LOGO: NUVEEN Investments
ANNUAL REPORT September 30, 2000
Municipal CLosed-End
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
INVEST WELL.
LOOK AHEAD.
LEAVE YOUR MARK.SM
2 Photos of woman talking.
<PAGE>
Credit Quality
HIGHLIGHTS As of September 30, 2000
CONTENTS
1 Dear Shareholder
3 Portfolio Manager's Comments
7 NNY Performance Overview
8 NNP Performance Overview
9 NQN Performance Overview
10 NVN Performance Overview
11 NUN Performance Overview
12 NNF Performance Overview
13 NAN Performance Overview
14 Report of Independent Auditors
15 Portfolio of Investments
49 Statement of Net Assets
51 Statement of Operations
53 Statement of Changes in Net Assets
56 Notes to Financial Statements
63 Financial Highlights
68 Build Your Wealth Automatically
69 Fund Information
PIE CHART:
Nuveen New York Municipal Value Fund, Inc. (NNY)
AAA/U.S. Guaranteed 63%
AA 12%
A 14%
BBB 6%
NR 5%
PIE CHART:
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Insured 84%
Insured and U.S. Guaranteed 14%
U.S. Guaranteed 2%
PIE CHART:
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Insured 77%
Insured and U.S. Guaranteed 21%
U.S. Guaranteed 2%
PIE CHART:
Nuveen New York DIvidend Advantage Municipal Fund (NAN)
AAA/U.S. Guaranteed 55%
AA 26%
A 12%
BBB 5%
NR 2%
PIE CHART:
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
AAA/U.S. Guaranteed 56%
AA 18%
A 14%
BBB 10%
NR 2%
PIE CHART:
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Insured 84%
Insured and U.S. Guaranteed 13%
U.S. Guaranteed 3%
PIE CHART:
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Insured 77%
Insured and U.S. Guaranteed 19%
U.S. Guaranteed 4%
--------------------------------------------------------------------------------
COMPOUND YOUR WEALTH - AUTOMATICALLY
All Nuveen Municipal Closed-End ETFs let you reinvest dividends and capital
gains directly into additional shares of your Fund. This is a great way to see
your investment grow through the power of compounding.
For more information about Dividend Reinvestment, see the last page of this
report or speak with your financial advisor.
--------------------------------------------------------------------------------
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: "BUILDING AND SUSTAINING WEALTH REQUIRES SOUND, ONGOING ADVICE."
Dear SHAREHOLDER
The primary objective of your Nuveen New York Municipal Closed-End
Exchange-Traded Fund is to provide dependable, attractive dividends free from
federal, New York state and New York City income taxes. I am very happy to
report that your Fund continued to achieve this goal during the period covered
by this report. For more specifics on this performance, I encourage you to read
the Portfolio Manager's Comments and Performance Overview pages that follow this
letter.
We believe that your Nuveen New York Fund, as an income-oriented investment, is
well positioned to be a core element of your long-term investment program. With
the help of your financial advisor, all of us at Nuveen Investments are
dedicated to providing the services, products, perspectives, and solutions that
you need to help you meet your personal and family financial goals.
New Ways to Think About Wealth
Over the past few years, much attention has been directed toward the ways
investors are accumulating wealth. At Nuveen, we believe it is equally important
for investors to focus on preserving that wealth, on the responsibilities that
accompany wealth, and on the legacies we will leave for future generations.
This long-term perspective is key to understanding our portfolio management
strategies, our insistence on quality, and our determination to provide
investments that can withstand the test of time. It is a philosophy that we
think is well encapsulated in our brand theme: Invest Well. Look Ahead. Leave
Your Mark.
Invest Well
Building and sustaining the wealth that can result in lasting legacies requires
a well-developed plan, sound ongoing advice, and the discipline to remain
focused on long-term results. With today's abundance of investment products and
offers, it also increasingly requires an experienced and trusted advisor who can
guide you through the opportunities and the pitfalls. With so much potentially
at stake, Nuveen Investments is dedicated to delivering quality products like
your Nuveen Fund through the financial advisors who assist you in making wise
investment choices and help you manage your most important financial assets.
<PAGE>
Look Ahead
We urge all our investors to look ahead, not only toward their own goals and
futures, but those of future generations as well. We now stand on the threshold
of a new century, anticipating a time of change, discovery, and potential that
may one day make the year 2000 seem as archaic as the year 1900. While we cannot
know all that the future will bring, we do know that a well-diversified,
carefully monitored investment program that combines elements of growth, income,
and capital preservation forms a solid foundation that can help us meet whatever
opportunities and challenges the new century has to offer.
Leave Your Mark
With the enormous wealth creation of the past decade and the considerable
intergenerational transfer of wealth that is expected to occur over the next 20
years, investors today have a significant opportunity to shape the financial
future for themselves and their families. These opportunities may include
establishing trusts, endowments, or legacies that can directly affect our
families and communities for generations to come. We at Nuveen Investments are
committed to facilitating and raising the level of dialogue between investors
and their financial advisors in ways that help meet goals that extend far beyond
the boundaries of a single life span.
Since 1898, the name Nuveen has been synonymous with quality investments,
careful research and prudent management. Today, more than ever, the investments
and services we offer through financial advisors are designed to be well suited
to those who recognize and embrace the need for building and managing wealth. We
encourage you to speak with your financial advisor about how you can enhance
your investment program in ways that can help you Invest Well, Look Ahead, and
Leave Your Mark.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 16, 2000
Sidebar text: "WE BELIEVE YOUR NUVEEN NEW YORK FUND IS WELL POSITIONED TO BE A
CORE ELEMENT OF YOUR LONG-TERM INVESTMENT PROGRAM."
<PAGE>
New York: NNY, NNP, NQN, NVN, NUN, NNF, NAN
Portfolio Manager's
COMMENTS
Portfolio manager Paul Brennan discusses the economy, its impact on the
municipal market and recent fund performance, and the outlook for the Nuveen New
York Municipal Closed-End Exchange-Traded Funds. Paul has nine years of
experience as an investment professional, starting at Flagship in 1991 and
joining Nuveen in 1997 when Nuveen acquired that company. He has managed the
Nuveen New York Funds since 1999.
WHAT FACTORS AFFECTED THE ECONOMY OVER THE PAST 12 MONTHS?
To gain some perspective on what's been happening in New York, let's first take
a look at the national economy. The U.S. is now well into its tenth year of
uninterrupted economic expansion, the longest continuous such expansion in the
nation's history. Concerned by the rapid pace of this growth, the Federal
Reserve initiated a series of short-term interest rate increases in June 1999
that lasted through May 2000. Over this period, the benchmark federal funds rate
rose to 6.50% from 4.75%, and is now at the highest level in almost a decade.
In recent months, economic reports have begun to suggest that the Fed's
tightening strategy may be having the desired effect of slowing the economy.
Although the Fed has stated it is too soon to conclude that the risk of
inflation is over, there are some indications that the tightening cycle may have
reached its end. Investors hope that the Fed's strategies are successful and
that the U.S. economy can attain the much sought-after soft landing.
Within the state of New York, economic growth over the past 12 months remained
geographically disproportionate, as New York City continued to fare better than
many upstate areas. However, the city's economy is expected to slow somewhat
going forward, in line with an anticipated slowdown in the financial services
sector. The current unemployment level in New York City stands at 5.7%, the
lowest since 1989, while the statewide unemployment rate as of September 2000
was 4.5%, down from 5.3% in September 1999, Both numbers are still above the
national average of 3.9%.
New York municipalities, which were among the first to issue bonds secured by
payments made pursuant to a $250 billion master settlement agreement between the
four largest U. S. cigarette manufacturers and the attorneys general of 46
states in 1998, remained at the forefront in the issuance of these types of
securities. During the third quarter of 2000, Monroe, Erie, and Chautauqua
counties brought to market an additional $430 million in tobacco bonds, joining
New York City and Nassau and Westchester counties.
HOW HAVE THESE EVENTS IMPACTED THE MUNICIPAL MARKET?
Over the past year, the Fed's tightening agenda dominated events in the
fixed-income markets, including the municipal market. As the Fed's series of
interest rate hikes pushed municipal yields higher, municipal bond prices
underwent a corresponding drop. More recently, the combination of encouraging
economic reports, the Fed's stand-pat approach to additional rate increases,
tight municipal supply, and generally favorable technicals prompted a shift in
market outlook, rallying the municipal market and boosting the prices of many
bonds. Over the 12 months ended September 2000, long-term municipal yields
nationally fell approximately 10 basis points, while 30-year Treasury yields
dropped almost 40 basis points. This resulted in long-term municipal yields that
were approximately 101% of 30-year Treasury yields as of September 30, 2000,
compared with the historical average of 86% for the period 1986-1999.
During the first nine months of 2000, new municipal issuance nationwide totaled
$138 billion, down approximately 18% from 1999 levels. New York issuance for
this period also declined, although not as severely as the broad municipal
market, dropping only 6% from 1999. Despite this general trend, the vast need
for capital improvement financing within the state placed four of New York's
issuing bodies among the nation's top 10 municipal bond issuers for the first
nine months of 2000: the Dormitory Authority of the State of New York (the
nation's third largest issuer), New York City (fifth), New York City
Transitional Finance Authority (ninth), and New York State Thruway Authority
(tenth).
<PAGE>
In general, the decline in supply helped to offset some of the negative impact
that lower prices and frantic equity market activity had on the demand for
municipal bonds. Over the past six months, demand from individual investors
looking for diversification and income improved, with retail demand serving as a
major driver in the market. This was particularly true in New York, where demand
for in-state paper has remained robust due to increased personal wealth and the
high level of state taxes. This provided support for a municipal market
experiencing a decline in demand from institutional investors, particularly
mutual and money market funds.
Overall, the economic prosperity of the past decade benefited the balance sheets
of many municipalities, including New York City. All three major rating agencies
- Moody's, Standard & Poor's, and Fitch - upgraded the credit quality rating for
the city's general obligation debt to A2/A/A+ from A3/A-/A, respectively. Both
Moody's and Fitch cited the strength of New York City's economic position, while
S&P based its upgrade on the city's strong financial results and steady economic
expansion. The ratings for New York state-issued bonds remained A2/A+/A+,
respectively.
HOW DID THE NUVEEN NEW YORK FUNDS PERFORM OVER THE PAST YEAR?
For the 12 months ended September 30, 2000, the Nuveen New York Funds produced
total returns on net asset value (NAV) as shown in the accompanying table. The
annual returns for 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.
Total Return Lehman Lipper
Market Yield on NAV Total Return1 Average2
------------------------------------------------------------------
1 Year 1 Year 1 Year
Taxable- Ended Ended Ended
9/30/00 Equivalent3 9/30/00 9/30/00 9/30/00
------------------------------------------------------------------
NNY 5.83% 9.04% 5.29% 6.24% 6.39%
------------------------------------------------------------------
NNP 6.29% 9.75% 7.45% 6.24% 6.39%
------------------------------------------------------------------
NQN 6.23% 9.66% 7.10% 6.56% 5.91%
------------------------------------------------------------------
NVN 6.33% 9.81% 6.14% 6.56% 5.91%
------------------------------------------------------------------
NUN 6.31% 9.78% 5.74% 6.56% 5.91%
------------------------------------------------------------------
NNF 5.97% 9.26% 6.38% 6.56% 5.91%
------------------------------------------------------------------
NAN 6.34% 9.83% 7.82% 6.24% 6.39%
------------------------------------------------------------------
Past performance is not predictive of future results.
For additional information, see the individual Performance Overview for your
Fund in this report.
In recent months, as inflation fears continued to diminish and the Fed appeared
to be considering an end to its tightening cycle, the municipal market began to
show signs of recovery. This recovery is reflected in the positive total returns
on NAV, which show dramatic improvement over the results reported in the Funds'
last semiannual report.
However, the ability of the Nuveen New York Funds to participate fully in the
recent market recovery was influenced by their relative durations,4 which
measure a Fund's NAV volatility in reaction to interest rate movements. In the
current market environment, funds with longer durations were more likely to
outperform the market, as represented by the unleveraged Lehman bond indexes. As
of September 30, 2000, NAN and NNP had durations of 18.49 and 13.28,
respectively, compared with a duration of 7.28 for the Lehman New York
Tax-Exempt Bond Index, while NQN's duration was 11.63, compared with 8.26 for
the Lehman New York Insured index. These durations, which lengthened over the
past year in NNP and NQN as we purchased longer-duration bonds to replace called
bonds with short durations, represented the longest among the seven Nuveen New
York Funds and were in direct correlation with the Funds' performances over the
past year. We should note that the 16-month-old NAN continued to have the long
duration we believe is typical of a newly established municipal closed-end fund.
Over the past year, we worked to lower the interest rate risk in NAN's portfolio
by reducing its duration from 20.19.
HOW WERE THE FUNDS' DIVIDENDS AFFECTED BY THE MARKET ENVIRONMENT?
During the past year, good call protection and the ability to trade for
additional yield enabled us to increase NNY's dividend in March 2000. As of the
end of September 2000, NNY had provided shareholders with 18 consecutive months
of stable or increasing dividends.
The remaining six Nuveen New York Funds use leverage as a way to potentially
enhance the dividends paid to common shareholders. The extent of this benefit,
however, is tied in large degree to the short-term rates the leveraged Funds pay
their MuniPreferred(R) shareholders. When short-term rates rise, the Funds must
pay out more income to preferred shareholders, decreasing the amount of income
available for common shareholders.
1 The performance of NNY, NNP, and NAN 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 of NNY, NNP, and NAN are compared with the average
annualized return of the 11 funds in the Lipper New York Municipal Debt
Funds category, while the total returns of the four insured funds -- NQN,
NVN, NUN and NNF -- 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 represents the yield that must be earned on a
taxable investment in order to equal the yield of the Nuveen Fund on an
after-tax basis. The taxable-equivalent yield is based on the Fund's market
yield on the indicated date and a combined federal and state income tax
rate of 35.5%.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for a Fund and therefore is generally longer than
the duration of the actual portfolio of individual bonds that make up the
Fund. With the exception of NNY, which is unleveraged, references to
duration in this commentary are intended to indicate Fund duration unless
otherwise noted.
<PAGE>
As noted, the Federal Reserve raised short-term rates six times between June
1999 and May 2000, and these actions had a corresponding impact on short-term
municipal rates. Higher short-term rates, combined with the eroding effect of
bond calls in several of the Funds, led to decreases in the common share
dividends of each of the leveraged Nuveen New York Funds over the past year.
Despite these dividend adjustments, all of the Funds continued to provide
competitive market yields, as shown in the previous table. While we cannot
control the direction of interest rates, we continue to actively manage the
Funds in an effort to mitigate the longer-term effects of the bond call process.
Recently, investors' demand for municipal bonds with shorter maturities (1 to 15
years) has caused the slope of the municipal yield curve to be very steep,
especially compared with the Treasury yield curve. The demand for short-maturity
bonds could provide some support for the dividends of the leveraged New York
Funds going forward by keeping short-term rates down, reducing the amount the
Funds must pay their MuniPreferred shareholders.
WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE?
During late 1999 and the first half of 2000, uncertainties about inflation and
interest rates, coupled with investors' focus on equity market performance and
tax efficiency strategies via capital loss recognition tactics, tended to dampen
interest in most fixed-income products. This lack of demand put pressure on the
prices of many municipal bond investments, including the Nuveen New York Funds.
As the bond market showed signs of recovery and continued volatility in the
stock market spurred investors to look beyond equities, the share prices of
these Funds generally began to improve (see the charts on the individual
Performance Overview pages). However, the net effect was still a decline in
share price from September 1999 levels. As a result, all of the leveraged Funds
saw their premiums (share price above NAV) move to discounts (share price below
NAV) over the past 12 months, while the unleveraged NNY continued to trade at a
discount. 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.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK FUNDS DURING THE 12
MONTHS ENDED SEPTEMBER 30, 2000?
The past 12 months represented a challenging period for all fixed-income
investments. However, by focusing on individual security selection, particularly
during the issuance-heavy fourth quarter of 1999, we tried to strengthen the
Funds' long-term dividend-paying capabilities, manage their durations, and
enhance tax efficiency by offsetting potential capital gains with capital
losses.
In our view, several of the issues added to the Funds over the past year
highlighted Nuveen's strength in credit analysis. The first involved non-rated
bonds issued by New York City's Industrial Development Agency to finance group
homes throughout the city for the developmentally-challenged. Working with
Nuveen research analysts, we developed a methodology that subjected these bonds
to rigorous analysis before making the decision to purchase them for the three
uninsured New York Funds. These bonds not only offered strong credit quality,
but also supported an important ongoing community need, and we plan to
participate in future deals such as this if they meet our strict credit
standards.
Another opportunity involved bonds issued by Nassau County, one of the nation's
most affluent counties, but also one that has struggled with poor financial
management. In late 1999, two of the major rating agencies issued downgrades for
bonds issued by this county. Before deciding to purchase an insured Nassau
County offering at attractive prices for most of the Nuveen New York Funds, we
carefully analyzed two critical components of credit: the ability of the issuer
to repay the debt and the willingness to address management issues so that the
debt will be repaid. We determined that New York State was stepping in to
establish an oversight mechanism to help Nassau County correct its problems, and
the county seems to be headed toward better fiscal health. As of September 30,
the bonds we purchased were trading at improved levels, providing the Funds with
above-market appreciation.
The so-called tobacco bonds represent issues that, because of their unique
structure, required careful credit analysis. We have taken a conservative
approach to participating in these complex deals and, in each case, have met
with the issuer and/or underwriter to enhance our understanding and
methodologies for analyzing these offerings.
<PAGE>
Bond buybacks continue to be another interesting feature of the current market.
As we discussed in our semiannual report, New York City's Metropolitan Transit
Authority (MTA) has been considering major debt restructuring, which would
provide the opportunity to refinance, refund, or repurchase bonds at very
advantageous terms for MTA bondholders. The MTA now appears to be closer to
starting this process. In anticipation of potential enhancements to the Funds'
performance, we have continued to add to our positions in MTA bonds through
purchases at attractive prices in the secondary market. Similarly, we believe
that the Long Island Power Authority (LIPA), which initiated a bond buyback
program in late 1999 to the benefit of the Funds, may again solicit tender
offers in an effort to further reduce debt service costs, and we have added to
our holdings of LIPA bonds to position the Funds to take advantage of future
buybacks.
