Nuveen Exchange-Traded Funds
MARCH 31, 1998
Semiannual Report
DEPENDABLE, TAX-FREE INCOME TO HELP YOU KEEP MORE OF WHAT YOU EARN.
PHOTO OF: COUPLE ON DOCK
NNY
NNP
NQN
NVN
NUN
NNF
New York
<PAGE>
Highlights
As of March 31, 1998
Contents
1 Dear Shareholder
3 Portfolio Manager Roundtable
5 NNY Performance Overview
6 NNP Performance Overview
7 NQN Performance Overview
8 NVN Performance Overview
9 NUN Performance Overview
10 NNF Performance Overview
11 Shareholder Meeting Report
13 Portfolio of Investments
46 Statement of Net Assets
48 Statement of Operations
50 Statement of Changes in Net Assets
52 Notes to Financial Statements
58 Financial Highlights
64 Building Better Portfolios
65 Fund Information
<PAGE>
Nuveen New York Municipal Value Fund, Inc. (NNY)
o Taxable Equivalent Yield of 8.30% for Investors
in the Combined 35.7% Federal and State Income Tax
Bracket
o Taxable Equivalent Total Return on Share
Price of 13.24% for Investors in the Combined
35.7% Federal and State Income Tax Bracket
o 21% of Portfolio in Pre-Refunded Bonds
Pie Chart for NNY:
AAA 57%
AA 11%
A 13%
BBB/NR 19%
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
o Taxable Equivalent Yield of 9.72% for Investors
in the Combined 35.7% Federal and State Income
Tax Bracket
o Taxable Equivalent Total Return on Share Price
of 10.36% for Investors in the Combined 35.7%
Federal and State Income Tax Bracket
o 47% of Portfolio in Pre-Refunded Bonds
Pie Chart for NNP:
AAA 68%
AA 17%
A 7%
BBB/NR 8%
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
o Stable Tax-Free Dividend for 17 Consecutive
Months
o Taxable Equivalent Yield of 9.56% for Investors
in the Combined 35.7% Federal and State Income
Tax Bracket
o 37% of Portfolio in Pre-Refunded Bonds
Pie Chart for NQN:
U.S. Guaranteed 41%
Insured 59%
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
o Stable Tax-Free Dividend for 20 Consecutive
Months
o Taxable Equivalent Yield of 9.25% for Investors
in the Combined 35.7% Federal and State Income Tax
Bracket
o 26 % of Portfolio in Pre-Refunded Bonds
Pie Chart for NVN:
U.S. Guaranteed 27%
Insured 73%
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
o Stable Tax-Free Dividend for 44 Consecutive
Months
o Taxable Equivalent Yield of 8.90% for Investors
in the Combined 35.7% Federal and State Income
Tax Bracket
o 22% of Portfolio in Pre-Refunded Bonds
Pie Chart for NUN:
U.S. Guaranteed 23%
Insured 77%
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
o Stable Tax-Free Dividend for 20 Consecutive
Months
o Taxable Equivalent Yield of 8.35% for Investors
in the Combined 35.7% Federal and State Income
Tax Bracket
o 1-Year Total Return Outperforms Lehman Brothers
New York Insured Municipal Bond Index by Almost
400 Basis Points
Pie Chart for NNF:
U.S. Guaranteed 17%
Insured 83%
<PAGE>
Photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text:
Wealth takes a lifetime to build. Once achieved, it should be preserved.
Dear Shareholder
I'm pleased to report that over the past 12 months, the New York Exchange-Traded
Funds continued to meet their objectives of providing you with attractive
tax-free income and capital preservation. As of March 31, 1998, shareholders in
the funds were receiving current market yields that were highly competitive,
ranging from 5.34% to 6.25%. To match these yields, investors in the combined
35.7% federal and New York state income tax bracket would have had to earn
between 8.30% and 9.72% on taxable alternatives.
Dividend stability continues to be a hallmark of the Nuveen exchange-traded
funds, as the dividends for the six funds in this report were declared a total
of 72 times over the past year with only three adjustments. Over the long term,
the dividend performance of these funds continues to be quite impressive,
especially in view of the declining interest rate environment over the past 12
months.
For the 12 months ended March 31, 1998, the New York funds posted total returns
on share price that ranged from 6.68% to 19.89%, equivalent to taxable returns
of 10.36% to 23.36% for investors in the combined 35.7% federal and New York
tax bracket. For shareholders in higher federal tax brackets, the tax-adjusted
returns were even more attractive. You will find additional details on the
individual performance of each fund on pages 5-10.
Municipal Market Review
The bond market enjoyed a period of bullish performance over the past year, as
declining interest rates and low inflation provided the ideal backdrop for a
rally in fixed-income investments, including municipal issues. Between the end
of March 1997 and March 1998, the yield on 30-year Treasury bonds dropped from
7.10% to 5.93%, and the municipal market followed suit, with the yield on the
Bond Buyer 40 falling from 5.95% to 5.27%. Much of this decline resulted from
expectations that the Asian financial crisis would help keep inflation at
moderate levels by restraining the prices of imported goods, reducing foreign
demand for U.S. products and services, and slowing the U.S. economy. The lower
interest rates also led to a heavy supply of municipal bonds, as new municipal
bond issuance and the refinancing of existing bonds increased substantially.
<PAGE>
In the coming months, we will be closely watching the development of several key
factors that are likely to affect the future of the economy, including whether
U.S. productivity continues to improve, whether businesses begin to experience
bottlenecks in production capacity and availability of qualified employees,
whether the growth rate of the money supply stabilizes, and whether fallout from
the Asian crisis has a pronounced effect on the U.S. The outcome of these
situations should set the tone for fixed-income markets during the remainder of
the year.
Building Better Portfolios
Over the past century, Nuveen has consistently focused on helping investors
sustain wealth through tax-efficient, risk-resistant investments like the New
York exchange-traded funds. With their emphasis on dependable tax-free income,
Nuveen's exchange-traded funds are the ideal choice for investors who want to
build and maintain long-term financial security. Each fund is managed with the
same value investing approach based on in-depth research, quality bond
selection, and careful monitoring.
Our exchange-traded funds can also be combined with other Nuveen investments,
creating the foundation for a well-balanced investment portfolio. Nuveen now
offers an expanding line of products and services designed to meet the needs of
the accomplished investor. This includes the Nuveen Rittenhouse Growth Fund, an
equity mutual fund that provides a tax-efficient approach to building and
sustaining wealth through investments in blue chip companies with names you
know. Investors seeking value and international diversification will join us in
our anticipation of the introduction of the Nuveen European Value Fund, a growth
and income portfolio that invests in the stocks of quality European companies.
We encourage you to talk to your financial adviser about these funds as well as
other Nuveen products and services to determine those that can best complement
your current Nuveen investments.
When seeking quality investment solutions that withstand the test of time, we
hope that you continue to think of John Nuveen & Co. On behalf of everyone at
Nuveen, I thank you for your continued confidence in us and our family of
investments.
Sincerely,
TIMOTHY R. SCHWERTFEGER
Chairman of the Board
May 15, 1998
Sidebar Text:
"Nuveen now offers an expanding line of products and services designed to meet
the needs of the accomplished investor."
<PAGE>
Nuveen New York Exchange-Traded
Funds Portfolio Manager Roundtable
Jim Lumberg, Steve Peterson, and Dan Solender, portfolio managers of the New
York Exchange-Traded Funds, review the past year in the New York municipal
market and talk about fund performance and opportunities to find value.
What factors influenced the performance of municipal bond funds over the past
year?
Over the past 12 months, we have enjoyed a bull market in fixed-income
investments, including municipal bonds. Bond prices soared as interest rates
continued to drop and inflation remained low. However, the performance of the
municipal market was moderated by the heavy supply of new issues that was
stimulated by lower interest rates and the continued strength of the U.S.
economy.
Of course, the continued decline of interest rates proved to be a major factor
in the performance of the funds. Since most of the New York funds were assembled
in the higher interest rate environment of the late 1980s and early 1990s, their
underlying bonds appreciated in value as rates fell. In addition to price
appreciation, these bonds make the income levels offered by the funds more
attractive because they offer higher coupon rates than are available in the
current market.
Declining interest rates also meant an increased number of pre-refundings. In a
pre-refunding, a bond issue is essentially repaid early and becomes secured by
U.S. government or agency securities until it can be called by the issuer. When
bonds are pre-refunded and backed by Treasury securities, the credit quality of
the bond improves and results in price appreciation. Most of the New York funds
have large percentages of pre-refunded bonds, which led to additional price
appreciation for those bonds.
Another factor in the price appreciation of portfolio holdings was through
upgrades in credit quality. The continued strength of the U.S. economy helped
boost the credit quality of many municipal bonds, as evidenced by the fact that
credit upgrades outnumbered downgrades by a margin of approximately 17 to 1
among the 2,879 credit rating revisions issued by Moody's in 1997. During the
first quarter of 1998, upgrades continued to exceed downgrades by a significant
margin. In New York, both the state and New York City were the beneficiaries of
credit upgrades, reflecting improving economies and increased revenues. New York
City, especially, was singled out for improvements in its financial management.
