Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK MUNICIPAL INCOME FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
ANNUAL REPORT/SEPTEMBER 30, 1995
Photographic image of man seated at breakfast table with wife standing behind
him.
Photographic image of Nuveen Research Department. Four people around a table
working.
<PAGE>
Research: a foundation
Your financial plan is in place. You and your adviser have made asset
allocation decisions. For the tax-free portion of your portfolio, you want
dependable income, safety of principal, and diversification. Solid, reliable
Nuveen research helps to keep your tax-free investments on the path you have
chosen.
Paul Williams, Vice President and Manager of Investment Strategies and
Research, emphasizes fundamental research as a strategy for finding value.
<PAGE>
The strength of Nuveen's Research Department is illustrated by the numerous
awards and press coverage we receive. Annual industry polls consistently
recognize the quality and depth of Nuveen Research.
Photographic image of a grouping of awards/statuettes.
At Nuveen, we believe that attention to detail combined with years of
experience is the foundation for sound research. Sound research means finding
quality bonds that deliver timely and dependable income over many decades.
Beyond this, it means adding value by identifying bonds whose credit strengths
are not yet understood by the market.
USING RESEARCH TO TRACK QUALITY AND VALUE
With tens of thousands of bonds available for investment today, the municipal
market is one of the nation's largest--and most complex--securities markets.
At the same time, the number of analysts devoted to researching the municipal
market is comparatively small. While more than 12,000 analysts at nearly 2,000
firms and investment organizations research the 7,500 common stocks available
in the equity market, approximately 1,000 analysts at 400 firms and rating
agencies cover 60,000 municipal bond issues.
Selecting those bonds that will outperform the market and help you achieve
your investment goals depends upon an ability to analyze and understand
complexities ranging from the demand for a new highway or airport to the
impact of an industry closure on the financial position of a town's water and
sewer system.
At Nuveen, we can provide this depth because we have the largest research
staff in the investment banking industry devoted exclusively to the analysis
of municipal bonds. Our award-winning team of more than 30 research
professionals provides invaluable support to our portfolio managers, assisting
them in careful analysis of bond issues considered for purchase--even those
rated AAA.
On a daily basis, our research analysts prepare credit reviews to assist in
the selection of bonds that offer the best combination of yield and security,
monitor the continued creditworthiness of portfolio holdings, and analyze
economic, political, and demographic trends affecting the markets.
The scope of this analysis is broad. We understand the beneficial insights
that can be obtained by assessing the impact of local elections in small towns
or gaining an understanding of the global wood pulp market to accurately
evaluate a municipal issue in Alaska. Recently a financial adviser noticed a
large number of clippings on salmon fishing on one Nuveen analyst's desk. The
analyst explained that the articles provided information on salmon spawning, a
conservation issue having a major impact on public hydroelectric projects in
the Pacific Northwest. With the largest research staff in the industry, we can
analyze subtle but essential details such as this--and apply our findings to
enhance the performance of your portfolio.
<PAGE>
BENEFITING OUR INVESTORS
The Nuveen Research Department supports the investment goals of fund investors
through three major activities:
Primary research and surveillance
Every year, our research staff reviews thousands of tax-exempt issues valued
at more than $100 billion to help our portfolio managers select the most
appropriate bonds based on current yield, price, credit quality, and future
prospects.
A recent example of the way Nuveen Research benefits our shareholders was
our successful investment in Philadelphia water and sewer bonds. When the city
decided to issue bonds to fund badly needed capital improvements, the city's
fiscal difficulties resulted in an issue that was priced below that of other
cities for similar bonds, generating higher income. However, Nuveen's own
research performed independently from the rating agencies indicated that the
city water and sewer system was economi-cally sound and that adequate legal
safeguards would be in place to protect the investment. Following the
completion of the improvements, the prices of these bonds resulted in a
sizable portfolio gain to our shareholders.
Research reports
Just as you rely on your financial adviser for seasoned, prudent advice,
financial advisers depend on Nuveen's research reports to keep current on
market developments. Reports cover issues ranging from credit analysis of
specific states to comprehensive examinations of tax-free investment
strategies and the impact of national and state elections on municipal issues.
(For a list of research reports currently available to you and your adviser,
please refer to the attached reply card.)
Investor interests
We take our responsibility to our shareholders seriously by actively
representing their interests before the industry and government groups that
oversee and regulate the markets. We testified before a U.S. Senate
subcommittee to support better disclosure of financial information by bond
issuers. Our analysis of the effect of the Orange County bankruptcy on other
California issuers helped a California Senate subcommittee understand the
importance of fiscal conservatism and prudent policy decisions. By providing
informed opinions backed by years of experience, we help to define and set
policy that benefits you.
At Nuveen, quality research is one of the core elements of our disciplined
approach to providing you with dependable income, credit quality, and
diversification--key elements of a successful investment program.
Nuveen's research reports are often used by the press as background when
covering the municipal market in depth.
Photographic image of a grouping of research reports and newspapers.
<PAGE>
Photographic image of man seated at breakfast table with wife standing behind
him.
CONTENTS
6 Municipal market perspective
7 Dear shareholder
9 Answering your questions
13 Fund performance
17 Commonly used terms
19 Portfolio of investments
46 Statement of net assets
48 Statement of operations
50 Statement of changes in net assets
54 Notes to financial statements
68 Financial highlights
72 Report of independent auditors
73 Nuveen Exchange-Traded Funds dividend reinvestment program
<PAGE>
Municipal market perspective
The start of 1995 brought with it a turn-around in the bond market, concluding
one of the worst periods in recent bond market history. This rebound reflects
a general consensus that inflation is under control, following the efforts of
the Federal Reserve Board to control inflation through an unprecedented series
of seven interest rate hikes over a twelve-month period.
In early July, the Federal Reserve reacted to the slowing economy by making a
much-anticipated move to ease the short-term rate, the first such reduction in
nearly three years. Further rate cuts remain a possibility, as the Fed keeps a
close eye on the strength of the expanding economy and the outcome of
Congressional efforts to balance the federal budget.
In the municipal bond market, prospects of another Fed easing helped
municipals gain momentum, despite an exceptionally strong stock market and
continued debate about potential tax reform legislation. Inflation for the
year remained low, a benefit to bondholders.
<PAGE>
Dear shareholder
Photographic image of Richard Franke, Chairman of Nuveen.
Over time, municipal bonds have proven to be a valuable and dependable
component of successful investment programs.
Since the beginning of 1995, we have enjoyed a welcome rebound in the bond
markets, as we put 1994--a very volatile period in bond market history--behind
us. This period serves as a reminder that weathering the ups and downs of the
markets is a normal part of the investment process. We can gain a better
perspective on this process if we remember one of the basic principles of
investing: A financial plan that focuses on your long-term goals minimizes the
importance of short-term market volatility.
Municipal bond funds continue to be one of the best ways to invest for the
long term, offering steady income and diversification across market sectors.
Throughout the past year, we have kept our sights focused on successfully
meeting these objectives, providing you with a source of stable current
income, credit quality, and enhanced share price relative to the market as a
whole.
As of September 30, 1995, current yields on share prices for the funds
covered in this report ranged from 6.08% to 6.78%. To match these yields, an
investor in the 41% combined New York and federal income tax bracket would
have had to earn at least 10.31% on taxable alternatives of comparable
quality. Without a doubt, taxable yields at these levels on investments of
comparable quality are difficult to achieve in today's markets.
The 12-month total returns on net asset value, reflecting share price gains
plus reinvested dividend income, were also impressive, ranging from 7.24% to
16.30%, which translates to 11.87% to 20.86% on a tax-equivalent basis. These
performance results remind us of the important role that municipal bonds--and
the tax-free income they provide--can play as part of an investment strategy
focused on diversification and long-term performance.
The value and dependability of your municipal bond investments are enhanced
by the fact that you have chosen tax-free exchange-traded funds managed by
Nuveen. We offer a combination of professional management, award-winning
research, and shareholder service that distinguishes Nuveen as a fund manager.
Our portfolio management strategy, which we call value investing, relies on
a disciplined approach to security selection and portfolio construction
designed to deliver above-market performance by emphasizing securities that
are underpriced or undervalued by the market. This approach is supported by
the strength of Nuveen Research, which provides the insights and experience to
assist portfolio managers in identifying and selecting bonds with strong
credit quality. Our research professionals continually monitor our holdings in
order to alert portfolio managers about changes that may affect quality.
<PAGE>
We are working to increase the productivity of our exchange-traded funds
through mergers, which bring shareholders the many benefits associated with
larger funds, including lower costs, greater portfolio flexibility, and
enhanced trading efficiency. Subject to shareholder approval at the annual
meeting to be held November 16, the New York Municipal Income Fund will be
merged into the New York Municipal Value Fund. In January, shareholders of the
merged fund will receive new common shares of the New York Municipal Value
Fund based on the net asset value of each fund on the date of transfer. Since
1993, Nuveen has successfully completed the merger of 40 exchange-traded funds
into 17, consolidating fund reporting, recordkeeping, and other operational
functions and lowering administrative costs to the funds by $2.5 million
annually--a direct benefit to investors that will continue for years to come.
As you review the following pages detailing the performance of your fund, we
trust you will come away with the feeling that these results, coupled with
Nuveen's continued pledge of superior service, add up to a rewarding investing
experience. We look forward to serving your tax-free investment needs in the
future.
Sincerely,
Richard J. Franke
Chairman of the Board
November 15, 1995
<PAGE>
Answering your questions
Photographic image of montage of letters received by Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, offers insights into
our approach to fund management and the outlook for Nuveen's Exchange-Traded
Funds
What does Nuveen mean by "value investing"?
At Nuveen, we define value investing as a disciplined approach to security
selection and portfolio construction designed to deliver above-market
performance by emphasizing securities that are underpriced or undervalued by
the market. Our value investing approach avoids predictions about the
direction of the markets or the economy in general, concentrating instead on
identifying individual bonds with current yields, prices, credit quality, and
future prospects that are exceptionally attractive in relation to other bonds
in the market.
While the concept sounds simple, successful value investing must be based on
sound research that supports the selection of investment-grade quality bonds.
It also requires an ability to recognize value by gaining insights into
individual issuers as well as specific bonds--information that often goes
beyond that which is readily available to the market in general. Having the
largest research staff in the investment management industry dedicated
exclusively to gathering information on municipal bonds is reflected in the
long-term results of our value investing approach.
We believe that value investing gives Nuveen an important edge in the
management of municipal bond funds, an edge that translates to helping you
meet your goals and expectations.
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.
How does the work done by Nuveen's Research Department help support the value
of my funds?
At Nuveen, we believe that attention to detail combined with years of
experience is the foundation for sound research. And sound research is one of
the core elements of our disciplined approach to providing you with dependable
income, credit quality, and diversification--key factors in a successful fixed
income investment program.
Our award-winning team of more than 30 research professionals provides
invaluable support to our portfolio managers, assisting them in careful
analysis of bond issues considered for purchase--even those rated AAA by the
rating agencies. On a daily basis, our research analysts prepare credit
reviews to assist in the selection of bonds that offer the best combination of
yield and security, monitor the continued creditworthiness of portfolio
holdings, and analyze economic, political, and demographic trends affecting
the markets. This daily surveillance of events and trends in the credit
markets assists us in monitoring the underlying value of our holdings.
It is this combination of in depth research and review that enable us to
provide tax-free municipal investments that meet your objectives for
dependable income and credit safety.
<PAGE>
What impact have Federal Reserve Board actions had on bond prices?
Over the 12-month period ended February 28, 1995, the Federal Reserve Board
raised short-term rates an unprecedented seven times, suggesting that the
hikes would cause the economy to slow enough to prevent any significant growth
in the rate of inflation. The short-term rate increases impacted bond
portfolios by reducing the demand for long-term bonds, which had the
complementary effects of lowering bond prices and raising bond yields.
On July 6, 1995, after much anticipation, the Federal Reserve, sensing that
earlier actions had had the desired effect, eased rates for the first time in
nearly three years. Long-term bond yields had already anticipated the Fed's
move with substantial declines. In subsequent statements, the Fed has
reiterated that it is closely monitoring the pace of economic growth and
progress toward a balanced federal budget, but it has held off on any further
changes to short-term rates, sending the message that it believes the economy
continues to be on the right track.
What is the current outlook for municipal bonds?
With the rebound in the bond market at the beginning of 1995 and some
consensus that inflation is under control, economic indicators are favorable
for municipal bonds. Technical factors also point to a more favorable climate.
One factor that affects bond prices is the supply and demand situation.
While supply of new municipal bonds has been lagging over the past few
quarters, new issue supply rose sharply in the second quarter of 1995. Demand
from individuals has been somewhat subdued by extraordinary market volatility
over the past 18 months and by the mounting discussion of the ramifications of
proposed reforms in the federal tax laws. However, institutional demand
continued strong throughout the year.
We anticipate that demand among individual investors will gain strength over
time based on the fact that municipal bonds continue to be a fundamentally
sound and attractive investment option, offering one of the few remaining
tax-advantaged alternatives. Once investors are more confident that the
interest rate environment has stabilized, we expect to see the demand for
municipal investments resume its long-term upward trend.
<PAGE>
<TABLE>
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable 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>
10/94 $0.0560
11/94 $0.0560
12/94 $0.0560 $0.0010
1/95 $0.0560
2/95 $0.0560
3/95 $0.0560
4/95 $0.0560
5/95 $0.0560
6/95 $0.0560
7/95 $0.0560
8/95 $0.0560
9/95 $0.0560
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.48%
Taxable-equivalent yield 10.98%
Annual total return on NAV 7.24%
Taxable-equivalent total return 11.87%
Share price $10.375
NAV $10.44
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 MUNICIPAL INCOME FUND, INC.
