SEMIANNUAL REPORT March 31, 2000
LOGO: NUVEEN Investments
Invest well.
Look ahead.
LEAVE YOUR MARK.(sm)
EXCHANGE-TRADED Funds
Dependable, tax-free income to help you keep more of what you earn.
NEW YORK
NNY
NNP
NQN
NVN
NUN
NNF
NAN
Photo: Water
Photo: Hands
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FINANCIAL INFORMATION
As of March 31, 2000
CREDIT QUALITY PERFORMANCE HIGHLIGHTS
Nuveen New York Municipal Value Fund, Inc. (NNY)
o Monthly dividend per share of $.0425
o Market yield on share price of 6.18%
o Taxable-equivalent yield on share price of 9.58% *
PIE CHART:
AA/U.S. Guaranteed 58%
AA 13%
A 19%
BBB/NR 10%
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
o Monthly dividend per share of $.079
o Market yield on share price of 7.09%
o Taxable-equivalent yield on share price of 10.99% *
PIE CHART:
AA/U.S. Guaranteed 55%
AA 19%
A 21%
BBB/NR 5%
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
o Monthly dividend per share of $.077
o Market yield on share price of 6.88%
o Taxable-equivalent yield on share price of 10.67% *
PIE CHART:
Insured 76%
Insured & U.S. Guaranteed 18%
U.S. Guaranteed 6%
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
o Monthly dividend share of $.0775
o Market yield on share price of 6.95%
o Taxable-equivalent yield on share price of 10.78% *
PIE CHART:
Insured 80%
Insured & U.S. Guaranteed 15%
U.S. Guaranteed 5%
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
o Monthly dividend per share of $.076
o Market yield on share price of 7.05%
o Taxable-equivalent yield on share price of 10.93% *
PIE CHART:
Insured 73%
Insured & U.S. Guaranteed 24%
U.S. Guaranteed 3%
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
o Monthly dividend per share of $.0695
o Market yield on share price of 6.51%
o Taxable-equivalent yield on share price of 10.09% *
PIE CHART:
Insured 77%
Insured & U.S. Guaranteed 21%
U.S. Guaranteed 2%
Nuveen New York Dividend Advantage Municipal Fund (NAN)
o Monthly dividend per share of $.069
o Market yield on share price of 6.62%
o Taxable-equivalent yield on share price of 10.26% *
PIE CHART:
AA/U.S. Guaranteed 61%
AA 22%
A 9%
BBB/NR 8%
Past performance is not predictive of future results.
* For investors in the combined federal and state income tax rate of 35.5%.
Please refer to your fund's individual Performance Overview in this report for
more information.
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
8 NNY Performance Overview
9 NNP Performance Overview
10 NQN Performance Overview
11 NVN Performance Overview
12 NUN Performance Overview
13 NNF Performance Overview
14 NAN Performance Overview
15 Report to Shareholders
18 Portfolio of Investments
48 Statement of Net Assets
51 Statement of Operations
53 Statement of Changes in Net Assets
56 Notes to Financial Statements
64 Financial Highlights
68 Build Your Wealth Automatically
69 Fund Information
<PAGE>
Photo of:Timothy R. Schwertfeger
TIMOTHY R. SCHWERTFEGER
CHAIRMAN OF THE BOARD
SIDEBAR TEXT: Wealth takes a lifetime to build. Once achieved, it should be
preserved.
Dear Shareholder
The primary objective of the Nuveen New York Exchange-Traded Funds is to provide
dependable, attractive dividends free from federal, state and local income taxes
for New York residents. I am pleased to report that your Fund continued to
achieve this goal during the period covered by this report. The portfolio
manager of your Fund and I appreciate this opportunity to review with you the
investment environment and the performance of your Nuveen New York
Exchange-Traded Fund for this period.
A CHALLENGING INVESTMENT ENVIRONMENT
As of March 31, 2000, the U.S. economy had completed 108 consecutive months of
expansion, the longest continuous period of economic growth in U.S. history.
While the strong growth trends and benign inflation that have been the hallmarks
of this expansion largely remained in place, any economic report that suggested
either acceleration or slowdown from present levels sparked increasingly
volatile swings in the equity markets. Increased consumer spending, which
accounted for two-thirds of all economic activity, was a primary source of
inflation worry for the Federal Reserve, while the scarcity of qualified
workers, as evidenced by continued low unemployment levels, prompted concerns
about a potentially inflationary impact on wages and, ultimately, consumer
prices.
As part of its efforts to slow the pace of economic growth and forestall
inflation, the Fed in March again raised the federal funds rate, which sets the
standard for short-term market rates, bringing it to 6.00%. Concurrent with this
latest increase, the Fed indicated its concern that an inflationary imbalance
could be triggered if consumer demand continued to exceed the growth in supply.
This left the door open for additional tightenings later in the year.
MUNICIPAL BOND PERFORMANCE
The cumulative effect of the Fed's five interest rate hikes and various other
economic events over the past 12 months had a negative impact on the
fixed-income markets, including municipal bonds. With the Fed's monetary
tightening prompting a rise in market yields, municipal bond prices slumped.
On a more positive note, our exchange-traded municipal bond funds continued to
offer attractive, dependable income in a market that places a high premium on
yield. At the end of March 2000, long-term municipal yields, as represented by
the Bond Buyer 25 Revenue Index, offered over 103% of 30-year Treasury yields,
compared with the historical average of 86% for the period 1986-1999. For
investors, this meant that quality long-term municipal bonds offered higher
yields than long-term Treasury bonds, even before the tax advantages of
municipals
<PAGE>
were taken into account. Of course, Treasuries are backed by the full faith and
credit of the U.S. government. Even so, on an after-tax basis, municipal bonds
continued to represent an exceptionally attractive investment option relative to
Treasuries.
During 1999, we saw the national supply of municipal bonds drop 21% from the
near-record levels of 1998, and this trend has continued into 2000, with first
quarter 2000 issuance down 34% from that of a year earlier. Much of this decline
was due to the higher interest rate environment, which deterred municipalities
from issuing new debt and removed much of the incentive to refund existing
bonds. On the demand side, we anticipate that individual investors interested in
rebalancing their portfolios will increasingly look to municipal bonds in the
months ahead. With the outlook for tighter supply and stronger demand, Nuveen's
established market position as the leading sponsor of exchange-traded municipal
bond funds should give us excellent access to bond offerings that have the
potential to add value for our shareholders.
AN OPPORTUNE TIME TO PURCHASE ADDITIONAL SHARES
The lure of the equity markets, year-end tax sell-offs, and Y2K concerns all
contributed to a decline in share price for our exchange-traded funds over the
past year. The current investment environment, with its higher interest rates
and prospects for additional rate increases, could represent an opportune time
to explore the purchase of additional shares of your exchange-traded fund. Your
financial adviser can serve as a valuable resource by helping you establish a
reinvestment plan that allows you to automatically purchase shares of your Fund,
compounding your investment and providing the potential for additional tax-free
income. For more information on Nuveen's Exchange-Traded Fund reinvestment plan,
contact your financial adviser, or call Nuveen at (800) 257-8787.
Since 1898, Nuveen has been synonymous with investments that stand the test of
time. We remain committed to maintaining that reputation and finding the best
ways to serve your evolving investment needs. Thank you for your continued
confidence.
Sincerely,
/s/ TIMOTHY R. SCHWERTFEGER
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
May 15, 2000
Sidebar text: "Purchasing shares of a Nuveen Exchange-Traded Municipal Fund
provides an easy way to incorporate the benefits of municipal bonds into a
balanced portfolio."
<PAGE>
Nuveen New York Exchange-Traded Funds
Portfolio Manager's Comments
PORTFOLIO MANAGER PAUL BRENNAN REVIEWS THE NEW YORK ECONOMY, ITS IMPACT ON THE
MUNICIPAL MARKET AND FUND PERFORMANCE, AND THE KEY STRATEGIES USED TO MANAGE THE
NUVEEN NEW YORK EXCHANGE-TRADED FUNDS. PAUL, WHO HAS NINE YEARS OF EXPERIENCE AS
AN INVESTMENT PROFESSIONAL, STARTED AT FLAGSHIP IN 1991 AND JOINED NUVEEN IN
1997 WHEN NUVEEN ACQUIRED THAT COMPANY. PAUL HAS MANAGED THE NUVEEN NEW YORK
EXCHANGE-TRADED FUNDS SINCE AUGUST 1999.
WHAT FACTORS AFFECTED NEW YORK'S ECONOMY OVER THE 12 MONTHS ENDED MARCH 31,
2000?
Over the past 12 months, the New York economy as a whole continued to prosper,
with robust job growth, strong income growth, and rising household wealth. New
York City, in particular, continued to make strong gains, thanks to the fortunes
of Wall Street, and New York City was recently named the wealthiest in the
nation in terms of per capita income, according to the Bureau of Economic
Analysis. The strength of the equity markets and the record-setting economic
expansion continued to contribute to some economic disparity between New York
City and a weaker upstate New York.
As of March 31, 2000, unemployment in the state reached 4.6%, down from 5.2% at
the end of March 1999 but still higher than the national average of 4.1%. The
services sector, local and state governments, and retail trade together
accounted for two-thirds of the state's employment, with new job growth coming
largely from the construction and services sectors. Tight labor markets were
helped somewhat by a reversal in New York population trends, as the state's
population grew 0.2% in 1999 after five years of zero growth. Contributing to
New York's economic growth over the past year was the improving situation in
world markets. Canada served as the state's largest trading partner, providing a
market for about 25% of the state's total exports, with the UK, Switzerland, and
Japan accounting for another 25%.
The state's economic prosperity helped to create another large budget
surplus--$1 billion--in 1999, and the 2000 budget contained proposals for tax
cuts as well as increased spending for schools, environmental projects, and
prison construction. While New York state's short-term financial position is
strong, its high debt burden and low credit rating contribute to a weaker
long-term outlook. The state's debt service costs as a percentage of personal
income stood at 5.6%, more than twice the national average, ranking New York
fourth among the states. From a credit perspective, New York is currently rated
A2 by Moody's Investor Service, which ranks it just above Louisiana, the lowest
rated state in the nation. However, during the past 12 months, New York's
economic performance led Standard & Poor's to upgrade its rating of the state's
general obligation bonds to A+ from A. Fitch IBCA's rating remained at A+. Other
long-term concerns for the New York economy include the impact of restructuring
on the state's important financial and healthcare industries, the decline in
manufacturing, an aging infrastructure, and the potential end to the bull
market, which would put New York City's economy in a more vulnerable position.
WHAT KIND OF IMPACT DID THESE FACTORS HAVE ON SUPPLY AND DEMAND IN THE NEW YORK
MUNICIPAL MARKET?
For the first three months of 2000, new municipal issuance in New York dropped
29% from first quarter 1999 levels, in line with the 34% decline in national
supply for the same period. This difference can largely be explained by the
surge in municipal issuance during fourth quarter 1999, when many issuers
disregarded rising interest rates in order to issue bonds ahead of any Y2K
problems that were anticipated during the transition to 2000. In contrast, as
the Federal Reserve continued to raise interest rates in February and March of
this year, the higher rate environment was enough to deter many municipalities
from issuing new bonds or refinancing old debt. Also contributing to the
decrease in new issuance was the delay in approval of New York state's annual
budget and the state's healthy cash flow from tax revenues, which has led to
more pay-as-you-go financings.
Overall, the decline in supply helped to offset some of the negative impact that
higher interest rates and equity market activity had on the demand for municipal
bonds. Demand for New York municipal paper remained stronger than in other
states due in part to the state's high tax rates and the affluence of its
residents, and New York offerings were met with robust interest by both
institutional and individual investors.
HOW WERE THE NUVEEN NEW YORK FUNDS' DIVIDENDS AFFECTED BY THIS ENVIRONMENT?
During the past year, good call protection helped to support the dividends of
NNY and NNF and shield their income from erosion. In addition, Nuveen's dividend
management strategies enabled us to increase NNY's dividend in March 2000. As of
the end of March, NNY had provided shareholders with steady or increasing
dividends for 12 consecutive months, while NNF's record of steady or increasing
dividends extends back to its first
<PAGE>
dividend payment in March 1993, or 85 consecutive months. However, the eroding
effect of a number of bond calls, as well as the bonds sold shortly before their
call dates to take advantage of the current market, removed some higher-yielding
bonds from the portfolios of NNP, NQN, NVN, and NUN. This led to dividend cuts
in these four funds over the past 12 months. NAN also adjusted its dividend,
primarily due to the rise in short-term rates over the past year, which affects
the rate the Fund pays its Muni Preferred shareholders. Despite these
adjustments, all of the Nuveen New York funds continued to provide attractive
market yields, as shown in the accompanying table.
With the exception of NNY, the Nuveen New York Funds are leveraged, which means
they issue MuniPreferred shares that pay short-term interest rates to investors
seeking short-term liquidity. Short-term municipal rates are usually, but not
always, lower than long-term rates. The proceeds from the preferred shares are
used to buy additional long-term bonds for the Funds' portfolios. The use of
leverage can increase the volatility of a fund's net asset value (NAV), adding
higher risk than that associated with non-leveraged funds, but the leveraged
fund is usually compensated for this additional risk in the form of higher
yields.
When short-term interest rates remain below long-term rates, common shareholders
can potentially earn extra net income from the difference between the rate
earned on a fund's long-term portfolio and the short-term rate paid to preferred
shareholders. However, as the interest rates on the MuniPreferred shares rose
over the past nine months in line with the Federal Reserve's increase in other
short-term rates, the leveraged funds had to pay out increased income to
preferred shareholders, leaving less income for common shareholders. This
contributed to the dividend reductions in the majority of the Nuveen New York
Funds, especially NAN.
OVERALL, HOW DID THE NUVEEN NEW YORK FUNDS PERFORM OVER THE PAST YEAR?
For the 12 months ended March 31, 2000, the Nuveen New York Funds produced total
returns on NAV as shown in the accompanying table. For comparison purposes, the
annual returns for the Funds' benchmarks--the Lehman Brothers New York
Tax-Exempt and the Lehman New York Insured Tax-Exempt Bond Indexes1--and the
Funds' Lipper Peer Groups2 are also presented.
<TABLE>
<CAPTION>
LEHMAN
TOTAL RETURN TOTAL LIPPER
MARKET YIELD ON NAV RETURN1 AVERAGE2
------------------------- ------------------------- ------- --------
1-Year 1-Year 1-Year
Taxable- Ended Taxable- Ended Ended
3/31/00 Equivalent3 3/31/00 Equivalent3 3/31/00 3/31/00
------- ----------- ------- ----------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NNY 6.18% 9.58% -1.62% 1.16% 0.04% -3.52%
------- --------- ------- --------- ------ -------
NNP 7.09% 10.99% -2.41% 1.17% 0.04% -3.52%
------- --------- ------- --------- ------ -------
NQN 6.88% 10.67% -1.31% 2.22% -0.65% -2.99%
------- --------- ------- --------- ------ -------
NVN 6.95% 10.78% -0.55% 3.00% -0.65% -2.99%
------- --------- ------- --------- ------ -------
NUN 7.05% 10.93% -1.60% 1.79% -0.65% -2.99%
------- --------- ------- --------- ------ -------
NNF 6.51% 10.09% -3.67% -0.61% -0.65% -2.99%
------- --------- ------- --------- ------ -------
NAN 6.62% 10.26% -3.86%* -1.34%* NA NA
------- --------- ------- --------- ------ -------
*NAN returns are for the period from May 26, 1999, the fund's commencement of
operations date, through March 31, 2000.
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
</TABLE>
With the exception of NVN, the total returns on NAV for the Nuveen New York
Funds underperformed their Lehman benchmarks. The Funds' performance relative to
the indexes can be correlated with their durations4. Duration measures a bond
fund's price volatility, or reaction to interest rate movements. The longer the
duration, the more sensitive the fund's NAV is to changes in interest rates.
During a period of falling interest rates, a long duration enables a fund's NAV
to participate more fully in market gains. However, when interest rates rise
(and bond values correspondingly fall), a long duration can make the fund's NAV
more vulnerable to price declines. Over the 12 months ended March 2000, the
yield on the Bond Buyer 25 Revenue Bond Index5 rose from 5.29% to 6.03%. This
meant that the longer the duration, the more likely the fund was to underperform
the market, as represented by the unleveraged Lehman indexes.
As of March 31, 2000, the durations of the four insured funds ranged from 8.62
to 11.67, compared with the Lehman Brothers New York Insured Tax-Exempt Bond
Index's 8.33. The unleveraged NNY had an average duration of 8.47, while the
leveraged NNP's duration
1 The performance of NNY and NNP is compared with that of the Lehman Brothers
New York Tax-Exempt Bond Index, an unleveraged index comprising a broad
range of investment-grade New York municipal bonds. The performance of the
four insured funds -- NQN, NVN, NUN, and NNF -- is compared with that of
the Lehman New York Insured Tax-Exempt Bond Index, an unleveraged index
comprising a broad range of insured New York municipal bonds. Results for
the Lehman indexes do not reflect any expenses.
2 The total returns for NNY and NNP are compared with the average annualized
return of the 10 funds in the Lipper New York Municipal Debt Funds
category, while the total returns for the four insured funds are compared
with the average annualized return of the 8 funds in the Lipper New York
Insured Municipal Debt Funds category. Fund and Lipper returns assume
reinvestment of dividends.
3 The taxable-equivalent yield/total return represents the yield/total return
that must be earned on a taxable investment in order to equal the
yield/total return of the Nuveen fund on an after-tax basis. The
taxable-equivalent yield is based on the fund's current market yield and a
combined federal and state income tax rate of 35.5%, while the
taxable-equivalent total return is based on the annualized total return and
the 35.5% combined federal and state income tax rate.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for the funds and therefore differs from the
duration of the actual portfolio of individual bonds that make up the
funds. With the exception of NNY, which is unleveraged, references to
duration in this commentary are intended to indicate fund duration unless
otherwise noted.
5 The Bond Buyer 25 Revenue Bond Index is an unmanaged index of long-term
municipal revenue bonds.
<PAGE>
was 12.37. The durations of these two funds compared with 7.19 for the Lehman
New York Tax-Exempt Bond Index. NAN's duration was 19.40, which we believe is
typical of a newly established exchange-traded fund. We continue to work toward
our long-term goal of reducing the interest rate risk in NAN's portfolio.
However, given the bond market of the past 12 months, we took a conservative
approach to making portfolio changes to try to lessen the impact on the Fund's
dividend and return. Over the six months since our last report, NAN's duration
was shortened from 20.19.
Over the past 12 months, the durations of the Nuveen New York Funds--with the
exception of NAN--lengthened, due largely to market action and trading activity
effected by Nuveen. For instance, proceeds from sold or called bonds were
reinvested in issues with longer durations, which benefited the Funds by
providing attractive yields and better call protection. The longer durations
should help to strengthen the Nuveen New York Funds' long-term dividend
prospects and position the Funds to regain net asset value if the bond market
recovers and interest rates decline.
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
During the past 12 months, rising interest rates, inflation worries, and
constant speculation about the Federal Reserve's next move created a negative
environment in the fixed-income markets. In addition, concerns about the impact
of the transition to the year 2000 precipitated an early start to 1999's
tax-swap season, as investors attempted to offset profits in the equity markets
by selling fixed-income investments at a loss. The liquidity concerns engendered
by Y2K also prompted some investors with cash to opt for money market funds and
other short-term instruments rather than long-term fixed-income investments over
the year-end.
All of these factors negatively impacted the market demand for exchange-traded
funds, including the Nuveen New York Funds. Since the prevailing interest rate
environment in March 2000 was higher than that of a year earlier, the Funds'
NAVs declined, as bond prices fell while interest rates rose. While we have seen
some recovery in the past three months, overall the Funds' share prices and NAVs
were lower than they were on March 31, 1999. The following table illustrates the
Funds' share price and NAV activity over the past 12 months.
<TABLE>
<CAPTION>
3/31/99 6/30/99 9/30/99 12/31/99 3/31/00
-------- --------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NNY
Share Price $10 1/16 $9 3/16 $8 3/4 $7 13/16 $8 1/4
-------- --------- -------- -------- --------
NAV $10.13 $9.83 $9.53 $9.26 $9.46
-------- --------- -------- -------- --------
NNP
Share Price $17 1/4 $16 1/16 $15 5/16 $13 $13 3/8
-------- --------- -------- -------- --------
NAV $15.89 $15.27 $14.65 $13.94 $14.42
-------- --------- -------- -------- --------
NQN
Share Price $17 1/8 $15 5/8 $15 1/16 $12 15/16 $13 7/16
-------- --------- -------- --------- --------
NAV $15.50 $14.96 $14.44 $13.89 $14.31
-------- --------- -------- -------- --------
NVN
Share Price $16 9/16 $16 $15 3/8 $13 $13 3/8
-------- --------- -------- -------- --------
NAV $15.58 $15.10 $14.64 $14.21 $14.50
-------- --------- -------- -------- --------
NUN
Share Price $16 5/16 $15 1/4 $15 $12 5/8 $12 15/16
-------- --------- -------- -------- ---------
NAV $15.53 $14.99 $14.54 $14.05 $14.34
-------- --------- -------- -------- --------
NNF
Share Price $16 3/16 $15 $14 3/8 $12 9/16 $12 13/16
-------- --------- -------- -------- ---------
NAV $15.39 $14.72 $14.20 $13.62 $13.98
-------- --------- -------- -------- --------
NAN
Share Price NA $15 1/16 $14 3/8 $12 5/16 $12 1/2
-------- --------- -------- -------- --------
NAV NA $14.23 $13.27 $12.38 $13.11
-------- --------- -------- -------- --------
</TABLE>
Over the past 12 months, NNY saw its discount (share price below NAV) widen,
while the premiums (share price above NAV) on the remaining Funds moved to
discounts. With the market prices of these Funds lower than the actual value of
the bonds in their portfolios, shareholders may want to consider taking
advantage of this opportunity to add to their holdings of the Nuveen New York
Funds.
TOTAL RETURN ON SHARE PRICE PREMIUM/DISCOUNT6
----------------------------------- -----------------------------
1-Year Ended Taxable-
3/31/00 Equivalent3 3/31/99 3/31/00
-------- -------- ----------- ---------
NNY -13.16% -10.36% -0.67% -12.79%
-------- -------- ----------- ---------
NNP -16.66% -13.36% 8.56% -7.25%
-------- -------- ----------- ---------
NQN -16.14% -12.94% 10.48% -6.10%
-------- -------- ----------- ---------
NVN -13.64% -10.30% 6.31% -7.76%
-------- -------- ----------- ---------
NUN -15.36% -12.13% 5.04% -9.78%
-------- -------- ----------- ---------
NNF -16.00% -13.09% 5.18% -8.35%
-------- -------- ----------- ---------
NAN -12.54%* -10.14%* NA -4.65%
-------- -------- ----------- ---------
*NAN returns are for the period from May 26, 1999, the fund's commencement of
operations date, through March 31, 2000.