These upgrades, in turn, helped boost the credit quality and value of many of
the bonds in the portfolios.
How did the funds perform in this environment?
During this bull market, the New York exchange-traded funds posted strong
returns. Total returns on net asset value for the 12 months ended March 31,
1998, ranged from 7.92% to 14.86%, providing taxable equivalent returns of
11.25% to 18.20% for investors in the combined 35.7% federal and New York tax
bracket. This compares with the Lehman Brothers New York Municipal Bond Index
return of 11.51% (the benchmark for NNY and NNP), and the Lehman New York
Insured Index return of 10.91% (the benchmark for NQN, NVN, NUN and NNF).
In addition, the funds continued to generate a dependable stream of attractive
tax-free income, which translated to outstanding taxable equivalent yields.
Dividends for the majority of the New York funds have remained steady for
extended periods, and one fund - the New York Quality Income Fund - has
maintained its dividend for almost four years. Because of their exemption from
both federal and state taxes, New York municipal bond funds offer state
residents excellent relative value and significantly higher taxable equivalent
yields than taxable investments of comparable quality.
<PAGE>
Why do some funds have higher dividends than others?
All of the funds in this report, with the exception of the New York Municipal
Value Fund, use leverage as a way to enhance dividends. In the current declining
interest rate environment, the leveraged structure of these funds worked to
shareholders` advantage and helped performance. Leverage is a strategy that
takes advantage of the historical tendency for long-term municipal yields to
exceed short-term yields. The funds issue short-term preferred shares, which is
similar to borrowing money at short-term rates, and then invest the proceeds
into long-term bonds. The proceeds from the difference in rates boosts the
dividend for common shareholders. Although shareholders in unleveraged funds may
not receive as high a level of monthly dividends as those invested in leveraged
funds, the share price of a non-leveraged fund is less sensitive to interest
rate fluctuations than the price of a leveraged fund.
What changes have occurred in the New York municipal market over the past year?
Often described as one of the largest and most innovative municipal markets in
the country, New York again lived up to its reputation during the past year.
Total municipal bond issuance soared to $27.9 billion, up from $21.2 billion in
1996. As mentioned earlier, both New York state and New York City experienced
credit upgrades as a result of their improved financial conditions.
The continuing saga of electric utility deregulation and a flood of new issuance
by the Long Island Power Authority (LIPA) promise to make the coming year
interesting. While some progress has been made toward electric deregulation,
important issues remain stalled in the state legislature. The long-awaited sale
of $7 billion of LIPA bonds also faced several delays before the issue was
released in mid-May. While the LIPA issuance represents major progress toward
solving the financial difficulties encountered in the early 1980s by the Long
Island Lighting Company, its long-term impact is still uncertain. The issuance
is the largest ever in municipal bond history, and was predicted to temporarily
depress municipal bond prices in New York. However, the first segment of the
issuance, which exceeded $3 billion, was very well received and revealed the
depth of the municipal market. The publicity surrounding the issue may also
stimulate additional interest in municipal bonds.
Where did you find value in this market environment?
With all of the previously mentioned changes occurring in the electric
utility sector, we were able to find utility bonds that we felt were undervalued
and that enhanced the structure of the funds. With our research-intensive bond
selection process, we were able to uncover those issues that we feel are
prepared to thrive in the new competitive marketplace. We also focused on bonds
with 15-20 year maturities, as well as FHA-Insured hospital bonds, each of which
offered attractive yields and the potential for price appreciation. Our
purchases of New York City bonds in anticipation of the credit upgrades also
proved to be an excellent addition to the funds, given the resulting price
appreciation of those issues.
What are your key strategies for the future?
In the coming months, we will continue to focus on the selection of undervalued
securities that provide attractive income and the opportunity for price
appreciation. In our search for undervalued securities, we will look for bonds
with pre-refunding potential as a way to further enhance credit quality and
price appreciation, and will also look to bonds that extend the duration of some
of the shorter duration funds. We also plan to take advantage of any temporary
price declines that occur when heavy supplies of new issues come to market. In
addition, we will seek value by exploring small-issuance bonds that might be
overlooked as attention focuses on the larger new issues.
<PAGE>
Nuveen New York Municipal Value Fund, Inc.
Performance Overview
As of March 31, 1998
NNY
Portfolio Statistics
=============================================
Inception Date 10/87
- ---------------------------------------------
Share Price 10 9/16
- ---------------------------------------------
Net Asset Value $10.23
- ---------------------------------------------
Current Market Yield 5.34%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.74%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.30%
- ---------------------------------------------
Fund Net Assets ($000) $154,460
- ---------------------------------------------
Average Weighted Maturity (Years) 22.33
- ---------------------------------------------
Average Weighted Duration (Years) 6.25
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 9.95% 7.92%
- ---------------------------------------------
3-Year 6.86% 6.34%
- ---------------------------------------------
5-Year 4.48% 5.54%
- ---------------------------------------------
10-Year 8.02% 7.72%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 13.24% 11.25%
- ---------------------------------------------
3-Year 10.33% 9.88%
- ---------------------------------------------
5-Year 7.97% 9.10%
- ---------------------------------------------
10-Year 11.67% 11.44%
- ---------------------------------------------
Top 5 Sectors
=============================================
U.S. Guaranteed 24%
- ---------------------------------------------
Tax Obligation (Limited) 13%
- ---------------------------------------------
Health Care 13%
- ---------------------------------------------
Education and Civic Organizations 11%
- ---------------------------------------------
Long-Term Care 9%
- ---------------------------------------------
Bar Chart:
12-Month Dividends(3)
4/97 0.053
5/97 0.0505
6/97 0.0505
7/97 0.0505
8/97 0.0505
9/97 0.0505
10/97 0.0505
11/97 0.047
12/97 0.047
1/98 0.047
2/98 0.047
3/98 0.047
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of
$0.0918.
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance Overview
As of March 31, 1998
NNP
Portfolio Statistics
=============================================
Inception Date 11/89
- ---------------------------------------------
Share Price 17 3/16
- ---------------------------------------------
Net Asset Value $16.13
- ---------------------------------------------
Current Market Yield 6.25%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 9.06%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.72%
- ---------------------------------------------
Fund Net Assets ($000) $341,982
- ---------------------------------------------
Average Weighted Maturity (Years) 20.31
- ---------------------------------------------
Average Weighted Duration (Years) 3.69
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 6.68% 8.33%
- ---------------------------------------------
3-Year 9.78% 7.19%
- ---------------------------------------------
5-Year 5.78% 6.63%
- ---------------------------------------------
Since Inception 8.52% 8.91%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 10.36% 12.30%
- ---------------------------------------------
3-Year 13.61% 11.17%
- ---------------------------------------------
5-Year 9.59% 10.59%
- ---------------------------------------------
Since Inception 12.33% 12.93%
- ---------------------------------------------
Top 5 Sectors
=============================================
U.S. Guaranteed 48%
- ---------------------------------------------
Health Care 9%
- ---------------------------------------------
Education and Civic Organizations 8%
- ---------------------------------------------
Single-Family Housing 6%
- ---------------------------------------------
Tax Obligation (Limited) 6%
- ---------------------------------------------
Bar Chart:
12-Month Dividends
4/97 0.0925
5/97 0.0925
6/97 0.0925
7/97 0.0925
8/97 0.0925
9/97 0.0925
10/97 0.0925
11/97 0.0925
12/97 0.0925
1/98 0.0925
2/98 0.0895
3/98 0.0895
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 1998
NQN
Portfolio Statistics
=============================================
Inception Date 11/90
- ---------------------------------------------
Share Price 17 3/8
- ---------------------------------------------
Net Asset Value $15.80
- ---------------------------------------------
Current Market Yield 6.15%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.91%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.56%
- ---------------------------------------------
Fund Net Assets ($000) $395,837
- ---------------------------------------------
Average Weighted Maturity (Years) 22.18
- ---------------------------------------------
Average Weighted Duration (Years) 3.91
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 11.11% 8.15%
- ---------------------------------------------
3-Year 11.28% 6.90%
- ---------------------------------------------
5-Year 6.53% 6.01%
- ---------------------------------------------
Since Inception 8.69% 8.54%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 14.78% 12.06%
- ---------------------------------------------
3-Year 15.00% 10.74%
- ---------------------------------------------
5-Year 10.29% 9.83%
- ---------------------------------------------
Since Inception 12.41% 12.36%
- ---------------------------------------------
Top 5 Sectors
=============================================
U.S. Guaranteed 41%
- ---------------------------------------------
Health Care 14%
- ---------------------------------------------
Utilities 11%
- ---------------------------------------------
Tax Obligation (Limited) 10%
- ---------------------------------------------
Transportation 9%
- ---------------------------------------------
Bar Chart:
12-Month Dividends(3)
4/97 0.089
5/97 0.089
6/97 0.089
7/97 0.089
8/97 0.089
9/97 0.089
10/97 0.089
11/97 0.089
12/97 0.089
1/98 0.089
2/98 0.089
3/98 0.089
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund paid shareholders a capital gains distribution in December of
$0.0136.