NNM
The Fund's dividend income declined somewhat over the past 12 months as older,
higher coupon bonds were called and replaced with today's lower-yielding
bonds.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0600
11/94 $0.0585
12/94 $0.0585
1/95 $0.0585
2/95 $0.0585
3/95 $0.0585
4/95 $0.0585
5/95 $0.0585
6/95 $0.0585
7/95 $0.0565
8/95 $0.0565
9/95 $0.0565
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.31%
Taxable-equivalent yield 10.69%
Annual total return on NAV 8.55%
Taxable-equivalent total return 13.02%
Share price $10.75
NAV $11.39
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
The Fund's monthly tax-free dividend remains at an attractive level. In
February the dividend was increased to reflect more closely the current
earnings of the portfolio.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0915
11/94 $0.0915
12/94 $0.0915
1/95 $0.0915
2/95 $0.0940
3/95 $0.0940
4/95 $0.0940
5/95 $0.0940
6/95 $0.0940
7/95 $0.0940
8/95 $0.0940
9/95 $0.0940
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.78%
Taxable-equivalent yield 11.49%
Annual total return on NAV 10.62%
Taxable-equivalent total return 15.66%
Share price $16.625
NAV $16.41
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 objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0875
11/94 $0.0875
12/94 $0.0875
1/95 $0.0875
2/95 $0.0875
3/95 $0.0875
4/95 $0.0875
5/95 $0.0875
6/95 $0.0875
7/95 $0.0875
8/95 $0.0875
9/95 $0.0875
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.36%
Taxable-equivalent yield 10.78%
Annual total return on NAV 9.98%
Taxable-equivalent total return 14.77%
Share price $16.50
NAV $16.16
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
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0840
11/94 $0.0840
12/94 $0.0840
1/95 $0.0840
2/95 $0.0840
3/95 $0.0840
4/95 $0.0840
5/95 $0.0840
6/95 $0.0840
7/95 $0.0840
8/95 $0.0840
9/95 $0.0840
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.40%
Taxable-equivalent yield 10.85%
Annual total return on NAV 11.41%
Taxable-equivalent total return 16.15%
Share price $15.75
NAV $15.90
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 objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, the Fund paid
shareholders a capital gains distribution in December.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0780
11/94 $0.0780
12/94 $0.0780 $0.0150
1/95 $0.0780
2/95 $0.0780
3/95 $0.0780
4/95 $0.0780
5/95 $0.0780
6/95 $0.0780
7/95 $0.0780
8/95 $0.0780
9/95 $0.0780
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.40%
Taxable-equivalent yield 10.85%
Annual total return on NAV 12.58%
Taxable-equivalent total return 17.20%
Share price $14.625
NAV $15.31
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
In keeping with the Fund's objective of providing steady tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, the Fund paid
shareholders a supplemental dividend in November.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
10/94 $0.0665
11/94 $0.0665 $0.0130
12/94 $0.0665
1/95 $0.0665
2/95 $0.0665
3/95 $0.0665
4/95 $0.0665
5/95 $0.0665
6/95 $0.0665
7/95 $0.0665
8/95 $0.0665
9/95 $0.0665
<CAPTION>
FUND HIGHLIGHTS 9/30/95
<S> <C>
Yield 6.08%
Taxable-equivalent yield 10.31%
Annual total return on NAV 16.30%
Taxable-equivalent total return 20.86%
Share price $13.125
NAV $13.92
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, 1995) divided by its closing price per
share on that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, the combined tax rate
is assumed to be 41.0% for New York shareholders, based on incomes of
$117,950-$256,500 for investors filing singly, $143,600-$256,500 for those
filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabilities. The NAV per share is the fund's net assets, less
the value of its preferred shares, 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.
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 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, 1995. Any
future repurchases will be reported to shareholders in the next annual or
semiannual report.
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York Local Government Assistance Corporation,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 1,162,110
New York State Certificates of Participation
(Commissioner of Office of Mental Health):
1,000,000 8.250%, 9/01/07 9/97 at 102 Baa1 1,078,710
3,000,000 8.300%, 9/01/12 9/97 at 102 Baa1 3,236,550
1,000,000 New York State Energy Research and Development
Authority, Gas Facilities (The Brooklyn Union Gas
Company), Alternative Minimum Tax, 5.600%, 6/01/25 7/03 at 102 Aaa 947,420
3,000,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 A3 3,355,860
3,500,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 Baa1 3,915,170
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (New York Electric and
Gas Corporation), Alternative Minimum Tax,
5.950%, 12/01/27 12/03 at 102 Baa1 934,980
1,000,000 New York State Energy Research and Development
Authority (Consolidated Edison Company),
Alternative Minimum Tax, 6.000%, 3/15/28 3/03 at 102 Aaa 977,610
1,425,000 New York State Environmental Facilities Corporation,
Water Facilities (The New Rochelle Water Company
Project), Alternative Minimum Tax, 6.400%, 12/01/24 6/02 at 102 A3 1,432,353
4,000,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 4,514,280
2,500,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home Insured Mortgage
(St. Vincent's Hospital), 8.000%, 2/15/27 (Pre-refunded
to 8/15/97) 8/97 at 102 Aaa 2,687,075
4,980,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home Insured Mortgage
(Albany Medical Center), 8.000%, 2/15/28 8/98 at 102 AAA 5,499,962
5,000,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured (Catholic
Medical Center), 8.300%, 2/15/22 (Pre-refunded
to 2/15/98) 2/98 at 102 AAA 5,557,950
5,250,000 New York State Medical Care Facilities Finance Agency
(Columbia-Presbyterian), 8.000%, 2/15/25
(Pre-refunded to 8/15/97) 8/97 at 102 Aaa 5,731,373
1,800,000 New York State Medical Care Facilities Finance Agency
(Hospital and Nursing Home), 6.550%, 8/15/12 8/02 at 102 Aa 1,863,450
New York State Medical Care Facilities Finance Agency
(Mental Health Services):
1,650,000 8.875%, 8/15/07 (Pre-refunded to 8/15/97) 8/97 at 102 AAA 1,824,620
1,850,000 8.875%, 8/15/07 8/97 at 102 Baa1 2,035,481
1,000,000 6.375%, 8/15/17 12/02 at 102 Aaa 1,031,620
3,305,000 New York State Medical Care Facilities Financing Agency
(Hospital and Nursing Home-FHA Insured),
6.250%, 2/15/15 8/05 at 102 AAA 3,332,266
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Mortgage Agency:
$ 20,000 9.750%, 10/01/10 4/00 at 100 Aa $ 20,633
415,000 8.625%, 4/01/11 10/95 at 102 Aa 425,628
1,375,000 8.375%, 10/01/17 1/98 at 102 Aa 1,488,328
New York State Mortgage Agency, Homeowner Mortgage,
Alternative Minimum Tax:
995,000 8.125%, 4/01/20 10/97 at 102 Aa 1,048,392
1,500,000 7.950%, 4/01/22 6/00 at 102 Aa 1,599,930
8,205,000 0.000%, 10/01/23 10/01 at 13/32 Aa 996,415
1,500,000 New York State Urban Development Corporation,
(Correctional Facilities), 8.000%, 1/01/06 (Pre-refunded
to 1/01/96) 1/96 at 102 Baa1 1,545,645
5,000,000 New York State Urban Development Corporation (Onondaga
County Convention Center), 7.875%, 1/01/20 1/01 at 102 Baa1 5,516,050
New York State Urban Development Corporation, State
Facilities:
1,000,000 7.500%, 4/01/11 4/01 at 102 Baa1 1,085,850
1,000,000 7.500%, 4/01/20 4/01 at 102 Baa1 1,106,710
1,000,000 New York State Power Authority, General Purpose,
8.000%, 1/01/17 (Pre-refunded to 1/01/98) 1/98 at 102 Aa 1,098,840
1,000,000 Brookhaven Industrial Development Agency, Civic
Facility (St. Joseph's College), 8.100%, 4/01/08 4/98 at 102 A 1,104,800
1,500,000 Cattaraugus County (Olean Office Facility), Certificates of
Participation, 8.500%, 8/01/09 (Pre-refunded to 8/01/98) 8/98 at 102 BBB- 1,693,545
4,000,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,694,960
Dormitory Authority of the State of New York (City
University):
5,000,000 8.125%, 7/01/17 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,439,100
1,000,000 5.750%, 7/01/18 No Opt. Call Baa1 944,230
Dormitory Authority of the State of New York,
Educational Facilities (State University):
1,000,000 7.400%, 5/15/01 5/00 at 102 Baa1 1,106,450
1,250,000 5.250%, 5/15/19 No Opt. Call Baa1 1,099,413
1,000,000 Dormitory Authority of the State of New York Court
Facilities Lease, 5.700%, 5/15/22 5/03 at 101 1/2 Baa1 924,140
5,000,000 Hempstead Industrial Development Agency, Resource
Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- 5,211,650
1,000,000 Metropolitan Transportation Authority, Transit Facilities,
5.500%, 7/01/22 7/02 at 100 Aaa 929,930
New York City General Obligation:
2,500,000 9.500%, 8/01/02 8/01 at 101 1/2 Baa1 3,036,025
25,000 6.300%, 8/01/03 8/02 at 101 1/2 Aaa 27,458
1,135,000 6.600%, 2/01/04 No Opt. Call A- 1,199,616
2,500,000 8.125%, 11/01/06 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,739,075
2,500,000 8.500%, 11/01/11 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,757,675
2,500,000 7.000%, 2/01/15 2/96 at 102 Baa1 2,555,874
1,450,000 New York City Housing Development Corporation
(South Bronx Cooperatives), Alternative Minimum
Tax, 8.100%, 9/01/23 9/00 at 102 Aa 1,555,401
1,000,000 New York City Housing Development Corporation,
Multi-Family Mortgage (FHA-Insured), 6.550%, 10/01/15 4/03 at 102 AAA 1,034,280
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City Municipal Water Finance Authority,
Water and Sewer System:
$ 3,750,000 9.000%, 6/15/17 (Pre-refunded to 6/15/97) 6/97 at 102 Aaa $ 4,126,800
1,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,175,270
1,600,000 New York City Industrial Development Agency Civic
Facility (YMCA of Greater New York), 8.000%, 8/01/16 8/01 at 102 N/R 1,713,487
1,000,000 New York City Industrial Development Agency (American
Airlines, Inc.), Alternative Minimum Tax, 8.000%, 7/01/20 1/99 at 102 Baa3 1,069,180
1,430,000 Newark-Wayne Community Hospital, 7.600%, 9/01/15 9/03 at 102 N/R 1,451,721
1,000,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 7.250%, 11/01/11 No Opt. Call Aaa 1,153,710
2,000,000 St. Lawrence County, Solid Waste Disposal Authority,
8.875%, 1/01/08 1/98 at 102 Baa 2,250,460
2,000,000 Triborough Bridge and Tunnel Authority, General
Purpose, 8.125%, 1/01/12 1/98 at 102 Aa 2,215,380
1,275,000 Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax, 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 1,397,540
$119,685,000 Total Investments - (cost $110,048,168) - 97.7% 121,658,431
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.1%
$ 300,000 New York City Trust for Cultural Resources (Guggenheim
Foundation), Variable Rate Demand Bonds,
4.850%, 12/01/15t VMIG-1 300,000
1,000,000 Port Authority of New York and New Jersey Versatile
Structure Obligations, Variable Rate Demand Bonds,
4.650%, 5/01/19t A-1+ 1,000,000
$ 1,300,000 Total Temporary Investments - 1.1% 1,300,000
============
Other Assets Less Liabilities - 1.2% 1,525,686
Net Assets - 100% $124,484,117
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 21 $ 54,227,804 44%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 12,312,397 10
PORTFOLIO OF A, A- A, A2, A3 5 12,304,279 10
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 19 39,648,743 33
(EXCLUDING Non-rated Non-rated 2 3,165,208 3
TEMPORARY
INVESTMENTS):
TOTAL 57 $121,658,431 100%
<FN>
* 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.
