482 21,749,299
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (21,903,186) (21,891,381) (6,570,290) (5,814,049)
Preferred shareholders (5,864,574) (6,367,695) (2,183,049) (2,134,301)
From accumulated net realized gains from investmen
transactions:
Common shareholders (460,749) (350,825) -- --
Preferred shareholders (135,268) (90,494) -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions to shareholders (28,363,777) (28,700,395) (8,753,339) (7,948,350)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of NNM,
or NNO and NRY, or NYP, as applicable (note 1) -- -- -- 78,846,744
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions 716,291 -- -- --
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 716,291 -- -- 78,846,744
------------- ------------- ------------- -------------
Net increase (decrease) in net assets 906,372 18,682,924 2,808,143 92,647,693
Net assets at beginning of year 528,027,291 509,344,367 179,367,706 86,720,013
------------- ------------- ------------- -------------
Net assets at end of year $ 528,933,663 $ 528,027,291 $ 182,175,849 $ 179,367,706
============= ============= ============= =============
Balance of undistributed net investment income
at end of year $ 1,292,616 $ 1,261,688 $ 552,935 $ 461,393
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At September 30, 1996, the New York Funds (the "Funds") covered in this
report and their corresponding New York Stock Exchange symbols are Nuveen New
York Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus
Municipal Fund, Inc. (NNP), Nuveen New York Investment Quality Municipal Fund,
Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen
New York Quality Income Municipal Fund, Inc. (NUN) and Nuveen Insured New York
Premium Income Municipal Fund, Inc. (NNF).
NNY is not authorized by its Articles of Incorporation to issue Preferred
shares, therefore, in the Notes to Financial Statements "N/A" represents
not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal
obligations issued by state and local government authorities within the state
of New York. The Funds are registered under the Investment Company Act of 1940
as closed-end, diversified management investment companies.
On January 8, 1996, NNY acquired all of the net assets of Nuveen New York
Municipal Income Fund, Inc. (NNM) pursuant to a plan of reorganization
approved by the shareholders of NNM on November 16, 1995. The acquisition was
accomplished by a tax-free exchange of 2,770,666 shares of NNY for the
2,521,957 shares of NNM outstanding on January 8, 1996. NNM's net assets at
that date of $28,973,267 included $2,191,385 of net unrealized appreciation
which were combined with that of NNY. The combined net assets of NNY
immediately after the acquisition were $154,177,791.
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 NNP, NNO and NRY on December 8, 1994. The acquisition was
accomplished by a tax-free exchange of 7,176,986 shares of NNP 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, included net unrealized appreciation (depreciation)
of $8,503,907 and ($4,009,717), respectively, as well as $40,000,000 and
$14,300,000 of preferred shares at liquidation value, respectively, which were
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 NNF and NYP on November 18,
1994. The acquisition was accomplished by a tax-free exchange of 4,001,860
shares of NNF 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 $10,078,617 of net
unrealized depreciation and $32,000,000 of preferred shares at liquidation
value which were combined with that of NNF. The combined net assets of NNF
immediately after the acquisition were $161,196,754.
<PAGE>
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.
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 September 30, 1996, NUN had purchase commitments of
$2,402,917. 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 to
shareholders all of their tax-exempt net investment income, in addition to any
significant amounts of net realized capital gains and/or market discount
realized from investment transactions. The Funds currently consider
significant net realized capital gains and/or market discount as amounts in
excess of $.001 per Common share for NNY and $.01 per Common share for NNP,
NQN, NVN, NUN and NNF. Furthermore, each Fund intends to satisfy conditions
which will enable interest from municipal securities, which is exempt from
regular federal and New York state personal income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All regular
monthly income dividends paid during the year ended September 30, 1996, have
been designated Exempt Interest Dividends which are exempt from regular
federal personal income tax. Net realized capital gain and market discount
distributions are subject to federal taxation.
<PAGE>
Dividends and Distributions to Shareholders
Tax-exempt 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 capital gains and/or market discount from investment
transactions are distributed to shareholders not less frequently than
annually. Furthermore, capital gains are distributed only to the extent they
exceed available capital loss carryovers.
Distributions to shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount are recorded on the ex-dividend
date. The amount and timing of 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 occur and will be classified as either distributions
in excess of net investment income, distributions in excess of net realized
gains and/or distributions in excess of net ordinary taxable income from
investment transactions, where applicable.