6 A fund's premium/discount represents the percentage difference between the
fund's share price and its NAV.
<PAGE>
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK FUNDS DURING THE 12
MONTHS ENDED MARCH 31, 2000?
The past 12 months represented a challenging period for fixed-income
investments, including long-term exchange-traded funds such as the Nuveen New
York Funds. However, it also provided opportunities to improve the Funds'
structure by adding diversification, enhancing tax efficiency, and strengthening
the Funds' long-term dividend-paying capabilities. During the past year, we
focused on taking advantage of these opportunities while continuing to manage
the Funds toward their primary objective of providing dependable and attractive
tax-free dividends. As the result of our implementation of these strategies, we
believe the Funds are well positioned to benefit from any recovery of the bond
market in the future.
Because we recognized that municipal supply could become tighter if interest
rates continued to rise, we were very active during the fourth quarter of 1999,
taking advantage of issuers' decision to increase issuance ahead of the Y2K
transition. By taking a proactive approach, we were able to purchase attractive
bonds with high yields for all of the Nuveen New York Funds. In addition to high
yields, these recent purchases should benefit the Funds in several ways. First,
we were able to enhance the Funds' call structure by adding bonds with more
favorable call protection. Second, many of the bonds we purchased for all of the
Nuveen New York Funds should become good candidates for prerefunding if the bond
market improves and rates decline, which could further enhance the quality and
performance of these portfolios.
The heavier issuance of the last quarter of 1999 also enabled us to focus on
diversification, which is often a challenge in New York because issuance is
often concentrated in New York City and state agency bonds. During the last part
of 1999, we had several opportunities to further diversify the Funds' holdings
by purchasing bonds from infrequent issuers, such as the Pratt Institute and
Marymount Manhattan College, as well as from upstate municipalities that issued
tax-backed general obligation debt at very attractive yields. Examples in this
area included the city of Rochester, Germantown Central School District and the
counties of Oneida and Rockland. Because of our size and market presence, we
were often able to negotiate more favorable prices through a competitive bidding
process, and, in some cases, we bought the entire maturity of the issue. We
believe Nuveen's experienced Research team provides an advantage in this area,
helping us identify attractive deals, especially in less-known areas of the
market, supplying the background we need to understand the issuer, and helping
us make appropriate purchase decisions.
Another example of a diversification opportunity involved our purchase of the
initial offering of the so-called "tobacco bonds." These high-yield bonds, which
were issued on behalf of New York City via the Tobacco Settlement Asset
Securitization Corporation (TSASC), are backed by payments from virtually all
the tobacco companies as part of their master settlement agreement with 46
states. Because of our institutional presence in New York, city officials
visited Nuveen prior to the issuance of these bonds to discuss the terms of the
transaction and solicit our feedback. This gave us a valuable opportunity to
thoroughly review the complex structure of the TSASC bonds and offer suggestions
on ways in which the structure of the issue could be improved. The proceeds from
these particular Aa1 (Moody's) and A (S&P) bonds are being used to finance
renovations of New York City schools.
All of these bonds, as well as others purchased from more traditional issuers
during the past year, should help us enhance call protection and protect
portfolio income. As of March 31, 2000, both NNF and NAN offered excellent
levels of call protection. NNF has only 9% of its portfolio subject to calls
between now and the end of 2001, while NAN has no scheduled calls over this
period. These levels of call protection should help to provide additional
stability for the Funds' dividends over this period. However, the remaining five
funds, which were assembled prior to 1992, are now in the normal part of the
bond market cycle when the likelihood of bond calls increases. Approximately 10
years after the original issue date, issuers typically have their first
opportunity to call, or redeem, outstanding bonds. Calls are more likely to
occur if current interest rates are
<PAGE>
more favorable to the issuer than the rates that prevailed when the bonds were
first issued. Over the remainder of 2000 and 2001, these five funds face a
varying number of calls, ranging from 20% of the portfolio in NNY to 48% in NVN.
Our strategies for addressing this situation include closely monitoring call
activity in the portfolios and taking advantage of opportunities to sell bonds
before their call dates, replacing them with the best bonds available in the
market at the time of sale. The lighter supply of municipal bonds currently
available will also factor into our strategies.
One interesting characteristic of the recent market was the prevalence of bond
buybacks. One such buyback was initiated by the Long Island Power Authority
(LIPA), which in 1998 had brought to market the largest issuance in municipal
bond history. In an effort to reduce debt service costs, LIPA solicited tender
offers for approximately $150 million in bonds in December 1999. Again, Nuveen's
size and market presence were instrumental in determining an appropriate price
for these bonds, and we were able to tender a substantial amount of bonds at
prices well above their market value. This helped to enhance the returns of the
Funds involved (NNY, NNP, NQN, NNF, and NAN). Because LIPA continues to perform
well operationally, we subsequently bought more LIPA bonds to position the Funds
for any future buybacks and/or rating upgrades. As a major institutional buyer,
we also received early information on a proposed buyback by New York City's
Metropolitan Transit Authority (MTA). MTA is considering major debt
restructuring, which could result in refundings or buybacks. While we already
had a large position in MTA bonds, we took advantage of this information to
increase our holdings in anticipation of future tender opportunities or advance
refundings, either of which have the potential to enhance the Funds'
performance, similar to the situation we had with LIPA.
As interest rates rose and bond prices declined over the past 12 months,
enhanced tax efficiency also became an increased focus. Our strategy has been to
sell selected bonds that were trading at a loss, recognize the capital losses,
and then reinvest the proceeds in bonds with similar structure and quality as
well as attractive yields and better call protection. This trading benefited the
Funds by providing realized capital losses with which to offset current and
future realized capital gains, thereby protecting shareholders from additional
taxes, and also, in most cases, increasing the Funds' net earnings. While this
activity has slowed somewhat recently as long-term rates dropped slightly, we
continue to look for opportunities to implement this strategy.
As of March 31, 2000, NNY, NNP, and NAN offered excellent credit quality, with
the portion of their assets invested in bonds rated AAA/U.S. guaranteed and AA
ranging from 71% to 83%. Allocations of BBB/non-rated bonds ranged from 5% in
NNP to 10% in NNY. These bonds generally provided higher yields as credit
spreads (or the difference in yield between higher credit quality securities and
those of lower credit quality) widened in recent months. As insured funds, NQN,
NVN, NUN, and NNF are 100% invested in insured and/or U.S. guaranteed bonds,
which means that credit quality is very high.
WHAT IS YOUR OUTLOOK FOR THE NUVEEN NEW YORK FUNDS?
In the months ahead, we plan to take advantage of the higher yields currently
available in the New York municipal market to enhance our portfolio holdings and
the dividend capabilities of the Funds. We will also continue working on
strategies designed to manage the Funds' call exposure and minimizing the impact
of bond calls. Currently, that includes selling bonds with short calls and
extending the Funds' call protection by buying new issues with favorable call
features. According to the New York issuance calendar, some of the issuers that
come to market infrequently will once again have offerings over the next few
months, and we plan to leverage our research capabilities to explore these
opportunities and continue to add diversification to the Funds.
The ability to implement strategies with the potential to benefit the Funds
demonstrates the value that can be added by an active bond manager such as
Nuveen. As an experienced investment manager knowledgeable about the unique
aspects of the New York municipal market, we are in the marketplace every day,
monitoring market dynamics, looking for opportunities, and capitalizing on them
to the benefit of shareholders.
<PAGE>
Nuveen New York Municipal Value Fund, Inc.
Performance Overview
As of March 31, 2000
NNY
PORTFOLIO STATISTICS
Inception Date 10/87
--------------------------------------------------
Share Price $8 1/4
--------------------------------------------------
Net Asset Value $9.46
--------------------------------------------------
Market Yield 6.18%
--------------------------------------------------
Taxable-Equivalent Yield 8.96%
(Federal Income Tax Rate) 1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.58%
--------------------------------------------------
Fund Net Assets ($000) $143,088
--------------------------------------------------
Average Effective Maturity (Years) 19.69
--------------------------------------------------
Average Duration 8.47
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -13.16% -1.62%
--------------------------------------------------
5-Year 1.44% 4.47%
--------------------------------------------------
10-Year 4.56% 6.25%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -10.36% 1.16%
--------------------------------------------------
5-Year 4.62% 7.71%
--------------------------------------------------
10-Year 7.93% 9.71%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 21%
--------------------------------------------------
Long-Term Care 14%
--------------------------------------------------
Tax Obligation/Limited 14%
--------------------------------------------------
Education and Civic Organizations 13%
--------------------------------------------------
Healthcare 10%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/99 0.0415
5/99 0.0415
6/99 0.0415
7/99 0.0415
8/99 0.0415
9/99 0.0415
10/99 0.0415
11/99 0.0415
12/99 0.0415
1/00 0.0415
2/00 0.0415
3/00 0.0425
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 10.06
9.625
9.5
9.38
9.44
9.44
9.31
9.38
9.25
9.5
9.25
9.31
9.31
9.19
9.19
9.38
9.19
9.38
9.13
9.06
9.13
9.13
9.06
8.75
8.44
8.63
8.38
8.13
8.13
8.44
8.56
8.25
8.06
8.31
7.94
7.75
7.88
7.81
7.88
7.81
7.69
7.94
8.06
7.94
7.88
8.06
8.13
8.13
8.13
8.19
3/31/00 8.25
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance Overview
As of March 31, 2000
NNP
PORTFOLIO STATISTICS
Inception Date 11/89
--------------------------------------------------
Share Price $13 3/8
--------------------------------------------------
Net Asset Value $14.42
--------------------------------------------------
Market Yield 7.09%
--------------------------------------------------
Taxable-Equivalent Yield 10.28%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.99%
--------------------------------------------------
Fund Net Assets ($000) $340,037
--------------------------------------------------
Average Effective Maturity (Years) 18.84
--------------------------------------------------
Leverage-Adjusted Duration 12.37
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -16.66% -2.41%
--------------------------------------------------
5-Year 3.29% 4.80%
--------------------------------------------------
10-Year 5.88% 7.84%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -13.36% 1.17%
--------------------------------------------------
5-Year 6.92% 8.63%
--------------------------------------------------
10-Year 9.66% 11.85%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 21%
--------------------------------------------------
Education and Civic Organizations 16%
--------------------------------------------------
Tax Obligation/Limited 14%
--------------------------------------------------
Healthcare 12%
--------------------------------------------------
Transportation 11%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3
4/99 0.0865
5/99 0.0845
6/99 0.0845
7/99 0.0845
8/99 0.0845
9/99 0.0845
10/99 0.0845
11/99 0.0845
12/99 0.0815
1/00 0.0815
2/00 0.0815
3/00 0.079
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 17.25
17
17
16.63
16.63
16.38
16.38
16.44
16.31
16.44
16.31
16.38
16
16
15.81
16
16
15.94
15.75
15.5
15.75
15.69
15.75
15.38
15.31
15.25
15.38
14.56
14.63
14.63
14.69
14.31
14.13
13.81
13
12.56
12.63
13
13.56
13.13
13.25
13.88
13.94
13.88
13.63
13.5
13
13.06
12.81
13.13
3/31/00 13.38
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
3 The Fund also paid shareholders a capital gains distribution in December
1999 of $0.062 per share.
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 2000
NQN
PORTFOLIO STATISTICS
Inception Date 11/90
--------------------------------------------------
Share Price $13 7/16
--------------------------------------------------
Net Asset Value $14.31
--------------------------------------------------
Market Yield 6.88%
--------------------------------------------------
Taxable-Equivalent Yield 9.97%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.67%
--------------------------------------------------
Fund Net Assets ($000) $397,311
--------------------------------------------------
Average Effective Maturity (Years) 19.26
--------------------------------------------------
Leverage-Adjusted Duration 11.59
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -16.14% -1.31%
--------------------------------------------------
5-Year 3.95% 4.89%
--------------------------------------------------
Since Inception 5.34% 7.10%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -12.94% 2.22%
--------------------------------------------------
5-Year 7.48% 8.62%
--------------------------------------------------
Since Inception 8.93% 10.85%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 24%
--------------------------------------------------
Tax Obligation/Limited 19%
--------------------------------------------------
Healthcare 13%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
Education and Civic Organizations 10%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/99 0.083
5/99 0.083
6/99 0.083
7/99 0.083
8/99 0.08
9/99 0.08
10/99 0.08
11/99 0.08
12/99 0.08
1/00 0.08
2/00 0.077
3/00 0.077
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 17.13
16.94
16.63
16.63
16.31
16.38
16
16
15.94
15.94
15.69
15.81
15.69
15.81
15.81
15.81
15.94
15.63
15.63
15.44
15.13
15.13
15.13
14.63
14.75
14.94
14.88
14.19
14.13
14.19
14
14.06
13.5
13.5
12.81
12.56
13.13
12.94
13.63
13.31
13.31
13.38
13.69
13.44
13.31
13.31
12.88
12.75
13
13.25
3/31/00 13.44
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 2000
NVN
PORTFOLIO STATISTICS
Inception Date 5/91
--------------------------------------------------
Share Price $13 3/8
--------------------------------------------------
Net Asset Value $14.50
--------------------------------------------------
Market Yield 6.95%
--------------------------------------------------
Taxable-Equivalent Yield 10.07%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.78%
--------------------------------------------------
Fund Net Assets ($000) $532,713
--------------------------------------------------
Average Effective Maturity (Years) 17.73
--------------------------------------------------
Leverage-Adjusted Duration 8.62
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -13.64% -0.55%
--------------------------------------------------
5-Year 4.27% 5.17%
--------------------------------------------------
Since Inception 5.17% 6.98%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -10.30% 3.00%
--------------------------------------------------
5-Year 7.77% 8.76%
--------------------------------------------------
Since Inception 8.76% 10.61%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Tax Obligation/Limited 23%
--------------------------------------------------
U.S. Guaranteed 20%
--------------------------------------------------
Education and Civic Organizations 13%
--------------------------------------------------
Tax Obligation/General 9%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/99 0.0825
5/99 0.0825
6/99 0.0825
7/99 0.0825
8/99 0.0825
9/99 0.0825
10/99 0.0825
11/99 0.0825
12/99 0.0795
1/00 0.0795
2/00 0.0795
3/00 0.0775
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 16.5
16.69
16.44
16.19
16.13
16.06
15.75
15.75
15.88
15.94
15.63
15.94
15.88
16.19
16.13
16.31
16.13
16.06
15.94
15.75
15.5
15.63
15.69
15.31
14.94
15.13
15.38
14.5
14.38
14.38
14.44
13.75
13.88
14
12.75
12.56
12.56
13
13.38
13.31
13.13
13.38
13.75
13.56
13.31
13.56
13.06
13.25
12.88
13.13
3/31/00 13.38
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance Overview
As of March 31, 2000
NUN
PORTFOLIO STATISTICS
Inception Date 11/91
--------------------------------------------------
Share Price $12 15/16
--------------------------------------------------
Net Asset Value $14.34
--------------------------------------------------
Market Yield 7.05%
--------------------------------------------------
Taxable-Equivalent Yield 10.22%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.93%
--------------------------------------------------
Fund Net Assets ($000) $542,377
--------------------------------------------------
Average Effective Maturity (Years) 17.44
--------------------------------------------------
Leverage-Adjusted Duration 8.84
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -15.36% -1.60%
--------------------------------------------------
5-Year 4.72% 5.52%
--------------------------------------------------
Since Inception 4.45% 6.53%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -12.13% 1.79%
--------------------------------------------------
5-Year 8.16% 8.98%
--------------------------------------------------
Since Inception 7.86% 9.94%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 27%
--------------------------------------------------
Tax Obligation/Limited 17%
--------------------------------------------------
Education and Civic Organizations 16%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
Housing/Multifamily 8%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/99 0.078
5/99 0.078
6/99 0.078
7/99 0.078
8/99 0.078
9/99 0.078
10/99 0.078
11/99 0.078
12/99 0.076
1/00 0.076
2/00 0.076
3/00 0.076
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 16.31
16.31
16.06
15.94
15.81
15.69
15.69
15.56
15.56
15.63
15.25
15.19
15.19
15.38
15.56
15.69
15.25
15.31
15.06
15.19
15.38
15.5
15.25
14.94
14.69
15
14.88
13.63
13.5
13.63
14.19
13.5
13.69
13.94
12.44
12.5
12.81
12.63
13.06
12.88
12.94
13.13
13.25
13.38
13.06
13.13
12.88
13
12.69
12.81
3/31/00 12.94
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance Overview
As of March 31, 2000
NNF
PORTFOLIO STATISTICS
Inception Date 12/92
--------------------------------------------------
Share Price $12 13/16
--------------------------------------------------
Net Asset Value $13.98
--------------------------------------------------
Market Yield 6.51%
--------------------------------------------------
Taxable-Equivalent Yield 9.43%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.09%
--------------------------------------------------
Fund Net Assets ($000) $181,059
--------------------------------------------------
Average Effective Maturity (Years) 17.54
--------------------------------------------------
Leverage-Adjusted Duration 11.67
--------------------------------------------------
ANNUALIZED TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -16.00% -3.67%
--------------------------------------------------
5-Year 6.86% 6.46%
--------------------------------------------------
Since Inception 3.61% 5.64%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -13.09% -0.61%
--------------------------------------------------
5-Year 10.16% 9.67%
--------------------------------------------------
Since Inception 6.86% 8.81%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
U.S. Guaranteed 23%
--------------------------------------------------
Education and Civic Organizations 23%
--------------------------------------------------
Healthcare 13%
--------------------------------------------------
Utilities 12%
--------------------------------------------------
Tax Obligation/General 9%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
4/99 0.0695
5/99 0.0695
6/99 0.0695
7/99 0.0695
8/99 0.0695
9/99 0.0695
10/99 0.0695
11/99 0.0695
12/99 0.0695
1/00 0.0695
2/00 0.0695
3/00 0.0695
LINE CHART:
SHARE PRICE PERFORMANCE
4/1/99 16.25
16.25
16.06
16
15.94
15.5
15.06
15
14.88
15
14.5
15.13
15
15.38
15.5
15.44
15.44
15.44
15.44
15.19
15.19
15.25
15.19
14.94
14.69
14.44
14.38
13.81
13.44
13.63
13.88
13.75
13.31
13.13
13.19
12.88
13
12.56
13
12.44
12.38
12.56
12.94
12.81
12.5
12.5
12.5
12.44
12.31
12.44
3/31/00 12.81
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Nuveen New York Dividend Advantage Municipal Fund
Performance Overview
As of March 31, 2000
NAN
PORTFOLIO STATISTICS
Inception Date 5/99
--------------------------------------------------
Share Price $12 1/2
--------------------------------------------------
Net Asset Value $13.11
--------------------------------------------------
Market Yield 6.62%
--------------------------------------------------
Taxable-Equivalent Yield 9.59%
(Federal Income Tax Rate)1
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 10.26%
--------------------------------------------------
Fund Net Assets ($000) $189,3581
--------------------------------------------------
Average Effective Maturity (Years) 24.44
--------------------------------------------------
Leverage-Adjusted Duration 19.40
--------------------------------------------------
TOTAL RETURN
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -12.54% -3.86%
--------------------------------------------------
TAXABLE-EQUIVALENT TOTAL RETURN2
ON SHARE PRICE ON NAV
--------------------------------------------------
Since Inception -10.14% -1.34%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
Healthcare 24%
--------------------------------------------------
Tax Obligation/Limited 22%
--------------------------------------------------
Education and Civic Organizations 17%
--------------------------------------------------
Tax Obligation/General 10%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
7/99 0.0715
8/99 0.0715
9/99 0.0715
10/99 0.0715
11/99 0.0715
12/99 0.0715
1/00 0.0715
2/00 0.0715
3/00 0.069
LINE CHART:
SHARE PRICE PERFORMANCE
5/28/99 15.125
15.0625
15.0625
15.06
15
15.06
15
15
15
14.94
15
15
14.75
14.63
14.75
14
14
14.38
14.19
13.88
13.56
13.63
13.75
12.88
13
12.81
12.63
11.94
12.25
12.31
13.31
12.56
12.63
12.75
12.88
12.88
12.56
12.56
12.44
12.38
12.44
12.31
3/31/00 12.5
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income 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.
