Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams.
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
SEMIANNUAL REPORT/MARCH 31, 1996
Photographic image of man seated at breakfast table with wife standing behind
him.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
8 Fund performance
11 Commonly used terms
13 Shareholder meeting report
15 Portfolio of investments
46 Statement of net assets
48 Statement of operations
50 Statement of changes in net assets
53 Notes to financial statements
66 Financial highlights
<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."
The past 12 months provided a welcome rebound for investors in municipals
bonds, reversing the declines experienced a year ago. While long-term interest
rates declined, these funds continued to provide attractive dividend income.
Currently, the economy continues to send investors mixed signals, raising
expectations of economic growth with related fears about inflation. While
there is no solid evidence of inflationary pressures, the mere specter has
been enough to keep some investors on the sidelines.
These factors remind us that weathering the ups and downs of the markets is
a normal part of the investment process. By maintaining a long-term
perspective on your investments, you can minimize the impact of short-term
fluctuations and remain focused on achieving your goals.
During the first quarter of 1996, investors have found opportunities to
purchase higher yielding bonds with strong credit quality. Tax-free
securities--and the taxable-equivalent yield advantage they offer--are
bringing investors back to the bond market. Waning concern about the flat tax
and other tax reform proposals that had potential implications for tax-free
investments has bolstered interest in municipal bonds and bond funds.
<PAGE>
Municipal bond funds continue to be a prudent way to invest for the long
term, offering you the attractive source of tax-free income that you seek. As
of March 31, 1996, the current annual yield on share price for the
exchange-traded funds covered in this report ranged from 5.97% to 6.54%. To
match these yields, an investor in the combined 40.5% federal and New York
state income tax bracket would have had to earn at least 10.03% on taxable
alternatives. Without question, taxable yields at this level on investments of
comparable quality are difficult to achieve in today's markets.
With the strength of the bond market last year, the New York funds saw a
substantial recovery in share prices over the levels of March 31, 1995, as
well as attractive total returns. The 12-month total returns on net asset
value ranged from 6.31% to 9.35%, which are equivalent to 10.85% to 13.48% on
taxable investments.
As some of you may know, on June 30, 1996, I will be retiring as Chairman
and Chief Executive Officer of John Nuveen & Co. Incorporated and as Chairman
of the Nuveen Funds. As I look back over the 41 years I have spent at Nuveen,
I'm proud to have been associated with a firm that holds integrity, honesty,
and value as the cornerstones of its business. I'm confident that these
traditions will continue to be the hallmarks of Nuveen.
Over the past few years, I have been working closely with other Nuveen
managers to ensure
that the company and the portfolios continue to be guided by strong and
talented management following my retirement. Timothy R. Schwertfeger, who has
been with Nuveen since 1977, will succeed me as Chief Executive Officer and
Chairman of Nuveen and Chairman of the Nuveen Funds. He currently serves as
Executive Vice President of Nuveen and President of the Nuveen Funds. I am
very confident in his abilities and those of the entire Nuveen management
team.
The management transition has been well planned, and it will have no effect
on portfolio management or the way dividends are set. Our management team is
committed to continuing Nuveen's successful tradition of value investing and
prudent management, helping our shareholders meet their need for tax-free
investment income with a full range of investment choices.
We appreciate your investment in Nuveen, and we look forward to reporting
continued success in the years ahead.
Sincerely,
Richard J. Franke
Chairman of the Board
May 15, 1996
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, discusses factors
affecting the municipal market and the outlook for 1996.
How did the investment climate over the past year affect municipal bonds?
In 1995, the U.S. economy's combination of slow growth and low inflation
created the ideal environment for the bond markets, which responded with a
sustained rally. Citing the lack of significant inflation, the Federal Reserve
Board moved to cut interest rates in July and December 1995 and again at the
end of January 1996. This succession of rate cuts acted to bring down
long-term municipal bond yields by almost 130 basis points from their position
at the beginning of 1995. This is reflected in higher prices and improved net
asset values of the funds.
Due to the much-publicized discussion of major tax reform legislation and
concern about its potential impact on tax-free investments, the rebound of the
municipal bond market in 1995 was not as great as that of the taxable market.
In the first quarter of 1996, however, municipal bonds tended to outperform
other fixed income markets as it became apparent that major reforms to the tax
structure would not take place any time soon.
<PAGE>
Photographic image of Tom Spalding, Portfolio Manager of Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
Many of the funds' discounts seem to have narrowed. What has caused this
improvement?
To understand the reasons behind these changes, it may be helpful to remember
that each share has two prices: the net asset value (NAV), which represents
the underlying value of the bonds, and the share price, which is the
portfolio's price on the stock exchange. As with other securities, share
prices for municipal bonds change frequently, driven by investor demand for
shares. When a share's NAV is higher than its share price, we say that the
shares can be purchased at a discount.
In 1995, the recovery in the bond market meant that the net asset values for
some funds appreciated more quickly than their share prices, widening
discounts for a while. This is typical of a market that may take time to
recognize underlying value balanced against the various factors that affect
share price, such as interest rates, inflation forecasts, the relative
strength of the stock market, and legislative and tax outlooks. As investor
concerns about tax reform--and the potential effect of a flat tax proposal on
tax-free investments--have waned over the past few months, the demand for
municipal bonds and bond funds has enjoyed a recovery. This in turn has driven
up share prices, narrowing the discounts. In fact, some exchange-traded funds
are now trading at a premium, that is, their share price is higher than their
NAV.
Studies indicate that weathering market cycles by maintaining an investment
plan with long-term goals can help shield investors from selling into a
declining market. The purchase of additional shares on a regular schedule,
such as through dividend reinvestment, is another strategy for navigating
market changes.
<PAGE>
What is Nuveen's market outlook for the rest of 1996?
While there is no clear evidence that inflationary pressures will reappear,
recent economic reports suggest that we should continue to keep a close eye on
changes in inflation rates and the pace of economic growth for the potential
impact on the bond market. During this election year, we are also monitoring
any changes in economic policy that may affect the municipal market. Many
market analysts believe that long-term rates have stabilized, and the general
consensus seems to be that major tax reform legislation--including a flat
tax--is unlikely in the near future.
Yields on municipal bonds are currently close to those offered by Treasuries
and remain exceptionally strong on a taxable-equivalent basis. Many individual
investors are finding this to be an opportune time to diversify their
portfolios and increase their tax-free income through municipal funds.
<PAGE>
<TABLE>
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, shareholders
received a capital gains distribution in December 1995.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0560
5/9/95 $0.0560
6/13/95 $0.0560
7/12/95 $0.0560
8/11/95 $0.0560
9/13/95 $0.0560
10/11/95 $0.0560
11/13/95 $0.0560
12/13/95 $0.0560 $0.0402
1/4/96 $0.0560
1/17/96 $0.0560
2/13/96 $0.0560
3/13/96 $0.0560
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 6.32%
Taxable-equivalent yield 10.62%
Annual total return on NAV 6.31%
Taxable-equivalent total return 10.85%
Share price $10.625
NAV $10.30
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NNP
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. This dividend has remained
constant for the past 14 months.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0940
5/9/95 $0.0940
6/13/95 $0.0940
7/12/95 $0.0940
8/11/95 $0.0940
9/13/95 $0.0940
10/11/95 $0.0940
11/13/95 $0.0940
12/13/95 $0.0940
1/10/96 $0.0940
2/13/96 $0.0940
3/13/96 $0.0940
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 6.54%
Taxable-equivalent yield 10.99%
Annual total return on NAV 8.33%
Taxable-equivalent total return 13.25%
Share price $17.25
NAV $16.27
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, shareholders
received a capital gains distribution in December 1995.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0875
5/9/95 $0.0875
6/13/95 $0.0875
7/12/95 $0.0875
8/11/95 $0.0875
9/13/95 $0.0875
10/11/95 $0.0875
11/13/95 $0.0875
12/13/95 $0.0875 $0.0226
1/10/96 $0.0875
2/13/96 $0.0875
3/13/96 $0.0875
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 6.18%
Taxable-equivalent yield 10.39%
Annual total return on NAV 7.69%
Taxable-equivalent total return 12.34%
Share price $17.00
NAV $15.96
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NVN
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, shareholders
received a capital gains distribution in December 1995.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0840
5/9/95 $0.0840
6/13/95 $0.0840
7/12/95 $0.0840
8/11/95 $0.0840
9/13/95 $0.0840
10/11/95 $0.0840
11/13/95 $0.0840
12/13/95 $0.0840 $0.0249
1/10/96 $0.0840
2/13/96 $0.0840
3/13/96 $0.0840
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 6.11%
Taxable-equivalent yield 10.27%
Annual total return on NAV 8.08%
Taxable-equivalent total return 12.63%
Share price $16.50
NAV $15.76
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. In addition, shareholders
received a capital gains distribution in December 1995.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0780
5/9/95 $0.0780
6/13/95 $0.0780
7/12/95 $0.0780
8/11/95 $0.0780
9/13/95 $0.0780
10/11/95 $0.0780
11/13/95 $0.0780
12/13/95 $0.0780 $0.0197
1/10/96 $0.0780
2/13/96 $0.0780
3/13/96 $0.0780
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 6.14%
Taxable-equivalent yield 10.32%
Annual total return on NAV 8.28%
Taxable-equivalent total return 12.66%
Share price $15.25
NAV $15.23
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
In keeping with the Fund's objective of providing dependable tax-free income,
shareholders enjoyed 12 months of stable dividends. This dividend has remained
constant for the past 37 months.
12 MONTH DIVIDEND HISTORY
<CAPTION>
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/7/95 $0.0665
5/9/95 $0.0665
6/13/95 $0.0665
7/12/95 $0.0665
8/11/95 $0.0665
9/13/95 $0.0665
10/11/95 $0.0665
11/13/95 $0.0665
12/13/95 $0.0665
1/10/96 $0.0665
2/13/96 $0.0665
3/13/96 $0.0665
<CAPTION>
FUND HIGHLIGHTS 3/31/96
<S> <C>
Yield 5.97%
Taxable-equivalent yield 10.03%
Annual total return on NAV 9.35%
Taxable-equivalent total return 13.48%
Share price $13.375
NAV $13.99
The dividend history used in this chart constitutes past performance and does
not necessarily predict the future dividends of the 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, March 31, 1996) divided by its closing price per share on
that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's
stated annualized yield on share price. In this report, the combined tax rate
is assumed to be 40.5% for New York shareholders, based on incomes of
$121,300-$263,750 for investors filing singly, and $147,700-$263,750 for those
filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by an exchange-traded
fund, minus any liabili-ties. The NAV per share is the fund's net assets, less
the value of its preferred shares, if applicable, divided by the total number
of 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, 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 six-month period ended March 31, 1996. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 16, 1995, the following Nuveen Exchange-Traded Funds held an
Annual Meeting of Shareholders. At the meeting, shareholders voted to elect
directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the
auditors for the Funds. The directors elected at the meeting include: Lawrence
H. Brown, Richard J. Franke, Anne E. Impellizzeri, Peter R. Sawers, and
Timothy R. Schwertfeger. In addition, shareholders of NNY and NNM were asked
to vote on the merger of NNM with and into NNY.