Preferred Shares
The 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 seven days, as set
by the Auction Agent. The number of shares outstanding, by Series and in
total, for each Fund, at September 30, 1996, were as follows:
<TABLE>
<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
=====
</TABLE>
<PAGE>
Insurance
NQN, NVN, NUN and NNF invest in municipal securities which are either
covered by insurance or are backed by an escrow or trust account containing
sufficient U.S Government or U.S. Government agency securities, both of which
ensure the timely payment of principal and interest. Each insured municipal
security is covered by Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance. Such insurance does not guarantee the market value of the
municipal securities or the value of the Funds' shares. Original Issue
Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer
remains in business, regardless of whether the Funds ultimately dispose of
such municipal securities. Consequently, the market value of the municipal
securities covered by Original Issue Insurance or Secondary Market Insurance
may reflect value attributable to the insurance. Portfolio Insurance is
effective only while the municipal securities are held by the Funds.
Accordingly, neither the prices used in determining the market value of the
underlying municipal securities nor the net asset value of the Funds' shares
include value, if any, attributable to the Portfolio Insurance. Each policy of
the Portfolio Insurance does, however, give the Funds the right to obtain
permanent insurance with respect to the municipal security covered by the
Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including futures, forward, swap, and option contracts,
and other financial instruments with similar characteristics. Although the
Funds are authorized to invest in such financial instruments, and may do so in
the future, they did not make any such investments during the year ended
September 30, 1996.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<CAPTION>
NNY NNP
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NNM, or NNO and NRY, or NYP,
as applicable (note 1) 2,770,666 -- -- 7,176,986
Shares issued to shareholders due to reinvestment of
distributions 144,082 153,474 152,270 66,332
---------- ------- ------- ----------
Net increase 2,914,748 153,474 152,270 7,243,318
========= ======= ======= =========
Preferred shares acquired from NNO and NRY, or NYP, as
applicable (note 1) -- -- -- 2,172
========= ======= ======= =========
<CAPTION>
NQN NVN
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NNM, or NNO and NRY, or NYP,
as applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment of
distributions1 76,362 16,611 219,492 --
------- ------ ------- ------
Net increase 176,362 16,611 219,492 --
======= ====== ======= ======
Preferred shares acquired from NNO and NRY, or NYP, as
applicable (note 1) -- -- -- --
======= ====== ======= ======
<CAPTION>
NUN NNF
Year ended Year ended Year ended Year ended
9/30/96 9/30/95 9/30/96 9/30/95
<S> <C> <C> <C> <C>
Common Shares:
Shares issued in acquisition of NNM, or NNO and NRY, or NYP,
as applicable (note 1) -- -- -- 4,001,860
Shares issued to shareholders due to reinvestment of
distributions 46,461 -- -- --
------ ------ ------ ----------
Net increase 46,461 -- -- 4,001,860
====== ===== ====== =========
Preferred shares acquired from NNO and NRY, or NYP, as
applicable (note 1) -- -- -- 1,280
====== ====== ====== =========
</TABLE>
<PAGE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the year ended September
30, 1996, were as follows:
<TABLE>
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $ 9,983,974 $ 5,900,114 $23,721,101 $28,453,736
Investments in municipal securities in acquisition of NNM,
as applicable (note 1) 25,446,249 -- -- --
Temporary municipal investments 12,400,000 19,000,000 20,000,000 21,400,000
Temporary municipal investments in acquisition of NNM,
as applicable (note 1) 800,000 -- -- --
SALES AND MATURITIES
Investments in municipal securities 10,738,565 7,234,830 16,528,273 20,498,027
Temporary municipal investments 11,500,000 15,700,000 20,700,000 20,400,000
=========== =========== =========== ===========
<CAPTION>
NUN NNF
<S> <C> <C>
PURCHASES
Investments in municipal securities $45,495,593 $38,162,063
Investments in municipal securities in acquisition of NNM,
as applicable (note 1) -- --
Temporary municipal investments 17,900,000 9,600,000
Temporary municipal investments in acquisition of NNM,
as applicable (note 1) -- --
SALES AND MATURITIES
Investments in municipal securities 48,354,920 36,890,492
Temporary municipal investments 18,000,000 10,700,000
=========== ===========
</TABLE>
At September 30, 1996, the identified cost of investments owned for
federal income tax purposes was the same as the cost for financial reporting
purposes for each Fund.