The uninsured Funds - NNY, NNP, and NAN - continued to offer excellent credit
quality, with between 74% and 81% of their portfolios invested in bonds rated
AAA/U.S. guaranteed and AA as of September 30, 2000. The three Funds also had
allocations of BBB/non-rated bonds that ranged from 7% to 12%. These bonds
generally provided higher yields as credit spreads widened over the past 18
months. The assets of the four insured New York Funds were 100% invested in U.S.
guaranteed and/or insured bonds, making credit quality extremely high. Over the
past 12 months, NNP, NQN, and NVN saw their allocations of U.S. guaranteed bonds
drop between 12% and 25%. Virtually all of these bonds were pre-refunded and
either called as expected or sold just prior to their call dates. In NNP, we
enhanced the Fund's diversification by reinvesting some of the proceeds in the
education sector, including bonds from infrequent borrowers such as Marymount
Manhattan College, Pratt Institute, and Albany Law School. Improved
diversification was also the objective in the bonds we purchased for NQN and
NVN, as we added limited tax obligation debt offering attractive yields issued
by counties and local school districts located in upstate New York and on Long
Island.
WHAT IS YOUR OUTLOOK FOR THE NUVEEN NEW YORK FUNDS?
In terms of bond calls, NAN currently offers an excellent level of call
protection, with none of its portfolio subject to calls between now and the end
of 2002. NNF also provides good levels of protection between now and the end of
2002, with 16% of its portfolio subject to call over this period. NNY and NNP,
which were established in 1987 and 1989, respectively, face the potential of a
substantial number of bond calls through the end of 2001. Between November 2000
and November 2001, NQN, NVN, and NUN will reach their 10-year anniversaries,
often marking the beginning of a period when the potential for bond calls
increases. Over the next two years, calls could affect as much as 30-53% of
these Funds' portfolios. We plan to proactively manage through this period using
strategies such as selling bonds with short calls as we find appropriate
replacements in either the primary or secondary market. In this way, we can try
to capture the premium prices of the short-call bonds and still remain fully
invested, rather than allow the bonds to be called and having the proceeds sit
in cash or reinvested at an inopportune time.
In addition to managing bond calls, we plan to continue to focus on
strengthening the Funds' dividend-payment capabilities, managing durations, and
monitoring the market for opportunities to enhance the Funds' ability to
participate fully in any bond market recovery. Heightened portfolio turnover in
several of the Funds due to bond calls should also provide us with opportunities
to enhance their structure. We believe the Nuveen New York Funds will continue
to be well positioned to provide attractive income and a measure of portfolio
diversification that can be a valuable benefit to investors now and in the years
ahead.
<PAGE>
Nuveen New York Municipal Value Fund, Inc.
Performance
OVERVIEW As of September 30, 2000
NNY
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 10/87
--------------------------------------------------
Share Price $8 3/4
--------------------------------------------------
Net Asset Value $9.51
--------------------------------------------------
Market Yield 5.83%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.45%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.04%
--------------------------------------------------
Fund Net Assets ($000) $143,843
--------------------------------------------------
Average Effective Maturity (Years) 20.23
--------------------------------------------------
Average Duration 8.50
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year 6.17% 5.29%
--------------------------------------------------
5-Year 2.85% 4.34%
--------------------------------------------------
10-Year 5.22% 6.32%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
U.S.Guaranteed 17%
--------------------------------------------------
Long-Term Care 15%
--------------------------------------------------
Tax Obligation/Limited 15%
--------------------------------------------------
Education and Civic Organizations 14%
--------------------------------------------------
Healthcare 11%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.0415
Nov. 99 0.0415
Dec. 99 0.0415
Jan. 00 0.0415
Feb. 00 0.0415
Mar. 00 0.0425
Apr. 00 0.0425
May 00 0.0425
June 00 0.0425
July 00 0.0425
Aug. 00 0.0425
Sept. 00 0.0425
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
8.25
8.38
8.31
8.19
8.31
8.25
8.25
8.31
8.19
8.38
8.69
8.5
8.56
8.56
8.56
8.69
8.69
8.63
8.81
8.88
8.75
9
8.94
9
8.88
8.75
9/30/00 8.75
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2000
NNP
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 11/89
--------------------------------------------------
Share Price $14 1/8
--------------------------------------------------
Net Asset Value $14.67
--------------------------------------------------
Market Yield 6.29%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.12%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.75%
--------------------------------------------------
Fund Net Assets ($000) $343,727
--------------------------------------------------
Average Effective Maturity (Years) 21.52
--------------------------------------------------
Leverage-Adjusted Duration 13.28
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -0.71% 7.45%
--------------------------------------------------
5-Year 3.28% 4.67%
--------------------------------------------------
10-Year 6.34% 8.23%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Education and Civic Organizations 20%
--------------------------------------------------
Tax Obligation/Limited 15%
--------------------------------------------------
Healthcare 14%
--------------------------------------------------
Transportation 11%
--------------------------------------------------
U.S. Guaranteed 10%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE2
Oct. 99 0.0845
Nov. 99 0.0845
Dec. 99 0.0815
Jan. 00 0.0815
Feb. 00 0.0815
Mar. 00 0.079
Apr. 00 0.079
May 00 0.079
June 00 0.074
July 00 0.074
Aug. 00 0.074
Sept. 00 0.074
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
13.38
13.5
13.25
13.25
13.25
13.06
12.94
12.94
12.75
13.13
13.38
13.38
13.5
13.5
13.81
13.81
13.75
13.56
14.13
14.31
14.06
14.13
14.19
14.19
14.06
14.06
9/30/00 14.13
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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 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 September 30, 2000
NQN
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 11/90
--------------------------------------------------
Share Price $13 7/8
--------------------------------------------------
Net Asset Value $14.50
--------------------------------------------------
Market Yield 6.23%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.03%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.66%
--------------------------------------------------
Fund Net Assets ($000) $400,711
--------------------------------------------------
Average Effective Maturity (Years) 20.53
--------------------------------------------------
Leverage-Adjusted Duration 11.63
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -1.52% 7.10%
--------------------------------------------------
5-Year 2.97% 4.70%
--------------------------------------------------
Since Inception 5.74% 7.20%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/Limited 19%
--------------------------------------------------
U.S. Guaranteed 16%
--------------------------------------------------
Healthcare 13%
--------------------------------------------------
Transportation 13%
--------------------------------------------------
Education and Civic Organizations 11%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.08
Nov. 99 0.08
Dec. 99 0.08
Jan. 00 0.08
Feb. 00 0.077
Mar. 00 0.077
Apr. 00 0.077
May 00 0.077
June 00 0.072
July 00 0.072
Aug. 00 0.072
Sept. 00 0.072
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
13.44
13.5
13.31
13.13
13.19
13.13
13.13
13.19
13.19
13.38
13.44
13.63
13.5
13.81
13.88
13.88
13.81
14
14.25
14.38
14.38
14.19
14.25
14.19
14.13
14
9/30/00 13.88
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2000
NVN
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 5/91
--------------------------------------------------
Share Price $13 15/16
--------------------------------------------------
Net Asset Value $14.57
--------------------------------------------------
Market Yield 6.33%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.17%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.81%
--------------------------------------------------
Fund Net Assets ($000) $534,311
--------------------------------------------------
Average Effective Maturity (Years) 18.59
--------------------------------------------------
Leverage-Adjusted Duration 9.33
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -2.92% 6.14%
--------------------------------------------------
5-Year 3.94% 4.79%
--------------------------------------------------
Since Inception 5.72% 7.01%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/Limited 23%
--------------------------------------------------
U.S. Guaranteed 16%
--------------------------------------------------
Education and Civic Organizations 13%
--------------------------------------------------
Utilities 11%
--------------------------------------------------
Tax Obligation/General 10%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.0825
Nov. 99 0.0825
Dec. 99 0.0795
Jan. 00 0.0795
Feb. 00 0.0795
Mar. 00 0.0775
Apr. 00 0.0775
May 00 0.0775
June 00 0.0735
July 00 0.0735
Aug. 00 0.0735
Sept. 00 0.0735
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
13.38
13.25
13.06
13.06
13.06
13.13
12.94
12.94
12.81
12.94
13.25
13.25
13.13
13.63
13.88
13.63
13.75
13.88
14
14.25
14
13.94
14
13.88
13.88
13.81
9/30/00 13.94
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2000
NUN
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 11/91
--------------------------------------------------
Share Price $13 1/2
--------------------------------------------------
Net Asset Value $14.44
--------------------------------------------------
Market Yield 6.31%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.14%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.78%
--------------------------------------------------
Fund Net Assets ($000) $544,716
--------------------------------------------------
Average Effective Maturity (Years) 18.06
--------------------------------------------------
Leverage-Adjusted Duration 9.01
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -3.79% 5.74%
--------------------------------------------------
5-Year 4.70% 5.18%
--------------------------------------------------
Since Inception 5.07% 6.60%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
U.S. Guaranteed 23%
--------------------------------------------------
Tax Obligation/Limited 18%
--------------------------------------------------
Education and Civic Organizations 16%
--------------------------------------------------
Transportation 12%
--------------------------------------------------
Utilities 9%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.078
Nov. 99 0.078
Dec. 99 0.076
Jan. 00 0.076
Feb. 00 0.076
Mar. 00 0.076
Apr. 00 0.076
May 00 0.076
June 00 0.071
July 00 0.071
Aug. 00 0.071
Sept. 00 0.071
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
12.94
13.19
12.94
12.81
13
13
12.81
13.06
12.88
12.88
13
13.06
13.06
13.5
13.63
13.56
13.69
13.69
13.88
14
13.88
13.69
13.88
13.75
13.69
13.38
9/30/00 13.5
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance
OVERVIEW As of September 30, 2000
NNF
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 12/92
--------------------------------------------------
Share Price $13 3/8
--------------------------------------------------
Net Asset Value $14.24
--------------------------------------------------
Market Yield 5.97%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 8.65%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.26%
--------------------------------------------------
Fund Net Assets ($000) $183,171
--------------------------------------------------
Average Effective Maturity (Years) 17.60
--------------------------------------------------
Leverage-Adjusted Duration 11.11
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -0.96% 6.38%
--------------------------------------------------
5-Year 6.29% 6.25%
--------------------------------------------------
Since Inception 4.35% 5.91%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
U.S. Guaranteed 23%
--------------------------------------------------
Education and Civic Organizations 22%
--------------------------------------------------
Utilities 15%
--------------------------------------------------
Tax Obligation/General 10%
--------------------------------------------------
Healthcare 8%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.0695
Nov. 99 0.0695
Dec. 99 0.0695
Jan. 00 0.0695
Feb. 00 0.0695
Mar. 00 0.0695
Apr. 00 0.0695
May 00 0.0695
June 00 0.0665
July 00 0.0665
Aug. 00 0.0665
Sept. 00 0.0665
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
12.81
13.06
12.75
12.69
12.81
12.81
12.56
12.5
12.5
12.94
13
13.06
13.06
13.13
13.38
13.25
13.44
13.25
13.56
13.75
13.75
13.75
13.88
13.88
13.63
13.44
9/30/00 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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Nuveen New York Dividend Advantage Municipal Fund
Performance
OVERVIEW As of September 30, 2000
NAN
PORTFOLIO STATISTICS
--------------------------------------------------
Inception Date 5/99
--------------------------------------------------
Share Price $12 5/16
--------------------------------------------------
Net Asset Value $13.42
--------------------------------------------------
Market Yield 6.34%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal Income Tax Rate)1 9.19%
--------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Income Tax Rate)1 9.83%
--------------------------------------------------
Fund Net Assets ($000) $192,171
--------------------------------------------------
Average Effective Maturity (Years) 23.83
--------------------------------------------------
Leverage-Adjusted Duration 18.49
--------------------------------------------------
ANNUALIZED TOTAL RETURN
--------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------
1-Year -8.62% 7.82%
--------------------------------------------------
Since Inception -8.36% 1.06%
--------------------------------------------------
TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS)
--------------------------------------------------
Tax Obligation/Limited 22%
--------------------------------------------------
Healthcare 22%
--------------------------------------------------
Education and Civic Organizations 17%
--------------------------------------------------
Tax Obligation/General 12%
--------------------------------------------------
Transportation 8%
--------------------------------------------------
BAR CHART:
1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE
Oct. 99 0.0715
Nov. 99 0.0715
Dec. 99 0.0715
Jan. 00 0.0715
Feb. 00 0.0715
Mar. 00 0.069
Apr. 00 0.069
May 00 0.069
June 00 0.065
July 00 0.065
Aug. 00 0.065
Sept. 00 0.065
LINE CHART:
SHARE PRICE PERFORMANCE
10/1/99 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
12.5
12.5
12.44
12.25
12.63
12.94
12.56
12.19
11.94
12.31
12.69
12.56
12.69
12.75
12.94
13.13
12.94
12.88
12.81
13.13
13.06
13.19
13.25
13.06
13
12.88
9/30/00 12.31
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. It
is calculated using the current market yield and a federal income tax rate
of 31.0%. 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%.
<PAGE>
Report of
INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS, TRUSTEES AND SHAREHOLDERS
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC.
