NUVEEN EXCHANGE-TRADED FUNDS
SEPTEMBER 30, 1997
ANNUAL REPORT
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
NNY
NNP
NQN
NVN
NUN
NNF
New York
Photo image: People sitting on porch.
<PAGE>
Build Your Wealth Automatically
Nuveen offers a number of convenient ways to add to your portfolio and earn the
tax-free income you need to achieve your financial goals.
NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen exchange-traded fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check, or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also benefit from dollar-cost averaging, a technique of
investing at regular intervals, which allows you to build a high-quality,
tax-free portfolio conveniently and cost effectively over time.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date; no interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase
(continued on inside back cover)
<PAGE>
Ghosted image: People sitting on porch.
Contents
2 DEAR SHAREHOLDER
4 ANSWERING YOUR QUESTIONS
7 NNY PERFORMANCE OVERVIEW
8 NNP PERFORMANCE OVERVIEW
9 NQN PERFORMANCE OVERVIEW
10 NVN PERFORMANCE OVERVIEW
11 NUN PERFORMANCE OVERVIEW
12 NNF PERFORMANCE OVERVIEW
13 FINANCIAL SECTION
67 FUND INFORMATION
<PAGE>
Photo of: Timothy R. Schwertfeger Chairman of the Board
Wealth takes a lifetime to build. Once achieved, it should be preserved.
Dear Shareholder
It's a pleasure to report to you on the performance of the Nuveen New York
exchange-traded funds. Over the past 12 months, the funds have performed well,
rewarding investors with dependable tax-free income and attractive returns.
For the fiscal year ended September 30, 1997, the value of the New York funds
rose between 6.84% and 10.93%, providing taxable equivalent returns of 10.32% to
14.19% for investors in the 35.5% combined federal and New York state tax
bracket. These tax-adjusted returns would be even more attractive for investors
in higher tax brackets.
Investors continued to enjoy attractive dividend yields generated by each fund's
portfolio of quality bonds. As of September 30, 1997, new shareholders were
receiving current market yields that ranged from 5.53% to 5.92%. To match these
yields, investors in the combined 35.5% federal and state income tax bracket
would have had to earn at least 8.57% on taxable alternatives. The individual
performance of each fund is detailed on pages 7-12.
This performance was achieved in an environment of continued economic strength
and the lowest unemployment rates in more than two decades, a combination that
in the past has been accompanied by an increase in inflation. Current
conditions, however, indicate that inflation is under control, with the Consumer
Price Index currently running at one of its lowest levels in 30 years. Following
this spring's move to tighten short-term interest rates, the Federal Reserve
demonstrated its confidence in the economy's path by maintaining the status quo
in subsequent months.
So far in 1997, investors have focused their attention on fiscal issues such as
the federal budget accord, the reduction in the federal deficit, and tax relief
measures, including a capital gains tax cut. Although the markets have
experienced volatility, especially in recent weeks, interest rates have
generally fallen over the past two quarters, providing a good environment for
bond market performance.
<PAGE>
A renewed emphasis on diversification and asset allocation--as well as
attractive tax-free yields--have sparked increased interest in municipal bonds.
The current level and volatility of the stock market remind investors to
reallocate profits to other segments of the market in order to limit risk.
Nuveen exchange-traded funds provide an excellent alternative, and their current
yields make them very attractive.
As part of our commitment to helping prudent investors achieve their investment
goals, Nuveen now also offers a variety of other products and services in
addition to our range of municipal bond funds. We recently celebrated the
successful first year of the Nuveen Growth and Income Stock Fund as well as two
new balanced stock and bond funds. We also expanded our private asset management
capabilities through the recent acquisition of Rittenhouse Financial Services, a
well-respected growth investment manager. We encourage you to discuss with your
financial adviser how your portfolio might take advantage of these new Nuveen
products and services.
We at Nuveen remain committed to providing you with quality investment solutions
that withstand the test of time. We thank you for your confidence in us and our
family of investments, and we look forward to reporting to you again in six
months.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
November 17, 1997
"The funds have performed well, rewarding investors with dependable tax-free
income and attractive returns."
<PAGE>
Answering Your Questions
Photo of: Ted Neild
Ted Neild, managing director of Nuveen's portfolio management team, talks about
the municipal bond market and offers insights into factors that affected the
performance of the New York funds over the past year.
"New York promises to be one of the most exciting areas of the municipal bond
market in coming months."
WHAT ECONOMIC AND MARKET FACTORS INFLUENCED THE PERFORMANCE OF THE FUNDS OVER
THE PAST YEAR?
Over the past 12 months, minimal inflation and a reduction in the federal budget
deficit brought lower interest rates and an increase in bond prices. The yield
on the 30-year Treasury bond dropped from 6.91% to 6.37%, and the municipal
market followed suit, as the yield on the Bond Buyer 40 declined from 5.88% to
5.46% between October 1996 and September 1997.
In the New York market, heavy supply was also a factor in fund performance.
While the supply of newly issued bonds increased 17% nationally in the first
nine months of 1997, the municipal supply in New York rose 36% over the same
period. Typically, such heavy supply would depress bond prices significantly.
However, the impact of this dramatic increase was mitigated by the improving
economy in both New York City and New York state. Both city and state
governments ended their fiscal years with budget surpluses, following
higher-than-expected tax revenues from the financial services industry.
HOW HAVE THE FUNDS PERFORMED DURING THIS PERIOD?
As Tim mentioned in his letter to shareholders, total returns for the New York
exchange-traded funds ranged from 6.84% to 10.93% for the 12 months ended
September 30, 1997. This compares with the one-year total return of 9.60% for
the Lehman Brothers New York Tax-Exempt Municipal Bond Index, which represents
an unmanaged portfolio of New York municipal bonds. Many of the funds were
assembled in a much higher interest rate environment, so a large portion of the
bonds in the portfolios are currently valued at substantial premiums. The
current strategy has been to keep the bonds in the portfolio, maintaining an
attractive yield while limiting capital gains distributions to shareholders.
Consequently, these funds will produce higher current income, but with less
potential for appreciation in a rising interest rate market.
<PAGE>
Duration played an important role in the performance of the funds. The Nuveen
New York exchange-traded funds have significantly shorter durations than their
peer group average. A shorter duration benefits the funds by cushioning them
from price volatility in rising interest rate environments, but potentially
limiting gains during market rallies. During the past year, we chose to hold
many of the shorter-duration bonds in our portfolios rather than sell them and
realize capital gains in order to extend duration. The decision to maintain
shorter durations resulted in reduced price volatility and more tax-efficient
funds, which we expect will benefit fund shareholders over the full market
cycle.
WHY ARE THE DIVIDENDS HIGHER FOR SOME FUNDS?
The New York Value Fund is the only fund covered in this report that does not
benefit from a leveraged structure. Leveraged funds issue short-term preferred
shares, which is similar to borrowing money at short-term rates and then
investing the proceeds into long-term bonds. The difference in rates boosts the
dividend for common shareholders. While shareholders in unleveraged funds will
not receive as high a level of monthly dividends as those generated by leveraged
funds, the fund's share price is less sensitive to interest rate fluctuations
than leveraged funds.
WHERE DID YOU FIND VALUE IN THE CURRENT MUNICIPAL BOND MARKET?
Over the past year, we were able to add value to the funds in several ways,
including:
o Purchasing FHA-insured hospital bonds. These bonds offer attractive long-term
yields with less interest rate risk than 30-year bonds.
o Taking advantage of temporary price declines of new issues.
As new bond issues come to market, the increased supply of bonds will
sometimes depress prices temporarily. We took advantage of these situations
to purchase longer-term bonds at attractive prices.
o Extending call protection without giving up yield. By selling bonds with
shorter call protection to retail buyers, we were able to redeploy the assets
into the institutional and new offering markets, extending call protection
without reducing the funds' dividend yield.
<PAGE>
WHAT IS YOUR OUTLOOK FOR THE MUNICIPAL MARKET?
New York promises to be one of the most exciting areas of the municipal bond
market in coming months. In early October, New York City increased its issuance
capacity through its new venue, the Transitional Finance Authority. Long Island
Power Authority could potentially prove to be an even larger new issuer,
bringing to market the largest municipal bond issuance ever if its transaction
with the Long Island Lighting Company gains the necessary legal approvals. A
continued decline in yields could also cause new supply to come into the market
through refunding of current debt. With the high level of taxes in New York--up
to 50% in some combined brackets--the allure of tax-exempt municipal bonds will
continue to spark demand.
WHAT ARE YOUR KEY STRATEGIES FOR THE COMING YEAR?
We have three key strategies over the next 12 months. We plan to take advantage
of supply and demand imbalances as new issues come to market, as well as to find
bonds trading in the secondary markets that may be overlooked as attention
focuses on the new issues. In addition, we will strive to increase the call
protection of the bonds in the portfolios as long as this remains a low-cost
option. Finally, while credit spreads are tight, we will take advantage of
opportunities to purchase bonds with higher credit quality at yields that are
similar to bonds that are rated much lower. We believe that as credit spreads
widen, these high-quality issues will increase in value relative to lower-rated
bonds. As spreads widen, we will also seek opportunities to increase yield.
ARE THERE ANY SPECIAL SITUATIONS THAT INVESTORS IN THE NEW YORK FUNDS SHOULD
UNDERSTAND?
Investors should be aware that fund portfolio turnover will increase as older,
generally higher-yielding bonds are called by issuers. In replacing the called
bonds, every effort will be made to buy long-term bonds that provide strong
total return potential. In addition, we plan to keep a close eye on the utility
sector, watching for any potential credit quality realignments among these bonds
as the results of deregulation take shape. As always, the effects of the
budgeting process in New York bear watching, as the efforts to produce a
balanced budget continue.
<PAGE>
New York Value Performance Overview
As of September 30, 1997
NNY
Morningstar Rating (1) Graphic: 4 stars
- -----------------------------------------------------------
Fund Highlights
- -----------------------------------------------------------
Inception Date 10/87
- -----------------------------------------------------------
Share Price 10 11/16
- -----------------------------------------------------------
Net Asset Value $10.28
- -----------------------------------------------------------
Average Weighted Duration (Years) 4.98
- -----------------------------------------------------------
Average Weighted Maturity (Years) 21.96
- -----------------------------------------------------------
Net Assets ($000) $154,298
- -----------------------------------------------------------
Current Market Yield 5.67%
- -----------------------------------------------------------
Taxable Equivalent Yield (Federal Only)(2) 8.22%
- -----------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(2) 8.79%
- -----------------------------------------------------------
Annualized Total Return (at NAV)
- -----------------------------------------------------------
1-Year 6.87%
- -----------------------------------------------------------
3-Year 6.31%
- -----------------------------------------------------------
5-Year 5.94%
- -----------------------------------------------------------
Since Inception 8.28%
- -----------------------------------------------------------
Taxable Equivalent Total Return(3)
- -----------------------------------------------------------
1-Year 10.32%
- -----------------------------------------------------------
3-Year 9.88%
- -----------------------------------------------------------
5-Year 9.49%
- -----------------------------------------------------------
Since Inception 11.93%
- -----------------------------------------------------------
1 Overall rating within the municipal bond category for the period ended
September 30, 1997. Morningstar proprietary ratings reflect historical
risk-adjusted performance and are subject to change every month. Ratings are
calculated from a fund's three -, five- and 10-year average annual returns in
excess of 90-day Treasury bill returns, with appropriate fee adjustments and a
risk factor that reflects fund performance below 90-day Treasury bill returns.
NNY earned four stars for each of the three- and five-year periods ended
September 30, 1997. In an investment category, 10% of funds receive five stars
and 22.5% receive four stars. For the period ending September 30, 1997, 196
municipal bond funds were rated for the three-year period, 118 for the
five-year period, and four for the 10-year period.
2 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
3 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AA 11%
A 6%
BBB/NR 29%
AAA 54%
Diversification
Escrowed Bonds 33%
General Obligation 7%
Housing 15%
Education 9%
Health Care 8%
Lease Rental 5%
Other 5%
Pollution Control 7%
Water & Sewer 11%
LINE CHART
Dividend History
Capital Gains
10/96 0.053
11/96 0.053
12/96 0.053 0.0076
1/97 0.053
2/97 0.053
3/97 0.053
4/97 0.053
5/97 0.0505
6/97 0.0505
7/97 0.0505
8/97 0.0505
9/97 0.0505
<PAGE>
New York Performance Plus Performance Overview
As of September 30, 1997
NNP
Morningstar Rating(1) Graphic: 4 stars
- ---------------------------------------------------------
Fund Highlights
- ---------------------------------------------------------
Inception Date 11/89
- ---------------------------------------------------------
Share Price 18 3/4
- ---------------------------------------------------------
Net Asset Value $16.23
- ---------------------------------------------------------
Average Weighted Duration (Years) 3.59
- ---------------------------------------------------------
Average Weighted Maturity (Years) 21.18
- ---------------------------------------------------------
Net Assets ($000) $342,320
- ---------------------------------------------------------
Current Market Yield 5.92%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal Only)(2) 8.58%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(2) 9.18%
- ---------------------------------------------------------
Annualized Total Return (at NAV)
- ---------------------------------------------------------
1-Year 7.49%
- ---------------------------------------------------------
3-Year 7.85%
- ---------------------------------------------------------
5-Year 7.84%
- ---------------------------------------------------------
Since Inception 9.12%
- ---------------------------------------------------------
Taxable Equivalent Total Return(3)
- ---------------------------------------------------------
1-Year 11.39%
- ---------------------------------------------------------
3-Year 11.78%
- ---------------------------------------------------------
5-Year 11.78%
- ---------------------------------------------------------
Since Inception 13.07%
- ---------------------------------------------------------
1 Overall rating within the municipal bond category for the period ended
September 30, 1997. Morningstar proprietary ratings reflect historical
risk-adjusted performance and are subject to change every month. Ratings are
calculated from a fund's three-, five- and 10-year average annual returns in
excess of 90-day Treasury bill returns, with appropriate fee adjustments and a
risk factor that reflects fund performance below 90-day Treasury bill returns.
NNP earned four stars for each of the three- and five-year periods ended
September 30, 1997. In an investment category, 10% of funds receive five stars
and 22.5% receive four stars. For the period ending September 30, 1997, 196
municipal bond funds were rated for the three-year period, 118 for the
five-year period, and four for the 10-year period.