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 1998
NVN
Portfolio Statistics
=============================================
Inception Date 5/91
- ---------------------------------------------
Share Price 16 5/8
- ---------------------------------------------
Net Asset Value $15.88
- ---------------------------------------------
Current Market Yield 5.95%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.62%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 9.25%
- ---------------------------------------------
Fund Net Assets ($000) $514,810
- ---------------------------------------------
Average Weighted Maturity (Years) 20.15
- ---------------------------------------------
Average Weighted Duration (Years) 3.96
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 11.12% 8.55%
- ---------------------------------------------
3-Year 10.45% 7.30%
- ---------------------------------------------
5-Year 7.69% 6.52%
- ---------------------------------------------
Since Inception 8.12% 8.47%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 14.68% 12.18%
- ---------------------------------------------
3-Year 14.08% 10.96%
- ---------------------------------------------
5-Year 11.49% 10.25%
- ---------------------------------------------
Since Inception 11.82% 12.15%
- ---------------------------------------------
Top 5 Sectors
=============================================
U.S. Guaranteed 27%
- ---------------------------------------------
Tax Obligation (Limited) 15%
- ---------------------------------------------
Education and Civic Organizations 14%
- ---------------------------------------------
Utilities 10%
- ---------------------------------------------
Health Care 8%
- ---------------------------------------------
Bar Chart:
12-Month Dividends
4/97 0.0825
5/97 0.0825
6/97 0.0825
7/97 0.0825
8/97 0.0825
9/97 0.0825
10/97 0.0825
11/97 0.0825
12/97 0.0825
1/98 0.0825
2/98 0.0825
3/98 0.0825
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance Overview
As of March 31, 1998
NUN
Portfolio Statistics
=============================================
Inception Date 11/91
- ---------------------------------------------
Share Price 16 3/8
- ---------------------------------------------
Net Asset Value $15.69
- ---------------------------------------------
Current Market Yield 5.72%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 8.29%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.90%
- ---------------------------------------------
Fund Net Assets ($000) $541,990
- ---------------------------------------------
Average Weighted Maturity (Years) 22.12
- ---------------------------------------------
Average Weighted Duration (Years) 4.80
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 13.92% 10.62%
- ---------------------------------------------
3-Year 12.07% 8.10%
- ---------------------------------------------
5-Year 8.06% 6.79%
- ---------------------------------------------
Since Inception 7.76% 8.07%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 17.43% 14.16%
- ---------------------------------------------
3-Year 15.68% 11.64%
- ---------------------------------------------
5-Year 11.72% 10.35%
- ---------------------------------------------
Since Inception 11.26% 11.53%
- ---------------------------------------------
Top 5 Sectors
=============================================
U.S. Guaranteed 23%
- ---------------------------------------------
Tax Obligation (Limited) 21%
- ---------------------------------------------
Education and Civic Organizations 18%
- ---------------------------------------------
Utilities 10%
- ---------------------------------------------
Transportation 9%
- ---------------------------------------------
Bar Chart:
12-Month Dividends(3)
4/97 0.078
5/97 0.078
6/97 0.078
7/97 0.078
8/97 0.078
9/97 0.078
10/97 0.078
11/97 0.078
12/97 0.078
1/98 0.078
2/98 0.078
3/98 0.078
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The fund paid shareholders a capital gains distribution in December
of $0.0219.
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance Overview
As of March 31, 1998
NNF
Portfolio Statistics
=============================================
Inception Date 12/92
- ---------------------------------------------
Share Price 15 5/16
- ---------------------------------------------
Net Asset Value $15.23
- ---------------------------------------------
Current Market Yield 5.37%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal Only)(1) 7.78%
- ---------------------------------------------
Taxable Equivalent Yield
(Federal and State)(1) 8.35%
- ---------------------------------------------
Fund Net Assets ($000) $190,383
- ---------------------------------------------
Average Weighted Maturity (Years) 21.16
- ---------------------------------------------
Average Weighted Duration (Years) 6.07
- ---------------------------------------------
Annualized Total Return
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 19.89% 14.86%
- ---------------------------------------------
3-Year 14.20% 10.02%
- ---------------------------------------------
5-Year 7.34% 7.22%
- ---------------------------------------------
Since Inception 6.34% 7.32%
- ---------------------------------------------
Taxable Equivalent Total Return(2)
=============================================
On Share Price On NAV
- ---------------------------------------------
1-Year 23.36% 18.20%
- ---------------------------------------------
3-Year 17.75% 13.37%
- ---------------------------------------------
5-Year 10.90% 10.59%
- ---------------------------------------------
Since Inception 9.73% 10.57%
- ---------------------------------------------
Top 5 Sectors
=============================================
Education and Civic Organizations 21%
- ---------------------------------------------
U.S. Guaranteed 17%
- ---------------------------------------------
Health Care 16%
- ---------------------------------------------
Tax Obligation (General) 13%
- ---------------------------------------------
Utilities 13%
- ---------------------------------------------
Bar Chart:
12-Month Dividends
4/97 0.0685
5/97 0.0685
6/97 0.0685
7/97 0.0685
8/97 0.0685
9/97 0.0685
10/97 0.0685
11/97 0.0685
12/97 0.0685
1/98 0.0685
2/98 0.0685
3/98 0.0685
1 Taxable equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal tax rate
of 31%. The rate shown for federal and state highlights the added value of
owning shares that are also exempt from state taxes. It is based on a combined
federal and state tax rate of 35.7%.
2 Taxable equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.7%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
<TABLE>
Shareholder Meeting Report
Annual Meeting Date: November 19, 1997
<CAPTION>
New York
New York Performance New York
Value Plus Investment Quality
- ---------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred Preferred Preferred
Common Common Shares Shares Shares Common Shares Shares
Shares Shares Series-M Series-W Series-F Shares Series-T Series-F
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Robert P. Bremner
For 13,113,553 13,007,088 1,585 1,802 559 15,733,472 2,397 2,390
Withhold 181,530 112,836 7 176 7 152,991 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total 13,295,083 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
Lawrence H. Brown
For -- 13,010,122 1,585 1,802 559 15,736,480 2,397 2,390
Withhold -- 109,802 7 176 7 149,983 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
Anthony T. Dean
For -- 13,010,122 1,585 1,802 559 15,736,476 2,397 2,390
Withhold -- 109,802 7 176 7 149,987 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
Anne E. Impellizzeri
For -- 13,009,405 1,585 1,802 559 15,736,480 2,397 2,390
Withhold -- 110,519 7 176 7 149,983 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
Peter R. Sawers
For -- 13,009,671 1,585 1,802 559 15,736,476 2,397 2,390
Withhold -- 110,253 7 176 7 149,987 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
Judith M. Stockdale
For 13,102,884 13,002,642 1,585 1,802 559 15,735,638 2,397 2,390
Withhold 192,199 117,282 7 176 7 150,825 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total 13,295,083 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
William J. Schneider
For 13,142,947 -- 1,585 1,802 559 -- 2,397 2,390
Withhold 152,136 -- 7 176 7 -- 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total 13,295,083 -- 1,592 1,978 566 -- 2,400 2,398
Timothy R. Schwertfeger
For -- -- 1,585 1,802 559 -- 2,397 2,390
Withhold -- -- 7 176 7 -- 3 8
- ---------------------------------------------------------------------------------------------------------------------
Total -- -- 1,592 1,978 566 -- 2,400 2,398
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 13,020,542 12,857,270 1,576 1,773 554 15,605,796 2,386 2,360
Against 55,050 73,892 6 192 11 60,677 12 --
Abstain 219,491 188,762 10 13 1 219,990 2 38
- ---------------------------------------------------------------------------------------------------------------------
Total 13,295,083 13,119,924 1,592 1,978 566 15,886,463 2,400 2,398
<PAGE>
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
- ---------------------------------------------------------------------------------------------------------------------------------
Preferred Preferred Preferred Preferred Preferred Preferred Preferred
Common Shares Shares Common Shares Shares Shares Common Shares Shares
Shares Series-W Shares-Th Shares Series-M Series-W Series-Th Shares Series-M Series-T
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Robert P. Bremner
For 20,776,741 2,208 3,133 21,644,855 2,103 1,983 2,133 7,578,707 1,312 1,273