<CAPTION>
NNY NNM NNP NQN NVN
<S> <C> <C> <C> <C> <C>
Approval of the DIRECTORS
was reached as follows:
Lawrence H. Brown
For 10,322,462 2,230,834 12,683,344 15,283,511 20,052,751
Abstain 186,960 28,613 208,647 207,282 278,929
---------- --------- ---------- ---------- ----------
Total 10,509,422 2,259,447 12,891,991 15,490,793 20,331,680
========== ========= ========== ========== ==========
Richard J. Franke
For N/A N/A 12,695,380 15,289,777 20,057,794
Abstain N/A N/A 196,611 201,016 273,886
---------- --------- ---------- ---------- ----------
Total N/A N/A 12,891,991 15,490,793 20,331,680
========== ========= ========== ========== ==========
Anne E. Impellizzeri
For N/A N/A 12,692,070 15,287,999 20,065,006
Abstain N/A N/A 199,921 202,794 266,674
---------- --------- ---------- ---------- ----------
Total N/A N/A 12,891,991 15,490,793 20,331,680
========== ========= ========== ========== ==========
Peter R. Sawers
For 10,326,367 2,230,834 12,693,409 15,287,999 20,062,295
Abstain 183,055 28,613 198,582 202,794 269,385
---------- --------- ---------- ---------- ----------
Total 10,509,422 2,259,447 12,891,991 15,490,793 20,331,680
========== ========= ========== ========== ==========
Timothy R. Schwertfeger
For 10,326,367 2,227,689 N/A N/A N/A
Abstain 183,055 31,758 N/A N/A N/A
---------- --------- ---------- ---------- ----------
Total 10,509,422 2,259,447 N/A N/A N/A
========== ========= ========== ========== ==========
Approval of Mergers
was reached as follows:
For 6,564,929 1,337,476 N/A N/A N/A
Against 334,015 31,582 N/A N/A N/A
Abstain 335,403 65,601 N/A N/A N/A
---------- --------- ---------- ---------- ----------
Total 7,234,347 1,434,659 N/A N/A N/A
========== ========= ========== ========== ==========
Ratification of Auditors
was reached as follows:
For 10,226,988 2,172,659 12,530,064 15,139,743 19,847,539
Against 116,059 28,067 88,039 89,694 183,413
Abstain 166,375 58,721 219,341 261,356 300,728
---------- --------- ---------- ---------- ----------
Total 10,509,422 2,259,447 12,837,444 15,490,793 20,331,680
========== ========= ========== ========== ==========
</TABLE>
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 16, 1995, the following Nuveen Exchange-Traded Funds held an
Annual Meeting of Shareholders. At the meeting, shareholders voted to elect
directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the
auditors for the Funds. The directors elected at the meeting include: Lawrence
H. Brown, Richard J. Franke, Anne E. Impellizzeri, Peter R. Sawers, and
Timothy R. Schwertfeger. In addition, shareholders of NNY and NNM were asked
to vote on the merger of NNM with and into NNY.
<CAPTION>
NUN NNF
<S> <C> <C>
Approval of the DIRECTORS
was reached as follows:
Lawrence H. Brown
For 21,061,638 7,622,304
Abstain 536,741 120,183
---------- ---------
Total 21,598,379 7,742,487
========== =========
Richard J. Franke
For 21,068,997 7,622,999
Abstain 529,382 119,488
---------- ---------
Total 21,598,379 7,742,487
========== =========
Anne E. Impellizzeri
For 21,067,548 7,623,332
Abstain 530,831 119,155
---------- ---------
Total 21,598,379 7,742,487
========== =========
Peter R. Sawers
For 21,066,769 7,627,011
Abstain 531,610 115,476
---------- ---------
Total 21,598,379 7,742,487
========== =========
Timothy R. Schwertfeger
For N/A N/A
Abstain N/A N/A
---------- ---------
Total N/A N/A
========== =========
Approval of Mergers
was reached as follows:
For N/A N/A
Against N/A N/A
Abstain N/A N/A
---------- ---------
Total N/A N/A
========== =========
Ratification of Auditors
was reached as follows:
For 20,896,387 7,556,863
Against 137,013 35,036
Abstain 564,979 150,588
---------- ---------
Total 21,598,379 7,742,487
========== =========
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York Local Government Assistance Corporation,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 1,150,100
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 1,064,160
3,000,000 8.300%, 9/01/12 9/97 at 102 Baa1 3,196,650
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 939,250
4,000,000 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 4,400,800
4,500,000 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 4,925,970
New York State Energy Research and Development
Authority (Consolidated Edison Company),
Alternative Minimum Tax:
1,000,000 7.500%, 1/01/26 1/00 at 101 A1 1,083,370
1,000,000 6.000%, 3/15/28 3/03 at 102 Aaa 995,040
1,425,000 New York State Environmental Facilities Corporation,
Water Facilities (The New Rochelle Water
Company Project), Alternative Minimum Tax,
6.400%, 1/01/24 6/02 at 102 A3 1,450,208
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 1,116,570
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 1,067,490
5,000,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 5,579,550
1,000,000 New York State Housing Finance Agency, Service
Contract, 6.375%, 9/15/14 9/04 at 102 Baa1 1,027,230
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 2,649,475
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 5,391,547
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 5,485,350
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 Aaa 1,085,840
6,250,000 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 6,653,438
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 1,866,078
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 1,797,972
1,850,000 8.875%, 8/15/07 8/97 at 102 Baa1 1,991,729
1,000,000 6.375%, 8/15/17 12/02 at 102 Aaa 1,037,470
3,275,000 New York State Medical Care Facilities Financing
Agency (Hospital and Nursing Home-FHA Insured),
6.250%, 2/15/15 8/05 at 102 AAA 3,337,487
New York State Mortgage Agency:
15,000 9.750%, 10/01/10 11/96 at 102 1/2 Aa 15,371
270,000 8.625%, 4/01/11 10/96 at 101 1/2 Aa 276,394
1,375,000 8.375%, 10/01/17 1/98 at 102 Aa 1,459,411
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
1,500,000 7.950%, 4/01/22 6/00 at 102 Aa 1,584,975
8,205,000 0.000%, 10/01/23 10/01 at 19 13/32 Aa 1,050,896
5,000,000 New York State Urban Development Corporation
(Onondaga County Convention Center),
7.875%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 5,788,650
New York State Urban Development Corporation,
State Facilities:
1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Baa1 1,146,700
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,150,100
3,900,000 New York State Urban Development Corporation,
Correctional Capital Facilities, 5.500%, 1/01/15 1/03 at 102 Baa1 3,605,472
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Urban Development Corporation,
5.750%, 4/01/11 No Opt. Call Baa1 $ 972,600
1,000,000 New York State Power Authority, General Purpose,
8.000%, 1/01/17 1/98 at 102 Aa 1,086,260
2,955,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 3,316,426
250,000 Battery Park City Authority, Junior Revenue,
5.800%, 11/01/22 11/03 at 102 A 237,190
1,000,000 Brookhaven Industrial Development Agency, Civic
Facility (St. Joseph's College), 8.100%, 4/01/08 4/98 at 102 A 1,072,900
2,500,000 Cattaraugus County (Olean Office Facility),
Certificates of Participation, 8.500%, 8/01/09
(Pre-refunded to 8/01/98) 8/98 at 102 BBB- 2,784,025
Dormitory Authority of the State of New York
(City University):
1,000,000 8.200%, 7/01/12 7/98 at 102 Baa1 1,094,690
5,000,000 8.125%, 7/01/17 (Pre-refunded to 7/01/97) 7/97 at 102 Aaa 5,372,450
1,000,000 5.750%, 7/01/18 No Opt. Call Baa1 962,880
2,000,000 5.000%, 7/01/20 7/03 at 100 Baa1 1,693,000
1,000,000 Dormitory Authority of the State of New York,
Educational Facilities (State University),
7.400%, 5/15/01 5/00 at 102 Baa1 1,086,130
250,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease (Suffolk County),
9.500%, 4/15/14 4/96 at 116 3/32 Baa1 291,623
4,000,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,701,520
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 935,020
1,000,000 Geneva Industrial Development Agency, Civic
Facility (Finger Lakes Cerebral Palsy),
8.500%, 11/01/16 11/01 at 102 N/R 1,064,950
5,000,000 Hempstead Industrial Development Agency,
Resource Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- 5,166,500
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 1,079,050
Metropolitan Transportation Authority, Transit
Facilities:
2,000,000 4.750%, 7/01/19 7/03 at 100 Baa1 1,644,080
1,000,000 5.500%, 7/01/22 7/02 at 100 Aaa 941,120
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York City General Obligation:
$ 3,500,000 9.500%, 8/01/02 8/01 at 101 1/2 Baa1 $ 4,153,905
25,000 6.300%, 8/01/03 8/02 at 101 1/2 Aaa 27,267
1,390,000 6.750%, 8/15/03 No Opt. Call Baa1 1,488,885
1,135,000 6.600%, 2/01/04 No Opt. Call A- 1,202,271
2,500,000 8.125%, 11/01/06 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,702,800
2,500,000 8.500%, 11/01/11 (Pre-refunded to 11/01/97) 11/97 at 101 1/2 Aaa 2,717,125
965,000 8.500%, 8/01/12 (Pre-refunded to 8/01/96) 8/96 at 102 Aaa 1,000,319
35,000 8.500%, 8/01/12 8/96 at 102 Baa1 36,164
1,020,000 7.000%, 2/01/15 (Pre-refunded to 8/01/96) 8/96 at 102 Baa1 1,052,059
1,480,000 7.000%, 2/01/15 2/00 at 100 Baa1 1,512,960
490,000 New York City Housing Development Corporation
(South Williamsburg Cooperative), Alternative
Minimum Tax, 7.900%, 2/01/23 2/00 at 102 Aa 523,163
1,440,000 New York City Housing Development Corporation
(South Bronx Cooperatives), Alternative Minimum
Tax, 8.100%, 9/01/23 9/00 at 102 Aa 1,557,576
1,500,000 New York City Housing Development Corporation,
Multi-Family Mortgage (FHA-Insured),
6.550%, 10/01/15 4/03 at 102 AAA 1,553,595
New York City Municipal Water Finance Authority,
Water and Sewer System:
1,000,000 7.875%, 6/15/16 (Pre-refunded to 6/15/96) 6/96 at 102 Aaa 1,029,140
3,750,000 9.000%, 6/15/17 (Pre-refunded to 6/15/97) 6/97 at 102 Aaa 4,061,325
1,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,161,780
2,600,000 New York City Industrial Development Agency,
Civic Facility (YMCA of Greater New York),
8.000%, 8/01/16 8/01 at 102 N/R 2,813,850
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 1,065,640
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 972,600
1,430,000 Newark-Wayne Community Hospital, 7.600%, 9/01/15 9/03 at 102 N/R 1,430,343
1,000,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 7.250%, 11/01/11 No Opt. Call Aaa 1,166,580
2,000,000 St. Lawrence County, Solid Waste Disposal Authority,
8.875%, 1/01/08 1/98 at 102 Baa 2,160,720
2,000,000 Triborough Bridge and Tunnel Authority, General
Purpose, 8.125%, 1/01/12 1/98 at 102 Aa 2,160,140
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 1,380,174
$147,485,000 Total Investments - (cost $137,513,589) - 98.5% 149,803,538
============
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.5%
$ 400,000 New York City General Obligation, Fiscal 1995B-B6,
Insured, Adjustable Rate Demand Bonds,
3.800%, 8/15/05t VMIG-1 $ 400,000
300,000 New York City General Obligation, Adjustable Rate
Demand Bonds, 3.800%, 8/15/22(t) VMIG-1 300,000
$ 700,000 Total Temporary Investments - 0.5% 700,000
============
Other Assets Less Liabilities - 1.0% 1,654,007
Net Assets - 100% $152,157,545
============
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 28 $ 67,472,534 45%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 10 11,580,264 8
PORTFOLIO OF A+ A1 1 1,083,370 1
INVESTMENTS A, A- A, A2, A3 7 14,502,469 10
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 26 49,855,758 33
TEMPORARY Non-rated Non-rated 3 5,309,143 3
INVESTMENTS):
TOTAL 75 $149,803,538 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK 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 $ 3,417,000
8,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 9,200,800
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 A1 1,034,280
8,500,000 7.750%, 1/01/24 1/98 at 101 1/2 A1 9,000,480
3,100,000 7.500%, 7/01/25 7/99 at 101 A1 3,344,125
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 960,600
New York State Environmental Facilities Corporation,
Water Pollution Control Revolving Fund:
1,000,000 7.250%, 6/15/10 6/01 at 102 Aa 1,120,150
9,825,000 7.500%, 6/15/12 6/00 at 102 Aa 10,882,170
1,910,000 6.900%, 5/15/15 11/04 at 102 Aaa 2,167,831
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 3,434,643
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 1,680,544