<PAGE>
Shareholder Meeting Report
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
<TABLE>
<CAPTION>
NNY NNP
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred
Common Common Shares Shares Shares Shares
Shares Shares Series-M Series-T Series-W Series-F
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
Robert P. Bremner
For -- 13,053,306 1,580 687 1,836 556
Withhold -- 191,733 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,245,039 1,581 687 1,840 561
====================================================================================================================================
Lawrence H. Brown
For -- 13,052,973 1,580 687 1,836 556
Withhold -- 192,066 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,245,039 1,581 687 1,840 561
====================================================================================================================================
Anne E. Impellizzeri
For 12,744,352 13,052,006 1,580 687 1,836 556
Against 115,086
Abstain 259,479
Withhold -- 193,033 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total 13,118,917 13,245,039 1,581 687 1,840 561
====================================================================================================================================
Peter R. Sawers
For -- 13,053,306 1,580 687 1,836 556
Withhold -- 191,733 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,245,039 1,581 687 1,840 561
====================================================================================================================================
Judith M. Stockdale
For -- 13,046,756 1,580 687 1,836 556
Withhold -- 198,283 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- 13,245,039 1,581 687 1,840 561
====================================================================================================================================
William J. Schneider
For -- -- 1,580 687 1,836 556
Withhold -- -- 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 1,581 687 1,840 561
====================================================================================================================================
Timothy R. Schwertfeger
For -- -- 1,580 687 1,836 5567
Withhold -- -- 1 -- 4 5
------------------------------------------------------------------------------------------------------------------------------------
Total -- -- 1,581 687 1,840 561
====================================================================================================================================
RATIFICATION OF AUDITORS WAS
REACHED AS FOLLOWS:
For 12,892,091 12,904,593 1,579 687 1,840 550
Against 50,440 102,347 -- -- -- 10
Abstain 176,386 238,099 2 -- -- 1
------------------------------------------------------------------------------------------------------------------------------------
Total 13,118,917 13,245,039 1,581 687 1,840 561
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
Shareholder Meeting Report (Continued)
<CAPTION>
NQN NVN
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Shares Common Shares Shares Shares
Shares Series-M Series-T Series-F Shares Series-T Series-W Series-TH
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Robert P. Bremner
For 15,509,195 960 2,278 2,245 20,965,334 1,608 2,372 3,426
Withhold 240,522 -- 1 1 222,422 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
Lawrence H. Brown
For 15,509,195 960 2,278 2,245 20,966,555 1,608 2,372 3,426
Withhold 240,522 -- 1 1 221,201 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
Anne E. Impellizzeri
For 15,520,501 960 2,278 2,245 20,960,862 1,608 2,372 3,426
Withhold 229,216 -- 1 1 226,894 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
Peter R. Sawers
For 15,522,065 960 2,278 2,245 20,967,205 1,608 2,372 3,426
Withhold 227,652 -- 1 1 220,551 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
Judith M. Stockdale
For 15,522,501 960 2,278 2,245 20,965,255 1,608 2,372 3,426
Withhold 227,216 -- 1 1 222,501 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
William J. Schneider
For -- 960 2,278 2,245 -- 1,608 2,372 3,426
Withhold -- -- 1 1 -- 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total -- 960 2,279 2,246 -- 1,629 2,372 3,430
====================================================================================================================================
Timothy R. Schwertfeger
For -- 960 2,278 2,245 -- 1,608 2,372 3,426
Withhold -- -- 1 1 -- 21 -- 4
------------------------------------------------------------------------------------------------------------------------------------
Total -- 960 2,279 2,246 -- 1,629 2,372 3,430
====================================================================================================================================
RATIFICATION OF AUDITORS WAS
REACHED AS FOLLOWS:
For 15,434,756 960 2,272 2,245 20,735,116 1,629 2,372 3,354
Against 100,327 -- 7 1 126,708 -- -- 34
Abstain 214,634 -- -- -- 325,932 -- -- 42
------------------------------------------------------------------------------------------------------------------------------------
Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430
====================================================================================================================================
<PAGE>
<CAPTION>
NUN NNF
------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
Preferred Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Shares Shares Common Shares Shares
Shares Series-M Series-W Series-TH Series-F Shares Series-M Series-TH
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Robert P. Bremner
For 21,793,832 2,181 1,944 2,291 1,049 7,727,357 1,311 1,173
Withhold 428,918 1 142 -- 24 107,911 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
Lawrence H. Brown
For 21,789,465 2,181 1,930 2,287 1,049 7,731,814 1,311 1,173
Withhold 433,285 1 156 4 24 103,454 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
Anne E. Impellizzeri
For 21,784,414 2,181 1,930 2,285 1,049 7,731,523 1,311 1,173
Withhold 438,336 1 156 6 24 103,745 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
Peter R. Sawers
For 21,791,243 2,181 1,944 2,287 1,049 7,731,814 1,311 1,173
Withhold 431,507 1 142 4 24 103,454 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
Judith M. Stockdale
For 21,787,262 2,181 1,944 2,281 1,049 7,731,814 1,311 1,173
Withhold 435,488 1 142 10 24 103,454 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
William J. Schneider
For -- 2,181 1,930 2,287 1,049 -- 1,311 1,173
Withhold -- 1 156 4 24 -- 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,182 2,086 2,291 1,073 -- 1,312 1,203
====================================================================================================================================
Timothy R. Schwertfeger
For -- 2,181 1,930 2,291 1,049 -- 1,311 1,173
Withhold -- 1 156 -- 24 -- 1 30
------------------------------------------------------------------------------------------------------------------------------------
Total -- 2,182 2,086 2,291 1,073 -- 1,312 1,203
====================================================================================================================================
RATIFICATION OF AUDITORS WAS
REACHED AS FOLLOWS:
For 21,486,255 2,182 1,943 2,280 1,073 7,738,283 1,309 1,190
Against 126,365 -- 141 -- -- 11,119 3 13
Abstain 610,130 -- 2 11 -- 85,866 -- --
------------------------------------------------------------------------------------------------------------------------------------
Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203
====================================================================================================================================
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 2.3%
$ 1,000 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A2 $ 1,010,030
Tobacco Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27
1,250 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 1,244,175
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 1,076,450
Tobacco Settlement Asset-Backed Bonds, Series 1999,
0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 12.9%
2,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 1,952,140
Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/27
1,000 Dormitory Authority of the State of New York, State University 5/00 at 102 A 1,023,220
Educational Facilities 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 5.750%, 7/01/18 No Opt. Call A- 1,003,720
1,000 6.000%, 7/01/20 No Opt. Call A- 1,020,540
11,080 Dormitory Authority of the State of New York, City University 7/03 at 100 A 9,713,614
System Consolidated Revenue Bonds, Series 1993F,
5.000%, 7/01/20
2,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A 1,656,360
Educational Facilities Revenue Bonds, Series 1998B,
4.750%, 5/15/28
750 Dormitory Authority of the State of New York, Pratt Institute 7/09 at 102 AA 754,493
Revenue Bonds, Series 1999, 6.000%, 7/01/24
1,250 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,282,875
Manhattan College Insured Revenue Bonds, Series 1999,
6.250%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.2%
500 Cattaraugus County, Industrial Development Agency, Civic 8/08 at 102 A+ 440,935
Facility Revenue Bonds, Series 1998A (Olean General Hospital
Project), 5.250%, 8/01/23
1,500 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 1,345,395
Bonds, 1999 Series A, 5.000%, 2/15/20
2,250 Dormitory Authority of the State of New York, The Rosalind 2/07 at 102 AAA 2,185,448
and Joseph Gurwin Jewish Geriatric Center of Long Island, Inc.,
FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997,
5.700%, 2/01/37
2,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 1,912,120
Services of Long Island Obligated Group), St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/22
3,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 2,854,980
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.500%, 8/15/24
2,860 New York State Medical Care Facilities Financing Agency, Hospital 8/05 at 102 AAA 2,982,179
and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1995 Series B, 6.250%, 2/15/15
1,290 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,317,425
Improvement and Refunding Bonds, Series 1993A,
7.600%, 9/01/15
1,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 1,504,770
Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb
Company Project), Series 1994, 5.750%, 3/01/24
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 3.1%
460 New York City Housing Development Corporation, Mortgage 8/00 at 102 Aa1 470,465
Revenue Bonds (South Williamsburg Cooperative),
1990 Series A, 7.900%, 2/01/23 (Alternative Minimum Tax)
1,375 New York City Housing Development Corporation, Mortgage 9/00 at 102 Aa1 1,413,459
Revenue Bonds (South Bronx Cooperatives), 1990 Series A,
8.100%, 9/01/23 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/MULTIFAMILY (continued)
$ 1,500 New York City Housing Development Corporation, Multi-Family 4/03 at 102 AAA $ 1,560,075
Mortgage Revenue Bonds (FHA-Insured Mortgage Loan),
1993 Series A, 6.550%, 10/01/15
1,135 New York State Housing Finance Agency, Multifamily Housing 2/09 at 101 Aa1 1,004,350
Revenue Bonds (Secured Mortgage Program), Series 1999B,
5.400%, 8/15/31 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.5%
3,750 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa1 3,536,925
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 14.1%
1,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 1,014,120
Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc.
Project), 6.000%, 8/01/24
2,015 Village of East Rochester Housing Authority, FHA-Insured 8/07 at 102 AAA 1,956,726
Mortgage Revenue Bonds (St. John's Meadows Project),
Series 1997A, 5.750%, 8/01/37
3,125 Village of East Rochester Housing Authority, FHA-Insured 8/08 at 101 AAA 2,692,000
Mortgage Revenue Bonds (St. John's Meadows Project),
Series 1998A, 5.250%, 8/01/38
3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,042,360
for the Aged at Riverdale, FHA-Insured Mortgage Nursing
Home Revenue Bonds, 6.125%, 2/01/37
2,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102 AA- 2,003,840
Home Corporation, FHA-Insured Mortgage Revenue Bonds,
Series 1996, 5.950%, 8/01/26
3,000 Dormitory Authority of the State of New York, W.K. Nursing Home 8/06 at 102 AAA 3,037,530
Corporation, FHA-Insured Mortgage Revenue Bonds,
Series 1996, 6.125%, 2/01/36
1,000 Dormitory Authority of the State of New York, Eger Health Care 2/08 at 102 AAA 875,690
Center of Staten Island, FHA-Insured Mortgage Nursing Home
Revenue Bonds, Series 1998, 5.100%, 2/01/28
1,000 Dormitory Authority of the State of New York, Concord Nursing 7/10 at 101 A1 1,029,260
Home, Inc., Revenue Bonds, Series 2000, 6.500%, 7/01/29
1,475 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 1,548,116
and Nursing Home Insured Mortgage Revenue Bonds,
1992 Series C, 6.550%, 8/15/12
3,000 Syracuse Housing Authority, FHA-Insured Mortgage 2/08 at 102 AAA 2,978,400
Revenue Bonds (Loretto Rest Residential Health Care
Facility Project), Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.8%
25 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 26,137
Series C, 6.300%, 8/01/03
1,135 The City of New York, General Obligation Bonds, Fiscal 1995 No Opt. Call A- 1,196,369
Series D, 6.600%, 2/01/04
1,390 The City of New York, General Obligation Bonds, Fiscal 1996 No Opt. Call A- 1,466,950
Series B, 6.750%, 8/15/03
75 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 A- 80,441
Series D, 9.500%, 8/01/02
1,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 1,169,020
Plant Serial Bonds of 1994, 7.250%, 11/01/11
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.0%
250 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, 11/03 at 102 A 246,428
Junior Revenue Refunding Bonds, 5.800%, 11/01/22
5,000 Metropolitan Transportation Authority (New York), Dedicated Tax 4/07 at 101 AAA 4,592,350
Fund Bonds, Series 1996A, 5.250%, 4/01/26
500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 509,670
Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29
2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 1,978,660
Revenue Bonds (The City of New York Issue), Series 1999,
5.750%, 5/15/30
25 Dormitory Authority of the State of New York, Judicial Facilities 4/00 at 114 5/32 Baa1 28,607
Lease Revenue Bonds (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14
1,000 Dormitory Authority of the State of New York, Court Facilities 5/03 at 101 1/2 A- 965,220
Lease Revenue Bonds (The City of New York Issue), Series 1993A,
5.700%, 5/15/22
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 3,125 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA $ 2,934,031
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.375%, 2/15/26
1,000 New York State Housing Finance Agency, H.E.L.P. - Suffolk Housing 5/00 at 100 Baa1 1,001,360
Revenue Bonds, 1989 Series A, 8.100%, 11/01/05
855 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 878,675
Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08
10 New York State Housing Finance Agency, Service Contract 9/04 at 102 A 10,417
Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
10 New York State Medical Care Facilities Financing Agency, 2/02 at 102 AAA 10,424
Mental Health Services Facilities Improvement Revenue Bonds,
1992 Series A, 6.375%, 8/15/17
2,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,035,960
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
3,000 City School District of Niagara Falls, Certificates of Participation 6/08 at 101 BBB- 2,614,530
(High School Facility), Series 1998, 5.375%, 6/15/28
1,230 Suffolk County Judicial Facilities Agency, Service Agreement Revenue 10/09 at 101 AAA 1,150,677
Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16
1,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands 10/10 at 101 BBB- 1,011,700
Gross Receipts Taxes Loan Note), Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.6%
1,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 988,840
Revenue Bonds, Series 1995, 5.750%, 1/01/25
1,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 936,870
Revenue Bonds, Series 1997C, 5.375%, 7/01/27
1,500 Metropolitan Transportation Authority, Transit Facilities Revenue 7/09 at 100 A 1,509,885
Bonds, Series 1999A, 6.000%, 7/01/24
2,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,693,500
Revenue Bonds, Series 1998 (British Airways PLC Project),
5.250%, 12/01/32 (Alternative Minimum Tax)
500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
2,600 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/10 at 100 Aa3 2,470,416
Bonds, Series 1999B, 5.500%, 1/01/30
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.4%
3,425 The City of New York, General Obligation Bonds, Fiscal 8/01 at 101 1/2 Aaa 3,693,863
1991 Series D, 9.500%, 8/01/02 (Pre-refunded to 8/01/01)
20 The City of New York, General Obligation Bonds, Fiscal 10/07 at 101 A-*** 21,413
1997 Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07)
1,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 1/2 Aaa 1,053,340
Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01)
2,600 New York City Industrial Development Agency, Civic Facility 8/01 at 102 Aaa 2,759,120
Revenue Bonds (YMCA of Greater New York Project),
8.000%, 8/01/16 (Pre-refunded to 8/01/01)
4,000 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,650,240
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
4,145 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 AAA 4,316,603
Bonds (New York City), 1990 Series Refunding, 8.000%, 11/01/08
(Pre-refunded to 11/01/00)
1,000 New York Local Government Assistance Corporation, Series 1991B, 4/01 at 102 AAA 1,051,330
7.500%, 4/01/20 (Pre-refunded to 4/01/01)
990 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 AAA 1,067,052
Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
(Pre-refunded to 9/15/04)
95 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 100,626
and Nursing Home Insured Mortgage Revenue Bonds,
1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 990 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA $ 1,038,203
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17 (Pre-refunded to 2/15/02)
2,200 New York State Thruway Authority, Local Highway and Bridge 1/01 at 100 AAA 2,229,832
Service Contract Bonds, Series 1991, 6.000%, 1/01/11
(Pre-refunded to 1/01/01)
5,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 5,232,250
Bonds (Onondaga County Convention Center), Series 1990,
7.875%, 1/01/20 (Pre-refunded to 1/01/01)
New York State Urban Development Corporation, State Facilities
Revenue Bonds, Series 1991:
1,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,051,330
1,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,051,330
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.7%
2,000 County of Cattaraugus, New York, Industrial Development Agency, No Opt. Call N/R 1,999,560
Tax- Exempt Industrial Development Revenue Bonds,
Series 1999A (Laidlaw Energy & Environmental, Inc. Project),
8.500%, 7/01/21 (Alternative Minimum Tax)
3,500 Erie County Industrial Development Agency, Solid Waste 12/10 at 103 N/R 3,787,595
Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna
Project), 8.875%, 12/01/13 (Alternative Minimum Tax)
New York City Industrial Development Agency, Industrial
Development Revenue Bonds (Brooklyn Navy
Yard Cogeneration Partners, L.P. Project), Series 1997:
1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 971,110
1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102 BBB- 886,360
1,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 1,012,180
Electric Facilities Revenue Bonds, Series 1991A (Consolidated
Edison Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
1,000 New York State Energy Research and Development Authority, 7/03 at 102 AAA 951,410
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.4%
1,000 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 913,130
and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
1,000 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 952,190
and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
1,425 New York State Environmental Facilities Corporation, Water 6/02 at 102 A 1,438,552
Facilities Revenue Bonds, Series 1992 (The New Rochelle
Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax)
3,065 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 2,989,325
Bonds, Series 1995, 5.650%, 5/01/26
------------------------------------------------------------------------------------------------------------------------------------
$ 144,000 Total Investments - (cost $140,631,298) - 99.0% 141,649,941
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,438,158
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $143,088,099
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** 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. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 2.6%
$ 2,500 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A2 $ 2,525,075
Tobacco Settlement Asset-Backed Bonds, Series A,
6.500%, 7/15/27
3,750 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 3,732,525
Series 1999-1, 6.250%, 7/15/27
3,000 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 2,583,480
Tobacco Settlement Asset-Backed Bonds, Series 1999,
0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 15.4%
1,285 Cattaraugus County Industrial Development Agency, Civic 9/08 at 101 BBB 1,158,119
Facility Revenue Bonds (St. Bonaventure University
Construction Project), Series 1998B, 5.000%, 9/15/13
1,000 County of Monroe Industrial Development Agency, Civic Facility 6/09 at 102 AA 955,670
Revenue Bonds (St. John Fisher College Project), Series 1999,
5.375%, 6/01/17
3,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 2,928,210
Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/27
1,250 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 1,193,137
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
550 Dormitory Authority of the State of New York, College and 6/00 at 101 1/2 AAA 561,099
University Revenue Bonds (Pooled Capital Program),
Series 1985, 7.800%, 12/01/05
2,500 Dormitory Authority of the State of New York, State University No Opt. Call A 2,614,275
Educational Facilities Revenue Bonds, Series 1993A,
5.875%, 5/15/17
3,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 3,212,580
System Consolidated Revenue Bonds, Series 1993B,
6.000%, 7/01/14
11,350 Dormitory Authority of the State of New York, City University 7/03 at 100 A 9,950,318
System Consolidated Revenue Bonds, Series 1993F,
5.000%, 7/01/20
1,000 Dormitory Authority of the State of New York, City University 7/05 at 102 AAA 998,920
System Consolidated Second General Resolution Revenue Bonds,
Series 1995A, 5.375%, 7/01/14
1,500 Dormitory Authority of the State of New York, St. Thomas 7/08 at 101 AA 1,330,950
Aquinas College Insured Revenue Bonds, Series 1998,
5.250%, 7/01/28
3,425 Dormitory Authority of the State of New York, State University 5/08 at 101 A 2,836,517
Educational Facilities Revenue Bonds, Series 1998B,
4.750%, 5/15/28
Dormitory Authority of the State of New York, City University
System Consolidated Third General Resolution Revenue Bonds, 1998
Series 2:
1,490 5.000%, 7/01/17 7/08 at 101 A 1,339,227
1,055 5.000%, 7/01/18 7/08 at 101 A 939,383
7,000 5.000%, 7/01/28 7/08 at 101 A 5,955,740
5,590 Dormitory Authority of the State of New York, University of 7/09 at 101 A+ 5,550,926
Rochester Revenue Bonds, Series 1999A and 1999B,
5.500%, 7/01/16
Dormitory Authority of the State of New York, Pratt Institute
Revenue Bonds, Series 1999:
1,250 6.000%, 7/01/20 7/09 at 102 AA 1,266,188
2,560 6.000%, 7/01/28 7/09 at 102 AA 2,570,112
6,750 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 6,927,525
Manhattan College Insured Revenue Bonds, Series 1999,
6.250%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.1%
2,000 Dormitory Authority of the State of New York, St. Vincent's 8/01 at 102 AAA 2,095,560
Hospital and Medical Center of New York, FHA-Insured Mortgage
Revenue Bond, Series 1991, 7.400%, 8/01/30
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 1,000 Dormitory Authority of the State of New York, St. James Mercy 2/08 at 102 AA $ 943,010
Hospital, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1998, 5.250%, 2/01/18
8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 7,648,480
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
9,630 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AAA 9,760,872
and Nursing Home, FHA-Insured Mortgage Revenue Bonds,
1992 Series B, 6.200%, 8/15/22
5,500 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 5,234,130
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.500%, 8/15/24
2,465 New York State Medical Care Facilities Financing Agency, 8/05 at 102 AAA 2,570,305
Hospital and Nursing Home, FHA-Insured Mortgage Revenue
Bonds, 1995 Series B, 6.250%, 2/15/15
5,370 New York State Medical Care Facilities Financing Agency, 2/05 at 102 AA 5,511,016
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C,
6.250%, 8/15/15
7,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 7,523,850
Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb
Company Project), Series 1994, 5.750%, 3/01/24
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.4%
1,000 Hudson Housing Development Corporation, Multifamily Mortgage 1/03 at 101 Aaa 1,021,490
Revenue Refunding Bonds, Series 1992A (Providence Hall-Schuyler
Court Projects - FHA-Insured Mortgages), 6.500%, 1/01/25
5,750 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 6,009,958
Mortgage Refunding Bonds (FHA-Insured Mortgage Loans),
1991 Series A, 7.350%, 6/01/19
3,160 New York State Housing Finance Agency, Multifamily Housing 5/00 at 102 AAA 3,226,992
Revenue Bonds (AMBAC Insured Program), 1989 Series B,
7.550%, 11/01/29 (Alternative Minimum Tax)
1,585 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102 Aa1 1,659,511
Revenue Bonds (Secured Mortgage Program), 1992 Series A,
7.000%, 8/15/12 (Alternative Minimum Tax)
New York State Housing Finance Agency Multi-Family Housing
Revenue Bonds (Secured Mortgage Program), Series 1991:
1,100 6.200%, 2/15/20 (Alternative Minimum Tax) 8/09 at 101 Aa1 1,104,356
720 6.300%, 2/15/32 (Alternative Minimum Tax) 8/09 at 101 Aa1 722,830
4,655 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 4/00 at 102 AA 4,757,084
Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.9%
3,750 State of New York Mortgage Agency, Homeowner Mortgage 11/09 at 100 Aa1 3,755,100
Revenue Bonds, Series 88, 6.250%, 4/01/30
(Alternative Minimum Tax)
1,460 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102 AAA 1,452,466
Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26
(Alternative Minimum Tax)
1,250 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa1 1,178,975
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.1%
3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,042,360
for the Aged at Riverdale, FHA-Insured Mortgage Nursing
Home Revenue Bonds, 6.125%, 2/01/37
1,375 Dormitory Authority of the State of New York, The Miriam Osborn 7/10 at 102 A 1,393,508
Memorial Home Association, Revenue Bonds,
Series 2000B, 6.375%, 7/01/29
2,980 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,084,896
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C,
6.100%, 8/15/15
2,770 County of Oswego Industrial Development Agency, Civic 2/09 at 101 AAA 2,496,102
Facility Revenue Bonds, Series 1999A (FHA-Insured
Mortgage - Bishops Commons Inc. Project), 5.375%, 2/01/49
4,000 Syracuse Housing Authority, FHA-Insured Mortgage 2/08 at 102 AAA 3,971,200
Revenue Bonds (Loretto Rest Residential Health Care Facility
Project), Series 1997A, 5.600%, 8/01/17
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - 3.9%
$ 10 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA $ 10,497
Fiscal 1992 Series C, 6.625%, 8/01/12
30 The City of New York, General Obligation Bonds, 8/01 at 101 1/2 A- 32,177
Fiscal 1991 Series D, 9.500%, 8/01/02
1,060 The City of New York, General Obligation Bonds, 2/05 at 101 A- 1,123,759
Fiscal 1995 Series F, 6.375%, 2/15/06
1,500 The City of New York, General Obligation Bonds, 8/08 at 101 A- 1,322,385
Fiscal 1999 Series C, 5.000%, 8/15/22
2,095 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,512,994
Treatment Plant Serial Bonds of 1994, 8.000%, 11/01/09
(Alternative Minimum Tax)
10,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 8,345,400
Bonds, Series 1998 (General Obligation Bonds), 4.500%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 13.4%
2,000 Battery Park City Authority, Junior Revenue Bonds, 11/06 at 102 AAA 1,900,620
Series 1996A, 5.500%, 11/01/29
7,000 Metropolitan Transportation Authority, Dedicated Tax Fund 4/07 at 101 AAA 6,429,290
Bonds, Series 1996A, 5.250%, 4/01/26
2,000 Nassau Health Care Corporation, Health System Revenue Bonds, 8/09 at 102 AAA 1,973,300
Series 1999 (Nassau County, New York Guaranteed),
5.750%, 8/01/29
1,230 New York City Transitional Finance Authority, Future Tax 8/09 at 101 AA 1,219,557
Secured Bonds, Fiscal 2000 Series A, Tax-Exempt,
5.750%, 8/15/24
3,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 2,967,990
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30
4,365 Dormitory Authority of the State of New York, Mental Health 2/08 at 102 AAA 3,867,477
Services Facilities Improvement Revenue Bonds,
Series 1998B, 5.000%, 2/15/23
7,000 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 6,117,720
Services Facilities Improvement Revenue Bonds, Series 1999C,
4.750%, 8/15/19
4,210 Dormitory Authority of the State of New York, 4201 Schools 7/09 at 101 A 3,748,626
Program Revenue Bonds, Series 1998, 5.000%, 7/01/18
940 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 966,029
Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08
1,195 New York State Medical Care Facilities Finance Agency, 8/00 at 102 A 1,221,684
Mental Health Services Facilities Improvement Revenue Bonds,
1990 Series A, 7.750%, 2/15/20
335 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 345,425
Mental Health Services Facilities Improvement Revenue
Bonds, 1990 Series B, 7.875%, 8/15/20
10 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 A 10,577
Health Services Facilities Improvement Revenue Bonds,
1991 Series D, 7.400%, 2/15/18
6,900 New York State Urban Development Corporation, Correctional 1/08 at 102 A 5,910,333