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen
New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment
Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund,
Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New
York Premium Income Municipal Fund, Inc. and Nuveen New York Dividend Advantage
Municipal Fund as of September 30, 2000, and the related statements of
operations, and changes in net assets and the financial highlights for the
periods indicated therein. These financial statements and financial highlights
are the responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
owned as of September 30, 2000, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc.,
Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality
Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal
Fund, Inc. and Nuveen New York Dividend Advantage Municipal Fund at September
30, 2000, and the results of their operations, and changes in their net assets
and financial highlights for the periods indicated therein in conformity with
accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
Chicago, Illinois
November 17, 2000
<PAGE>
<TABLE>
Nuveen New York Municipal Value Fund, Inc. (NNY)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 3.4%
$ 500 Erie Tobacco Asset Securitization Corporation, Erie County, New York, 7/10 at 101 A1 $ 495,095
Tobacco Settlement Asset-Backed Senior Bonds, Series 2000,
6.000%, 7/15/20 (WI, settling 10/05/00)
Monroe Tobacco Asset Securitization Corporation, Tobacco Settlement
Asset-Backed Bonds, Series 2000:
150 6.000%, 6/01/15 6/10 at 101 A1 150,513
900 6.150%, 6/01/25 6/10 at 101 A1 903,051
1,000 Nassau County Tobacco Settlement Corporation, Tobacco Settlement 7/09 at 101 A2 1,021,370
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 1,259,413
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, New York, 7/10 at 101 A1 1,117,100
Tobacco Settlement Asset-Backed Bonds, Series 1999,
0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 14.1%
Industrial Development Agency, City of Albany, New York, Civic
Facility Revenue Bonds, The Albany Law School of Union
University Project, Series 2000A:
600 5.700%, 10/01/20 10/10 at 100 AA 598,506
750 5.750%, 10/01/30 10/10 at 100 AA 737,888
2,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 1,989,920
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 11/00 at 102 A 1,018,320
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- 1,026,290
1,000 6.000%, 7/01/20 No Opt. Call A- 1,043,060
2,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A 1,679,660
Educational Facilities Revenue Bonds, Series 1998B,
4.750%, 5/15/28
750 Dormitory Authority of the State of New York, Pratt Institute Revenue 7/09 at 102 AA 766,313
Bonds, Series 1999, 6.000%, 7/01/24
1,250 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,305,700
Manhattan College Insured Revenue Bonds, Series 1999,
6.250%, 7/01/29
11,080 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 10,123,685
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 10.4%
500 Industrial Development Agency, Cattaraugus County (New York), 8/08 at 102 A+ 460,355
Civic Facility Revenue Bonds, Series 1998A (Olean General
Hospital Project), 5.250%, 8/01/23
New York City Health and Hospitals Corporation, Health System
Bonds, 1999 Series A:
500 5.125%, 2/15/14 2/09 at 101 AAA 485,370
1,000 5.000%, 2/15/20 2/09 at 101 AAA 913,530
2,250 Dormitory Authority of the State of New York, The Rosalind 2/07 at 102 AAA 2,202,188
and Joseph Gurwin Jewish Geriatric Center of Long Island, Inc.,
FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997,
5.700%, 2/01/37
1,000 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101 BBB+ 1,045,950
New York University Health Obligated Group Revenue Bonds,
Series 2000A, 6.500%, 7/01/25
1,250 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101 A- 1,301,375
Services of Long Island Revenue Bonds, Series 2000A,
St. Catherine of Sienna Medical Center, 6.500%, 7/01/20
3,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 2,897,370
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.500%, 8/15/24
<PAGE>
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 2,785 New York State Medical Care Facilities Financing Agency, Hospital 8/05 at 102 AAA $ 2,921,744
and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1995 Series B, 6.250%, 2/15/15
1,245 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,265,069
Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15
1,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 1,526,130
Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company
Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 1.8%
1,500 New York City Housing Development Corporation, Multifamily 4/03 at 102 AAA 1,569,765
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 1,029,400
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 3,575,625
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 14.8%
1,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 1,028,710
Civic Facility Revenue Bonds, Series 2000B (WSNCHS East,
Inc. Project), 6.000%, 8/01/24
2,015 Village of East Rochester Housing Authority (New York), 8/07 at 102 AAA 1,986,589
FHA-Insured Mortgage Revenue Bonds (St. John's Meadows
Project), Series 1997A, 5.750%, 8/01/37
3,125 Village of East Rochester Housing Authority (New York), 8/08 at 101 AAA 2,827,281
FHA-Insured Mortgage Revenue Bonds (St. John's Meadows
Project), Series 1998A, 5.250%, 8/01/38
790 New York City Industrial Development Agency, Civic Facility 7/10 at 102 N/R 792,504
Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2000A-1, 8.125%, 7/01/19
3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,069,240
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- 2,024,400
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 3,078,270
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 895,970
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 1,042,910
Home, Inc. Revenue Bonds, Series 2000, 6.500%, 7/01/29
1,410 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 1,476,228
Hospital and Nursing Home Insured Mortgage Revenue Bonds,
1992 Series C, 6.550%, 8/15/12
3,000 Syracuse Housing Authority (New York), FHA-Insured Mortgage 2/08 at 102 AAA 2,999,970
Revenue Bonds (Loretto Rest Residential Health Care Facility
Project), Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 3.5%
1,000 County of Nassau, New York, General Obligations, Serial General 3/10 at 100 AAA 1,037,450
Improvement Bonds, Series E, 6.000%, 3/01/19
25 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 26,158
Fiscal 1992 Series C, 6.300%, 8/01/03
1,135 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,205,336
Fiscal 1995 Series D, 6.600%, 2/01/04
1,390 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,471,718
Fiscal 1996 Series B, 6.750%, 8/15/03
75 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 A 79,074
Fiscal 1991 Series D, 9.500%, 8/01/02
1,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 1,185,460
Plant (Serial) Bonds, Series 1994, 7.250%, 11/01/11
(Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 14.3%
$ 250 Battery Park City Authority, Revenue Refunding Bonds, 11/03 at 102 A $ 250,650
Junior Revenue Refunding Bonds, Series 1993A,
5.800%, 11/01/22
5,000 Metropolitan Transportation Authority (New York), Dedicated 4/07 at 101 AAA 4,677,100
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26
500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 517,965
Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29
2,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 2,005,740
Lease 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 10/00 at 114 1/7 Baa1 28,607
Lease Revenue Bonds (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14
3,125 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,987,375
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 11/00 at 100 Baa1 1,001,400
Housing Revenue Bonds, 1989 Series A, 8.100%, 11/01/05
655 New York State Housing Finance Agency, Health Facilities 11/00 at 102 A 667,982
Revenue Bonds, 1990 Series A Refunding, 8.000%, 11/01/08
10 New York State Housing Finance Agency, Service Contract 9/04 at 102 A 10,488
Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
10 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 10,395
Mental Health Services Facilities Improvement Revenue Bonds,
Series 1992A, 6.375%, 8/15/17
2,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,063,520
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
3,000 Niagara Falls City School District, New York, Certificates of 6/08 at 101 AAA 2,836,800
Participation (High School Facility), Series 1998, 5.375%, 6/15/28
750 Niagara Falls City School District, New York, Certificates of 6/09 at 101 BBB- 773,108
Participation (High School Facility), Series 2000, 6.625%, 6/15/28
1,230 Suffolk County Judicial Facilities Agency (New York), Service 10/09 at 101 AAA 1,173,051
Agreement Revenue Bonds, Series 1999 (John P. Colahan
Court Complex), 5.000%, 4/15/16
1,500 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 1,546,980
(Virgin Islands Gross Receipts Tax Loan Note), Series 1999A,
6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.7%
1,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 1,001,720
Revenue Bonds, Series 1995, 5.750%, 1/01/25
1,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 954,240
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
1,500 Metropolitan Transportation Authority (New York), Transit Facilities 7/09 at 100 BBB+ 1,522,785
Revenue Bonds, Series 1999A, 6.000%, 7/01/24
2,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A2 1,715,200
Revenue Bonds, Series 1998 (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 487,530
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
2,600 Triborough Bridge and Tunnel Authority, New York, General 1/10 at 100 Aa3 2,510,014
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.4%
3,425 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 Aaa 3,618,547
Fiscal 1991 Series D, 9.500%, 8/01/02 (Pre-refunded to 8/01/01)
20 The City of New York, New York, General Obligation Bonds, 10/07 at 101 A*** 21,706
Fiscal 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 1,038,180
Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01)
2,520 New York City Industrial Development Agency, Civic Facility 8/01 at 102 Aaa 2,639,372
Revenue Bonds (YMCA of Greater New York Project),
8.000%, 8/01/16 (Pre-refunded to 8/01/01)
<PAGE>
Nuveen New York Municipal Value Fund, Inc. (NNY) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 3,935 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 4,612,017
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
1,000 New York Local Government Assistance Corporation, New York, 4/01 at 102 AAA 1,035,380
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01)
990 New York State Housing Finance Agency, Service Contract 9/04 at 102 AAA 1,072,299
Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
(Pre-refunded to 9/15/04)
95 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 100,361
Hospital and Nursing Home Insured Mortgage Revenue Bonds,
1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02)
990 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 1,034,382
Mental Health Services Facilities Improvement Revenue Bonds,
Series 1992A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02)
2,200 New York State Thruway Authority, Local Highway and 1/01 at 100 AAA 2,209,064
Bridge 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 1/01 at 102 Aaa 5,143,000
Revenue Bonds (Onondaga County Convention Center),
Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)
1,000 New York State Urban Development Corporation, State 4/01 at 102 Aaa 1,035,380
Facilities Revenue Bonds, Series 1991, 7.500%, 4/01/20
(Pre-refunded to 4/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.1%
2,000 Industrial Development Agency, Cattaraugus County, New York, No Opt. Call N/R 1,968,020
Tax-Exempt Industrial Development Revenue Bonds, Series 1999A
(Laidlaw Energy and Environmental, Inc. Project), 8.500%, 7/01/21
(Alternative Minimum Tax)
3,500 Industrial Development Agency, Erie County, New York, 12/10 at 103 N/R 2,948,750
Solid Waste 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, LP Project), Series 1997:
1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 999,640
1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102 BBB- 912,840
1,000 New York State Energy Research and Development Authority, 1/01 at 100 1/2 A+ 1,012,050
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 965,580
Gas Facilities Revenue Bonds, Series C (The Brooklyn Union
Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.8%
1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 929,370
Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
1,000 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 967,880
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
500 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 522,345
Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31
1,425 New York State Environmental Facilities Corporation, Water 6/02 at 102 A 1,444,551
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
Bonds, Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 3,042,285
------------------------------------------------------------------------------------------------------------------------------------
$ 142,180 Total Investments (cost $138,361,963) - 97.8% 140,672,672
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.2% 3,170,278
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 143,842,950
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
</TABLE>
<TABLE>
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 3.4%
$ 1,250 Erie Tobacco Asset Securitization Corporation, Erie County, 7/10 at 101 A1 $ 1,237,738
New York, Tobacco Settlement Asset-Backed Senior Bonds,
Series 2000, 6.000%, 7/15/20 (WI, settling 10/05/00)
Monroe Tobacco Asset Securitization Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2000:
400 6.000%, 6/01/15 6/10 at 101 A1 401,368
1,000 6.150%, 6/01/25 6/10 at 101 A1 1,003,390
2,500 Nassau County Tobacco Settlement Corporation, Tobacco 7/09 at 101 A2 2,553,425
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 3,778,238
Series 1999-1, 6.250%, 7/15/27
3,000 Westchester Tobacco Asset Securitization Corporation 7/10 at 101 A1 2,681,040
(New York), Tobacco Settlement Asset-Backed Bonds,
Series 1999, 0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 19.4%
1,500 Industrial Development Agency, City of Albany, New York, 12/09 at 101 AA 1,651,155
Civic Facility Revenue Bonds (The University Heights
Association, Inc. - Albany Law School Project), Series 1999A,
6.750%, 12/01/29
2,700 Industrial Development Agency, Town of Brookhaven, 12/07 at 101 A3 2,706,345
Civic Facility Revenue Bonds, Series 2000 (St. Joseph's College,
New York Civic Facility), 6.000%, 12/01/20
1,285 Industrial Development Agency, Cattaraugus County (New York), 9/08 at 101 BBB 1,182,843
Civic Facility Revenue Bonds (St. Bonaventure University
Construction Project), Series 1998B, 5.000%, 9/15/13
County of Monroe Industrial Development Agency (New York),
Civic Facility Revenue Bonds (St. John Fisher College Project),
Series 1999:
1,000 5.375%, 6/01/17 6/09 at 102 AA 961,600
2,365 5.375%, 6/01/24 6/09 at 102 AA 2,200,372
3,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA 2,984,880
Revenue Bonds, Series 1997A (American Museum of Natural
History), 5.650%, 4/01/27
1,000 The Trust for Cultural Resources of the City of New York, 7/09 at 101 AAA 1,005,460
Revenue Bonds, Series 1999A (American Museum of Natural
History), 5.750%, 7/01/29
1,250 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 1,213,875
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
435 Dormitory Authority of the State of New York, College and 12/00 at 101 AAA 441,429
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 2,627,650
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 3,244,230
System Consolidated Revenue Bonds, Series 1993B,
6.000%, 7/01/14
1,000 Dormitory Authority of the State of New York, City University 7/05 at 102 AAA 1,003,840
System Consolidated Second General Resolution Revenue
Bonds, Series 1995A, 5.375%, 7/01/14
3,425 Dormitory Authority of the State of New York, State 5/08 at 101 A 2,876,418
University Educational Facilities Revenue Bonds,
Series 1998B, 4.750%, 5/15/28
2,850 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 2,860,602
Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29
580 Dormitory Authority of the State of New York, Fashion Institute 7/10 at 101 AAA 565,483
of Technology Revenue Bonds, Series 2000, 5.375%, 7/01/20
5,590 Dormitory Authority of the State of New York, University of 7/09 at 101 A+ 5,586,534
Rochester Revenue Bonds, Series 1999A, 5.500%, 7/01/16
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS (continued)
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 $ 1,285,287
1,000 6.000%, 7/01/24 7/09 at 102 AA 1,021,750
3,810 6.000%, 7/01/28 7/09 at 102 AA 3,882,161
8,345 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 8,716,853
Manhattan College Insured Revenue Bonds, 1999,
6.250%, 7/01/29
11,350 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 10,370,382
System Consolidated Revenue Bonds, Series 1993F,
5.000%, 7/01/20
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 AAA 1,400,451
1,055 5.000%, 7/01/18 7/08 at 102 AAA 982,585
7,000 5.000%, 7/01/28 7/08 at 101 AAA 6,249,040
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 14.0%
2,000 Dormitory Authority of the State of New York, St. Vincent's 8/01 at 102 AAA 2,075,380
Hospital and Medical Center of New York, FHA-Insured
Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30
1,000 Dormitory Authority of the State of New York, St. James Mercy 2/08 at 102 AA 953,410
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 7,767,200
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
3,400 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101 BBB+ 3,556,230
New York University Health Obligated Group Revenue Bonds,
Series 2000A, 6.500%, 7/01/25
3,750 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101 A- 3,904,125
Services of Long Island Revenue Bonds (St. Catherine of
Sienna Medical Center), Series 2000A, 6.500%, 7/01/20
9,245 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 9,436,834
Hospital 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, 2/04 at 102 AAA 5,311,845
Hospital Insured Mortgage Revenue Bonds, 1994 Series A
Refunding, 5.500%, 8/15/24
2,400 New York State Medical Care Facilities Financing Agency, 8/05 at 102 AAA 2,517,840
Hospital and Nursing Home FHA-Insured Mortgage Revenue
Bonds, 1995 Series B, 6.250%, 2/15/15
4,805 New York State Medical Care Facilities Financing Agency, 2/05 at 102 Aa 4,949,438
FHA-Insured Mortgage Project Revenue Bonds,
1995 Series C, 6.250%, 8/15/15
7,500 Onondaga County Industrial Development Agency, No Opt. Call AAA 7,630,650
New York, 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 (New York), 1/03 at 101 Aaa 1,020,380
Multifamily Mortgage 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 5,951,250
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 11/00 at 101 AAA 3,195,961
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 1,652,473
Revenue Bonds (Secured Mortgage Program), 1992 Series A,
7.000%, 8/15/12 (Alternative Minimum Tax)
New York State Housing Finance Agency, Multifamily Housing
Revenue Bonds (Secured Mortgage Program), Series 1999I:
1,100 6.200%, 2/15/20 (Alternative Minimum Tax) 8/09 at 101 Aa1 1,119,943
720 6.300%, 2/15/32 (Alternative Minimum Tax) 8/09 at 101 Aa1 732,982
4,655 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 10/00 at 102 AA 4,757,270
Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - 1.9%
$ 3,750 State of New York Mortgage Agency, Homeowner Mortgage 11/09 at 100 Aa1 $ 3,835,500
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 1,482,046
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 1,191,875
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 4.7%
2,000 New York City Industrial Development Agency, Civic Facility 7/10 at 102 N/R 2,006,340
Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2000A-1, 8.125%, 7/01/19
3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,069,240
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 1,414,958
Memorial Home Association Revenue Bonds, Series 2000B,
6.375%, 7/01/29
2,945 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,069,780
FHA-Insured Mortgage Hospital and Nursing Home Revenue
Bonds, 1995 Series C, 6.100%, 8/15/15
2,770 Industrial Development Agency, County of Oswego (New York), 2/09 at 101 AAA 2,536,877
Civic Facility Revenue Bonds (FHA-Insured Mortgage - Bishops
Commons Inc. Project), Series 1999A, 5.375%, 2/01/49
4,000 Syracuse Housing Authority (New York), FHA-Insured 2/08 at 102 AAA 3,999,960
Mortgage Revenue Bonds (Loretto Rest Residential Health
Care Facility Project), Series 1997A, 5.600%, 8/01/17
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 5.6%
745 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101 Aaa 785,677
Serial Bonds, 2000 Series A, 6.000%, 4/01/18
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,500 5.750%, 6/15/17 6/11 at 101 Aaa 1,548,390
1,500 5.750%, 6/15/18 6/11 at 101 Aaa 1,540,050
1,275 County of Nassau, New York, General Obligations, Serial 3/10 at 100 AAA 1,387,761
General Improvement Bonds, Series F, 6.500%, 3/01/18
10 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 10,459
Fiscal 1992 Series C, 6.625%, 8/01/12
30 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 A 31,630
Fiscal 1991 Series D, 9.500%, 8/01/02
1,060 The City of New York, New York, General Obligation Bonds, 2/05 at 101 A 1,139,617
Fiscal 1995 Series F, 6.375%, 2/15/06
1,500 The City of New York, New York, General Obligation Bonds, 8/08 at 101 A 1,344,540
Fiscal 1999 Series C, 5.000%, 8/15/22
2,095 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 2,541,738
Plant (Serial) Bonds, Series 1994, 8.000%, 11/01/09
(Alternative Minimum Tax)
County of Oneida, New York, General Obligation Public
Improvement Bonds, Series 2000:
200 5.375%, 4/15/18 4/09 at 102 AAA 197,758
200 5.375%, 4/15/19 4/09 at 102 AAA 196,768
10,000 Commonwealth of Puerto Rico, Public Improvement 7/08 at 101 AAA 8,496,900
Refunding Bonds (General Obligation), Series 1998,
4.500%, 7/01/23
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.9%
2,000 Battery Park City Authority, Junior Revenue Bonds, Series 1996A, 11/06 at 102 AAA 1,936,500
5.500%, 11/01/29
7,000 Metropolitan Transportation Authority (New York), Dedicated 4/07 at 101 AAA 6,547,940
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26
5,000 Metropolitan Transportation Authority (New York), Dedicated 4/08 at 101 AAA 4,288,750
Tax Fund Bonds, Series 1998A, 4.500%, 4/01/18
2,000 Nassau Health Care Corporation, Nassau County, New York, 8/09 at 102 AAA 2,003,820
Health System Revenue Bonds (Guaranteed), Series 1999
5.750%, 8/01/29
4,575 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 4,644,952
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 2000A, 5.875%, 1/01/30
1,230 New York City Transitional Finance Authority, Future Tax 8/09 at 101 AA 1,236,335
Secured Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 3,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA $ 3,008,610
Lease Revenue Bonds (The City of New York Issue), Series 1999,
5.750%, 5/15/30
2,000 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 1,776,620
Services Facilities Improvement Revenue Bonds, Series 1999C,
4.750%, 8/15/19
4,210 Dormitory Authority of the State of New York, 4201 School 7/09 at 101 A 3,863,391
Program Revenue Bonds, Series 1998, 5.000%, 7/01/18
720 New York State Housing Finance Agency (New York City), 11/00 at 102 A 734,270
Health Facilities Revenue Bonds, 1990 Series A Refunding,
8.000%, 11/01/08
830 New York State Medical Care Facilities Finance Agency, 2/01 at 101 A 848,434
Mental Health Services Facilities Improvement Revenue Bonds,
1990 Series A, 7.750%, 2/15/20
310 New York State Medical Care Facilities Finance Agency, 2/01 at 102 AAA 316,925
Mental Health Services Facilities Improvement Revenue Bonds,
1990 Series B, 7.875%, 8/15/20
10 New York State Medical Care Facilities Finance Agency, 2/02 at 102 A 10,502
Mental 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 6,012,177
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 3,095,280
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
5,000 City School District of Niagara Falls (New York), Certificates 6/08 at 101 AAA 4,728,000
of Participation (High School Facility), Series 1998,
5.375%, 6/15/28
2,750 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 2,849,110
Revenue Bonds, Series B, 5.875%, 7/01/35
3,480 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 3,588,994
(Virgin Islands Gross Receipts Tax Loan Note), Series 1999A,
6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 11.0%
15,525 Metropolitan Transportation Authority (New York), Commuter 7/08 at 101 BBB+ 13,984,144
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
4,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/09 at 100 BBB+ 4,060,760
Revenue Bonds, Series 1999A, 6.000%, 7/01/24
2,250 New York City Industrial Development Agency, Special Facility 12/08 at 102 A2 1,929,600
Revenue Bonds, Series 1998 (1998 British Airways PLC
Project), 5.250%, 12/01/32 (Alternative Minimum Tax)
6,455 New York State Thruway Authority, General Revenue Bonds, 1/04 at 102 AAA 5,905,615
Series B, 5.000%, 1/01/20
1,000 Niagara Frontier Transportation Authority (Buffalo/Niagara 4/09 at 101 AAA 975,060
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds, 6/06 at 102 Baa2 2,077,046