** 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK MUNICIPAL INCOME FUND, INC. (NNM)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax, 7.500%, 1/01/26 1/00 at 101 Aa3 $ 1,082,380
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 A3 1,118,620
1,000,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
8.375%, 12/01/28 12/98 at 102 Baa1 1,118,620
1,000,000 New York State Housing Finance Agency (State
University Construction), 8.100%, 11/01/10
(Pre-refunded to 11/01/98) 11/98 at 102 Aaa 1,131,590
1,000,000 New York State Housing Finance Agency (H.E.L.P.-Suffolk
Housing), Alternative Minimum Tax, 8.100%, 11/01/05 11/99 at 100 Baa 1,074,310
1,000,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 1,128,570
1,000,000 New York State Housing Finance Agency, Service
Contract, 6.375%, 9/15/14 9/04 at 102 Baa1 1,007,410
1,000,000 New York State Medical Care Facilities Finance Agency
(Huntington Hospital), 8.125%, 11/01/14
(Pre-refunded to 11/01/97) 11/97 at 102 BBB 1,100,230
1,000,000 New York State Medical Care Facilities Finance Agency
(Columbia-Presbyterian), 8.000%, 2/15/25
(Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,091,690
555,000 New York State Mortgage Agency, Homeowner Mortgage,
Alternative Minimum Tax, 8.125%, 4/01/20 10/97 at 102 Aa 584,781
1,250,000 New York State Urban Development Corporation,
Correctional Capital Facilities, 5.500%, 1/01/15 1/03 at 102 Baa1 1,144,413
2,955,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 3,339,505
250,000 Battery Park City Authority, Junior Revenue,
5.800%, 11/01/22 11/03 at 102 A 237,568
1,000,000 Cattaraugus County (Olean Office Facility), Certificates
of Participation, 8.500%, 8/01/09 (Pre-refunded
to 8/01/98) 8/98 at 102 BBB- 1,129,030
1,000,000 Dormitory Authority of the State of New York (City
University), 8.200%, 7/01/12 7/98 at 102 Baa1 1,114,950
250,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue (Suffolk County),
9.500%, 4/15/14 10/95 at 116 1/2 Baa1 292,590
1,250,000 Dormitory Authority of the State of New York (State
University), 5.250%, 5/15/19 No Opt. Call Baa1 1,099,413
1,000,000 Geneva Industrial Development Agency, Civic Facility
(Finger Lakes Cerebral Palsy), 8.500%, 11/01/16 11/01 at 102 N/R 1,041,290
1,000,000 Metropolitan Transportation Authority, Transit Facilities
Service Contract, 8.500%, 7/01/17 (Pre-refunded
to 7/01/97) 7/97 at 102 AAA 1,094,110
New York City General Obligation:
1,000,000 9.500%, 8/01/02 8/01 at 101 1/2 Baa1 1,214,410
945,000 8.500%, 8/01/12 (Pre-refunded to 8/01/96) 8/96 at 102 A- 998,015
55,000 8.500%, 8/01/12 8/96 at 102 Baa1 58,033
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 495,000 New York City Housing Development Corporation
(South Willliamsburg Cooperative), Alternative
Minimum Tax, 7.900%, 2/01/23 2/00 at 102 Aa $ 523,070
500,000 New York City Housing Development Corporation,
Multi-Family Mortgage (FHA Insured),
6.550%, 10/01/15 4/03 at 102 AAA 517,140
1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System, 7.875%, 6/15/16
(Pre-refunded to 6/15/96) 6/96 at 102 Aaa 1,047,160
1,000,000 New York City Industrial Development Agency, Civic
Facility (YMCA of Greater New York), 8.000%, 8/01/16 8/01 at 102 N/R 1,070,930
1,000,000 New York City Industrial Development Agency (Terminal
One Group), Alternative Minimum Tax,
6.125%, 1/01/24 1/04 at 102 A 969,230
$25,505,000 Total Investments - (cost $25,335,504) - 95.3% 27,329,058
===========
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 3.1%
$ 900,000 Port Authority of New York and New Jersey, Variable
===========
Rate Demand Bonds, 4.250%, 6/01/20t VMIG-1 900,000
Other Assets Less Liabilities - 1.6% 440,154
Net Assets - 100% $28,669,212
===========
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 5 $ 4,881,690 18%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 2,190,231 8
PORTFOLIO OF A, A- A, A2, A3 4 3,323,433 12
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 13 14,821,484 54
(EXCLUDING Non-rated Non-rated 2 2,112,220 8
TEMPORARY
INVESTMENTS):
TOTAL 27 $27,329,058 100%
<FN>
* 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.
** 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.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York Local Government Assistance Corporation:
$ 3,000,000 7.250%, 4/01/18 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 3,450,090
8,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 9,296,880
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
1,000,000 7.500%, 11/15/21 11/96 at 102 Aa3 1,044,500
8,500,000 7.750%, 1/01/24 1/98 at 101 1/2 Aa3 9,176,855
3,100,000 7.500%, 7/01/25 7/99 at 101 Aa3 3,362,291
1,500,000 6.375%, 12/01/27 12/01 at 101 Aa2 1,529,940
1,000,000 New York State Energy Research and Development
Authority, Solid Waste Disposal (New York State
Electric and Gas Corporation), Alternative Minimum
Tax, 5.700%, 12/01/28 12/03 at 102 Aaa 951,430
New York State Environmental Facilities Corporation,
Water Pollution Control Revolving Fund:
1,000,000 7.250%, 6/15/10 6/01 at 102 Aa 1,113,400
9,825,000 7.500%, 6/15/12 6/00 at 102 Aa 10,994,863
1,920,000 6.900%, 5/15/15 11/04 at 102 Aaa 2,128,243
3,255,000 New York State Housing Finance Agency, Multi-Family
Housing, Alternative Minimum Tax, 7.550%, 11/01/29 11/99 at 102 Aaa 3,446,264
1,585,000 New York State Housing Finance Agency, Multi-Family
Housing (Secured Mortgage Program), 7.000%, 8/15/12 8/02 at 102 Aa 1,690,466
5,500,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 6,207,135
3,950,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, Insured Mortgage
(Albany Medical Center), 8.000%, 2/15/28 8/98 at 102 AAA 4,362,420
9,000,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured (Buffalo
General Hospital), 7.700%, 2/15/22 (Pre-refunded
to 8/15/98) 8/98 at 102 AAA 10,022,760
4,000,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured (Catholic
Medical Center), 8.300%, 2/15/22 (Pre-refunded
to 2/15/98) 2/98 at 102 AAA 4,446,360
4,500,000 New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 5,117,085
1,295,000 New York State Medical Care Facilities Finance Agency
Hospital, Insured Mortgage (Presbyterian Hospital),
7.700%, 2/15/25 (Pre-refunded to 8/15/00) 8/00 at 102 Aa 1,502,239
New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home (FHA-Insured):
2,845,000 6.250%, 2/15/15 8/05 at 102 AAA 2,868,471
10,000,000 6.200%, 8/15/22 8/02 at 102 AAA 10,245,800
4,500,000 New York State Medical Care Facilities Finance Agency
Hospital and Nursing Home, FHA-Insured (Mt. Sinai
Hospital), 5.750%, 8/15/19 8/02 at 102 AAA 4,352,310
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Medical Care Facilities Finance Agency,
Mental Health Services, Facilities Improvement:
$ 820,000 7.400%, 2/15/18 2/02 at 102 Baa1 $ 887,174
1,145,000 7.800%, 2/15/19 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,291,045
1,205,000 7.750%, 2/15/20 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,384,497
1,195,000 7.750%, 2/15/20 2/00 at 102 Baa1 1,297,125
1,405,000 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 1,640,520
1,005,000 7.875%, 8/15/20 8/00 at 102 Baa1 1,102,656
1,460,000 7.500%, 2/15/21 (Pre-refunded to 2/15/01) 2/01 at 102 Aaa 1,692,301
540,000 7.500%, 2/15/21 2/01 at 102 Baa1 583,529
3,000,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured (Hebrew Home), 6.100%, 8/15/15 2/06 at 102 AA+ 3,023,070
5,800,000 New York State Medical Care Facilities Financing Agency
(FHA-Insured Mortgage Project), 6.250%, 8/15/15 2/05 at 102 Aa 5,870,122
New York State Mortgage Agency:
1,000,000 6.900%, 4/01/15 4/02 at 102 Aa 1,057,900
1,000,000 6.450%, 10/01/17 9/04 at 102 Aaa 1,029,950
New York State Mortgage Agency, Homeowner Mortgage,
Alternative Minimum Tax:
3,230,000 8.050%, 4/01/22 10/00 at 102 Aa 3,439,433
9,200,000 7.950%, 4/01/22 6/00 at 102 Aa 9,812,904
1,730,000 7.950%, 10/01/22 10/00 at 102 Aa 1,837,208
45,135,000 0.000%, 10/01/23 10/01 at 19 13/32 Aa 5,481,194
1,500,000 5.850%, 10/01/25 10/03 at 102 Aa 1,401,870
1,500,000 New York State Thruway Authority, Local Highway and
Bridge Service Contract, 5.250%, 4/01/13 4/03 at 102 Baa1 1,347,600
New York State Urban Development Corporation,
Correctional Facilities:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,582,640
1,000,000 5.500%, 1/01/15 1/03 at 102 Baa1 915,530
6,225,000 7.000%, 1/01/17 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,952,329
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,136,050
5,655,000 New York State Urban Development Corporation
(Onondaga County Convention Center), 7.875%, 1/01/20 1/01 at 102 Baa1 6,238,653
4,500,000 New York State Urban Development Corporation,
5.500%, 1/01/25 1/05 at 102 Aaa 4,256,100
2,000,000 New York State Power Authority, General Purpose,
7.375%, 1/01/18 (Pre-refunded to 1/01/96) 1/96 at 102 Aaa 2,057,720
3,475,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 3,927,167
Battery Park City Authority, Revenue:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa 7,970,025
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,685,275
3,760,000 Dormitory Authority of the State of New York, College
and University (Pooled Capital Program),
7.800%, 12/01/05 12/98 at 102 Aaa 4,093,286
1,500,000 Dormitory Authority of the State of New York, Court
Facilities, 5.375%, 5/15/16 5/03 at 101 1/2 Baa1 1,348,875
Dormitory Authority of the State of New York
(City University):
2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,328,540
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 934,490
3,000,000 6.000%, 7/01/14 No Opt. Call Aaa 3,129,000
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 BBB 2,313,580
10,000,000 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,536,500
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 6,850,000 Dormitory Authority of the State of New York
(Department of Health), 7.700%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa $ 7,924,354
2,000,000 Dormitory Authority of the State of New York,
FHA-Insured Mortgage (St. Vincent's Hospital and
Medical Center), 7.400%, 8/01/30 8/01 at 102 AAA 2,251,800
1,000,000 Dormitory Authority of the State of New York
(Skidmore College), 5.250%, 7/01/13 7/03 at 102 Aaa 943,660
Dormitory Authority of the State of New York
(State University):
2,600,000 7.375%, 5/15/14 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 2,964,182
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,574,904
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 397,212
2,500,000 5.875%, 5/15/17 No Opt. Call Baa1 2,400,850
3,970,000 Dormitory Authority of the State of New York (United
Health Services), 7.350%, 8/01/29 2/00 at 102 AAA 4,294,786
4,400,000 Dormitory Authority of the State of New York (Upstate
Community Colleges), 7.600%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 102 Baa1 5,038,660
2,190,000 Dormitory Authority of the State of New York (Vassar
College), 7.250%, 7/01/15 7/00 at 102 Aa 2,419,862
2,500,000 Hempstead Industrial Development Agency, Resource
Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- 2,605,825
1,000,000 Hudson Housing Development Corporation,
FHA-Insured, Multi-Family Mortgage (Providence
Hall - Schuyler Court), 6.500%, 1/01/25 1/03 at 101 Aaa 1,022,270
1,000,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 6.125%, 7/01/13 7/04 at 102 Aaa 1,027,240
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Service Contract, 7.500%, 7/01/19
(Pre-refunded to 7/01/00) 7/00 at 101 1/2 Aaa 1,144,270
Metropolitan Transportation Authority, Transit Facilities
Service Contract:
5,500,000 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 6,315,870
3,000,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 3,314,100
1,000,000 8.000%, 7/01/18 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 1,117,590
2,000,000 Monroe County Airport Authority (Greater Rochester
International Airport), Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 2,223,160
1,000,000 Monroe County Water Authority, Water System,
6.500%, 8/01/16 (Pre-refunded to 8/01/01) 8/01 at 101 Aaa 1,111,500
New York City General Obligation:
1,025,000 8.000%, 6/01/99 No Opt. Call Baa1 1,122,211
3,000,000 3.000%, 11/15/00 No Opt. Call Baa1 2,651,430
1,500,000 9.500%, 8/01/02 8/01 at 101 1/2 Baa1 1,821,615
4,000,000 6.500%, 8/01/02 No Opt. Call Baa1 4,218,080
2,600,000 6.375%, 2/15/06 2/05 at 101 Baa1 2,676,310
2,420,000 8.000%, 8/01/06 (Pre-refunded to 8/01/97) 8/97 at 102 Aaa 2,634,751
480,000 8.000%, 8/01/06 8/97 at 102 Aaa 520,450
1,350,000 7.250%, 10/01/06 10/99 at 101 1/2 Aaa 1,499,526
50,000 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 53,300
500,000 8.000%, 3/15/13 3/00 at 101 1/2 Aaa 565,315
1,000,000 5.750%, 5/15/13 5/03 at 101 1/2 AAA 995,530
2,150,000 6.750%, 12/01/14 (Pre-refunded to 12/01/96) 12/96 at 101 1/2 Aaa 2,251,717
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,750,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA Insured), 7.350%, 6/01/19 6/01 at 102 AAA $ 6,151,350