<PAGE>
At September 30, 1996, the following Funds had unused capital loss
carryovers available for federal income tax purposes to be applied against
future capital gains, if any. If not applied, the carryovers will expire as
follows:
<TABLE>
<CAPTION>
NNY* NNP NNF
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Expiration Year:
1998 $ -- $ 256,227 $ --
1999 -- 680 --
2000 -- -- 14,718
2002 -- 2,337,662 1,613,938
2003 892,506 356,638 3,373
2004 -- 504,763 2,802,391
-------- ---------- ----------
Total $892,506 $3,455,970 $4,434,420
======== ========== ==========
<FN>
* NNM had net realized losses from investment transactions of $1,177,160,
which were carried forward to NNY, as permitted under applicable tax
regulations (note 1). The extent of such capital losses which can be utilized
during the first fiscal year following such acquisition is subject to
limitations prescribed by these tax regulations. Any amounts not fully
utilized will continue to be carried forward to future fiscal years until the
applicable expiration date is reached.
</FN>
</TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On October 1, 1996, the Funds declared Common share dividend
distributions from their tax-exempt net investment income which were paid
November 1, 1996, to shareholders of record on October 15, 1996, as follows:
<TABLE>
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Dividend per share $.0530 $.0925 $.0875 $.0825
====== ====== ====== ======
<CAPTION>
NUN NNF
<S> <C> <C>
Dividend per share $.0780 $.0685
====== ======
</TABLE>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of
investments at September 30, 1996, were as follows:
<TABLE>
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $11,233,309 $27,343,877 $31,088,573 $40,634,078
Depreciation (191,267) (344,231) (4,424) (171,519)
----------- ----------- ----------- -----------
Net unrealized appreciation $11,042,042 $26,999,646 $31,084,149 $40,462,559
=========== =========== =========== ===========
<CAPTION>
NUN NNF
<S> <C> <C>
Gross unrealized:
Appreciation $31,551,390 $5,674,426
Depreciation (98,237) (891,383)
----------- ----------
Net unrealized appreciation $31,453,153 $4,783,043
=========== ==========
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under NNY's investment management agreement with Nuveen Advisory Corp.
(the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays to the Adviser an annual management fee, payable monthly, of .35 of
1% of the average daily net asset value of the Fund, as well as 4.125% of the
gross interest income of the Fund.
Under NNP's, NQN's, NVN's, NUN's and NNF's investment management
agreements with the Adviser, 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:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE
<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
</TABLE>
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.
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At September 30, 1996, net assets consisted of:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $104,300,000 $120,000,000 $150,000,000
Common shares, $.01 par value per share 148,426 145,335 172,531 225,666
Paid-in surplus 141,368,213 210,776,307 241,240,243 314,284,098
Balance of undistributed net investment income 75,475 594,828 1,186,206 811,718
Accumulated net realized gain (loss) from investment
transactions (786,261) (3,455,970) 506,128 343,898
Net unrealized appreciation of investments 11,042,042 26,999,646 31,084,149 40,462,559
----------- ----------- ----------- -----------
Net assets $151,847,895 $339,360,146 $394,189,257 $506,127,939
============ ============ ============ ============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
============ ============ ============ ============
<CAPTION>
NUN NNF
<S> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $170,000,000 $ 65,000,000
Common shares, $.01 par value per share 234,347 82,176
Paid-in surplus 325,096,770 116,661,309
Balance of undistributed net investment income 1,292,616 552,935
Accumulated net realized gain (loss) from
investment transactions 856,777 (4,903,614)
Net unrealized appreciation of investments 31,453,153 4,783,043
----------- -----------
Net assets $528,933,663 $182,175,849
============ ============
Authorized shares:
Common 200,000,000 200,000,000
Preferred 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 September 30, 1996, the revenue
sources by municipal purpose for these investments, expressed as a percent of
total investments, were as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Revenue Bonds:
Housing Facilities 13% 23% 15% 14%
Educational Facilities 3 5 4 13
Transportation 2 1 10 6
Pollution Control Facilities 13 6 11 9
Lease Rental Facilities 10 3 1 6
Water / Sewer Facilities -- 5 2 2
Health Care Facilities 1 1 7 3
Electric Utilities 1 -- -- --
Other 7 3 1 8
General Obligation Bonds 10 6 7 14
Escrowed Bonds 40 47 42 25
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
<CAPTION>
NUN NNF
<S> <C> <C>
Revenue Bonds:
Housing Facilities 11% 24%
Educational Facilities 9 14
Transportation 14 5
Pollution Control Facilities 12 12
Lease Rental Facilities 8 8
Water / Sewer Facilities 8 6
Health Care Facilities 3 2
Electric Utilities 2 2
Other 7 6
General Obligation Bonds 8 11
Escrowed Bonds 18 10
----- -----
100% 100%
===== =====
</TABLE>
<PAGE>
Certain long-term and intermediate-term investments owned by the Funds
are either 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, both of which ensure the timely payment of principal and
interest in the event of default (42% for NNY, 55% 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.