2 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
3 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
AA 15%
A 3%
BBB 15%
AAA 67%
Diversification
General Obligation 5%
Other 6%
Water & Sewer 4%
Pollution Control 3%
Housing 23%
Transportation 3%
Education 7%
Escrowed Bonds 49%
LINE CHART
Dividend History
10/96 0.0925
11/96 0.0925
12/96 0.0925
1/97 0.0925
2/97 0.0925
3/97 0.0925
4/97 0.0925
5/97 0.0925
6/97 0.0925
7/97 0.0925
8/97 0.0925
9/97 0.0925
<PAGE>
New York Investment Quality Performance Overview
As of September 30, 1997
NQN
Fund Highlights
- ---------------------------------------------------------
Inception Date 11/90
- ---------------------------------------------------------
Share Price 18 1/8
- ---------------------------------------------------------
Net Asset Value $15.85
- ---------------------------------------------------------
Average Weighted Duration (Years) 3.14
- ---------------------------------------------------------
Average Weighted Maturity (Years) 22.47
- ---------------------------------------------------------
Net Assets ($000) $395,569
- ---------------------------------------------------------
Current Market Yield 5.89%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal Only)(1) 8.54%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(1) 9.13%
- ---------------------------------------------------------
Annualized Total Return (at NAV)
- ---------------------------------------------------------
1-Year 6.84%
- ---------------------------------------------------------
3-Year 7.27%
- ---------------------------------------------------------
5-Year 6.94%
- ---------------------------------------------------------
Since Inception 8.69%
- ---------------------------------------------------------
Taxable Equivalent Total Return(2)
- ---------------------------------------------------------
1-Year 10.66%
- ---------------------------------------------------------
3-Year 11.04%
- ---------------------------------------------------------
5-Year 10.69%
- ---------------------------------------------------------
Since Inception 12.43%
- ---------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS:
Credit Quality
Escrowed 42%
Insured 58%
Diversification
Pollution Control 10%
Health Care 7%
Transportation 8%
Other 4%
Education 5%
General Obligation 7%
Housing 14%
Lease Rental 3%
Escrowed Bonds 42%
LINE CHART
Dividend History
Capital Gains
10/96 0.0875
11/96 0.089
12/96 0.089 0.0241
1/97 0.089
2/97 0.089
3/97 0.089
4/97 0.089
5/97 0.089
6/97 0.089
7/97 0.089
8/97 0.089
9/97 0.089
<PAGE>
New York Select Quality Performance Overview
As of September 30, 1997
NVN
Fund Highlights
- -----------------------------------------------------------
Inception Date 5/91
- -----------------------------------------------------------
Share Price 16 13/16
- -----------------------------------------------------------
Net Asset Value $15.90
- -----------------------------------------------------------
Average Weighted Duration (Years) 3.72
- -----------------------------------------------------------
Average Weighted Maturity (Years) 20.84
- -----------------------------------------------------------
Net Assets ($000) $513,293
- -----------------------------------------------------------
Current Market Yield 5.89%
- -----------------------------------------------------------
Taxable Equivalent Yield (Federal Only(1) 8.54%
- -----------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(1) 9.13%
- -----------------------------------------------------------
Annualized Total Return (at NAV)
- -----------------------------------------------------------
1-Year 7.34%
- -----------------------------------------------------------
3-Year 8.16%
- -----------------------------------------------------------
5-Year 7.65%
- -----------------------------------------------------------
Since Inception 8.65%
- -----------------------------------------------------------
Taxable Equivalent Total Return(2)
- -----------------------------------------------------------
1-Year 10.90%
- -----------------------------------------------------------
3-Year 11.79%
- -----------------------------------------------------------
5-Year 11.34%
- -----------------------------------------------------------
Since Inception 12.25%
- -----------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS
Credit Quality
Escrowed 28%
Insured 72%
Diversification
Pollution Control 6%
Other 10%
Lease Rental 7%
Health Care 3%
Education 14%
Transportation 6%
Housing 14%
Escrowed Bonds 28%
General Obligation 12%
LINE CHART
Dividend History
Capital Gains
10/96 0.0825
11/96 0.0825
12/96 0.0825 0.0125
1/97 0.0825
2/97 0.0825
3/97 0.0825
4/97 0.0825
5/97 0.0825
6/97 0.0825
7/97 0.0825
8/97 0.0825
9/97 0.0825
<PAGE>
New York Quality Income Performance Overview
As of September 30, 1997
NUN
Fund Highlights
- ----------------------------------------------------------
Inception Date 11/91
- ----------------------------------------------------------
Share Price 16 3/16
- ----------------------------------------------------------
Net Asset Value $15.66
- ----------------------------------------------------------
Average Weighted Duration (Years) 5.08
- ----------------------------------------------------------
Average Weighted Maturity (Years) 22.97
- ----------------------------------------------------------
Net Assets ($000) $539,327
- ----------------------------------------------------------
Current Market Yield 5.78%
- ----------------------------------------------------------
Taxable Equivalent Yield (Federal Only)(1) 8.38%
- ----------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(1) 8.96%
- ----------------------------------------------------------
Annualized Total Return (at NAV)
- ----------------------------------------------------------
1-Year 8.80%
- ----------------------------------------------------------
3-Year 9.23%
- ----------------------------------------------------------
5-Year 7.96%
- ----------------------------------------------------------
Since Inception 8.17%
- ----------------------------------------------------------
Taxable Equivalent Total Return(2)
- ----------------------------------------------------------
1-Year 12.26%
- ----------------------------------------------------------
3-Year 12.76%
- ----------------------------------------------------------
5-Year 11.45%
- ----------------------------------------------------------
Since Inception 11.56%
- ----------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS
Credit Quality
Escrowed 24%
Insured 76%
Diversification
Pollution Control 7%
Utilities 4%
Other 16%
Lease Rental 7%
Water & Sewer 4%
Education 12%
Transportation 9%
Housing 10%
Escrowed Bonds 24%
General Obligation 7%
LINE CHART
Dividend History
Capital Gains
10/96 0.078
11/96 0.078
12/96 0.078 0.0291
1/97 0.078
2/97 0.078
3/97 0.078
4/97 0.078
5/97 0.078
6/97 0.078
7/97 0.078
8/97 0.078
9/97 0.078
<PAGE>
Insured New York Premium Income Performance Overview
As of September 30, 1997
NNF
Fund Highlights
- ---------------------------------------------------------
Inception Date 12/92
- ---------------------------------------------------------
Share Price 14 7/8
- ---------------------------------------------------------
Net Asset Value $14.95
- ---------------------------------------------------------
Average Weighted Duration (Years) 6.83
- ---------------------------------------------------------
Average Weighted Maturity (Years) 21.93
- ---------------------------------------------------------
Net Assets ($000) $187,813
- ---------------------------------------------------------
Current Market Yield 5.53%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal Only)(1) 8.01%
- ---------------------------------------------------------
Taxable Equivalent Yield (Federal and State)(1) 8.57%
- ---------------------------------------------------------
Annualized Total Return (at NAV)
- ---------------------------------------------------------
1-Year 10.93%
- ---------------------------------------------------------
3-Year 11.78%
- ---------------------------------------------------------
Since Inception 7.09%
- ---------------------------------------------------------
Taxable Equivalent Total Return(2)
- ---------------------------------------------------------
1-Year 14.19%
- ---------------------------------------------------------
3-Year 15.15%
- ---------------------------------------------------------
Since Inception 10.27%
- ---------------------------------------------------------
1 Taxable equivalent rate represents the yield on a taxable investment necessary
to equal the after-tax yield of the Nuveen fund. The federal only rate is
based on the current market yield and a federal tax rate of 31%. The rate
shown for federal and state highlights the added value of owning shares that
are also exempt from state taxes. It is based on a combined federal and state
tax rate of 35.5%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
PIE CHARTS
Credit Quality
Escrowed 14%
Insured 86%
Diversification
Pollution Control 6%
Utilities 5%
Other 11%
Water & Sewer 3%
Education 12%
Transportation 8%
Housing 24%
Escrowed Bonds 14%
General Obligation 17%
LINE CHART
Dividend History
10/96 0.0685
11/96 0.0685
12/96 0.0685
1/97 0.0685
2/97 0.0685
3/97 0.0685
4/97 0.0685
5/97 0.0685
6/97 0.0685
7/97 0.0685
8/97 0.0685
9/97 0.0685
<PAGE>
Financial Section
Contents
14 PORTFOLIO OF INVESTMENTS
49 STATEMENT OF NET ASSETS
51 STATEMENT OF OPERATIONS
53 STATEMENT OF CHANGES IN NET ASSETS
55 NOTES TO FINANCIAL STATEMENTS
62 FINANCIAL HIGHLIGHTS
66 INDEPENDENT AUDITOR'S REPORT
Ghosted image: People sitting on porch.
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Municipal
Value Fund, Inc. (NNY)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 8.6%
$ 1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 102 Baa1 $1,090,460
Revenue Bonds, Series 1990A, 7.400%, 5/15/01
Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A:
1,000,000 5.750%, 7/01/18 No Opt. Call Baa1 1,047,110
1,000,000 6.000%, 7/01/20 No Opt. Call Baa1 1,077,960
9,805,000 Dormitory Authority of the State of New York, City University System Consolidated 7/03 at 100 Baa1 9,088,255
Revenue Bonds, Series 1993F, 5.000%, 7/01/20
1,000,000 Town of Brookhaven Industrial Development Agency, 1988 Civic Facility Revenue Bonds, 4/98 at 102 A 1,037,700
St. Joseph's College, New York Civic Facility, 8.100%, 4/01/08
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 32.3%***
4,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds No Opt. Call Aaa 4,957,560
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16
1,000,000 New York Local Government Assistance Corporation, New York, Series 1991B, 4/01 at 102 Aaa 1,126,190
7.500%, 4/01/20 (Pre-refunded to 4/01/01)
1,000,000 New York State Housing Finance Agency, State University Construction Refunding 11/98 at 102 Aaa 1,064,630
Bonds, 1988 Series A, 8.100%, 11/01/10 (Pre-refunded to 11/01/98)
4,145,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York 11/00 at 102 Aaa 4,686,586
City), 1990 Series ARefunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00)
5,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/98 at 102 AAA 5,183,900
FHA-Insured Mortgage Revenue Bonds, 1987 Series A, 8.300%, 2/15/22
(Pre-refunded to 2/15/98)
1,000,000 New York State Medical Care Facilities Finance Agency, Huntington Hospital Project 11/97 at 102 Aaa 1,023,670
Revenue Bonds, 1987 Series ARefunding, 8.125%, 11/01/14 (Pre-refunded
to 11/01/97)
2,200,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, 1/01 at 100 Baa1 2,322,144
Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01)
New York State Urban Development Corporation, State Facilities Revenue Bonds,
Series 1991:
1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,126,190
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,126,190
5,000,000 New York State, Urban Development Corporation, Project Revenue Bonds (Onondaga 1/01 at 102 Aaa 5,655,650
County Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)
1,000,000 Power Authority of the State of New York, General Purpose Bonds, Series V, 1/98 at 102 AA- 1,030,540
8.000%, 1/01/17 (Pre-refunded to 1/01/98)
2,955,000 Town of Babylon Industrial Development Agency (New York), Resources Recovery 7/98 at 103 Aaa 3,144,829
Revenue Bonds, Series 1985, Ogden Martin System of Babylon, Inc. Project),
8.500%, 1/01/19 (Pre-refunded to 7/01/98)
2,500,000 Cattaraugus County, New York, Certificates of Participation (Olean Office Facility 8/98 at 102 BBB- 2,646,900
Project), Series 1988 A, 8.500%, 8/01/09 (Pre-refunded to 8/01/98)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 2,500,000 The City of New York, General Obligation Bonds, Fiscal 1988 Series A, 11/97 at 101 1/2 Aaa $2,546,775
8.125%, 11/01/06 (Pre-refunded to 11/01/97)
2,500,000 The City of New York, General Obligation Bonds, Fiscal 1988 Series A, 11/97 at 101 1/2 Aaa 2,547,550
8.500%, 11/01/11 (Pre-refunded to 11/01/97)
1,810,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Aaa 2,171,023
9.500%, 8/01/02 (Pre-refunded to 8/01/01)
1,000,000 New York City, Municipal Water Finance Authority (New York), Water and Sewer 6/01 at 101 1/2 Aaa 1,135,900
System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 8/15/20 (Pre-refunded
to 6/15/01)
2,600,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (YMCA of 8/01 at 102 Aaa 2,995,304
Greater New York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01)
2,000,000 St. Lawrence County Solid Waste Disposal Authority, County of St. Lawrence, New York, 1/98 at 102 N/R 2,065,560
Solid Waste Disposal Revenue Bonds, Interim Disposal System, Series 1987,
8.875%, 1/01/08 (Pre-refunded to 1/01/98)
1,275,000 Triborough Bridge and Tunnel Authority, New York, Mortgage Recording Tax Special 1/98 at 101 1/2 Aaa 1,307,691
Obligation Bonds, Series 1988A, 8.000%, 1/01/18 (Pre-refunded to 1/01/98)
- -----------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 6.5%
1,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 12/02 at 102 Aaa 1,081,800
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
1,390,000 The City of New York, General Obligation Bonds, Fiscal, 1996 Series B, 6.750%, 8/15/03 No Opt. Call Baa1 1,537,715
25,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 Aaa 27,340
6.300%, 8/01/03
1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series D, 6.600%, 2/01/04 No Opt. Call Baa1 1,248,636
2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series I, 3/06 at 101 1/2 Baa1 2,970,602
5.875%, 3/15/18
1,690,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Baa1 1,993,068
9.500%, 8/01/02
5,000 The City of New York, General Obligation Bonds, Fiscal 1987 Series C, 7.000%, 2/01/15 2/00 at 100 Baa1 5,090
1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant (Serial) Bonds, No Opt. Call Aaa 1,227,790
1994, 7.250%, 11/01/11 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 18.2%
2,000,000 Dormitory Authority of the State of New York, German Masonic Home Corporation, FHA 8/06 at 102 AA 2,104,280
Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26
3,000,000 Dormitory Authority of the State of New York, Hebrew Home For The Aged at Riverdale, 2/07 at 102 AA 3,211,260
FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37
750,000 Dormitory Authority of the State of New York, Champlain Valley Physicians Hospital 7/07 at 102 AAA 713,775
Medical Center, Insured Revenue Bonds, Series 1997, 5.000%, 7/01/17
2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin Jewish 2/07 at 102 Aaa 2,276,033
Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue
Bonds, Series 1997, 5.700%, 2/01/37
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - continued
$ 470,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 8/03 at 102 AAA $480,105
Center FHA-Insured Mortgage Revenue Bonds, 1993 Series A, 5.600%, 8/15/13
1,030,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 11/97 at 102 Aa 1,053,906
Insured Mortgage Revenue Bonds, 1987 Series A, 8.000%, 2/15/27
4,980,000 New York State Medical Care Facilities Finance Agency, Albany Medical Center Hospital 8/98 at 102 AAA 5,261,470
Project Revenue Bonds, 1987 Series A, 8.000%, 2/15/28
1,800,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 8/02 at 102 AAA 1,943,496
Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12
3,160,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing Home- 8/05 at 102 AAA 3,439,850
FHA Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15
2,015,000 Village of East Rochester Housing Authority, FHA-Insured Mortgage Revenue Bonds 8/07 at 102 Aaa 2,077,707
(St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37
1,000,000 City of Geneva Industrial Development Agency (Onterio County, New York), 1991 Civic 11/01 at 102 N/R 1,074,740
Facility Revenue Bonds (Finger Lakes United Cerebral Palsy, Inc. Civic Facility),
8.500%, 11/01/16
1,365,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue Improvement and Refunding 9/03 at 102 N/R 1,411,096
Bonds, Series 1993A, 7.600%, 9/01/15
3,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured Mortgage Revenue 2/03 at 102 AAA 3,042,210
Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A,
5.600%, 8/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 4.4%
380,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series D, 1/98 at 102 Aa 383,439
8.375%, 10/01/17
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 6/00 at 102 Aa2 1,583,460
HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax)
8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa 1,226,976
0.000%, 10/01/23 (Alternative Minimum Tax)
475,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South 2/00 at 102 Aa 502,617
Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/23 (Alternative Minimum Tax)
1,415,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South 9/00 at 102 Aa 1,512,494
Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23 (Alternative Minimum Tax)
1,500,000 New York City Housing Development Corporation, Multi-Family Mortgage Revenue Bonds 4/03 at 102 AAA 1,593,870
(FHA Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 4.9%
250,000 Dormitory Authority of the State of New York, Judicial Facilities Lease 11/97 at 116 7/32 Baa1 291,848
Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14
1,000,000 Dormitory Authority of the State of New York, Court Facilities Lease Revenue Bonds 5/03 at 101 1/2 Baa1 1,004,220
(The City of New York Issue), Series 1993A, 5.700%, 5/15/22
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
LEASE RENTAL - continued
$ 1,000,000 New York State Housing Finance Agency, H. E. L. P.-Suffolk Housing Revenue Bonds, 11/99 at 100 Baa $1,045,300
1989 Series A, 8.100%, 11/01/05
855,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York 11/00 at 102 BBB+ 953,872
City), 1990 Series A Refunding, 8.000%, 11/01/08
1,000,000 New York State Housing Finance Agency, Service Contract Obligation Revenue Bonds, 9/04 at 102 Baa1 1,084,280
1994 Series A, 6.375%, 9/15/14
1,000,000 New York State Urban Development Corporation, State Facilities Revenue Bonds, 1995 No Opt. Call Baa1 1,062,880
Refunding Series, 5.750%, 4/01/11
250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, Junior Revenue 11/03 at 102 A 256,633
Refunding Bonds, 5.800%, 11/01/22
2,000,000 Metropolitan Transportation Authority (New York), Transit Facilities 1987 Service 7/03 at 100 Baa1 1,785,260
Contract Bonds, Series 7, 4.750%, 7/01/19
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 2.0%
1,000,000 Dormitory Authority of the State of New York, City University Refunding Bonds, 1988A 7/98 at 102 Baa1 1,048,540
Issue, 8.200%, 7/01/12
2,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A 4/07 at 101 Aaa 2,049,320
(American Museum of Natural History), 5.650%, 4/01/27
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 6.6%
1,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 1/00 at 101 A1 1,069,050
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax)
4,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue 12/98 at 102 A- 4,263,400
Bonds (Central Hudson Gas & Electric Corporation Projects), Series C,
8.375%, 12/01/28 (Alternative Minimum Tax)
4,500,000 New York State Energy Research and Development Authority, Pollution Control Revenue 12/98 at 102 Baa1 4,781,385