New York City Municipal Water Finance Authority,
Water and Sewer System:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 AAA 2,237,240
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A 1,387,500
2,165,000 7.625%, 6/15/16 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 2,323,695
1,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 AAA 1,063,070
1,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 971,520
250,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 284,880
1,000,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 A 1,083,010
4,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 4,701,080
5,700,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,475,485
6,750,000 New York City Industrial Development Agency
(American Airlines, Inc.), Alternative Minimum Tax,
8.000%, 7/01/20 1/99 at 102 Baa3 7,216,965
2,095,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.000%, 11/01/09 No Opt. Call Aaa 2,584,978
2,165,000 Triborough Bridge and Tunnel Authority, General
Purpose, 7.700%, 1/01/19 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,417,265
Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax, Special Obligation:
1,000,000 5.500%, 1/01/17 1/02 at 100 Aaa 951,800
2,500,000 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 2,740,275
2,000,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 2,226,660
1,000,000 UFA Development Corporation, FHA-Insured
(Loretto-Utica Project), 5.950%, 7/01/35 7/04 at 102 Aa 967,410
2,230,000 Yonkers General Obligation, 7.375%, 12/01/09
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 2,570,453
5,705,000 Puerto Rico Housing Finance Corporation, Multi-Family
Mortgage, 7.500%, 4/01/22 4/00 at 102 AA 6,056,142
$348,455,000 Total Investments - (cost $305,065,209) - 98.6% 335,408,768
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 300,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 4.800%, 8/01/23t VMIG-1 300,000
Other Assets Less Liabilities - 1.3% 4,537,211
Net Assets - 100% $340,245,979
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 64 $204,301,129 61%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 19 71,781,669 21
PORTFOLIO OF A, A- A, A2, A3 3 5,076,335 2
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 20 54,249,635 16
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 106 $335,408,768 100%
<FN>
* 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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,520,000 New York State, Various Purposes Full Faith and Credit,
7.300%, 3/01/10 3/01 at 102 Aaa $ 2,810,329
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
10,000,000 7.500%, 7/01/25 7/99 at 101 Aa3 10,846,100
5,000,000 7.500%, 1/01/26 1/00 at 101 Aa3 5,411,900
2,000,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,079,720
2,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 2,038,620
New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax:
2,500,000 6.750%, 2/01/24 5/02 at 102 Aaa 2,639,000
2,250,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,131,695
New York State Energy Research and Development
Authority, Pollution Control (Central Hudson Gas and
Electric Corporation), Alternative Minimum Tax:
3,000,000 7.375%, 10/01/14 10/99 at 103 Aaa 3,354,060
3,665,000 8.375%, 12/01/28 12/98 at 102 A3 4,099,742
New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax:
5,000,000 8.375%, 12/01/28 12/98 at 102 Aaa 5,686,650
1,595,000 8.375%, 12/01/28 12/98 at 102 Baa1 1,784,199
2,500,000 6.500%, 5/15/32 5/02 at 102 Aaa 2,581,300
5,000,000 New York State Housing Finance Agency, State
University Construction, 7.900%, 11/01/06 No Opt. Call Aaa 5,926,350
1,000,000 New York State Housing Finance Agency, Multi-Family
Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,016,480
10,590,000 New York State Medical Care Facilities Finance Agency,
Secured Hospital (Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 11,142,057
5,000,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, Insured Mortgage
(Kingsbrook Jewish Medical Center), 7.600%, 2/15/29 2/99 at 102 Aa 5,506,650
New York State Medical Care Facilities Finance
Agency, FHA-Insured (Montefiore Medical Center):
2,100,000 7.250%, 2/15/24 2/99 at 102 Aa 2,297,736
3,000,000 7.250%, 2/15/24 2/99 at 102 Aaa 3,257,940
New York State Medical Care Facilities Finance Agency
(Columbia-Presbyterian):
3,000,000 7.875%, 2/15/07 (Pre-refunded to 8/15/97) 8/97 at 102 Aa 3,210,540
1,720,000 8.000%, 2/15/25 (Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,877,707
9,500,000 New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,802,735
2,500,000 New York State Medical Care Facilities Finance Agency
(Beth Israel Medical Center), 7.500%, 11/01/10 11/00 at 102 Aaa 2,839,475
12,000,000 New York State Medical Care Facilities Finance Agency
(North Shore University Hospital), 7.200%, 11/01/20 11/00 at 102 Aaa 13,422,480
8,625,000 New York State Medical Care Facilities Finance Agency
(Mary Imogene Bassett Hospital), 7.125%, 11/01/20 5/01 at 102 Aaa 9,621,533
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Medical Care Facilities Finance Agency,
Mental Health Services:
$ 2,165,000 6.250%, 8/15/18 2/02 at 102 Aaa $ 2,211,461
2,000,000 6.250%, 8/15/19 8/04 at 102 Aaa 2,044,160
3,000,000 6.000%, 2/15/25 2/05 at 102 Aaa 2,987,340
6,000,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured (New York Hospital), 6.800%, 8/15/24 2/05 at 102 Aaa 6,473,400
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
3,150,000 7.950%, 10/01/21 2/01 at 102 Aa 3,368,390
7,400,000 7.950%, 10/01/22 10/00 at 102 Aa 7,858,578
4,150,000 New York State Thruway Authority, 6.000%, 1/01/25 1/05 at 102 Aaa 4,156,267
New York State Urban Development Corporation
(Correctional Facilities):
1,550,000 7.500%, 1/01/12 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 1,689,516
15,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 17,040,750
2,115,000 Clifton Park Water Authority, 5.000%, 10/01/26 10/03 at 102 Aaa 1,852,296
1,150,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 1,394,502
Dormitory Authority of the State of New York (City
University System):
5,000,000 6.500%, 7/01/14 7/96 at 100 Aaa 5,103,350
10,000,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,483,400
1,000,000 Dormitory Authority of the State of New York (Cooper
Union), 7.200%, 7/01/20 7/01 at 102 Aaa 1,115,270
Dormitory Authority of the State of New York
(State University):
5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 6,049,918
9,825,000 6.125%, 5/15/20 5/00 at 100 Aaa 9,979,940
5,000,000 Dormitory Authority of the State of New York (New
York University), 6.000%, 7/01/15 7/01 at 102 Aaa 5,020,950
2,540,000 Dormitory Authority of the State of New York (Fordham
University), 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,884,424
2,750,000 Dormitory Authority of the State of New York (Leake
and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 2,756,160
Metropolitan Transportation Authority, Commuter
Facilities:
2,570,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 2,839,079
4,290,000 7.500%, 7/01/17 7/98 at 102 Aaa 4,719,043
7,500,000 6.250%, 7/01/17 7/02 at 102 Aaa 7,671,450
Nassau County General Obligation:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,217,448
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,206,123
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,194,798
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,183,473
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,166,485
New York City General Obligation:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 Aaa 2,217,365
1,550,000 7.000%, 6/01/04 No Opt. Call Aaa 1,730,281
4,935,000 7.500%, 8/01/07 (Pre-refunded to 2/01/98) 2/98 at 101 1/2 Aaa 5,369,033
950,000 7.250%, 8/15/14 8/99 at 101 1/2 Aaa 1,052,496
2,000,000 7.250%, 8/15/17 8/99 at 101 1/2 Aaa 2,205,684
3,030,000 7.250%, 3/15/18 3/00 at 101 1/2 Aaa 3,381,026
2,250,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 2,473,403
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 10,255,000 New York City Educational Construction Fund,
7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa $ 11,456,373
1,250,000 New York City Health and Hospitals Corporation,
Health System, 5.750%, 2/15/22 2/03 at 102 Aaa 1,211,975
7,790,000 New York City Housing Development Corporation
(Royal Charter Properties-East), 7.375%, 4/01/17 4/98 at 101 1/2 Aaa 8,164,232
10,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured), 7.350%, 6/01/19 6/01 at 102 AAA 10,698,000
New York City Municipal Water Finance Authority,
Water and Sewer System:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 2,237,240
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,756,257
2,000,000 7.625%, 6/15/17 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 2,204,200
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,371,828
11,000,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 12,496,550
9,000,000 Port Authority of New York and New Jersey, Alternative
Minimum Tax, 6.750%, 4/15/26 4/01 at 101 Aaa 9,522,540
Suffolk County Water Authority, Water System:
3,080,000 7.100%, 6/01/10 (Pre-refunded to 6/01/99) 6/99 at 102 Aaa 3,426,962
9,635,000 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 10,843,325
Triborough Bridge and Tunnel Authority, General
Purpose:
4,000,000 7.500%, 1/01/15 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 4,360,040
6,580,000 7.375%, 1/01/16 (Pre-refunded to 1/01/00) 1/00 at 101 1/2 Aaa 7,416,251
2,500,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 2,832,724
3,000,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 3,387,390
Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax:
6,000,000 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 6,576,660
4,510,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 5,021,117
Triborough Bridge and Tunnel Authority, Special
Obligation:
750,000 6.250%, 1/01/12 1/02 at 101 1/2 Aaa 779,782
5,000,000 6.875%, 1/01/15 1/01 at 102 Aaa 5,439,750
Puerto Rico Ports Authority, Alternative Minimum Tax:
5,250,000 7.000%, 7/01/14 7/01 at 102 Aaa 5,813,167
11,500,000 6.000%, 7/01/21 7/01 at 100 Aaa 11,498,620
$353,800,000 Total Investments - (cost $348,815,691) - 97.2% 384,997,240
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 900,000 New York City General Obligation, Variable Rate
Demand Bonds, 4.800%, 8/01/22t VMIG-1 900,000
500,000 Port Authority of New York and New Jersey, Variable
Rate Demand Bonds, 4.250%, 6/01/20t VMIG-1 500,000
$ 1,400,000 Total Temporary Investments - 0.4% 1,400,000
============
Other Assets Less Liabilities - 2.4% 9,614,510
Net Assets - 100% $396,011,750
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 71 $340,613,405 88%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 7 38,499,894 10
PORTFOLIO OF A, A- A, A2, A3 1 4,099,742 1
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 1,784,199 1
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 80 $384,997,240 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions (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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 5,440,000 7.125%, 3/15/22 3/97 at 102 Aa3 $ 5,690,186
14,000,000 7.500%, 1/01/26 1/00 at 101 Aa3 15,153,320
2,500,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,599,650
3,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 3,567,585
11,000,000 New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax,
6.750%, 2/01/24 5/02 at 102 Aaa 11,611,600
3,000,000 New York State Energy Research and Development
Authority, Pollution Control (Niagara Mohawk Power
Corporation), 6.625%, 10/01/13 10/01 at 102 Aaa 3,196,200
5,000,000 New York State Environmental Facilities Corporation,
Water Pollution Control, 7.100%, 9/15/11 9/00 at 102 Aaa 5,492,700
1,300,000 New York State Environmental Facilities Corporation,
Water Facilities (The New Rochelle Water Company
Project), Alternative Minimum Tax, 6.400%, 12/01/24 6/02 at 102 Aaa 1,336,387
New York State General Obligation:
4,055,000 6.750%, 8/01/08 8/01 at 102 Aaa 4,399,918
4,055,000 6.750%, 8/01/10 8/01 at 102 Aaa 4,366,019
12,000,000 New York State Medical Care Facilities, Finance Agency
(Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 12,625,560
New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center):
5,500,000 7.375%, 2/15/19 2/00 at 102 Aaa 6,066,335
8,945,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,171,628
10,755,000 New York State Medical Care Facilities Finance Agency,
Mortgage Project (North Shore University Hospital),
7.200%, 11/01/20 11/00 at 102 Aaa 12,029,898
New York State Medical Care Facilities Finance Agency,
Mental Health Services, Facilities Improvement:
5,775,000 6.250%, 8/15/18 2/02 at 102 Aaa 5,898,932
3,590,000 7.375%, 8/15/19 (Pre-refunded to 8/15/99) 8/99 at 102 Aaa 4,046,540
6,265,000 7.375%, 8/15/19 8/99 at 102 Aaa 6,985,350
4,000,000 5.500%, 8/15/21 2/02 at 100 Aaa 3,723,680
2,250,000 6.000%, 2/15/25 2/05 at 102 Aaa 2,240,505