Withhold 262,048 136 19 350,324 59 129 234 107,367 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
Lawrence H. Brown
For 20,777,364 2,208 3,133 21,644,182 2,103 1,983 2,133 7,578,339 1,312 1,273
Withhold 261,425 136 19 350,997 59 129 234 107,735 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
Anthony T. Dean
For 20,778,944 2,208 3,133 21,644,126 2,103 1,983 2,133 7,578,339 1,312 1,273
Withhold 259,845 136 19 351,053 59 129 234 107,735 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
Anne E. Impellizzeri
For 20,777,364 2,208 3,133 21,645,455 2,103 1,983 2,133 7,579,867 1,312 1,273
Withhold 261,425 136 19 349,724 59 129 234 106,207 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
Peter R. Sawers
For 20,778,274 2,208 3,133 21,642,582 2,103 1,983 2,133 7,578,456 1,312 1,273
Withhold 260,515 136 19 352,597 59 129 234 107,618 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
Judith M. Stockdale
For 20,763,697 2,208 3,133 21,642,687 2,103 1,983 2,133 7,578,989 1,312 1,273
Withhold 275,092 136 19 352,493 59 129 234 107,085 -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,152 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
William J. Schneider
For -- 2,208 3,133 -- 2,103 1,983 2,133 -- 1,312 1,273
Withhold -- 136 19 -- 59 129 234 -- -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total -- 2,344 3,152 -- 2,162 2,112 2,367 -- 1,312 1,280
Timothy R. Schwertfeger
For -- 2,208 3,133 -- 2,103 1,983 2,133 -- 1,312 1,273
Withhold -- 136 19 -- 59 129 234 -- -- 7
- ---------------------------------------------------------------------------------------------------------------------------------
Total -- 2,344 3,152 -- 2,162 2,112 2,367 -- 1,312 1,280
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 20,594,099 2,198 3,093 21,614,604 2,123 1,978 2,135 7,541,645 1,244 1,267
Against 129,239 131 8 119,804 34 134 6 31,997 3 13
Abstain 315,451 15 51 260,771 5 -- 226 112,432 65 --
- ---------------------------------------------------------------------------------------------------------------------------------
Total 21,038,789 2,344 3,15 21,995,179 2,162 2,112 2,367 7,686,074 1,312 1,280
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen New York Municipal
Value Fund, Inc. (NNY)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 11.0%
$1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1990A, 7.400%, 5/15/01 5/00 at 102 A- $ 1,082,930
Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A:
1,000,000 5.750%, 7/01/18 No Opt. Call Baa1 1,073,500
1,000,000 6.000%, 7/01/20 No Opt. Call Baa1 1,108,880
11,080,000 Dormitory Authority of the State of New York, City University System Consolidated
Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 Baa1 10,578,187
1,000,000 Town of Brookhaven Industrial Development Agency, 1988 Civic Facility Revenue Bonds,
St. Joseph's College, New York Civic Facility, 8.100%, 4/01/08 4/98 at 102 A 1,000,000
2,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A
(American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 Aaa 2,092,800
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 12.5%
1,305,000 Dormitory Authority of the State of New York (United Health Services), FHA-Insured
Mortgage Revenue Refunding Bonds, Series 1997, 5.500%, 8/01/17 2/08 at 102 Aaa 1,339,178
2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin Jewish
Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue
Bonds, Series 1997, 5.700%, 2/01/37 2/07 at 102 Aaa 2,353,500
4,000,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital,
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998,
4.750%, 8/01/27 2/08 at 101 Aaa 3,736,040
830,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center, FHA-Insured Mortgage Revenue Bonds, 1993 Series A,
5.600%, 8/15/13 8/03 at 102 AAA 860,652
920,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing
Home Insured Mortgage Revenue Bonds, 1987 Series A, 8.000%, 2/15/274/98 at 102 Aa 941,178
4,980,000 New York State Medical Care Facilities Finance Agency, Albany Medical Center Hospital
Project Revenue Bonds, 1987 Series A, 8.000%, 2/15/28 8/98 at 102 AAA 5,147,776
3,110,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home-FHA
Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 8/05 at 102 AAA 3,400,350
1,365,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue Improvement and Refunding
Bonds, Series 1993A, 7.600%, 9/01/15 9/03 at 102 N/R 1,476,343
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.3%
470,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South
Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/23
(Alternative Minimum Tax) 2/00 at 102 Aa 494,675
1,410,000 New York City Housing Development Corporation Mortgage Revenue Bonds (South Bronx
Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax) 9/00 at 102 Aa 1,500,029
1,500,000 New York City Housing Development Corporation, Multi-family Mortgage Revenue Bonds
(FHA-Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 4/03 at 102 AAA 1,599,060
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - 2.1%
$ 380,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series D,
8.375%, 10/01/17 1/00 at 100 Aaa $ 383,390
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series HH-3,
7.950%, 4/01/22 (Alternative Minimum Tax) 6/00 at 102 Aa2 1,581,090
8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
0.000%, 10/01/23 (Alternative Minimum Tax) 10/01 at 19 11/32 Aa2 1,266,442
- ----------------------------------------------------------------------------------------------------------------------
LONG TERM CARE - 8.7%
2,000,000 Dormitory Authority of the State of New York, German Masonic Home Corporation, FHA
Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 8/06 at 102 AA 2,126,800
3,000,000 Dormitory Authority of the State of New York, Hebrew Home For
The Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue
Bonds, 6.125%, 2/01/37 2/07 at 102 AA 3,237,720
1,000,000 Dormitory Authority of the State of New York, Eger Health Care Center of Staten Island,
FHA-Insured Mortgage Revenue Bonds, 5.100%, 2/01/28 2/08 at 102 AAA 978,920
1,765,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home Insured
Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 8/02 at 102 AAA 1,916,278
2,015,000 Village of East Rochester Housing Authority, FHA-Insured Mortgage Revenue Bonds
(St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 8/07 at 102 AAA 2,126,530
3,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured Mortgage Revenue Bonds
(Loretto Rest Residential Health Care Facility Project),
Series 1997A, 5.600%, 8/01/17 2/08 at 102 AAA 3,094,380
- ----------------------------------------------------------------------------------------------------------------------
OTHER REVENUE - 0.7%
1,000,000 Dormitory Authority of the State of New York, City University Refunding Bonds, 1988A Issue,
8.200%, 7/01/12 7/98 at 102 Baa1 1,030,490
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 6.5%
1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996
Series B, 6.750%, 8/15/03 No Opt. Call A3 1,541,176
25,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series C, 6.300%, 8/01/03 8/02 at 101 1/2 Aaa 27,297
1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series D, 6.600%, 2/01/04 No Opt. Call A3 1,253,562
2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996
Series I, 5.875%, 3/15/18 3/06 at 101 1/2 A3 3,042,332
390,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A3 455,598
2,325,000 The City of New York, General Obligation Bonds, Fiscal 1997
Series G, 6.000%, 10/15/26 10/07 at 101 A3 2,483,100
5,000 The City of New York, General Obligation Bonds, Fiscal 1987
Series C, 7.000%, 2/01/15 2/00 at 100 A3 5,097
1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant (Serial) Bonds,
1994, 7.250%, 11/01/11 (Alternative Minimum Tax) No Opt. Call Aaa 1,245,220
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 12.8%
250,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 4/14 at 100 Baa1 291,715
1,000,000 Dormitory Authority of the State of New York, Court Facilities Lease Revenue Bonds (The
City of New York Issue), Series 1993A, 5.700%, 5/15/22 5/03 at 101 1/2 Baa1 1,024,600
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - continued
$3,125,000 Dormitory Authority of the State of New York, Mental Health Services Facilities
Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 8/07 at 101 Aaa $ 3,075,844
1,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 12/02 at 102 Aaa 1,083,350
1,000,000 New York State Housing Finance Agency, H.E.L.P. - Suffolk Housing Revenue Bonds, 1989
Series A, 8.100%, 11/01/05 11/99 at 100 Baa 1,036,580
855,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City),
1990 Series A Refunding, 8.000%, 11/01/08 11/00 at 102 BBB+ 940,226
10,000 New York State Housing Finance Agency, Service Contract Obligation Revenue Bonds,
1994 Series A, 6.375%, 9/15/14 9/04 at 102 Baa1 11,081
1,000,000 New York State Urban Development Corporation, State Facilities Revenue Bonds, 1995
Refunding Series, 5.750%, 4/01/11 No Opt. Call Baa1 1,069,580
250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, Junior Revenue
Refunding Bonds, 5.800%, 11/01/22 11/03 at 102 A 263,128
5,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund,
Series 1996A, 5.250%, 4/01/26 4/07 at 101 Aaa 5,012,450
6,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds Fiscal 1998
Series A, 5.125%, 8/15/21 8/07 at 101 AA 5,923,200
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.9%
2,015,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997D
Refunding, 5.125%, 7/01/22 7/07 at 101 Aaa 1,985,944
1,000,000 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990