5,500,000 New York State Housing Finance Agency, Health
Facilities (New York City), 8.000%, 11/01/08 11/00 at 102 BBB+ 6,137,505
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 4,276,428
9,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured
(Buffalo General Hospital), 7.700%, 2/15/22
(Pre-refunded to 8/15/98) 8/98 at 102 AAA 9,900,540
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 4,388,280
3,000,000 New York Medical Care, FHA-Insured (Hebrew
Home), 6.100%, 8/15/15 2/06 at 102 AA+ 3,033,870
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 5,065,290
1,295,000 New York State Medical Care Facilities Finance
Agency, Insured Mortgage (Presbyterian Hospital),
7.700%, 2/15/25 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 1,486,479
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured:
$ 2,815,000 6.250%, 2/15/15 8/05 at 102 AAA $ 2,868,710
10,000,000 6.200%, 8/15/22 8/02 at 102 AAA 10,099,900
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 4,356,495
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 909,413
1,145,000 7.800%, 2/15/19 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,276,377
1,205,000 7.750%, 2/15/20 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,369,133
1,195,000 7.750%, 2/15/20 2/00 at 102 Baa1 1,317,368
1,405,000 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 1,622,438
1,005,000 7.875%, 8/15/20 8/00 at 102 Baa1 1,122,294
1,460,000 7.500%, 2/15/21 (Pre-refunded to 2/15/01) 2/01 at 102 Aaa 1,674,693
540,000 7.500%, 2/15/21 2/01 at 102 Baa1 597,202
5,800,000 New York State Medical Care Facilities Financing
Agency (FHA-Insured), 6.250%, 8/15/15 2/05 at 102 Aa 5,893,264
1,000,000 New York State Mortgage Agency, 6.450%, 10/01/17 9/04 at 102 Aaa 1,036,790
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
3,230,000 8.050%, 4/01/22 10/00 at 102 Aa 3,433,522
9,200,000 7.950%, 4/01/22 6/00 at 102 Aa 9,721,180
1,715,000 7.950%, 10/01/22 10/00 at 102 Aa 1,813,355
45,135,000 0.000%, 10/01/23 10/01 at 19 13/32 Aa 5,780,891
1,500,000 5.850%, 10/01/25 10/03 at 102 Aa 1,439,070
1,500,000 New York State Thruway Authority, Local Highway
and Bridge Service Contract, 5.250%, 4/01/13 4/03 at 102 Baa1 1,364,730
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 4,531,240
1,000,000 5.500%, 1/01/15 1/03 at 102 Baa1 924,480
6,225,000 7.000%, 1/01/17 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,891,698
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,124,240
5,655,000 New York State Urban Development Corporation
(Onondaga County Convention Center),
7.875%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 6,546,963
4,500,000 New York State Urban Development Corporation,
5.500%, 1/01/25 1/05 at 102 Aaa 4,296,645
3,475,000 Babylon Industrial Development Agency, Resource
Recovery, 8.500%, 1/01/19 7/98 at 103 Baa1 3,900,027
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Battery Park City Authority:
$ 7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa $ 7,874,921
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,662,600
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 4,081,066
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 1,362,690
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 2,302,620
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 943,490
3,000,000 6.000%, 7/01/14 No Opt. Call Aaa 3,116,580
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,302,620
10,000,000 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,417,000
3,000,000 5.000%, 7/01/20 7/03 at 100 Baa1 2,539,500
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 7,840,373
2,000,000 Dormitory Authority of the State of New York,
FHA-Insured (St. Vincent's Hospital and Medical
Center), 7.400%, 8/01/30 8/01 at 102 AAA 2,223,640
1,000,000 Dormitory Authority of the State of New York
(Skidmore College), 5.250%, 7/01/13 7/03 at 102 Aaa 940,950
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 2,935,478
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,541,734
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 393,526
2,500,000 5.875%, 5/15/17 No Opt. Call Baa1 2,452,375
2,360,000 5.000%, 5/15/18 5/00 at 100 Baa1 2,017,540
3,970,000 Dormitory Authority of the State of New York
(United Health Services), 7.350%, 8/01/29 2/00 at 102 AAA 4,288,712
4,400,000 Dormitory Authority of the State of New York
(Upstate Community Colleges), 7.600%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Baa1 4,997,124
2,190,000 Dormitory Authority of the State of New York
(Vassar College), 7.250%, 7/01/15 7/00 at 102 Aa 2,464,188
2,500,000 Hempstead Industrial Development Agency, Resource
Recovery (American Ref-Fuel Company),
7.375%, 12/01/05 12/96 at 102 A- 2,583,250
1,000,000 Hudson Housing Development Corporation,
FHA-Insured, Multi-Family Housing (Providence
Hall - Schuyler Court), 6.500%, 1/01/25 1/03 at 101 Aaa 1,012,000
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 6.125%, 7/01/13 7/04 at 102 Aaa $ 1,024,360
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 1,132,730
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 6,252,895
3,000,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 3,275,520
1,000,000 8.000%, 7/01/18 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 1,102,500
1,500,000 4.750%, 7/01/19 7/03 at 100 Baa1 1,233,060
2,000,000 Monroe County Airport Authority (Greater Rochester
International Airport), Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 2,163,520
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 1,102,790
New York City General Obligation:
655,000 8.000%, 6/01/99 No Opt. Call Aaa 726,500
370,000 8.000%, 6/01/99 No Opt. Call Baa1 403,056
3,000,000 3.000%, 11/15/00 No Opt. Call Baa1 2,707,350
1,500,000 9.500%, 8/01/02 8/01 at 101 1/2 Baa1 1,780,245
4,000,000 6.500%, 8/01/02 No Opt. Call Baa1 4,222,200
2,600,000 6.375%, 2/15/06 2/05 at 101 Baa1 2,668,718
2,420,000 8.000%, 8/01/06 (Pre-refunded to 8/01/97) 8/97 at 102 Aaa 2,604,936
480,000 8.000%, 8/01/06 8/97 at 102 Aaa 510,883
1,350,000 7.250%, 10/01/06 10/99 at 101 1/2 Aaa 1,484,177
50,000 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 53,851
500,000 8.000%, 3/15/13 3/00 at 101 1/2 Aaa 571,470
1,000,000 5.750%, 5/15/13 5/03 at 101 1/2 Aaa 1,000,980
2,150,000 6.750%, 12/01/14 (Pre-refunded to 12/01/96) 12/96 at 101 1/2 Aaa 2,228,755
5,750,000 New York City Housing Development Corporation,
Multi-Unit Housing (FHA Insured),
7.350%, 6/01/19 6/01 at 102 AAA 6,137,780
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 2,213,060
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A 1,378,525
2,165,000 7.625%, 6/15/16 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 2,299,425
1,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 AAA 1,054,750
1,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 985,720
250,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 282,285
1,000,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 AAA 1,074,110
4,000,000 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 4,647,120
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 6,406,002
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 7,193,070
2,095,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.000%, 11/01/09 No Opt. Call Aaa 2,605,300
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 2,389,597
Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax, Special Obligation:
2,500,000 8.000%, 1/01/18 (Pre-refunded to 1/01/98) 1/98 at 101 1/2 Aaa 2,706,225
2,000,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 2,205,760
1,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation, 5.500%, 1/01/17 1/02 at 100 Aaa 951,810
2,230,000 Yonkers General Obligation, 7.375%, 12/01/09
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 2,546,682
5,705,000 Puerto Rico Housing Finance Corporation,
Multi-Family Housing, 7.500%, 4/01/22 4/00 at 102 AA 6,035,091
$349,760,000 Total Investments - (cost $305,630,834) - 98.4% 334,099,918
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.3%
$ 900,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 3.800%, 8/15/22(t) VMIG-1 900,000
Other Assets Less Liabilities - 1.3% 4,564,690
Net Assets - 100% $339,564,608
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 68 $212,668,526 64%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 12 53,297,295 16
PORTFOLIO OF A+ A1 3 13,378,885 4
INVESTMENTS A, A- A, A2, A3 2 3,961,775 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 21 50,793,437 15
TEMPORARY
INVESTMENTS):
TOTAL 106 $334,099,918 100%
<FN>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,520,000 New York State, Various Purposes Full Faith and
Credit, 7.300%, 3/01/10 3/01 at 102 Aaa $ 2,807,759
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 A1 10,787,500
5,000,000 7.500%, 1/01/26 1/00 at 101 A1 5,416,850
2,000,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,105,940
2,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 2,049,680
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 2,682,050
2,250,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,113,313
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 3,319,140
3,665,000 8.375%, 12/01/28 12/98 at 102 A3 4,032,233
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 5,503,650
1,595,000 8.375%, 12/01/28 12/98 at 102 Baa1 1,745,983
2,500,000 6.500%, 5/15/32 5/02 at 102 Aaa 2,588,200
5,000,000 New York State Housing Finance Agency, State
University Construction, 7.900%, 11/01/06 No Opt. Call Aaa 5,782,200
1,000,000 New State Housing Finance Agency, Multi-Family
Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,030,710
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 10,996,021
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 5,407,650
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 2,243,640
3,000,000 7.250%, 2/15/24 2/99 at 102 Aaa 3,213,510
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 3,174,840
1,720,000 8.000%, 2/15/25 (Pre-refunded to 8/15/97) 8/97 at 102 Aaa 1,831,026
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 9,500,000 New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center),
7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa $ 10,693,390
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 2,774,125
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 13,180,800
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 9,448,688
New York State Medical Care Facilities Finance
Agency, Mental Health Services, Facilities
Improvement:
2,300,000 5.375%, 2/15/14 2/04 at 102 Aaa 2,185,805
1,080,000 5.700%, 8/15/14 2/03 at 102 Aaa 1,063,616
2,110,000 6.250%, 8/15/18 2/02 at 102 Aaa 2,156,483
2,000,000 6.250%, 8/15/19 8/02 at 100 Aaa 2,059,060
3,175,000 6.000%, 2/15/25 2/05 at 102 Aaa 3,186,049
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 6,486,060
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
3,150,000 7.950%, 10/01/21 2/01 at 102 Aa 3,357,396
7,330,000 7.950%, 10/01/22 10/00 at 102 Aa 7,750,376
4,150,000 New York State Thruway Authority, 6.000%, 1/01/25 1/05 at 102 Aaa 4,167,472
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 1,672,078
15,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 16,863,600
2,115,000 Clifton Park Water Authority, 5.000%, 10/01/26 10/03 at 102 Aaa 1,875,624
1,150,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 1,368,362
Dormitory Authority of the State of New York (City
University System):
5,000,000 6.500%, 7/01/14 7/96 at 100 Aaa 5,038,700
10,000,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,368,900
1,000,000 Dormitory Authority of the State of New York
(Cooper Union), 7.200%, 7/01/20 7/01 at 102 Aaa 1,113,690
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 5,998,754
9,825,000 6.125%, 5/15/20 5/00 at 100 Aaa 9,923,741
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Dormitory Authority of the State of New York (New
York University), 6.000%, 7/01/15 7/01 at 102 Aaa $ 5,056,550
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 2,858,414
1,250,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 1,255,088
Metropolitan Transportation Authority, Commuter
Facilities:
2,570,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 2,806,029
4,290,000 7.500%, 7/01/17 7/98 at 102 Aaa 4,628,267