1996 Series A (American Airlines, Inc. Project), 6.250%, 6/01/26
(Alternative Minimum Tax)
1,750 Triborough Bridge and Tunnel Authority, New York, General 1/07 at 101 Aa3 1,626,713
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
7,500 Triborough Bridge and Tunnel Authority, New York, General 1/10 at 100 Aa3 7,240,425
Purpose Revenue Bonds, Series 1999B, 5.500%, 1/01/30
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 9.4%
1,000 Monroe County Water Authority (New York), Water System 8/01 at 101 AAA 1,027,470
Revenue Bonds, Series 1991B, 6.500%, 8/01/16
(Pre-refunded to 8/01/01)
1,350 The City of New York, New York, General Obligation Bonds, 10/00 at 100 3/4 AAA 1,379,066
Fiscal 1990 Series B, 7.250%, 10/01/06
40 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 42,110
Fiscal 1992 Series C, 6.625%, 8/01/12 (Pre-refunded to 8/01/02)
275 The City of New York, New York, General Obligation Bonds, No Opt. Call Aaa 285,098
Fiscal 1995 Series E, 6.500%, 8/01/02
1,540 The City of New York, New York, General Obligation Bonds, 2/05 at 101 A*** 1,662,014
Fiscal 1995 Series F, 6.375%, 2/15/06 (Pre-refunded to 2/15/05)
50 The City of New York, New York, General Obligation Bonds, 11/00 at 100 A*** 49,894
Fiscal 1991 Series F, 3.000%, 11/15/00 (Pre-refunded to 11/15/00)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 390 The City of New York, New York, General Obligation Bonds, 5/03 at 101 1/2 AAA $ 399,582
Fiscal 1993 Series E, 5.750%, 5/15/13 (Pre-refunded to 5/15/03)
4,000 New York City Municipal Water Finance Authority, Water 6/01 at 101 1/2 Aaa 4,152,720
and Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01)
1,000 New York State Environmental Facilities Corporation, State 6/01 at 102 AAA 1,039,720
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)
3,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 3,102,420
Series 1991A Bonds, 7.250%, 4/01/18 (Pre-refunded to 4/01/01)
8,000 New York Local Government Assistance Corporation, New York, 4/01 at 102 AAA 8,283,040
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01)
2,000 New York State Medical Care Facilities Finance Agency, 2/01 at 102 Aaa 2,062,660
Mental Health Services Facilities Improvement Revenue Bonds,
1991 Series A, 7.500%, 2/15/21 (Pre-refunded to 2/15/01)
810 New York State Medical Care Facilities Finance Agency, 2/02 at 102 A*** 856,607
Mental 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 Revenue 1/01 at 102 Aaa 5,816,733
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 2,285,705
Series 1990-C, 7.375%, 12/01/09 (Pre-refunded to 12/01/00)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 4.4%
1,000 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,046,170
Revenue Bonds (1985 Facility), 1994 Series B,
6.125%, 7/01/13 (Alternative Minimum Tax)
5,130 Long Island Power Authority, New York, Electric System General 6/03 at 101 A- 4,848,927
Revenue Bonds, Series 1998A, 5.500%, 12/01/29
6,000 New York City Industrial Development Agency, Industrial 10/08 at 102 BBB- 5,477,040
Development Revenue Bonds (Brooklyn Navy Yard Cogeneration
Partners, LP Project), Series 1997, 5.750%, 10/01/36
(Alternative Minimum Tax)
4,200 Suffolk County Industrial Development Agency (New York) 1/09 at 101 N/R 3,584,238
1998 Industrial Development Revenue Bonds (Nissequogue
Cogen Partners Facility), 5.500%, 1/01/23 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.9%
2,000 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 1,858,740
and 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 1,209,850
and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 2000 Series B:
2,000 6.500%, 6/15/31 6/10 at 101 AA 2,185,800
3,000 6.100%, 6/15/31 6/10 at 101 AAA 3,134,070
7,325 New York State Environmental Facilities Corporation, State 12/00 at 102 AAA 7,487,981
Water Pollution Control, Revolving Fund Revenue Bonds,
Series 1990A (New York City Municipal Water Finance
Authority Project), 7.500%, 6/15/12
785 New York State Environmental Facilities Corporation, 11/04 at 102 AAA 854,745
State Water Pollution Control Revolving Fund Revenue Bonds,
Series 1994D (Pooled Loan Issue), 6.900%, 5/15/15
------------------------------------------------------------------------------------------------------------------------------------
$ 347,480 Total Investments (cost $335,428,000) - 99.0% 340,459,872
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 3,266,800
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 343,726,672
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Securities are normally considered to be
equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 10.6%
$ 5,030 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA $ 5,057,464
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 1,799,276
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 2,913,300
Bonds (State University Dormitory Facilities Issue), Series 1999C,
5.500%, 7/01/29
3,000 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 2,741,070
System Consolidated Revenue Bonds, Series 1993F,
5.000%, 7/01/20
4,375 Dormitory Authority of the State of New York, Long Island 9/06 at 102 AAA 4,254,163
University 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 1,004,330
Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26
4,360 Dormitory Authority of the State of New York, Fordham 7/08 at 101 AAA 3,892,259
University Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101 Aaa 3,182,235
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 2,019,134
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
1,500 Dormitory Authority of the State of New York, State University 5/08 at 101 AAA 1,277,190
Educational Facilities Revenue Bonds, Series 1998B,
4.750%, 5/15/28
2,000 Dormitory Authority of the State of New York, Upstate 7/10 at 101 AAA 2,007,440
Community Colleges Revenue Bonds, Series 2000A,
5.750%, 7/01/29
5,000 Dormitory Authority of the State of New York, City University 7/09 at 101 AAA 4,855,500
System Consolidated Third General Resolution Revenue Bonds,
1999 Series 1, 5.500%, 7/01/29
1,250 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 1,297,425
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29
1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101 AAA 1,271,364
Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29
4,695 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 4,785,614
University Revenue Bonds, Series 1991, 6.000%, 7/01/15
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 12.6%
New York City Health and Hospitals Corporation, Health System
Bonds, 1999 Series A:
2,000 5.125%, 2/15/14 2/09 at 101 AAA 1,941,480
1,000 5.000%, 2/15/20 2/09 at 101 AAA 913,530
1,000 Dormitory Authority of the State of New York, Maimonides 2/06 at 102 AAA 1,003,770
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 Hospital 2/08 at 101 1/2 AAA 2,785,385
Insured Revenue Bonds (Southside Hospital), Series 1998,
5.000%, 2/15/25
Dormitory Authority of the State of New York, The New York and
Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1998:
6,080 4.750%, 8/01/27 2/08 at 101 AAA 5,178,822
4,000 5.000%, 8/01/32 2/08 at 101 AAA 3,526,320
5,000 Dormitory Authority of the State of New York, Highland Hospital 2/08 at 102 AAA 4,734,950
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 2,931,041
Health System Obligated Group), North Shore University
Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 3,070 Dormitory Authority of the State of New York, Montefiore Medical 8/09 at 101 AAA $ 2,945,051
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 7,767,200
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
1,500 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 1,456,350
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 3,034,500
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 12,268,560
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 10,350,000
Mortgage Refunding Bonds (FHA-Insured Mortgage Loans),
1991 Series A, 7.350%, 6/01/19
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
1,970 6.100%, 11/01/15 5/06 at 102 AAA 2,027,642
2,985 6.125%, 11/01/20 5/06 at 102 AAA 3,049,207
985 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,017,111
Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.5%
1,985 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 2,021,167
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, New York), 8/07 at 102 AAA 2,935,500
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 (New York), 8/07 at 102 AAA 1,168,292
FHA-Insured Mortgage Revenue Bonds (St. John's Meadows
Project), Series 1997A, 5.750%, 8/01/37
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.0%
425 City of Buffalo, New York, School Serial Bonds, Series 1999-D, 12/09 at 101 AAA 444,724
6.000%, 12/01/19
1,755 City of Buffalo, New York, School Serial Bonds, Series 1999-E, 12/09 at 101 AAA 1,841,644
6.000%, 12/01/18
Chitennango Central School District, Madison and Onondaga
Counties, New York, Serial Bonds, Series 2000:
1,125 5.650%, 6/15/18 6/09 at 101 AAA 1,142,336
1,185 5.650%, 6/15/19 6/09 at 101 AAA 1,198,651
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
265 5.750%, 6/15/17 6/09 at 101 Aaa 272,121
200 5.750%, 6/15/18 6/09 at 101 Aaa 204,394
200 5.750%, 6/15/19 6/09 at 101 Aaa 203,744
500 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101 Aaa 527,300
Serial Bonds, 2000 Series A, 6.000%, 4/01/18
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 696,507
700 5.400%, 6/15/18 6/08 at 101 Aaa 692,468
700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101 Aaa 707,483
School District Serial Bonds, Series 2000, 5.600%, 8/01/18
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,410 5.750%, 6/15/17 6/11 at 101 Aaa 1,455,487
1,410 5.750%, 6/15/18 6/11 at 101 Aaa 1,447,647
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 337,461
330 5.750%, 6/01/19 6/08 at 101 Aaa 336,468
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL (continued)
Monticello Central School District, Sullivan County, New York,
Serial Bonds, Series 2000:
$ 1,905 6.000%, 6/15/18 6/09 at 101 AAA $ 1,997,431
2,000 6.000%, 6/15/19 6/09 at 101 AAA 2,091,340
2,165 6.000%, 6/15/20 6/09 at 101 AAA 2,262,360
County of Nassau, New York, General Obligations, Serial General
Improvement Bonds, Series F:
1,505 6.500%, 3/01/17 3/10 at 100 AAA 1,640,435
1,000 6.500%, 3/01/19 3/10 at 100 AAA 1,086,890
910 6.500%, 3/01/20 3/10 at 100 AAA 988,369
805 County of Nassau, New York, General Obligations, Serial General
Improvement Bonds, Series D, 9/09 at 102 Aaa 783,837
5.300%, 9/01/17
2,250 The City of New York, New York, General Obligation Bonds, 3/01 at 100 3/4 AAA 2,292,953
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 2,597,011
1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,349,205
Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18
County of Oneida, New York, General Obligations, Public
Improvement Bonds, Series 2000:
500 5.375%, 4/15/18 4/09 at 102 AAA 494,395
500 5.375%, 4/15/19 4/09 at 102 AAA 491,920
255 City of Port Jervis, Orange County, New York, Water Improvement 3/09 at 101 Aaa 254,992
Serial Bonds, Series 1999, 5.625%, 3/15/24
1,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2000 7/10 at 100 AAA 1,025,800
(General Obligation Bonds), 5.750%, 7/01/26
County of Suffolk, New York, Public Improvement Serial Bonds,
2000 Series A:
1,130 5.750%, 5/01/17 5/10 at 101 AAA 1,162,894
1,100 6.000%, 5/01/18 5/10 at 101 AAA 1,156,716
610 6.000%, 5/01/19 5/10 at 101 AAA 639,439
640 6.000%, 5/01/20 5/10 at 101 AAA 670,362
1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101 AAA 1,660,514
General Obligation (Serial) Bonds, Series 2000, 5.750%, 6/15/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 19.2%
3,775 Metropolitan Transportation Authority (New York), Dedicated Tax 4/07 at 101 AAA 3,531,211
Fund Bonds, Series 1996A, 5.250%, 4/01/26
Metropolitan Transportation Authority (New York), Dedicated
Tax Fund Bonds, Series 1998A:
5,090 5.000%, 4/01/23 4/08 at 101 AAA 4,614,390
6,500 4.750%, 4/01/28 4/08 at 101 AAA 5,538,195
2,000 Nassau Health Care Corporation, Nassau County, New York, 8/09 at 102 AAA 2,003,820
Health System Revenue Bonds (Guaranteed), Series 1999,
5.750%, 8/01/29
3,025 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 3,071,252
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 2000A, 5.875%, 1/01/30
10,000 New York City Transitional Finance Authority, Future Tax 5/08 at 101 AAA 8,151,300
Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 5,014,350
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 1,276,338
Watts Services, Inc., Insured Revenue Bonds, Series 1994,
6.000%, 7/01/23
2,250 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101 AAA 2,105,168
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 Health 2/09 at 101 AAA 1,738,100
Services Facilities Improvement Revenue Bonds, Series 1999C,
4.750%, 8/15/22
2,000 Dormitory Authority of the State of New York, Special Act School 7/09 at 101 AAA 2,037,560
Districts Program Insured Revenue Bonds, Series 1999,
5.750%, 7/01/19
1,340 Dormitory Authority of the State of New York, Special Act 7/09 at 101 AAA 1,365,165
School Districts Program Insured Revenue Bonds (Issue 2),
Series 1999E, 5.750%, 7/01/19
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA $ 4,110,628
Services Facilities Improvement Revenue Bonds,
Series 1996B, 5.375%, 2/15/26
2,265 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,095,487
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 2,808,420
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 35,749
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25
215 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 220,725
Mental 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 41,680
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 1,988,938
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 1,465,908
Development Corporation, Correctional Capital Facilities
Revenue Bonds, Series 6, 5.375%, 1/01/25
6,500 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,542,875
Facilities Service Contract Revenue Bonds, Series B,
4.750%, 1/01/28
7,900 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 8,150,904
Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29
1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 1,036,040
Revenue Bonds, Series B, 5.875%, 7/01/35
2,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101 AAA 2,025,100
5.500%, 8/01/19
1,435 Suffolk County Industrial Development Agency, New York, 10/10 at 102 Aaa 1,499,360
Civic 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 5,126,000
Refunding Bonds, Series 1991B, 6.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.5%
10,215 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 9,747,562
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
2,625 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 2,395,365
Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21
1,000 Metropolitan Transportation Authority (New York), Commuter 7/08 at 101 AAA 933,600
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
3,505 Metropolitan Transportation Authority (New York), Transit 7/07 at 101 1/2 AAA 3,472,298
Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/25
2,300 Niagara Frontier Transportation Authority (Buffalo/Niagara 4/09 at 101 AAA 2,242,638
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 4/01 at 101 AAA 9,178,740
Bonds, Seventy-Third Series, 6.750%, 4/15/26
(Alternative Minimum Tax)
5,025 The Port Authority of New York and New Jersey, Special 12/07 at 100 AAA 5,061,180
Project 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 5,440,470
11,500 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,545,425
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed - 15.9%
$ 5,500 Metropolitan Transportation Authority (New York), Commuter 7/02 at 102 AAA $ 5,772,030
Facilities Revenue Bonds, Series 1992B, 6.250%, 7/01/17
(Pre-refunded to 7/01/02)
County of Nassau, New York, General Obligation Refunding Bonds:
1,075 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,115,452
1,065 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,105,076
1,055 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,094,700
1,045 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,084,323
1,030 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,068,759
The City of New York, 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 2,012,712
1,550 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,599,058
The City of New York, New York, General Obligation Bonds, Fiscal
1990 Series I:
950 7.250%, 8/15/14 2/01 at 100 3/4 AAA 961,343
1,270 7.250%, 8/15/17 2/01 at 100 3/4 AAA 1,292,733
3,030 The City of New York, New York, General Obligation Bonds, 3/01 at 100 3/4 AAA 3,091,418
Fiscal 1991 Series A, 7.250%, 3/15/18
1,135 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 1,353,544
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
1,000 Dormitory Authority of the State of New York, Cooper Union 7/01 at 102 AAA 1,040,570
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/20
(Pre-refunded to 7/01/01)
305 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 314,638
University Revenue Bonds, Series 1991, 6.000%, 7/01/15
(Pre-refunded to 7/01/01)
5,000 New York State Housing Finance Agency, State University No Opt. Call AAA 5,552,950
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 2,556,650
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 8,931,705
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 3,368,309
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 State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 1,976,826
Mental Health Services Facilities Improvement Revenue Bonds,
1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02)
1,635 New York State Medical Care Facilities Finance Agency, 8/04 at 102 AAA 1,761,680
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 6,624,240
New York Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 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 4,446,144
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
3,000 Triborough Bridge and Tunnel Authority, New York, General 1/01 at 101 1/2 AAA 3,064,380
Purpose Revenue Bonds, Series S, 7.000%, 1/01/21
(Pre-refunded to 1/01/01)
2,500 Triborough Bridge and Tunnel Authority, New York, General 1/01 at 102 AAA 2,566,025
Purpose Revenue Bonds, Series T, 7.000%, 1/01/20
(Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 6.9%
Long Island Power Authority, New York, Electric System
General Revenue Bonds, Series 1998A:
5,750 5.125%, 12/01/22 6/08 at 101 AAA 5,312,540
3,000 5.750%, 12/01/24 6/08 at 101 AAA 3,014,070
5,000 New York State Energy Research and Development Authority, 1/01 at 100 1/2 A+ 5,060,250
Electric Facilities Revenue Bonds, Series 1991A (Consolidated
Edison Company of New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
<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, 5/02 at 102 AAA $ 2,618,050
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 2,172,555
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 1,021,740
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 5/02 at 102 AAA 2,560,325
Authority, Pollution Control Revenue Bonds (Rochester Gas
and Electric Corporation Projects), Series 1992B, 6.500%, 5/15/32
(Alternative Minimum Tax)
2,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA 2,020,320
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 2,029,900
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 2,036,500
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 6.2%
3,655 Municipal Water Finance Authority, Buffalo, New York, Water 7/09 at 101 AAA 3,785,008
System Revenue Bonds, Series 1999, 6.000%, 7/01/29
2,115 Town of Clifton Park Water Authority, New York, Water System 10/03 at 102 AAA 1,882,731
Revenue Bonds, Series 1993, 5.000%, 10/01/26
1,000 New York City Municipal Water Finance Authority, Water 6/08 at 101 AAA 860,030
and Sewer System Revenue Bonds, Fiscal 1998 Series D,
4.750%, 6/15/25
5,000 New York City Municipal Water Finance Authority, Water 6/08 at 101 AAA 4,219,400
and Sewer System Revenue Bonds, Fiscal 1999 Series A,
4.750%, 6/15/31
4,750 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 4,597,430
and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
2,000 New York City Municipal Water Finance Authority, Water 6/10 at 101 AAA 2,089,380
and Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31
5,000 Suffolk County Water Authority, New York, Water System 6/03 at 102 AAA 4,700,450
Revenue Bonds, Series 1994, 5.000%, 6/01/17
2,750 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 2,729,621
Bonds, Series 1995, 5.650%, 5/01/26
------------------------------------------------------------------------------------------------------------------------------------
$ 401,395 Total Investments (cost $385,310,077) - 98.5% 394,646,446
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 6,064,496
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 400,710,942
====================================================================================================================
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 (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 13.3%
Industrial Development Agency, Town of Amherst, New York, Civic
Facility Revenue Bonds (UBF Faculty-Student Housing Corporation
- Village Green Project), Series 2000A:
$ 1,315 5.625%, 8/01/20 8/10 at 102 AAA $ 1,317,143
610 5.750%, 8/01/25 8/10 at 102 AAA 612,806
500 Industrial Development Agency, Town of Amherst, New York, 8/10 at 102 AAA 500,815
Civic Facility Revenue Bonds (UBF Faculty-Student Housing
Corporation - Lakeside Cottage Project), Series 2000B,
5.625%, 8/01/20
1,000 Nassau County Industrial Development Agency (New York), 7/08 at 102 AAA 905,970
Civic Facility Revenue and Refunding Bonds (Hofstra University
Project), Series 1998, 5.000%, 7/01/23
1,000 The Trust for Cultural Resources of the City of New York, 7/09 at 101 AAA 1,005,460
Revenue Bonds, Series 1999A (American Museum of Natural
History), 5.750%, 7/01/29
7,250 New York City Industrial Development Agency, Civic Facility 1/09 at 101 AAA 6,435,680
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 6,229,080
University Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11
3,920 Dormitory Authority of the State of New York, Rensselaer 7/01 at 102 AAA 4,058,886
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 13,318,930
School of Medicine Insured Revenue Bonds, Series 1991,
6.750%, 7/01/15
1,870 Dormitory Authority of the State of New York, Fordham University 1/01 at 102 AAA 1,911,290
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 3,746,129
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 2,008,660
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 3,570,880
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
4,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 4,111,425
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21
1,500 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 1,505,580
Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29
Dormitory Authority of the State of New York, University of
Rochester Revenue Bonds, Series 2000A:
1,990 0.000%, 7/01/17 7/10 at 101 AAA 1,166,558
2,235 0.000%, 7/01/18 7/10 at 101 AAA 1,303,653
2,495 0.000%, 7/01/19 7/10 at 101 AAA 1,445,403
1,870 0.000%, 7/01/21 7/10 at 101 AAA 1,083,852
500 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 518,970
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29
5,000 Dormitory Authority of the State of New York, State University 5/06 at 102 AAA 4,862,450
Educational Facilities Revenue Bonds, Series 1996,
5.500%, 5/15/26
9,385 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 9,566,131
Revenue Bonds, Series 1991 6.000%, 7/01/15
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE - 8.3%
Dormitory Authority of the State of New York, St. Vincent's Hospital
and Medical Center of New York, FHA-Insured Mortgage Revenue
Bonds, Series 1991:
$ 4,215 7.375%, 8/01/11 8/01 at 102 AAA $ 4,389,796
4,150 7.400%, 8/01/30 8/01 at 102 AAA 4,306,414
3,985 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,732,630
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32
850 Dormitory Authority of the State of New York, Maimonides No Opt. Call AAA 865,785
Medical Center, FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1996A, 5.500%, 8/01/14
9,250 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 8,154,615
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 7/09 at 101 AAA 6,210,416
Health 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, 2/01 at 101 AAA 5,621,220
St. Lukes/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 10,995,697
North Shore University Hospital, Mortgage Project Revenue
Bonds, 1990 Series A, 7.200%, 11/01/20
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.7%
4,000 New York City Housing Development Corporation, 6/01 at 102 AAA 4,140,000
Multi-Unit Mortgage Refunding Bonds (FHA-Insured Mortgage
Loans), 1991 Series A, 7.350%, 6/01/19
15,000 New York City Housing Development Corporation, Multifamily 10/00 at 105 AAA 15,781,650
Housing Limited Obligation Bonds (Pass Through Certificates),
Series 1991A, 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 1,008,675
3,980 6.125%, 11/01/20 5/06 at 102 AAA 4,065,610
5,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 5,214,600
Revenue Bonds, Series 1992A, 6.750%, 1/01/26
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.3%
1,500 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102 AAA 1,562,205
Revenue Bonds, Series 43, 6.450%, 10/01/17
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.4%
2,000 Industrial Development Agency, Town of Babylon, New York, 8/10 at 101 AAA 2,057,420
Civic Facility Revenue Bonds, Series 2000B (WSNCHS East, Inc.