American Airlines, Inc. Project), 8.000%, 7/01/20 (Alternative Minimum Tax)1/99 at 102Baa2 1,048,580
4,500,000 The Port Authority of New York and New Jersey Consolidated Bonds, One Hundred Ninth
Series, 5.375%, 7/15/27 1/07 at 101 Aaa 4,582,665
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 23.6%
4,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16 No Opt. Call Aaa 5,048,520
1,000,000 New York Local Government Assistance Corporation, New York, Series 1991B,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,115,330
1,000,000 New York State Housing Finance Agency, State University Construction Refunding Bonds,
1988 Series A, 8.100%, 11/01/10 (Pre-refunded to 11/01/98) 11/98 at 102 Aaa 1,045,380
4,145,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City),
1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00)11/00 at 102 Aaa 4,629,053
990,000 New York State Housing Finance Agency, Service Contract Obligation Revenue Bonds,
1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 9/04 at 102 Baa1*** 1,124,264
2,200,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds,
Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 1/01 at 100 AAA 2,308,966
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1991:
$1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 1,115,330
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,115,330
5,000,000 New York State, Urban Development Corporation, Project Revenue Bonds (Onondaga County
Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)1/01 at 102Aaa 5,586,950
2,955,000 Town of Babylon Industrial Development Agency (New York), Resource Recovery Revenue
Bonds, Series 1985 (Ogden Martin System of Babylon, Inc. Project), 8.500%, 1/01/19
(Pre-refunded to 7/01/98) 7/98 at 103 Aaa 3,078,224
2,500,000 Cattaraugus County, New York, Certificates of Participation (Olean Office Facility Project),
Series 1988 A, 8.500%, 8/01/09 (Pre-refunded to 8/01/98) 8/98 at 102 BBB-*** 2,589,650
3,110,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02
(Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 3,670,857
1,000,000 New York City, Municipal Water Finance Authority (New York), Water and Sewer System
Revenue Bonds, Fiscal 1991 Series C,
7.750%, 6/15/20 (Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 1,123,090
2,600,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (YMCA of
Greater New York Project), 8.000%, 8/01/16 (Pre-refunded
to 8/01/01) 8/01 at 102 Aaa 2,945,462
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 7.1%
1,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax) 1/00 at 101 A1 1,058,570
1,000,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds,
Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative
Minimum Tax) 7/03 at 102 Aaa 1,029,080
4,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds (Central Hudson Gas and Electric Corporation Projects), Series C, 8.375%, 12/01/28
(Alternative Minimum Tax) 12/98 at 102 A 4,192,720
4,500,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds Series C (Rochester Gas and Electric Corporation Project), 8.375%, 12/01/28
(Alternative Minimum Tax) 12/98 at 102 Baa1 4,708,530
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.6%
1,425,000 New York State Environmental Facilities Corporation, Water Facilities Corporation,
Water Facilities Revenue Bonds, Series 1992 (The New Rochelle Water Company
Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 6/02 at 102 A 1,518,394
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds,
Fiscal 1997 Series B, 5.750%, 6/15/29 6/07 at 101 A2 1,049,510
5,815,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995,
5.650%, 5/01/26 5/06 at 102 Aaa 6,069,056
- ----------------------------------------------------------------------------------------------------------------------
$150,490,000 Total Investments - (cost $141,792,577) - 97.8% 151,051,709
=============
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 1.1%
$ 1,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate
Demand Bonds, 3.700%, 8/15/05+ VMIG-1 $ 1,000,000
700,000 New York City Industrial Development Agency Revenue Bonds, Series 1989, Audubon
Society, Variable Rate Demand Bonds, 3.700%, 12/01/14+ A-1+ 700,000
- ----------------------------------------------------------------------------------------------------------------------
$1,700,000 Total Temporary Investments - 1.1%% 1,700,000
===========
Other Assets Less Liabilities - 1.1% 1,707,818
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $154,459,527
========================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities, which ensures the timely
payment of principal and interest. Pre-refunded securities are normally
considered to be equivalent to AAA rated securities.
N/R - Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen New York Performance Plus
Municipal Fund, Inc. (NNP)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 7.7%
$3,055,000 Dormitory Authority of the State of New York, College and University Revenue (Pooled
Capital Program), Series 1985, 7.800%, 12/01/05 12/98 at 102 Aaa $ 3,182,424
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated, Second
General Resolution Revenue Bonds, Series 1990C, 5.000%, 7/01/17 7/00 at 100 Baa1 963,990
2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1993A, 5.875%, 5/15/17 No Opt. Call A- 2,750,875
3,000,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue
Bonds, Series 1993 B, 6.000%, 7/01/14 No Opt. Call Aaa 3,377,340
Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, Series 1993F:
1,000,000 5.500%, 7/01/12 7/03 at 102 Baa1 1,016,030
11,350,000 5.000%, 7/01/20 7/03 at 100 Baa1 10,835,959
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second
General Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14 7/05 at 102 Aaa 1,025,190
3,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A
(American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 Aaa 3,139,200
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 9.0%
2,000,000 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,
7.400%, 8/01/30 8/01 at 102 AAA 2,214,620
3,950,000 New York State Medical Care Facilities Finance Agency, Albany Medical Center Hospital
Project Revenue Bonds, 1987 Series A, 8.000%, 2/15/28 8/98 at 102 AAA 4,083,076
10,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home,
FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/228/02 at 102 AAA 10,626,500
4,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home,
FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital),
5.750%, 8/15/19 8/02 at 102 AAA 4,644,765
2,675,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing Home, FHA-
Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 8/05 at 102 AAA 2,924,738
5,800,000 New York State Medical Care Facilities Financing Agency, FHA-Insured Mortgage Project
Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 2/05 at 102 Aa 6,317,186
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.1%
3,160,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (AMBAC
Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative
Minimum Tax) 11/99 at 102 Aaa 3,316,704
1,585,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (Secured
Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative
Minimum Tax) 8/02 at 102 Aa2 1,699,231
1,000,000 Hudson Housing Development Corporation (Hudson, New York), Multifamily Mortgage
Revenue Refunding Bonds, Series 1992A (Providence Hall-Schuyler Court Projects-
FHA Insured Mortgages), 6.500%, 1/01/25 1/03 at 101 Aaa 1,050,630
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HOUSING/MULTIFAMILY - continued
$5,750,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 6/01 at 102 AAA $ 6,149,798
4,835,000 Puerto Rico Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, Portfolio A,
Series I, 7.500%, 4/01/22 4/00 at 102 AA 5,133,803
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 6.1%
895,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series HH-4,
8.050%, 4/01/22 (Alternative Minimum Tax) 10/00 at 102 Aa2 947,537
9,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series HH-3,
7.950%, 4/01/22 (Alternative Minimum Tax) 6/00 at 102 Aa2 9,697,352
1,610,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series SS,
7.950%, 10/01/22 (Alternative Minimum Tax) 10/00 at 102 Aa2 1,708,516
45,135,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
0.000%, 10/01/23 (Alternative Minimum Tax) 10/01 at 19 11/32 Aa2 6,966,587
1,470,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 1995
Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1/06 at 102 Aaa 1,567,784
- ----------------------------------------------------------------------------------------------------------------------
LONG TERM CARE - 2.1%
3,000,000 New York State Medical Care, Facilities Finance Agency, FHA-Insured Mortgage Project
Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 2/06 at 102 AA+ 3,225,390
4,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured Mortgage Revenue Bonds
(Loretto Rest Residential Health Care Facility Project),
Series 1997A, 5.600%, 8/01/17 2/08 at 102 AAA 4,125,840
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 4.5%
35,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series B, 8.000%, 6/01/99 No Opt. Call A3 36,656
3,000,000 The City of New York (New York), General Obligation Bonds,
Fiscal 1991 Series F, 3.000%, 11/15/00 No Opt. Call A3 2,921,580
2,600,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series F, 6.375%, 2/15/06 2/05 at 101 A3 2,873,572
50,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series C, 6.625%, 8/01/12 8/02 at 101 1/2 Aaa 54,942
1,000,000 The City of New York, General Obligation Bonds, Fiscal 1993
Series E, 5.750%, 5/15/13 5/03 at 101 1/2 Aaa 1,064,720