5,500,000 6.250%, 7/01/17 7/02 at 102 Aaa 5,647,235
2,360,000 Metropolitan Transportation Authority, Transit
Facilities, 5.500%, 7/01/22 7/02 at 100 Aaa 2,221,043
Nassau County General Obligation:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,207,569
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,196,336
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,185,103
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,173,869
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,157,020
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 2,196,753
1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 Aaa 1,718,098
4,935,000 7.500%, 8/01/07 (Pre-refunded to 2/01/98) 2/98 at 101 1/2 Aaa 5,314,057
950,000 7.250%, 8/15/14 8/99 at 101 1/2 Aaa 1,045,447
2,000,000 7.250%, 8/15/17 8/99 at 101 1/2 Aaa 2,187,613
3,030,000 7.250%, 3/15/18 3/00 at 101 1/2 Aaa 3,369,602
2,250,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 2,449,530
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 11,338,646
1,250,000 New York City Health and Hospitals Corporation,
Health System, 5.750%, 2/15/22 2/03 at 102 Aaa 1,211,488
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 8,144,367
10,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured),
7.350%, 6/01/19 6/01 at 102 AAA 10,674,400
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 2,213,060
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,690,821
1,000,000 7.625%, 6/15/17 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 1,088,750
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,357,440
1,535,000 5.375%, 6/15/19 6/04 at 101 Aaa 1,443,836
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 12,362,460
9,000,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 6.750%, 4/15/26 4/01 at 101 Aaa 9,691,560
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 3,394,499
9,635,000 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 10,752,081
5,000,000 5.000%, 6/01/17 6/03 at 102 Aaa 4,529,600
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 4,315,040
6,580,000 7.375%, 1/01/16 (Pre-refunded to 1/01/00) 1/00 at 101 1/2 Aaa 7,341,305
2,500,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 2,807,424
3,000,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 3,356,760
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 6,494,940
4,510,000 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 4,973,989
5,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation, 6.875%, 1/01/15 1/01 at 102 Aaa 5,418,950
Puerto Rico Ports Authority, Alternative Minimum Tax:
5,250,000 7.000%, 7/01/14 7/01 at 102 Aaa 5,740,244
11,500,000 6.000%, 7/01/21 7/01 at 100 Aaa 11,521,850
$360,875,000 Total Investments - (cost $355,376,962) - 98.5% 388,101,797
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 500,000 New York City General Obligation, Variable Rate
============
Demand Bonds, 3.850%, 8/01/22(t) VMIG-1 500,000
Other Assets Less Liabilities - 1.4% 5,485,975
Net Assets - 100% $394,087,772
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 75 $344,185,329 89%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 5 21,933,902 5
PORTFOLIO OF A+ A1 2 16,204,350 4
INVESTMENTS A, A- A, A2, A3 1 4,032,233 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 1,745,983 1
TEMPORARY
INVESTMENTS):
TOTAL 84 $388,101,797 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities, any of which ensure the timely payment of principal and
interest.
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 5,440,000 7.125%, 3/15/22 3/97 at 102 Aa3 $ 5,630,182
14,000,000 7.500%, 1/01/26 1/00 at 101 A1 15,167,180
2,500,000 6.750%, 1/15/27 1/01 at 101 Aaa 2,632,425
3,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 3,586,940
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 11,801,020
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 3,214,050
5,000,000 New York State Environmental Facilities Corporation
(State Water Pollution Control Revolving Fund),
7.100%, 9/15/11 9/00 at 102 Aaa 5,482,650
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 1,329,276
New York State General Obligation:
4,055,000 6.750%, 8/01/08 8/01 at 102 Aaa 4,446,875
4,055,000 6.750%, 8/01/10 8/01 at 102 Aaa 4,416,949
12,000,000 New York State Medical Care Facilities Finance
Agency (Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 12,460,080
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 6,024,260
8,945,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,068,671
10,755,000 New York State Medical Care Facilities Finance
Agency, Mortgage Project (North Shore University
Hospital), 7.200%, 11/01/20 11/00 at 102 Aaa 11,813,292
New York State Medical Care Facilities Finance Agency,
Mental Health Services, Facilities Improvement:
5,000,000 5.375%, 2/15/14 2/04 at 102 Aaa 4,751,750
5,625,000 6.250%, 8/15/18 2/02 at 102 Aaa 5,748,919
3,590,000 7.375%, 8/15/19 (Pre-refunded to 8/15/99) 8/99 at 102 Aaa 4,005,219
6,265,000 7.375%, 8/15/19 8/99 at 102 Aaa 6,851,341
4,000,000 5.500%, 8/15/21 2/02 at 100 Aaa 3,763,000
2,250,000 6.000%, 2/15/25 2/05 at 102 Aaa 2,257,830
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 5,405,050
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 New York State Medical Care Facilities Finance
Agency (Montefiore Medical Center),
5.750%, 2/15/25 2/05 at 102 Aaa $ 1,962,560
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
9,820,000 7.375%, 10/01/11 10/01 at 102 Aa 10,474,503
2,070,000 7.375%, 10/01/11 10/01 at 102 Aaa 2,238,767
New York State Mortgage Agency:
1,500,000 6.450%, 10/01/17 9/04 at 102 Aaa 1,555,185
2,345,000 6.875%, 4/01/17 10/96 at 102 Aaa 2,398,607
5,000,000 New York State Urban Development Corporation,
Section 236, 6.750%, 1/01/26 1/02 at 102 Aaa 5,433,000
1,000,000 New York State Urban Development Corporation,
Correctional Facilities, 5.250%, 1/01/14 No Opt. Call Aaa 951,670
3,220,000 New York State Urban Development Corporation,
Youth Facilities, 5.700%, 4/01/14 4/04 at 102 Aaa 3,196,719
2,000,000 Albany Municipal Water Finance Authority,
5.500%, 12/01/22 12/03 at 102 Aaa 1,904,580
1,200,000 Brookhaven General Obligation, 6.400%, 10/01/11 10/02 at 102 Aaa 1,286,472
Buffalo General Obligation:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 549,917
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 786,927
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 782,048
12,000,000 Dormitory Authority of the State of New York (City
University), 7.000%, 7/01/14 7/00 at 102 Aaa 13,086,120
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 5,621,800
1,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 1,115,010
5,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 5,648,300
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 11,681,237
1,870,000 7.200%, 7/01/15 7/00 at 102 Aaa 2,059,468
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 5,541,000
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,614,053
Dormitory Authority of the State of New York,
Judicial Facilities (Suffolk County):
5,000,000 9.500%, 4/15/14 4/96 at 116 3/32 Baa1 5,832,450
13,275,000 7.000%, 4/15/16 4/01 at 102 Aaa 14,624,271
10,930,000 Dormitory Authority of the State of New York (Ithaca
College), 6.250%, 7/01/21 7/01 at 102 Aaa 11,193,960
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 13,857,363
10,000,000 Dormitory Authority of the State of New York
(New York University), 6.000%, 7/01/15 7/01 at 102 Aaa 10,113,100
5,000,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 5,020,350
3,920,000 Dormitory Authority of the State of New York
(Rensselaer Polytechnic Institute), 6.500%, 7/01/06 7/01 at 102 Aaa 4,265,078
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 6,511,860
Metropolitan Transportation Authority, Commuter
Facilities:
10,000,000 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 10,918,400
5,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 5,133,850
5,000,000 Metropolitan Transportation Authority, Transit
Facilities, 6.250%, 7/01/11 7/02 at 101 1/2 Aaa 5,233,800
7,900,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 8,545,904
5,000,000 Nassau County Industrial Development Agency,
Civic Facilities (Hofstra University Project),
6.750%, 8/01/11 8/01 at 102 Aaa 5,402,400
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 4,549,525
870,000 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 918,242
4,765,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 5,346,330
235,000 6.625%, 8/01/14 8/02 at 101 1/2 Aaa 252,444
1,500,000 7.250%, 3/15/18 3/00 at 101 1/2 Aaa 1,668,120
3,100,000 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 3,374,908
3,000,000 7.000%, 10/01/19 10/99 at 100 Aaa 3,201,150
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 1,872,771
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,820,875
2,600,000 New York City Health and Hospitals Corporation,
Health System, 5.625%, 2/15/13 2/03 at 102 Aaa 2,549,872
4,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage (FHA-Insured),
7.350%, 6/01/19 6/01 at 102 AAA 4,269,760
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 17,318,100
<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:
$ 3,640,000 6.750%, 6/15/14 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa $ 3,960,138
1,710,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,820,261
5,000,000 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 5,636,400
3,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 3,613,248
3,455,000 7.000%, 6/15/19 (Pre-refunded to 6/15/98) 6/98 at 101 1/2 Aaa 3,712,425
3,500,000 5.375%, 6/15/19 6/04 at 101 Aaa 3,292,135
1,500,000 New York City Municipal Water Finance Authority,
5.500%, 6/15/19 6/04 at 101 Aaa 1,432,740
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 3,124,331
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 5,614,900
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 5,363,600
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, 419,100
Rensselaer County General Obligation:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,102,579
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,105,171
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,108,829
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,106,774
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,109,923
747,000 6.700%, 2/15/21 No Opt. Call Aaa 863,741
Suffolk County General Obligation:
1,055,000 6.500%, 10/01/11 10/01 at 102 Aaa 1,131,899
1,010,000 6.500%, 10/01/12 10/01 at 102 Aaa 1,083,619
990,000 6.500%, 10/01/13 10/01 at 102 Aaa 1,062,161
1,005,000 6.500%, 10/01/14 10/01 at 102 Aaa 1,070,797
1,015,000 6.500%, 10/01/15 10/01 at 102 Aaa 1,081,452
525,000 6.500%, 10/01/16 10/01 at 102 Aaa 559,372
525,000 6.500%, 10/01/17 10/01 at 102 Aaa 559,372
245,000 6.500%, 10/01/18 10/01 at 102 Aaa 261,040
525,000 6.500%, 10/01/19 10/01 at 102 Aaa 559,372
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 2,682,075
17,945,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 20,151,697
<PAGE>
<CAPTION
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Triborough Bridge and Tunnel Authority, Special
Obligation:
$ 14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa $ 15,409,940
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,793,265
12,000,000 6.625%, 1/01/17 1/01 at 102 Aaa 12,807,360
$459,857,000 Total Investments - (cost $456,469,583) - 98.6% 496,139,501
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 800,000 New York City General Obligation, Adjustable
Rate Demand Bonds, 3.800%, 8/15/22t VMIG-1 800,000
400,000 New York City General Obligation, Variable Rate
Demand Bonds, 3.850%, 8/01/23(t) VMIG-1 400,000
$ 1,200,000 Total Temporary Investments - 0.2% 1,200,000
============
Other Assets Less Liabilities - 1.2% 5,976,606
Net Assets - 100% $503,316,107
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 93 $448,616,086 91%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 26,523,785 5
PORTFOLIO OF A+ A1 1 15,167,180 3
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 5,832,450 1
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 98 $496,139,501 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities, any of which ensure the timely payment of principal and
interest.