Facilities Service Contract Revenue Bonds, Series A,
5.000%, 1/01/28
3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,053,940
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
5,000 City School District of Niagara Falls, Certificates of Participation 6/08 at 101 BBB- 4,357,550
(High School Facility), Series 1998, 5.375%, 6/15/28
1,500 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 1,517,550
(Virgin Islands Gross Receipts Taxes Loan Note),
Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 10.4%
15,525 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 A 13,809,643
Revenue Bonds, Series 1998A, 5.250%, 7/01/28
4,000 Metropolitan Transportation Authority, Transit Facilities 7/09 at 100 A 4,026,360
Revenue Bonds, Series 1999A, 6.000%, 7/01/24
2,250 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,905,188
Revenue Bonds, Series 1998 (British Airways PLC Project),
5.250%, 12/01/32 (Alternative Minimum Tax)
6,455 New York State Thruway Authority, General Revenue 1/04 at 102 AAA 5,827,316
Bonds, Series B, 5.000%, 1/01/20
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION (continued)
$ 1,000 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA $ 961,350
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
1,750 Triborough Bridge and Tunnel Authority, General Purpose 1/07 at 101 Aa3 1,600,988
Revenue Bonds, Series 1997A, 5.250%, 1/01/28
7,500 Triborough Bridge and Tunnel Authority, General Purpose 1/10 at 100 Aa3 7,126,200
Revenue Bonds, Series 1999B, 5.500%, 1/01/30
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 21.1%
5,500 Metropolitan Transportation Authority, Transit Facilities 7/00 at 102 AAA 5,654,880
1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16
(Pre-refunded to 7/01/00)
1,000 Monroe County Water Authority, Series 1991B, Water 8/01 at 101 AAA 1,035,940
System Revenue Bonds, 6.500%, 8/01/16
(Pre-refunded to 8/01/01)
1,350 The City of New York, General Obligation Bonds, 4/00 at 101 1/2 AAA 1,380,929
Fiscal 1990 Series B, 7.250%, 10/01/06
40 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 42,257
Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1,
6.625%, 8/01/12 (Pre-refunded to 8/01/02)
275 The City of New York, General Obligation Bonds, No Opt. Call Aaa 286,061
Fiscal 1995 Series E, 6.500%, 8/01/02
1,540 The City of New York, General Obligation Bonds, 2/05 at 101 A-*** 1,651,866
Fiscal 1993 Series F, 6.375%, 2/15/06
(Pre-refunded to 2/15/05)
50 The City of New York, General Obligation Bonds, 11/00 at 100 A-*** 49,568
Fiscal 1991 Series F, 3.000%, 11/15/00
(Pre-refunded to 11/15/00)
390 The City of New York, New York, General Obligation Bonds, 5/03 at 101 1/2 AAA 397,843
Fiscal 1993 Series E, 5.750%, 5/15/13 (Pre-refunded to 5/15/03)
250 New York City Municipal Water Finance Authority, Water 6/00 at 101 1/2 Aaa 255,440
and Sewer System Revenue Bonds, Fiscal 1991 Series A,
7.500%, 6/15/19 (Pre-refunded to 6/15/00)
4,000 New York City, Municipal Water Finance Authority, 6/01 at 101 1/2 Aaa 4,213,360
Water and Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01)
10,000 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 10,284,700
System Consolidated Revenue Bonds, Series 1990A,
7.625%, 7/01/20 (Pre-refunded to 7/01/00)
6,850 Dormitory Authority of the State of New York, Revenue Bonds, 7/00 at 102 Aaa 7,046,253
Department of Health of the State of New York Issue,
Series 1990, 7.700%, 7/01/20 (Pre-refunded to 7/01/00)
4,400 Dormitory Authority of the State of New York Bonds, Upstate 7/00 at 102 Baa1*** 4,523,860
Community Colleges, 1990A Issue, 7.600%, 7/01/20
(Pre-refunded to 7/01/00)
2,000 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 2,058,140
System Consolidated Second General Resolution
Revenue Bonds, Series 1990F, 7.875%, 7/01/17
(Pre-refunded to 7/01/00)
350 Dormitory Authority of the State of New York, State 5/00 at 102 AAA 358,299
University Educational Facilities Revenue Bonds,
Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00)
1,000 New York State Environmental Facilities Corporation, 6/01 at 102 Aaa 1,052,400
State Water Pollution Control Revolving Fund Revenue
Bonds, Series 1991A (New York City Municipal Water
Finance Authority Project), 7.250%, 6/15/10
(Pre-refunded to 6/15/01)
4,560 New York State Housing Finance Agency, Health Facilities 11/00 at 102 AAA 4,748,784
Revenue Bonds (New York City), 1990 Series A
Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00)
3,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 3,146,700
Series 1991A, 7.250%, 4/01/18 (Pre-refunded to 4/01/01)
8,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 8,410,640
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01)
1,295 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 1,337,515
Hospital Insured Mortgage Revenue Bonds,
1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00)
2,070 New York State Medical Care Facilities Finance Agency, 8/00 at 102 Aaa 2,139,242
Mental Health Services Facilities Improvement Revenue
Bonds, 1990 Series B, 7.875%, 8/15/20 (Pre-refunded to 8/15/00)
2,000 New York State Medical Care Facilities Finance Agency, 2/01 at 102 Aaa 2,094,560
Mental Health Services Facilities Improvement Revenue
Bonds, 1991 Series A, 7.500%, 2/15/21 (Pre-refunded to 2/15/01)
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 810 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 A*** $ 863,468
Health Services Facilities Improvement Revenue Bonds,
1991 Series D, 7.400%, 2/15/18 (Pre-refunded to 2/15/02)
5,655 New York State Urban Development Corporation, Project 1/01 at 102 Aaa 5,917,675
Revenue Bonds (Onondaga County Convention Center),
Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)
2,230 City of Yonkers, New York, General Obligation School Bonds, 12/00 at 102 AAA 2,320,917
Series 1990-C, 7.375%, 12/01/09 (Pre-refunded to 12/01/00)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 3.9%
1,000 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,031,250
Revenue Bonds (1985 Facility), Series B, 6.125%, 7/01/13
(Alternative Minimum Tax)
2,620 Long Island Power Authority, Electric System General Revenue 6/03 at 101 A- 2,420,539
Bonds, Series 1998A, 5.500%, 12/01/29
6,000 New York City Industrial Development Agency, Industrial 10/08 at 102 BBB- 5,318,160
Development Revenue Bonds (Brooklyn Navy Yard
Cogeneration Partners, L.P. Project), Series 1997,
5.750%, 10/01/36 (Alternative Minimum Tax)
1,000 New York State Energy Research and Development Authority, 12/03 at 102 AAA 963,850
Solid Waste Disposal Revenue Bonds (New York State
Electric and Gas Corporation Project), 1993 Series A,
5.700%, 12/01/28 (Alternative Minimum Tax)
4,200 Suffolk County Industrial Development Agency, 1998 Industrial 1/09 at 101 N/R 3,613,092
Development Revenue Bonds (Nissequogue Cogen Partners
Facility), 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.1%
2,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 1,826,260
Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
1,250 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 1,190,236
and Sewer System Revenue Bonds, Fiscal 2000
Series A, 5.500%, 6/15/32
9,825 New York State Environmental Facilities Corporation, 6/00 at 102 Aa1 10,080,350
State Water Pollution Control Revolving Fund Revenue Bonds,
Series 1990A (New York City Municipal Water Finance
Authority Project), 7.500%, 6/15/12
930 New York State Environmental Facilities Corporation, State 11/04 at 102 AAA 1,006,620
Water Pollution Control Revolving Fund Revenue Bonds,
Series 1994D (Pooled Loan Issue), 6.900%, 5/15/15
------------------------------------------------------------------------------------------------------------------------------------
$ 345,125 Total Investments - (cost $335,155,263) - 98.3% 334,227,606
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 5,809,542
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $340,037,148
====================================================================================================================
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** 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. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 9.8%
$ 5,030 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA $ 5,004,800
Bonds, Series 1999A (American Museum of
Natural History), 5.750%, 7/01/29
2,260 New York City Industrial Development Agency, Civic Facility 7/08 at 101 AAA 1,775,298
Refunding and Equipment Revenue Bonds (1998 Lighthouse
International Project), 4.500%, 7/01/33
3,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 2,863,530
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
5,000 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 5,132,000
University Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15
3,000 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 2,702,730
System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20
4,375 Dormitory Authority of the State of New York, Long Island University 9/06 at 102 AAA 4,178,563
Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26
1,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 989,870
Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26
4,360 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,823,197
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
1,400 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 1,187,928
Educational Facilities Revenue Bonds, Series 1998A,
4.750%, 5/15/25
3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101 Aaa 3,122,140
Institute of America Insured Revenue Bonds, Series 1999,
5.000%, 7/01/22
2,265 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101 Aaa 1,986,133
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
5,000 Dormitory Authority of the State of New York, City University 7/09 at 101 AAA 4,772,550
System Consolidated Third General Resolution Revenue Bonds,
1999 Series 1, 5.500%, 7/01/29
1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101 AAA 1,250,580
Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.9%
1,250 New York City Health and Hospitals Corporation, Health System 2/03 at 102 AAA 1,233,825
Bonds, 1993 Series A, 5.750%, 2/15/22
3,000 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 2,690,790
Bonds, 1999 Series A, 5.000%, 2/15/20
1,000 Dormitory Authority of the State of New York, Maimonides 2/06 at 102 AAA 991,500
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1996A, 5.750%, 8/01/24
3,135 Dormitory Authority of the State of New York, Secured 2/08 at 101 1/2 AAA 2,745,163
Hospital Insured Revenue Bonds (Southside Hospital),
Series 1998, 5.000%, 2/15/25
10,000 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 8,653,900
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 5.000%, 8/01/32
5,000 Dormitory Authority of the State of New York, Highland 2/08 at 102 AAA 4,700,300
Hospital of Rochester, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1997A, 5.400%, 8/01/27
3,280 Dormitory Authority of the State of New York (North Shore 11/08 at 101 AAA 2,881,874
Health System Obligated Group), North Shore University
Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23
3,070 Dormitory Authority of the State of New York, Montefiore 8/09 at 101 AAA 2,864,249
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1999, 5.500%, 8/01/38
8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 7,648,480
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 1,500 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA $ 1,434,090
Services of Long Island Obligated Group), St. Francis
Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22
3,000 Dormitory Authority of the State of New York, New Island 7/09 at 101 AAA 3,005,850
Hospital Insured Revenue Bonds, Series 1999A,
5.750%, 7/01/19
12,000 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 12,446,400
North Shore University Hospital, Mortgage Project Revenue
Bonds, 1990 Series A, 7.200%, 11/01/20
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.1%
10,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 10,452,100
Mortgage Refunding Bonds (FHA-Insured Mortgage Loans),
1991 Series A, 7.350%, 6/01/19
New York State Housing Finance Agency, Housing Project Mortgage
Revenue Bonds, 1996 Series A Refunding:
1,970 6.100%, 11/01/15 5/06 at 102 AAA 2,005,046
2,985 6.125%, 11/01/20 5/06 at 102 AAA 3,004,641
985 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,016,707
Mortgage Housing Revenue Bonds, 1994 Series B,
6.250%, 8/15/14
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.5%
2,000 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 2,019,960
Revenue Bonds, Series 63, 6.125%, 4/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.0%
3,000 Castle Rest Residential Health Care Facility (Syracuse, 8/07 at 102 AAA 2,891,490
New York), FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
1,185 Village of East Rochester Housing Authority, 8/07 at 102 AAA 1,150,730
FHA-Insured Mortgage Revenue Bonds (St. John's Meadows
Project), Series 1997A, 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.8%
City of Buffalo, New York, School Serial Bonds, Series 1999E:
1,755 6.000%, 12/01/18 12/09 at 101 AAA 1,821,234
425 6.000%, 12/01/19 12/09 at 101 AAA 438,830
Germantown Central School District, Columbia County, New York,
School District Serial Bonds, Series 1999:
700 5.400%, 6/15/17 6/08 at 101 Aaa 691,831
700 5.400%, 6/15/18 6/08 at 101 Aaa 687,610
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101 Aaa 703,731
School District Serial Bonds, Series 2000, 5.600%, 8/01/18
Lyndonville Central School District, Orleans County, New York,
School District Serial Bonds, Series 2000:
330 5.750%, 6/01/18 6/08 at 101 Aaa 334,920
330 5.750%, 6/01/19 6/08 at 101 Aaa 333,386
805 County of Nassau, New York, General Obligation Serial 9/09 at 102 Aaa 779,618
Improvement Bonds, Series D, 5.300%, 9/01/17
2,250 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 2,310,120
Fiscal 1991 Series A, 7.250%, 3/15/19
2,520 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,631,863
1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,334,310
Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18
255 City of Port Jervis, Orange County, Water Improvement Serial Bonds, 3/09 at 101 Aaa 249,158
Series 1999, 5.625%, 3/15/24
1,000 Commonwealth of Puerto Rico, General Obligation Public 7/10 at 100 AAA 1,005,670
Improvement Bonds of 2000, 5.750%, 7/01/26 (WI)
1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101 AAA 1,643,920
General Obligation Series Bonds, Series 2000, 5.750%, 6/15/19
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 18.1%
$ 3,775 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA $ 3,467,224
Series 1996A, 5.250%, 4/01/26
Metropolitan Transportation Authority, Dedicated Tax Fund Bonds,
Series 1998A:
5,000 5.000%, 4/01/23 4/08 at 101 AAA 4,451,900
6,500 4.750%, 4/01/28 4/08 at 101 AAA 5,491,915
2,000 Nassau Health Care Corporation, Health System Revenue Bonds, 8/09 at 102 AAA 1,973,300
Series 1999 (Nassau County, New York, Guaranteed),
5.750%, 8/01/29
10,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 8,069,100
Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
4,500 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 4,451,985
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30
1,250 Dormitory Authority of the State of New York, Leake and 7/04 at 102 AAA 1,265,750
Watts Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23
2,500 Dormitory Authority of the State of New York, Mental Health 8/07 at 101 AAA 2,234,875
Services Facilities Improvement Revenue Bonds,
Series 1997D, 5.125%, 8/15/27
4,860 Dormitory Authority of the State of New York, Mental Health 2/08 at 102 AAA 4,306,057
Services Facilities Improvement Revenue Bonds, Series 1998A,
5.000%, 2/15/23
2,250 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101 AAA 2,068,965
Bonds (853 Schools Program, 1998 Issue 2), Saint Anne
Institute Insured Revenue Bonds, Series 1998E,
5.000%, 7/01/18
2,000 Dormitory Authority of the State of New York, Mental 2/09 at 101 AAA 1,710,660
Health Services Facilities Improvement Revenue Bonds,
Series 1999C, 4.750%, 8/15/22
3,340 Dormitory Authority of the State of New York, Special Act 7/09 at 101 AAA 3,363,046
School Districts Program Insured Revenue Bonds,
Series 1999, 5.750%, 7/01/19
4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 4,037,227
Services Facilities Improvement Revenue Bonds,
Series 1996B, 5.375%, 2/15/26
2,250 New York State Environmental Facilities Corporation, 4/07 at 100 AAA 2,037,960
Riverbank State Park Special Obligation Refunding Revenue
Bonds, 1996 Series, 5.125%, 4/01/22
3,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 2,752,410
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series A, 5.250%, 8/15/23
35 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 35,340
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25
215 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 219,825
Health Services Facilities Improvement Revenue Bonds,
1992 Series B, 6.250%, 8/15/18
40 New York State Medical Care Facilities Finance Agency, 8/04 at 102 AAA 41,277
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series E, 6.250%, 8/15/19
2,080 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 1,955,325
Mental Health Services Facilities Improvement Revenue
Bonds, 1993 Series F Refunding, 5.250%, 2/15/19
1,530 Empire Development Corporation, New York State Urban 1/06 at 102 AAA 1,438,292
Development Corporation, Correctional Capital Facilities
Revenue Bonds, Series 6, 5.375%, 1/01/25
7,900 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 8,042,042
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
2,000 Puerto Rico Municipal Finance Agency, 1999 Series A, 5.500%, 8/01/19 8/09 at 101 AAA 1,996,300
1,435 Suffolk County Industrial Development Agency, New York, Civic 10/10 at 102 Aaa 1,476,357
Facility Revenue Bonds, Series 1999A (Hampton Bays Public
Library Project), 6.000%, 10/01/19
5,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 5,172,100
Refunding Bonds, Series 1991B, 6.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.0%
10,215 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 9,570,127
Revenue Bonds, Series 1997C, 5.375%, 7/01/27
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION (continued)
$ 2,625 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA $ 2,348,036
Bonds, Series 1997E, 5.000%, 7/01/21
1,000 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 AAA 918,750
Revenue Bonds, Series 1998A, 5.250%, 7/01/28
3,505 Metropolitan Transportation Authority, Transit Facilities 7/07 at 101 1/2 AAA 3,408,017
Revenue Bonds, Series 1997A, 5.625%, 7/01/25
2,300 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,211,105
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
9,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 4/01 at 101 AAA 9,252,090
Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax)
3,025 The Port Authority of New York and New Jersey, Special Project 12/07 at 100 AAA 2,978,869
Bonds, Series 6 (JFK International Air Terminal LLC Project),
5.750%, 12/01/25 (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,479,110
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,536,455
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.4%
5,500 Metropolitan Transportation Authority, Commuter Facilities 7/02 at 102 AAA 5,785,230
Revenue Bonds, Series 1992B, 6.250%, 7/01/17
(Pre-refunded to 7/01/02)
County of Nassau, General Obligation Refunding Bonds:
1,075 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,126,245
1,065 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,115,769
1,055 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,105,292
1,045 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,094,815
1,030 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,079,100
The City of New York, General Obligation Bonds, Fiscal 1991 Series B:
1,950 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 2,036,229
1,550 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,617,906
The City of New York, General Obligation Bonds, Fiscal 1990 Series I:
950 7.250%, 8/15/14 8/00 at 100 3/4 AAA 969,057
1,270 7.250%, 8/15/17 8/00 at 100 3/4 AAA 1,294,054
3,030 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 3,117,537
Fiscal 1991 Series A, 7.250%, 3/15/18
5,965 New York City Municipal Water Finance Authority, Water 6/00 at 101 1/2 AAA 6,091,876
and Sewer System Revenue Bonds, Fiscal 1991 Series A,
7.250%, 6/15/15 (Pre-refunded to 6/15/00)
1,150 Dormitory Authority of the State of New York, Judicial 7/00 at 100 AAA 1,347,156
Facilities Lease Revenue Bonds (Suffolk County Issue),
Series 1986, 7.375%, 7/01/16
10,000 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 10,281,600
System Consolidated Second General Resolution Revenue
Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00)
1,000 Dormitory Authority of the State of New York, Cooper Union 7/01 at 102 AAA 1,052,480
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/20
(Pre-refunded to 7/01/01)
2,540 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 2,609,723
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15
(Pre-refunded to 7/01/00)
5,000 New York State Housing Finance Agency, State University No Opt. Call AAA 5,555,500
Construction Refunding Bonds, 1986 Series A, 7.900%, 11/01/06
2,500 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 2,597,425
Beth Israel Medical Center (Main Campus), Project Revenue
Bonds, 1990 Series A, 7.500%, 11/01/10 (Pre-refunded to 11/01/00)
8,625 New York State Medical Care Facilities Finance Agency, 5/01 at 102 AAA 9,046,590
The Mary Imogene Bassett Hospital Project Revenue Bonds,
1991 Series A, 7.125%, 11/01/20 (Pre-refunded to 5/01/01)
3,140 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 3,333,989
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05)
1,895 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 1,983,231
Health Services Facilities Improvement Revenue Bonds,
1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 1,960 New York State Medical Care Facilities Finance Agency, 8/04 at 102 AAA $ 2,101,414
Mental Health Services Facilities Improvement Revenue Bonds,
1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04)
6,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 6,592,740
New York Hospital, FHA-Insured Mortgage Revenue Bonds,
1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05)
4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 4,413,318
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
9,635 Suffolk County Water Authority, Water System Revenue Bonds, 6/00 at 102 AAA 9,872,503
Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00)
3,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 3,105,990
Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01)
2,500 Triborough Bridge and Tunnel Authority, General Purpose 1/01 at 102 AAA 2,600,450
Revenue Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.0%
Long Island Power Authority, Electric System General Revenue
Bonds, Series 1998A:
5,750 5.125%, 12/01/22 6/08 at 101 AAA 5,199,725
3,000 5.750%, 12/01/24 6/08 at 101 AAA 2,974,350
5,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 5,060,900
Electric Facilities Revenue Bonds, Series 1991A (Consolidated
Edison Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,626,275
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
2,250 New York State Energy Research and Development Authority, 7/03 at 102 AAA 2,140,673
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
1,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 1,010,530
Adjustable Rate Pollution Control Revenue Bonds (New York
State Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax)
2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,548,950
Pollution Control Revenue Bonds, Series 1992B (Rochester Gas
and Electric Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax)
2,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA 1,991,540
Pollution Control Revenue Bonds (Rochester Gas and Electric
Corporation Project), Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax)
2,000 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,045,980
Facilities Revenue Bonds, Series 1992A (Consolidated Edison
Company of New York, Inc. Project), 6.750%, 1/15/27
(Alternative Minimum Tax)
2,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,033,740
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.5%
2,855 Buffalo, New York, Municipal Water Finance Authority, Water 7/09 at 101 AAA 2,912,043
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
2,115 Town of Clifton Park Water Authority, Water System Revenue 10/03 at 102 AAA 1,857,622
Bonds, Series 1993, 5.000%, 10/01/26
6,000 New York City Municipal Water Finance Authority, Water 6/08 at 101 AAA 5,096,580
and Sewer System Revenue Bonds, Fiscal 1998
Series D, 4.750%, 6/15/25
4,750 New York City Municipal Water Finance Authority, 6/09 at 101 AAA 4,522,900
Water and Sewer System Revenue Bonds, Fiscal 2000
Series A, 5.500%, 6/15/32
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER (continued)
$ 5,000 Suffolk County Water Authority, Water System Revenue Bonds, 6/03 at 102 AAA $ 4,606,700
Series 1994, 5.000%, 6/01/17
2,750 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 2,682,103
Series 1995, 5.650%, 5/01/26
------------------------------------------------------------------------------------------------------------------------------------
$ 398,880 Total Investments - (cost $384,951,620) - 98.1% 389,592,236
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 7,718,291
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $397,310,527
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 13.1%
$ 1,000 Nassau County Industrial Development Agency, Civic Facility 7/08 at 102 AAA $ 889,730
Revenue and Refunding Bonds (Hofstra University Project),
Series 1998, 5.000%, 7/01/23
7,250 New York City Industrial Development Agency, Civic Facility 1/09 at 101 AAA 6,330,483
Revenue Bonds (Horace Mann School Project), 5.000%, 7/01/28
6,000 Dormitory Authority of the State of New York, St. John's 7/01 at 102 AAA 6,291,420
University Insured Revenue Bonds, Series 1991,
6.875%, 7/01/11
10,000 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 10,264,000
University Insured Revenue Bonds, Series 1991,
6.000%, 7/01/15
3,920 Dormitory Authority of the State of New York, Rensselaer 7/01 at 102 AAA 4,092,715
Polytechnic Institute Insured Revenue Bonds, Series 1991,
6.500%, 7/01/06
12,875 Dormitory Authority of the State of New York, Mount Sinai 7/01 at 102 AAA 13,421,544
School of Medicine Insured Revenue Bonds, Series 1991,
6.750%, 7/01/15
1,870 Dormitory Authority of the State of New York, Fordham 7/00 at 102 AAA 1,919,013
University Insured Revenue Bonds, Series 1990,
7.200%, 7/01/15
4,100 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 3,693,731
System Consolidated Revenue Bonds, Series 1993F,
5.000%, 7/01/20
2,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 1,979,740
Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26
4,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,507,520
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
8,440 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 8,667,120
System Consolidated Second General Resolution Revenue
Bonds, Series 1990C, 7.000%, 7/01/14
4,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 4,040,280
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21
5,000 Dormitory Authority of the State of New York, State University 5/06 at 102 AAA 4,776,450
Educational Facilities Revenue Bonds, Series 1996,
5.500%, 5/15/26
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 8.4%
Dormitory Authority of the State of New York, St. Vincent's Hospital
and Medical Center of New York, FHA-Insured Mortgage Revenue
Bond, Series 1991:
4,430 7.375%, 8/01/11 8/01 at 102 AAA 4,663,771
4,150 7.400%, 8/01/30 8/01 at 102 AAA 4,348,287
3,985 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,677,199
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32
935 Dormitory Authority of the State of New York, Maimonides No Opt. Call AAA 953,251
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1996B, 5.500%, 8/01/14
9,250 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 8,004,858
and Presbyterian Hospital, FHA-Insured Mortgage Hospital
Revenue Bonds, Series 1998, 5.000%, 8/01/32
6,430 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 6,119,753
Services of Long Island Obligated Group), St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/24
5,500 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 5,621,880
St. Luke's-Roosevelt Hospital Center, FHA-Insured Mortgage
Revenue Bonds, 1989 Series A, 7.375%, 2/15/19
10,755 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 11,155,086
North Shore University Hospital Mortgage Project Revenue
Bonds, 1990 Series A, 7.200%, 11/01/20
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/MULTIFAMILY - 5.7%
$ 4,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA $ 4,180,840
Mortgage Refunding Bonds (FHA-Insured Mortgage Loans),
1991 Series A, 7.350%, 6/01/19
15,000 New York City Housing Development Corporation, Multifamily 4/00 at 105 AAA 15,779,250
Housing Limited Obligation Bonds, Series 1991A,
Pass Through Certificates, 6.500%, 2/20/19
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
980 6.100%, 11/01/15 5/06 at 102 AAA 997,434
3,980 6.125%, 11/01/20 5/06 at 102 AAA 4,006,188
5,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 5,231,350
Revenue Bonds, Series 1992A, 6.750%, 1/01/26
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.5%
1,500 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102 AAA 1,555,590
Revenue Bonds, Series 43, 6.450%, 10/01/17
State of New York Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series VV:
3,610 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa1 3,732,090
750 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 776,453
2,020 State of New York Mortgage Agency, Mortgage Revenue Bonds, 4/00 at 100 AAA 2,023,333
Eighth Series A, 6.875%, 4/01/17
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.4%
2,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 2,028,240
Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc.