5,000,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured (New York Hospital), 6.800%, 8/15/24 2/05 at 102 Aaa 5,394,500
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
9,820,000 7.375%, 10/01/11 10/01 at 102 Aa 10,506,909
2,070,000 7.375%, 10/01/11 10/01 at 102 Aaa 2,247,316
New York State Mortgage Agency:
2,345,000 6.875%, 4/01/17 10/96 at 102 Aaa 2,416,100
1,500,000 6.450%, 10/01/17 9/04 at 102 Aaa 1,544,925
5,000,000 New York State Urban Development Corporation,
6.750%, 1/01/26 1/02 at 102 Aaa 5,334,500
1,000,000 New York State Urban Development Corporation,
Correctional Facilities, 5.250%, 1/01/14 No Opt. Call Aaa 940,610
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,200,000 Brookhaven General Obligation, 6.400%, 10/01/11 10/02 at 102 Aaa $ 1,281,156
2,500,000 Buffalo and Fort Erie Public Bridge Authority,
5.750%, 1/01/25 1/05 at 101 Aaa 2,464,900
Buffalo General Obligation:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 548,115
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 782,443
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 776,826
Dormitory Authority of the State of New York
(City University):
12,000,000 7.000%, 7/01/14 7/00 at 102 Aaa 13,134,240
3,000,000 8.125%, 7/01/17 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 3,263,460
Dormitory Authority of the State of New York,
FHA-Insured (St. Vincent's Hospital and Medical Center):
5,000,000 7.375%, 8/01/11 8/01 at 102 AAA 5,626,000
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,672,485
Dormitory Authority of the State of New York,
Educational Facilities (State University):
5,000,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,674,450
1,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 1,124,520
5,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 5,700,250
10,930,000 Dormitory Authority of the State of New York (Ithaca
College), 6.250%, 7/01/21 7/01 at 102 Aaa 11,181,062
10,000,000 Dormitory Authority of the State of New York (New
York University), 6.000%, 7/01/15 7/01 at 102 Aaa 10,041,900
3,920,000 Dormitory Authority of the State of New York
(Rensselaer Polytecnic Institute), 6.500%, 7/01/06 7/01 at 102 Aaa 4,269,546
6,000,000 Dormitory Authority of the State of New York (St. John's
University), 6.875%, 7/01/11 7/01 at 102 Aaa 6,573,600
12,875,000 Dormitory Authority of the State of New York (Mount
Sinai School of Medicine), 6.750%, 7/01/15 7/01 at 102 Aaa 13,899,850
Dormitory Authority of the State of New York, Judicial
Facilities (Suffolk County):
5,000,000 9.500%, 4/15/14 10/95 at 116 1/2 Baa1 5,851,800
13,275,000 7.000%, 4/15/16 4/01 at 102 Aaa 14,551,790
Dormitory Authority of the State of New York (Fordham
University):
10,380,000 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,787,528
1,870,000 7.200%, 7/01/15 7/00 at 102 Aaa 2,096,102
6,500,000 Dormitory Authority of the State of New York (Leake
and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 6,514,560
Metropolitan Transportation Authority, Commuter
Facilities Revenue:
10,000,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 11,047,000
5,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 5,114,300
5,000,000 Metropolitan Transportation Authority, Transit Facilities
Revenue, 6.250%, 7/01/11 7/02 at 101 1/2 Aaa 5,169,550
7,900,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 8,781,482
5,000,000 Nassau County Industrial Development Agency, Civic
Facilities (Hofstra University Project), 6.750%, 8/01/11 8/01 at 102 Aaa 5,413,500
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City General Obligation:
$ 4,130,000 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa $ 4,589,050
870,000 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 909,533
4,765,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 5,395,695
235,000 6.625%, 8/01/14 8/02 at 101 1/2 Aaa 248,585
1,500,000 7.250%, 3/15/18 No Opt. Call Aaa 1,673,775
3,100,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 3,407,799
3,000,000 7.000%, 10/01/19 10/99 at 100 Aaa 3,222,090
New York City Educational Construction Fund:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 1,891,403
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,964,375
2,500,000 New York City Health and Hospitals Corporation,
Health System, 5.625%, 2/15/13 2/03 at 102 Aaa 2,425,700
4,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured), 7.350%, 6/01/19 6/01 at 102 AAA 4,279,200
15,000,000 New York City Housing Development Corporation,
Pass-Through Certificates, Multi-Family Housing
(FHA-Insured), 6.500%, 2/20/19 7/97 at 105 Aaa 17,791,200
New York City Municipal Water Finance Authority,
Water and Sewer System:
3,640,000 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 3,995,774
1,710,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,837,412
5,000,000 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 5,689,200
3,500,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 3,720,745
3,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 3,646,464
3,455,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 3,762,119
2,780,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00) 1/00 at 102 Aaa 3,158,219
5,000,000 New York City Trust for Cultural Resources (American
Museum of Natural History), 6.900%, 4/01/21
(Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,665,550
5,000,000 New York City Trust for Cultural Resources (The
Museum of Modern Art), 6.625%, 1/01/19 1/02 at 102 Aaa 5,362,250
10,000,000 Port Authority of New York and New Jersey, Alternative
Minimum Tax, 6.500%, 11/01/26 11/01 at 101 AA- 10,296,600
Rensselaer County General Obligation:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,079,741
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,081,526
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,083,082
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,084,416
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,085,539
747,000 6.700%, 2/15/21 No Opt. Call Aaa 846,508
Suffolk County General Obligation:
1,055,000 6.500%, 10/01/11 10/01 at 102 Aaa 1,110,715
1,010,000 6.500%, 10/01/12 10/01 at 102 Aaa 1,063,338
990,000 6.500%, 10/01/13 10/01 at 102 Aaa 1,042,282
1,005,000 6.500%, 10/01/14 10/01 at 102 Aaa 1,058,074
1,015,000 6.500%, 10/01/15 10/01 at 102 Aaa 1,068,602
525,000 6.500%, 10/01/16 10/01 at 102 Aaa 552,726
525,000 6.500%, 10/01/17 10/01 at 102 Aaa 552,725
245,000 6.500%, 10/01/18 10/01 at 102 Aaa 257,135
525,000 6.500%, 10/01/19 10/01 at 102 Aaa 551,003
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Triborough Bridge and Tunnel Authority, General
Purpose:
$ 2,500,000 6.500%, 1/01/15 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa $ 2,701,825
17,945,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 20,333,300
Triborough Bridge and Tunnel Authority Special
Obligation:
14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 15,703,800
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,807,825
12,000,000 6.625%, 1/01/17 1/01 at 102 Aaa 12,827,759
$453,187,000 Total Investments - (cost $450,151,932) - 97.5% 492,753,927
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 300,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 4.800%, 8/01/23t VMIG-1 300,000
Other Assets Less Liabilities - 2.4% 12,286,203
Net Assets - 100% $505,340,130
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 90 $445,255,112 90%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 4 41,647,015 9
PORTFOLIO OF BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 5,851,800 1
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 95 $492,753,927 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions (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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security.
The rate disclosed is that currently in effect. This rate changes periodically
based on market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 10,000,000 7.250%, 11/01/24 11/98 at 101 Aa2 $ 10,680,400
5,000,000 7.250%, 11/01/24 11/98 at 101 Aaa 5,467,450
9,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 9,173,790
12,675,000 New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), 7.125%, 12/01/20 12/96 at 102 Aaa 13,329,157
New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax:
6,000,000 6.750%, 2/01/24 5/02 at 102 Aaa 6,333,180
2,500,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,368,550
5,000,000 New York State Energy Research and Development
Authority, Pollution Control (Niagara Mohawk
Power Corporation), 6.625%, 10/01/13 10/01 at 102 Aaa 5,327,000
12,000,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
6.500%, 5/15/32 5/02 at 102 Aaa 12,390,240
2,500,000 New York State Energy Research and Development
Authority, Solid Waste Disposal (New York State
Electric and Gas Corporation), Alternative Minimum
Tax, 5.700%, 12/01/28 12/03 at 102 Aaa 2,378,575
1,500,000 New York State Housing Finance Agency, Multi-Family
Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,524,720
1,845,000 New York State Medical Care Facilities Finance Agency
(Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 1,941,180
4,200,000 New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center), 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 4,775,946
3,340,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured (Montefiore
Medical Center), 7.250%, 2/15/09 2/99 at 102 Aaa 3,719,992
5,000,000 New York State Medical Care Facilities Finance Agency
(Sisters of Charity of Buffalo), 6.625%, 11/01/18 11/01 at 102 Aaa 5,299,350
New York State Medical Care Facilities Finance Agency,
Mental Health Services, Facilities Improvement:
7,500,000 6.375%, 8/15/10 2/02 at 102 Aaa 7,919,775
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 16,170,644
1,500,000 New York State Medical Care Facilities Financing Agency,
Hospital and Nursing Home, FHA-Insured Mortgage,
6.700%, 8/15/23 8/02 at 102 AA 1,570,260
1,000,000 New York State Medical Care Facilities Finance Agency
(St. Mary's Hospital-Rochester Project),
6.200%, 11/01/14 11/03 at 102 Aaa 1,020,210
2,000,000 New York State Medical Care Facilities, 6.375%, 11/15/19 11/05 at 102 Aaa 2,062,040
985,000 New York State Mortgage Agency, Homeowner Mortgage,
Alternative Minimum Tax, 7.250%, 10/01/07 10/01 at 102 Aaa 1,070,528
New York State Mortgage Agency:
1,300,000 8.000%, 10/01/17 7/98 at 102 Aa 1,384,305
2,000,000 5.400%, 10/01/17 3/04 at 102 Aaa 1,882,320
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 20,000,000 New York State Thruway Authority, 5.750%, 1/01/19 1/02 at 102 Aaa $ 19,522,000
New York State Urban Development Corporation:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 5,908,881
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 19,198,866
New York State Urban Development Corporation,
Correctional Facilities:
3,710,000 7.500%, 1/01/12 (Pre-refunded to 1/01/98) 1/98 at 102 Aaa 4,043,937
1,000,000 7.250%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,126,450
2,000,000 5.250%, 1/01/14 No Opt. Call Aaa 1,881,220
8,900,000 6.500%, 1/01/19 1/99 at 101 1/2 Aaa 9,450,643
3,100,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 3,521,755
3,000,000 New York State Urban Development Corporation, Youth
Facilities, 5.700%, 4/01/14 4/04 at 102 Aaa 2,946,180
New York State Power Authority:
4,825,000 6.500%, 1/01/19 1/02 at 102 Aaa 5,098,578
5,000,000 6.000%, 1/01/20 1/01 at 100 Aaa 5,006,100
2,000,000 Buffalo and Fort Erie Public Bridge Authority,
5.750%, 1/01/25 1/05 at 101 Aaa 1,971,920
1,980,000 Clifton Park Water Authority, Water System,
6.375%, 10/01/26 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 2,226,114
7,250,000 Dormitory Authority of the State of New York (The
New York Public Library), 5.875%, 7/01/22 7/02 at 102 Aaa 7,148,210
3,520,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,131,565
8,250,000 Dormitory Authority of the State of New York
(Foundling Charitable Corporation), 6.500%, 7/01/12 7/97 at 102 Aaa 8,625,870
7,000,000 Dormitory Authority of the State of New York (Cornell
University), 6.875%, 7/01/14 7/96 at 102 Aaa 7,313,180
3,100,000 Dormitory Authority of the State of New York (Special
Act School Districts), 6.000%, 7/01/15 1/00 at 100 Aaa 3,107,254
Dormitory Authority of the State of New York (City
University System):
5,455,000 7.000%, 7/01/14 7/00 at 102 Aaa 5,970,607
1,000,000 5.750%, 7/01/18 No Opt. Call Aaa 991,120
6,450,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,406,793
5,000,000 6.300%, 7/01/24 7/04 at 102 Aaa 5,165,050
1,000,000 Dormitory Authority of the State of New York (Mount
Sinai School of Medicine), 6.750%, 7/01/15 7/01 at 102 Aaa 1,079,600
Dormitory Authority of the State of New York
(Hamilton College):
2,000,000 6.500%, 7/01/11 7/01 at 102 Aaa 2,102,780
7,750,000 6.500%, 7/01/21 7/01 at 102 Aaa 8,138,353
7,515,000 Dormitory Authority of the State of New York (Marist
College), 6.000%, 7/01/22 7/02 at 102 Aaa 7,544,609
Dormitory Authority of the State of New York,
Educational Facilities (State University):