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
New York State Energy Research and Development
Authority, Electric Facilities (Consolidated Edison
Company), Alternative Minimum Tax:
$ 5,000,000 7.250%, 11/01/24 11/98 at 101 Aaa $ 5,325,600
10,000,000 7.250%, 11/01/24 11/98 at 101 A1 10,571,300
9,000,000 6.375%, 12/01/27 12/01 at 101 Aaa 9,223,560
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 13,184,915
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 6,436,140
2,500,000 5.600%, 6/01/25 7/03 at 102 Aaa 2,348,125
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 12,423,360
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 2,401,500
1,500,000 New York State Housing Finance Agency, Multi-Family
Housing, 6.250%, 8/15/14 8/04 at 102 Aaa 1,546,065
1,845,000 New York State Medical Care Facilities Finance
Agency, (Bronx Lebanon), 7.100%, 2/15/27 2/97 at 102 Aaa 1,915,737
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 4,727,604
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 3,575,871
5,200,000 New York State Medical Care Facilities Finance
Agency, (Sisters of Charity of Buffalo),
6.625%, 11/01/18 11/01 at 102 Aaa 5,545,592
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 7,892,400
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 16,262,342
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 1,563,705
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 1,029,410
2,000,000 New York State Medical Care Facilities,
6.375%, 11/15/19 11/05 at 102 Aaa 2,100,440
985,000 New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax,
7.250%, 10/01/07 10/01 at 102 Aaa 1,031,600
New York State Mortgage Agency:
1,300,000 8.000%, 10/01/17 7/98 at 102 Aa 1,375,803
2,000,000 5.400%, 10/01/17 3/04 at 102 Aaa 1,909,480
New York State Thruway Authority:
6,000,000 5.500%, 4/01/15 4/05 at 102 Aaa 5,865,180
18,000,000 5.750%, 1/01/19 1/02 at 102 Aaa 17,739,900
New York State Urban Development Corporation:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 5,979,032
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 19,553,367
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 4,002,200
1,000,000 7.250%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,115,670
2,000,000 5.250%, 1/01/14 No Opt. Call Aaa 1,903,340
8,900,000 6.500%, 1/01/19 1/99 at 101 1/2 Aaa 9,290,977
3,100,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 3,485,144
3,000,000 New York State Urban Development Corporation,
Youth Facilities, 5.700%, 4/01/14 4/04 at 102 Aaa 2,978,310
New York State Power Authority:
4,825,000 6.500%, 1/01/19 1/02 at 102 Aaa 5,083,765
5,000,000 6.000%, 1/01/20 1/01 at 100 Aaa 5,010,700
3,000,000 Buffalo and Fort Erie Public Bridge Authority,
5.750%, 1/01/25 1/05 at 101 Aaa 2,960,220
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 2,206,552
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 7,163,218
3,520,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease, 7.375%, 7/01/16 No Opt. Call Aaa 4,137,338
8,250,000 Dormitory Authority of the State of New York
(Foundling Charitable Corporation),
6.500%, 7/01/12 7/97 at 102 Aaa 8,611,268
7,000,000 Dormitory Authority of the State of New York
(Cornell University), 6.875%, 7/01/14 7/96 at 102 Aaa 7,188,930
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 3,122,165
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Dormitory Authority of the State of New York
(City University System):
$ 5,455,000 7.000%, 7/01/14 7/00 at 102 Aaa $ 5,948,732
1,000,000 5.750%, 7/01/18 No Opt. Call Aaa 1,001,770
6,450,000 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,332,941
3,700,000 6.300%, 7/01/24 7/04 at 102 Aaa 3,813,701
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 1,076,300
Dormitory Authority of the State of New York
(Hamilton College):
2,000,000 6.500%, 7/01/11 7/01 at 102 Aaa 2,131,900
7,750,000 6.500%, 7/01/21 7/01 at 102 Aaa 8,100,300
7,515,000 Dormitory Authority of the State of New York,
Marist College, 6.000%, 7/01/22 7/02 at 102 Aaa 7,540,852
Dormitory Authority of the State of New York,
Educational Facilities (State University):
1,000,000 7.000%, 5/15/16 5/00 at 102 Aaa 1,093,720
1,000,000 7.125%, 5/15/17 5/99 at 102 Aaa 1,101,770
10,000,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 11,150,100
3,000,000 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 3,388,980
5,125,000 Dormitory Authority of the State of New York
(Leake and Watts Services, Inc.), 6.000%, 7/01/23 7/04 at 102 Aaa 5,145,859
1,970,000 Dormitory Authority of the State of New York
(University of Rochester-Strong Memorial Hospital),
5.900%, 7/01/17 7/04 at 102 Aaa 1,956,821
1,240,000 Dormitory Authority of the State of New York
(Sarah Lawrence College), 6.000%, 7/01/24 7/05 at 102 Aaa 1,245,406
2,000,000 Dormitory Authority of the State of New York
(Mental Health Services), 5.125%, 8/15/21 2/06 at 102 Aaa 1,817,960
Erie County General Obligation:
2,120,000 7.650%, 1/15/97 No Opt. Call Aaa 2,189,006
1,000,000 5.625%, 6/15/20 6/05 at 101 1/2 Aaa 971,590
1,650,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax, 7.250%, 7/01/11 No Opt. Call Aaa 1,940,087
Metropolitan Transportation Authority, Service
Contract (Transit Facilities):
15,000,000 6.500%, 7/01/16 7/01 at 102 Aaa 15,807,900
24,155,000 6.500%, 7/01/18 7/02 at 102 Aaa 25,451,399
3,500,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
7.250%, 1/01/19 1/00 at 102 Aaa 3,786,160
3,365,000 Monroe County Industrial Development Agency
(Wilmur Associates - University of Rochester),
7.250%, 12/01/16 12/99 at 103 Aaa 3,703,014
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Nassau County General Obligation:
$ 1,410,000 6.100%, 11/15/07 11/01 at 103 Aaa $ 1,503,892
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,406,992
1,495,000 6.100%, 11/15/09 11/01 at 103 Aaa 1,591,517
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,434,908
1,000,000 6.100%, 11/15/10 11/01 at 103 Aaa 1,057,490
New York City General Obligation:
2,500,000 7.100%, 2/01/10 2/02 at 101 1/2 Aaa 2,775,450
19,800,000 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 22,215,600
200,000 6.625%, 8/01/15 8/02 at 101 1/2 Aaa 214,290
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 14,402,887
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 3,764,307
1,630,000 6.750%, 6/15/14 6/99 at 101 1/2 Aaa 1,735,102
9,500,000 6.750%, 6/15/16 6/01 at 101 Aaa 10,299,305
1,800,000 6.500%, 6/15/21 (Pre-refunded to 6/15/97) 6/97 at 101 1/2 Aaa 1,887,984
19,490,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 20,202,165
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 9,927,004
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 5,172,303
1,000,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), Alternative
Minimum Tax, 6.250%, 4/01/24 4/04 at 102 Aaa 1,019,730
10,000,000 Port Authority of New York and New Jersey,
6.500%, 1/15/26 1/01 at 101 Aaa 10,481,700
10,000,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 6.500%, 11/01/26 11/01 at 101 Aaa 10,390,000
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 2,682,074
7,000,000 6.500%, 1/01/19 1/02 at 101 1/2 Aaa 7,408,590
3,000,000 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 3,368,910
2,500,000 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 2,797,300
5,800,000 6.750%, 1/01/22 (Pre-refunded to 1/01/02) 1/02 at 101 1/2 Aaa 6,496,985
24,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation, 6.875%, 1/01/15 1/02 at 102 Aaa 26,010,960
1,915,000 Yonkers General Obligation, 6.500%, 2/15/07 2/02 at 102 Aaa 2,083,652
$491,350,000 Total Investments - (cost $489,614,111) - 98.8% 519,815,190
============
Other Assets Less Liabilities - 1.2% 6,468,797
Net Assets - 100% $526,283,987
============
<PAGE>
<CAPTION>
NUMBER MARKET MARKET
STANDARD & POOR'S MOODY'S OF ISSUES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 86 $506,304,382 97%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 2 2,939,508 1
PORTFOLIO OF A+ A1 1 10,571,300 2
INVESTMENTS:
TOTAL 89 $519,815,190 100%
<FN>
All of the bonds in the portfolio are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities, any of which ensure the timely payment of principal and
interest.