175,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A3 204,435
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1998
Series B, 5.250%, 8/01/20 8/07 at 101 A3 1,472,805
3,725,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series E, 6.500%, 8/01/02 No Opt. Call A3 4,037,937
2,095,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant (Serial) Bonds,
1994, 8.000%, 11/01/09 (Alternative Minimum Tax) No Opt. Call Aaa 2,683,108
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 5.8%
10,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 2/02 at 102 A- 11,210
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - continued
$ 940,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City),
1990 Series A Refunding, 8.000%, 11/01/08 11/02 at 102 BBB+ $ 1,033,699
1,195,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 2/00 at 102 A- 1,295,356
335,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 8/00 at 102 A- 369,532
7,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund,
Series 1996A, 5.250%, 4/01/26 4/07 at 101 Aaa 7,017,430
10,225,000 New York City Transitional Finance Authority, Future Tax Secured Bonds Fiscal 1998 Series A,
5.125%, 8/15/21 8/07 at 101 AA 10,094,120
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 4.5%
2,000,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds,
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa 2,131,180
6,750,000 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990
American Airlines, Inc. Project), 8.000%, 7/01/20 (Alternative
Minimum Tax) 1/99 at 102 Baa2 7,077,915
1,500,000 Port Authority of New York and New Jersey, Consolidated Bonds, One Hundred Eleventh
Series, 5.000%, 10/01/27 10/07 at 101 AA- 1,461,615
4,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, One Hundred Ninth
Series, 5.375%, 7/15/27 1/07 at 101 Aaa 4,582,665
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 46.5%
3,970,000 Dormitory Authority of the State of New York, United Health Services, Inc., FHA-Insured
Mortgage Revenue Bonds, Series 1989, 7.350%, 8/01/29
(Pre-refunded to 2/01/00) 2/00 at 102 AAA 4,286,766
10,000,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue
Bonds, Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 10,976,300
6,850,000 Dormitory Authority of the State of New York, Revenue Bonds, Department of Health of
the State of New York Issue, Series 1990, 7.700%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 7,529,726
4,400,000 Dormitory Authority of the State of New York Bonds, Upstate Community Colleges, 1990A
Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00) 7/00 at 102 Baa1*** 4,818,220
2,190,000 Dormitory Authority of the State of New York, Vassar College, Revenue Bonds, Series 1990,
7.250%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 AAA 2,386,290
4,000,000 Dormitory Authority of the State of New York, City University System Consolidated, Second
General Resolution Revenue Bonds, Series 1990F, 7.875%, 7/01/17
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 4,411,840
Dormitory Authority of the State of New York, State University
Educational Facilities, Revenue Bonds, Series 1989B:
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,422,192
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 380,244
2,600,000 Dormitory Authority of the State of New York, State University
EducationalFacilities, Revenue Bonds, Series 1990B, 7.375%,
5/15/14 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 2,831,244
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
$ 3,000,000 New York Local Government Assistance Corporation, Series 1991A Bonds, 7.250%, 4/01/18
(Pre-refunded to 4/01/01) 4/01 at 102 Aaa $ 3,324,990
8,000,000 New York Local Government Assistance Corporation, New York, Series 1991B,
7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 8,922,640
810,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
(Pre-refunded to 2/15/02) 2/02 at 102 A-*** 915,632
1,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control,
Revolving Fund Revenue Bonds, Series 1991 A (New York City Municipal Water
Finance Authority Project), 7.250%, 6/15/10 (Pre-refunded
to 6/15/01) 6/01 at 102 Aaa 1,112,610
4,560,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City),
1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to
11/01/00) 11/00 at 102 Aaa 5,092,517
9,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA-Insured Mortgage Revenue Bonds, 1988 Series C, 7.700%, 2/15/22
(Pre-refunded to 8/15/98) 8/98 at 102 AAA 9,312,120
4,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 4,868,825
1,295,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage
Revenue Bonds, 1990 Series A, 7.700%, 2/15/25 (Pre-refunded
to 8/15/00) 8/00 at 102 Aaa 1,427,867
1,145,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1989 Series A (General Obligation Bonds),
7.800%, 2/15/19 (Pre-refunded to 2/15/99) 2/99 at 102 Aaa 1,207,803
2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21
(Pre-refunded to 2/15/01) 2/01 at 102 Aaa 2,221,120
1,205,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,311,124
2,070,000 New York State Medical Care Facilities Finance Agency (Mental Health Services),
7.875%, 8/15/20 (Pre-refunded to 8/15/00) 8/00 at 102 Aaa 2,290,496
4,600,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds,
Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 1/01 at 100 AAA 4,827,838
6,225,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
Series G, 7.000%, 1/01/17 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 6,673,574
New York State Urban Development Corporation, Correctional Capital Facilities Revenue
Bonds, Series 1:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,338,560
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,080,450
5,655,000 New York State Urban Development Corporation, Project Revenue
Bonds (Onondaga County Convention Center), Series 1990, 7.875%,
1/01/20 (Pre-refunded to 1/01/01) 1/01 at 10 Aaa 6,318,840
1,490,000 Town of Babylon Industrial Development Agency (New York), Resource Recovery Revenue
Bonds, Series 1985, Odgen Martin System of Babylon, Inc. Project), 8.500%, 1/01/19
(Pre-refunded to 7/01/98) 7/98 at 103 Aaa 1,552,133
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
$1,985,000 Town of Babylon Industrial Development Agency (New York), Resource Recovery Revenue
Bonds, Series 1985 B, (Odgen Martin System of Babylon, Inc. Project), 8.500%, 1/01/19
(Pre-refunded to 7/01/98) 7/98 at 103 Aaa $ 2,067,775
Battery Park City Authority, Revenue Bonds, Series 1990:
7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) 5/99 at 102 Aaa 7,485,479
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) 5/99 at 100 Aaa 2,575,325
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 1987 Service
Contract Bonds, Series 2, 8.000%, 7/01/18 (Pre-refunded
to 7/01/98) 7/98 at 102 Aaa 1,030,580
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 1987 Service
Contract Bonds, Series 4, 7.500%, 7/01/19 (Pre-refunded
to 7/01/00) 7/00 at 101 1/2 Aaa 1,090,380
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 1987 Service Contract
Bonds, Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 6,022,280
3,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities Service Contract
Bonds, Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 3,088,080
1,000,000 Monroe County Water Authority (New York), Series 1991 B Water System Revenue Bonds,
6.500%, 8/01/16 (Pre-refunded to 8/01/01) 8/01 at 101 Aaa 1,084,520
990,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series B, 8.000%, 6/01/99 No Opt.Call Aaa 1,038,500
1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series B, 7.250%, 10/01/06 10/99 at 101 1/2 Aaa 1,439,505
500,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 8.000%, 3/15/13 3/00 at 101 1/2 Aaa 545,695
1,325,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02
(Pre-refunded to 8/01/01) 8/01 at 101 1/2 Aaa 1,563,951
275,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series E, 6.500%, 8/01/02 No Opt. Call A3*** 300,086
1,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1989 Series B, 7.000%, 6/15/19 (Pre-refunded to
6/15/98) 6/98 at 101 1/2 AAA 1,021,720
4,000,000 New York City, Municipal Water Finance Authority (New York), Water and Sewer System
Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20
(Pre-refunded to 6/15/01) 6/01 at 101 1/2 Aaa 4,492,360
New York Municipal Water Finance Authority (New York), Water and
Sewer System Revenue Bonds, Fiscal 1990 Series A:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 AAA 2,115,160
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 6/99 at 101 1/2 A-*** 1,319,100
250,000 New York City Municipal Water Finance Authority (New York), Water and Sewer System
Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19
(Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 272,290
5,700,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990
(Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded
to 1/01/00) 1/00 at 102 Aaa 6,158,565
2,165,000 Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds,
Series O, 7.700%, 1/01/19 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,261,775
2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation Bonds,
Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 2,129,600
2,230,000 City of Yonkers, New York, General Obligation School Bonds-1990-C, 7.375%, 12/01/09
(Pre-refunded to 12/01/00) 12/00 at 102 Aaa 2,463,748
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
UTILITIES - 1.6%
$3,100,000 New York State Energy Research and Development Authority, Electric Facilities
Revenue Bonds, Series 1990 A (Consolidated Edison Company of New York, Inc.