Bonds, Series C (Rochester Gas and Electric Corporation Project), 8.375%, 12/01/28
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.0%
1,000,000 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 1/99 at 102 Baa2 1,054,900
American Airlines, Inc. Project), 8.000%, 7/01/20 (Alternative Minimum Tax)
2,000,000 Triborough Bridge and Tunnel Authority (New York), General Purpose Revenue Bonds, 1/98 at 102 Aa 2,062,320
Series L, 8.125%, 1/01/12
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.3%
1,000,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 7/03 at 102 Aaa 999,910
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 1/06 at 102 Aaa 2,511,450
Bonds, 1996 Series (The Brooklyn Union Gas Company Project), 5.500%, 1/01/21
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
WATER/SEWER FACILITIES - 10.7%
$ 1,425,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds, 6/02 at 102 A $1,500,938
Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax)
1,200,000 New York City (New York), Municipal Water Finance Authority, Water and Sewer System 6/04 at 101 Aaa 1,205,122
Revenue Bonds, Fixed Rate Fiscal, 1994 Series B, 5.500%, 6/15/19
1,845,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/04 at 101 1/2 Aaa 1,852,435
Bonds, Fixed Rate Fiscal 1994 Series F, 5.500%, 6/15/23
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1997 Series B:
5,000,000 5.500%, 6/15/27 6/07 at 101 Aaa 5,011,600
1,000,000 5.750%, 6/15/29 6/07 at 101 A2 1,018,310
5,815,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995, 5/06 at 102 Aaa 5,930,775
5.650%, 5/01/26
- -----------------------------------------------------------------------------------------------------------------------------------
$151,360,000 Total Investments - (cost $142,369,137) - 98.5% 152,034,840
============-----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.3%
- -----------------------------------------------------------------------------------------------------------------------------------
$ 400,000 Syracuse Industrial Development Agency, Multi-Modal Interchangeable Rate Civic VMIG-1 400,000
=========== Facility, Revenue Bonds (Syracuse University), Variable Rate Demand Bonds,
3.800%, 3/01/23+
-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 1,862,966
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $154,297,806
=======================================================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Pre-refunded securities are normally
considered to be equivalent to AAA rated securities.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Performance Plus
Municipal Fund, Inc. (NNP)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 7.3%
$ 3,055,000 Dormitory Authority of the State of New York, College and University Revenue (Pooled 12/98 at 102 Aaa $3,247,343
Capital Program), Series 1985, 7.800%, 12/01/05
2,360,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/00 at 100 Baa1 2,212,618
Revenue Bonds, Series 1989B, 5.000%, 5/15/18
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated, 7/00 at 100 Baa1 935,560
Second General Resolution Revenue Bonds, Series 1990C, 5.000%, 7/01/17
2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities, No Opt. Call Baa1 2,658,100
Revenue Bonds, Series 1993A, 5.875%, 5/15/17
3,000,000 Dormitory Authority of the State of New York, City University System Consolidated No Opt. Call Aaa 3,321,150
Revenue Bonds, Series 1993B, 6.000%, 7/01/14
Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1993F:
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 1,009,330
11,350,000 5.000%, 7/01/20 7/03 at 100 Baa1 10,520,315
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated 7/05 at 102 Aaa 1,010,120
Second General Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 48.4%***
3,970,000 Dormitory Authority of the State of New York, United Health Services, Inc., FHA-Insured 2/00 at 102 AAA 4,333,533
Mortgage Revenue Bonds, Series 1989, 7.350%, 8/01/29 (Pre-refunded to 2/01/00)
10,000,000 Dormitory Authority of the State of New York, City University System Consolidated 7/00 at 102 Aaa 11,102,000
Revenue Bonds, Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00)
6,850,000 Dormitory Authority of the State of New York, Revenue Bonds, Department of Health of 7/00 at 102 Aaa 7,618,091
the State of New York Issue, Series 1990, 7.700%, 7/01/20 (Pre-refunded to 7/01/00)
4,400,000 Dormitory Authority of the State of New York Bonds, Upstate Community Colleges, 7/00 at 102 Baa1 4,869,832
1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00)
2,190,000 Dormitory Authority of the State of New York, Vassar College, Revenue Bonds, Series 7/00 at 102 AAA 2,410,161
1990, 7.250%, 7/01/15 (Pre-refunded to 7/01/00)
Dormitory Authority of the State of New York, City University
System Consolidated, Second General Resolution Revenue Bonds,
Series 1990F:
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,233,300
2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,233,300
Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1989B:
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,455,550
350,000 7.250%. 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 383,950
2,600,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/00 at 102 Aaa 2,860,208
Revenue Bonds, Series 1990B, 7.375%, 5/15/14 (Pre-refunded to 5/15/00)
3,000,000 New York Local Government Assistance Corporation, Series 1991A Bonds, 4/01 at 102 Aaa 3,354,360
7.250%, 4/01/18 (Pre-refunded to 4/01/01)
8,000,000 New York Local Government Assistance Corporation, New York, Series 1991B, 4/01 at 102 Aaa 9,009,520
7.500%, 4/01/20 (Pre-refunded to 4/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 810,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 A- $922,039
Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 (Pre-refunded
to 2/15/02)
4,560,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York 11/00 at 102 Aaa 5,155,810
City), 1990 Series A, 8.000%, 11/01/08 (Pre-refunded to 11/01/00)
9,000,000 New York State Medical Facilities Finance Agency, Hospital and Nursing Home 8/98 at 102 AAA 9,479,250
FHA-Insured Mortgage Revenue Bonds, 1988 Series C, 7.700%, 2/15/22
(Pre-refunded to 8/15/98)
4,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/98 at 102 AAA 4,147,120
FHA-Insured Mortgage Revenue Bonds, 1987 Series A, 8.300%, 2/15/22
(Pre-refunded to 2/15/98)
4,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 4,927,365
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
1,295,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage 8/00 at 102 Aaa 1,444,495
Revenue Bonds, 1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00)
1,145,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/99 at 102 Aaa 1,226,261
Facilities Improvement Revenue Bonds, 1989 Series A (General Obligation Bonds),
7.80%, 2/15/19 (Pre-refunded to 2/15/99)
2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/01 at 102 Aaa 2,244,480
Facilities Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21
(Pre-refunded to 2/15/01)
1,205,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/00 at 102 Aaa 1,327,536
Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20
(Pre-refunded to 2/15/00)
2,070,000 New York State Medical Care Facilities Finance Agency (Mental Health Services), 8/00 at 102 Aaa 2,318,690
7.875%, 8/15/20 (Pre-refunded to 8/15/00)
4,600,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, 1/01 at 100 Baa1 4,855,392
Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01)
6,225,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, 1/00 at 102 Aaa 6,736,135
Series G, 7.000%, 1/01/17 (Pre-refunded to 1/01/00)
New York State Urban Development Corporation Correctional Capital Facilities Revenue
Bonds, Series 1:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,392,440
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,092,770
5,655,000 New York State, Urban Development Corporation, Project Revenue Bonds (Onondaga 1/01 at 102 Aaa 6,396,540
County Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)
1,490,000 Town of Babylon Industrial Development Agency (New York), Resource Recovery Revenue 7/98 at 103 Aaa 1,585,718
Bonds, Series 1985 (Ogden Martin System of Babylon, Inc. Project), 8.500%, 1/01/19
(Pre-refunded to 7/01/98)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 1,985,000 Town of Babylon Industrial Development Agency (New York), Resource Recovery Revenue 7/98 at 103 Aaa $2,112,516
Bonds, Series 1985 B (Ogden Martin System of Babylon, Inc. Project),
8.500%, 1/01/19 (Pre-refunded to 7/01/98)
Battery Park City Authority, Revenue Bonds, Series 1990:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa 7,594,401
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,600,300
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 1987 Service 7/98 at 102 Aaa 1,051,110
Contract Bonds, Series 2, 8.000%, 7/01/18 (Pre-refunded to 7/01/98)
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 1987 Service 7/00 at 101 1/2 Aaa 1,102,500
Contract Bonds, Series 4, 7.500%, 7/01/19 (Pre-refunded to 7/01/00)
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 1987 Service 7/00 at 102 Aaa 6,088,335
Contract Bonds, Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00)
3,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities Service Contract 7/98 at 102 Aaa 3,142,290
Bonds, Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98)
1,000,000 Monroe County Water Authority (New York), Series 1991 BWater System Revenue Bonds, 8/01 at 101 Aaa 1,091,580
6.500%, 8/01/16 (Pre-refunded to 8/01/01)
955,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series B, 8.000%, 6/01/99 No Opt. Call Aaa 1,018,173
1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 10/99 at 101 1/2 Aaa 1,418,189
7.250%, 10/01/06
500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 Aaa 553,115
8.000%, 3/15/13 (Pre-refunded to 3/15/00)
720,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Aaa 863,611
9.500%, 8/01/02 (Pre-refunded to 8/01/01)
1,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue 6/98 at 101 1/2 AAA 1,037,540
Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19 (Pre-refunded to 6/15/98)
4,000,000 New York City Municipal Water Finance Authority (New York), Water and Sewer System 6/01 at 101 1/2 Aaa 4,543,600
Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01)
New York City Municipal Water Finance Authority (New York), Water
and Sewer System Revenue Bonds, Fiscal 1990 Series A:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 AAA 2,142,900
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A- 1,335,688
250,000 New York City Municipal Water Finance Authority (New York), Water and Sewer System 6/00 at 101 1/2 Aaa 275,290
Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00)
5,700,000 New York City Transit Authority, Transit Facilities Revenue Bonds, 1/00 at 102 Aaa 6,228,789
Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
2,165,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, 1/99 at 101 1/2 Aaa 2,296,892
Series O, 7.700%, 1/01/19 (Pre-refunded to 1/01/99)
2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation 1/00 at 101 Aaa 2,151,260
Bonds, Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 2,500,000 Triborough Bridge and Tunnel Authority, New York, Mortgage Recording Tax Special 1/98 at 101 1/2 Aaa $2,564,100
Obligation Bonds, Series 1988A, 8.000%, 1/01/18 (Pre-refunded to 1/01/98)
2,230,000 City of Yonkers, New York, General Obligation School Bonds-1990-C, 7.375%, 12/01/09 12/00 at 102 Aaa 2,487,922
(Pre-refunded to 12/01/00)
- -----------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 4.8%
10,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 A- 11,215
Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
1,195,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/00 at 102 Baa1 1,307,234
Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20
335,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 8/00 at 102 Baa1 372,487
Facilities Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20
70,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series B, 8.000%, 6/01/99 No Opt. Call Baa1 74,355
3,000,000 The City of New York (New York), General Obligation Bonds, Fiscal 1991 Series F, No Opt. Call Baa1 2,876,400
3.000%, 11/15/00
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, 6.500%, 8/01/02 No Opt. Call Baa1 4,333,080
2,600,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series F, 6.375%, 2/15/06 2/05 at 101 Baa1 2,849,600
50,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 Aaa 55,196
6.625%, 8/01/12
1,000,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series E, 5/03 at 101 1/2 Aaa 1,038,010
5.750%, 5/15/13
780,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Baa1 919,877
9.500%, 8/01/02
2,095,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant (Serial) Bonds, No Opt. Call Aaa 2,664,232
1994, 8.000%, 11/01/09 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 11.1%
2,000,000 Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center 8/01 at 102 AAA 2,217,840
of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30
3,950,000 New York State Medical Care Facilities Finance Agency, Albany Medical Center Hospital 8/98 at 102 AAA 4,173,254
Project Revenue Bonds, 1987 Series A, 8.000%, 2/15/28
10,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 8/02 at 102 AAA 10,611,900
FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22
4,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 8/02 at 102 AAA 4,586,535
FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital),
5.750%, 8/15/19
3,000,000 New York State Medical Care, Facilities Finance Agency, FHA-Insured Mortgage Project 2/06 at 102 AA+ 3,199,320
Revenue Bonds, 1995 Series C, 6.100%, 8/15/15
2,710,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing Home- 8/05 at 102 AAA 2,949,998
FHA Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - continued
$ 5,800,000 New York State Medical Care Facilities Financing Agency, FHA-Insured Mortgage Project 2/05 at 102 Aa $6,270,438
Revenue Bonds, 1995 Series C, 6.250%, 8/15/15
4,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured Mortgage Revenue Bonds 2/08 at 102 AAA 4,056,280
(Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 12.1%
3,160,000 New York State Housing Finance Agency, Multi-Family Housing Revenue Bonds (AMBAC 11/99 at 102 Aaa 3,335,190
Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax)
1,585,000 New York State Housing Finance Agency, Multi-Family Housing Revenue Bonds (Secured 8/02 at 102 Aa 1,699,088
Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax)
3,230,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 10/00 at 102 Aa2 3,403,451
HH-4, 8.050%, 4/01/22 (Alternative Minimum Tax)
9,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 6/00 at 102 Aa2 9,711,888
HH-3, 7.950%, 4/01/22 (Alternative Minimum Tax)
1,610,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series SS, 10/00 at 102 Aa2 1,714,296
7.950%, 10/01/22 (Alternative Minimum Tax)
45,135,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa 6,749,488
0.000%, 10/01/23 (Alternative Minimum Tax)
1,490,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 1995 1/06 at 102 Aaa 1,556,856
Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax)
1,000,000 Hudson Housing Development Corporation (Hudson, New York), Multifamily Mortgage 1/03 at 101 Aaa 1,045,750
Revenue Refunding Bonds, Series 1992A (Providence Hall-Schuyler Court Projects-
FHA Insured Mortgages), 6.500%, 1/01/25
5,750,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds 6/01 at 102 AAA 6,133,353
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
5,705,000 Puerto Rico Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, 4/00 at 102 AA 6,011,815
Portfolio A, Series I, 7.500%, 4/01/22
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 2.0%
940,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York 11/00 at 102 BBB+ 1,048,702
City), 1990 Series A Refunding, 8.000%, 11/01/08
4,500,000 New York State, Urban Development Corporation, Correctional Facilities Revenue Bonds, 1/05 at 102 Aaa 4,518,990
Series 5, 5.500%, 1/01/25
1,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 1987 Service 7/03 at 100 Baa1 1,338,945
Contract Bonds, Series 7, 4.750%, 7/01/19
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 2.4%
1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 7/04 at 102 Aaa 1,071,180
Facility - Series B(1994)), 6.125%, 7/01/13 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
OTHER REVENUE - continued
$ 3,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, 1/07 at 102 Aaa $3,017,220
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21
3,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A 4/07 at 101 Aaa 3,073,980
(American Museum of Natural History), 5.650%, 4/01/27
1,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Bonds, Series 1992, 1/02 at 100 Aaa 1,004,420
5.500%, 1/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 2.6%
1,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 11/98 at 100 A1 1,022,500
Bonds, Series 1986 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 11/15/21 (Alternative Minimum Tax)
3,500,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 1/98 at 101 1/2 A1 3,606,225
Bonds, Series 1989 A (Consolidated Edison Company of New York, Inc. Project),
7.750%, 1/01/24 (Alternative Minimum Tax)
3,100,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 7/99 at 101 A1 3,277,940
Bonds, Series 1990 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 7/01/25 (Alternative Minimum Tax)
1,000,000 New York State Energy Research and Development Authority, Solid Waste Disposal 12/03 at 102 Aaa 1,012,930
Revenue Bonds (New York State Electric and Gas Corporation Project), 1993 Series A,
5.700%, 12/01/28 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 2.7%
2,000,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, 1/00 at 102 Aaa 2,150,780
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
6,750,000 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 1/99 at 102 Baa2 7,120,574
American Airlines, Inc. Project), 8.000%, 7/01/20 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 0.7%
2,500,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 1/06 at 102 Aaa 2,511,450
Bonds, 1996 Series (The Brooklyn Union Gas Company Project), 5.500%, 1/01/21
- -----------------------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 4.2%
9,825,000 New York State Environmental Facilities Corporation, State Water Pollution Control 6/00 at 102 Aa 10,858,982
Revolving Fund Revenue Bonds, Series 1990 A(New York City Municipal Water Finance
Authority Project), 7.500%, 6/15/12
1,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control, 6/01 at 102 Aa2 1,118,580
Revolving Fund Revenue Bonds, Series 1991 A (New York City Municipal Water Finance
Authority Project), 7.250%, 6/15/10
1,295,000 New York State, Environmental Facilities Corporation, State Water Pollution Control, 11/04 at 102 Aaa 1,489,430
Revolving Fund Revenue Bonds, Series 1994 D (Pooled Loan Issue), 6.900%, 5/15/15
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/02 at 101 1/2 Aaa 1,024,470
Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18
- -----------------------------------------------------------------------------------------------------------------------------------
$353,855,000 Total Investments - (cost $310,277,043) - 98.4% 336,926,207
============-----------------------------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 0.3%
$ 400,000 New York City Trust for Cultural Resources (Guggenheim Foundation), Variable Rate VMIG-1 $400,000
Demand Bonds, 3.800%, 12/01/15+
700,000 New York City Ind Development Agency Revenue Bonds, Series 1989 Audubon Society, A-1+ 700,000
Variable Rate Demand Bonds, 3.800%, 12/01/14+
- -----------------------------------------------------------------------------------------------------------------------------------
$ 1,100,000 Total Temporary Investments - 0.3% 1,100,000
===========------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 4,293,824
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $342,320,031
=======================================================================================================================
<FN>
* Optional Call Provisions (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