Project), 6.000%, 8/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 9.8%
1,200 Town of Brookhaven, Suffolk County, New York, Various Purpose 10/02 at 102 AAA 1,260,948
Serial Bonds, 1991 Series B, 6.400%, 10/01/11
City of Buffalo, New York, Refunding Serial Bonds, Series 1991:
530 6.250%, 2/01/11 2/01 at 101 AAA 537,341
760 6.250%, 2/01/13 2/01 at 101 AAA 770,214
760 6.250%, 2/01/15 2/01 at 101 AAA 769,850
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
300 5.750%, 6/15/17 6/09 at 101 Aaa 308,061
350 5.750%, 6/15/18 6/09 at 101 Aaa 357,690
365 5.750%, 6/15/19 6/09 at 101 Aaa 371,833
County of Erie, New York, General Obligation Serial Bonds,
Public Improvement Series 1999A:
700 5.500%, 10/01/17 10/09 at 101 AAA 703,150
700 5.250%, 10/01/19 10/09 at 101 AAA 675,927
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,000 5.750%, 6/15/19 6/11 at 101 Aaa 1,023,010
1,000 5.750%, 6/15/20 6/11 at 101 Aaa 1,020,260
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL (continued)
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 $ 347,687
340 5.750%, 6/01/19 6/08 at 101 Aaa 346,664
The City of New York, New York, General Obligation Bonds, Fiscal
1992 Series C:
45 6.250%, 8/01/10 8/02 at 101 1/2 AAA 46,848
45 6.625%, 8/01/14 8/02 at 101 1/2 AAA 47,187
3,100 The City of New York, New York, General Obligation Bonds, 3/01 at 100 3/4 AAA 3,159,179
Fiscal 1991 Series A, 7.250%, 3/15/19
4,150 The City of New York, New York, General Obligation Bonds, 8/08 at 101 AAA 3,806,380
Fiscal 1998 Series H, 5.125%, 8/01/25
5,000 The City of New York, New York, General Obligation Bonds, 4/09 at 101 AAA 4,454,600
Fiscal 1999 Series I, 5.000%, 4/15/29
3,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 2,698,410
Obligation Refunding Serial Bonds, 1998 B, 4.750%, 3/01/18
Town of North Hempstead, Nassau County, New York, General
Obligation Bonds, 1999 Series B:
2,135 5.875%, 7/15/18 7/09 at 101 Aaa 2,208,700
2,255 5.875%, 7/15/19 7/09 at 101 Aaa 2,325,920
County of Oneida, New York, General Obligations, Public
Improvement Bonds, Series 2000:
100 5.375%, 4/15/18 4/09 at 102 AAA 98,879
100 5.375%, 4/15/19 4/09 at 102 AAA 98,384
2,250 Commonwealth of Puerto Rico, Public Improvement Bonds 7/08 at 101 AAA 2,037,375
of 1998, 4.875%, 7/01/23
8,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 6,797,520
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%, 6/15/17 6/10 at 100 Aaa 545,013
525 5.875%, 6/15/18 6/10 at 100 Aaa 543,002
525 5.875%, 6/15/20 6/10 at 100 Aaa 540,204
525 5.875%, 6/15/21 6/10 at 100 Aaa 538,619
525 5.875%, 6/15/22 6/10 at 100 Aaa 537,427
525 5.875%, 6/15/23 6/10 at 100 Aaa 536,240
525 5.875%, 6/15/24 6/10 at 100 Aaa 535,847
525 5.875%, 6/15/26 6/10 at 100 Aaa 534,665
525 5.875%, 6/15/28 6/10 at 100 Aaa 534,077
Rensselaer County, New York, General Obligation Serial Bonds,
Series 1991:
960 6.700%, 2/15/16 No Opt. Call AAA 1,104,125
960 6.700%, 2/15/17 No Opt. Call AAA 1,105,507
960 6.700%, 2/15/18 No Opt. Call AAA 1,105,027
960 6.700%, 2/15/19 No Opt. Call AAA 1,103,616
960 6.700%, 2/15/20 No Opt. Call AAA 1,104,566
747 6.700%, 2/15/21 No Opt. Call AAA 858,475
The City of Rochester, New York, General Obligation Serial Bonds,
Series 1999:
735 5.250%, 10/01/20 No Opt. Call AAA 716,963
735 5.250%, 10/01/21 No Opt. Call AAA 712,722
730 5.250%, 10/01/22 No Opt. Call AAA 705,516
730 5.250%, 10/01/23 No Opt. Call AAA 704,034
730 5.250%, 10/01/24 No Opt. Call AAA 702,545
730 5.250%, 10/01/25 No Opt. Call AAA 702,005
725 5.250%, 10/01/26 No Opt. Call AAA 695,725
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 22.8%
1,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 966,570
Series 1993A, 5.250%, 11/01/17
3,000 Metropolitan Transportation Authority (New York), Dedicated 4/07 at 101 AAA 2,806,260
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26
6,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA 5,112,180
Series 1998A, 4.750%, 4/01/28
5,875 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,478,144
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 1999A, 5.250%, 1/01/29
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 5,225 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA $ 5,304,890
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 2000A, 5.875%, 1/01/30
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 4,463,950
2,000 5.000%, 8/15/27 8/07 at 101 AAA 1,790,580
2,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 1,630,260
Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
5,250 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 5,265,068
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 10/00 at 114 1/7 Baa1 577,866
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 13,698,605
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 7/04 at 102 AAA 5,105,350
Watts 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 4,961,433
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 7,279,183
School Districts Program Insured Revenue Bonds, Series 1999,
5.750%, 7/01/19
2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 1,850,320
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 4,302,144
Series 1993B, Refunding Bonds, 5.500%, 4/01/21
1,795 New York State Medical Care Facilities Finance Agency, 2/01 at 101 AAA 1,816,594
Mental 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 20,428
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25
365 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 374,720
Mental 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 936,140
Mental Health Services Facilities Improvement Revenue Bonds,
1993 Series D, 5.250%, 8/15/23
4,000 New York State Medical Care Facilities Finance Agency, 2/02 at 100 AAA 3,909,920
Mental Health Services Facilities Improvement Revenue Bonds,
Series 1992A, 5.500%, 8/15/21
5,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,158,800
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 8,498,366
Capital Facilities Revenue Bonds, Series 7, 5.700%, 1/01/27
12,000 Triborough Bridge and Tunnel Authority (New York), Special 1/01 at 102 AAA 12,292,680
Obligation 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 14,361,200
3,500 6.875%, 1/01/15 1/01 at 102 AAA 3,588,200
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 6.8%
5,010 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 1/2 AAA 4,951,483
Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/27
7,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 6,679,680
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
Metropolitan Transportation Authority (New York), Commuter
Facilities Revenue Bonds, Series 1998A:
3,000 5.000%, 7/01/23 7/08 at 101 AAA 2,717,910
4,695 5.250%, 7/01/28 7/08 at 101 AAA 4,383,252
5,000 Metropolitan Transportation Authority, Transit Facilities 7/02 at 101 1/2 AAA 5,224,150
Revenue Bonds, Series K, 6.250%, 7/01/11
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION (continued)
$ 2,500 Niagara Frontier Transportation Authority (Buffalo/Niagara 4/09 at 101 AAA $ 2,437,650
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- 10,200,600
Bonds, Seventy-Sixth Series, 6.500%, 11/01/26
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.1%
2,000 Metropolitan Transportation Authority (New York), Commuter 7/02 at 102 AAA 2,098,920
Facilities Revenue Bonds, Series 1992B, 6.250%, 7/01/17
(Pre-refunded to 7/01/02)
5,000 Nassau County Industrial Development Agency, Civic Facility 8/01 at 102 AAA 5,195,750
Revenue Bonds (Hofstra University Project), Series 1991,
6.750%, 8/01/11 (Pre-refunded to 8/01/01)
The City of New York, New York, General Obligation Bonds, Fiscal
1992 Series C:
4,955 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 5,183,921
4,955 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 5,216,376
1,500 The City of New York, New York, General Obligation Bonds, 3/01 at 100 3/4 AAA 1,530,405
Fiscal 1991 Series A, 7.250%, 3/15/18
3,000 The City of New York, New York, General Obligation Bonds, 10/00 at 100 AAA 3,136,950
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 5,165,700
and Sewer System Revenue Bonds, Fiscal 1991 Series C,
7.000%, 6/15/16 (Pre-refunded to 6/15/01)
5,000 The Trust for Cultural Resources of the City of New York, 4/01 at 102 AAA 5,161,550
Revenue 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, 1/02 at 102 AAA 5,230,250
Revenue Refunding Bonds, Series 1991A (The Museum of
Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02)
The State of New York, Serial Bonds:
4,055 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,213,753
4,055 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,213,753
5,000 New York State Dormitory Authority, State University Educational 5/02 at 102 AAA 5,275,850
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 11,297,139
Insured Revenue Bonds, Series 1991, 6.250%, 7/01/21
(Pre-refunded to 7/01/01)
615 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 634,434
University Revenue Bonds, Series 1991, 6.000%, 7/01/15
(Pre-refunded to 7/01/01)
2,230 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 2,392,143
Mental Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05)
4,260 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 4,443,947
Mental Health 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, 2/05 at 102 AAA 5,520,200
New York Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 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 822,019
745 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 775,195
720 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 749,182
730 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 759,587
735 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 764,790
250 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 260,133
245 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 254,930
245 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 254,930
240 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 249,727
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 275,740
265 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 275,740
270 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 280,943
275 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 286,146
280 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 291,348
275 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 286,146
280 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 291,348
285 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 296,551
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 3,000 Triborough Bridge and Tunnel Authority, New York, General 1/01 at 102 AAA $ 3,079,230
Purpose Revenue Bonds, Series T, 7.000%, 1/01/20
(Pre-refunded to 1/01/01)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 11.2%
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
4,070 5.125%, 12/01/22 6/08 at 101 AAA 3,760,354
5,000 5.250%, 12/01/26 6/08 at 101 AAA 4,673,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 No Opt. Call AAA 1,020,400
4,000 0.000%, 6/01/25 No Opt. Call AAA 960,880
15,000 0.000%, 6/01/26 No Opt. Call AAA 3,392,400
3,000 0.000%, 6/01/27 No Opt. Call AAA 639,630
4,500 0.000%, 6/01/28 No Opt. Call AAA 903,015
3,000 0.000%, 6/01/29 No Opt. Call AAA 567,120
14,000 New York State Energy Research and Development Authority, 1/01 at 100 1/2 A+ 14,168,700
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 11,519,420
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 3,065,220
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 3,110,820
Pollution Control Refunding Revenue Bonds (Niagara/Mohawk
Power Corporation Project), Series 1991A, 6.625%, 10/01/13
6,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA 6,060,960
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 2,537,375
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 3,563,875
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.1%
1,015 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 872,930
Sewer System Revenue Bonds, Fiscal 1998 Series D,
4.750%, 6/15/25
10,500 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 10,162,740
and Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 2000 Series B:
1,500 6.100%, 6/15/31 6/10 at 101 AAA 1,567,031
3,000 6.000%, 6/15/33 6/10 at 101 AAA 3,101,490
5,000 New York State Environmental Facilities Corporation, 3/01 at 102 AAA 5,109,500
State Water Pollution Control Revolving Fund Revenue
Bonds (Pooled Loan Issue), Series 1991B, 7.100%, 9/15/11
1,300 New York State Environmental Facilities Corporation, 6/02 at 102 AAA 1,336,959
Water Facilities Revenue Bonds, Series 1992 (The New Rochelle
Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
$ 558,012 Total Investments (cost $513,159,129) - 98.8% 528,133,542
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 6,177,029
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 534,310,571
====================================================================================================================
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 (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 15.7%
Industrial Development Agency, Town of Amherst, New York, Civic
Facility Revenue Bonds (UBF Faculty-Student Housing Corporation
- Village Green Project), Series 2000A:
$ 1,065 5.625%, 8/01/20 8/10 at 102 AAA $ 1,066,736
610 5.750%, 8/01/25 8/10 at 102 AAA 612,806
500 Industrial Development Agency, Town of Amherst, New York, Civic 8/10 at 102 AAA 500,815
Facility Revenue Bonds (UBF Faculty-Student Housing Corporation -
Lakeside Cottage Project), Series 2000B, 5.625%, 8/01/20
3,040 County of Monroe Industrial Development Agency (New York), 12/00 at 102 AAA 3,112,443
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 (New York), Civic 7/08 at 102 AAA 5,752,910
Facility 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, Revenue 7/06 at 101 AAA 5,029,150
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 7,149,225
(New York), 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 14,426,920
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 4,456,842
Revenue Bonds (Trinity Episcopal School Corporation Project),
5.250%, 6/15/27
1,000 Dormitory Authority of the State of New York, Mount Sinai School 7/01 at 102 AAA 1,034,480
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 7,628,702
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 972,720
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 1,043,640
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 2,010,661
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 1,270,603
College Revenue Bonds, Series 1995, 6.000%, 7/01/24
8,500 Dormitory Authority of the State of New York, Ithaca College 7/07 at 102 AAA 7,947,925
Insured Revenue Bonds, Series 1997, 5.250%, 7/01/26
1,150 Dormitory Authority of the State of New York, St. John's University 7/06 at 102 AAA 1,164,237
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 4,324,606
Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26
7,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 6,249,040
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
2,000 Dormitory Authority of the State of New York, University 7/08 at 102 AAA 1,793,360
System Consolidated Third General Resolution Revenue Bonds,
1998 Series 1, 5.000%, 7/01/26
1,525 Dormitory Authority of the State of New York, State University 5/08 at 101 AAA 1,298,477
Educational Facilities Revenue Bonds, Series 1998B,
4.750%, 5/15/28
1,750 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 1,756,510
Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS (continued)
Dormitory Authority of the State of New York, University
of Rochester, 2000A Revenue Bonds:
$ 1,990 0.000%, 7/01/17 7/10 at 101 AAA $ 1,166,558
2,230 0.000%, 7/01/18 7/10 at 101 AAA 1,300,737
2,495 0.000%, 7/01/19 7/10 at 101 AAA 1,445,403
1,870 0.000%, 7/01/21 7/10 at 101 AAA 1,083,852
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 4.8%
4,000 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,746,680
Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1997, 5.375%, 2/01/32
9,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 8,692,650
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, 11/01 at 102 AAA 5,552,712
Sisters of Charity Hospital of Buffalo Project Revenue Bonds,
1991 Series A, 6.625%, 11/01/18
3,300 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 3,169,914
Hospital 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 2,990,040
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 2,028,177
Health Center Projects Revenue Bonds (Secured Mortgage
Program), Series 1995A, 6.375%, 11/15/19
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 7.5%
12,475 New York City Housing Development Corporation, Multifamily 10/00 at 105 AAA 13,125,072
Housing Limited Obligation Bonds (Pass Through Certificates),
Series 1991A, 6.500%, 2/20/19
1,690 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,726,352
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 1,626,345
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 5,748,395
17,995 6.750%, 1/01/26 1/02 at 102 AAA 18,767,345
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 1.1%
1,995 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102 AAA 1,947,758
Revenue Bonds, Series 33, 5.400%, 10/01/17
165 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 102 AAA 169,848
Revenue Bonds, Series VV, 7.250%, 10/01/07
(Alternative Minimum Tax)
3,980 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 4,052,516
Revenue Bonds, Series 63, 6.125%, 4/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.2%
4,450 Castle Rest Residential Health Care Facility (Syracuse, 8/07 at 102 AAA 4,354,325
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 1,951,900
Palsy of New York City, Inc., Insured Revenue Bonds,
Series 1996, 5.500%, 7/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 2.8%
East Rochester Union Free School District, Monroe County, New
York, Serial Bonds, Series 2000:
300 5.750%, 6/15/17 6/09 at 101 Aaa 308,061
360 5.750%, 6/15/18 6/09 at 101 Aaa 367,909
400 5.750%, 6/15/19 6/09 at 101 Aaa 407,488
1,000 County of Erie, New York, General Obligation Bonds, 6/05 at 101 1/2 AAA 1,002,120
1995 Series B, 5.625%, 6/15/20
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
1,410 5.750%, 6/15/19 6/11 at 101 Aaa 1,442,444
1,410 5.750%, 6/15/20 6/11 at 101 Aaa 1,438,567
200 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 209,102
Fiscal 1992 Series C, 6.625%, 8/01/15
235 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 245,613
Fiscal 1992 Series H, 7.100%, 2/01/10
7,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 5,947,830
Bonds (General Obligation Bonds), Series 1998, 4.500%, 7/01/23
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<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%, 6/15/19 6/10 at 100 Aaa $ 541,401
525 5.875%, 6/15/25 6/10 at 100 Aaa 535,059
525 5.875%, 6/15/27 6/10 at 100 Aaa 534,471
525 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 549,549
Series 1992-A, 6.500%, 2/15/07
1,390 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 1,454,996
Series 1992-B, 6.500%, 2/15/07
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 17.6%
15,000 Metropolitan Transportation Authority, Transit Facilities 7/01 at 102 AAA 15,431,400
1987 Service Contract Bonds, Series 5, 6.500%, 7/01/16
5,000 Metropolitan Transportation Authority, New York, Dedicated 4/10 at 100 AAA 5,162,600
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
5,150 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,228,744
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 2000A, 5.875%, 1/01/30
3,000 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101 AAA 2,685,870
Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
3,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 2,445,390
Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27
2,500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AAA 2,602,875
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 6,017,220
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 Watts 7/04 at 102 AAA 5,488,251
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 2,042,766
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 3,326,573
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 4,947,690
(A Public Benefit Corporation of the State of New York),
Series 1993D Bonds, 5.000%, 4/01/23
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, Series
1992A:
120 6.375%, 8/15/10 2/02 at 102 AAA 124,559
155 6.375%, 8/15/17 2/02 at 102 AAA 161,121
5,250 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 5,020,155
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 10,317,600
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 24,604,800
Refunding Bonds, Series 1991B, 6.875%, 1/01/15