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,700,000 New York State Medical Care Facilities Finance
Agency (Presbyterian Hospital), 5.375%, 2/15/25 2/04 at 102 Aaa $ 4,344,210
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 2,681,725
5,000,000 5.600%, 6/01/25 7/03 at 102 Aaa 4,696,250
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 6,315,208
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 2,529,075
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 1,440,900
New York State Energy Research and Development
Authority, Electric Facilities Revenue (Consolidated
Edison Company of New York), Alternative
Minimum Tax:
2,500,000 6.375%, 12/01/27 12/01 at 101 Aaa 2,562,100
3,000,000 6.000%, 3/15/28 3/03 at 102 Aaa 2,985,120
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 918,270
1,500,000 New York State Housing Finance Agency, Service
Contract Obligation Revenue, 5.500%, 9/15/22 9/03 at 102 Aaa 1,383,420
New York State Medical Care Facilities Finance
Agency (St. Luke's-Roosevelt Hospital Center):
3,500,000 5.625%, 8/15/18 8/03 at 102 Aaa 3,345,475
100,000 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2/00 at 102 Aaa 112,562
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 2,074,940
3,000,000 5.900%, 8/15/22 8/02 at 102 Aaa 2,962,230
1,000,000 5.800%, 8/15/22 2/03 at 102 Aaa 987,290
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 2,553,400
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 2,587,500
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 4,395,000 New York State Medical Care Finance Agency,
6.200%, 8/15/15 8/05 at 102 Aa $ 4,414,206
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 8,431,878
1,745,000 New York State Medical Care Facilities Finance
Agency (Montefiore Medical Center),
5.750%, 2/15/25 2/05 at 102 Aaa 1,712,334
New York State Mortgage Agency, Homeowner
Mortgage, Alternative Minimum Tax:
2,500,000 6.650%, 10/01/25 3/03 at 102 Aa 2,579,500
1,200,000 5.850%, 10/01/25 10/03 at 102 Aa 1,151,256
New York State Thruway Authority:
2,000,000 6.250%, 4/01/06 4/05 at 102 Aaa 2,189,160
2,160,000 6.000% 1/01/25 1/05 at 102 Aaa 2,169,094
2,000,000 New York State Urban Development Corporation,
6.700%, 1/01/12 1/02 at 102 Aaa 2,168,280
New York State Urban Development Corporation
Correctional Facilities:
1,900,000 5.250%, 1/04/14 No Opt. Call Aaa 1,808,173
6,000,000 5.250%, 1/01/18 1/03 at 102 Aaa 5,556,120
3,600,000 Buffalo Municipal Water Finance Authority, Water
System, 5.750%, 7/01/19 7/03 at 102 Aaa 3,511,764
2,000,000 Buffalo Sewer Authority, Sewer System,
5.000%, 7/01/12 7/03 at 100 Aaa 1,847,740
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 2,470,075
1,250,000 Dormitory Authority of the State of New York
(University and College), 6.700%, 7/01/11
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,398,363
2,000,000 Dormitory Authority of the State of New York (New
York University), 6.000%, 7/01/15 7/01 at 102 Aaa 2,022,620
1,000,000 Dormitory Authority of the State of New York
(Colgate University), 6.500%, 7/01/21
(Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,109,420
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 2,502,400
4,000,000 Dormitory Authority of the State of New York
(Rensselaer Polytechnic Institute), 5.250%, 7/01/22 7/03 at 101 Aaa 3,677,120
Dormitory Authority of the State of New York (City
University System):
4,500,000 7.000%, 7/01/14 7/00 at 102 Aaa 4,907,295
2,000,000 5.750%, 7/01/18 No Opt. Call Aaa 2,003,540
6,855,000 6.750%, 7/01/24 7/04 at 102 Aaa 7,458,926
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
$ 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 $ 2,199,071
1,000,000 Dormitory Authority of the State of New York
(University of Rochester-Strong Memorial Hospital),
5.500%, 7/01/21 7/04 at 102 Aaa 944,590
1,975,000 Dormitory Authority of the State of New York (Long
Beach Medical Center), 5.550%, 8/01/15 8/05 at 102 Aaa 1,921,221
1,595,000 Huntington General Obligation, 5.500%, 4/01/13 4/03 at 102 Aaa 1,580,230
1,165,000 Islip Resource Recovery Agency, Resource Recovery
System, Alternative Minimum Tax,
6.125%, 7/01/13 7/04 at 102 Aaa 1,193,379
Metropolitan Transportation Authority, Commuter
Facilities:
2,000,000 6.250%, 7/01/17 7/02 at 102 Aaa 2,053,540
1,500,000 5.500%, 7/01/17 7/02 at 100 Aaa 1,426,830
1,000,000 6.375%, 7/01/18 7/04 at 101 1/2 Aaa 1,040,340
2,500,000 Metropolitan Transportation Authority, Transit
Facilities, 5.750%, 7/01/15 7/03 at 101 1/2 Aaa 2,438,675
1,800,000 Monroe County Airport Authority, Greater Rochester
International Airport, Alternative Minimum Tax,
5.375%, 1/01/19 1/03 at 102 Aaa 1,667,466
2,000,000 Monroe County Industrial Development Agency,
Civic Facilities, 6.000%, 6/01/20 6/05 at 102 Aaa 2,008,680
4,380,000 Montgomery, Otsego, Schoharie Solid Waste
Management Authority, Solid Waste System,
5.250%, 1/01/14 1/01 at 102 Aaa 4,094,030
Nassau County General Obligation:
1,500,000 5.700%, 8/01/13 8/04 at 103 Aaa 1,509,915
210,000 5.500%, 6/15/16 No Opt. Call Aaa 204,855
New York City General Obligation:
4,000,000 8.000%, 8/01/05 No Opt. Call Aaa 4,874,600
2,385,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,675,970
1,500,000 6.000%, 8/01/19 8/98 at 101 1/2 Aaa 1,509,345
New York City Municipal Water Finance Authority
Water and Sewer System:
5,000,000 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 4,928,600
2,185,000 6.500%, 6/15/21 6/97 at 101 1/2 Aaa 2,264,840
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 1,043,040
Niagara County General Obligation:
100,000 5.750%, 8/15/20 8/00 at 102 Aaa 98,511
410,000 5.750%, 8/15/21 8/00 at 102 Aaa 403,784
2,115,000 Niagara Falls Water Treatment System, Alternative
Minimum Tax, 8.500%, 11/01/08 No Opt. Call Aaa 2,713,820
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
<S> <C> <C> <C> <C>
Niagara Falls General Obligation:
$ 1,000,000 7.500%, 3/01/13 No Opt. Call Aaa $ 1,218,390
2,000,000 6.900%, 3/01/22 3/04 at 102 Aaa 2,214,000
2,500,000 Port Authority of New York and New Jersey,
Alternative Minimum Tax, 5.875%, 7/15/16 1/03 at 101 Aaa 2,476,350
500,000 Smithtown General Obligation, 5.550%, 4/01/09 4/03 at 102 Aaa 506,180
250,000 Suffolk County General Obligation, 4.450%, 5/01/96 No Opt. Call Aaa 250,193
1,000,000 Suffolk County Industrial Development Agency,
Southwest Sewer System, 4.750%, 2/01/09 2/04 at 101 Aaa 927,600
Suffolk County Water Authority, Water System:
2,500,000 5.100%, 6/01/11 No Opt. Call Aaa 2,401,525
2,500,000 5.100%, 6/01/12 No Opt. Call Aaa 2,384,575
1,500,000 5.625%, 6/01/16 6/02 at 102 Aaa 1,449,015
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 4,044,606
2,750,000 Yonkers General Obligation, 5.500%, 9/01/09 9/03 at 102 Aaa 2,743,400
2,500,000 Puerto Rico Electric Power Authority,
7.000%, 7/01/07 No Opt. Call Aaa 2,917,923
$175,375,000 Total Investments - (cost $175,593,861) - 98.9% 177,898,028
============
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.1%
$ 200,000 New York City General Obligation, Adjustable Rate
============
Demand Bonds, 3.800%, 8/15/22(t) VMIG-1 200,000
Other Assets Less Liabilities - 1.0% 1,869,514
Net Assets - 100% $179,967,542
============
<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 $169,753,066 95%
RATINGS** AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 8,144,962 5
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 73 $177,898,028 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by
an escrow or trust containing sufficient U. S. Government or U. S. Government
agency securities, any of which ensure the timely payment of principal and
interest.