***Securities are backed by an escrow or trust containing sufficient U.S.
Government or U.S. Government agency securities, which ensures the timely
payment of principal and interest. Pre-refunded securities are normally
considered to be equivalent to AAA rated securities.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 4.7%
$ 9,825,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 100 Aaa $10,117,392
Revenue Bonds, Series 1990C, 6.125%, 5/15/20
5,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue 7/01 at 102 Aaa 5,213,850
Bonds, Series 1991, 6.000%, 7/01/15
3,500,000 Dormitory Authority of the State of New York, City University System Consolidated 7/03 at 100 Aaa 3,304,455
Revenue Bonds, Series 1993F, 5.000%, 7/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 41.5%***
1,150,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds No Opt. Call Aaa 1,425,299
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16
10,000,000 Dormitory Authority of the State of New York, City University System Consolidated 7/00 at 102 Aaa 11,069,700
Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20
(Pre-refunded to 7/01/00)
1,000,000 Dormitory Authority of the State of New York, Cooper Union, Insured Revenue Bonds, 7/01 at 102 Aaa 1,122,600
Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01)
5,380,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 102 Aaa 5,868,665
Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00)
2,540,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue 7/00 at 102 Aaa 2,792,070
Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00)
5,000,000 New York State Housing Finance Agency, State University Construction Refunding No Opt. Call Aaa 5,997,100
Bonds, 1986 Series A, 7.900%, 11/01/06
2,100,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/99 at 102 AA 2,232,846
FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.250%, 2/15/24
(Pre-refunded to 2/15/99)
9,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 10,402,215
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
1,550,000 New York State Urban Development Corporation, Correctional Facilities Revenue 1/98 at 102 Aaa 1,595,508
Bonds, Series C, 7.500%, 1/01/12 (Pre-refunded to 1/01/98)
15,000,000 New York State Urban Development Corporation, Correctional Capital Facilities 1/00 at 102 Aaa 16,391,550
Revenue Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
5,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 Aaa 6,067,325
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
2,570,000 Metropolitan Transportation Authority, Commuter Facilities Service Contract Bonds, 7/98 at 102 Aaa 2,691,895
Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98)
County of Nassau, New York, General Obligation Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,191,992
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,180,904
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,169,816
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,158,727
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,142,095
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
The City of New York, General Obligation Bonds, Fiscal 1991 Series B:
$ 1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 Aaa $2,163,428
1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 Aaa 1,652,812
4,935,000 The City of New York, General Obligation Bonds, Fiscal 1988 Series B, 7.500%, 8/01/072/98 at 101 1/2 Aaa 5,070,910
(Pre-refunded to 2/01/98)
950,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series I, 7.250%, 8/15/148/99 at 101 1/2 Aaa 1,008,967
3,030,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/183/00 at 101 1/2 Aaa 3,242,252
1,270,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series I, 7.250%, 8/15/178/99 at 101 1/2 Aaa 1,355,395
10,255,000 New York City Educational Construction Fund, Revenue Bonds, 1989 Series A, 10/99 at 101 1/2 Aaa 11,031,714
7.125%, 4/01/13 (Pre-refunded to 10/01/99)
1,000,000 New York City (New York), Municipal Water Finance Authority, Water and Sewer System 6/98 at 101 1/2 Aaa 1,041,860
Revenue Bonds, Fiscal 1989 Series B, 7.625%, 6/15/17 (Pre-refunded to 6/15/98)
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A:
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,530,542
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,321,392
2,000,000 New YorkCity Municipal Water Finance Authority, Water and Sewer SystemRevenue 6/99 at 101 1/2 Aaa 2,142,900
Bonds, Fiscal 1990 Series A, 7.375%, 6/15/09 (Pre-refunded to 6/15/99)
11,000,000 New YorkCity Transit Authority, Transit Facilities Revenue Bonds, Series 1990 1/00 at 102 Aaa 12,020,470
(Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
3,080,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1990, 6/99 at 102 Aaa 3,297,140
7.100%, 6/01/10 (Pre-refunded to 6/01/99)
9,635,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1991, 6/00 at 102 Aaa 10,521,035
7.000%, 6/01/16 (Pre-refunded to 6/01/00)
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series R, 1/00 at 101 1/2 Aaa 7,142,853
7.375%, 1/01/16 (Pre-refunded to 1/01/00)
4,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series M, 1/98 at 102 Aaa 4,117,440
7.500%, 1/01/15 (Pre-refunded to 1/01/98)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S, 1/01 at 101 1/2 Aaa 3,301,110
7.000%, 1/01/21 (Pre-refunded to 1/01/01)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 1/01 at 102 Aaa 2,761,875
7.000%, 1/01/20 (Pre-refunded to 1/01/01)
4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation 1/00 at 101 Aaa 4,851,091
Bonds, Series 1989A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00)
6,000,000 Triborough Bridge and TunnelAuthority, New York, Mortgage Recording Tax Special 1/98 at 101 1/2 Aaa 6,153,840
Obligation Bonds, Series 1988A, 8.000%, 1/01/18 (Pre-refunded to 1/01/98)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - 6.7%
$10,590,000 New York State Medical Care Facilities Finance Agency, Secured Hospital Revenue 2/98 at 101 Aaa $10,828,063
Bonds, 1987 Series A, 7.100%, 2/15/27
2,110,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 Aaa 2,229,932
Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/02 at 100 Aaa 2,150,460
Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19
3,175,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/05 at 102 Aaa 3,339,719
Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25
2,080,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/04 at 102 Aaa 2,035,426
Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 Aaa 2,793,823
730,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series I, 7.250%, 8/15/178/99 at 101 1/2 Aaa 780,779
2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/193/00 at 101 1/2 Aaa 2,436,908
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 11.6%
1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured 2/06 at 102 Aaa 1,028,160
Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24
5,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/99 at 102 Aa 5,317,550
Insured Mortgage Revenue Bonds, 1989 Series A, 7.600%, 2/15/29
3,000,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage 8/99 at 100 Aa 3,069,300
Revenue Bonds, 1987 Series A Refunding, 7.875%, 2/15/07
2,500,000 New York State Medical Care Facilities Finance Agency, Beth Israel Medical Center 11/00 at 102 Aaa 2,768,250
(Main Campus), Project Revenue Bonds, 1990 Series A, 7.500%, 11/01/10
12,000,000 New York State Medical Care Facilities Finance Agency, North Shore University 11/00 at 102 Aaa 13,184,640
Hospital, Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20
3,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/99 at 102 Aaa 3,176,220
FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.250%, 2/15/24
8,625,000 New York State Medical Care Facilities Finance Agency, The Mary Imogene Bassett 5/01 at 102 Aaa 9,509,753
Hospital, Project Revenue Bonds, 1991 Series A, 7.125%, 11/01/20
6,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital FHA-Insured 2/05 at 102 Aaa 6,766,080
Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24
1,250,000 New York City Health and Hospitals Corporation, Health System Bonds, 1993 Series A, 2/03 at 102 Aaa 1,277,000
5.750%, 2/15/22
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 9.0%
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
2,000,000 6.100%, 11/01/15 5/06 at 102 Aaa 2,106,700
3,000,000 6.125%, 11/01/20 5/06 at 102 Aaa 3,156,150
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HOUSING FACILITIES - continued
$ 1,000,000 New York State Housing Finance Agency, Insured Multi-Family Mortgage Housing 8/04 at 102 Aaa $1,059,960
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14
3,150,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 2/01 at 102 Aa 3,358,278
Series MM-1, 7.950%, 10/01/21 (Alternative Minimum Tax)
6,890,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series SS, 10/00 at 102 Aa2 7,336,334
7.950%, 10/01/22 (Alternative Minimum Tax)
7,790,000 New York City Housing Development Corporation, MBIA Insured Residential Revenue 4/98 at 101 1/2 Aaa 7,986,074
Refunding Bonds (Royal Charter Properties-East, Inc. Project), 1988 Series 1,
7.375%, 4/01/17
10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds 6/01 at 102 AAA 10,666,700
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 2.8%
1,250,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured 7/04 at 102 Aaa 1,319,488
Revenue Bonds, Series 1994, 6.000%, 7/01/23
2,250,000 New York State Environmental Facilities Corporation, Riverbank State Park, Special 4/07 at 100 Aaa 2,184,300
Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22
3,095,000 Housing New York Corporation, Senior Revenue Refunding Bonds, Series 1993, 11/03 at 102 Aaa 3,100,850
5.500%, 11/01/20
4,290,000 Metropolitan Transportation Authority (New York), Transit Facilities Service Contract 7/98 at 102 Aaa 4,485,796
Bonds, Series L, 7.500%, 7/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 1.4%
5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B,1/01 at 102 Aaa 5,459,200
6.875%, 1/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 9.4%
10,000,000 New York State Energy Research and Development Authority, Electric Facilities 7/99 at 101 A1 10,574,000
Revenue Bonds, Series 1990 A (Consolidated Edison Company of New York, Inc.