Project), 6.000%, 8/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.1%
1,200 Town of Brookhaven, Suffolk County, New York, Various 10/02 at 102 AAA 1,263,432
Purposes Serial Bonds, 1991 Series B, 6.400%, 10/01/11
City of Buffalo, Refunding Serial Bonds of 1991:
530 6.250%, 2/01/11 2/01 at 101 AAA 539,667
760 6.250%, 2/01/13 2/01 at 101 AAA 773,239
760 6.250%, 2/01/15 2/01 at 101 AAA 772,426
County of Erie, General Obligation Serial Bonds, Public Improvement
Series 1999A:
700 5.500%, 10/01/17 10/09 at 101 AAA 699,608
700 5.250%, 10/01/19 10/09 at 101 AAA 665,973
Lyndonville Central School District, Orleans County, New York,
School District Serial Bonds, Series 2000:
340 5.750%, 6/01/18 6/08 at 101 Aaa 345,069
340 5.750%, 6/01/19 6/08 at 101 Aaa 343,488
45 The City of New York, General Obligation Bonds, Fiscal 8/02 at 101 1/2 AAA 46,934
1992 Series C, Fixed Rate Bonds, Subseries C-1,
6.250%, 8/01/10
45 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 47,388
Fiscal 1992 Series C, 6.625%, 8/01/14
3,100 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 3,182,832
Fiscal 1991 Series A, 7.250%, 3/15/19
4,150 The City of New York, General Obligation Bonds, 8/08 at 101 AAA 3,726,991
Fiscal 1998 Series H, 5.125%, 8/01/25
5,000 The City of New York, General Obligation Bonds, 4/09 at 101 AAA 4,362,500
Fiscal 1999 Series I, 5.000%, 4/15/29
3,000 Town of North Hempstead, Nassau County, New York, 3/08 at 101 Aaa 2,668,620
General Obligation Refunding Serial Bonds, 1998 Series B,
4.750%, 3/01/18
Town of North Hempstead, Nassau County, General Obligation
Bonds, 1999 Series B:
2,135 5.875%, 7/15/18 7/09 at 101 Aaa 2,187,799
2,255 5.875%, 7/15/19 7/09 at 101 Aaa 2,300,123
2,250 Commonwealth of Puerto Rico, Public Improvement Bonds, 7/08 at 101 AAA 1,997,753
Series 1998 (General Obligation Bonds), 4.875%, 7/01/23
8,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 6,676,320
Bonds, Series 1998 (General Obligation Bonds),
4.500%, 7/01/23
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL (continued)
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
$ 525 5.875%, 6/15/17 6/10 at 100 Aaa $ 539,963
525 5.875%, 6/15/18 6/10 at 100 Aaa 537,905
525 5.875%, 6/15/20 6/10 at 100 Aaa 533,201
525 5.875%, 6/15/21 6/10 at 100 Aaa 531,783
525 5.875%, 6/15/22 6/10 at 100 Aaa 530,565
525 5.875%, 6/15/23 6/10 at 100 Aaa 530,161
525 5.875%, 6/15/24 6/00 at 100 Aaa 529,757
525 5.875%, 6/15/26 6/10 at 100 Aaa 529,358
525 5.875%, 6/15/28 6/10 at 100 Aaa 528,754
Rensselaer County, New York, General Obligation Serial Bonds,
Series 1991:
960 6.700%, 2/15/16 No Opt. Call AAA 1,103,520
960 6.700%, 2/15/17 No Opt. Call AAA 1,103,347
960 6.700%, 2/15/18 No Opt. Call AAA 1,101,254
960 6.700%, 2/15/19 No Opt. Call AAA 1,097,213
960 6.700%, 2/15/20 No Opt. Call AAA 1,090,934
747 6.700%, 2/15/21 No Opt. Call AAA 847,038
The City of Rochester, New York, General Obligation Serial Bonds,
Series 1999:
735 5.250%, 10/01/20 No Opt. Call AAA 706,034
735 5.250%, 10/01/21 No Opt. Call AAA 702,631
730 5.250%, 10/01/22 No Opt. Call AAA 695,303
730 5.250%, 10/01/23 No Opt. Call AAA 693,639
730 5.250%, 10/01/24 No Opt. Call AAA 691,982
730 5.250%, 10/01/25 No Opt. Call AAA 690,332
725 5.250%, 10/01/26 No Opt. Call AAA 683,972
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.4%
1,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 954,120
Series 1993A, 5.250%, 11/01/17
3,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA 2,755,410
Series 1996A, 5.250%, 4/01/26
6,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA 5,069,460
Series 1998A, 4.750%, 4/01/28
5,875 New York City Transit Authority/ Metropolitan Transportation 1/10 at 101 AAA 5,390,548
Authority/ Triborough Bridge and Tunnel Authority, Certificates
of Participation, Series 1999A, 5.250%, 1/01/29
New York City, Transitional Finance Authority, Future Tax
Secured Bonds, Fiscal 1998 Series A:
5,000 5.000%, 8/15/27 8/07 at 101 AA 4,385,500
2,000 5.000%, 8/15/27 8/07 at 101 AAA 1,761,560
2,000 New York City Transitional Finance Authority, Future Tax 5/08 at 101 AAA 1,613,820
Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
4,390 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 3,890,418
Facilities Improvement Program Lease Revenue Bonds
(New York City Issue), 1998 Series 1, 5.000%, 1/15/23
5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 4,946,650
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30
505 Dormitory Authority of the State of New York, Judicial Facilities 4/00 at 114 5/32 Baa1 577,861
Lease Revenue Bonds (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14
13,275 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 102 AAA 13,837,993
Lease Revenue Bonds (Suffolk County Issue), Series 1991B,
7.000%, 4/15/16
5,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 5,063,000
Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23
5,190 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 4,872,839
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.375%, 2/15/26
7,145 Dormitory Authority of the State of New York, Special Act 7/09 at 101 AAA 7,194,301
School Districts Program Insured Revenue Bonds, Series 1999,
5.750%, 7/01/19
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA $ 1,811,520
State Park Special Obligation Refunding Revenue Bonds,
1996 Series, 5.125%, 4/01/22
4,400 New York Local Government Assistance Corporation, 4/03 at 102 AAA 4,228,004
Series 1993B Refunding Bonds, 5.500%, 4/01/21
1,985 New York State Medical Care Facilities Finance Agency, Mental 8/00 at 101 AAA 2,028,888
Health Services Facilities Improvement Revenue Bonds,
1989 Series C, 7.375%, 8/15/19
20 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 20,194
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25
365 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 373,191
Health Services Facilities Improvement Revenue Bonds,
1992 Series B, 6.250%, 8/15/18
1,000 New York State Medical Care Facilities Finance Agency, 8/03 at 102 AAA 917,470
Mental Health Services Facilities Improvement Revenue Bonds,
1993 Series D, 5.250%, 8/15/23
4,000 New York State Medical Care Facilities Financing Agency, 2/02 at 100 AAA 3,841,960
Mental Health Services Facilities Improvement Revenue Bonds,
1992 Series A, 5.500%, 8/15/21
5,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,089,900
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
8,505 New York State Urban Development Corporation, Correctional 1/07 at 102 AAA 8,349,614
Capital Facilities Revenue Bonds, Series 7, 5.700%, 1/01/27
12,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 12,375,600
Refunding Bonds, Series 1991A, 6.625%, 1/01/17
Triborough Bridge and Tunnel Authority, Special Obligation
Refunding Bonds, Series 1991B:
14,000 7.100%, 1/01/10 1/01 at 102 AAA 14,545,580
3,500 6.875%, 1/01/15 1/01 at 102 AAA 3,620,470
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.3%
2,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA 1,941,500
Bonds, Series 1997A, 5.625%, 7/01/27
7,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 6,558,090
Bonds, Series 1997C, 5.375%, 7/01/27
Metropolitan Transportation Authority, Commuter Facilities Revenue
Bonds, Series 1998A:
3,000 5.000%, 7/01/23 7/08 at 101 AAA 2,669,190
4,695 5.250%, 7/01/28 7/08 at 101 AAA 4,313,531
5,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 101 1/2 AAA 5,236,800
Bonds, Series K, 6.250%, 7/01/11
2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,403,375
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
10,000 The Port Authority of New York and New Jersey, Consolidated 11/01 at 101 AA- 10,192,900
Bonds, Seventy-Sixth Series, 6.500%, 11/01/26
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.0%
5,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/02 at 102 AAA 5,259,300
Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000 Metropolitan Transportation Authority, Commuter Facilities 7/06 at 102 AAA 1,074,140
Revenue Bonds, Series 1996A, 6.000%, 7/01/21
(Pre-refunded to 7/01/06)
5,000 Nassau County Industrial Development Agency, Civic Facility 8/01 at 102 AAA 5,242,850
Revenue Bonds (Hofstra University Project), Series 1991,
6.750%, 8/01/11 (Pre-refunded to 8/01/01)
4,955 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 5,195,119
Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1,
6.250%, 8/01/10 (Pre-refunded to 8/01/02)
4,955 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 5,234,611
Fiscal 1992 Series C, 6.625%, 8/01/14 (Pre-refunded to 8/01/02)
1,500 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 1,543,335
Fiscal 1991 Series A, 7.250%, 3/15/18
3,000 The City of New York, General Obligation Bonds, 4/00 at 100 AAA 3,035,400
Fiscal 1990 Series B, 7.000%, 10/01/19
5,000 New York City Municipal Water Finance Authority, Water 6/01 at 101 1/2 AAA 5,223,800
and Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.000%, 6/15/16 (Pre-refunded to 6/15/01)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 5,000 The Trust for Cultural Resources of the City of New York, Revenue 4/01 at 102 AAA $ 5,226,550
Refunding Bonds, Series 1991A, (The American Museum
of Natural History), 6.900%, 4/01/21 (Pre-refunded to 4/01/01)
5,000 The Trust for Cultural Resources of the City of New York, Revenue 1/02 at 102 AAA 5,257,250
Refunding Bonds, Series 1991A, (The Museum of Modern
Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02)
State of New York, Serial Bonds:
4,055 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,251,951
4,055 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,251,951
5,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 5,300,750
Educational Facilities Revenue Bonds, Series 1991A,
6.750%, 5/15/21 (Pre-refunded to 5/15/02)
10,930 Dormitory Authority of the State of New York, Ithaca College 7/01 at 102 AAA 11,380,097
Insured Revenue Bonds, Series 1991, 6.250%, 7/01/21
(Pre-refunded to 7/01/01)
2,230 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 2,367,769
Mental Health Services Facilities Improvement Revenue
Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05)
5,260 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 5,504,906
Services Facilities Improvement Revenue Bonds, 1992 Series B,
6.250%, 8/15/18 (Pre-refunded to 2/15/02)
5,000 New York State Medical Care Facilities Finance Agency, New York 2/05 at 102 AAA 5,493,950
Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A,
6.800%, 8/15/24 (Pre-refunded to 2/15/05)
County of Suffolk, New York, Public Improvement Bonds,
1991 Series A:
790 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 827,865
745 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 780,708
720 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 754,510
730 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 764,989
735 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 770,229
250 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 261,983
245 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 256,743
245 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 256,743
240 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 251,503
County of Suffolk, New York, Public Improvement Bonds,
1991 Series B:
265 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 277,701
265 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 277,701
270 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 282,941
275 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,181
280 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 293,420
275 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,181
280 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 293,420
285 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,660
17,945 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 18,666,030
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.9%
4,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 3,675,040
Bonds, Series 1998A, 5.250%, 12/01/26
14,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 14,170,520
Electric Facilities Revenue Bonds, Series 1991A (Consolidated
Edison Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
11,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 11,555,610
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
3,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 3,031,590
Adjustable Rate Pollution Control Revenue Bonds (New York
State Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax)
3,000 New York State Energy Research and Development Authority, 10/01 at 102 AAA 3,132,120
Pollution Control Refunding Revenue Bonds (Niagara Mohawk
Power Corporation Project), Series 1991A, 6.625%, 10/01/13
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (continued)
$ 6,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA $ 5,974,620
Pollution Control Revenue Bonds (Rochester Gas and Electric
Corporation Project), Series 1998A, 5.950%, 9/01/33
(Alternative Minimum Tax)
2,500 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,557,475
Facilities Revenue Bonds, Series 1992A (Consolidated Edison
Company of New York, Inc. Project), 6.750%, 1/15/27
(Alternative Minimum Tax)
3,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA 3,559,045
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
1,000 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 849,430
Sewer System Revenue Bonds, Fiscal 1998 Series D,
4.750%, 6/15/25
10,500 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 9,997,992
Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32
5,000 New York State Environmental Facilities Corporation, State Water 9/00 at 102 AAA 5,161,000
Pollution Control Revolving Fund Revenue Bonds, Series 1991B
(Pooled Loan Issue), 7.100%, 9/15/11
1,300 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 AAA 1,326,790
Revenue Bonds, Series 1992 (The New Rochelle Water Company
Project), 6.400%, 12/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 528,857 Total Investments - (cost $513,857,973) - 99.1% 527,885,133
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.9% 4,827,773
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 532,712,906
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 15.5%
$ 3,040 County of Monroe Industrial Development Agency, 6/00 at 103 AAA $ 3,142,843
1986 Industrial Development Revenue Bonds (Wilmur Associates
Facility), Eastman Place Remarketing, 7.250%, 12/01/16
(Alternative Minimum Tax)
6,350 Nassau County Industrial Development Agency, Civic Facility 7/08 at 102 AAA 5,649,786
Revenue and Refunding Bonds (Hofstra University Project),
Series 1998, 5.000%, 7/01/23
5,000 The Trust for Cultural Resources of the City of New York, 7/06 at 101 AAA 4,982,750
Revenue Bonds, Series 1996 (The New York Botanical Garden),
5.800%, 7/01/26
7,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102 AAA 7,018,508
Revenue Refunding Bonds, Series 1996A (The Museum of
Modern Art), 5.500%, 1/01/21
14,500 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA 14,153,015
Revenue Bonds, Series 1997A (American Museum of
Natural History), 5.650%, 4/01/27
4,775 New York City Industrial Development Agency, Civic Facility 6/07 at 102 AAA 4,374,712
Revenue Bonds (Trinity Episcopal School Corporation Project),
5.250%, 6/15/27
1,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 1,022,800
Educational Facilities Revenue Bonds, Series 1990B,
7.000%, 5/15/16
1,000 Dormitory Authority of the State of New York, Mount Sinai 7/01 at 102 AAA 1,042,450
School of Medicine Insured Revenue Bonds, Series 1991,
6.750%, 7/01/15
7,515 Dormitory Authority of the State of New York, Marist College 7/02 at 102 AAA 7,585,566
Insured Revenue Bonds, Series 1992, 6.000%, 7/01/22
1,000 Dormitory Authority of the State of New York, Fordham University 7/04 at 102 AAA 960,020
Insured Revenue Bonds, Series 1994, 5.500%, 7/01/23
1,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,037,260
System Consolidated Second General Resolution Revenue
Bonds, Series 1993A, 5.750%, 7/01/18
1,970 Dormitory Authority of the State of New York, University of 7/04 at 102 AAA 2,000,082
Rochester, Strong Memorial Hospital Revenue Bonds,
Series 1994, 5.900%, 7/01/17
1,240 Dormitory Authority of the State of New York, Sarah Lawrence 7/05 at 102 AAA 1,256,938
College Revenue Bonds, Series 1995, 6.000%, 7/01/24
8,500 Dormitory Authority of the State of New York, Ithaca College Insured 7/07 at 102 AAA 7,803,340
Revenue Bonds, Series 1997, 5.250%, 7/01/26
1,150 Dormitory Authority of the State of New York, St. John's 7/06 at 102 AAA 1,157,061
University Insured Revenue Bonds, Series 1996,
5.600%, 7/01/16
4,625 Dormitory Authority of the State of New York, Barnard College 7/07 at 101 AAA 4,245,935
Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26
7,000 Dormitory Authority of the State of New York, Fordham 7/08 at 101 AAA 6,138,160
University Insured Revenue Bonds, Series 1998,
5.000%, 7/01/28
2,000 Dormitory Authority of the State of New York, City University 7/08 at 102 AAA 1,764,660
System Consolidated Third General Resolution Revenue
Bonds, 1998 Series 1, 5.000%, 7/01/26
5,750 Dormitory Authority of the State of New York, State 5/08 at 100 AAA 4,878,990
University Educational Facilities Revenue Bonds,
Series 1998A, 4.750%, 5/15/25
3,835 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 3,938,200
System Consolidated Second General Resolution Revenue
Bonds, Series 1990C, 7.000%, 7/01/14
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 5.8%
4,000 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,691,040
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 5,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA $ 4,393,100
System Obligated Group), North Shore University Hospital at
Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23
9,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 8,565,750
Services of Long Island Obligated Group), St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/24
5,350 New York State Medical Care Facilities Finance Agency, Sisters 11/01 at 102 AAA 5,589,680
of Charity Hospital of Buffalo, Project Revenue Bonds,
1991 Series A, 6.625%, 11/01/18
1,000 New York State Medical Care Facilities Finance Agency, 11/03 at 102 AAA 1,040,750
St. Mary's Hospital (Rochester), Mortgage Project Revenue
Bonds, 1994 Series A Refunding, 6.200%, 11/01/14
3,300 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 3,081,342
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.375%, 2/15/25
3,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 2,947,200
Montefiore Medical Center, FHA-Insured Mortgage
Revenue Bonds, 1995 Series A, 5.750%, 2/15/25
1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102 AAA 2,001,673
Health Center Projects Revenue Bonds (Secured Mortgage
Program), 1995 Series A, 6.375%, 11/15/19
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.6%
12,475 New York City Housing Development Corporation, Multifamily 4/00 at 105 AAA 13,123,076
Housing Limited Obligation Bonds, Series 1991A, Pass
Through Certificates, 6.500%, 2/20/19
1,690 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,701,120
Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20
1,575 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,625,699
Mortgage Housing Revenue Bonds, 1994 Series B,
6.250%, 8/15/14
New York State Urban Development Corporation, Section 236
Revenue Bonds, Series 1992A:
5,515 6.700%, 1/01/12 1/02 at 102 AAA 5,775,143
17,995 6.750%, 1/01/26 1/02 at 102 AAA 18,827,629
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.3%
1,995 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102 AAA 1,884,976
Revenue Bonds, Series 33, 5.400%, 10/01/17
985 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 102 AAA 1,017,101
Revenue Bonds, Series VV, 7.250%, 10/01/07
(Alternative Minimum Tax)
4,000 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 4,039,920
Revenue Bonds, Series 63, 6.125%, 4/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.1%
4,450 Castle Rest Residential Health Care Facility (Syracuse, 8/07 at 102 AAA 4,289,044
New York), FHA-Insured Mortgage Revenue Bonds,
Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
2,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102 AAA 1,915,940
Palsy of New York City, Inc., Insured Revenue Bonds,
Series 1996, 5.500%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.0%
1,000 County of Erie, New York, General Obligation Bonds, 6/05 at 101 1/2 AAA 990,970
1995 Series B, 5.625%, 6/15/20
200 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 209,032
Fiscal 1992 Series C, Subseries C-1, 6.625%, 8/01/15
235 The City of New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 247,291
Fiscal 1992 Series H, 7.100%, 2/01/10
7,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 5,841,780
Bonds, Series 1998 (General Obligation Bonds),
4.500%, 7/01/23
Putnam Valley Central School District, Putnam and Westchester
Counties, New York, General Obligation Bonds, Series 1999:
525 5.875%, 6/15/19 6/10 at 100 Aaa 535,442
525 5.875%, 6/15/25 6/10 at 100 Aaa 529,358
525 5.875%, 6/15/27 6/10 at 100 Aaa 529,153
525 City of Yonkers, General Obligation Serial Bonds, 2/02 at 102 AAA 551,964
1992 Series A, 6.500%, 2/15/07
1,390 City of Yonkers, General Obligation Serial Bonds, 2/02 at 102 AAA 1,461,390
1992 Series B, 6.500%, 2/15/07
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 16.6%
$ 15,000 Metropolitan Transportation Authority, Transit Facilities 7/01 at 102 AAA $15,476,850
1987 Service Contract Bonds, Series 5, 6.500%, 7/01/16
5,000 Metropolitan Transportation Authority, Dedicated Tax Fund 4/10 at 100 AAA 5,092,150
Bonds, Series 2000A, New York, 6.000%, 4/01/30
3,000 New York City Transitional Finance Authority, Future 8/07 at 101 AAA 2,642,340
Tax Secured Bonds, Fiscal 1998 Series A,
5.000%, 8/15/27
3,000 New York City Transitional Finance Authority, Future 5/08 at 101 AAA 2,420,730
Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
2,500 New York City Transitional Finance Authority, Future 5/10 at 101 AAA 2,559,300
Tax Secured Bonds, Fiscal 2000 Series B,
6.000%, 11/15/24
6,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 5,935,980
Lease Revenue Bonds (The City of New York Issue),
Series 1999, 5.750%, 5/15/30
5,375 Dormitory Authority of the State of New York, Leake and 7/04 at 102 AAA 5,442,725
Watts Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23
2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,002,968
Services Facilities Improvement Revenue Bonds,
Series 1996B, 5.125%, 8/15/21
3,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101 AAA 3,299,920
Bonds (853 Schools Program, 1999 Issue 1), Harmony