Project), 7.500%, 7/01/25 (Alternative Minimum Tax) 7/99 at 101 A1 $ 3,249,326
1,000,000 New York State Energy Research and Development Authority, Solid Waste Disposal
Revenue Bonds (New York State Electric and Gas Corporation Project), 1993 Series A,
5.700%, 12/01/28 (Alternative Minimum Tax) 12/03 at 102 Aaa 1,035,040
1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985
Facility - Series B (1994)), 6.125%, 7/01/13 (Alternative Minimum Tax)7/04 at 102 Aaa 1,086,160
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.9%
9,825,000 New York State Environmental Facilities Corporation, State Water Pollution Control
Revolving Fund Revenue Bonds, Series 1990 A (New York City Municipal Water
Finance Authority Project), 7.500%, 6/15/12 6/00 at 102 Aa 10,699,228
1,275,000 New York State, Environmental Facilities Corporation, State Water Pollution Control,
Revolving Fund Revenue Bonds, Series 1994 D (Pooled Loan Issue),
6.900%. 5/15/15 11/04 at 102 Aaa 1,465,090
1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18 6/02 at 101 1/2 Aaa 1,041,130
- ----------------------------------------------------------------------------------------------------------------------
$349,440,000 Total Investments - (cost $307,004,587) - 96.8% 331,099,951
============
Temporary Investments in Short-Term Municipal Securities - 1.0%
3,000,000 Nassau County Industrial Development Agency (Cold Spring Harbor), Variable Rate
Demand Bonds, 3.800%, 7/01/19+ A-1+ 3,000,000
500,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate
Demand Bonds, 3.700%, 8/15/05+ VMIG-1 500,000
- ----------------------------------------------------------------------------------------------------------------------
$3,500,000 Total Temporary Investments - 1.0% 3,500,000
===========
Other Assets Less Liabilities - 2.2% 7,382,027
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $341,981,978
========================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities, which ensures the timely
payment of principal and interest. Pre-refunded securities are normally
considered to be equivalent to AAA rated securities.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen New York Investment Quality
Municipal Fund, Inc. (NQN)
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------------
EDUCATION AND CIVIC ORGANIZATIONS - 2.9%
$5,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue
Bonds, Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa $ 5,324,650
6,500,000 Dormitory Authority of the State of New York, City University System Consolidated
Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 Aaa 6,329,245
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 13.4%
2,510,000 Dormitory Authority of the State of New York (Vassar Brother Hospital), Revenue Bonds,
Series 1997, 5.375%, 7/01/25 1/08 at 102 Aaa 2,539,242
1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 2/06 at 102 Aaa 1,050,490
10,000,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital,
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998,
5.000%, 8/01/32 2/08 at 101 Aaa 9,665,200
5,000,000 Dormitory Authority of the State of New York, Hingland Hospital of Rochester, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 8/08 at 102 Aaa 5,078,350
5,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
Insured Mortgage Revenue Bonds, 1989 Series A, 7.600%, 2/15/29 2/99 at 102 AA 5,242,850
2,500,000 New York State Medical Care Facilities Finance Agency, Beth Israel Medical Center
(Main Campus), Project Revenue Bonds, 1990 Series A,
7.500%, 11/01/00 11/00 at 102 Aaa 2,763,500
12,000,000 New York State Medical Care Facilities Finance Agency, North Shore University Hospital,
Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 11/02 at 102 Aaa 13,047,480
3,000,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA-Insured Mortgage Revenue Bonds, 1989 Series A,
7.250%, 2/15/24 2/99 at 102 Aaa 3,150,780
8,625,000 New York State Medical Care Facilities Finance Agency, The Mary Imogene Bassett
Hospital, Project Revenue Bonds, 1991 Series A, 7.125%, 11/01/20 5/01 at 102 Aaa 9,412,118
1,250,000 New York City Health and Hospitals Corporation, Health System Bonds, 1993 Series A,
5.750%, 2/15/22 2/03 at 102 Aaa 1,299,463
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.3%
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
2,000,000 6.100%, 11/01/15 5/06 at 102 Aaa 2,168,760
3,000,000 6.125%, 11/01/20 5/06 at 102 Aaa 3,247,290
1,000,000 New York State Housing Finance Agency, Insured Multi-Family Mortgage Housing
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 8/04 at 102 Aaa 1,075,200
7,790,000 New York City Housing Development Corporation, MBIA Insured Residential Revenue
Refunding Bonds (Royal Charter Properties-East, Inc. Project), 1988 Series 1,
7.375%, 4/01/17 4/98 at 101 1/2 Aaa 7,920,093
10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 6/01 at 102 AAA 10,695,300
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HOUSING/SINGLE FAMILY - 2.7%
$3,150,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds,
Series MM-1, 7.950%, 10/01/21 (Alternative MinimumTax) 2/01 at 102 Aa2 $ 3,394,629
6,720,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series SS,
7.950%, 10/01/22 (Alternative MinimumTax) 10/00 at 102 Aa2 7,131,197
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.9%
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 Aaa 2,771,521
730,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series I, 7.250%, 8/15/17 8/99 at 101 1/2 Aaa 771,778
2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 2,407,275
1,500,000 North Hempstead Various Purpose Serial Bonds, General Obligation Bonds, Series 1998B,
4.750%, 3/01/18 (WI) 3/08 at 101 Aaa 1,416,825
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 9.5%
1,250,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured
Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa 1,340,225
2,500,000 Dormitory Authority of the State of New York, Mental Health Services Facilities
Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 8/07 at 101 Aaa 2,460,675
1,530,000 Empire Development Corporation, New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds Series 6, 5.375%, 1/01/251/06 at 102 Aaa 1,554,832
10,500,000 New York Local Government Assistance Corporation (A Public Benefit Corporation of the
State of New York), Series 1993C Refunding Bonds, 5.000%, 4/01/21 4/03 at 102 Aaa 10,220,175
2,250,000 New York State Environmental Facilities Corporation, Riverbank State Park, Special
Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4/07 at 100 Aaa 2,217,915
2,110,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1992 Series B,
6.250%, 8/15/18 2/02 at 102 Aaa 2,275,276
2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1994 Series E,
6.250%, 8/15/19 8/02 at 100 Aaa 2,204,440
3,175,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1995 Series A,
6.000%, 2/15/25 2/05 at 102 Aaa 3,383,661
2,080,000 New York State Medical Care Facilities Finance Agency, Mental Health Services
Facilities Improvement Revenue Bonds, 1993 Series F Refunding,
5.250%, 2/15/19 2/04 at 102 Aaa 2,072,034
4,290,000 Metropolitan Transportation Authority (New York), Transit Facilities Service Contract
Bonds,Series L, 7.500%, 7/01/17 7/98 at 102 Aaa 4,413,209
5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B,
6.875%, 1/01/15 1/01 at 102 Aaa 5,408,200
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.9%
4,150,000 New York State Thruway Authority, General Revenue Bonds, Series C,
6.000%, 1/01/25 1/05 at 102 Aaa 4,449,962
1,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C,
5.375%, 7/01/27 7/07 at 101 Aaa 1,201,346
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TRANSPORTATION - continued
$2,625,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997E,
5.000%, 7/01/21 7/07 at 101 Aaa $ 2,557,879
9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Third Series,
6.750%, 4/15/26 (Alternative MinimumTax) 4/01 at 101 Aaa 9,613,170
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative MinimumTax) 7/01 at 102 Aaa 5,711,423
11,500,000 6.000%, 7/01/21 (Alternative MinimumTax) 7/01 at 100 Aaa 11,853,855
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 39.7%
1,150,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16 No Opt. Call Aaa 1,451,450
10,000,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 10,949,600
1,000,000 Dormitory Authority of the State of New York, Cooper Union, Insured Revenue Bonds,
Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,112,010
Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1990C:
5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 5,817,771
9,825,000 6.125%, 5/15/20 (Pre-refunded to 5/15/00) 5/00 at 100 Aaa 10,274,003
2,540,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue
Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,764,968
5,000,000 New York State Housing Finance Agency, State University Construction Refunding Bonds,
1986 Series A, 7.900%, 11/01/06 No Opt. Call Aaa 5,959,950
9,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 10,276,625
6,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital FHA-Insured
Mortgage Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 6,958,320
15,000,000 New York State Urban Development Corporation, Correctional Capital Facilities
Revenue Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00)1/00 at 102 Aaa 16,206,750
5,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 6,050,220
County of Nassau, New York, General Obligation Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,182,995
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,171,990
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,160,985
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,149,981
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,133,474
The City of New York, General Obligation Bonds, Fiscal 1991 Series B:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 Aaa 2,145,039
1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 Aaa 1,705,605
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
The City of New York, General Obligation Bonds, Fiscal 1990 Series I:
$ 950,000 7.250%, 8/15/14 8/99 at 101 1/2 Aaa $ 1,007,000
1,270,000 7.250%, 8/15/17 8/99 at 101 1/2 Aaa 1,346,200
3,030,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 7.250%, 3/15/18 3/00 at 101 1/2 Aaa 3,256,644
10,255,000 New York City Educational Construction Fund, Revenue Bonds, 1989 Series A,
7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 10,909,269
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1991 Series A:
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 6,465,583
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 Aaa 1,306,992
2,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1990 Series A, 7.375%, 6/15/09 (Pre-refunded
to 6/15/99) 6/99 at 101 1/2 Aaa 2,115,160
11,000,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990
(Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to
1/01/00) 1/00 at 102 Aaa 11,884,950
3,080,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1990,
7.100%, 6/01/10 (Pre-refunded to 6/01/99) 6/99 at 102 Aaa 3,258,578
9,635,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1991,