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
t The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed
is that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $149,803,538 $334,099,918 $388,101,797 $496,139,501
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 700,000 900,000 500,000 1,200,000
Cash -- 106,337 122,167 --
Interest receivable 2,713,237 6,131,891 7,272,077 8,287,525
Other assets 29,994 54,786 48,436 49,257
------------ ------------ ------------ ------------
Total assets 153,246,769 341,292,932 396,044,477 505,676,283
------------ ------------ ------------ ------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 81,938 184,390 213,532 271,846
Other 180,064 136,421 176,102 156,692
Preferred share dividends payable -- 48,221 64,265 48,417
Common share dividends payable 827,222 1,359,292 1,502,806 1,883,221
------------ ------------ ------------ ------------
Total liabilities 1,089,224 1,728,324 1,956,705 2,360,176
------------ ------------ ------------ ------------
Net assets (note 7) $152,157,545 $339,564,608 $394,087,772 $503,316,107
============ ============ ============ ============
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000 $150,000,000
============ ============ ============ ============
Preferred shares outstanding N/A 4,172 4,800 6,000
============ ============ ============ ============
Common shares outstanding 14,771,816 14,460,549 17,174,927 22,419,296
============ ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 10.30 $ 16.27 $ 15.96 $ 15.76
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS
(Unaudited)
<CAPTION>
NUN NNF
<S> <C> <C>
ASSETS
Investments in municipal securities, at market
value (note 1) $519,815,190 $177,898,028
Temporary investments in short-term municipal
securities, at amortized cost (note 1) -- 200,000
Cash 84,618 65,425
Interest receivable 8,657,457 2,570,785
Other assets 45,545 27,897
------------ ------------
Total assets 528,602,810 180,762,135
------------ ------------
LIABILITIES
Accrued expenses:
Management fees (note 6) 284,295 99,325
Other 146,766 116,870
Preferred share dividends payable 63,480 31,930
Common share dividends payable 1,824,282 546,468
------------ ------------
Total liabilities 2,318,823 794,593
------------ ------------
Net assets (note 7) $526,283,987 $179,967,542
============ ============
Preferred shares, at liquidation value $170,000,000 $ 65,000,000
============ ============
Preferred shares outstanding 6,800 2,600
============ ============
Common shares outstanding 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) $ 15.23 $ 13.99
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended March 31, 1996
(Unaudited)
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 4,804,454 $11,184,522 $12,765,155 $15,700,475
----------- ----------- ----------- -----------
Expenses:
Management fees (note 6) 439,943 1,096,570 1,271,673 1,620,281
Preferred shares--auction fees N/A 140,793 150,000 187,500
Preferred shares--dividend disbursing agent fees N/A 17,500 15,000 15,000
Shareholders' servicing agent fees and expenses 32,582 30,557 31,539 25,631
Custodian's fees and expenses 20,449 28,852 29,158 35,771
Directors' fees and expenses (note 6) 834 1,059 1,029 2,430
Professional fees 37,221 11,379 10,976 11,595
Shareholders' reports--printing and mailing expenses 36,289 37,071 25,365 33,490
Stock exchange listing fees 10,084 14,515 4,626 16,365
Investor relations expense 7,442 11,608 12,141 574
Portfolio insurance expense -- -- 46,700 67,407
Other expenses 3,896 12,227 11,728 11,750
----------- ----------- ----------- -----------
Total expenses 588,740 1,402,131 1,609,935 2,027,794
----------- ----------- ----------- -----------
Net investment income 4,215,714 9,782,391 11,155,220 13,672,681
----------- ----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 88,981 71,582 321,161 592,523
Net change in unrealized appreciation or depreciation
of investments (1,511,699) (1,874,475) (3,456,714) (2,932,077)
----------- ----------- ----------- -----------
Net gain (loss) from investments (1,422,718) (1,802,893) (3,135,553) (2,339,554)
----------- ----------- ----------- -----------
Net increase in net assets from operations $ 2,792,996 $ 7,979,498 $ 8,019,667 $11,333,127
=========== ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended March 31, 1996
(Unaudited)
<CAPTION>
NUN NNF
<S> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $16,024,774 $5,217,735
----------- ----------
Expenses:
Management fees (note 6) 1,694,767 595,646
Preferred shares--auction fees 212,500 81,250
Preferred shares--dividend disbursing agent fees 22,500 15,000
Shareholders' servicing agent fees and expenses 24,340 7,022
Custodian's fees and expenses 39,930 23,031
Directors' fees and expenses (note 6) 244 347
Professional fees 10,435 17,789
Shareholders' reports--printing and mailing expenses 33,337 12,341
Stock exchange listing fees 16,784 11,843
Investor relations expense 16,302 4,433
Portfolio insurance expense 16,374 11,108
Other expenses 12,237 8,646
----------- ----------
Total expenses 2,099,750 788,456
----------- ----------
Net investment income 13,925,024 4,429,279
----------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions,
net of taxes, if applicable (notes 1 and 3) 599,194 (133,731)
Net change in unrealized appreciation or depreciation
of investments (1,669,944) 683,410
----------- ----------
Net gain (loss) from investments (1,070,750) 549,679
----------- ----------
Net increase in net assets from operations $12,854,274 $4,978,958
=========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNY NNP
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,215,714 $ 7,811,689 $ 9,782,391 $ 16,826,085
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 88,981 754,287 71,582 (902,468)
Net change in unrealized appreciation or depreciation
of investments (1,511,699) (35,403) (1,874,475) 11,921,862
------------ ------------ ------------ ------------
Net increase in net assets from operations 2,792,996 8,530,573 7,979,498 27,845,479
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (4,410,445) (7,968,947) (8,137,310) (13,398,367)
Preferred shareholders N/A N/A (1,918,557) (3,321,037)
From accumulated net realized gains from investment
transactions:
Common shareholders (480,474) (11,813) -- --
Preferred shareholders N/A N/A -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (4,890,919) (7,980,760) (10,055,867) (16,719,404)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NNM, or NNO and NRY, or NYP, as
applicable (note 1) 28,973,267 -- -- 164,436,079
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 798,084 1,623,656 1,394,998 1,093,104
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 29,771,351 1,623,656 1,394,998 165,529,183
------------ ------------ ------------ ------------
Net increase (decrease) in net assets 27,673,428 2,173,469 (681,371) 176,655,258
Net assets at beginning of period 124,484,117 122,310,648 340,245,979 163,590,721
------------ ------------ ------------ ------------
Net assets at end of period $152,157,545 $124,484,117 $339,564,608 $340,245,979
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 212,546 $ 343,200 $ 604,351 $ 877,827
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NQN NVN
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 11,155,220 $ 22,226,987 $ 13,672,681 $ 27,451,832
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 321,161 358,785 592,523 656,989
Net change in unrealized appreciation or depreciation
of investments (3,456,714) 7,860,233 (2,932,077) 14,842,889
------------ ------------ ------------ ------------
Net increase in net assets from operations 8,019,667 30,446,005 11,333,127 42,951,710
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (8,995,295) (17,920,430) (11,277,173) (22,525,895)
Preferred shareholders (2,099,530) (4,732,772) (2,564,981) (5,616,093)
From accumulated net realized gains from investment
transactions:
Common shareholders (387,001) -- (557,052) --
Preferred shareholders (108,312) -- (143,065) --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (11,590,138) (22,653,202) (14,542,271) (28,141,988)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NNM, or NNO and NRY, or NYP, as
applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions 1,646,493 263,700 1,185,121 --
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions 1,646,493 263,700 1,185,121 --
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,923,978) 8,056,503 (2,024,023) 14,809,722
Net assets at beginning of period 396,011,750 387,955,247 505,340,130 490,530,408
------------ ------------ ------------ ------------
Net assets at end of period $394,087,772 $396,011,750 $503,316,107 $505,340,130
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 1,035,686 $ 975,291 $ 899,735 $ 1,069,208
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NUN NNF
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 13,925,024 $ 27,864,509 $ 4,429,279 $ 7,986,958
Net realized gain (loss) from investment transactions,
net of taxes, if applicable 599,194 294,208 (133,731) (2,709,840)
Net change in unrealized appreciation or depreciation
of investments (1,669,944) 19,224,602 683,410 16,472,181
------------ ------------ ------------ ------------
Net increase in net assets from operations 12,854,274 47,383,319 4,978,958 21,749,299
------------ ------------ ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (10,945,691) (21,891,381) (3,278,809) (5,814,049)
Preferred shareholders (3,055,870) (6,367,695) (1,120,508) (2,134,301)
From accumulated net realized gains from investment
transactions:
Common shareholders (460,749) (350,825) -- --
Preferred shareholders (135,268) (90,494) -- --
------------ ------------ ------------ ------------
Decrease in net assets from distributions to shareholders (14,597,578) (28,700,395) (4,399,317) (7,948,350)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NNM, or NNO and NRY, or NYP, as
applicable (note 1) -- -- -- 78,846,744
Net proceeds from Common shares issued to
shareholders due to reinvestment of distributions -- -- 20,195 --
------------ ------------ ------------ ------------
Net increase in net assets derived from capital
share transactions -- -- 20,195 78,846,744
------------ ------------ ------------ ------------
Net increase (decrease) in net assets (1,743,304) 18,682,924 599,836 92,647,693
Net assets at beginning of period 528,027,291 509,344,367 179,367,706 86,720,013
------------ ------------ ------------ ------------
Net assets at end of period $526,283,987 $528,027,291 $179,967,542 $179,367,706
============ ============ ============ ============
Balance of undistributed net investment income at
end of period $ 1,185,151 $ 1,261,688 $ 491,355 $ 461,393
============ ============ ============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At March 31, 1996, the New York Funds (the "Funds") covered in this report and
their corresponding New York Stock Exchange symbols are Nuveen New York
Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal
Fund, Inc. (NNP), Nuveen New York Investment Quality Municipal Fund, Inc.
(NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New
York Quality Income Municipal Fund, Inc. (NUN) and Nuveen Insured New York
Premium Income Municipal Fund, Inc. (NNF).
NNY is not authorized by its Articles of Incorporation to issue Preferred
shares, therefore, in the Notes to Financial Statements "N/A" represents
not-applicable.
The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On January 8, 1996, NNY acquired all of the net assets of Nuveen New York
Municipal Income Fund, Inc. (NNM) pursuant to a plan of reorganization
approved by the shareholders of NNM on November 16, 1995. The acquisition was
accomplished by a tax-free exchange of 2,770,666 shares of NNY for the
2,521,957 shares of NNM outstanding on January 8, 1996. NNM's net assets at
that date of $28,973,267 included $2,191,385 of net unrealized appreciation
which was combined with that of NNY. The combined net assets on NNY
immediately after the acquisition were $154,177,791.
On January 10, 1995, NNP acquired all of the net assets of Nuveen New York
Municipal Market Opportunity Fund, Inc. (NNO) and Nuveen New York Premium
Income Municipal Fund (NRY) pursuant to a plan of reorganization approved by
the shareholders of the Funds on December 8, 1994. The acquisition was
accomplished by a tax-free exchange of 7,176,986 shares of NNP for the
5,880,403 shares of NNO and for the 1,909,411 shares of NRY outstanding on
January 10, 1995. NNO's and NRY's net assets at that date of $130,279,931 and
$34,156,148, respectively, included net unrealized appreciation (depreciation)
of $8,503,907 and ($4,009,717), respectively, as well as $40,000,000 and
$14,300,000 of preferred shares at liquidation value, respectively, which was
combined with that of NNP. The combined net assets of NNP immediately after
the acquisition were $323,973,176.
<PAGE>
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 net 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.
Securities Valuation
Portfolio securities for which market quotations are readily available are
valued at the mean between the quoted bid and asked prices or the yield
equivalent. Portfolio securities for which market quotations are not readily
available are valued at fair value by consistent application of methods
determined in good faith by the Board of Directors. Temporary investments in
securities that have variable rate and demand features qualifying them as
short-term securities are traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery
basis may be settled a month or more after the transaction date. The
securities so purchased are subject to market fluctuation during this period.
The Funds have instructed the custodian to segregate assets in a separate
account with a current value at least equal to the amount of their purchase
commitments. At March 31, 1996, 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.
<PAGE>
Income Taxes
The Funds intend to comply with the requirements of the Internal Revenue Code
applicable to regulated investment companies by distributing to shareholders
all of the Funds' tax-exempt net investment income, in addition to any
significant amounts of net realized capital gains from investments and/or
market discount realized upon the sale of securities. The Funds currently
consider significant net realized capital gains and/or market discount as
amounts in excess of $.001 per Common share for NNY and $.01 per Common share
for NNP, NQN, NVN, NUN and NNF. Furthermore, each Fund intends to satisfy
conditions which will enable interest from municipal securities, which is
exempt from regular federal and New York State income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds.
Dividends and Distributions to Shareholders
Net investment income is declared as a dividend monthly and payment is made or
reinvestment is credited to shareholder accounts after month-end. Net realized
capital 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 may result and the differences will
be classified as either distributions in excess of net investment income or
distributions in excess of net realized gains from investment transactions, 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. The number of shares outstanding, by Series and in total, for
each Fund, at March 31, 1996, were 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
=====
</TABLE>
<PAGE>
Insurance
NQN, NVN, NUN and NNF invest in municipal securities which are either covered
by insurance or are backed by an escrow or trust account containing sufficient
U.S. Government or U.S. Government agency securities, both of which ensure the
timely payment of principal and interest. Each insured municipal security is
covered by Original Issue Insurance, Secondary Market Insurance or Portfolio
Insurance. Such insurance does not guarantee the market value of the municipal
securities or the value of the Funds' shares. Original Issue Insurance and
Secondary Market Insurance remain in effect as long as the municipal
securities covered thereby remain outstanding and the insurer remains in
business, regardless of whether the Funds ultimately dispose of such municipal
securities. Consequently, the market value of the municipal securities covered
by Original Issue Insurance or Secondary Market Insurance may reflect value
attributable to the insurance. Portfolio Insurance is effective only while the
municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities
nor the net asset value of the Funds' shares include value, if any,
attributable to the Portfolio Insurance. Each policy of the Portfolio
Insurance does, however, give the Funds the right to obtain permanent
insurance with respect to the municipal security covered by the Portfolio
Insurance policy at the time of its sale.