Heights School, Series 1999C, 5.500%, 7/01/18
5,500 New York Local Government Assistance Corporation, 4/04 at 100 AAA 4,871,790
Series 1993B, Refunding Bonds, 5.000%, 4/01/23
New York State Medical Care Facilities Financing Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1992
Series A:
120 6.375%, 8/15/10 2/02 at 102 AAA 125,269
155 6.375%, 8/15/17 2/02 at 102 AAA 161,564
5,250 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 4,935,315
Mental Health Services Facilities Improvement Revenue Bonds,
1993 Series F Refunding, 5.250%, 2/15/19
10,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 10,179,800
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
24,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 24,826,080
Refunding Bonds, Series 1991B, 6.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.9%
4,250 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 4,202,570
Revenue Bonds, Series 1995, 5.750%, 1/01/25
3,000 Metropolitan Transportation Authority, Commuter Facilities 7/06 at 102 AAA 3,107,160
Revenue Bonds, Series 1996A, 6.000%, 7/01/16
13,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 12,179,310
Revenue Bonds, Series 1997C, 5.375%, 7/01/27
500 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 AAA 459,375
Revenue Bonds, Series 1998A, 5.250%, 7/01/28
Metropolitan Transportation Authority, Transit Facilities Revenue
Bonds, Series 1998B:
10,000 4.875%, 7/01/18 7/08 at 101 AAA 9,002,500
5,500 4.750%, 7/01/26 7/08 at 101 AAA 4,657,235
1,000 Niagara Frontier Transportation Authority (Greater Buffalo 4/04 at 102 AAA 1,020,250
International Airport), Airport Revenue Bonds, Series 1994A,
6.250%, 4/01/24 (Alternative Minimum Tax)
2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,403,375
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
5,000 The Port Authority of New York and New Jersey, Consolidated 1/01 at 101 AAA 5,114,500
Bonds, Seventy-First Series, 6.500%, 1/15/26
10,000 The Port Authority of New York and New Jersey, Consolidated 11/01 at 101 AAA 10,309,550
Bonds, Seventy-Sixth Series, 6.500%, 11/01/26
(Alternative Minimum Tax)
5,000 The Port Authority of New York and New Jersey, Consolidated 1/01 at 101 AAA 5,114,500
Bonds, Seventy-First Series, 6.500%, 1/15/26
7,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/02 at 101 1/2 AAA 7,184,730
Bonds, Series X, 6.500%, 1/01/19
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED - 26.6%
$ 1,980 Town of Clifton Park Water Authority, Water System 10/02 at 102 AAA $ 2,094,800
Revenue Bonds, 1991 Series A, 6.375%, 10/01/26
(Pre-refunded to 10/01/02)
24,155 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 102 AAA 25,529,903
Bonds, Series J, 6.500%, 7/01/18 (Pre-refunded to 7/01/02)
County of Nassau, New York, General Obligation Serial Bonds:
1,410 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,483,983
1,260 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,331,366
1,495 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,573,443
1,285 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,357,782
1,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,052,470
19,800 The City of New York, General Obligation Bonds, Fiscal 8/02 at 101 1/2 AAA 20,917,314
1992 Series C, Subseries C-1, 6.625%, 8/01/15
(Pre-refunded to 8/01/02)
2,265 The City of New York, General Obligation Bonds, Fiscal 2/02 at 101 1/2 AAA 2,393,086
1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02)
1,090 New York City Municipal Water Finance Authority, Water 6/01 at 101 AAA 1,130,450
and Sewer Revenue Bonds, Fiscal 1992 Series A, 6.750%, 6/15/16
(Pre-refunded to 6/15/01)
3,520 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,092,211
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
3,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 3,180,450
Educational Facilities Revenue Bonds, Series 1991A,
6.750%, 5/15/21 (Pre-refunded to 5/15/02)
7,250 Dormitory Authority of the State of New York, The New York 7/02 at 102 AAA 7,568,638
Public Library Insured Revenue Bonds, Series 1992A,
5.875%, 7/01/22 (Pre-refunded to 7/01/02)
Dormitory Authority of the State of New York, Hamilton College
Insured Revenue Bonds, Series 1991:
2,000 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 2,088,120
7,750 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 8,091,465
3,700 Dormitory Authority of the State of New York, City University 7/04 at 102 BBB+*** 3,959,851
System Consolidated Third General Resolution Revenue
Bonds, Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04)
1,500 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AA*** 1,584,435
and Nursing Home, FHA-Insured Mortgage Revenue Bonds,
1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02)
New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A:
7,380 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 7,739,332
15,520 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 16,275,669
4,825 Power Authority of the State of New York, General Purpose 1/02 at 102 AAA 5,063,210
Bonds, Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02)
5,000 Power Authority of the State of New York, General Purpose 1/01 at 100 AAA 5,067,800
Bonds, Series Y, 6.000%, 1/01/20 (Pre-refunded to 1/01/01)
4,000 New York State Thruway Authority, General Revenue Bonds, 1/02 at 102 AAA 4,146,280
Series A, 5.750%, 1/01/19 (Pre-refunded to 1/01/02)
4,700 Niagara Falls Bridge Commission, Toll Bridge System Revenue 10/02 at 102 AAA 4,945,669
Bonds, Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02)
2,500 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 2,588,325
Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01)
3,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 3,120,540
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
5,800 Triborough Bridge and Tunnel Authority, General Purpose 1/02 at 101 1/2 AAA 6,083,678
Revenue Bonds, Series W, 6.750%, 1/01/22
(Pre-refunded to 1/01/02)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.3%
1,650 Islip Resource Recovery Agency, Resource Recovery System No Opt. Call AAA 1,909,215
Revenue Bonds (1985 Facility), Series B, 7.250%, 7/01/11
(Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (continued)
$ 3,200 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA $ 3,172,640
Bonds, Series 1998A, 5.750%, 12/01/24
6,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,301,500
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
1,500 New York State Energy Research and Development Authority, 7/03 at 102 AAA 1,427,115
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
12,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 12,234,960
Pollution Control Revenue Bonds, Series 1992B (Rochester Gas
and Electric Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax)
9,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 9,151,830
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.2%
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series A:
8,410 6.750%, 6/15/16 6/01 at 101 AAA 8,686,605
9,770 6.250%, 6/15/21 6/01 at 100 AAA 9,934,527
3,250 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 3,094,615
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
1,000 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 975,310
Bonds, Series 1995, 5.650%, 5/01/26
------------------------------------------------------------------------------------------------------------------------------------
$ 535,825 Total Investments - (cost $525,525,350) - 98.9% 536,636,062
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 5,740,474
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $542,376,536
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
*** 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. Securities are normally
considered to be equivalent to AAA rated securities.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 22.4%
$ 2,000 County of Monroe Industrial Development Agency, Civic Facility 6/05 at 102 AAA $ 2,031,300
Revenue Bonds (Nazareth College of Rochester Project),
Series 1995, 6.000%, 6/01/20
5,460 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,441,163
Bonds, Series 1996 (The New York Botanical Garden),
5.800%, 7/01/26
1,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102 AAA 1,210,088
Revenue Refunding Bonds, Series 1996A (The Museum of
Modern Art), 5.500%, 1/01/21
5,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 4,910,500
Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/22
1,000 New York City Industrial Development Agency, Civic Facility 11/04 at 102 AAA 1,055,600
Revenue Bonds (USTA National Tennis Center Incorporated
Project), 6.375%, 11/15/14
2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 1,909,020
Bonds (State University Dormitory Facilities Issue), Series 1999C,
5.500%, 7/01/29
2,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 2,052,800
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15
2,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,074,520
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18
1,000 Dormitory Authority of the State of New York, University of 7/04 at 102 AAA 960,580
Rochester, Strong Memorial Hospital Revenue Bonds,
Series 1994, 5.500%, 7/01/21
2,450 Dormitory Authority of the State of New York, 7/04 at 102 AAA 2,177,879
Mount Sinai School of Medicine Insured Revenue
Bonds, Series 1994A, 5.000%, 7/01/21
3,000 Dormitory Authority of the State of New York, New School 7/07 at 102 AAA 2,969,610
for Social Research Insured Revenue Bonds, Series 1997,
5.750%, 7/01/26
2,000 Dormitory Authority of the State of New York, St. John's 7/06 at 102 AAA 2,012,280
University Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16
2,000 Dormitory Authority of the State of New York, Long Island 9/06 at 102 AAA 1,910,200
University Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26
3,165 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 3,250,170
System Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14
7,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 6,733,800
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 13.1%
3,000 Dormitory Authority of the State of New York, Ellis Hospital, 8/05 at 102 AAA 2,887,860
FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1995, 5.600%, 8/01/25
1,500 Dormitory Authority of the State of New York, Vassar Brothers 1/08 at 102 AAA 1,431,900
Hospital Insured Revenue Bonds, Series 1997, 5.250%, 7/01/17
2,685 Dormitory Authority of the State of New York (North Shore 11/08 at 101 AAA 2,359,095
Health System Obligated Group), North Shore University
Hospital at Forest Hills Revenue Bonds, Series 1998,
5.000%, 11/01/23
3,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 2,868,180
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
2,500 New York State Medical Care Facilities Finance Agency, 11/02 at 102 AAA 2,604,475
South Nassau Communities Hospital Project Revenue Bonds,
1992 Series A, 6.125%, 11/01/11
2,635 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 2,684,933
Hospital and Nursing Home, FHA-Insured Mortgage Revenue
Bonds, 1992 Series C (Mount Sinai Hospital), 6.375%, 8/15/29
4,700 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 4,388,578
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.375%, 2/15/25
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 4,135 New York State Medical Care Facilities Finance Agency, 8/05 at 102 AA $ 4,444,587
FHA-Insured Mortgage Project Revenue Bonds,
1995 Series F, 6.200%, 8/15/15
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.4%
2,240 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 2,254,739
Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20
2,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 2,094,340
Revenue Bonds, Series 1992A, 6.700%, 1/01/12
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.1%
2,500 State of New York Mortgage Agency, Homeowner Mortgage 3/03 at 102 Aa2 2,561,750
Revenue Bonds, Series 30-B, 6.650%, 10/01/25
(Alternative Minimum Tax)
1,200 State of New York Mortgage Agency, Homeowner Mortgage 10/03 at 102 Aa1 1,181,256
Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6%
1,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 1,014,120
Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc.
Project), 6.000%, 8/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.7%
1,510 County of Erie, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA 1,496,365
5.625%, 6/15/20
210 County of Nassau, General Obligation Serial Bonds, General No Opt. Call AAA 211,214
Improvement Bonds, Series 1993-H, 5.500%, 6/15/16
1,500 County of Nassau, General Obligation Serial Bonds, General 8/04 at 103 AAA 1,556,865
Improvement Bonds, Series O, 5.700%, 8/01/13
4,000 The City of New York, General Obligation Bonds, Fiscal No Opt. Call AAA 4,548,280
1995 Series E, 8.000%, 8/01/05
2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101 AAA 1,934,900
Fiscal 1998 Series F, 5.250%, 8/01/16
2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,578,397
Treatment Plant Serial Bonds of 1994, 8.500%, 11/01/08
(Alternative Minimum Tax)
City of Niagara Falls, Niagara County, New York, Public
Improvement Serial Bonds of 1994:
1,000 7.500%, 3/01/13 No Opt. Call AAA 1,210,640
2,000 6.900%, 3/01/22 3/04 at 102 AAA 2,141,740
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 8.2%
1,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA 918,470
Series 1996A, 5.250%, 4/01/26
2,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/10 at 100 AAA 2,036,860
Series 2000A, 6.000%, 4/01/30
1,500 New York City Transitional Finance Authority, Future 5/10 at 101 AAA 1,535,580
Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24
3,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 2,658,600
Facilities Improvement Program, Lease Revenue Bonds
(New York City Issue), 1998 Series 1, 5.000%, 1/15/23
1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 989,330
Lease Revenue Bonds (New York City Issue), Series 1999,
5.750%, 5/15/30
1,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 1,376,205
Mental Health Services Facilities Improvement Revenue Bonds,
1994 Series A, 5.250%, 8/15/23
20 New York State Medical Care Facilities Financing Agency, 2/02 at 102 AAA 20,847
Mental Health Services Facilities Improvement Revenue Bonds,
1992 Series A, 6.375%, 8/15/17
1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 1,887,897
Facilities Revenue Bonds, 1993A, Refunding Series,
5.250%, 1/01/14
2,045 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,081,769
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
1,500 Suffolk County Judicial Facilities Agency (Suffolk County, 10/09 at 101 AAA 1,403,265
New York), Service Agreement Revenue Bonds, Series 1999
(John P. Colahan Court Complex), 5.000%, 4/15/16
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION - 4.1%
$ 4,500 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA $ 4,368,375
Bonds, Series 1997A, 5.625%, 7/01/27
500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
2,500 The Port Authority of New York and New Jersey, Consolidated 1/03 at 101 AAA 2,531,950
Bonds, Eighty-Fourth Series, 5.875%, 7/15/16
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.5%
2,000 Metropolitan Transportation Authority, Commuter Facilities 7/02 at 102 AAA 2,103,720
Revenue Bonds, Series 1992B, 6.250%, 7/01/17
(Pre-refunded to 7/01/02)
1,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/04 at 101 1/2 AAA 1,072,470
Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04)
1,700 Metropolitan Transportation Authority, Transit Facilities Revenue 7/06 at 102 AAA 1,831,274
Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06)
2,385 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 2,519,586
Fiscal 1992 Series C, 6.625%, 8/01/14
(Pre-refunded to 8/01/02)
1,500 The City of New York, General Obligation Bonds, 8/00 at 100 AAA 1,509,375
Fiscal 1990 Series F, 6.000%, 8/01/19
2,500 Dormitory Authority of the State of New York, State University 5/03 at 102 AAA 2,635,700
Educational Facilities, Revenue Bonds, Series 1995A,
6.000%, 5/15/22 (Pre-refunded to 5/15/03)
2,500 Dormitory Authority of the State of New York, The New York 7/02 at 102 AAA 2,609,875
Public Library Insured Revenue Bonds, Series 1992A,
5.875%, 7/01/22 (Pre-refunded to 7/01/02)
1,000 Dormitory Authority of the State of New York, Colgate University 7/01 at 102 AAA 1,044,060
Insured Revenue Bonds, Series 1991A, 6.500%, 7/01/21
(Pre-refunded to 7/01/01)
6,855 Dormitory Authority of the State of New York, City University 7/04 at 102 AAA 7,476,200
System Consolidated Third General Resolution Revenue
Bonds, 1994 Series 2, 6.750%, 7/01/24
(Pre-refunded to 7/01/04)
1,335 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 1,370,992
System Consolidated Second General Resolution Revenue
Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00)
7,800 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 8,570,562
New York Hospital, FHA-Insured Mortgage Revenue Bonds,
1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05)
1,980 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 2,076,406
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17 (Pre-refunded to 2/15/02)
1,900 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 2,020,555
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
100 County of Niagara, Public Improvement Serial Bonds of 1993, 8/00 at 102 AAA 102,587
5.750%, 8/15/20 (Pre-refunded to 8/15/00)
3,800 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 100 AAA 3,851,528
Bonds, Series T, 6.000%, 1/01/22 (Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.3%
1,165 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,201,406
Revenue Bonds (1985 Facility), Series B, 6.125%, 7/01/13
(Alternative Minimum Tax)
5,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 4,521,500
Bonds, Series 1998A, 5.125%, 12/01/22
2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,625,625
Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A
(The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
2,750 New York State Energy Research and Development Authority, 7/03 at 102 AAA 2,616,378
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas
Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
2,500 New York State Energy Research and Development Authority, 7/05 at 102 AAA 2,526,325
Adjustable Rate Pollution Control Revenue Bonds (New York
State Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax)
6,100 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,219,438
Pollution Control Revenue Bonds, Series 1992B
(Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES (continued)
$ 2,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA $ 2,542,175
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.8%
1,000 New York City, Municipal Water Finance Authority, 6/07 at 101 AAA 913,130
Water and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
1,800 New York City, Municipal Water Finance Authority, 6/09 at 101 AAA 1,713,940
Water and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
2,500 Suffolk County Water Authority, Water System Revenue Bonds, No Opt. Call AAA 2,477,700
Series 1993 Refunding, 5.100%, 6/01/12
------------------------------------------------------------------------------------------------------------------------------------
$ 178,390 Total Investments - (cost $176,276,431) - 99.2% 179,596,054
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 1,463,427
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $181,059,481
====================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions: Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings: Using the higher of Standard & Poor's or
Moody's rating.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND (NAN)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 1.8%
$ 2,250 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 $ 2,239,515
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 1,076,450
Tobacco Settlement Asset-Backed Bonds, Series 1999,
0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.8%
Village of Kenmore Housing Authority, Tax-Exempt Student Housing
Revenue Bonds (State University of New York at Buffalo Student
Apartment Project), Series 1999A:
3,000 5.500%, 8/01/19 8/09 at 102 AA 2,864,100
3,000 5.500%, 8/01/24 8/09 at 102 AA 2,796,360
3,070 County of Monroe Industrial Development Agency, Civic Facility 6/09 at 102 AA 2,813,778
Revenue Bonds (St. John Fisher College Project), Series 1999,
5.375%, 6/01/24
3,500 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 A 3,318,805
Bonds (State University Dormitory Facilities Issue),
Series 1999B, 5.375%, 7/01/19
1,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 954,510
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
2,500 Dormitory Authority of the State of New York, Rochester 7/07 at 101 AAA 2,315,900
Institute of Technology Insured Revenue Bonds,
Series 1997, 5.250%, 7/01/22
3,360 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 3,394,541
Insured Revenue Bonds, Series 1997, 5.700%, 7/01/17
5,000 Dormitory Authority of the State of New York, City University 7/08 at 101 AAA 4,384,400
System Consolidated Third General Resolution Revenue Bonds,
1998 Series 2, 5.000%, 7/01/28
3,000 Dormitory Authority of the State of New York, University of Rochester 7/09 at 101 A+ 2,979,030
Revenue Bonds, Series 1999A and 1999B, 5.500%, 7/01/16
1,750 Dormitory Authority of the State of New York, Pratt Institute Revenue 7/09 at 102 AA 1,772,663
Bonds, Series 1999, 6.000%, 7/01/20
1,000 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,026,300
Manhattan College Insured Revenue Bonds, Series 1999,
6.250%, 7/01/29
3,565 Rensselaer County Industrial Development Agency, 8/09 at 101 A+ 3,153,349
Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute
Dormitory Project), Series 1999A, 5.125%, 8/01/27
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 23.6%
City of Albany Industrial Development Agency, Civic Facility
Revenue Bonds (Albany Medical Center Project), Series 1999:
1,120 6.000%, 5/01/19 5/09 at 101 N/R 962,506
1,460 6.000%, 5/01/29 5/09 at 101 N/R 1,210,325
5,000 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 4,484,650
Bonds, 1999 Series A, 5.000%, 2/15/20
Dormitory Authority of the State of New York, Frances Schervier
` Home and Hospital Insured Revenue Bonds (Franciscan Health
Partnership Obligated Group), Series 1997:
2,000 5.500%, 7/01/17 7/07 at 102 AA 1,938,120
2,500 5.500%, 7/01/27 7/07 at 102 AA 2,317,250
Dormitory Authority of the State of New York, Victory Memorial
Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series
1999:
2,400 5.250%, 8/01/15 8/09 at 101 AAA 2,320,104
2,000 5.375%, 8/01/25 8/09 at 101 AAA 1,866,380
4,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 4,527,184
Revenue Refunding Bonds (Wyckoff Heights Medical Center),
Series 1998H, 5.300%, 8/15/21
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 2,750 Dormitory Authority of the State of New York, The Memorial 2/09 at 101 AAA $ 2,582,938
Hospital of William F. and Gertrude F. Jones, Inc., FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1999, 5.250%, 8/01/19
4,825 Dormitory Authority of the State of New York, The New York Hospital 8/09 at 101 AAA 4,520,253
Medical Center of Queens, FHA- Insured Mortgage Hospital
Revenue Bonds, Series 1999, 5.450%, 8/01/29
3,325 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 3,178,900
Services of Long Island Obligated Group), St. Francis Hospital
Revenue Bonds, Series 1999A, 5.500%, 7/01/22
5,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 Aa2 4,826,550
Insured Mortgage Revenue Bonds, 1994 Series A, 5.250%, 8/15/14
4,000 Ulster County Industrial Development Agency, Civic Facility 11/09 at 101 A2 3,617,960
Revenue Bonds (The Kingston Hospital Project - Letter of Credit
Secured), Series 1999, 5.650%, 11/15/24
3,825 Yates County Industrial Development Agency (Yates County, 8/09 at 101 AAA 3,626,712
New York), Civic Facility Revenue Bonds (Soldiers and Sailors
Memorial Hospital of Yates County Project - FHA-Insured),
Series 1999A, 5.650%, 2/01/39
3,000 City of Yonkers Industrial Development Agency, Mortgage 2/09 at 101 AAA 2,811,750
Revenue Bonds, Series 1999 (FHA- Insured Mortgage Michael
Malotz Skilled Nursing Pavilion Project), 5.450%, 2/01/29
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.7%
5,500 Guam Housing Corporation, Single Family Mortgage Revenue No Opt. Call AAA 5,431,910
Bonds (Guaranteed Mortgage-Backed Securities Program),
1998 Series A, 5.750%, 9/01/31 (Alternative Minimum Tax)
5,700 State of New York Mortgage Agency, Homeowner Mortgage 10/09 at 100 N/R 5,415,570
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2%
Appleridge Retirement Community, Inc., Mortgage Revenue Bonds
(GNMA Collateralized Mortgage Loan - Appleridge Retirement
Community, Inc. Project), Series 1999:
1,150 5.700%, 9/01/31 9/09 at 102 Aaa 1,104,230
1,250 5.750%, 9/01/41 9/09 at 102 Aaa 1,199,225
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.4%
3,000 The City of New York, General Obligation Bonds, 2/08 at 101 A- 2,852,910
Fiscal 1998 Series F, 5.250%, 8/01/16
The City of New York, General Obligation Bonds, Fiscal 1999 Series J:
2,000 5.000%, 5/15/20 5/09 at 101 AAA 1,804,940
5,000 5.125%, 5/15/29 5/09 at 101 AAA 4,447,850
County of Orange, General Obligation Bonds, Various Purpose
Serial Bonds of 1997:
3,040 5.125%, 9/01/22 9/07 at 101 Aa2 2,782,482
1,195 5.125%, 9/01/23 9/07 at 101 Aa2 1,090,187
The City of Rochester, New York, General Obligation Serial Bonds,
Series 1999:
720 5.250%, 10/01/18 No Opt. Call AAA 700,488
720 5.250%, 10/01/19 No Opt. Call AAA 693,216
2,280 County of Rockland, New York, Various Purpose Serial Bonds, 10/09 at 101 AA 2,309,822
Series 1999, 5.600%, 10/15/16
City School District of Rye, Westchester County, New York,
General Obligations Serial Bonds, Series 1999:
650 5.600%, 8/15/17 (Alternative Minimum Tax) 8/08 at 101 Aaa 660,953
675 5.600%, 8/15/18 8/08 at 101 Aaa 683,694
675 5.600%, 8/15/19 8/08 at 101 Aaa 680,501
1,000 City of Yonkers, New York, School Bonds 1999-C, 5.000%, 6/01/19 6/09 at 101 AAA 911,870
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.8%
5,220 Metropolitan Transportation Authority, Dedicated Tax Fund 4/09 at 101 AAA 4,848,545
Bonds, Series 1999A, 5.250%, 4/01/23
8,995 New York City Transit Authority/ Metropolitan Transportation 1/10 at 101 AAA 8,253,272
Authority/ Triborough Bridge and Tunnel Authority,
Certificates of Participation, Series 1999A, 5.250%, 1/01/29
10,000 New York City Transitional Finance Authority, Future 8/07 at 101 AA 8,771,000
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
<PAGE>
PORTFOLIO OF INVESTMENTS (Unaudited)
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND (NAN) (continued)
March 31, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA $ 1,978,660
Revenue Bonds (The City of New York Issue), Series 1999,
5.750%, 5/15/30
2,910 Dormitory Authority of the State of New York, Special Act School 7/09 at 102 AAA 2,830,906
Districts Program Insured Revenue Bonds, Series 1998,
5.250%, 7/01/15
5,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101 AAA 4,529,200
Services Facilities Improvement Revenue Bonds, Series 1999D,
5.250%, 2/15/29
1,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 917,470
Mental Health Services Facilities Improvement Revenue Bonds,
1994 Series A, 5.250%, 8/15/23
2,900 New York State Thruway Authority, Local Highway and 4/08 at 101 AAA 2,863,286
Bridge Service Contract Bonds, Series 1998A-2, 5.375%, 4/01/16
3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,053,940
Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29
3,345 Suffolk County Judicial Facilities Agency (Suffolk County, 10/09 at 101 AAA 3,256,592
New York), Service Agreement Revenue Bonds, Series 1999
(John P. Colahan Court Complex), 5.250%, 10/15/15
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.8%
2,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 1,873,740
Revenue Bonds, Series 1997C, 5.375%, 7/01/27
New York City Industrial Development Agency, Special Facility
Revenue Bonds (1990 American Airlines, Inc. Project), Remarketed:
2,250 5.400%, 7/01/19 8/07 at 102 Baa1 1,982,385
6,600 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 5,794,932
500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
5,000 Triborough Bridge and Tunnel Authority, General Purpose 1/07 at 101 Aa3 4,574,250
Revenue Bonds, Series 1997A, 5.250%, 1/01/28
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 5.3%
500 Erie County, Industrial Development Agency, Solid Waste 12/10 at 103 N/R 548,395
Disposal Facility Revenue Bonds (1998 CanFibre of
Lackawanna Project), 9.050%, 12/01/25
(Alternative Minimum Tax)
Long Island Power Authority, Electric System General Revenue
Bonds, Series 1998A:
4,800 5.125%, 12/01/22 6/08 at 101 AAA 4,340,640
5,575 5.250%, 12/01/26 6/08 at 101 AAA 5,122,087
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.7%
9,750 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 8,903,015
Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
------------------------------------------------------------------------------------------------------------------------------------
$ 201,200 Total Investments - (cost $194,243,989) - 99.1% 187,574,121
============= --------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.9% 1,784,298
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $189,358,419
====================================================================================================================
* 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: Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (Unaudited)
March 31, 2000
<CAPTION>
NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT NEW YORK
VALUE PLUS QUALITY SELECT QUALITY
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value $141,649,941 $334,227,606 $389,592,236 $527,885,133
Cash -- 1,086,562 3,774,639 --
Receivables:
Interest 2,546,920 6,045,391 6,803,359 8,857,105
Investments sold -- 184,235 -- --
Other assets 17,716 42,022 8,096 8,253
------------------------------------------------------------------------------------------------------------------------------------
Total assets 144,214,577 341,585,816 400,178,330 536,750,491
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 289,308 -- -- 1,615,254
Payable for investments purchased -- -- 995,054 --
Accrued expenses:
Management fees 72,763 182,154 212,340 283,857
Other 121,547 145,060 236,589 286,644
Preferred share dividends payable -- 39,852 61,024 36,761
Common share dividends payable 642,860 1,181,602 1,362,796 1,815,069
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,126,478 1,548,668 2,867,803 4,037,585
------------------------------------------------------------------------------------------------------------------------------------
Net assets $143,088,099 $340,037,148 $397,310,527 $532,712,906
====================================================================================================================================
Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,972 5,760 7,720
====================================================================================================================================
Common shares outstanding 15,120,364 14,957,607 17,699,489 23,420,961
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by
Common shares outstanding) $ 9.46 $ 14.42 $ 14.31 $ 14.50
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF NET ASSETS (Unaudited) (continued)
March 31, 2000
<CAPTION>
INSURED NEW YORK
NEW YORK NEW YORK DIVIDEND
QUALITY INCOME PREMIUM INCOME ADVANTAGE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value $536,636,062 $179,596,054 $187,574,121
Cash -- -- --
Receivables:
Interest 8,702,246 2,765,846 2,838,185
Investments sold -- -- --
Other assets 3,690 2,990 66,249
------------------------------------------------------------------------------------------------------------------------------------
Total assets 545,341,998 182,364,890 190,478,555
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 629,395 460,541 229,225
Payable for investments purchased -- -- --
Accrued expenses:
Management fees 288,770 98,208 54,415
Other 159,383 146,805 166,169
Preferred share dividends payable 57,549 23,048 36,865
Common share dividends payable 1,830,365 576,807 633,462
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,965,462 1,305,409 1,120,136
------------------------------------------------------------------------------------------------------------------------------------
Net assets $542,376,536 $181,059,481 $189,358,419
====================================================================================================================================
Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000
====================================================================================================================================
Preferred shares outstanding 7,880 2,600 2,760
====================================================================================================================================
Common shares outstanding 24,083,739 8,299,632 9,179,007
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by
Common shares outstanding) $ 14.34 $ 13.98 $ 13.11
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (Unaudited)
Six Months Ended March 31, 2000
<CAPTION>
NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT NEW YORK
VALUE PLUS QUALITY SELECT QUALITY
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME $ 4,421,228 $10,685,707 $12,220,915 $16,522,766
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 428,913 1,071,546 1,248,399 1,671,674
Preferred shares - auction fees N/A 143,198 165,370 241,911
Preferred shares - dividend disbursing agent fees N/A 20,055 15,041 15,041
Shareholders' servicing agent fees and expenses 21,556 21,748 23,535 17,435
Custodian's fees and expenses 46,059 44,885 51,269 67,825
Directors'/Trustees' fees and expenses 2,294 4,806 5,182 6,479
Professional fees 6,253 2,637 4,591 26,365
Shareholders' reports - printing and mailing expenses 2,298 4,917 13,752 43,522
Stock exchange listing fees 12,018 15,673 12,534 17,891
Investor relations expense 7,588 15,556 17,552 22,416
Portfolio insurance expense -- -- 19,321 50,835
Other expenses 8,893 17,371 22,733 26,798
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 535,872 1,362,392 1,599,279 2,208,192
Custodian fee credit (9,982) (18,282) (32,747) (2,319)
Expense reimbursement -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 525,890 1,344,110 1,566,532 2,205,873
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,895,338 9,341,597 10,654,383 14,316,893
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (1,745,222) (1,517,892) 1,172,968 (781,931)
Change in net unrealized appreciation (depreciation)
of investments 639,138 (586,387) (3,139,646) (2,061,817)
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (1,106,084) (2,104,279) (1,966,678) (2,843,748)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 2,789,254 $ 7,237,318 $ 8,687,705 $11,473,145
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS (Unaudited) (continued)
Six Months Ended March 31, 2000
<CAPTION>
INSURED NEW YORK
NEW YORK NEW YORK DIVIDEND
QUALITY INCOME PREMIUM INCOME ADVANTAGE
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME $16,351,993 $ 5,221,704 $ 5,433,338
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 1,701,734 578,077 595,489
Preferred shares - auction fees 229,911 81,473 86,486
Preferred shares - dividend disbursing agent fees 20,055 10,027 5,014
Shareholders' servicing agent fees and expenses 13,531 6,731 3,157
Custodian's fees and expenses 27,222 32,277 22,048
Directors'/Trustees' fees and expenses 6,659 3,086 1,005
Professional fees 4,249 3,388 12,643
Shareholders' reports - printing and mailing expenses 14,452 7,166 5,234
Stock exchange listing fees 17,428 8,060 14,342
Investor relations expense 23,585 8,385 4,173
Portfolio insurance expense -- 3,851 --
Other expenses 29,590 10,645 2,892
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and
expense reimbursement 2,088,416 753,166 752,483
Custodian fee credit (4,896) (7,049) (6,933)
Expense reimbursement -- -- (277,311)
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 2,083,520 746,117 468,239
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 14,268,473 4,475,587 4,965,099
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (1,304,616) (1,005,833) (1,797,800)
Change in net unrealized appreciation (depreciation)
of investments (3,446,843) (658,707) 563,476
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (4,751,459) (1,664,540) (1,234,324)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 9,517,014 $ 2,811,047 $ 3,730,775
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
<CAPTION>
NEW YORK VALUE NEW YORK PERFORMANCE PLUS NEW YORK INVESTMENT QUALITY
--------------------------------- ---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/00 9/30/99 3/31/00 9/30/99 3/31/00 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,895,338 $ 7,748,064 $ 9,341,597 $ 18,413,404 $ 10,654,383 $ 21,016,680
Net realized gain (loss)
from investment
transactions (1,745,222) (802,699) (1,517,892) 1,634,315 1,172,968 (1,220,746)
Change in net unrealized
appreciation (depreciation)
of investments 639,138 (10,772,832) (586,387) (25,013,575) (3,139,646) (22,181,816)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
from operations 2,789,254 (3,827,467) 7,237,318 (4,965,856) 8,687,705 (2,385,882)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net
investment income:
Common shareholders (3,780,092) (7,711,388) (7,366,565) (15,332,875) (8,389,558) (17,640,215)
Preferred shareholders N/A N/A (2,063,640) (3,250,764) (2,546,621) (3,653,529)
From accumulated net realized gains
from investment transactions:
Common shareholders -- (1,468,187) (927,372) -- -- (1,505,529)
Preferred shareholders N/A N/A (239,859) -- -- (317,760)
Decrease in net assets from
distributions to shareholders (3,780,092) (9,179,575) (10,597,436) (18,583,639) (10,936,179) (23,117,033)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- -- 346,015 2,236,986 211,776 2,830,318
Preferred shares:
Net proceeds from sale of shares N/A N/A -- 19,689,440 -- 23,647,328
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions -- -- 346,015 21,926,426 211,776 26,477,646
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets (990,838) (13,007,042) (3,014,103) (1,623,069) (2,036,698) 974,731
Net assets at the
beginning of period 144,078,937 157,085,979 343,051,251 344,674,320 399,347,225 398,372,494
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $143,088,099 $144,078,937 $340,037,148 $343,051,251 $397,310,527 $399,347,225
===================================================================================================================================
Balance of undistributed net
investment income at the
end of period $ 206,141 $ 90,895 $ 258,533 $ 347,141 $ 31,986 $ 313,782
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
<CAPTION>
NEW YORK SELECT QUALITY NEW YORK QUALITY INCOME
---------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/00 9/30/99 3/31/00 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 14,316,893 $ 27,827,012 $ 14,268,473 $ 27,486,461
Net realized gain (loss) from investment
transactions (781,931) (1,586,994) (1,304,616) (118,949)
Change in net unrealized appreciation
(depreciation) of investments (2,061,817) (28,225,081) (3,446,843) (31,066,531)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 11,473,145 (1,985,063) 9,517,014 (3,699,019)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (11,263,575) (23,022,620) (11,078,520) (22,417,666)
Preferred shareholders (3,445,022) (4,923,219) (3,352,514) (5,278,453)
From accumulated net realized gains
from investment transactions:
Common shareholders -- (1,003,402) -- (794,873)
Preferred shareholders -- (220,788) -- (200,072)
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (14,708,597) (29,170,029) (14,431,034) (28,691,064)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 665,924 4,369,224 358,915 3,911,754
Preferred shares:
Net proceeds from sale of shares -- 42,451,046 -- 26,614,494
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions 665,924 46,820,270 358,915 30,526,248
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (2,569,528) 15,665,178 (4,555,105) (1,863,835)
Net assets at the beginning of period 535,282,434 519,617,256 546,931,641 548,795,476
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $532,712,906 $535,282,434 $542,376,536 $546,931,641
===================================================================================================================================
Balance of undistributed net
investment income at the
end of period $ 108,453 $ 500,157 $ 385,010 $ 547,571
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INSURED NEW YORK PREMIUM INCOME NEW YORK DIVIDEND ADVANTAGE
------------------------------- ---------------------------
FOR THE PERIOD
5/26/99
SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS)
3/31/00 9/30/99 3/31/00 THROUGH 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,475,587 $ 8,818,900 $ 4,965,099 $ 2,502,204
Net realized gain (loss) from investment
transactions (1,005,833) 214,511 (1,797,800) (1,388,238)
Change in net unrealized appreciation
(depreciation) of investments (658,707) (12,463,282) 563,476 (7,233,344)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 2,811,047 (3,429,871) 3,730,775 (6,119,378)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From undistributed net investment income:
Common shareholders (3,460,948) (6,867,848) (3,914,627) (1,968,457)
Preferred shareholders (1,155,973) (1,943,944) (1,264,474) (472,110)
From accumulated net realized gains
from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (4,616,921) (8,811,792) (5,179,101) (2,440,567)
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Common shares:
Net proceeds from sale of shares -- -- -- 131,174,518
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions 65,682 735,504 5,486 5,347
Preferred shares:
Net proceeds from sale of shares -- -- -- 68,081,318
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions 65,682 735,504 5,486 199,261,183
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (1,740,192) (11,506,159) (1,442,840) 190,701,238
Net assets at the beginning of period 182,799,673 194,305,832 190,801,259 100,021
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $181,059,481 $182,799,673 $189,358,419 $190,801,259
===================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the
end of period $ 312,214 $ 453,548 $ (152,365) $ 61,637
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited)
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), Nuveen Insured New York Premium Income Municipal Fund, Inc.
(NNF) and Nuveen New York Dividend Advantage Municipal Fund (NAN).
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.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
accounting principles generally accepted in the United States.
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/Trustees. 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 the when-issued and delayed delivery purchase commitments. At
March 31, 2000, New York Investment Quality had an outstanding when-issued
purchase commitment of $995,054. There were no such outstanding purchase
commitments in any of the other Funds.
Investment 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. Net realized
capital gain and market discount distributions, if any, are subject to federal
taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend 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 carryforwards.
<PAGE>
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 distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
New York Value is not authorized to issue Preferred shares. The Funds below have
issued and outstanding $25,000 stated value Preferred shares. Each Fund's
Preferred shares are issued in one or more 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>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Number of shares:
Series M 1,600 960 -- 2,200 1,320 --
Series T 800 2,400 1,720 -- 1,280 --
Series W 2,000 -- 2,400 2,200 -- --
Series Th -- -- 3,600 2,400 -- --
Series F 572 2,400 -- 1,080 -- 2,760
-----------------------------------------------------------------------------------------------------------
Total 4,972 5,760 7,720 7,880 2,600 2,760
===========================================================================================================
</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 and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended March 31, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
Reclassification
Certain amounts have been reclassified in the 1999 Financial Highlights to
conform to the 2000 presentation.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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. Actual
results may differ from those estimates.