Project), 7.500%, 7/01/25 (Alternative Minimum Tax)
5,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 1/00 at 101 A1 5,345,250
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax)
3,665,000 New York State Energy Research and Development Authority, Pollution Control Revenue 12/98 at 102 A- 3,906,340
Bonds (Central Hudson Gas & Electric Corporation Projects), Series C,
8.375%, 12/01/28 (Alternative Minimum Tax)
New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series C (Rochester Gas and
Electric Corporation Project):
1,595,000 8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 Baa1 1,694,735
5,000,000 8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 Aaa 5,329,400
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
POLLUTION CONTROL FACILITIES - continued
$ 3,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue 10/99 at 103 Aaa $3,259,080
Bonds (Central Hudson Gas & Electric Corporation Project), 1984 Series B,
7.375%, 10/01/14
2,500,000 New York State Energy Research and Development Authority, Pollution Control Revenue 5/02 at 102 Aaa 2,706,025
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax)
2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 1/01 at 101 Aaa 2,140,040
Series 1992 A (Consolidated Edison Company of New York, Inc. Project),
6.750%, 1/15/27 (Alternative Minimum Tax)
2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 12/01 at 101 Aaa 2,125,440
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.3%
4,150,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25 1/05 at 102 Aaa 4,369,202
1,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 7/07 at 101 Aaa 1,170,370
5.375%, 7/01/27
9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Third 4/01 at 101 Aaa 9,667,620
Series, 6.750%, 4/15/26 (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 Aaa 5,736,360
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 Aaa 11,742,190
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 1.3%
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas 5/02 at 102 Aaa 2,736,874
Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax)
2,250,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 7/03 at 102 Aaa 2,249,797
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 1.7%
2,115,000 Town of Clifton Park Water Authority (New York), Water System Revenue Bonds, 10/03 at 102 Aaa 1,988,797
Series 1993, 5.000%, 10/01/26
5,000,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1994, 6/03 at 102 Aaa 4,800,050
5.000%, 6/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
$364,545,000 Total Investments - (cost $358,927,800) - 98.4% 389,318,493
============-----------------------------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 0.2%
$ 900,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate VMIG-1 $900,000
Demand Bonds, 3.750%, 8/15/22+
===========------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.4% 5,350,251
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $395,568,744
=======================================================================================================================
<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 (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
***Pre-refunded securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency securities, which ensures
the timely payment of principal and interest. Pre-refunded securities are
normally considered to be equivalent to AAA rated securities.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Select Quality
Municipal Fund, Inc. (NVN)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 13.9%
$12,000,000 Dormitory Authority of the State of New York, City University System Consolidated 7/00 at 102 Aaa $13,064,760
Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
10,930,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds, 7/01 at 102 Aaa 11,752,045
Series 1991, 6.250%, 7/01/21
10,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue 7/01 at 102 Aaa 10,427,700
Bonds, Series 1991, 6.000%, 7/01/15
3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic Institute, 7/01 at 102 Aaa 4,269,586
Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06
6,000,000 Dormitory Authority of the State of New York, St. John's University, New York, Insured 7/01 at 102 Aaa 6,612,120
Revenue Bonds, Series 1991, 6.875%, 7/01/11
12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured 7/01 at 102 Aaa 14,133,403
Revenue Bonds, Series 1991, 6.750%, 7/01/15
1,870,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue Bonds, 7/00 at 102 Aaa 2,045,537
Series 1990, 7.200%, 7/01/15
3,500,000 Dormitory Authority of the State of New York, City University System Consolidated 7/03 at 100 Aaa 3,304,455
Revenue Bonds, Series 1993F, 5.000%, 7/01/20
5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue Bonds, (Hofstra 8/01 at 102 Aaa 5,496,700
University Project-Series 1991), 6.750%, 8/01/11
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 27.1%
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/00 at 102 Aaa 5,485,000
Revenue Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00)
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 102 Aaa 1,090,830
Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00)
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/02 at 102 Aaa 5,609,700
Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02)
10,380,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue 7/00 at 102 Aaa 11,410,111
Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00)
8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 9,794,507
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
7,815,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/99 at 102 Aaa 8,448,562
Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 (Pre-refunded to 8/15/99)
5,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 Aaa 5,515,750
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
10,000,000 Metropolitan Transportation Authority, Commuter Facilities Service Contract Bonds, 7/98 at 102 Aaa 10,474,300
Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98)
4,130,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 Aaa 4,544,611
Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 4,765,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 Aaa $5,320,742
(Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 Aaa 1,605,075
7.250%, 3/15/18
New York City Educational Construction Fund, Revenue Bonds, 1989 Series A:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 1,824,695
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,446,750
2,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue 6/98 at 101 1/2 Aaa 2,075,080
Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19 (Pre-refunded to 6/15/98)
3,200,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/00 at 101 1/2 Aaa 3,523,712
Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00)
5,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/01 at 101 1/2 Aaa 5,551,850
Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01)
5,350,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/99 at 101 1/2 Aaa 5,677,580
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14 (Pre-refunded to 6/15/99)
1,455,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue 6/98 at 101 1/2 Aaa 1,509,621
Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19 (Pre-refunded to 6/15/98)
2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990 1/00 at 102 Aaa 3,037,901
(Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, 4/01 at 102 Aaa 5,530,600
Series 1991A, (The American Museum of Natural History), 6.900%, 4/01/21
(Pre-refunded to 4/01/01)
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, 1/02 at 102 Aaa 5,548,000
Series 1991A, (The Museum of Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02)
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 1/01 at 102 Aaa 19,824,739
7.000%, 1/01/20 (Pre-refunded to 1/01/01)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series P, 1/99 at 101 1/2 Aaa 2,616,000
6.500%, 1/01/15 (Pre-refunded to 1/01/99)
- -----------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 12.1%
4,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 100 Aaa 3,973,440
Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21
12,000,000 New York State Medical Care Facilities Finance Agency, Secured Hospital Revenue 2/98 at 101 Aaa 12,269,760
Bonds, 1987 Series A, 7.100%, 2/15/27
5,625,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/02 at 102 Aaa 5,944,725
Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
2,040,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 8/99 at 102 Aaa 2,192,062
Facilities Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19
2,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 2/05 at 102 Aaa 2,366,730
Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - continued
$ 1,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services 8/03 at 102 Aaa $ 964,310
Facilities Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23
State of New York, Serial Bonds:
4,055,000 6.750%, 8/01/08 8/01 at 102 Aaa 4,457,824
4,055,000 6.750%, 8/01/10 8/01 at 102 Aaa 4,457,824
1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purposes Serial Bonds, 1991 10/02 at 102 Aaa 1,309,596
Series B, 6.400%, 10/01/11
City of Buffalo, New York, Refunding Serial Bonds-1991:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 562,796
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 807,029
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 807,029
870,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 Aaa 936,520
Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10
235,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 Aaa 259,419
6.625%, 8/01/14
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 10/99 at 100 Aaa 3,163,890
7.000%, 10/01/19
3,100,000 The City of New York, General Obligation Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 Aaa 3,357,517
7.250%, 3/15/19
Rensselaer County, New York, General Obligation Serial Bonds, Series 1991:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,139,808
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,141,632
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,141,574
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,143,725
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,146,893
747,000 6.700%, 2/15/21 No Opt. Call Aaa 893,517
County of Suffolk, New York, Public Improvement Bonds, 1991 Series A:
790,000 6.500%, 10/01/11 10/01 at 102 Aaa 863,857
745,000 6.500%, 10/01/12 10/01 at 102 Aaa 814,650
720,000 6.500%, 10/01/13 10/01 at 102 Aaa 787,313
730,000 6.500%, 10/01/14 10/01 at 102 Aaa 798,248
735,000 6.500%, 10/01/15 10/01 at 102 Aaa 803,715
250,000 6.500%, 10/01/16 10/01 at 102 Aaa 273,373
245,000 6.500%, 10/01/17 10/01 at 102 Aaa 267,905
245,000 6.500%, 10/01/18 10/01 at 102 Aaa 267,905
240,000 6.500%, 10/01/19 10/01 at 102 Aaa 262,438
County of Suffolk, New York, Public Improvement Bonds, 1991 Series B:
265,000 6.500%, 10/01/11 10/01 at 102 Aaa 289,775
265,000 6.500%, 10/01/12 10/01 at 102 Aaa 289,775
270,000 6.500%, 10/01/13 10/01 at 102 Aaa 295,242
275,000 6.500%, 10/01/14 10/01 at 102 Aaa 300,710
280,000 6.500%, 10/01/15 10/01 at 102 Aaa 306,177
275,000 6.500%, 10/01/16 10/01 at 102 Aaa 300,710
280,000 6.500%, 10/01/17 10/01 at 102 Aaa 306,177
285,000 6.500%, 10/01/19 10/01 at 102 Aaa 311,645
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - 7.3%
Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center
of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991:
$ 5,000,000 7.375%, 8/01/11 8/01 at 102 AAA $5,598,350
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,602,018
1,320,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured No Opt. Call Aaa 1,392,112
Mortgage Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14
5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 5,971,515
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.375%, 2/15/19
10,755,000 New York State Medical Care Facilities Finance Agency, North Shore University Hospital, 11/00 at 102 Aaa 11,816,734
Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20
5,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital FHA-Insured 2/05 at 102 Aaa 5,638,400
Mortgage Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.800%, 8/15/24
2,600,000 New York City Health and Hospitals Corporation, Health System Bonds, 1993 Series A, 2/03 at 102 Aaa 2,666,794
5.625%, 2/15/13
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 9.7%
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
1,000,000 6.100%, 11/01/15 5/06 at 102 Aaa 1,053,350
4,000,000 6.125%, 11/01/20 5/06 at 102 Aaa 4,208,200
5,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, 1/02 at 102 Aaa 5,515,400
Series 1992A, 6.750%, 1/01/26
State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV:
2,070,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aaa 2,220,220
9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 10,496,205
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 43, 9/04 at 102 Aaa 1,616,925
6.450%, 10/01/17
2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series A, 10/98 at 100 Aaa 2,373,117
6.875%, 4/01/17
4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds, 6/01 at 102 AAA 4,266,680
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
15,000,000 Pass-Through Certificates of New York City HDC Multifamily Housing, Limited 11/03 at 100 Aaa 17,841,150
Obligation Bonds, Series 1991A, 6.500%, 2/20/19
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 6.6%
13,275,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds 4/01 at 102 Aaa 14,627,324
(Suffolk County Issue), Series 1991B, 7.000%, 4/15/16
5,000,000 Dormitory Authority of the State of New York, Judicial Facilities 10/97 at 115 7/16 Baa1 5,836,950
Lease Revenue Bonds, (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14
5,000,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured 7/04 at 102 Aaa 5,277,950
Revenue Bonds, Series 1994, 6.000%, 7/01/23
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
LEASE RENTAL - continued
$ 2,000,000 New York State Environmental Facilities Corporation, Riverbank State Park, Special 4/07 at 100 Aaa $1,941,600
Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22
1,720,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds, Series 4/04 at 102 Aaa 1,784,001
1994, 5.700%, 4/01/14
1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, Series 1993A, 11/03 at 102 Aaa 980,500
5.250%, 11/01/17
3,500,000 Housing New York Corporation, Senior Revenue Refunding Bonds, Series 1993, 11/03 at 102 Aaa 3,506,615
5.500%, 11/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 6.3%
12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1/01 at 102 Aaa 13,012,080
1991A, 6.625%, 1/01/17
Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B:
14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 15,380,260
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,821,440
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 6.1%
5,440,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 3/99 at 100 A1 5,556,797
Bonds, Series 1987 (Consolidated Edison Company of New York, Inc. Project),
7.125%, 3/15/22 (Alternative Minimum Tax)
14,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue 1/00 at 101 A1 14,966,700
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax)
3,000,000 New York State Energy Research and Development Authority, Pollution Control Refunding 10/01 at 102 Aaa 3,294,120
Revenue Bonds (Niagara Mohawk Power Corporation Project), 1991 Series A,
6.625%, 10/01/13
1,000,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution 7/05 at 102 Aaa 1,053,090
Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987
Series A, 6.150%, 7/01/26 (Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 1/01 at 101 Aaa 2,675,050
Series 1992 A (Consolidated Edison Company of New York, Inc. Project),
6.750%, 1/15/27 (Alternative Minimum Tax)
3,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 12/01 at 101 Aaa 3,719,520
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.8%
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A, 7/06 at 102 Aaa 1,059,250
6.000%, 7/01/21
5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series K, 7/02 at 101 1/2 Aaa 5,384,150
6.250%, 7/01/11
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TRANSPORTATION - continued
$ 7,900,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, 1/00 at 102 Aaa $8,495,580
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
3,800,000 New York City Industrial Development Agency, Amended and Restated Industrial 11/04 at 102 Aaa 3,996,154
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth 11/01 at 101 AA- 10,728,900
Series, 6.500%, 11/01/26 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 2.3%
11,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas 5/02 at 102 Aaa 12,042,250
Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 1.3%
5,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control 9/00 at 102 Aaa 5,464,300
Revolving Fund Revenue Bonds, Series 1991 B (Pooled Loan Issue), 7.100%, 9/15/11
1,300,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds, 6/02 at 102 Aaa 1,394,924
Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
$466,477,000 Total Investments - (cost $462,560,302) - 98.5% 505,825,932
============-----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.2%
$ 1,200,000 New York State Energy Research and Development Authority, Pollution Control Refunding VMIG-1 1,200,000
=========== Revenue Bonds (New York State Electric and Gas Corporation Project), 1994 Series C,
Variable Rate Demand Bonds, 3.700%, 6/01/29+
-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 6,267,469
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $513,293,401
=======================================================================================================================
<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 (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Quality Income
Municipal Fund, Inc. (NUN)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 11.8%
$ 5,455,000 Dormitory Authority of the State of New York, City University System Consolidated 7/00 at 102 Aaa $5,939,022
Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured 7/01 at 102 Aaa 1,097,740
Revenue Bonds, Series 1991, 6.750%, 7/01/15
2,000,000 Dormitory Authority of the State of New York, Hamilton College, Insured Revenue Bonds, 7/01 at 102 Aaa 2,178,360
Series 1991, 6.500%, 7/01/11
7,750,000 Dormitory Authority of the State of New York, Hamilton College, Insured Revenue Bonds, 7/01 at 102 Aaa 8,441,145
Series 1991, 6.500%, 7/01/21
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 102 Aaa 1,085,730
Revenue Bonds, Series 1990B, 7.000%, 5/15/16
7,515,000 Dormitory Authority of the State of New York, Marist College, Insured Revenue Bonds, 7/02 at 102 Aaa 7,866,026
Series 1992, 6.000%, 7/01/22
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated No Opt. Call Aaa 1,075,860
Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18
1,970,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial 7/04 at 102 Aaa 2,048,386
Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17
1,000,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue 7/04 at 102 Aaa 1,003,350
Bonds, Series 1994, 5.500%, 7/01/23
3,700,000 Dormitory Authority of the State of New York, City University System Consolidated Third 7/04 at 102 Aaa 4,023,232
General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24
1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence College, Revenue Bonds, 7/05 at 102 Aaa 1,308,225
Series 1995, 6.000%, 7/01/24
1,250,000 Dormitory Authority of The State of New York, St. John University, Insured Revenue 7/06 at 102 Aaa 1,282,800
Bonds, Series 1996, 5.600%, 7/01/16
4,625,000 Dormitory Authority of the State of New York, Barnard College, Insured Revenue Bonds, 7/07 at 101 Aaa 4,530,511
Series 1996, 5.250%, 7/01/26
9,250,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds, 7/07 at 102 Aaa 9,061,023
Series 1997, 5.250%, 7/01/26
4,375,000 Dormitory Authority of the State of New York, Rochester Institute of Technology, Insured 7/07 at 101 Aaa 4,285,575
Revenue Bonds, Series 1997, 5.250%, 7/01/22
3,295,000 County of Monroe Industrial Development Agency (Monroe County, New York), 1986 12/99 at 103 Aaa 3,574,778
Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place
Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax)
4,775,000 New York City Industrial Development Agency Civic Facility Revenue Bonds (Trinity 6/07 at 102 Aaa 4,676,110
Episcopal School Corporation Project), 5.250%, 6/15/27
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 23.8%
3,520,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds No Opt. Call Aaa 4,362,653
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1989A, 7.125%, 5/15/17 (Pre-refunded to 5/15/99) 5/99 at 102 Aaa 1,069,600
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 6,450,000 Dormitory Authority of the State of New York, City University System Consolidated 7/00 at 102 Aaa $7,139,957
Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20
(Pre-refunded to 7/01/00)
10,000,000 Dormitory Authority of the State of New York, State University Educational Facilities 5/00 at 102 Aaa 10,908,300
Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00)
3,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/02 at 102 Aaa 3,365,820
Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02)
5,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 Aaa 5,506
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/10 (Pre-refunded to 2/15/02)
6,530,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 7,150,154
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
1,000,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, 1/00 at 102 Aaa 1,087,440
Series G, 7.250%, 1/01/14 (Pre-refunded to 1/01/00)
3,710,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, 1/98 at 102 Aaa 3,818,926
Series C, 7.500%, 1/01/12 (Pre-refunded to 1/01/98)
3,100,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue 1/00 at 102 Aaa 3,387,587
Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
1,980,000 Town of Clifton Park Water Authority (New York), Water System Revenue Bonds, 1991 10/02 at 102 Aaa 2,203,245
Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02)
24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series J, 7/02 at 102 Aaa 26,904,081
6.500%, 7/01/18 (Pre-refunded to 7/01/02)
County of Nassau, New York, General Obligation Serial Bonds:
1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,549,731
1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,643,155