1,000,000 5.250%, 5/15/08 5/04 at 102 Aaa 988,120
1,000,000 7.000%, 5/15/16 5/00 at 102 Aaa 1,109,830
1,000,000 7.125%, 5/15/17 5/99 at 102 Aaa 1,112,450
10,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 11,245,200
3,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 3,420,150
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,625,000 Dormitory Authority of the State of New York (Leake
and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa $ 5,637,600
1,240,000 Dormitory Authority of the State of New York (Sarah
Lawrence College), 6.000%, 7/01/24 7/05 at 102 Aaa 1,242,964
Erie County General Obligation:
2,120,000 7.650%, 1/15/97 No Opt. Call Aaa 2,214,276
1,000,000 5.625%, 6/15/20 6/05 at 101 1/2 Aaa 975,790
1,650,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 7.250%, 7/01/11 No Opt. Call Aaa 1,913,390
Metropolitan Transportation Authority, Service Contract
(Transit Facilities):
15,000,000 6.500%, 7/01/16 7/01 at 102 Aaa 15,809,250
24,155,000 6.500%, 7/01/18 7/02 at 102 Aaa 25,555,024
3,500,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 3,890,530
3,435,000 Monroe County Industrial Development Agency
(Wilmur Associates - University of Rochester),
7.250%, 12/01/16 12/99 at 103 Aaa 3,835,384
1,000,000 Montgomery, Otsego, Schoharie Solid Waste
Management Authority, Solid Waste System,
5.250%, 1/01/14 1/01 at 102 Aaa 944,920
Nassau County General Obligation:
1,410,000 6.100%, 11/15/07 11/01 at 103 Aaa 1,505,866
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,416,895
1,495,000 6.100%, 11/15/09 11/01 at 103 Aaa 1,569,167
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,445,008
1,000,000 6.100%, 11/15/10 11/01 at 103 Aaa 1,045,340
New York City General Obligation:
2,500,000 7.100%, 2/01/10 2/02 at 101 1/2 Aaa 2,807,950
19,800,000 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 22,420,728
200,000 6.625%, 8/01/15 8/02 at 101 1/2 Aaa 212,028
12,475,000 New York City Housing Development Corporation,
Pass-Through Certificates, Multi-Family Housing,
FHA-Insured, 6.500%, 2/20/19 7/97 at 105 Aaa 14,796,348
New York City Municipal Water Financing Authority:
9,500,000 6.750%, 6/15/16 6/01 at 101 Aaa 10,204,630
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 9,923,194
New York City Municipal Water Finance Authority,
Water and Sewer System:
3,460,000 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 3,798,180
1,630,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,751,451
2,810,000 6.500%, 6/15/21 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 2,965,674
19,490,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 19,940,024
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System,
6.125%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 5,214,368
1,000,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), Alternative Minimum
Tax, 6.250%, 4/01/24 4/04 at 102 Aaa 1,020,050
10,000,000 Port Authority of New York and New Jersey,
6.500%, 1/15/26 1/01 at 101 Aaa 10,502,050
10,000,000 Port Authority of New York and New Jersey, Alternative
Minimum Tax, 6.500%, 11/01/26 11/01 at 101 Aaa 10,362,300
500,000 Suffolk County Industrial Development Agency,
Southwest Sewer System, 4.750%, 2/01/09 2/04 at 101 Aaa 456,005
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Triborough Bridge and Tunnel Authority, General
Purpose:
$ 2,500,000 6.500%, 1/01/15 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa $ 2,701,825
7,000,000 6.500%, 1/01/19 1/02 at 101 1/2 Aaa 7,331,030
3,000,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 3,399,270
2,500,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 2,822,825
5,800,000 6.750%, 1/01/22 (Pre-refunded to 1/01/02) 1/02 at 101 1/2 Aaa 6,556,377
24,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation, 6.875%, 1/01/15 1/01 at 102 Aaa 26,110,800
Yonkers General Obligation:
1,915,000 6.500%, 2/15/07 2/02 at 102 Aaa 2,070,487
400,000 6.500%, 2/15/12 2/02 at 102 Aaa 426,531
$492,960,000 Total Investments - (cost $491,217,503) - 99.1% 523,088,526
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 400,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 4.800%, 8/01/23t VMIG-1 400,000
Other Assets Less Liabilities - 0.8% 4,538,765
Net Assets - 100% $528,027,291
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 88 $509,453,561 97%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 13,634,965 3
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 91 $523,088,526 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions (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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Gas Facilities (Brooklyn Union Gas
Company), Alternative Minimum Tax:
$ 2,500,000 6.750%, 2/01/24 5/02 at 102 Aaa $ 2,638,825
5,000,000 5.600%, 6/01/25 7/03 at 102 Aaa 4,737,100
6,100,000 New York State Energy Research and Development
Authority, Pollution Control (Rochester Gas and
Electric Corporation), Alternative Minimum Tax,
6.500%, 5/15/32 5/02 at 102 Aaa 6,298,372
2,500,000 New York State Energy Research and Development
Authority (New York State Electric and Gas),
6.150%, 7/01/26 7/05 at 102 Aaa 2,524,700
1,500,000 New York State Energy Research and Development
Authority, Solid Waste Disposal (New York State
Electric and Gas Corporation), Alternative Minimum
Tax, 5.700%, 12/01/28 12/03 at 102 Aaa 1,427,145
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company of New York), Alternative Minimum Tax:
2,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 2,548,275
3,000,000 6.000%, 3/15/28 3/03 at 102 Aaa 2,932,830
1,000,000 New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), 5.250%, 8/15/20 10/03 at 102 Aaa 910,840
2,000,000 New York State Housing Finance Agency, Service
Contract Obligation, 5.500%, 9/15/22 9/03 at 102 Aaa 1,879,800
100,000 New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 113,713
New York State Medical Care Facilities Finance Agency,
Mental Health Services, Facilities Improvement:
2,000,000 6.375%, 8/15/17 12/02 at 102 Aaa 2,063,240
3,000,000 5.900%, 8/15/22 8/02 at 102 Aaa 2,936,460
1,000,000 5.800%, 8/15/22 2/03 at 102 Aaa 975,990
2,500,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured (Mt. Sinai
Hospital), 6.375%, 8/15/29 8/02 at 102 AAA 2,546,350
2,500,000 New York State Medical Care Facilities Finance Agency
(South Nassau Communities Hospital),
6.125%, 11/01/11 11/02 at 102 Aaa 2,560,150
3,000,000 New York State Medical Care Facilities Finance Agency
(North Shore Hospital at Glen Cove), 5.125%, 11/01/12 11/03 at 102 Aaa 2,785,170
3,250,000 New York State Medical Care Facilities Finance Agency
(St. Luke's-Roosevelt Hospital Center), FHA-Insured,
5.700%, 2/15/29 8/03 at 102 Aaa 3,091,888
4,395,000 New York State Medical Care Finance Agency,
6.200%, 8/15/15 8/05 at 102 Aa 4,449,894
7,800,000 New York State Medical Care Facilities Finance Agency
(New York Hospital), FHA-Insured, 6.800%, 8/15/24 2/05 at 102 Aaa 8,415,420
New York State Mortgage Agency, Homeowner Mortgage,
Alternative Minimum Tax:
2,500,000 6.650%, 10/01/25 3/03 at 102 Aa 2,536,475
1,200,000 5.850%, 10/01/25 10/03 at 102 Aa 1,121,496
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Thruway Authority:
$ 2,000,000 6.250%, 4/01/06 4/05 at 102 Aaa $ 2,204,080
2,000,000 6.000%, 1/01/25 1/05 at 102 Aaa 2,003,020
2,000,000 New York State Urban Development Corporation,
6.700%, 1/01/12 1/02 at 102 Aaa 2,142,840
New York State Urban Development Corporation
Correctional Facilities:
1,900,000 5.250%, 1/01/14 No Opt. Call Aaa 1,787,159
6,000,000 5.250%, 1/01/18 1/03 at 102 Aaa 5,554,560
3,600,000 Buffalo Municipal Water Finance Authority, Water
System, 5.750%, 7/01/19 7/03 at 102 Aaa 3,531,060
2,000,000 Buffalo Sewer Authority, Sewer System, 5.000%, 7/01/12 7/03 at 100 Aaa 1,849,980
2,500,000 Dormitory Authority of the State of New York (The New
York Public Library), 5.875%, 7/01/22 7/02 at 102 Aaa 2,464,900
1,250,000 Dormitory Authority of the State of New York (University
and College), 6.700%, 7/01/11 7/01 at 102 Aaa 1,362,663
2,000,000 Dormitory Authority of the State of New York (New York
University), 6.000%, 7/01/15 7/01 at 102 Aaa 2,008,380
Dormitory Authority of the State of New York (Colgate
University):
500,000 5.625%, 7/01/13 7/03 at 102 Aaa 496,345
1,000,000 6.500%, 7/01/21 7/01 at 102 Aaa 1,057,170
2,500,000 Dormitory Authority of the State of New York,
Educational Facilities (State University),
6.000%, 5/15/22 5/03 at 102 Aaa 2,496,475
4,000,000 Dormitory Authority of the State of New York
(Rensselaer Polytechnic Institute), 5.250%, 7/01/22 7/03 at 101 Aaa 3,697,360
Dormitory Authority of the State of New York (City
University):
4,500,000 7.000%, 7/01/14 7/00 at 102 Aaa 4,925,340
2,000,000 5.750%, 7/01/18 No Opt. Call Aaa 1,982,240
6,855,000 6.750%, 7/01/24 7/04 at 102 Aaa 7,438,498
2,450,000 Dormitory Authority of the State of New York (Mount
Sinai School of Medicine), 5.000%, 7/01/21 7/04 at 102 Aaa 2,174,400
1,595,000 Huntington General Obligation, 5.500%, 4/01/13 4/03 at 102 Aaa 1,566,864
1,165,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 6.125%, 7/01/13 7/04 at 102 Aaa 1,196,735
Metropolitan Transportation Authority, Commuter
Facilities:
2,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 2,045,720
1,500,000 5.500%, 7/01/17 7/02 at 100 Aaa 1,435,695
1,000,000 6.375%, 7/01/18 7/04 at 101 1/2 Aaa 1,042,980
2,500,000 Metropolitan Transportation Authority, Transit Facilities,
5.750%, 7/01/15 7/03 at 101 1/2 Aaa 2,450,600
1,800,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
5.375%, 1/01/19 1/03 at 102 Aaa 1,659,726
2,000,000 Monroe County Industrial Development Agency, Civic
Facilities, 6.000%, 6/01/20 6/05 at 102 Aaa 2,011,460
4,380,000 Montgomery, Otsego, Schoharie Solid Waste Management
Authority, Solid Waste System, 5.250%, 1/01/14 1/01 at 102 Aaa 4,138,750
Nassau County General Obligation:
1,500,000 5.700%, 8/01/13 8/04 at 103 Aaa 1,501,530
210,000 5.500%, 6/15/16 No Opt. Call Aaa 201,707
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City General Obligation:
$ 4,000,000 8.000%, 8/01/05 No Opt. Call Aaa $ 4,930,240
2,385,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,700,679
1,500,000 6.000%, 8/01/19 No Opt. Call Aaa 1,488,570
New York City Municipal Water Finance Authority
Water and Sewer System:
4,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 3,886,080
2,185,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 2,235,452
5,000,000 New York City Transit Authority, Transit Facilities
(Livingston Plaza Project), 5.250%, 1/01/20 1/03 at 100 Aaa 4,571,050
1,000,000 New York City Industrial Development Agency, Civic
Facility (USTA National Tennis Center Incorporated
Project), 6.375%, 11/15/14 11/04 at 102 Aaa 1,044,070
Niagara Falls General Obligation:
1,000,000 7.500%, 3/01/13 No Opt. Call Aaa 1,203,320
2,000,000 6.900%, 3/01/22 3/04 at 102 Aaa 2,187,780
Niagara County General Obligation:
100,000 5.750%, 8/15/20 8/00 at 102 Aaa 99,338
410,000 5.750%, 8/15/21 8/00 at 102 Aaa 407,237
2,115,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.500%, 11/01/08 No Opt. Call Aaa 2,710,584
2,500,000 Port Authority of New York and New Jersey, Alternative
Minimum Tax, 5.875%, 7/15/16 1/03 at 101 Aaa 2,480,475
500,000 Smithtown General Obligation, 5.550%, 4/01/09 4/03 at 102 Aaa 505,515
250,000 Suffolk County General Obligation, 4.450%, 5/01/96 No Opt. Call Aaa 250,438
1,000,000 Suffolk County Industrial Development Agency,
Southwest Sewer System, 4.750%, 2/01/09 2/04 at 101 Aaa 912,010
Suffolk County Water Authority, Water System:
2,500,000 5.100%, 6/01/11 No Opt. Call Aaa 2,360,550
2,500,000 5.100%, 6/01/12 No Opt. Call Aaa 2,347,400
1,500,000 5.625%, 6/01/16 6/02 at 102 Aaa 1,454,430
3,800,000 Triborough Bridge and Tunnel Authority, General
Purpose, 6.000%, 1/01/22 (Pre-refunded to 1/01/01) 1/01 at 100 Aaa 4,071,166
500,000 Triborough Bridge and Tunnel Authority Special
Obligation, 5.500%, 1/01/17 1/02 at 100 Aaa 475,900
2,750,000 Yonkers General Obligation, 5.500%, 9/01/09 9/03 at 102 Aaa 2,768,670
2,500,000 Puerto Rico Electric Power Authority, 7.000%, 7/01/07 No Opt. Call Aaa 2,915,850
$174,045,000 Total Investments - (cost $174,308,417) - 98.1% 175,929,174
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.8%
$ 400,000 New York City General Obligation, Variable Rate
Demand Bonds, 4.800%, 8/01/21t VMIG-1 400,000
1,000,000 Port Authority of New York and New Jersey, Versatile
Structure Obligations, Variable Rate Demand
Bonds, 4.650%, 5/01/19t A-1+ 1,000,000
$ 1,400,000 Total Temporary Investments - 0.8% 1,400,000
============
Other Assets Less Liabilities - 1.1% 2,038,532
Net Assets - 100% $179,367,706
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 70 $167,821,309 95%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 8,107,865 5
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 73 $175,929,174 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U.S. Government or U.S. Government
agency securities to ensure the timely payment of principal and interest.