All of the 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.
For additional information regarding each investment security, refer to
the Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholders++
NNY
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 $10.440 $ .639 $ (.146) $ (.663) $ N/A
1995 10.390 .659 .064 (.672) N/A
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>
NNP
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 16.410 1.356 (.220) (1.125) (.251)
1995 15.910 1.365 .527 (1.118) (.274)
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>
Year ended 9/30,
1996 16.160 1.298 (.253) (1.050) (.236)
1995 15.710 1.302 .475 (1.050) (.277)
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)
<PAGE>
<CAPTION>
Distributions from capital gains
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders++ discounts of period of period
NNY
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 $(.040) $ N/A $ -- $10.230 $10.500
1995 (.001) N/A -- 10.440 10.375
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>
NNP
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 -- -- -- 16.170 17.250
1995 -- -- -- 16.410 16.625
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>
Year ended 9/30,
1996 (.023) (.006) -- 15.890 16.875
1995 -- -- -- 16.160 16.500
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
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value+ value+ (in thousands) assets*** net assets*** rate
NNY
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 8.07% 4.85% $151,848 .83% 6.16% 7%
1995 5.33 7.24 124,484 .80 6.38 12
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>
NNP
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 10.76 5.53 339,360 .82 5.76 2
1995 12.43 10.62 340,246 .86 5.86 15
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>
Year ended 9/30,
1996 9.01 5.09 394,189 .82 5.63 4
1995 15.87 9.98 396,012 .84 5.73 4
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
<FN>
See notes on page 66.
</FN>
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investments** shareholders shareholders++
NVN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 $15.900 $1.219 $ (.077) $(1.005) $(.226)
1995 15.240 1.228 .691 (1.008) (.251)
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)
<CAPTION>
NUN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 15.310 1.188 .035 (.936) (.251)
1995 14.510 1.191 .836 (.936) (.272)
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>
Year ended 9/30,
1996 13.920 1.079 .329 (.802) (.266)
1995 12.740 1.083 1.201 (.811) (.293)
1994 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
Organization Per
and offering Common
costs and share
Preferred share Net asset market
To Common To Preferred underwriting value end value end
shareholders shareholders++ discounts of period of period
NVN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 $(.025) $(.006) $ -- $15.780 $16.000
1995 -- -- -- 15.900 15.750
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
<CAPTION>
NUN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 (.020) (.006) -- 15.320 15.250
1995 (.015) (.004) -- 15.310 14.625
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>
Year ended 9/30,
1996 -- -- -- 14.260 13.750
1995 -- -- -- 13.920 13.125
1994 -- -- -- 12.740 11.500
12/17/92 to
9/30/93 -- -- (.263) 15.340 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio
Total of net
investment Total Ratio of investment
return return Net assets expenses to income Portfolio
on market on net asset end of period average net to average turnover
value+ value+ (in thousands) assets*** net assets*** rate
NVN
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 8.26% 5.86% $506,128 .80% 5.40% 4%
1995 15.34 11.41 505,340 .82 5.56 5
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
<CAPTION>
NUN
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
1996 10.96 6.45 528,934 .79 5.25 9
1995 11.96 12.58 528,027 .81 5.42 4
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>
Year ended 9/30,
1996 11.15 8.35 182,176 .86 4.87 21
1995 22.11 16.30 179,368 .95 5.05 32
1994 (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>
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Net of taxes, if applicable.
*** Ratios do not reflect the effect of dividend payments to preferred
shareholders, if applicable.
+ 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.
++ The amounts shown are based on Common share equivalents.
</FN>
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
Nuveen New York Municipal Value 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.
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen New York Municipal Value 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., and
Nuveen Insured New York Premium Income Municipal Fund, Inc. as of September
30, 1996, and the related statements of operations, changes in net assets and
the financial highlights for the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of September 30, 1996, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
positions of Nuveen New York Municipal Value 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., and Nuveen Insured New
York Premium Income Municipal Fund, Inc. at September 30, 1996, and the
results of their operations, changes in their net assets and financial
highlights for the periods indicated therein in conformity with generally
accepted accounting principles.