1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,099,100
County of Nassau, New York, General Obligation Serial Bonds:
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,397,882
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,425,618
19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 Aaa 22,109,274
6.625%, 8/01/15 (Pre-refunded to 8/01/02)
780,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/10 2/02 at 101 1/2 Aaa 878,030
(Pre-refunded to 2/01/02)
1,630,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/99 at 101 1/2 Aaa 1,729,805
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14 (Pre-refunded to 6/15/99)
3,460,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/99 at 101 1/2 Aaa 3,671,856
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14 (Pre-refunded to 6/15/99)
1,090,000 New York City, Municipal Water Finance Authority, Water and Sewer Revenue Bonds, 6/01 at 101 Aaa 1,196,340
Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01)
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, Series 1992, 10/02 at 102 Aaa 5,177,426
6.125%, 10/01/19 (Pre-refunded to 10/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
ESCROWED BONDS - continued
$ 2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S, 1/01 at 101 1/2 Aaa $2,750,925
7.000%, 1/01/21 (Pre-refunded to 1/01/01)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 1/01 at 102 Aaa 3,314,250
7.000%, 1/01/20 (Pre-refunded to 1/01/01)
5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series W, 1/02 at 101 1/2 Aaa 6,439,334
6.750%, 1/01/22 (Pre-refunded to 1/01/02)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series P, 1/99 at 101 1/2 Aaa 2,616,000
6.500%, 1/01/15 (Pre-refunded to 1/01/99)
- -----------------------------------------------------------------------------------------------------------------------------------
GENERAL OBLIGATION BONDS - 7.3%
2,200,000 Dormitory Authority of the State of New York, Mental Health Services, Facilities 2/06 at 102 Aaa 2,139,346
Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21
New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A:
7,495,000 6.375%, 8/15/10 2/02 at 102 Aaa 8,108,091
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 16,957,215
1,845,000 New York State Medical Care Facilities Finance Agency, Secured Hospital Revenue 2/98 at 101 Aaa 1,886,476
Bonds, 1987 Series A, 7.100%, 2/15/27
5,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/04 at 102 Aaa 5,137,493
Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19
1,000,000 County of Erie, New York, General Obligation Bonds-1995 Series B, 5.625%, 6/15/20 6/05 at 101 1/2 Aaa 1,016,740
200,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 Aaa 220,782
6.625%, 8/01/15
1,720,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/102/02 at 101 1/2 Aaa 1,916,235
525,000 City of Yonkers, New York, General Obligation Serial Bonds-1992-A, 6.500%, 2/15/07 2/02 at 102 Aaa 575,106
1,390,000 City of Yonkers, New York, General Obligation Serial Bonds-1992-B, 6.500%, 2/15/07 2/02 at 102 Aaa 1,522,662
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 3.6%
2,000,000 Dormitory Authority of the State of New York, United Cerebral Palsy of New York City, 7/06 at 102 Aaa 2,009,480
Inc., Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24
3,325,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 2/99 at 102 Aaa 3,522,638
FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.250%, 2/15/09
5,350,000 New York State Medical Care Facilities Finance Agency, Sisters of Charity Hospital of 11/01 at 102 Aaa 5,855,201
Buffalo Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18
1,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 8/02 at 102 AA 1,621,065
FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23
1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's Hospital (Rochester), 11/03 at 102 Aaa 1,066,630
Mortgage Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/14
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - continued
$ 2,000,000 New York State Medical Care Facilities Finance Agency, Health Center Projects Revenue 11/05 at 102 Aaa $2,187,320
Bonds (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19
3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore Medical Center 2/05 at 102 Aaa 3,078,450
FHA-Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 8.8%
1,700,000 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 5/06 at 102 Aaa 1,788,485
Series A Refunding, 6.125%, 11/01/20
1,600,000 New York State Housing Finance Agency, Insured Multi-Family Mortgage Housing 8/04 at 102 Aaa 1,695,936
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14
New York State Urban Development Corporation, Section 236 Revenue Bonds,
Series 1992A:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 6,072,897
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 19,849,925
985,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 10/01 at 102 Aaa 1,055,782
7.250%, 10/01/07 (Alternative Minimum Tax)
190,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series F, 7/98 at 102 Aa 192,022
8.000%, 10/01/17
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 33, 3/04 at 102 Aaa 2,017,400
5.400%, 10/01/17
12,475,000 Pass-Through Certificates of New York City HDC Multifamily Housing, Limited Obligation 11/03 at 100 Aaa 14,837,890
Bonds, Series 1991A, 6.500%, 2/20/19
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 6.4%
5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured 7/04 at 102 Aaa 5,673,796
Revenue Bonds, Series 1994, 6.000%, 7/01/23
8,900,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, 1/99 at 101 1/2 Aaa 9,281,098
Series F, 6.500%, 1/01/19
3,000,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds, 4/04 at 102 Aaa 3,111,630
Series 1994, 5.700%, 4/01/14
15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds, 7/01 at 102 Aaa 16,337,700
Series 5, 6.500%, 7/01/16
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 14.2%
7,250,000 Dormitory Authority of the State of New York, The New York Public Library, Insured 7/02 at 102 Aaa 7,458,510
Revenue Bonds, Series 1992A, 5.875%, 7/01/22
10,000,000 New York Local Government Assistance Corporation, Series 1993 B, Refunding Bonds, 4/04 at 100 Aaa 9,396,900
5.000%, 4/01/23
9,295,000 New York Local Government Assistance Corporation (A Public Benefit Corporation of the 4/03 at 102 Aaa 8,767,881
State of New York), Series 1993C Refunding Bonds, 5.000%, 4/01/21
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
OTHER REVENUE - continued
$ 1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 No Opt. Call Aaa $2,010,294
Facility - Series B (1994)), 7.250%, 7/01/11 (Alternative Minimum Tax)
5,000,000 The Trust for Cultural Resources of The City of New York, New York Botanical Garden 7/06 at 101 Aaa 5,164,950
Recreational Facilities Improvements, 5.800%, 7/01/26
7,250,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds, 1/07 at 102 Aaa 7,291,615
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21
10,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A 4/07 at 101 Aaa 10,246,600
(American Museum of Natural History), 5.650%, 4/01/27
24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1/01 at 102 Aaa 26,204,160
1991B, 6.875%, 1/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 7.1%
New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1989 C (Consolidated Edison Company of New York, Inc. Project):
10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 11/98 at 101 A1 10,366,600
5,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 11/98 at 101 Aaa 5,206,700
12,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue 5/02 at 102 Aaa 12,988,920
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax)
9,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 12/01 at 101 Aaa 9,564,480
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.6%
4,000,000 New York State Thruway Authority, General Revenue Bonds, Series A, 5.750%, 1/01/19 1/02 at 102 Aaa 4,087,960
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue Bonds, Series 1/05 at 101 Aaa 3,084,180
1995, 5.750%, 1/01/25
3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 7/06 at 102 Aaa 3,192,960
1996A, 6.000%, 7/01/16
3,500,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, 1/00 at 102 Aaa 3,763,865
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
2,000,000 New York City Industrial Development Agency, Amended and Restated Industrial 11/04 at 102 Aaa 2,103,240
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo International 4/04 at 102 Aaa 1,061,540
Airport), Airport Revenue Bonds, Series 1994A, 6.250%, 4/01/24
(Alternative Minimum Tax)
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 Aaa 10,718,100
Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax)
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/01 at 101 Aaa 10,726,000
Seventy-First Series, Revenue Bonds, 6.500%, 1/15/26
7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series X, 1/02 at 101 1/2 Aaa 7,625,520
6.500%, 1/01/19
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
UTILITIES - 3.4%
$ 6,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas 5/02 at 102 Aaa $6,566,880
Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax)
1,500,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 7/03 at 102 Aaa 1,499,865
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax)
4,825,000 Power Authority of the State of New York, General Purpose Bonds, Series Z, 1/02 at 102 Aaa 5,276,136
6.500%, 1/01/19
5,000,000 Power Authority of the State of New York, General Purpose Bonds, Series Y, 1/01 at 100 Aaa 5,138,900
6.000%, 1/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 3.8%
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series A:
8,410,000 6.750%, 6/15/16 6/01 at 101 Aaa 9,153,274
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 10,333,532
1,000,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995, 5/06 at 102 Aaa 1,019,910
5.650%, 5/01/26
- -----------------------------------------------------------------------------------------------------------------------------------
$498,020,000 Total Investments - (cost $492,925,805) - 98.8% 532,634,831
============-----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 500,000 New York State Energy Research and Development Authority Pollution Control (Niagara P-1 500,000
=========== Mohawk Power Corporation), Variable Rate Demand Bonds, 3.800%, 3/01/27+
-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 6,192,499
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $539,327,330
=======================================================================================================================
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 (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
+ 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.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Insured New York
Premium Income Municipal Fund, Inc. (NNF)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATIONAL FACILITIES - 11.9%
$ 4,500,000 Dormitory Authority of the State of New York, City University System Consolidated, 7/00 at 102 Aaa $4,899,285
Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
2,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue 7/01 at 102 Aaa 2,085,540
Bonds, Series 1991, 6.000%, 7/01/15
2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities, 5/03 at 102 Aaa 2,581,525
Revenue Bonds, Series 1995A, 6.000%, 5/15/22
2,000,000 Dormitory Authority of the State of New York, City University System Consolidated, No Opt. Call Aaa 2,151,720
Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18
2,450,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured 7/04 at 102 Aaa 2,322,649
Revenue Bonds, Series 1994A, 5.000%, 7/01/21
1,000,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial 7/04 at 102 Aaa 993,350
Hospital Revenue Bonds, Series 1994, 5.500%, 7/01/21
2,000,000 Dormitory Authority of the State of New York, St. John University, Insured Revenue 7/06 at 102 Aaa 2,052,480
Bonds, Series 1996, 5.600%, 7/01/16
3,000,000 Dormitory Authority of the State of New York, New School for Social Research, Insured 7/07 at 102 Aaa 3,100,770
Revenue Bonds, Series 1997, 5.750%, 7/01/26
2,000,000 County of Monroe County Industrial Development Agency, Civic Facility Revenue Bonds 6/05 at 102 Aaa 2,109,340
(Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
ESCROWED BONDS - 13.6%
Dormitory Authority of the State of New York, Colgate University,
Insured Revenue Bonds, Series 1991A:
1,250,000 6.700%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,381,738
1,000,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,098,500
6,855,000 Dormitory Authority of the State of New York, City University System Consolidated, 7/04 at 102 Aaa 7,908,476
Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24
(Pre-refunded to 7/01/04)
100,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital 2/00 at 102 Aaa 109,497
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00)
2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 Aaa 2,206,300
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1994A, 7/04 at 101 1/2Aaa 1,128,210
6.375%, 7/01/18 (Pre-refunded to 7/01/04)
2,385,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 Aaa 2,663,163
(Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series F, 6.000%, 8/01/198/98 at 101 1/2 Aaa 1,544,310
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series A, 7.750%, 8/15/15 8/01 at 101 1/2 Aaa 3,422,820
(Pre-refunded to 8/15/01)
3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 1/01 at 100 Aaa 4,016,904
6.000%, 1/01/22 (Pre-refunded to 1/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
GENERAL OBLIGATION BONDS - 16.6%
$ 2,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 12/02 at 102 Aaa $2,163,600
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
4,500,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/04 at 102 Aaa 4,381,740
Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23
1,595,000 Town of Huntington, Suffolk County, New York, General Obligation Refunding Bonds, 4/03 at 102 Aaa 1,636,358
1993, 5.500%, 4/01/13
210,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General No Opt. Call Aaa 218,870
Improvement Bonds, Series 1993-H, 5.500%, 6/15/16
1,500,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General 8/04 at 103 Aaa 1,582,815
Improvement Bonds, Series O, 5.700%, 8/01/13
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, 8 .000%, 8/01/05 No Opt. Call Aaa 4,894,800
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series I and J, No Opt. Call Aaa 4,472,240
6.250%, 4/15/07
2,260,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series B, 6.000%, 8/01/07 No Opt. Call Aaa 2,489,119
100,000 County of Niagara, New York, Public Improvement (Serial) Bonds, 1993, 5.750%, 8/15/20 8/00 at 102 Aaa 101,647
2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant (Serial) Bonds, No Opt. Call Aaa 2,764,432
1994, 8.500%, 11/01/08 (Alternative Minimum Tax)
City of Niagara Falls, Niagara County, New York, Public Improvement (Serial) Bonds, 1994:
1,000,000 7,500%, 3/01/13 No Opt. Call Aaa 1,270,830
2,000,000 6.900%, 3/01/22 3/04 at 102 Aaa 2,272,180
2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C, 5.500%, 9/01/09 9/03 at 102 Aaa 2,860,770
- -----------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE FACILITIES - 20.0%
1,905,000 Dormitory Authority of the State of New York, Long Beach Medical Center, FHA-Insured 8/05 at 102 Aaa 1,938,071
Mortgage Hospital Revenue Bonds, Series 1995, 5.550%, 8/01/15
3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA-Insured Mortgage 8/05 at 102 Aaa 3,020,040
Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25
4,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured 2/06 at 102 Aaa 4,193,440
Mortgage Revenue Bonds, Series 1996A, 5.750%, 8/01/14
4,725,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin Jewish 2/07 at 102 Aaa 4,764,076
Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue
Bonds, Series 1997, 5.600%, 2/01/27
2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home 8/02 at 102 AAA 2,815,893
FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital),
6.375%, 8/15/29
2,500,000 New York State Medical Care Facilities Finance Agency, South Nassau Communities 11/02 at 102 Aaa 2,670,100
Hospital Project Revenue Bonds, 1992 Series A, 6.125%, 11/01/11
4,395,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project 8/05 at 102 Aa 4,748,402
Revenue Bonds, 1995 Series F, 6.200%, 8/15/15
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE FACILITIES - continued
$ 7,800,000 New York State Medical Care Facilities Finance Agency, New York Hospital FHA-Insured 2/05 at 102 Aaa $8,795,904
Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24
4,700,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage 2/04 at 102 Aaa 4,656,431
Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25
- -----------------------------------------------------------------------------------------------------------------------------------
HOUSING FACILITIES - 4.5%
2,250,000 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 5/06 at 102 Aaa 2,367,113
Series A Refunding, 6.125%, 11/01/20
2,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1/02 at 102 Aaa 2,202,320
1992A, 6.700%, 1/01/12
2,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 3/03 at 102 Aa 2,654,325
30-B, 6.650%, 10/01/25 (Alternative Minimum Tax)
1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 10/03 at 102 Aa2 1,217,592
30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
LEASE RENTAL - 1.0%
1,900,000 New York State Urban Development Corporation Correctional Facilities Revenue Bonds, No Opt. Call Aaa 1,942,693
1993A, Refunding Series, 5.250%, 1/01/14
- -----------------------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 8.6%
2,500,000 Dormitory Authority of the State of New York, The New York Public Library, Insured 7/02 at 102 Aaa 2,571,900
Revenue Bonds, Series 1992A, 5.875%, 7/01/22
2,000,000 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 1995A, 4/05 at 102 Aaa 2,236,040
6.250%, 4/01/06
1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds, 1985 7/04 at 102 Aaa 1,247,925
Facility - Series B, 1994, 6.125%, 7/01/13 (Alternative Minimum Tax)
1,815,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds, 1985 No Opt. Call Aaa 2,007,771
Facility - Series D, 1995, 6.150%, 7/01/05
5,460,000 The Trust for Cultural Resources of The City of New York, New York Botanical Garden 7/06 at 101 Aaa 5,640,125
Recreational Facilities Improvements, 5.800%, 7/01/26
1,250,000 The Trust for Cultural Resource of The City of New York, Revenue Refunding Bonds, 1/07 at 102 Aaa 1,257,175
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21
1,000,000 New York Industrial Development Agency, Civic Facility Revenue Bonds (USTA National 11/04 at 102 Aaa 1,099,370
Tennis Center Incorporated Project), 6.375%, 11/15/14
- -----------------------------------------------------------------------------------------------------------------------------------
POLLUTION CONTROL FACILITIES - 6.3%
6,100,000 New York State Energy Research and Development Authority, Pollution Control Revenue 5/02 at 102 Aaa 6,602,701
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
POLLUTION CONTROL FACILITIES - continued
$ 2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution 7/05 at 102 Aaa $2,632,725
Control Revenue Bonds (New York State Electric and Gas Corporation Project),
1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, 12/01 at 101 Aaa 2,656,800
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.9%
1,900,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25 1/05 at 102 Aaa 2,000,358
4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997A, 7/07 at 101 1/2Aaa 4,586,850
5.625%, 7/01/27
1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series A, 7/06 at 102 Aaa 1,814,529
6.100%, 7/01/21
1,800,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue 1/03 at 102 Aaa 1,741,194
Refunding Bonds, Series 1993, 5.375%, 1/01/19 (Alternative Minimum Tax)
2,000,000 New York City Industrial Development Agency, Amended and Restated Industrial 11/04 at 102 Aaa 2,103,240
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Eighty-Fourth 1/03 at 101 Aaa 2,577,425
Series, 5.875%, 7/15/16 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.5%
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas 5/02 at 102 Aaa 2,736,200
Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax)
2,750,000 New York State Energy Research and Development Authority, Gas Facilities Revenue 7/03 at 102 Aaa 2,749,753
Bonds, Series C(The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax)
2,500,000 Puerto Rico, Electric Power Authority, Power Revenue Refunding Bonds, Series Y, No Opt. Call Aaa 2,977,873
7.000%, 7/01/07
- -----------------------------------------------------------------------------------------------------------------------------------
WATER/SEWER FACILITIES - 2.7%
Suffolk County Water Authority, New York, Water System Revenue Bonds, Series
1993 Refunding:
2,500,000 5.100%, 6/01/11 No Opt. Call Aaa 2,557,750
2,500,000 5.100%, 6/01/12 No Opt. Call Aaa 2,546,200
- -----------------------------------------------------------------------------------------------------------------------------------
$171,320,000 Total Investments - (cost $172,109,969) - 97.6% 183,216,282
============-----------------------------------------------------------------------------------------------------------------------
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 1.4%
$ 500,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate VMIG-1 $500,000
Demand Bonds, 3.750%, 8/15/05+
2,200,000 New York State Energy Research and Development Authority Pollution Control (Niagara P-1 2,200,000
Mohawk Power Corporation), Variable Rate Demand Bonds, 3.800%, 3/01/27+
- -----------------------------------------------------------------------------------------------------------------------------------
$ 2,700,000 Total Temporary Investments - 1.4% 2,700,000
===========------------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,896,461
-----------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $187,812,743
=======================================================================================================================
<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 (not covered by the report of independent
auditors): Dates (month and year) and prices of the earliest optional call or
redemption. There may be other call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors): Using the
higher of Standard & Poor's or Moody's rating.