Derivative Financial Instruments
In October 1994, the Financial Accounting Standards Board (FASB) issued
Statement of Financial Accounting Standards No. 119 Disclosure about
Derivative Financial Instruments and Fair Value of Financial Instruments which
prescribes disclosure requirements for transactions in certain derivative
financial instruments including future, forward, swap, and option contracts,
and other financial instruments with similar characteristics. Although the
Funds are authorized to invest in such financial instruments, and may do so in
the future, they did not make any such investments during the six months ended
March 31, 1996, other than occasional purchases of high quality synthetic
money market securities pending the re-investment in long-term portfolio
securities, if applicable.
<PAGE>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NNY NNP
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNM, or NNO and
NRY, or NYP, as applicable (note 1) 2,770,666 -- -- 7,176,986
Shares issued to shareholders due to reinvestment
of distributions 73,249 153,474 79,277 68,332
--------- ------- ------ ---------
Net increase 2,843,915 153,474 79,277 7,243,318
========= ======= ====== =========
<CAPTION>
NQN NVN
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNM, or NNO and
NRY, or NYP, as applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment
of distributions 98,173 16,611 72,178 --
------ ------ ------ ------
Net increase 98,173 16,611 72,178 --
====== ====== ====== ======
<CAPTION>
NUN NNF
6 months ended Year ended 6 months ended Year ended
3/31/96 9/30/95 3/31/96 9/30/95
<S> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition of NNM, or NNO and
NRY, or NYP, as applicable (note 1) -- -- -- 4,001,860
Shares issued to shareholders due to reinvestment
of distributions -- -- -- --
------ ------ ------ ---------
Net increase -- -- -- 4,001,860
====== ====== ====== =========
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended
March 31, 1996, were as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $ 7,279,715 $ 5,900,114 $11,879,996 $17,013,572
Investments in municipal securities in acquisition of
NNM, as applicable (note 1) 25,446,249 -- -- --
Temporary municipal investments 5,900,000 12,500,000 10,600,000 12,300,000
Temporary municipal investments in acquisition
of NNM, as applicable (note 1) 800,000 -- -- --
SALES AND MATURITIES
Investments in municipal securities 5,353,695 5,624,000 5,649,770 11,219,150
Temporary municipal investments 7,300,000 11,900,000 11,500,000 11,400,000
=========== =========== =========== ===========
<CAPTION>
NUN NNF
<S> <C> <C>
PURCHASES
Investments in municipal securities $11,753,914 $18,219,166
Investments in municipal securities in acquisition of
NNM, as applicable (note 1) -- --
Temporary municipal investments 5,100,000 2,200,000
Temporary municipal investments in acquisition
of NNM, as applicable (note 1) -- --
SALES AND MATURITIES
Investments in municipal securities 13,858,499 16,722,573
Temporary municipal investments 5,500,000 3,400,000
=========== ===========
At March 31, 1996, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for
each Fund.
</TABLE>
<PAGE>
<TABLE>
At September 30, 1995, the Funds' last fiscal year end, the following Funds
had unused capital loss carryovers available for federal income tax purposes
to be applied against future capital gains, if any. If not applied, the
carryovers will expire as follows:
<CAPTION>
NNY* NNP** NNF***
<S> <C> <C> <C>
Expiration year:
1998 $ -- $ 256,227 $ --
1999 -- 680 --
2000 59,477 -- 14,718
2001 -- -- --
2002 123,390 2,337,662 1,710,502
2003 994,293 356,638 3,374
---------- ---------- ----------
Total $1,177,160 $2,951,207 $1,728,594
========== ========== ==========
<FN>
*Due to the acquisition of NNM by NNY (see note 1), NNM had net realized
losses from investment transactions of $1,177,160, which were carried forward
by NNY, as permitted under applicable tax regulations.
**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.
</TABLE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On April 1, 1996, the Funds declared Common share dividend distributions from
their ordinary income which were paid May 1, 1996, to shareholders of record
on April 15, 1996, as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Dividend per share $.0560 $.0940 $.0875 $.0840
====== ====== ====== ======
<CAPTION>
NUN NNF
<S> <C> <C>
Dividend per share $.0780 $.0665
====== ======
</TABLE>
<PAGE>
<TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 1996, were as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Gross unrealized:
Appreciation $12,507,817 $29,013,442 $32,988,098 $40,141,029
Depreciation (217,868) (544,358) (263,263) (471,111)
----------- ----------- ----------- -----------
Net unrealized appreciation $12,289,949 $28,469,084 $32,724,835 $39,669,918
=========== =========== =========== ===========
<CAPTION>
NUN NNF
<S> <C> <C>
Gross unrealized:
Appreciation $30,567,296 $ 4,096,722
Depreciation (366,217) (1,792,555)
----------- -----------
Net unrealized appreciation $30,201,079 $ 2,304,167
=========== ===========
</TABLE>
<PAGE>
<TABLE>
6. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Under NNY's investment management agreement with Nuveen Advisory Corp. (the
"Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund
pays to the Adviser an annual management fee, payable monthly, of .35 of 1% of
the average daily net asset value of the Fund, as well as 4.125% of the gross
interest income of the Fund.
Under NNP's, NQN's, NVN's, NUN's and NNF's investment management agreements
with the Adviser, each Fund pays to the Adviser an annual management fee,
payable monthly, at the rates set forth below, which are based upon the
average daily net asset value of each Fund:
<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 March 31, 1996, net assets consisted of:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $104,300,000 $120,000,000 $150,000,000
Common shares, $.01 par value per share 147,718 144,605 171,749 224,193
Paid-in surplus 140,595,964 209,528,085 239,933,406 311,930,949
Balance of undistributed net investment income 212,546 604,351 1,035,686 899,735
Accumulated net realized gain (loss) from
investment transactions (1,088,632) (3,481,517) 222,096 591,312
Net unrealized appreciation or depreciation
of investments 12,289,949 28,469,084 32,724,835 39,669,918
------------ ------------ ------------ ------------
Net assets $152,157,545 $339,564,608 $394,087,772 $503,316,107
============ ============ ============ ============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
============ ============ ============ ============
<CAPTION>
NUN NNF
<S> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $170,000,000 $ 65,000,000
Common shares, $.01 par value per share 233,882 82,176
Paid-in surplus 324,380,944 116,661,403
Balance of undistributed net investment income 1,185,151 491,355
Accumulated net realized gain (loss) from
investment transactions 282,931 (4,571,559)
Net unrealized appreciation or depreciation
of investments 30,201,079 2,304,167
------------ ------------
Net assets $526,283,987 $179,967,542
============ ============
Authorized shares:
Common 200,000,000 200,000,000
Preferred 1,000,000 1,000,000
============ ============
<FN>
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At March 31, 1996, the revenue sources by
municipal purpose for these investments, expressed as a percent of total
investments, were as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Revenue Bonds:
Housing Facilities 13% 23% 13% 14%
Educational Facilities 3 5 5 13
Transportation 3 1 10 6
Pollution Control Facilities 13 6 11 9
Lease Rental Facilities 12 4 2 6
Water / Sewer Facilities -- 5 2 3
Health Care Facilities 1 1 10 5
Electric Utilities 1 -- -- --
Other 8 3 1 8
General Obligation Bonds 8 6 4 11
Escrowed Bonds 38 46 42 25
---- ---- ---- ----
100% 100% 100% 100%
==== ==== ==== ====
<CAPTION>
NUN NNF
<S> <C> <C>
Revenue Bonds:
Housing Facilities 10% 18%
Educational Facilities 8 16
Transportation 15 6
Pollution Control Facilities 13 13
Lease Rental Facilities 7 6
Water / Sewer Facilities 8 11
Health Care Facilities 4 2
Electric Utilities 2 2
Other 8 6
General Obligation Bonds 7 14
Escrowed Bonds 18 6
---- ----
100% 100%
==== ====
</TABLE>
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed
by an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest
in the event of default (41% for NNY, 54% 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
(Unaudited)
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NNY
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $10.440 $ .322 $ (.086) $ (.336) $ N/A
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>
NNP
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 16.410 .678 (.121) (.564) (.133)
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
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholderst discounts of period period
NNY
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $(.040) $ N/A $ -- $10.300 $10.625
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>
NNP
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 -- -- -- 16.270 17.250
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
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NNY
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 6.01% 2.26% $152,158 .85%* 6.10%* 4%
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>
NNP
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 7.20 2.56 339,565 .82* 5.70* 2
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
(Unaudited)
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NQN
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $16.160 $ .651 $ (.174) $ (.525) $(.123)
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>
6 mos. ended
3/31/96 15.900 .611 (.101) (.504) (.115)
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)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholderst discounts of period period
NQN
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $(.023) $(.006) $ -- $15.960 $17.000
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>
6 mos. ended
3/31/96 (.025) (.006) -- 15.760 16.500
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
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NQN
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 6.42% 2.12% $394,088 .81%* 5.59%* 1%
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>
6 mos. ended
3/31/96 8.19 2.41 503,316 .79* 5.35* 2
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
See notes on page 70.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
SELECTED DATA FOR A COMMON SHARE OUTSTANDING THROUGHOUT EACH PERIOD IS AS
FOLLOWS:
<CAPTION>
Operating performance Dividends from net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income mentstt shareholders shareholderst
NUN
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $15.310 $ .596 $ (.051) $(.468) $(.131)
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>
6 mos. ended
3/31/96 13.920 .539 .066 (.399) (.136)
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
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholderst discounts of period period
NUN
<S> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 $(.020) $(.006) $ -- $15.230 $15.250
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>
6 mos. ended
3/31/96 -- -- -- 13.990 13.375
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
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets*** net assets*** rate
NUN
<S> <C> <C> <C> <C> <C> <C>
6 mos. ended
3/31/96 7.61% 2.62% $526,284 .78%* 5.20%* 2%
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>
6 mos. ended
3/31/96 4.97 3.28 179,968 .85* 4.78* 9
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>
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes
in stock price per share. Total Return on Net Asset Value is the combination
of reinvested dividend income, reinvested capital gains distributions, if any,
and changes in net asset value per share.
*** Ratios do not reflect the effect of dividend payments to Preferred
shareholders, if applicable.
t The amounts shown are based on Common share equivalents.
tt Net of taxes, if applicable.
</TABLE>
<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-MAY 96