* Optional Call Provisions (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.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $121,658,431 $27,329,058 $335,408,768 $384,997,240
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 1,300,000 900,000 300,000 1,400,000
Cash 69,662 39,713 35,341 56,965
Receivables:
Interest 2,204,102 567,298 6,271,473 7,200,584
Investments sold 80,000 45,000 -- 4,315,610
Prepaid Preferred shares auction fees (note 1) N/A N/A 64,333 --
Other assets 13,387 -- 41,867 14,482
------------ ----------- ------------ ------------
Total assets 125,325,582 28,881,069 342,121,782 397,984,881
------------ ----------- ------------ ------------
Liabilities
Payable for investments purchased -- -- -- --
Accrued expenses:
Management fees (note 6) 66,007 15,351 179,083 207,879
Other 107,496 54,238 153,379 208,773
Preferred share dividends payable N/A N/A 191,501 62,263
Common share dividends payable 667,962 142,268 1,351,840 1,494,216
------------ ----------- ------------ ------------
Total liabilities 841,465 211,857 1,875,803 1,973,131
------------ ----------- ------------ ------------
Net assets (note 7) $124,484,117 $28,669,212 $340,245,979 $396,011,750
============ =========== ============ ============
Preferred shares, at liquidation value N/A N/A $104,300,000 $120,000,000
============ =========== ============ ============
Preferred shares outstanding N/A N/A 4,172 4,800
============ =========== ============ ============
Common shares outstanding 11,927,901 2,518,017 14,381,272 17,076,754
============ =========== ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 10.44 $ 11.39 $ 16.41 $ 16.16
============ =========== ============ ============
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value (note 1) $492,753,927 $523,088,526 $175,929,174
Temporary investments in short-term municipal securities,
at amortized cost (note 1) 300,000 400,000 1,400,000
Cash 91,771 94,346 78,850
Receivables:
Interest 8,207,066 8,694,325 2,739,260
Investments sold 6,362,327 -- --
Prepaid Preferred shares auction fees (note 1) -- -- --
Other assets 8,914 43,875 29,917
------------ ------------ ------------
Total assets 507,724,005 532,321,072 180,177,201
------------ ------------ ------------
Liabilities
Payable for investments purchased -- 1,950,726 --
Accrued expenses:
Management fees (note 6) 263,955 275,288 95,643
Other 206,267 181,222 141,941
Preferred share dividends payable 36,495 62,263 25,443
Common share dividends payable 1,877,158 1,824,282 546,468
------------ ------------ ------------
Total liabilities 2,383,875 4,293,781 809,495
------------ ------------ ------------
Net assets (note 7) $505,340,130 $528,027,291 $179,367,706
============ ============ ============
Preferred shares, at liquidation value $150,000,000 $170,000,000 $ 65,000,000
============ ============ ============
Preferred shares outstanding 6,000 6,800 2,600
============ ============ ============
Common shares outstanding 22,347,118 23,388,229 8,217,560
============ ============ ============
Net asset value per Common share outstanding (net assets less
Preferred shares at liquidation value, divided by Common
shares outstanding) $ 15.90 $ 15.31 $ 13.92
============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended September 30, 1995
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $8,790,821 $ 1,999,136 $19,303,677 $25,496,301
---------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 791,111 182,255 1,838,158 2,472,765
Preferred shares--auction fees N/A N/A 243,647 324,454
Preferred shares--dividend disbursing agent fees N/A N/A 26,616 20,219
Shareholders' servicing agent fees and expenses 56,213 9,720 65,535 49,964
Custodian's fees and expenses 43,459 36,985 58,887 65,725
Directors' fees and expenses (note 6) 1,705 787 3,173 3,679
Professional fees 14,641 14,176 37,983 20,252
Shareholders' reports--printing and mailing expenses 38,758 18,193 148,719 100,366
Stock exchange listing fees 21,798 1,615 16,760 34,173
Investor relations expense 4,522 3,094 15,291 26,457
Portfolio insurance expense -- -- -- 123,324
Other expenses 6,925 3,109 22,823 27,936
---------- ----------- ----------- -----------
Total expenses 979,132 269,934 2,477,592 3,269,314
---------- ----------- ----------- -----------
Net investment income 7,811,689 1,729,202 16,826,085 22,226,987
---------- ----------- ----------- -----------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) 754,287 (1,141,666) (902,468) 358,785
Net change in unrealized appreciation or depreciation
of investments (35,403) 1,714,550 11,921,862 7,860,233
---------- ----------- ----------- -----------
Net gain from investments 718,884 572,884 11,019,394 8,219,018
---------- ----------- ----------- -----------
Net increase in net assets from operations $8,530,573 $ 2,302,086 $27,845,479 $30,446,005
========== =========== =========== ===========
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Year ended September 30, 1995
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $31,477,106 $32,015,462 $ 9,490,554
----------- ----------- -----------
Expenses:
Management fees (note 6) 3,131,295 3,258,292 1,023,384
Preferred shares--auction fees 375,001 446,378 147,597
Preferred shares--dividend disbursing agent fees 30,000 38,781 27,205
Shareholders' servicing agent fees and expenses 51,550 52,112 14,596
Custodian's fees and expenses 77,886 77,728 47,652
Directors' fees and expenses (note 6) 5,232 6,001 2,212
Professional fees 17,278 22,074 67,400
Shareholders' reports--printing and mailing expenses 118,870 131,614 108,606
Stock exchange listing fees 32,509 32,097 17,692
Investor relations expense 26,523 26,726 17,564
Portfolio insurance expense 137,663 31,135 10,728
Other expenses 21,467 28,015 18,960
----------- ----------- -----------
Total expenses 4,025,274 4,150,953 1,503,596
----------- ----------- -----------
Net investment income 27,451,832 27,864,509 7,986,958
----------- ----------- -----------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions, net of
taxes, if applicable (notes 1 and 3) 656,989 294,208 (2,709,840)
Net change in unrealized appreciation or depreciation
of investments 14,842,889 19,224,602 16,472,181
----------- ----------- -----------
Net gain from investments 15,499,878 19,518,810 13,762,341
----------- ----------- -----------
Net increase in net assets from operations $42,951,710 $47,383,319 $21,749,299
=========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NNY NNM
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 7,811,689 $ 7,722,232 $ 1,729,202 $ 1,754,584
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 754,287 (262,676) (1,141,666) (123,390)
Net change in unrealized appreciation or depreciation
of investments (35,403) (6,594,626) 1,714,550 (1,777,178)
------------ ------------ ----------- -----------
Net increase (decrease) in net assets from operations 8,530,573 864,930 2,302,086 (145,984)
------------ ------------ ----------- -----------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (7,968,947) (7,836,491) (1,753,449) (1,856,829)
Preferred shareholders N/A N/A N/A N/A
From accumulated net realized gains from investment transactions:
Common shareholders (11,813) (176,312) -- --
Preferred shareholders N/A N/A N/A N/A
------------ ------------ ----------- -----------
Decrease in net assets from distributions to shareholders (7,980,760) (8,012,803) (1,753,449) (1,856,829)
------------ ------------ ----------- -----------
Capital Share Transactions (note 2)
Net proceeds from shares issued in acquisition of NNO and
NRY, and NYP, as applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 1,623,656 1,482,971 70,503 284,173
------------ ------------ ----------- -----------
Net increase in net assets derived from capital share transactions 1,623,656 1,482,971 70,503 284,173
------------ ------------ ----------- -----------
Net increase (decrease) in net assets 2,173,469 (5,664,902) 619,140 (1,718,640)
Net assets at beginning of year 122,310,648 127,975,550 28,050,072 29,768,712
------------ ------------ ----------- -----------
Net assets at end of year $124,484,117 $122,310,648 $28,669,212 $28,050,072
============ ============ =========== ===========
Balance of undistributed net investment income at end of year $ 343,200 $ 500,458 $ 17,949 $ 42,196
============ ============ =========== ===========
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NNP NQN
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 16,826,085 $ 9,685,304 $ 22,226,987 $ 22,101,858
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (902,468) (57,294) 358,785 68,800
Net change in unrealized appreciation or depreciation
of investments 11,921,862 (9,089,777) 7,860,233 (26,672,150)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 27,845,479 538,233 30,446,005 (4,501,492)
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (13,398,367) (8,029,623) (17,920,430) (18,370,211)
Preferred shareholders (3,321,037) (1,951,745) (4,732,772) (4,138,697)
From accumulated net realized gains from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (16,719,404) (9,981,368) (22,653,202) (22,508,908)
------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Net proceeds from shares issued in acquisition of NNO and
NRY, and NYP, as applicable (note 1) 164,436,079 -- -- --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions 1,093,104 897,664 263,700 2,005,856
------------ ------------ ------------ ------------
Net increase in net assets derived from capital share transactions 165,529,183 897,664 263,700 2,005,856
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 176,655,258 (8,545,471) 8,056,503 (25,004,544)
Net assets at beginning of year 163,590,721 172,136,192 387,955,247 412,959,791
------------ ------------ ------------ ------------
Net assets at end of year $340,245,979 $163,590,721 $396,011,750 $387,955,247
============ ============ ============ ============
Balance of undistributed net investment income at end of year $ 877,827 $ 629,910 $ 975,291 $ 1,401,506
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NVN NUN
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Operations
Net investment income $ 27,451,832 $ 27,330,526 $ 27,864,509 $ 27,614,271
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 656,989 164,164 294,208 429,037
Net change in unrealized appreciation or depreciation
of investments 14,842,889 (39,336,605) 19,224,602 (46,236,694)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from operations 42,951,710 (11,841,915) 47,383,319 (18,193,386)
------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (22,525,895) (23,732,644) (21,891,381) (22,265,601)
Preferred shareholders (5,616,093) (4,090,895) (6,367,695) (5,670,021)
From accumulated net realized gains from investment transactions:
Common shareholders -- (239,114) (350,825) (357,841)
Preferred shareholders -- (30,600) (90,494) (86,463)
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (28,141,988) (28,093,253) (28,700,395) (28,379,926)
------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Net proceeds from shares issued in acquisition of NNO and
NRY, and NYP, as applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- -- -- --
------------ ------------ ------------ ------------
Net increase in net assets derived from capital share transactions -- -- -- --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 14,809,722 (39,935,168) 18,682,924 (46,573,312)
Net assets at beginning of year 490,530,408 530,465,576 509,344,367 555,917,679
------------ ------------ ------------ ------------
Net assets at end of year $505,340,130 $490,530,408 $528,027,291 $509,344,367
============ ============ ============ ============
Balance of undistributed net investment income at end of year $ 1,069,208 $ 1,759,364 $ 1,261,688 $ 1,656,255
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
NNF
Year ended Year ended
9/30/95 9/30/94
<S> <C> <C>
Operations
Net investment income $ 7,986,958 $ 4,433,933
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (2,709,840) (6,839)
Net change in unrealized appreciation or depreciation
of investments 16,472,181 (11,026,304)
------------ -----------
Net increase (decrease) in net assets from operations 21,749,299 (6,599,210)
------------ -----------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (5,814,049) (3,528,543)
Preferred shareholders (2,134,301) (816,379)
From accumulated net realized gains from investment transactions:
Common shareholders -- --
Preferred shareholders -- --
------------ -----------
Decrease in net assets from distributions to shareholders (7,948,350) (4,344,922)
------------ -----------
Capital Share Transactions (note 2)
Net proceeds from shares issued in acquisition of NNO and
NRY, and NYP, as applicable (note 1) 78,846,744 --
Net proceeds from Common shares issued to shareholders
due to reinvestment of distributions from net investment
income and from net realized gains from investment
transactions -- --
------------ -----------
Net increase in net assets derived from capital share transactions 78,846,744 --
------------ -----------
Net increase (decrease) in net assets 92,647,693 (10,944,132)
Net assets at beginning of year 86,720,013 97,664,145
------------ -----------
Net assets at end of year $179,367,706 $86,720,013
============ ===========
Balance of undistributed net investment income at end of year $ 461,393 $ 326,845
============ ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At September 30, 1995, the New York Funds (the "Funds") covered in this report
and their corresponding stock exchange symbols are Nuveen New York Municipal
Value Fund, Inc. (NNY), Nuveen New York Municipal Income Fund, Inc. (NNM),
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New York
Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality
Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund,
Inc. (NUN), and Nuveen Insured New York Premium Income Municipal Fund, Inc.
(NNF). All of the above mentioned Funds are traded on the New York Stock
Exchange, except for NNM, which is traded on the American Stock Exchange.
NNY and NNM are not authorized by their Articles of Incorporation to issue
Preferred shares, therefore, in the Notes to Financial Statements "N/A"
represents not-applicable.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On January 10, 1995, NNP acquired all of the net assets of Nuveen New York
Municipal Market Opportunity Fund, Inc. (NNO) and Nuveen New York Premium
Income Municipal Fund (NRY) pursuant to a plan of reorganization approved by
the shareholders of the Funds on December 8, 1994. The acquisitions were
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, include 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 was
combined with that of NNP. The combined net assets of NNP immediately after
the acquisition were $323,973,176.
On December 7, 1994, NNF acquired all of the net assets of Nuveen Insured New
York Premium Income Municipal Fund 2 (NYP) pursuant to a plan of
reorganization approved by the shareholders of the Funds on November 18, 1994.
The acquisition was accomplished by a tax-free exchange of 4,001,860 shares of
NNF 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
unrealized depreciation and $32,000,000 of preferred shares at liquidation
value which was combined with that of NNF. The combined net assets of NNF
immediately after the acquisition were $161,196,754.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
<PAGE>
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At September 30, 1995, there were no such purchase commitments in
any of the Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt
securities when required for federal income tax purposes.
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing all of their net
investment income, in addition to any significant amounts of net realized
gains from investments, to shareholders. The Funds currently consider
significant net realized gains as amounts in excess of $.001 per Common share
for NNY and NNM 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 income taxes, to retain such tax-exempt status when distributed
to shareholders of the Funds. All income dividends paid during the year ended
September 30, 1995, have been designated Exempt Interest Dividends.
<PAGE>
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
gains from investment transactions are distributed to shareholders not less
frequently than annually only to the extent they exceed available capital loss
carryovers.
Distributions to shareholders of net investment income and net realized
capital gains are recorded on the ex-dividend date. The amount and timing of
such distributions are determined in accordance with federal income tax
regulations, which may differ from generally accepted accounting principles.
Accordingly, temporary over-distributions as a result of these differences may
result and will be classified as either distributions in excess of net
investment income or distributions in excess of accumulated net realized
capital gains, if applicable.
<PAGE>
<TABLE>
Preferred Shares
The following Funds have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in more than one Series. The
dividend rate on each Series may change every seven days, as set by the
Auction Agent, except for NNP Series W which has lengthened its dividend
period to three years. The number of shares outstanding, by Series and in
total, for each Fund, at September 30, 1995, is as follows:
<CAPTION>
NNP NQN NVN NUN
<S> <C> <C> <C> <C>
Number of shares:
Series M 1,600 -- -- 2,200
Series T -- 2,400 -- --
Series W 2,000* -- 2,400 2,200
Series Th -- -- 3,600 2,400
Series F 572 2,400 -- --
----- ----- ----- -----
Total 4,172 4,800 6,000 6,800
===== ===== ===== =====
<CAPTION>
NNF
<S> <C>
Number of shares:
Series M 1,320
Series T 1,280
Series W --
Series Th --
Series F --
-----
Total 2,600
=====
<FN>
* Three year period
Preferred share auction fees paid in connection with lengthening the dividend
period of the Series noted above have been capitalized and are being amortized
over the three year period.
</TABLE>
<PAGE>
Insurance
NQN, NVN, NUN and NNF invest in municipal securities which are covered by
insurance guaranteeing the timely payment of principal and interest thereon or
backed by an escrow or trust account containing sufficient U.S. Government or
U.S. Government agency securities to ensure the timely payment of principal
and interest. Each insured municipal security is covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance
does not guarantee the market value of the municipal securities or the value
of the Funds' shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the
Funds ultimately dispose of such municipal securities. Consequently, the
market value of the municipal securities covered by Original Issue Insurance
or Secondary Market Insurance may reflect value attributable to the insurance.