+ 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.
</FN>
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
September 30, 1997
<CAPTION>
New York
New York New York Investment
Value Performance Plus Quality
<S> <C> <C> <C>
Assets
Investments in municipal securities,
at market value (note 1) $152,034,840 $336,926,207 $389,318,493
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) 400,000 1,100,000 900,000
Cash 86,049 -- --
Receivables:
Interest 2,744,553 6,006,952 7,447,129
Investments sold -- 25,000 65,000
Other assets 5,240 28,280 19,835
------------ ------------ ------------
Total assets 155,270,682 344,086,439 397,750,457
------------ ------------ ------------
Liabilities
Cash overdraft -- 29,605 173,122
Accrued expenses:
Management fees (note 6) 78,603 179,305 206,682
Other 136,564 163,226 195,910
Preferred share dividends payable N/A 37,437 58,181
Common share dividends payable 757,709 1,356,835 1,547,818
------------ ------------ ------------
Total liabilities 972,876 1,766,408 2,181,713
------------ ------------ ------------
Net assets (note 7) $154,297,806 $342,320,031 $395,568,744
============ ============ ============
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000
============ ============ ============
Preferred shares outstanding N/A 4,172 4,800
============ ============ ============
Common shares outstanding 15,004,145 14,668,484 17,391,211
============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 10.28 $ 16.23 $ 15.85
============ ============ ============
N/A - Fund is not authorized to issue Preferred Shares
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
September 30, 1997
<CAPTION>
Insured
New York New York New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Assets
Investments in municipal securities,
at market value (note 1) $505,825,932 $532,634,831 $183,216,282
Temporary investments in short-term municipal
securities, at amortized cost, which approximates
market value (note 1) 1,200,000 500,000 2,700,000
Cash -- -- 48,193
Receivables:
Interest 8,570,445 8,606,488 2,665,147
Investments sold 200,000 -- --
Other assets 15,846 18,997 9,426
------------ ------------ ------------
Total assets 515,812,223 541,760,316 188,639,048
------------ ------------ ------------
Liabilities
Cash overdraft 107,057 68,017 --
Accrued expenses:
Management fees (note 6) 266,784 279,730 99,256
Other 191,649 178,918 141,545
Preferred share dividends payable 68,041 66,333 22,601
Common share dividends payable 1,885,291 1,839,988 562,903
------------ ------------ ------------
Total liabilities 2,518,822 2,432,986 826,305
------------ ------------ ------------
Net assets (note 7) $513,293,401 $539,327,330 $187,812,743
============ ============ ============
Preferred shares, at liquidation value $150,000,000 $170,000,000 $ 65,000,000
============ ============ ============
Preferred shares outstanding 6,000 6,800 2,600
============ ============ ============
Common shares outstanding 22,852,015 23,589,592 8,217,560
============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 15.90 $ 15.66 $ 14.95
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year ended September 30, 1997
<CAPTION>
New York New York New York
Value Performance Plus Investment Quality
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 10,499,483 $ 22,496,341 $ 25,651,334
------------ ------------ ------------
Expenses
Management fees (note 6) 966,748 2,170,957 2,509,441
Preferred shares - auction fees N/A 260,988 300,274
Preferred shares - dividend disbursing agent fees N/A 35,279 24,898
Shareholders' servicing agent fees and expenses 60,637 53,084 49,604
Custodian's fees and expenses 42,507 63,949 66,095
Directors' fees and expenses (note 6) 1,110 2,629 3,015
Professional fees 16,657 15,796 20,471
Shareholders' reports - printing and mailing expenses 64,509 77,373 80,485
Stock exchange listing fees 25,566 20,673 24,488
Investor relations expense 16,404 28,141 30,770
Portfolio insurance expense -- -- 105,052
Other expenses 9,147 24,599 26,365
------------ ------------ ------------
Total expenses 1,203,285 2,753,468 3,240,958
------------ ------------ ------------
Net investment income 9,296,198 19,742,873 22,410,376
------------ ------------ ------------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) 2,270,242 885,201 176,218
Net change in unrealized appreciation or depreciation
of investments (1,376,339) (350,482) (693,456)
------------ ------------ ------------
Net gain (loss) from investments 893,903 534,719 (517,238)
------------ ------------ ------------
Net increase in net assets from operations $ 10,190,101 $ 20,277,592 $ 21,893,138
============ ============ ============
N/A - Fund is not authorized to issue Preferred Shares
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year ended September 30, 1997
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $ 31,719,919 $ 31,728,288 $ 10,400,718
------------ ------------ ------------
Expenses
Management fees (note 6) 3,224,304 3,367,803 1,188,429
Preferred shares - auction fees 375,342 425,387 162,649
Preferred shares - dividend disbursing agent fees 21,175 41,781 23,897
Shareholders' servicing agent fees and expenses 50,701 49,040 16,671
Custodian's fees and expenses 78,483 81,145 45,875
Directors' fees and expenses (note 6) 3,824 3,988 1,519
Professional fees 20,895 20,981 16,900
Shareholders' reports - printing and mailing expenses 108,172 113,434 48,881
Stock exchange listing fees 34,210 32,976 16,184
Investor relations expense 37,988 39,273 13,875
Portfolio insurance expense 136,484 28,027 20,469
Other expenses 30,237 29,868 15,665
------------ ------------ ------------
Total expenses 4,121,815 4,233,703 1,571,014
------------ ------------ ------------
Net investment income 27,598,104 27,494,585 8,829,704
------------ ------------ ------------
Realized and Unrealized Gain (Loss)
from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) (98,622) 597,191 (694,840)
Net change in unrealized appreciation or depreciation
of investments 2,803,071 8,255,873 6,323,270
------------ ------------ ------------
Net gain (loss) from investments 2,704,449 8,853,064 5,628,430
------------ ------------ ------------
Net increase in net assets from operations $ 30,302,553 $ 36,347,649 $14,458,134
============ ============ ============
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
New York Value New York Performance Plus New York Investment Quality
Year ended Year ended Year ended Year ended Year ended Year ended
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 9,296,198 $ 8,922,987 $ 19,742,873 $ 19,625,434 $ 22,410,376 $ 22,303,176
Net realized gain (loss) from investment
transactions (notes 1 and 4) 2,270,242 390,448 885,201 97,055 176,218 605,193
Net change in unrealized appreciation or
depreciation of investments (1,376,339) (2,759,606) (350,482) (3,343,913) (693,456) (5,097,400)
------------- ------------- ------------ ------------ ------------ ------------
Net increase in net assets from operations 10,190,101 6,553,829 20,277,592 16,378,576 21,893,138 17,810,969
------------- ------------- ------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (9,315,828) (9,254,789) (16,214,120) (16,274,400) (18,482,364) (18,037,677)
Preferred shareholders N/A N/A (3,458,793) (3,634,033) (3,888,069) (4,054,584)
From accumulated net realized gains from
investment transactions:
Common shareholders (107,163) (480,474) -- -- (416,639) (387,001)
Preferred shareholders N/A N/A -- -- (91,224) (108,312)
------------- ------------- ------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (9,422,991) (9,735,263) (19,672,913) (19,908,433) (22,878,296) (22,587,574)
------------- ------------- ------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Net proceeds from shares issued in
acquisition of New York Income (note 1) -- 28,973,267 -- -- -- --
Net proceeds from Common shares issued
to shareholders due to reinvestment
of distributions 1,682,801 1,571,945 2,355,206 2,644,024 2,364,645 2,954,112
------------- ------------- ------------ ------------ ------------ ------------
Net increase in net assets from capital
share transactions 1,682,801 30,545,212 2,355,206 2,644,024 2,364,645 2,954,112
------------- ------------- ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 2,449,911 27,363,778 2,959,885 (885,833) 1,379,487 (1,822,493)
Net assets at beginning of year 151,847,895 124,484,117 339,360,146 340,245,979 394,189,257 396,011,750
------------- ------------- ------------ ------------ ------------ ------------
Net assets at end of year $ 154,297,806 $ 151,847,895 $342,320,031 $339,360,146 $395,568,744 $394,189,257
============= ============= ============ ============ ============ ============
Balance of undistributed net investment
income at end of year $ 55,845 $ 75,475 $ 664,788 $ 594,828 $ 1,226,149 $ 1,186,206
============= ============= ============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred Shares
</FN>
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
Insured New York
New York Select Quality New York Quality Income Premium Income
Year ended Year ended Year ended Year ended Year ended Year ended
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 27,598,104 $ 27,360,961 $ 27,494,585 $ 27,798,688 $ 8,829,704 $ 8,865,077
Net realized gain (loss) from investment
transactions (notes 1 and 4) (98,622) 345,109 597,191 1,173,040 (694,840) (465,881)
Net change in unrealized appreciation or
depreciation of investments 2,803,071 (2,139,436) 8,255,873 (417,870) 6,323,270 3,162,286
------------- ------------- ------------ ------------ ------------ ------------
Net increase in net assets from operations 30,302,553 25,566,634 36,347,649 28,553,858 14,458,134 11,561,482
------------- ------------- ------------ ------------ ------------ ------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (22,496,588) (22,552,249) (21,998,285) (21,903,186) (6,754,836) (6,570,290)
Preferred shareholders (4,899,015) (5,066,202) (5,531,743) (5,864,574) (2,066,404) (2,183,049)
From accumulated net realized gains from
investment transactions:
Common shareholders (282,980) (557,052) (680,173) (460,749) -- --
Preferred shareholders (61,908) (143,064) (176,348) (135,268) -- --
------------- ------------- ------------ ------------ ------------ ------------
Decrease in net assets from distributions
to shareholders (27,740,491) (28,318,567) (28,386,549) (28,363,777) (8,821,240) (8,753,339)
------------- ------------- ------------ ------------ ------------ ------------
Capital Share Transactions (note 2)
Net proceeds from shares issued in
acquisition of New York Income (note 1) -- -- -- -- -- --
Net proceeds from Common shares issued
to shareholders due to reinvestment
of distributions 4,603,400 3,539,742 2,432,567 716,291 -- --
------------- ------------- ------------ ------------ ------------ ------------
Net increase in net assets from capital
share transactions 4,603,400 3,539,742 2,432,567 716,291 -- --
------------- ------------- ------------ ------------ ------------ ------------
Net increase (decrease) in net assets 7,165,462 787,809 10,393,667 906,372 5,636,894 2,808,143
Net assets at beginning of year 506,127,939 505,340,130 528,933,663 528,027,291 182,175,849 179,367,706
------------- ------------- ------------ ------------ ------------ ------------
Net assets at end of year $513,293,401 $ 506,127,939 $539,327,330 $528,933,663 $187,812,743 $182,175,849
============= ============= ============ ============ ============ ============
Balance of undistributed net investment
income at end of year $ 1,014,219 $ 811,718 $ 1,257,173 $ 1,292,616 $ 561,399 $ 552,935
============= ============= ============ ============ ============ ============
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
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).
New York Value is not authorized by its Articles of Incorporation to issue
Preferred shares. Therefore, in the Notes to Financial Statements, "N/A"
represents not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of New York.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
On January 8, 1996, New York Value acquired all of the net assets of Nuveen New
York Municipal Income Fund, Inc. (New York Income) pursuant to a plan of
reorganization approved by the shareholders of New York Income on November 16,
1995. The acquisition was accomplished by a tax-free exchange of 2,770,666
shares of New York Value for the 2,521,957 shares of New York Income outstanding
on January 8, 1996. New York Income's net assets at that date of $28,973,267
including $2,191,385 of net unrealized appreciation which were combined with
that of New York Value. The combined net assets of New York Value immediately
after the acquisition were $154,177,791.
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
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of their when-issued and delayed delivery purchase commitments. At
September 30, 1997, there were no such purchase commitments in any of the Funds.
<PAGE>
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for New York Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All income
dividends paid during the fiscal year ended September 30, 1997, have been
designated Exempt Interest Dividends. Net realized capital gain and market
discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryovers.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount are recorded on the ex-dividend date. The
amount and timing of distribu tions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
<PAGE>
Preferred Shares
The Funds below 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
is as follows:
<TABLE>
<CAPTION>
New York New York New York
Performance Plus Investment Quality Select Quality
<S> <C> <C> <C>
Number of shares:
Series M 1,600 -- --
Series T -- 2,400 --
Series W 2,000 -- 2,400
Series Th -- -- 3,600
Series F 572 2,400 --
----- ----- -----
Total 4,172 4,800 6,000
===== ===== =====
<CAPTION>
New York Insured New York
Quality Income Premium Income
<S> <C> <C>
Number of shares:
Series M 2,200 1,320
Series T -- 1,280
Series W 2,200 --
Series Th 2,400 --
Series F -- --
----- -----
Total 6,800 2,600
===== =====
</TABLE>
Insurance
New York Investment Quality, New York Select Quality, New York Quality Income
and Insured New York Premium Income invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. Government or U.S. Government agency securities, both
of which ensure the timely payment of principal and interest. Each insured
municipal security is covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance. Such insurance does not guarantee the market
value of the municipal securities or the value of the Funds' shares. Original
Issue Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer remains
in business, regardless of whether the Funds ultimately dispose of such
municipal securities. Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market Insurance may reflect
value attributable to the insurance. Portfolio Insurance is effective only while
the municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities nor
the net asset value of the Funds' shares include value, if any, attributable to
the Portfolio Insurance. Each policy of the Portfolio Insurance does, however,
give the Funds the right to obtain permanent insurance with respect to the
municipal security covered by the Portfolio Insurance policy at the time of its
sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, 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 fiscal year ended September 30, 1997.