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 12.2%
4,250 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 4,257,310
Revenue Bonds, Series 1995, 5.750%, 1/01/25
3,000 Metropolitan Transportation Authority (New York), Commuter 7/06 at 102 AAA 3,132,810
Facilities Revenue Bonds, Series 1996A, 6.000%, 7/01/16
1,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 1/2 AAA 988,320
Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/27
13,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 12,405,120
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27
500 Metropolitan Transportation Authority (New York), Commuter 7/08 at 101 AAA 466,800
Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRANSPORTATION (continued)
Metropolitan Transportation Authority (New York), Transit Facilities
Revenue Bonds, Series 1998B:
$ 10,000 4.875%, 7/01/18 7/08 at 101 AAA $ 9,111,400
5,500 4.750%, 7/01/26 7/08 at 101 AAA 4,715,865
1,000 Niagara Frontier Transportation Authority (Greater Buffalo 4/04 at 102 AAA 1,030,670
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 2,437,650
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 5,075,100
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 10,268,200
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 5,075,100
Bonds, Seventy-First Series, Revenue Bonds, 6.500%, 1/15/26
7,000 Triborough Bridge and Tunnel Authority (New York), General 1/02 at 101 1/2 AAA 7,242,060
Purpose Revenue Bonds, Series X, 6.500%, 1/01/19
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.6%
1,980 Town of Clifton Park Water Authority (New York), Water System 10/02 at 102 AAA 2,090,761
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 25,450,674
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 1,477,638
1,260 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,324,222
1,495 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,566,715
19,800 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 20,844,450
Fiscal 1992 Series C, 6.625%, 8/01/15 (Pre-refunded to 8/01/02)
2,265 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 2,375,781
Fiscal 1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02)
1,090 New York City Municipal Water Finance Authority, Water and 6/01 at 101 AAA 1,118,950
Sewer System Revenue Bonds, Fiscal 1992 Series A,
6.750%, 6/15/16 (Pre-refunded to 6/15/01)
3,465 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,061,153
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
3,000 New York State Dormitory Authority, State University Educational 5/02 at 102 AAA 3,165,510
Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21
(Pre-refunded to 5/15/02)
3,250 Dormitory Authority of the State of New York, The New York 7/02 at 102 AAA 3,390,400
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 2,070,860
7,750 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 8,024,583
3,700 Dormitory Authority of the State of New York, City University 7/04 at 102 BBB+*** 3,980,053
System Consolidated Third General Resolution Revenue Bonds,
1994 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*** 1,580,850
and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02)
1,000 New York State Medical Care Facilities Finance Agency 11/03 at 102 AAA 1,066,350
(Rochester), St. Mary's Hospital Mortgage Project Revenue
Bonds, 1994 Series A Refunding, 6.200%, 11/01/14
(Pre-refunded to 11/01/03)
New York State Medical Care Facilities Finance Agency, Mental
Health Services Facilities Improvement Revenue Bonds, Series
1992A:
7,380 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 7,710,845
15,520 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 16,215,762
4,825 Power Authority of the State of New York, General Purpose 1/02 at 102 AAA 5,039,906
Bonds, Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02)
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 4,700 Niagara Falls Bridge Commission, Toll Bridge System Revenue 10/02 at 102 AAA $ 4,940,593
Bonds, Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02)
5,800 Triborough Bridge and Tunnel Authority (New York), General 1/02 at 101 1/2 AAA 6,048,414
Purpose Revenue Bonds, Series W, 6.750%, 1/01/22
(Pre-refunded to 1/01/02)
------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 8.6%
1,650 Islip Resource Recovery Agency, Resource Recovery System No Opt. Call AAA 1,936,968
Revenue Bonds (1985 Facility), 1994 Series B,
7.250%, 7/01/11 (Alternative Minimum Tax)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
5,000 5.125%, 12/01/22 6/08 at 101 AAA 4,619,600
3,200 5.750%, 12/01/24 6/08 at 101 AAA 3,215,008
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A:
4,000 0.000%, 6/01/24 No Opt. Call AAA 1,020,400
4,000 0.000%, 6/01/25 No Opt. Call AAA 960,880
5,000 0.000%, 6/01/26 No Opt. Call AAA 1,130,800
7,000 0.000%, 6/01/27 No Opt. Call AAA 1,492,470
10,500 0.000%, 6/01/28 No Opt. Call AAA 2,107,035
7,000 0.000%, 6/01/29 No Opt. Call AAA 1,323,280
6,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,266,040
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 1,448,370
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 12,289,560
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 9,164,250
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.7%
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 8,614,531
9,770 6.250%, 6/15/21 6/01 at 100 AAA 9,880,790
3,250 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 3,145,610
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 2000 Series B:
1,000 6.100%, 6/15/31 6/10 at 101 AAA 1,044,690
2,000 6.000%, 6/15/33 6/10 at 101 AAA 2,067,660
1,000 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 992,590
Bonds, Series 1995, 5.650%, 5/01/26
------------------------------------------------------------------------------------------------------------------------------------
$ 568,125 Total Investments (cost $525,113,699) - 98.8% 538,313,018
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 6,403,094
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 544,716,112
====================================================================================================================
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 (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Securities are normally considered to be
equivalent to AAA rated securities.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 22.0%
Town of Amherst, New York, Industrial Development Agency, Civic
Facility Revenue Bonds (UBF Faculty-Student Housing Corporation
- Village Green Project), Series 2000A:
$ 250 5.625%, 8/01/20 8/10 at 102 AAA $ 250,408
250 5.750%, 8/01/25 8/10 at 102 AAA 251,150
2,000 Industrial Development Agency, County of Monroe, New York, 6/05 at 102 AAA 2,055,600
Civic Facility 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, 7/06 at 101 AAA 5,491,832
Revenue 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 1,232,625
Revenue Refunding Bonds, Series 1996A (The Museum
of Modern Art), 5.500%, 1/01/21
4,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA 3,998,480
Revenue 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 1,071,410
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 1,942,200
Bonds (State University Dormitory Facilities Issue),
Series 1999C, 5.500%, 7/01/29
2,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,087,280
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 7/04 at 102 AAA 973,960
of Rochester, Strong Memorial Hospital Revenue Bonds,
Series 1994, 5.500%, 7/01/21
2,450 Dormitory Authority of the State of New York, Mount Sinai 7/04 at 102 AAA 2,213,624
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 3,012,990
for Social Research Insured Revenue Bonds, Series 1997,
5.750%, 7/01/26
1,500 Dormitory Authority of the State of New York, St. John's 7/06 at 102 AAA 1,518,570
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 1,944,760
University Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26
7,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 6,852,375
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21
1,500 Dormitory Authority of the State of New York, Upstate 7/10 at 101 AAA 1,505,580
Community Colleges Revenue Bonds, Series 2000A,
5.750%, 7/01/29
3,215 Dormitory Authority of the State of New York, University of No Opt. Call AAA 1,854,605
Rochester Revenue Bonds, Series 2000A, 0.000%, 7/01/24
250 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 259,485
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29
1,875 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 1,911,188
University Insured Revenue Bonds, Series 1991,
6.000%, 7/01/15
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 7.9%
3,000 Dormitory Authority of the State of New York, Ellis Hospital 8/05 at 102 AAA 2,930,940
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 1,447,215
Hospital), Revenue Bonds, Series 1997, 5.250%, 7/01/17
3,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 2,912,700
Services of Long Island Obligated Group), St. Charles Hospital
and Rehabilitation Center Revenue Bonds, Series 1999A,
5.500%, 7/01/22
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HEALTHCARE (continued)
$ 2,500 New York State Medical Care Facilities Finance Agency, 11/02 at 102 AAA $ 2,613,825
South Nassau Communities Hospital Project Revenue Bonds,
1992 Series A, 6.125%, 11/01/11
4,700 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 4,514,726
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.375%, 2/15/25
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.4%
2,240 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 2,288,182
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 2,084,640
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 2,561,175
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 1,201,020
Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 0.6%
1,000 Industrial Development Agency, Town of Babylon, New York, 8/10 at 101 AAA 1,028,710
Civic Facility Revenue Bonds, Series 2000B (WSNCHS East,
Inc. Project), 6.000%, 8/01/24
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 10.3%
1,510 County of Erie, New York, General Obligation Bonds, 6/05 at 101 1/2 AAA 1,513,201
1995 Series B, 5.625%, 6/15/20
Longwood Central School District, Suffolk County, New York,
Serial Bonds, Series 2000:
500 5.750%, 6/15/19 6/11 at 101 Aaa 511,505
500 5.750%, 6/15/20 6/11 at 101 Aaa 510,130
210 County of Nassau, New York, General Obligation Serial Bonds, No Opt. Call AAA 213,860
General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16
1,500 County of Nassau, New York, General Obligation Serial Bonds, 8/04 at 103 AAA 1,562,790
General Improvement Bonds, Series O, 5.700%, 8/01/13
1,000 County of Nassau, New York, General Obligations, Serial General 3/10 at 100 AAA 1,037,450
Improvement Bonds, Series E, 6.000%, 3/01/19
4,000 The City of New York, New York, General Obligation Bonds, No Opt. Call AAA 4,571,520
Fiscal 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 1,956,740
Fiscal 1998 Series F, 5.250%, 8/01/16
2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,594,492
Treatment Plant (Serial) Bonds, Series 1994, 8.500%, 11/01/08
(Alternative Minimum Tax)
City of Niagara Falls, Niagara County, New York, Public
Improvement (Serial) Bonds, Series 1994:
1,000 7.500%, 3/01/13 No Opt. Call AAA 1,216,200
2,000 6.900%, 3/01/22 3/04 at 102 AAA 2,160,720
County of Suffolk, New York, Public Improvement Serial Bonds,
2000 Series A:
500 6.000%, 5/01/19 5/10 at 101 AAA 524,130
500 6.000%, 5/01/20 5/10 at 101 AAA 523,720
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 7.8%
1,000 Metropolitan Transportation Authority (New York), Dedicated 4/07 at 101 AAA 935,420
Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26
2,000 Metropolitan Transportation Authority (New York), Dedicated 4/10 at 100 AAA 2,065,040
Tax Fund Bonds, Series 2000A, 6.000%, 4/01/30
500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 507,645
Authority, Triborough Bridge and Tunnel Authority Certificates
of Participation, Series 2000A, 5.875%, 1/01/30
1,500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AAA 1,561,725
Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24
1,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 1,002,870
Revenue Bonds (The City of New York Issue), Series 1999,
5.750%, 5/15/30
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (continued)
$ 1,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA $ 1,404,210
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series A, 5.250%, 8/15/23
20 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 20,790
Mental Health Services Facilities Improvement Revenue Bonds,
Series 1992A, 6.375%, 8/15/17
1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 1,911,571
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 2,109,949
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
1,250 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 1,295,050
Revenue Bonds, Series B, 5.875%, 7/01/35
1,500 Suffolk County Judicial Facilities Agency (New York), 10/09 at 101 AAA 1,430,550
Service Agreement Revenue Bonds, Series 1999
(John P. Colahan Court Complex), 5.000%, 4/15/16
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.4%
5,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 1/2 AAA 4,941,600
Facilities Revenue Bonds, Series 1997A, 5.625%, 7/01/27
500 Niagara Frontier Transportation Authority (Buffalo/Niagara 4/09 at 101 AAA 487,530
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 2,542,375
Bonds, Eighty-Fourth Series, 5.875%, 7/15/16
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.0%
2,000 Metropolitan Transportation Authority (New York), Commuter 7/02 at 102 AAA 2,098,920
Facilities Revenue Bonds, Series 1992B, 6.250%, 7/01/17
(Pre-refunded to 7/01/02)
1,000 Metropolitan Transportation Authority, Commuter Facilities 7/04 at 101 1/2 AAA 1,076,550
Revenue Bonds, Series 1994A, 6.375%, 7/01/18
(Pre-refunded to 7/01/04)
1,700 Metropolitan Transportation Authority, Transit Facilities 7/06 at 102 AAA 1,850,535
Revenue Bonds, Series 1996A, 6.100%, 7/01/21
(Pre-refunded to 7/01/06)
2,385 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 2,510,809
Fiscal 1992 Series C, 6.625%, 8/01/14
(Pre-refunded to 8/01/02)
1,500 The City of New York, New York, General Obligation Bonds, 2/01 at 100 AAA 1,507,905
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 2,638,525
Educational Facilities Revenue Bonds, Series 1992A,
6.000%, 5/15/22 (Pre-refunded to 5/15/03)
1,000 Dormitory Authority of the State of New York, Colgate 7/01 at 102 AAA 1,035,430
University 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 7,496,628
System Consolidated Third General Resolution Revenue
Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04)
125 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 128,950
Revenue Bonds, Series 1991, 6.000%, 7/01/15
(Pre-refunded to 7/01/01)
2,635 New York State Medical Care Facilities Finance Agency, 8/04 at 100 AAA 2,806,433
Hospital and Nursing Home FHA-Insured Mortgage Revenue
Bonds, 1992 Series C, 6.375%, 8/15/29 (Pre-refunded to 8/15/04)
7,800 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 8,611,512
Hospital FHA-Insured Mortgage Revenue Bonds,
Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05)
4,045 New York State Medical Care Facilities Finance Agency, 8/05 at 102 AA*** 4,395,944
FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F,
6.200%, 8/15/15 (Pre-refunded to 8/15/05)
1,980 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 2,068,763
Mental Health Services Facilities Improvement Revenue
Bonds, Series 1992A, 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 2,035,584
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
2,000 Triborough Bridge and Tunnel Authority, New York, General 1/01 at 100 AAA 2,008,240
Purpose Revenue Bonds, Series T, 6.000%, 1/01/22
(Pre-refunded to 1/01/01)
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - 14.5%
$ 1,165 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA $ 1,218,788
Revenue Bonds (1985 Facility), 1994 Series B, 6.125%, 7/01/13
(Alternative Minimum Tax)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
7,500 5.125%, 12/01/22 6/08 at 101 AAA 6,929,400
2,000 5.250%, 12/01/26 6/08 at 101 AAA 1,869,200
2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,610,850
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 2,655,345
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 2,554,350
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 6,247,193
Pollution Control Revenue Bonds, Series 1992B (Rochester Gas
and Electric Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax)
2,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,545,625
Facilities Revenue Bonds (Consolidated Edison Company of
New York, Inc. Project), Series 1992B, 6.375%, 12/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 4.0%
1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 929,370
Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
1,800 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 1,742,184
Sewer System Revenue Bonds, Fiscal 2000 Series A,
5.500%, 6/15/32
2,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 2,089,380
Sewer System Revenue Bonds, Fiscal 2000 Series B,
6.100%, 6/15/31
2,500 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 2,518,424
Revenue Bonds, Series 1993 Refunding, 5.100%, 6/01/12
------------------------------------------------------------------------------------------------------------------------------------
$ 179,430 Total Investments (cost $175,447,892) - 99.0% 181,304,875
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,865,949
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 183,170,824
====================================================================================================================
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 (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. Government or U.S. Government agency
securities which ensures the timely payment of principal and
interest. Securities are normally considered to be
equivalent to AAA rated securities.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Nuveen New York Dividend Advantage Municipal Fund (NAN)
Portfolio of
INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CONSUMER STAPLES - 3.5%
$ 750 Erie Tobacco Asset Securitization Corporation, Erie County, 7/10 at 101 A1 $ 742,643
New York, Tobacco Settlement Asset-Backed Senior Bonds,
Series 2000, 6.000%, 7/15/20 (WI, settling 10/05/00)
Monroe Tobacco Asset Securitization Corporation, Tobacco
Settlement Asset-Backed Bonds, Series 2000:
265 6.000%, 6/01/15 6/10 at 101 A1 265,906
2,300 6.150%, 6/01/25 6/10 at 101 A1 2,307,797
2,250 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 2,266,943
Series 1999-1, 6.250%, 7/15/27
1,250 Westchester Tobacco Asset Securitization Corporation, 7/10 at 101 A1 1,117,100
Tobacco Settlement Asset-Backed Bonds, Series 1999,
0.000%, 7/15/29
------------------------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 16.5%
Village of Kenmore Housing Authority (New York), 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 2,889,120
2,750 5.500%, 8/01/24 8/09 at 102 AA 2,601,528
3,070 County of Monroe Industrial Development Agency (New York), 6/09 at 102 AA 2,856,297
Civic Facility Revenue Bonds (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 3,387,265
Bonds (State University Dormitory - St. John 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 971,100
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 2,364,975
Institute of Technology Insured Revenue Bonds, Series 1997,
5.250%, 7/01/22
1,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 1,017,760
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 4,457,250
System Consolidated Third General Resolution Revenue
Bonds, 1998 Series 2, 5.000%, 7/01/28
500 Dormitory Authority of the State of New York, Fashion 7/10 at 101 AAA 487,485
Institute of Technology Revenue Bonds, Series 2000,
5.375%, 7/01/20
3,000 Dormitory Authority of the State of New York, University of 7/09 at 101 A+ 2,998,140
Rochester Revenue Bonds, Series 1999A, 5.500%, 7/01/16
500 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 518,970
Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29
Dormitory Authority of the State of New York, Pratt Institute
Revenue Bonds, Series 1999:
1,750 6.000%, 7/01/20 7/09 at 102 AA 1,799,403
750 6.000%, 7/01/28 7/09 at 102 AA 764,205
1,250 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,305,700
Manhattan College Insured Revenue Bonds, Series 1999,
6.250%, 7/01/29
3,565 Industrial Development Agency, Rensselaer County (New York), 8/09 at 101 A+ 3,224,043
Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute