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
NEW YORK VALUE NEW YORK PERFORMANCE PLUS
--------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/00 9/30/99 3/31/00 9/30/99
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions -- -- 23,171 132,291
---------------------------------------------------------------------------------------------------------
-- -- 23,171 132,291
=========================================================================================================
Preferred shares sold N/A N/A -- 800
=========================================================================================================
<CAPTION>
NEW YORK NEW YORK
INVESTMENT QUALITY SELECT QUALITY
--------------------- --------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/00 9/30/99 3/31/00 9/30/99
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 14,233 168,378 45,209 264,877
---------------------------------------------------------------------------------------------------------
14,233 168,378 45,209 264,877
=========================================================================================================
Preferred shares sold -- 960 -- 1,720
=========================================================================================================
<CAPTION>
INSURED NEW YORK
NEW YORK QUALITY INCOME PREMIUM INCOME
---------------------------------------------------------------------------------------------------------
SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED
3/31/00 9/30/99 3/31/00 9/30/99
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold -- -- -- --
Shares issued to shareholders
due to reinvestment of distributions 24,023 242,816 4,491 46,575
---------------------------------------------------------------------------------------------------------
24,023 242,816 4,491 46,575
=========================================================================================================
Preferred shares sold -- 1,080 -- --
=========================================================================================================
<CAPTION>
NEW YORK
DIVIDEND ADVANTAGE
-------------------
FOR THE
PERIOD
5/26/99
(COMMENCE-
SIX MENT OF
MONTHS OPERATIONS)
ENDED THROUGH
3/31/00 9/30/99
---------------------------------------------------------------------------------------------------------
Common Shares:
Shares sold -- 9,169,837
Shares issued to shareholders
due to reinvestment of distributions 1,826 362
---------------------------------------------------------------------------------------------------------
1,826 9,170,199
=========================================================================================================
Preferred shares sold -- 2,760
=========================================================================================================
</TABLE>
<PAGE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid May 1, 2000, to shareholders of record on
April 15, 2000, as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend per share $.0425 $.0790 $.0770 $.0775 $.0760 $.0695 $.0690
=========================================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the six months ended March
31, 2000, were as follows:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $28,984,156 $69,776,548 $80,192,950 $81,894,388
Short-term municipal securities 4,600,000 10,000,000 20,700,000 29,700,000
Sales and maturities:
Long-term municipal securities 26,517,611 67,011,306 73,301,908 64,619,721
Short-term municipal securities 4,600,000 10,000,000 20,700,000 29,700,000
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases:
Long-term municipal securities $46,374,413 $14,737,732 $23,008,167
Short-term municipal securities 5,000,000 11,000,000 15,000,000
Sales and maturities:
Long-term municipal securities 45,274,504 14,710,511 18,608,237
Short-term municipal securities 5,000,000 11,000,000 15,000,000
=========================================================================================================
</TABLE>
At March 31, 2000, the identified cost of investments owned for federal income
tax purposes were as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$141,435,055 $335,155,263 $386,172,366 $515,444,967 $525,692,904 $176,276,431 $194,243,989
=========================================================================================================
</TABLE>
At September 30, 1999, the Funds' last Fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK
PREMIUM DIVIDEND
INCOME ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Expiration year:
2002 $1,243,060 $ --
2003 3,373 --
2004 2,802,391 --
2005 540,548 --
2006 -- --
2007 -- 1,388,238
---------------------------------------------------------------------------------------------------------
Total $4,589,372 $1,388,238
=========================================================================================================
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued)
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at March 31, 2000, were as follows:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 4,167,145 $ 8,064,922 $11,726,067 $20,620,829
depreciation (3,952,259) (8,992,579) (8,306,197) (8,180,663)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ 214,886 $ (927,657) $ 3,419,870 $12,440,166
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
appreciation $17,019,801 $ 5,154,747 $ 536,920
depreciation (6,076,643) (1,835,124) (7,206,788)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $10,943,158 $ 3,319,623 $(6,669,868)
=========================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding New York Value and New York Dividend Advantage)
investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a
wholly owned subsidary of The John Nuveen Company, each Fund pays an annual
management fee, payable monthly, at the rates set forth below, which are based
upon the average daily net assets of each Fund as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
--------------------------------------------------------------------------------
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
================================================================================
Under New York Value's investment management agreement with the Adviser, the
Fund pays an annual management fee, payable monthly, of .35 of 1% of the average
daily net assets of the Fund, as well as 4.125% of the gross interest income of
the Fund.
Under New York Dividend Advantage's investment management agreement with the
Adviser, the Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets of the Fund
as follows:
AVERAGE DAILY NET ASSETS MANAGEMENT FEE
--------------------------------------------------------------------------------
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 .5750 of 1
================================================================================
<PAGE>
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of New York Dividend Advantage in an amount equal to .30% of the
average daily net assets for the period May 26, 1999 (commencement of
operations) through July 31, 2004, .25% of the average daily net assets for the
year ended July 31, 2005, .20% of the average daily net assets for the year
ended July 31, 2006, .15% of the average daily net assets for the year ended
July 31, 2007, .10% of the average daily net assets for the year ended July 31,
2008, and .05% of the average daily net assets for the year ended July 31, 2009.
The Adviser has not agreed to reimburse New York Dividend Advantage for any
portion of its fees and expenses beyond July 31, 2009.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS
At March 31, 2000, net assets consisted of:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $124,300,000 $144,000,000 $193,000,000
Common shares, $.01 par value per share 151,204 149,576 176,995 234,210
Paid-in surplus 144,261,019 217,774,582 248,509,957 327,713,097
Balance of undistributed net investment income 206,141 258,533 31,986 108,453
Accumulated net realized gain (loss) from
investment transactions (2,548,908) (1,517,886) (49,027) (2,370,014)
Net unrealized appreciation (depreciation)
of investments 1,018,643 (927,657) 4,640,616 14,027,160
-----------------------------------------------------------------------------------------------------------
Net assets $143,088,099 $340,037,148 $397,310,527 $532,712,906
-----------------------------------------------------------------------------------------------------------
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
===========================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
</TABLE>
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
-----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000
Common shares, $.01 par value per share 240,837 82,996 91,790
Paid-in surplus 335,112,677 117,939,855 130,274,900
Undistributed (Over-distribution of) net investment income 385,010 312,214 (152,365)
Accumulated net realized gain (loss) from
investment transactions (1,472,700) (5,595,207) (3,186,038)
Net unrealized appreciation (depreciation) of investments 11,110,712 3,319,623 (6,669,868)
-----------------------------------------------------------------------------------------------------------
Net assets $542,376,536 $181,059,481 $189,358,419
===========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 Unlimited
===========================================================================================================
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (Unaudited)
Selected data for a Common share outstanding throughout
each period:
<CAPTION>
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
--------------------------------- ---------------------------------------------------------------------
NET NET NET
REALIZED/ INVESTMENT INVESTMENT CAPITAL CAPITAL
BEGINNING NET UNREALIZED INCOME INCOME GAINS GAINS
NET ASSET INVESTMENT INVESTMENT TO COMMON TO PREFERRED TO COMMON TO PREFERRED
VALUE INCOME GAIN (LOSS) TOTAL SHAREHOLDERS SHAREHOLDERS+ SHAREHOLDERS SHAREHOLDERS+ TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NEW YORK VALUE
Year Ended 9/30:
2000 (a) $ 9.53 $ .26 $ (.08) $ .18 $ (.25) $ N/A $ - $ N/A $ (.25)
1999 10.39 .51 (.76) (.25) (.51) N/A (.10) N/A (.61)
1998 10.28 .55 .20 .75 (.55) N/A (.09) N/A (.64)
1997 10.23 .62 .06 .68 (.62) N/A (.01) N/A (.63)
1996 10.44 .64 (.15) .49 (.66) N/A (.04) N/A (.70)
1995 10.39 .66 .06 .72 (.67) N/A - N/A (.67)
<CAPTION>
NEW YORK
PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 14.65 .62 (.14) .48 (.49) (.14) (.06) (.02) (.71)
1999 16.24 1.24 (1.56) (.32) (1.03) (.22) - - (1.25)
1998 16.23 1.31 .02 1.33 (1.09) (.23) - - (1.32)
1997 16.17 1.35 .06 1.41 (1.11) (.24) - - (1.35)
1996 16.41 1.36 (.22) 1.14 (1.13) (.25) - - (1.38)
1995 15.91 1.37 .52 1.89 (1.12) (.27) - - (1.39)
<CAPTION>
NEW YORK
INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 14.44 .60 (.12) .48 (.47) (.14) - - (.61)
1999 15.89 1.19 (1.30) (.11) (1.00) (.21) (.09) (.02) (1.32)
1998 15.85 1.24 .09 1.33 (1.06) (.22) (.01) - (1.29)
1997 15.89 1.29 (.01) 1.28 (1.07) (.22) (.02) (.01) (1.32)
1996 16.16 1.30 (.25) 1.05 (1.05) (.24) (.02) (.01) (1.32)
1995 15.71 1.30 .48 1.78 (1.05) (.28) - - (1.33)
<CAPTION>
NEW YORK
SELECT QUALITY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 14.64 .61 (.12) .49 (.48) (.15) - - (.63)
1999 15.99 1.20 (1.28) (.08) (.99) (.21) (.04) (.01) (1.25)
1998 15.90 1.19 .11 1.30 (.99) (.22) - - (1.21)
1997 15.78 1.21 .13 1.34 (.99) (.22) (.01) - (1.22)
1996 15.90 1.22 (.06) 1.16 (1.01) (.23) (.03) (.01) (1.28)
1995 15.24 1.23 .69 1.92 (1.01) (.25) - - (1.26)
<PAGE>
<CAPTION>
TOTAL RETURNS
-----------------
ORGANIZATION
AND OFFERING
COSTS AND BASED
PREFERRED ENDING BASED ON
SHARE NET ENDING ON NET
UNDERWRITING ASSET MARKET MARKET ASSET
DISCOUNTS VALUE VALUE VALUE** VALUE**
<S> <C> <C> <C> <C> <C>
NEW YORK VALUE
Year Ended 9/30:
2000 (a) $ - $ 9.46 $ 8.2500 (2.79)% 1.96%
1999 - 9.53 8.7500 (8.04) (2.58)
1998 - 10.39 10.1250 .87 7.57
1997 - 10.28 10.6875 8.11 6.87
1996 - 10.23 10.5000 8.07 4.85
1995 - 10.44 10.3750 5.33 7.24
<CAPTION>
NEW YORK
PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) - 14.42 13.3750 (9.05) 2.37
1999 (.02) 14.65 15.3125 (8.25) (3.65)
1998 - 16.24 17.7500 .63 7.00
1997 - 16.23 18.7500 15.77 7.49
1996 - 16.17 17.2500 10.76 5.53
1995 - 16.41 16.6250 12.43 10.62
<CAPTION>
NEW YORK
INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) - 14.31 13.4375 (7.61) 2.50
1999 (.02) 14.44 15.0625 (8.13) (2.45)
1998 - 15.89 17.5000 2.60 7.27
1997 - 15.85 18.1250 14.40 6.84
1996 - 15.89 16.8750 9.01 5.09
1995 - 16.16 16.5000 15.87 9.98
<CAPTION>
NEW YORK
SELECT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) - 14.50 13.3750 (9.84) 2.42
1999 (.02) 14.64 15.3750 (3.33) (2.11)
1998 - 15.99 16.9375 6.84 7.01
1997 - 15.90 16.8125 11.77 7.34
1996 - 15.78 16.0000 8.26 5.86
1995 - 15.90 15.7500 15.34 11.41
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
BEFORE CREDIT
-------------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
ENDING NET ASSETS NET ASSETS TOTAL TOTAL
NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS
ASSETS TO COMMON TO COMMON INCLUDING INCLUDING
(000) SHARES++ SHARES++ PREFERRED++ PREFERRED++
<S> <C> <C> <C> <C> <C>
NEW YORK VALUE
Year Ended 9/30:
2000 (a) $143,088 .76%* 5.50%* N/A% N/A%
1999 144,079 .74 5.10 N/A N/A
1998 157,086 .75 5.37 N/A N/A
1997 154,298 .79 6.10 N/A N/A
1996 151,848 .83 6.16 N/A N/A
1995 124,484 .80 6.38 N/A N/A
<CAPTION>
NEW YORK
PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 340,037 1.29* 8.81* .81* 5.54*
1999 343,051 1.21 7.88 .82 5.35
1998 344,674 1.17 8.10 .81 5.63
1997 342,320 1.17 8.38 .81 5.81
1996 339,360 1.18 8.30 .82 5.76
1995 340,246 1.25 8.47 .86 5.86
<CAPTION>
NEW YORK
INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 397,311 1.29* 8.54* .81* 5.40*
1999 399,347 1.23 7.78 .83 5.28
1998 398,372 1.18 7.88 .82 5.49
1997 395,569 1.18 8.18 .82 5.69
1996 394,189 1.18 8.09 .82 5.63
1995 396,012 1.22 8.29 .84 5.73
<CAPTION>
NEW YORK
SELECT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 532,713 1.31* 8.52* .83* 5.41*
1999 535,282 1.19 7.74 .81 5.31
1998 519,617 1.14 7.51 .81 5.32
1997 513,293 1.15 7.70 .81 5.43
1996 506,128 1.14 7.68 .80 5.40
1995 505,340 1.17 7.99 .82 5.56
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------------
AFTER CREDIT***
------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
NET ASSETS NET ASSETS TOTAL TOTAL
APPLICABLE APPLICABLE NET ASSETS NET ASSETS PORTFOLIO
TO COMMON TO COMMON INCLUDING INCLUDING TURNOVER
SHARES++ SHARES++ PREFERRED++ PREFERRED++ RATE
<S> <C> <C> <C> <C> <C>
NEW YORK VALUE
Year Ended 9/30:
2000 (a) .74%* 5.51%* N/A% N/A% 19%
1999 .74 5.10 N/A N/A 19
1998 .75 5.37 N/A N/A 36
1997 .79 6.10 N/A N/A 28
1996 .83 6.16 N/A N/A 7
1995 .80 6.38 N/A N/A 12
<CAPTION>
NEW YORK
PERFORMANCE PLUS
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 1.27* 8.82* .80* 5.55* 20
1999 1.19 7.90 .81 5.36 22
1998 1.17 8.10 .81 5.63 30
1997 1.17 8.38 .81 5.81 7
1996 1.18 8.30 .82 5.76 2
1995 1.25 8.47 .86 5.86 15
<CAPTION>
NEW YORK
INVESTMENT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 1.26* 8.57* .80* 5.42* 19
1999 1.22 7.79 .83 5.28 17
1998 1.18 7.88 .82 5.49 20
1997 1.18 8.18 .82 5.69 2
1996 1.18 8.09 .82 5.63 4
1995 1.22 8.29 .84 5.73 4
<CAPTION>
NEW YORK
SELECT QUALITY
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (a) 1.31* 8.52* .83* 5.41* 12
1999 1.18 7.75 .81 5.31 13
1998 1.14 7.51 .81 5.32 11
1997 1.15 7.70 .81 5.43 3
1996 1.14 7.68 .80 5.40 4
1995 1.17 7.99 .82 5.56 5
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.
*** After custodian fee credit, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
(a) For the six months ended March 31, 2000.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (Unaudited) (continued)
Selected data for a Common share outstanding throughout
each period:
<CAPTION>
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
--------------------------------- ---------------------------------------------------------------------
NET NET NET
REALIZED/ INVESTMENT INVESTMENT CAPITAL CAPITAL
BEGINNING NET UNREALIZED INCOME INCOME GAINS GAINS
NET ASSET INVESTMENT INVESTMENT TO COMMON TO PREFERRED TO COMMON TO PREFERRED
VALUE INCOME GAIN (LOSS) TOTAL SHAREHOLDERS SHAREHOLDERS+ SHAREHOLDERS SHAREHOLDERS+ TOTAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NEW YORK
QUALITY INCOME
Year Ended 9/30:
2000 (b) $14.54 $ .59 $ (.19) $ .40 $(.46) $(.14) $ - $ - $ (.60)
1999 15.90 1.15 (1.29) (.14) (.94) (.22) (.03) (.01) (1.20)
1998 15.66 1.15 .30 1.45 (.94) (.24) (.02) (.01) (1.21)
1997 15.32 1.17 .39 1.56 (.94) (.24) (.03) (.01) (1.22)
1996 15.31 1.19 .04 1.23 (.94) (.25) (.02) (.01) (1.22)
1995 14.51 1.19 .84 2.03 (.94) (.27) (.02) - (1.23)
<CAPTION>
INSURED NEW YORK
PREMIUM INCOME
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) 14.20 .54 (.20) .34 (.42) (.14) - - (.56)
1999 15.68 1.07 (1.49) (.42) (.83) (.23) - - (1.06)
1998 14.95 1.06 .75 1.81 (.82) (.26) - - (1.08)
1997 14.26 1.07 .69 1.76 (.82) (.25) - - (1.07)
1996 13.92 1.08 .33 1.41 (.80) (.27) - - (1.07)
1995 12.74 1.08 1.20 2.28 (.81) (.29) - - (1.10)
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) 13.27 .54 (.13) .41 (.43) (.14) - - (.57)
1999 (a) 14.33 .27 (.95) (.68) (.21) (.05) - - (.26)
<PAGE>
<CAPTION>
TOTAL RETURNS
-----------------
ORGANIZATION
AND OFFERING
COSTS AND BASED
PREFERRED ENDING BASED ON
SHARE NET ENDING ON NET
UNDERWRITING ASSET MARKET MARKET ASSET
DISCOUNTS VALUE VALUE VALUE** VALUE**
<S> <C> <C> <C> <C> <C>
NEW YORK
QUALITY INCOME
Year Ended 9/30:
2000 (b) $ - $14.34 $12.9375 (10.71)% 1.88%
1999 (.02) 14.54 15.0000 (4.13) (2.60)
1998 - 15.90 16.6250 8.89 7.90
1997 - 15.66 16.1875 12.90 8.80
1996 - 15.32 15.2500 10.96 6.45
1995 - 15.31 14.6250 11.96 12.58
<CAPTION>
INSURED NEW YORK
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) - 13.98 12.8125 (7.97) 1.48
1999 - 14.20 14.3750 (3.37) (4.33)
1998 - 15.68 15.6875 11.29 10.67
1997 - 14.95 14.8750 14.63 10.93
1996 - 14.26 13.7500 11.15 8.35
1995 - 13.92 13.1250 22.11 16.30
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) - 13.11 12.5000 (10.07) 2.20
1999 (a) (.12) 13.27 14.3750 (2.76) (5.93)
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
----------------------------------------------------------------------
BEFORE CREDIT
-------------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
ENDING NET ASSETS NET ASSETS TOTAL TOTAL
NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS
ASSETS TO COMMON TO COMMON INCLUDING INCLUDING
(000) SHARES++ SHARES++ PREFERRED++ PREFERRED++
<S> <C> <C> <C> <C> <C>
NEW YORK
QUALITY INCOME
Year Ended 9/30:
2000 (b) $542,377 1.22%* 8.35%* .77%* 5.29%*
1999 546,932 1.18 7.46 .79 5.02
1998 548,795 1.16 7.33 .79 5.03
1997 539,327 1.17 7.59 .80 5.17
1996 528,934 1.17 7.73 .79 5.25
1995 528,027 1.21 8.09 .81 5.42
<CAPTION>
INSURED NEW YORK
PREMIUM INCOME
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) 181,059 1.32* 7.82* .84* 4.98*
1999 182,800 1.29 7.03 .85 4.63
1998 194,306 1.29 6.99 .85 4.60
1997 187,813 1.32 7.42 .85 4.80
1996 182,176 1.34 7.59 .86 4.87
1995 179,368 1.51 8.04 .95 5.05
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 (b) 189,358 1.30* 8.09* .81* 5.06*
1999 (a) 190,801 1.38* 5.08* 1.03* 3.79*
<PAGE>
<CAPTION>
RATIOS/SUPPLEMENTAL DATA
-------------------------------------------------------------------
AFTER CREDIT***
------------------------------------------------------
RATIO OF NET RATIO OF NET
RATIO OF INVESTMENT RATIO OF INVESTMENT
EXPENSES INCOME TO EXPENSES INCOME TO
TO AVERAGE AVERAGE TO AVERAGE AVERAGE
NET ASSETS NET ASSETS TOTAL TOTAL
APPLICABLE APPLICABLE NET ASSETS NET ASSETS PORTFOLIO
TO COMMON TO COMMON INCLUDING INCLUDING TURNOVER
SHARES++ SHARES++ PREFERRED++ PREFERRED++ RATE
NEW YORK
QUALITY INCOME
Year Ended 9/30:
2000 (b) 1.22%* 8.35%* .77%* 5.29%* 8%
1999 1.17 7.47 .79 5.02 7
1998 1.16 7.33 .79 5.03 12
1997 1.17 7.59 .80 5.17 13
1996 1.17 7.73 .79 5.25 9
1995 1.21 8.09 .81 5.42 4
INSURED NEW YORK
PREMIUM INCOME
Year Ended 9/30:
2000 (b) 1.31* 7.84* .83* 4.99* 8
1999 1.29 7.03 .85 4.63 8
1998 1.29 6.99 .85 4.60 15
1997 1.32 7.42 .85 4.80 24
1996 1.34 7.59 .86 4.87 21
1995 1.51 8.04 .95 5.05 32
NEW YORK
DIVIDEND
ADVANTAGE
Year Ended 9/30:
2000 (b) .81* 8.58* .51* 5.37* 10
1999 (a) .65* 5.81* .48* 4.34* 25
* 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.
*** After custodian fee credit and expense reimbursement, where applicable.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
(a) For the period May 26, 1999 (commencement of operations) through September
30,1999.
(b) For the six months ended March 31, 2000.
</TABLE>
<PAGE>
BUILD YOUR WEALTH AUTOMATICALLY
Sidebar text: 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.
Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
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 potentially 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.
Dollar-cost averaging does not ensure a profit, nor does it protect you against
loss in a declining market. Because such a plan involves continuous investment
regardless of fluctuating prices, investors should consider their financial
ability to continue purchases through periods of low price levels.
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 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 at (800)
257-8787.
<PAGE>
FUND INFORMATION
BOARD OF DIRECTORS/TRUSTEES
Robert P. Bremner
Lawrence H. Brown
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, TRANSFER AGENT
AND SHAREHOLDER SERVICES
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
LEGAL COUNSEL
Morgan, Lewis &
Bockius LLP
Washington, D.C.
INDEPENDENT AUDITORS
Ernst & Young LLP
Chicago, IL
FUND POLICIES
The Board of Trustees of your Fund recently modified certain investment policies
of the Fund. The Fund was formerly not permitted to invest more than 5% of its
total assets in Municipal Leases that contain "non-appropriation" clauses. In
addition, your Fund was not permitted to invest more than 10% of its total
assets in Municipal Leases and securities that are unmarketable, illiquid or not
readily marketable. The Municipal Lease market has matured since the Fund's
inception, and non-appropriation leases have become more liquid and widely
accepted. The Nuveen Exchange-Traded Fund Board has eliminated the restrictions
noted above, replacing them with requirements that the Funds limit investments
in non-appropriation Municipal Leases to those that meet one or more of six
criteria that indicate that the issuer will be motivated to continue to
appropriate monies to make the payments under the Municipal Lease.
The Board also eliminated the Fund's policy not to invest more than 5% of its
total assets in unsecured obligations of issuers which, together with their
predecessors, have been in operation for less than three years.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 6-month period ended March 31, 2000. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
SERVING INVESTORS FOR GENERATIONS
PHOTO OF: JOHN NUVEEN, SR.
For over a century, generations of Americans have relied on Nuveen to help them
grow and keep the money they've earned. Financial advisers, investors and their
families have associated Nuveen investments with quality, expertise and
dependability since 1898. That is why financial advisers have entrusted the
assets of more than 1.3 million investors to Nuveen.
With the know-how that comes from a century of experience, Nuveen continues to
build upon its reputation for quality. Now, financial advisers and investors can
count on Nuveen Investments to help them design customized solutions that meet
the far-reaching financial goals unique to family wealth strategies - solutions
that can translate into legacies.
Invest well. Look ahead. Leave your mark.
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.
LOGO: NUVEEN Investments
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-1-3-00