<PAGE>
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
New York Value New York Performance Plus New York Investment Quality
Year ended Year ended Year ended Year ended Year ended Year ended
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
<S> <C> <C> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition
of New York Income
(note 1) -- 2,770,666 -- -- -- --
Shares issued to shareholders
due to reinvestment
of distributions 161,496 144,082 134,942 152,270 138,095 176,362
------- --------- ------- ------- ------- -------
Net increase 161,496 2,914,748 134,942 152,270 138,095 176,362
======= ========= ======= ======= ======= =======
<CAPTION>
Insured New York
New York Select Quality New York Quality Income Premium Income
Year ended Year ended Year ended Year ended Year ended Year ended
9/30/97 9/30/96 9/30/97 9/30/96 9/30/97 9/30/96
<S> <C> <C> <C> <C> <C> <C>
Common shares:
Shares issued in acquisition
of New York Income
(note 1) -- -- -- -- -- --
Shares issued to shareholders
due to reinvestment
of distributions 285,405 219,492 154,902 46,461 -- --
------- ------- ------- ------- ------- -------
Net increase 285,405 219,492 154,902 46,461 -- --
======= ======= ======= ======= ======= =======
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On October 1, 1997, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid November 3, 1997, to
shareholders of record on October 15, 1997, as follows:
<TABLE>
<CAPTION>
New York New York New York
Value Performance Plus Investment Quality
<S> <C> <C> <C>
Dividend per share $.0505 $.0925 $.0890
====== ====== =======
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Dividend per share $.0825 $.0780 $.0685
====== ====== =======
</TABLE>
<PAGE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the fiscal year ended
September 30, 1997, were as follows:
<TABLE>
<CAPTION>
New York New York New York
Value Performance Plus Investment Quality
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $46,026,483 $28,070,867 $ 9,557,998
Temporary municipal investments 26,400,000 19,740,000 12,100,000
Sales and Maturities:
Investments in municipal securities 41,014,826 23,472,530 7,459,084
Temporary municipal investments 29,000,000 22,240,000 11,900,000
=========== =========== ===========
<CAPTION>
New York New York Insured New York
Select Quality uality Income Premium Income
<S> <C> <C> <C>
Purchases:
Investments in municipal securities $17,517,670 $72,404,037 $42,867,788
Temporary municipal investments 15,650,000 37,100,000 21,400,000
Sales and Maturities:
Investments in municipal securities 13,096,700 69,105,469 44,810,915
Temporary municipal investments 15,750,000 36,900,000 19,000,000
=========== =========== ===========
</TABLE>
At September 30, 1997, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
At September 30, 1997, the following Funds had unused capital loss carryovers
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryovers will expire as follows:
<TABLE>
<CAPTION>
New York New York Insured New York
Performance Plus Select Quality Premium Income
<S> <C> <C> <C>
Expiration year:
2000 $ -- $ -- $ 14,718
2002 1,709,368 -- 1,613,938
2003 356,638 -- 3,373
2004 504,763 -- 2,802,391
2005 -- 98,622 540,548
---------- ------- ----------
Total $2,570,769 $98,622 $4,974,968
========== ======= ==========
</TABLE>
<PAGE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at September 30, 1997, were as follows:
<TABLE>
<CAPTION>
New York New York New York
<S> <C> <C> <C>
Gross unrealized:
appreciation $ 9,667,880 $ 26,652,786 $ 30,390,693
depreciation (2,177) (3,622) --
------------ ------------ ------------
Net unrealized appreciation $ 9,665,703 $ 26,649,164 $ 30,390,693
============ ============ ============
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Gross unrealized:
appreciation $ 43,265,630 $ 39,711,565 $ 11,106,313
depreciation -- (2,539) --
------------ ------------ ------------
Net unrealized appreciation $ 43,265,630 $ 39,709,026 $ 11,106,313
============ ============ ============
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays 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 the Fund's (excluding New York Value) investment management agreements
with the Adviser, each Fund pays an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net asset
value of each Fund as follows:
<TABLE>
<CAPTION>
Average daily net asset value Management fee
<S> <C>
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
</TABLE>
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
<PAGE>
7. COMPOSITION OF NET ASSETS
At September 30, 1997, net assets consisted of:
<TABLE>
<CAPTION>
New York
New York New York Investment
Value Performance Plus Quality
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $ 104,300,000 $ 120,000,000
Common shares, $.01 par value per share 150,041 146,685 173,912
Paid-in surplus 143,049,409 213,130,163 243,603,507
Balance of undistributed net investment income 55,845 664,788 1,226,149
Accumulated net realized gain (loss) from
investment transactions 1,376,808 (2,570,769) 174,483
Net unrealized appreciation of investments 9,665,703 26,649,164 30,390,693
------------- ------------- -------------
Net assets $ 154,297,806 $ 342,320,031 $ 395,568,744
============= ============= =============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000
============= ============= =============
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ 150,000,000 $ 170,000,000 $ 65,000,000
Common shares, $.01 par value per share 228,520 235,896 82,176
Paid-in surplus 318,883,654 327,528,044 116,660,930
Balance of undistributed net investment income 1,014,219 1,257,173 561,399
Accumulated net realized gain (loss) from
investment transactions (98,622) 597,191 (5,598,075)
Net unrealized appreciation of investments 43,265,630 39,709,026 11,106,313
------------- ------------- -------------
Net assets $ 513,293,401 $ 539,327,330 $ 187,812,743
============= ============= =============
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
============= ============= =============
</TABLE>
<PAGE>
<TABLE>
Financial Highlights
Selected data for a common share outstanding throughout each period is as
follows:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net asset Net realized
value Net and unrealized
beginning investment gain (loss) To Common To Preferred
of period income from investments Shareholders Shareholders+
<S> <C> <C> <C> <C> <C>
New York Value
Year ended 9/30:
1997 $ 10.23 $ .62 $ .06 $ (.62) $ N/A
1996 10.44 .64 (.15) (.66) N/A
1995 10.39 .66 .06 (.67) N/A
1994 10.99 .66 (.57) (.67) N/A
1993 10.74 .66 .40 (.67) N/A
Two months ended
9/30/92 10.87 .11 (.13) (.11) N/A
Year ended 7/31,
1992 10.27 .68 .73 (.68) N/A
1991 10.20 .68 .12 (.68) N/A
1990 10.37 .68 (.13) (.68) N/A
1989 9.95 .68 .66 (.68) N/A
10/7/87 to
7/31/88 9.35 .51 .55 (.46) N/A
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 16.17 1.35 .06 (1.11) (.24)
1996 16.41 1.36 (.22) (1.13) (.25)
1995 15.91 1.37 .52 (1.12) (.27)
1994 17.24 1.36 (1.29) (1.13) (.27)
1993 15.73 1.38 1.54 (1.17) (.24)
11 months ended
9/30/92 14.93 1.28 .74 (1.00) (.22)
Year ended
10/31/91 13.44 1.39 1.49 (1.05) (.34)
11/15/89 to
10/31/90 14.05 1.14 (.46) (.79) (.26)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 15.89 1.29 (.01) (1.07) (.22)
1996 16.16 1.30 (.25) (1.05) (.24)
1995 15.71 1.30 .48 (1.05) (.28)
1994 17.29 1.30 (1.56) (1.08) (.24)
1993 15.83 1.31 1.49 (1.10) (.24)
11 months ended
9/30/92 14.98 1.22 .84 (.97) (.21)
11/20/90 to
10/31/91 14.05 1.07 1.02 (.77) (.20)
<PAGE>
<CAPTION>
Distributions from
capital gains
Organization and
offering costs and Per common
Preferred share Net asset share
To Common To Preferred underwriting value market value
Shareholders Shareholders+ discounts end of period end of period
<S> <C> <C> <C> <C> <C>
New York Value
Year ended 9/30:
1997 $(.01) $N/A $-- $10.28 $10.6875
1996 (.04) N/A -- 10.23 10.5000
1995 -- N/A -- 10.44 10.3750
1994 (.02) N/A -- 10.39 10.5000
1993 (.14) N/A -- 10.99 11.2500
Two months ended
9/30/92 -- N/A -- 10.74 11.2500
Year ended 7/31,
1992 (.13) N/A -- 10.87 11.6250
1991 (.05) N/A -- 10.27 10.6250
1990 (.04) N/A -- 10.20 10.5000
1989 (.24) N/A -- 10.37 10.5000
10/7/87 to
7/31/88 -- N/A -- 9.95 10.0000
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 -- -- -- 16.23 18.7500
1996 -- -- -- 16.17 17.2500
1995 -- -- -- 16.41 16.6250
1994 -- -- -- 15.91 15.8750
1993 -- -- -- 17.24 17.8750
11 months ended
9/30/92 -- -- -- 15.73 15.7500
Year ended
10/31/91 -- -- -- 14.93 15.5000
11/15/89 to
10/31/90 -- -- (.24) 13.44 14.3750
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 (.02) (.01) -- 15.85 18.1250
1996 (.02) (.01) -- 15.89 16.8750
1995 -- -- -- 16.16 16.5000
1994 -- -- -- 15.71 15.2500
1993 -- -- -- 17.29 17.3750
11 months ended
9/30/92 (.02) (.01) -- 15.83 16.7500
11/20/90 to
10/31/91 -- -- (.19) 14.98 15.5000
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of net
Total Ratio of investment
investment Total return Net assets expenses to income to Portfolio
return on on net end of period average average turnover
market value** asset value** (in thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C> <C>
New York Value
Year ended 9/30:
1997 8.11% 6.87% $ 154,298 .79% 6.10% 28%
1996 8.07 4.85 151,848 .83 6.16 7
1995 5.33 7.24 124,484 .80 6.38 12
1994 (.77) .78 122,311 .84 6.16 4
1993 7.27 10.28 127,976 .85 6.16 5
Two months 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>
New York Performance Plus
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 15.77 7.49 342,320 .81 5.81 7
1996 10.76 5.53 339,360 .82 5.76 2
1995 12.43 10.62 340,246 .86 5.86 15
1994 (5.07) (1.22) 163,591 .87 5.76 2
1993 21.53 17.78 172,136 .84 5.89 3
11 months ended
9/30/92 8.14 12.48 160,052 .81* 6.25* 1
Year ended
10/31/91 15.67 19.71 153,310 .84 6.53 46
11/15/89 to
10/31/90 1.05 1.31 142,169 .83* 6.54* 69
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 14.40 6.84 395,569 .82 5.69 2
1996 9.01 5.09 394,189 .82 5.63 4
1995 15.87 9.98 396,012 .84 5.73 4
1994 (6.26) (2.97) 387,955 .83 5.53 2
1993 10.71 16.82 412,960 .83 5.54 1
11 months 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
See notes on page 64.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights - continued
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net asset Net realized
value Net and unrealized
beginning investment gain (loss) To Common To Preferred
of period income from investments Shareholders Shareholders+
<S> <C> <C> <C> <C> <C>
New York Select Quality
Year ended 9/30:
1997 $15.78 $1.21 $ .13 $ (.99) $(.22)
1996 15.90 1.22 (.06) (1.01) (.23)
1995 15.24 1.23 .69 (1.01) (.25)
1994 17.03 1.22 (1.76) (1.06) (.18)
1993 15.27 1.23 1.80 (1.08) (.16)
11 months ended
9/30/92 14.39 1.12 .85 (.88) (.21)
5/22/91 to
10/31/91 14.05 .35 .42 (.24) (.03)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 15.32 1.17 .39 (.94) (.24)
1996 15.31 1.19 .04 (.94) (.25)
1995 14.51 1.19 .84 (.94) (.27)
1994 16.50 1.18 (1.96) (.95) (.24)
1993 14.58 1.17 1.89 (.93) (.21)
11/20/91 to
9/30/92 14.05 .73 .65 (.59) (.08)
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 14.26 1.07 .69 (.82) (.25)
1996 13.92 1.08 .33 (.80) (.27)
1995 12.74 1.08 1.20 (.81) (.29)
1994 15.34 1.05 (2.62) (.84) (.19)
12/17/92 to
9/30/93 14.05 .60 1.50 (.47) (.08)
<PAGE>
<CAPTION>
Distributions from
capital gains
Organization and
offering costs and Per common
Preferred share Net asset share
To Common To Preferred underwriting value market value
Shareholders Shareholders+ discounts end of period end of period
<S> <C> <C> <C> <C> <C>
New York Select Quality
Year ended 9/30:
1997 $(.01) $-- $ -- $15.90 $16.8125
1996 (.03) (.01) -- 15.78 16.0000
1995 -- -- -- 15.90 15.7500
1994 (.01) -- -- 15.24 14.6250
1993 (.02) (.01) -- 17.03 16.3750
11 months ended
9/30/92 -- -- -- 15.27 15.2500
5/22/91 to
10/31/91 -- -- (.16) 14.39 15.1250
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 (.03) (.01) -- 15.66 16.1875
1996 (.02) (.01) -- 15.32 15.2500
1995 (.02) -- -- 15.31 14.6250
1994 (.02) -- -- 14.51 14.0000
1993 -- -- -- 16.50 15.5000
11/20/91 to
9/30/92 -- -- (.18) 14.58 14.6250
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 -- -- -- 14.95 14.8750
1996 -- -- -- 14.26 13.7500
1995 -- -- -- 13.92 13.1250
1994 -- -- -- 12.74 11.5000
12/17/92 to
9/30/93 -- -- (.26) 15.34 14.7500
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of net
Total Ratio of investment
investment Total return Net assets expenses to income to Portfolio
return on on net end of period average average turnover
market value** asset value** (in thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C> <C>
New York Select Quality
Year ended 9/30:
1997 11.77% 7.34% $513,293 .81% 5.43% 3%
1996 8.26 5.86 506,128 .80 5.40 4
1995 15.34 11.41 505,340 .82 5.56 5
1994 (4.30) (4.32) 490,530 .83 5.38 2
1993 15.12 19.47 530,466 .85 5.43 1
11 months ended
9/30/92 6.86 12.60 489,917 .83* 5.68* 15
5/22/91 to
10/31/91 2.42 4.14 467,181 .79* 5.22* 2
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 12.90 8.80 539,327 .80 5.17 13
1996 10.96 6.45 528,934 .79 5.25 9
1995 11.96 12.58 528,027 .81 5.42 4
1994 (3.58) (6.37) 509,344 .82 5.20 5
1993 12.76 20.20 555,918 .83 5.15 4
11/20/91 to
9/30/92 1.52 8.11 510,658 .79* 5.00* 17
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C> <C>
Year ended 9/30:
1997 14.63 10.93 187,813 .85 4.80 24
1996 11.15 8.35 182,176 .86 4.87 21
1995 22.11 16.30 179,368 .95 5.05 32
1994 (16.98) (11.85) 86,720 .96 4.80 5
12/17/92 to
9/30/93 1.53 12.70 97,664 .99* 4.14* 3
<FN>
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share.
Total Return on Net Asset Value is the combination of reinvested dividend
income, reinvested capital gains distributions, if any, and changes in net asset
value per share. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to
preferred shareholders.
</FN>
</TABLE>
<PAGE>
Independent Auditor's Report
THE BOARD OF DIRECTORS AND SHAREHOLDERS
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen
New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment
Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund,
Inc., Nuveen New York Quality Income Municipal Fund, Inc., and Nuveen Insured
New York Premium Income Municipal Fund, Inc. as of September 30, 1997, and the
related statements of operations, changes in net assets and the financial
highlights for the periods indicated therein. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
September 30, 1997, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc.,
Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality
Income Municipal Fund, Inc., and Nuveen Insured New York Premium Income
Municipal Fund, Inc. at September 30, 1997, and the results of their operations,
changes in their net assets and financial highlights for the periods indicated
therein in conformity with generally accepted accounting principles.
Chicago, Illinois
November 7, 1997
<PAGE>
Fund Information
BOARD OF DIRECTORS
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
FUND MANAGER
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, Illinois
<PAGE>
Nuveen makes reinvesting easy. A phone call is all it takes to set up your
reinvestment account.
(continued from inside front cover)
before purchases are completed, the average purchase price per share may
exceed the market price at the time of valuation resulting in the acquisition of
fewer shares than if the dividend or distribution had been paid in shares issued
by the fund. A pro rata portion of any applicable brokerage commissions on open
market purchases will be paid by Plan participants. These commissions usually
will be lower than those charged on individual transactions.
FLEXIBILITY
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment adviser if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial adviser or call us
toll-free at (800) 257-8787.
<PAGE>
Serving Investors for Generations
Photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for investors whose portfolios are the principal source of
their ongoing financial security. More than 1.3 million investors have trusted
Nuveen to help them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies whose aim is to provide consistent, attractive
performance over time -- with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to help ensure that they continue to meet our exacting
standards.
Whether your focus is long-term growth, dependable current income or
preservation of capital, Nuveen offers a wide array of equity and fixed-income
mutual funds, unit trusts, exchange-traded funds, individual managed account
services, and cash management products, including many that generate tax-free
income.
To find out more about how Nuveen investment products and services can help
you preserve your financial security, talk with your financial adviser, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
NUVEEN
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
(800) 257-8787
www.nuveen.com
FAN-1.9.97