Portfolio Insurance is effective only while the municipal securities are held
by the Funds. Accordingly, neither the prices used in determining the market
value of the underlying municipal securities nor the net asset value of the
Funds' shares include value, if any, attributable to the Portfolio Insurance.
Each policy of the Portfolio Insurance does, however, give the Funds the right
to obtain permanent insurance with respect to the municipal security covered
by the Portfolio Insurance policy at the time of its sale.
Proposed Reorganization
Subject to shareholder approval on or about January 8, 1996, NNY will acquire
substantially all of the assets of NNM in exchange for newly issued shares of
NNY and the assumption by NNY of substantially all of the liabilities of NNM.
Following receipt of the NNY shares, NNM will be liquidated and the NNY shares
will be distributed to the shareholders of NNM.
As a result of this reorganization, the assets and liabilities of both Funds
will be combined and the shareholders of NNM would thus become shareholders of
NNY. The investment objectives and policies of the larger combined Fund will
be virtually identical to that of each of the separate Funds.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards (FASB) 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, 1995, other than occasional purchases of high quality synthetic
money market securities which were held temporarily pending the
re-investment in long-term portfolio securities.
<PAGE>
<TABLE>
2. Fund Shares
Transactions in Common shares were as follows:
<CAPTION>
NNY NNM
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNO and NRY, and NYP, as
applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from net
realized gains from investment transactions 153,474 131,414 6,131 23,425
------- ------- ----- ------
Net increase 153,474 131,414 6,131 23,425
======= ======= ===== ======
<CAPTION>
NNP NQN
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNO and NRY, and NYP, as
applicable (note 1) 7,176,986 -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from net
realized gains from investment transactions 66,332 51,661 16,611 118,754
--------- ------ ------ -------
Net increase 7,243,318 51,661 16,611 118,754
========= ====== ====== =======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NVN NUN
Year ended Year ended Year ended Year ended
9/30/95 9/30/94 9/30/95 9/30/94
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNO and NRY, and NYP, as
applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from net
realized gains from investment transactions -- -- -- --
------- ------- ------- -------
Net increase -- -- -- --
======= ======= ======= =======
<CAPTION>
NNF
Year ended Year ended
9/30/95 9/30/94
<S> <C> <C>
Common shares:
Shares issued in acquisition of NNO and NRY, and NYP, as
applicable (note 1) 4,001,860 --
Shares issued to shareholders due to reinvestment of
distributions from net investment income and from net
realized gains from investment transactions -- --
--------- -------
Net increase 4,001,860 --
========= =======
</TABLE>
<PAGE>
<TABLE>
3. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the year ended September
30, 1995, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $16,168,971 $1,184,940 $ 46,603,505 $16,371,624
Investments in municipal securities in acquisition of NNO and
NRY, and NYP, as applicable (note 1) -- -- 154,024,063 --
Temporary municipal investments 10,850,000 4,100,000 28,400,000 19,200,000
Temporary investments in municipal securities in acquisition
of NNO and NRY, and NYP, as applicable (note 1) -- -- 4,000,000 --
SALES AND MATURITIES
Investments in municipal securities 14,357,626 2,016,110 40,320,684 21,397,927
Temporary municipal investments 11,150,000 3,300,000 33,800,000 18,400,000
=========== ========== ============ ===========
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
PURCHASES
Investments in municipal securities $26,422,860 $25,703,190 $50,640,964
Investments in municipal securities in acquisition of NNO and
NRY, and NYP, as applicable (note 1) -- -- 84,427,715
Temporary municipal investments 18,000,000 37,100,000 23,400,000
Temporary investments in municipal securities in acquisition
of NNO and NRY, and NYP, as applicable (note 1) -- -- 2,400,000
SALES AND MATURITIES
Investments in municipal securities 32,441,614 22,191,596 48,213,817
Temporary municipal investments 18,700,000 39,000,000 24,600,000
=========== =========== ===========
At September 30, 1995, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
</TABLE>
<PAGE>
<TABLE>
At September 30, 1995, 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:
<CAPTION>
NNM NNP* NNF**
<S> <C> <C> <C>
Expiration year:
1998 $ -- $ 256,227 $ --
1999 -- 680 --
2000 -- -- 14,718
2001 59,477 -- --
2002 -- 2,337,662 1,710,502
2003 123,390 356,638 3,374
-------- ---------- ----------
Total $182,867 $2,951,207 $1,728,594
======== ========== ==========
<FN>
* Due to the acquisition of NNO and NRY by NNP (see note 1), NNO and NRY had
net realized losses from investment transactions of $62,873 and
$2,274,789, respectively, which were carried forward by NNP, as permitted
under applicable tax regulations.
** Due to the acquisition of NYP by NNF (see note 1), NYP had net realized
losses from investment transactions of $1,725,220 which were carried forward
by NNF, as permitted under applicable tax regulations.
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On October 2, 1995, the Funds declared Common share dividend distributions
from their ordinary income which were paid November 1, 1995, to shareholders
of record on October 15, 1995, as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Dividend per share $.0560 $.0565 $.0940 $.0875
====== ====== ====== ======
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Dividend per share $.0840 $.0780 $.0665
====== ====== ======
</TABLE>
<PAGE>
<TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 1995, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $11,703,866 $2,015,902 $30,935,965 $36,181,553
Depreciation (93,603) (22,348) (592,406) (4)
----------- ---------- ----------- -----------
Net unrealized appreciation $11,610,263 $1,993,554 $30,343,559 $36,181,549
=========== ========== =========== ===========
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Gross unrealized:
Appreciation $42,644,111 $32,139,142 $ 3,734,889
Depreciation (42,116) (268,119) (2,114,132)
----------- ----------- -----------
Net unrealized appreciation $42,601,995 $31,871,023 $ 1,620,757
=========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under NNY's investment management agreement with the 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 NNM's, 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:
<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
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors who are affiliated with the Adviser
or to their officers, all of whom receive remuneration for their services to
the Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At September 30, 1995, net assets consisted of:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $ N/A $ N/A $104,300,000 $120,000,000
Common shares, $.01 par value per share 119,279 25,180 143,813 170,768
Paid-in surplus 111,931,669 27,957,062 208,135,013 238,287,894
Balance of undistributed net investment income 343,200 17,949 877,827 975,291
Accumulated net realized gain (loss) from investment transactions 479,706 (1,324,533) (3,554,233) 396,248
Net unrealized appreciation or depreciation of investments 11,610,263 1,993,554 30,343,559 36,181,549
------------ ------------ ------------ ------------
Net assets $124,484,117 $ 28,669,212 $340,245,979 $396,011,750
============ ============ ============ ============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A N/A 1,000,000 1,000,000
============ ============ ============ ============
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share, at
liquidation value $150,000,000 $170,000,000 $ 65,000,000
Common shares, $.01 par value per share 223,471 233,882 82,176
Paid-in surplus 310,746,551 324,380,944 116,641,814
Balance of undistributed net investment income 1,069,208 1,261,688 461,393
Accumulated net realized gain (loss) from investment transactions 698,905 279,754 (4,438,434)
Net unrealized appreciation or depreciation of investments 42,601,995 31,871,023 1,620,757
----------- ----------- -----------
Net assets $505,340,130 $528,027,291 $179,367,706
============ ============ ============
Authorized shares:
Common 200,000,000 200,000,000 2,000,000
Preferred 1,000,000 1,000,000 1,000,000
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
8. Investment Composition
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At September 30, 1995, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NNY NNM NNP NQN
<S> <C> <C> <C> <C>
Revenue Bonds:
Housing Facilities 16% 10% 23% 13%
Pollution Control Facilities 12 20 7 11
Education Facilities 3 4 4 5
Transportation 3 3 1 10
Lease Rental Facilities 14 14 6 2
Health Care Facilities 1 -- 1 10
Water / Sewer Facilities -- -- 4 1
Electric Utilities 1 -- -- --
Other 6 16 2 2
General Obligation Bonds 9 5 7 3
Escrowed Bonds 35 28 45 43
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
<CAPTION>
NVN NUN NNF
<S> <C> <C> <C>
Revenue Bonds:
Housing Facilities 13% 10% 14%
Pollution Control Facilities 9 14 14
Education Facilities 14 8 17
Transportation 6 15 9
Lease Rental Facilities 6 7 6
Health Care Facilities 5 4 3
Water / Sewer Facilities 1 8 10
Electric Utilities -- 2 2
Other 8 7 6
General Obligation Bonds 11 7 14
Escrowed Bonds 27 18 5
---- ---- ----
100% 100% 100%
==== ==== ====
</TABLE>
<PAGE>
Certain long-term and intermediate-term investments owned by the Funds are
covered by insurance issued by several private insurers or are backed by an
escrow or trust containing U.S. Government or U.S. Government agency
securities, either of which ensure the timely payment of principal and
interest in the event of default (39% for NNY, 28% for NNM, 53% for NNP, 100%
for NQN, 100% for NVN, 100% for NUN, and 100% for NNF). Such insurance or
escrow, however, does not guarantee the market value of the municipal
securities or the value of any of the Funds' shares.
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
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 investmentstt shareholders shareholderst
NNY
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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>
NNM
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1995 11.170 .688 .230 (.698) N/A
1994 11.960 .701 (.748) (.743) N/A
1993 12.200 .755 (.185) (.767) N/A
10 mos. ended
9/30/92 11.940 .661 .325 (.655) N/A
Year ended 11/30/91 11.430 .795 .517 (.802) N/A
1 mo. ended
11/30/90 11.370 .068 .095 (.068) N/A
Year ended 10/31,
1990 11.710 .806 (.266) (.810) N/A
1989 11.530 .806 .210 (.808) N/A
4/20/88 to
10/31/88 11.210 .358 .244 (.282) N/A
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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)
<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 shareholderst discounts of period of period
NNY
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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>
NNM
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
1995 -- N/A -- 11.390 10.750
1994 -- N/A -- 11.170 10.375
1993 (.043) N/A -- 11.960 12.750
10 mos. ended
9/30/92 (.071) N/A -- 12.200 12.500
Year ended 11/30/91 -- N/A -- 11.940 11.750
1 mo. ended
11/30/90 (.035) N/A -- 11.430 11.625
Year ended 10/31,
1990 (.070) N/A -- 11.370 11.625
1989 (.028) N/A -- 11.710 11.500
4/20/88 to
10/31/88 -- N/A -- 11.530 11.625
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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
<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,
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>
NNM
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
1995 10.45 8.55 28,669 .96 6.17 4
1994 (13.43) (.40) 28,050 1.00 6.08 12
1993 8.69 4.88 29,769 1.07 6.31 17
10 mos. ended
9/30/92 12.82 8.54 30,075 .93* 6.58* 3
Year ended 11/30/91 8.02 11.92 29,187 .92 6.84 14
1 mo. ended
11/30/90 .94 1.44 27,736 .80* 7.26* 1
Year ended 10/31,
1990 8.75 4.77 27,564 .86 6.99 11
1989 6.39 9.15 28,177 .90 6.95 36
4/20/88 to
10/31/88 (.66) 5.45 27,689 .94* 6.21* 21
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
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
See notes on page 70.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net
investment income
Net
realized and
Net asset unrealized
value Net gain (loss)
beginning investment from To Common To Preferred
of period income investmentstt shareholders shareholderst
NQN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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)
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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,
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,
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 shareholderst discounts of period of period
NQN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
Year ended 9/30,
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,
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,
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
NQN
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
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
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30,
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,
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,
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>
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
*** Ratios do not reflect the effect of dividend payments to Preferred
shareholders.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Directors and Shareholders
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Municipal Income Fund, Inc.
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Investment Quality Municipal Fund, Inc.
Nuveen New York Select Quality Municipal Fund, Inc.
Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen Insured New York Premium Income Municipal Fund, Inc.
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 Municipal Income Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc.,
Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality
Income Municipal Fund, Inc., and Nuveen Insured New York Premium Income
Municipal Fund, Inc. as of September 30, 1995, 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, 1995, 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 Municipal Income
Fund, Inc., Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New
York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality
Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., and
Nuveen Insured New York Premium Income Municipal Fund, Inc. at September 30,
1995, 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 10, 1995
<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 build your tax-free portfolio and earn
the tax-free income you need to achieve your financial goals.
Nuveen Exchange-traded fund 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 into 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. Income or capital gains taxes may be payable on dividends or
distributions that are reinvested. 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.
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
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.
<PAGE>
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 investment 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. And when we can give you the account information you need, our
motto is simple: We're here to help."
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>
Useful information
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."
Nuveen Shareholder Services:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST for information on your
Nuveen Fund's current account balance, yield, dividend, net asset value,
closing price, and general information.
Dividend Reinvestment:
1.800.257.8787
Monday through Friday, 9 a.m. to 6 p.m., EST
Taking Stock Newsletter:
1.800.257.8787
Call Monday through Friday, 9 a.m. to 6 p.m., EST if you're not currently
getting our quarterly shareholder newsletter and would like to do so. We will
be happy to add your name to our mailing list.
Photographic image of woman seated and man standing behind her representing
Nuveen investors.
Many conservative investors are comfortable with Nuveen's emphasis on long
term value. That's why they depend on Nuveen for the tax-free income they need
to reach their goals.
<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
ETF1-NOV 95