Dormitory Project), Series 1999B, 5.125%, 8/01/27
------------------------------------------------------------------------------------------------------------------------------------
HEALTHCARE - 21.6%
Industrial Development Agency, City of Albany (New York), Civic
Facility Revenue Bonds (Albany Medical Center Project), Series
1999:
1,120 6.000%, 5/01/19 5/09 at 101 N/R 955,886
1,460 6.000%, 5/01/29 5/09 at 101 N/R 1,199,083
<PAGE>
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Healthcare (continued)
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 $ 1,949,620
2,500 5.500%, 7/01/27 7/07 at 102 AA 2,350,050
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 2,352,600
2,000 5.375%, 8/01/25 8/09 at 101 AAA 1,894,980
4,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 4,579,031
Revenue Refunding Bonds, Wyckoff Heights Medical Center,
Series 1998H, 5.300%, 8/15/21
2,745 Dormitory Authority of the State of New York, The Memorial 2/09 at 101 AAA 2,613,899
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 8/09 at 101 AAA 4,638,321
Hospital Medical Center of Queens, FHA-Insured Mortgage
Hospital Revenue Bonds, Series 1999, 5.450%, 8/01/29
1,575 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101 BBB+ 1,647,371
New York University Health Obligated Group Revenue Bonds,
Series 2000A, 6.500%, 7/01/25
2,000 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101 A- 2,082,200
Services of Long Island Revenue Bonds, Series 2000A,
St. Catherine of Sienna Medical Center, 6.500%, 7/01/20
5,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 Aa2 4,939,100
Hospital Insured Mortgage Revenue Bonds, 1994 Series A,
5.250%, 8/15/14
4,000 Industrial Development Agency, Ulster County (New York), 11/09 at 101 A2 3,686,320
Civic Facility Revenue Bonds (The Kingston Hospital Project -
Letter of Credit Secured), Series 1999, 5.650%, 11/15/24
3,825 Yates County Industrial Development Agency (New York), 8/09 at 101 AAA 3,682,825
Civic Facility Revenue Bonds (Soldiers and Sailors Memorial
Hospital of Yates County Project - FHA-Insured),
Series 1999A, 5.650%, 2/01/39
3,000 Industrial Development Agency, City of Yonkers (New York), 2/09 at 101 AAA 2,852,520
Mortgage Revenue Bonds, Series 1999, Michael Malotz Skilled
Nursing Pavilion Project - FHA-Insured Mortgage, 5.450%, 2/01/29
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 0.5%
1,000 New York City Housing Development Corporation, Multifamily 11/10 at 101 AA 995,960
Housing Revenue Bonds, Series 2000A, 5.850%, 11/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 5.8%
5,500 Guam Housing Corporation, Single Family Mortgage Revenue No Opt. Call AAA 5,519,525
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 Aa1 5,563,314
Revenue Bonds, Series 82, 5.650%, 4/01/30
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM CARE - 1.7%
Appleridge Retirement Community, Inc. (New York), 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 1,120,284
1,250 5.750%, 9/01/41 9/09 at 102 Aaa 1,217,900
1,000 New York City Industrial Development Agency, Civic Facility 7/10 at 102 N/R 1,003,170
Revenue Bonds, Special Needs Facilities Pooled Program,
Series 2000A-1, 8.125%, 7/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.1%
Monticello Central School District, Sullivan County, New York,
Serial Bonds, Series 2000:
300 6.000%, 6/15/18 6/09 at 101 AAA 314,556
335 6.000%, 6/15/19 6/09 at 101 AAA 350,299
300 6.000%, 6/15/20 6/09 at 101 AAA 313,491
County of Nassau, New York, General Obligations, Serial General
Improvement Bonds, Series E:
1,400 6.000%, 3/01/17 3/10 at 100 AAA 1,460,802
740 6.000%, 3/01/19 3/10 at 100 AAA 767,713
3,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101 A 2,910,360
Fiscal 1998 Series F, 5.250%, 8/01/16
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL (continued)
The City of New York, New York, General Obligation Bonds, Fiscal
1999 Series J:
$ 2,000 5.000%, 5/15/20 5/09 at 101 AAA $ 1,841,300
5,000 5.125%, 5/15/29 5/09 at 101 AAA 4,547,150
County of Orange, New York, General Obligation Bonds, Various
Purpose Serial Bonds of 1997:
3,040 5.125%, 9/01/22 9/07 at 101 Aa1 2,842,461
1,195 5.125%, 9/01/23 9/07 at 101 Aa1 1,112,688
The City of Rochester, New York, General Obligation Serial Bonds,
Series 1999:
720 5.250%, 10/01/18 No Opt. Call AAA 709,697
720 5.250%, 10/01/19 No Opt. Call AAA 705,168
2,280 County of Rockland, New York, Various Purpose Serial Bonds, 10/09 at 101 AA 2,325,372
Series 1999, 5.600%, 10/15/16
City School District of Rye, Westchester County, New York,
General Obligation Serial Bonds, Series 1999:
650 5.600%, 8/15/17 8/08 at 101 Aaa 664,352
675 5.600%, 8/15/18 8/08 at 101 Aaa 686,894
675 5.600%, 8/15/19 8/08 at 101 Aaa 684,410
1,000 City of Yonkers, New York, School Bonds, Series 1999-C, 6/09 at 101 AAA 928,250
5.000%, 6/01/19
------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 21.6%
5,220 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/09 at 101 AAA 4,933,683
Series 1999A, 5.250%, 4/01/23
5,995 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,590,038
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 Tax Secured 8/07 at 101 AA 8,927,900
Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
2,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 2,005,740
Lease 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 7/09 at 102 AAA 2,875,924
School Districts Program Insured Revenue Bonds, Series 1998,
5.250%, 7/01/15
5,000 Dormitory Authority of the State of New York, Mental 8/09 at 101 AAA 4,596,350
Health 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 936,140
Mental Health Services Facilities Improvement Revenue
Bonds, 1994 Series A, 5.250%, 8/15/23
1,795 New York State Thruway Authority, Highway and Bridge 4/10 at 101 AAA 1,797,118
Trust Fund Bonds, Series 2000B, 5.600%, 4/01/20
2,900 New York State Thruway Authority, Local Highway and 4/08 at 101 AAA 2,884,920
Bridge Service Contract Bonds, Series 1998A,
5.375%, 4/01/16
3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,095,280
Facilities Service Contract Revenue Bonds, Series C,
6.000%, 1/01/29
3,345 Suffolk County Judicial Facilities Agency (New York), 10/09 at 101 AAA 3,305,529
Service Agreement Revenue Bonds, Series 1999
(John P. Colahan Court Complex), 5.250%, 10/15/15
750 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 773,490
(Virgin Islands Gross Receipts Tax Loan Note),
Series 1999A, 6.500%, 10/01/24
------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.8%
2,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 1,908,480
Facilities 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 (Alternative Minimum Tax) 8/07 at 102 Baa1 2,008,305
6,600 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 5,871,888
500 Niagara Frontier Transportation Authority (Buffalo/Niagara 4/09 at 101 AAA 487,530
International Airport), Airport Revenue Bonds, Series 1999A,
5.625%, 4/01/29 (Alternative Minimum Tax)
5,000 Triborough Bridge and Tunnel Authority, New York, General 1/07 at 101 Aa3 4,647,750
Purpose Revenue Bonds, Series 1997A, 5.250%, 1/01/28
<PAGE>
Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued)
Portfolio of INVESTMENTS September 30, 2000
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - 5.2%
$ 500 Industrial Development Agency, Erie County (New York), 12/10 at 103 N/R $ 421,250
Solid Waste Disposal Facility Revenue Bonds (1998 CanFibre
of Lackawanna Project), 9.050%, 12/01/25
(Alternative Minimum Tax)
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 1998A:
4,800 5.125%, 12/01/22 6/08 at 101 AAA 4,434,816
5,575 5.250%, 12/01/26 6/08 at 101 AAA 5,210,395
------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
6,750 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 6,273,246
and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.250%, 6/15/29
------------------------------------------------------------------------------------------------------------------------------------
$ 200,770 Total Investments (cost $194,604,417) - 99.6% 191,338,324
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.4% 832,799
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $192,171,123
====================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and prices of
the earliest optional call or redemption. There may be other
call provisions at varying prices at later dates.
** Ratings (not covered by the report of independent auditors):
Using the higher of Standard & Poor's or Moody's rating.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of
NET ASSETS September 30, 2000
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
(NNY) (NNP) (NQN) (NVN)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities,
at market value $140,672,672 $340,459,872 $394,646,446 $528,133,542
Cash 174,641 52,467 988,034 37,011
Receivables:
Interest 2,323,776 5,860,585 6,801,401 8,363,505
Investments sold 1,977,106 -- -- --
Other assets 6,078 14,400 9,519 24,876
------------------------------------------------------------------------------------------------------------------------------------
Total assets 145,154,273 346,387,324 402,445,400 536,558,934
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased 494,245 1,235,613 -- --
Accrued expenses:
Management fees 71,817 181,248 210,690 278,780
Other 102,402 79,745 164,962 187,698
Preferred share dividends payable N/A 57,232 84,508 60,486
Common share dividends payable 642,859 1,106,814 1,274,298 1,721,399
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,311,323 2,660,652 1,734,458 2,248,363
------------------------------------------------------------------------------------------------------------------------------------
Net assets $143,842,950 $343,726,672 $400,710,942 $534,310,571
====================================================================================================================================
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 23,420,962
====================================================================================================================================
Net asset value per Common share outstanding (net assets
less Preferred shares at liquidation
value, divided by Common shares outstanding) $ 9.51 $ 14.67 $ 14.50 $ 14.57
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of
NET ASSETS September 30, 2000 (continued)
<CAPTION>
INSURED NEW YORK
NEW YORK NEW YORK DIVIDEND
QUALITY INCOME PREMIUM INCOME ADVANTAGE
(NUN) (NNF) (NAN)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in municipal securities, at market value $538,313,018 $181,304,875 $191,338,324
Cash -- -- --
Receivables:
Interest 8,561,707 2,841,324 2,769,492
Investments sold -- -- --
Other assets 17,973 12,067 86,638
------------------------------------------------------------------------------------------------------------------------------------
Total assets 546,892,698 184,158,266 194,194,454
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 43,904 195,769 453,938
Payable for investments purchased -- -- 741,368
Accrued expenses:
Management fees 283,940 97,633 54,852
Other 60,294 109,539 131,079
Preferred share dividends payable 78,509 32,594 45,350
Common share dividends payable 1,709,939 551,907 596,744
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,176,586 987,442 2,023,331
------------------------------------------------------------------------------------------------------------------------------------
Net assets $544,716,112 $183,170,824 $192,171,123
====================================================================================================================================
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) $ 14.44 $ 14.24 $ 13.42
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of
OPERATIONS Year Ended September 30, 2000
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
(NNY) (NNP) (NQN) (NVN)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME $ 8,892,524 $21,156,107 $24,215,812 $32,939,842
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 862,719 2,159,213 2,514,796 3,356,603
Preferred shares - auction fees N/A 298,998 345,863 483,823
Preferred shares - dividend disbursing agent fees N/A 45,110 30,082 30,082
Shareholders' servicing agent fees and expenses 40,327 35,406 46,105 35,229
Custodian's fees and expenses 65,150 96,389 97,809 119,531
Directors'/Trustees' fees and expenses 3,276 7,253 7,437 9,505
Professional fees 16,415 26,686 26,197 65,165
Shareholders' reports - printing and mailing expenses 14,933 13,324 18,157 21,973
Stock exchange listing fees 24,505 28,161 24,700 34,615
Investor relations expense 17,965 29,158 32,832 42,265
Portfolio insurance expense -- -- 10,000 86,708
Other expenses 6,795 14,437 17,347 25,770
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit
and expense reimbursement 1,052,085 2,754,135 3,171,325 4,311,269
Custodian fee credit (12,480) (47,988) (54,706) (3,442)
Expense reimbursement -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,039,605 2,706,147 3,116,619 4,307,827
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,852,919 18,449,960 21,099,193 28,632,015
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from
investment transactions (2,384,322) (3,722,638) (4,331) (33,842)
Change in net unrealized appreciation
(depreciation) of investments 1,931,204 5,373,142 1,556,107 (1,114,564)
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (453,118) 1,650,504 1,551,776 (1,148,406)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $ 7,399,801 $20,100,464 $22,650,969 $27,483,609
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of
OPERATIONS (continued)
INSURED NEW YORK
NEW YORK NEW YORK DIVIDEND
QUALITY INCOME PREMIUM INCOME ADVANTAGE
(NUN) (NNF) (NAN)
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME $32,699,537 $10,492,163 $10,862,374
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 3,416,819 1,164,538 1,207,634
Preferred shares - auction fees 476,837 162,947 172,972
Preferred shares - dividend disbursing agent fees 40,110 20,053 10,849
Shareholders' servicing agent fees and expenses 35,792 11,418 10,490
Custodian's fees and expenses 62,614 47,016 76,784
Directors'/Trustees' fees and expenses 9,748 4,330 4,629
Professional fees 28,640 17,238 17,773
Shareholders' reports - printing and mailing expenses 26,014 12,729 12,639
Stock exchange listing fees 33,759 16,167 8,583
Investor relations expense 43,658 15,407 13,760
Portfolio insurance expense -- 20,282 --
Other expenses 10,423 7,176 8,640
-----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 4,184,414 1,499,301 1,544,753
Custodian fee credit (4,896) (7,777) (54,549)
Expense reimbursement -- -- (562,482)
Net expenses 4,179,518 1,491,524 927,722
-----------------------------------------------------------------------------------------------------------------------------------
Net investment income 28,520,019 9,000,639 9,934,652
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions (894,838) (1,368,476) (2,324,007)
Change in net unrealized appreciation (depreciation) of investments (1,358,236) 1,878,653 3,967,251
-----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (2,253,074) 510,177 1,643,244
-----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $26,266,945 $ 9,510,816 $11,577,896
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of
CHANGES IN NET ASSETS
<CAPTION>
NEW YORK INVESTMENT
NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP) QUALITY (NQN)
---------------------------- -------------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99 9/30/00 9/30/99
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 7,852,919 $ 7,748,064 $ 18,449,960 $ 18,413,404 $ 21,099,193 $ 21,016,680
Net realized gain (loss)
from investment
transactions (2,384,322) (802,699) (3,722,638) 1,634,315 (4,331) (1,220,746)
Change in net unrealized
appreciation (depreciation)
of investments 1,931,204 (10,772,832) 5,373,142 (25,013,575) 1,556,107 (22,181,816)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets
from operations 7,399,801 (3,827,467) 20,100,464 (4,965,856) 22,650,969 (2,385,882)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of
net investment income:
Common shareholders (7,635,788) (7,711,388) (14,157,319) (15,332,875) (16,212,733) (17,640,215)
Preferred shareholders N/A N/A (4,438,643) (3,250,764) (5,277,296) (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 (7,635,788) (9,179,575) (19,763,193) (18,583,639) (21,490,029) (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 -- -- 338,150 2,236,986 202,777 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 -- -- 338,150 21,926,426 202,777 26,477,646
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets (235,987) (13,007,042) 675,421 (1,623,069) 1,363,717 974,731
Net assets at the
beginning of year 144,078,937 157,085,979 343,051,251 344,674,320 399,347,225 398,372,494
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the
end of year $143,842,950 $144,078,937 $343,726,672 $343,051,251 $400,710,942 $399,347,225
====================================================================================================================================
Undistributed (Over-distribution
of) net investment
income at the
end of year $ 308,026 $ 90,895 $ 201,139 $ 347,141 $ (77,054) $ 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 (continued)
<CAPTION>
NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN)
------------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 28,632,015 $ 27,827,012 $ 28,520,019 $ 27,486,461
Net realized gain (loss) from investment
transactions (33,842) (1,586,994) (894,838) (118,949)
Change in net unrealized appreciation
(depreciation) of investments (1,114,564) (28,225,081) (1,358,236) (31,066,531)
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations 27,483,609 (1,985,063) 26,266,945 (3,699,019)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (21,781,081) (23,022,620) (21,579,031) (22,417,666)
Preferred shareholders (7,323,404) (4,923,219) (7,255,538) (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 (29,104,485) (29,170,029) (28,834,569) (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 649,013 4,369,224 352,095 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 649,013 46,820,270 352,095 30,526,248
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (971,863) 15,665,178 (2,215,529) (1,863,835)
Net assets at the beginning of year 535,282,434 519,617,256 546,931,641 548,795,476
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $534,310,571 $535,282,434 $544,716,112 $546,931,641
===================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of year $ 27,687 $ 500,157 $ 233,021 $ 547,571
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INSURED NEW YORK NEW YORK DIVIDEND
PREMIUM INCOME (NNF) ADVANTAGE (NAN)
----------------------------- ----------------------------
FOR THE PERIOD
5/26/99
YEAR YEAR YEAR (COMMENCEMENT
ENDED ENDED ENDED OF OPERATIONS)
9/30/00 9/30/99 9/30/00 THROUGH 9/30/99
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 9,000,639 $ 8,818,900 $ 9,934,652 $ 2,502,204
Net realized gain (loss) from investment
transactions (1,368,476) 214,511 (2,324,007) (1,388,238)
Change in net unrealized appreciation
(depreciation) of investments 1,878,653 (12,463,282) 3,967,251 (7,233,344)
Net increase (decrease) in net assets
from operations 9,510,816 (3,429,871) 11,577,896 (6,119,378)
-----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From and in excess of net investment income:
Common shareholders (6,822,300) (6,867,848) (7,567,872) (1,968,457)
Preferred shareholders (2,383,047) (1,943,944) (2,654,946) (472,110)
From accumulated net realized gains
from investment transactions:
Common shareholders -- -- -- --
Preferred shareholders -- -- -- --
Decrease in net assets from
distributions to shareholders (9,205,347) (8,811,792) (10,222,818) (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 14,786 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 14,786 199,261,183
-----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 371,151 (11,506,159) 1,369,864 190,701,238
Net assets at the beginning of year 182,799,673 194,305,832 190,801,259 100,021
-----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $183,170,824 $182,799,673 $192,171,123 $190,801,259
===================================================================================================================================
Undistributed (Over-distribution of) net
investment income at the end of year $ 248,840 $ 453,548 $ (226,529) $ 61,637
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to
FINANCIAL STATEMENTS)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York Funds (the "Funds") covered in this report and their corresponding
New York Stock Exchange symbols are Nuveen New York Municipal Value Fund, Inc.
(NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New
York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select
Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal
Fund, Inc. (NUN), 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
September 30, 2000, New York Value (NNY), New York Performance Plus (NNP) and
New York Dividend Advantage (NAN) had outstanding when-issued purchase
commitments of $494,245, $1,235,613 and $741,368, respectively. 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 (NNY)
and $.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All income
dividends paid during the fiscal year ended September 30, 2000, have been
designated Exempt Interest Dividends. Net realized capital gain and market
discount distributions, if any, are subject to federal taxation.
<PAGE>
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.
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 accounting principles generally
accepted in the United States. 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 (NNY) 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
(NNP) (NQN) (NVN) (NUN) (NNF) (NAN)
-----------------------------------------------------------------------------------------------------------
<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 (NQN), New York Select Quality (NVN), New York
Quality Income (NUN) and Insured New York Premium Income (NNF) invest in
municipal securities which are either covered by insurance or are backed by an
escrow or trust account containing sufficient U.S. Government or U.S. Government
agency securities, both of which ensure the timely payment of principal and
interest. Each insured municipal security is covered by Original Issue
Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance
does not guarantee the market value of the municipal securities or the value of
the Funds' shares. Original Issue Insurance and Secondary Market Insurance
remain in effect as long as the municipal securities covered thereby remain
outstanding and the insurer remains in business, regardless of whether the Funds
ultimately dispose of such municipal securities. Consequently, the market value
of the municipal securities covered by Original Issue Insurance or Secondary
Market Insurance may reflect value attributable to the insurance. Portfolio
Insurance is effective only while the municipal securities are held by the
Funds. Accordingly, neither the prices used in determining the market value of
the underlying municipal securities nor the net asset value of the Funds' shares
include value, if any, attributable to the Portfolio Insurance. Each policy of
the Portfolio Insurance does, however, give the Funds the right to obtain
permanent insurance with respect to the municipal security covered by the
Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
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 fiscal year ended September 30, 2000.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain 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 (continued)
2. FUND SHARES
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
NEW YORK PERFORMANCE
NEW YORK VALUE (NNY) PLUS (NNP)
--------------------- ---------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 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 INVESTMENT NEW YORK SELECT
QUALITY (NQN) QUALITY (NVN)
--------------------- ---------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 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 45,210 264,877
---------------------------------------------------------------------------------------------------------
14,233 168,378 45,210 264,877
=========================================================================================================
Preferred shares sold -- 960 -- 1,720
=========================================================================================================
<CAPTION>
INSURED NEW YORK
NEW YORK QUALITY INCOME (NUN) PREMIUM INCOME (NNF)
----------------------------- ---------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
9/30/00 9/30/99 9/30/00 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 (NAN)
------------------------
FOR THE
PERIOD
5/26/99
(COMMENCE-
MENT OF
YEAR OPERATIONS)
ENDED THROUGH
9/30/00 9/30/99
---------------------------------------------------------------------------------------------------------
<S> <C> <C>
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 November 1, 2000, to shareholders of record on
October 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
(NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend per share $.0425 $.0740 $.0720 $.0735 $.0710 $.0665 $.0650
=========================================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the fiscal year ended
September 30, 2000, were as follows:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
(NNY) (NNP) (NQN) (NVN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $47,604,932 $150,264,968 $131,042,932 $120,362,916
Short-term municipal securities 4,600,000 13,500,000 23,200,000 29,700,000
Sales and maturities:
Long-term municipal securities 46,785,730 145,158,013 122,705,493 104,723,658
Short-term municipal securities 4,600,000 13,500,000 23,200,000 29,700,000
=========================================================================================================
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
(NUN) (NNF) (NAN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases:
Long-term municipal securities $82,220,222 $30,099,241 $39,580,019
Short-term municipal securities 5,000,000 11,000,000 19,400,000
Sales and maturities:
Long-term municipal securities 82,152,549 30,503,332 34,369,272
Short-term municipal securities 5,000,000 11,000,000 19,400,000
=========================================================================================================
</TABLE>
At September 30, 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
(NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$140,200,641 $338,827,548 $385,314,408 $513,159,129 $525,271,610 $176,326,089 $196,130,783
=========================================================================================================
</TABLE>
<PAGE>
Notes to
FINANCIAL STATEMENTS (continued)
At September 30, 2000, 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 NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND
VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE
(NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Expiration year:
2002 $ -- $ -- $ -- $ -- $ -- $1,243,060 $ --
2003 -- -- -- -- -- 3,373 --
2004 -- -- -- -- -- 2,802,391 --
2005 -- -- -- -- -- 540,548 --
2006 -- -- -- -- -- -- --
2007 -- -- -- -- -- -- 1,388,238
2008 1,349,401 323,091 1,220,746 1,620,836 904,481 490,279 797,642
----------------------------------------------------------------------------------------------------------
Total $1,349,401 $323,091 $1,220,746 $1,620,836 $904,481 $5,079,651 $2,185,880
==========================================================================================================
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at September 30, 2000, were as follows:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
(NNY) (NNP) (NQN) (NVN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 4,896,079 $10,105,606 $13,378,390 $20,151,393
depreciation (4,424,048) (8,473,282) (4,046,352) (5,176,980)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ 472,031 $ 1,632,324 $ 9,332,038 $14,974,413
=========================================================================================================
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
(NUN) (NNF) (NAN)
---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
appreciation $17,014,875 $ 6,695,826 $ 1,318,255
depreciation (3,973,467) (1,717,040) (6,110,714)
---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $13,041,408 $ 4,978,786 $(4,792,459)
=========================================================================================================
</TABLE>
<PAGE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under the Funds' (excluding New York Value (NNY) and New York Dividend Advantage
(NAN)) investment management agreements with Nuveen Advisory Corp. (the
"Adviser"), a wholly owned subsidiary 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 (NNY) 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 (NAN) 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
================================================================================
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of New York Dividend Advantage (NAN) 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 (NAN) 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.
<PAGE>
Notes to
FINANCIAL STATEMENTS (continued)
7. COMPOSITION OF NET ASSETS
At September 30, 2000, net assets consisted of:
<TABLE>
<CAPTION>
NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT
VALUE PLUS QUALITY QUALITY
(NNY) (NNP) (NQN) (NVN)
-----------------------------------------------------------------------------------------------------------
<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 144,261,090 217,766,724 248,499,709 327,695,097
Undistributed (Over-distribution of)
net investment income 308,026 201,139 (77,054) 27,687
Accumulated net realized gain (loss)
from investment transactions (3,188,079) (3,722,639) (1,225,077) (1,620,836)
Net unrealized appreciation
(depreciation) of investments 2,310,709 5,031,872 9,336,369 14,974,413
-----------------------------------------------------------------------------------------------------------
Net assets $143,842,950 $343,726,672 $400,710,942 $534,310,571
===========================================================================================================
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.
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK
QUALITY PREMIUM DIVIDEND
INCOME INCOME ADVANTAGE
(NUN) (NNF) (NAN)
-----------------------------------------------------------------------------------------------------------
<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 335,105,327 117,939,855 130,284,200
Undistributed (Over-distribution of)
net investment income 233,021 248,840 (226,529)
Accumulated net realized gain (loss)
from investment transactions (1,062,392) (5,957,850) (3,712,245)
Net unrealized appreciation
(depreciation) of investments 13,199,319 5,856,983 (3,266,093)
-----------------------------------------------------------------------------------------------------------
Net assets $544,716,112 $183,170,824 $192,171,123
===========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 Unlimited
===========================================================================================================
</TABLE>
<PAGE>
<TABLE>
Financial HIGHLIGHTS
Selected data for a common share outstanding throughout each period ended
September 30:
<CAPTION>
Investment Operations Less Distributions
------------------------------------ -----------------------------------------------------------
Net Net
Net Investment Investment Capital Capital
Realized/ Income to Income to Gains to Gains to
Beginning Net Unrealized Common Preferred Common Preferred
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) Total holders holders+ holders holders+ Total
NEW YORK VALUE (NNY)
Year Ended 9/30:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $9.53 $.52 $ (.03) $.49 $ (.51) $N/A $-- $ N/A $(.51)
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)
<CAPTION>
NEW YORK
PERFORMANCE PLUS (NNP)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 14.65 1.23 .12 1.35 (.95) (.30) (.06) (.02) (1.33)
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)
<CAPTION>
NEW YORK INVESTMENT
QUALITY (NQN)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 14.44 1.19 .09 1.28 (.92) (.30) -- -- (1.22)
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)
<CAPTION>
NEW YORK SELECT
QUALITY (NVN)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 14.64 1.22 (.05) 1.17 (.93) (.31) -- -- (1.24)
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)
<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
(NNY)
Year Ended 9/30:
2000 $-- $9.51 $8.7500 6.17% 5.29%
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
<CAPTION>
NEW YORK
PERFORMANCE PLUS
(NNP)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 -- 14.67 14.1250 (.71) 7.45
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
<CAPTION>
NEW YORK
INVESTMENT
QUALITY (NQN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 -- 14.50 13.8750 (1.52) 7.10
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
<CAPTION>
NEW YORK SELECT
QUALITY (NVN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 -- 14.57 13.9375 (2.92) 6.14
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
<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
(NNY)
Year Ended 9/30:
2000 $143,843 .74% 5.52% 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
<CAPTION>
NEW YORK
PERFORMANCE PLUS
(NNP)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 343,727 1.29 8.61 .81 5.44
1999 343,051 1.20 7.89 .81 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
<CAPTION>
NEW YORK
INVESTMENT
QUALITY (NQN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 400,711 1.26 8.39 .80 5.33
1999 399,347 1.22 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
<CAPTION>
NEW YORK SELECT
QUALITY (NVN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 534,311 1.28 8.49 .81 5.40
1999 535,282 1.19 7.75 .81 5.30
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
<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
(NNY)
Year Ended 9/30:
2000 .73% 5.53% N/A% N/A% 33%
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
<CAPTION>
NEW YORK
PERFORMANCE PLUS
(NNP)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 1.27 8.63 .80 5.46 44
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
<CAPTION>
NEW YORK
INVESTMENT
QUALITY (NQN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 1.24 8.41 .79 5.34 32
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
<CAPTION>
NEW YORK SELECT
QUALITY (NVN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 1.28 8.49 .81 5.40 20
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
<PAGE>
<CAPTION>
Municipal Auction Rate Cumulative
Preferred Stock at End of Year
------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
NEW YORK VALUE
(NNY)
Year Ended 9/30:
2000 $N/A $N/A $N/A
1999 N/A N/A N/A
1998 N/A N/A N/A
1997 N/A N/A N/A
1996 N/A N/A N/A
<CAPTION>
NEW YORK
PERFORMANCE PLUS
(NNP)
Year Ended 9/30:
2000 124,300 25,000 69,132
1999 124,300 25,000 68,997
1998 104,300 25,000 82,616
1997 104,300 25,000 82,052
1996 104,300 25,000 81,342
<CAPTION>
NEW YORK
INVESTMENT
QUALITY (NQN)
Year Ended 9/30:
2000 144,000 25,000 69,568
1999 144,000 25,000 69,331
1998 120,000 25,000 82,994
1997 120,000 25,000 82,410
1996 120,000 25,000 82,123
<CAPTION>
NEW YORK SELECT
QUALITY (NVN)
Year Ended 9/30:
2000 193,000 25,000 69,211
1999 193,000 25,000 69,337
1998 150,000 25,000 86,603
1997 150,000 25,000 85,549
1996 150,000 25,000 84,355
N/A Fund is not authorized to issue Preferred shares.
* 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.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS (continued)
<CAPTION>
Investment Operations Less Distributions
---------------------------------- ------------------------------------------------------------
Net Net
Net Investment Investment Capital Capital
Realized/ Income to Income to Gains to Gains to
Beginning Net Unrealized Common Preferred Common Preferred
Net Asset Investment Investment Share- Share- Share- Share-
Value Income Gain (Loss) Total holders holders+ holders holders+ Total
NEW YORK
QUALITY INCOME
(NUN)
Year Ended 9/30:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 $14.54 $1.18 $(.08) $1.10 $(.90) $(.30) $ -- $ -- $(1.20)
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)
<CAPTION>
INSURED
NEW YORK
PREMIUM INCOME
(NNF)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 14.20 1.08 .07 1.15 (.82) (.29) -- -- (1.11)
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)
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE (NAN)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 13.27 1.08 .18 1.26 (.82) (.29) -- -- (1.11)
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
(NUN)
Year Ended 9/30:
2000 $ -- $14.44 $13.5000 (3.79)% 5.74%
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
<CAPTION>
INSURED
NEW YORK
PREMIUM INCOME
(NNF)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 -- 14.24 13.3750 (.96) 6.38
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
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE (NAN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 -- 13.42 12.3125 (8.62) 7.82
1999 (a) (.12) 13.27 14.3750 (2.76) (5.93)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
---------------------------------------------------------------------------
Before Credit/Reimbursement
----------------------------------------------------------
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
(NUN)
Year Ended 9/30:
2000 $544,716 1.22% 8.31% .77% 5.28%
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
<CAPTION>
INSURED
NEW YORK
PREMIUM INCOME
(NNF)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 183,171 1.30 7.80 .83 4.99
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
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE (NAN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 192,171 1.31 7.89 .83 4.98
1999 (a) 190,801 1.10* 5.36* .82* 4.00*
<PAGE>
<CAPTION>
Ratios/Supplemental Data
--------------------------------------------------------------------------
After Credit/Reimbursement***
------------------------------------------------------------
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
QUALITY INCOME
(NUN)
Year Ended 9/30:
2000 1.22% 8.31% .77% 5.28% 15%
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
<CAPTION>
INSURED
NEW YORK
PREMIUM INCOME
(NNF)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 1.29 7.81 .83 4.99 17
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
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE (NAN)
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
2000 .79 8.42 .50 5.31 19
1999 (a) .65* 5.81* .48* 4.34* 25
<PAGE>
<CAPTION>
Municipal Auction Rate Cumulative
--------------------------------------
Aggregate Liquidation
Amount and Market Asset
Outstanding Value Coverage
(000) Per Share Per Share
<S> <C> <C> <C>
NEW YORK
QUALITY INCOME
(NUN)
Year Ended 9/30:
2000 $197,000 $25,000 $69,126
1999 197,000 25,000 69,408
1998 170,000 25,000 80,705
1997 170,000 25,000 79,313
1996 170,000 25,000 77,784
<CAPTION>
INSURED
NEW YORK
PREMIUM INCOME
(NNF)
<S> <C> <C> <C>
Year Ended 9/30:
2000 65,000 25,000 70,450
1999 65,000 25,000 70,308
1998 65,000 25,000 74,733
1997 65,000 25,000 72,236
1996 65,000 25,000 70,068
<CAPTION>
NEW YORK
DIVIDEND
ADVANTAGE (NAN)
<S> <C> <C> <C>
Year Ended 9/30:
2000 69,000 25,000 69,627
1999 (a) 69,000 25,000 69,131
* 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.
</TABLE>
<PAGE>
Build Your Wealth AUTOMATICALLY
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.
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. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
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.
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 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 reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. 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
The Funds intend to repurchase shares of their own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended September 30, 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 Investments
to help them grow and keep the money they've earned. Financial advisors,
investors and their families have associated Nuveen Investments with quality,
expertise and dependability since 1898. That is why financial advisors 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 advisors 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.
To find out more about how Nuveen Investments' products and services can help
you preserve your financial security, talk with your financial advisor, or call
us at (800) 257-8787 for more information, including a prospectus where
applicable. Please read that information carefully before you invest.
Invest well. Look ahead. LEAVE YOUR MARK.(SM)
LOGO: NUVEEN Investments
Nuveen Investments o 333 West Wacker Drive FAN-1-9-00
Chicago, IL 60606 o www.nuveen.com