Ernst & Young LLP
Chicago, Illinois
November 15, 1996
<PAGE>
Build your wealth automatically
Photographic image of Customer Service Rep at Nuveen.
Managing your portfolio takes skill, experience, and informed judgment, but our
efforts to help you build your wealth don't stop there. At Nuveen, we offer a
number of convenient ways to add to your tax-free portfolio and earn the
tax-free income you need to achieve your financial goals.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can
be deposited directly your bank or brokerage account.
By choosing to reinvest, you'll be able to set aside money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time. All
reinvestments are invested in full and fractional shares and are kept in
non-certificated form by the Plan Agent, Chase Manhattan Bank.
To make recordkeeping easy and convenient, each month you'll receive a
statement showing your total dividends and distributions, the date of
investment, the shares acquired and the price per share, and the total number
of shares you own. Income or capital gains taxes may be payable on dividends
or distributions that are reinvested.
The shares you acquire by reinvesting will either be purchased on the open
market or be newly issued by the Fund. If the shares are trading at or above
net asset value at the time of valuation, the Fund will issue new shares at
<PAGE>
the then-current market price. If the shares are trading at less than net
asset value, shares for your account will be purchased on the open market.
Dividends and distributions received to purchase shares in the open market
will be invested within 30 days of the
dividend payment date; no interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of shares may increase before
purchases are completed, the average purchase price per share may exceed the
market price at the time of valuation resulting in the acquisition of fewer
shares than if the dividend or distribution had been paid in shares issued by
the Fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
You may, of course, change your distribution option or withdraw from the
Plan at any time, should your needs or situation change. Should you withdraw,
you can receive a certificate for all whole shares credited to your
reinvestment account and cash payment for fractional shares, or cash payment
for all reinvestment account shares, less brokerage commissions and a $2.50
service fee.
You also can reinvest if your shares are registered in the name of a
brokerage firm, bank, or other nominee. Just ask your investment adviser if
the firm will participate on your behalf. If not, it's easy to have the shares
registered in your name and to apply for a reinvestment account directly.
Participants whose shares are registered in the name of one firm may not be
able to transfer the shares to another firm and continue to participate in the
Plan.
The Fund reserves the right to amend or terminate the Plan at any time.
Although the Fund reserves the right to amend the Plan to include a service
charge payable by the participants, there is no direct service charge to
participants in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll
in or withdraw from the Plan, speak with your financial adviser or call us
toll-free at 1.800.257.8787.
Photographic image of Customer Service Rep at Nuveen.
"When it comes to financial planning, your investment adviser knows your
situation best. Nuveen is pleased to provide the account information you and
your adviser need to plan effectively."
Photographic image of Customer Service Rep at Nuveen.
"At Nuveen, we make reinvesting easy. A phone call is all it takes to set up
your reinvestment account."
<PAGE>
Photographic image of Customer Service Rep at Nuveen.
"When questions come up about your investment, we're happy to provide the
up-to-date information you and your adviser need."
More than just a number
If you've ever called our toll-free customer service line, you've spoken with
one of Nuveen's customer service representatives. These reps are ready to
assist you with answers to your questions about current account balances,
yields, and previous transactions on your accounts. They can also supply
additional information about any of Nuveen's tax-free unit trusts and mutual
funds.
If you have a question about your account, or whenever you need help, just
call 800.257.8787. Our customer service reps are available Monday through
Friday from 8:00 a.m. to 8:00 p.m. Eastern time.
Photographic image of woman seated and man standing behind her
representing Nuveen investors.
<PAGE>
Your investment partner
Photographic image of John Nuveen, Sr., founder of Nuveen.
For nearly 100 years, Nuveen has earned its reputation as a tax-free
income specialist by focusing on municipal bonds.
Since 1898, John Nuveen & Co. Incorporated has worked to bring together the
various participants in the municipal bond industry and build strong
partnerships that benefit all concerned. Investors, financial advisers,
municipal officials, investment bankers--Nuveen believes that forging
relationships with these groups based on trust and value is the
key to successful investing.
As the oldest and largest municipal bond specialist in the United States,
Nuveen's investment bankers work with issuers to understand and meet their
needs in structuring and selling their bond issues.
Nuveen also works closely with financial advisers around the country,
including brokerage firms, banks, insurance companies, and independent
financial planners, to bring the benefits of tax-free investing to you. These
advisers are experts at identifying your needs and recommending the best
solutions for your situation. Together we make a powerful team, helping you
create a successful investment plan that meets your needs today and in the
future.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois
60606-1286
FAN-1-9.96