7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6/00 at 102 Aaa 10,428,634
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series R,
7.375%, 1/01/16 (Pre-refunded to 1/01/00) 1/00 at 101 1/2 Aaa 7,064,748
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S,
7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 3,271,050
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 2,737,074
4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation
Bonds, Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 1/00 at 101 Aaa 4,802,247
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.6%
10,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1990 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 7/01/25 (Alternative MinimumTax) 7/99 at 101 A1 10,481,700
5,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax) 1/00 at 101 A1 5,292,850
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas
Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,732,900
2,250,000 New York State Energy Research and Development Authority, Gas Facilities Revenue
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax) 7/03 at 102 Aaa 2,315,430
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
UTILITIES - continued
$3,665,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds (Central Hudson Gas and Electric Corporation Projects), Series C,
8.375%, 12/01/28 (Alternative MinimumTax) 12/98 at 102 A $ 3,841,580
New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series C (Rochester Gas and
Electric Corporation Project):
1,595,000 8.375%, 12/01/28 (Alternative Minimum Tax) 12/98 at 102 Baa1 1,668,911
5,000,000 8.375%, 12/01/28 (Alternative MinimumTax) 12/98 at 102 Aaa 5,236,700
3,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds (Central Hudson Gas and Electric Corporation Project), 1984 Series B,
7.375%, 10/01/14 10/99 at 103 Aaa 3,221,400
2,500,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax) 5/02 at 102 Aaa 2,709,950
2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992 A (Consolidated Edison Company of New York, Inc. Project),
6.750%, 1/15/27 (Alternative MinimumTax) 1/01 at 101 Aaa 2,128,240
2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative MinimumTax) 12/01 at 101 Aaa 2,143,700
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 1.8%
2,115,000 Town of Clifton Park Water Authority (New York), Water System Revenue Bonds,
Series 1993, 5.000%, 10/01/26 10/03 at 102 Aaa 2,052,480
5,000,000 Suffolk County Water Authority, New York, Water System Revenue Bonds, Series 1994,
5.000%, 6/01/17 6/03 at 102 Aaa 4,891,100
- ----------------------------------------------------------------------------------------------------------------------
$364,700,000 Total Investments - (cost $358,070,027) - 97.7% 386,884,319
============
Temporary Investments in Short-Term Municipal Securities - 0.4%
$1,700,000 New York State Energy Research and Development Authority Pollution Control (Niagara
Mohawk Power Corporation), Variable Rate Demand Bonds, 3.700%, 3/01/27+ P-1 1,700,000
--------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.9% 7,253,006
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $395,837,325
========================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. government or U.S. government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen New York Select Quality
Municipal Fund, Inc. (NVN)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 14.2%
$12,000,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 7/00 at 102 Aaa $12,923,640
10,930,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds,
Series 1991, 6.250%, 7/01/21 7/01 at 102 Aaa 11,731,934
10,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue
Bonds, Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa 10,649,300
3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic Institute, Insured
Revenue Bonds, Series 1991, 6.500%, 7/01/06 7/01 at 102 Aaa 4,260,648
6,000,000 Dormitory Authority of the State of New York, St. John's University, New York, Insured
Revenue Bonds, Series 1991, 6.875%, 7/01/11 7/01 at 102 Aaa 6,556,440
12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured
Revenue Bonds, Series 1991, 6.750%, 7/01/15 7/01 at 102 Aaa 14,012,506
1,870,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue Bonds,
Series 1990, 7.200%, 7/01/15 7/00 at 102 Aaa 2,021,881
4,600,000 Dormitory Authority of the State of New York, City University System Consolidated
Revenue Bonds, Series 1993F, 5.000%, 7/01/20 7/03 at 100 Aaa 4,479,158
5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue Bonds (Hofstra
University Project-Series 1991), 6.750%, 8/01/11 8/01 at 102 Aaa 5,453,250
1,030,000 New York City Industrial Development Agency Civic Facility Revenue Bonds
(Anti-Defamation League Foundation Project), Series 1997A,
5.375%, 6/01/27 6/07 at 102 Aaa 1,048,540
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 7.9%
Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center
of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991:
5,000,000 7.375%, 8/01/11 8/01 at 102 AAA 5,583,950
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,595,337
1,245,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14 No Opt.Call Aaa 1,334,030
9,250,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital,
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998,
5.000%, 8/01/32 2/08 at 101 Aaa 8,940,310
5,500,000 New York State Medical Care Facilities FInance Agency, St. Luke's-Roosevelt Hospital
Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series A,
7.375%, 2/15/19 2/00 at 102 Aaa 5,899,190
10,755,000 New York State Medical Care Facilities Finance Agency, North Shore University
Hospital, Mortgage Project Revenue BOnds, 1990 Series A,
7.200%, 11/01/20 11/00 at 102 Aaa 11,693,804
2,600,000 New York City Health and Hospitals Corporation, Health System Bonds, 1993 Series A,
5.625%, 2/15/13 2/03 at 102 Aaa 2,733,458
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 6.5%
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
1,000,000 6.100%, 11/01/15 5/06 at 102 Aaa 1,084,380
4,000,000 6.125%, 11/01/20 5/06 at 102 Aaa 4,329,720
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HOUSING/MULTIFAMILY - continued
$ 5,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A,
6.750%, 1/01/26 1/02 at 102 Aaa $ 5,481,150
4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds
(FHA Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 6/01 at 102 AAA 4,278,120
15,000,000 Pass-Through Certificates of New York City, HDC Multifamily Housing, Limited Obligation
Bonds, Series 1991A, 6.500%, 2/20/19 11/03 at 100 Aaa 18,067,350
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 3.2%
State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV:
9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 10,522,523
2,070,000 7.375%, 10/01/11 (Alternative MinimumTax) 10/01 at 102 Aaa 2,224,919
1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 43,
6.450%, 10/01/17 9/04 at 102 Aaa 1,628,685
2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series A,
6.875%, 4/01/17 4/98 at 101 Aaa 2,373,492
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 7.3%
State of New York, Serial Bonds:
4,055,000 6.750%, 8/01/08 8/01 at 102 Aaa 4,445,172
4,055,000 6.750%, 8/01/10 8/01 at 102 Aaa 4,427,898
1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purposes Serial Bonds, 1991
Series B, 6.400%, 10/01/11 10/02 at 102 Aaa 1,314,840
City of Buffalo, New York, Refunding Serial Bonds-1991:
530,000 6.250%, 2/01/11 2/01 at 101 Aaa 561,805
760,000 6.250%, 2/01/13 2/01 at 101 Aaa 805,608
760,000 6.250%, 2/01/15 2/01 at 101 Aaa 804,148
870,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds,
Subseries C-1, 6.250%, 8/01/10 8/02 at 101 1/2 Aaa 944,333
235,000 The City of New York, General Obligation Bonds, 1992 Series C,
6.625%, 8/01/14 8/02 at 101 1/2 Aaa 259,503
3,100,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 7.250%, 3/15/19 3/00 at 101 1/2 Aaa 3,316,690
2,000,000 The City of New York, General Obligation Bonds, Fiscal 1998
Series H, 5.125%, 8/01/25 (WI) 8/08 at 101 Aaa 1,949,620
4,500,000 North Hempstead Various Purpose Serial Bonds, General Obligation Bonds, Series 1998B,
4.750%, 3/01/18 (WI) 3/08 at 101 Aaa 4,250,475
Rensselaer County, New York, General Obligation Serial Bonds, Series 1991:
960,000 6.700%, 2/15/16 No Opt. Call Aaa 1,163,088
960,000 6.700%, 2/15/17 No Opt. Call Aaa 1,167,379
960,000 6.700%, 2/15/18 No Opt. Call Aaa 1,173,926
960,000 6.700%, 2/15/19 No Opt. Call Aaa 1,175,866
960,000 6.700%, 2/15/20 No Opt. Call Aaa 1,181,664
747,000 6.700%, 2/15/21 No Opt. Call Aaa 923,778
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - continued
County of Suffolk, New York, Public Improvement Bonds, 1991 Series A:
$ 790,000 6.500%, 10/01/11 10/01 at 102 Aaa $ 866,440
745,000 6.500%, 10/01/12 10/01 at 102 Aaa 817,086
720,000 6.500%, 10/01/13 10/01 at 102 Aaa 789,667
730,000 6.500%, 10/01/14 10/01 at 102 Aaa 800,635
735,000 6.500%, 10/01/15 10/01 at 102 Aaa 806,119
250,000 6.500%, 10/01/16 10/01 at 102 Aaa 274,190
245,000 6.500%, 10/01/17 10/01 at 102 Aaa 268,706
245,000 6.500%, 10/01/18 10/01 at 102 Aaa 268,706
240,000 6.500%, 10/01/19 10/01 at 102 Aaa 263,222
County of Suffolk, New York, Public Improvement Bonds, 1991 Series B:
265,000 6.500%, 10/01/11 10/01 at 102 Aaa 290,641
265,000 6.500%, 10/01/12 10/01 at 102 Aaa 290,641
270,000 6.500%, 10/01/13 10/01 at 102 Aaa 296,125
275,000 6.500%, 10/01/14 10/01 at 102 Aaa 301,609
280,000 6.500%, 10/01/15 10/01 at 102 Aaa 307,093
275,000 6.500%, 10/01/16 10/01 at 102 Aaa 301,609
280,000 6.500%, 10/01/17 10/01 at 102 Aaa 307,093
285,000 6.500%, 10/01/19 10/01 at 102 Aaa 312,577
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 14.4%
5,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 5/98 at 116 9/32 Baa1 5,834,300
5,000,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured
Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa 5,360,900
10,400,000 Empire Development Corporation, New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds Series 6, 5.375%, 1/01/251/06 at 102 Aaa 10,568,792
4,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 2/02 at 100 Aaa 4,049,720
2,000,000 New York State Environmental Facilities Corporation, Riverbank State Park, Special
Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4/07 at 100 Aaa 1,971,480
5,625,000 New York State Medical Care Facilities FInance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 2/02 at 102 Aaa 6,065,606
2,040,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 8/99 at 102 Aaa 2,165,521
2,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 2/05 at 102 Aaa 2,397,870
1,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23 8/03 at 102 Aaa 994,380
1,720,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds,
Series 1994, 5.700%, 4/01/14 4/04 at 102 Aaa 1,792,842
1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, Series 1993A,
5.250%, 11/01/17 11/03 at 102 Aaa 1,001,810
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - continued
$12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991A,
6.625%, 1/01/17 1/01 at 102 Aaa $12,902,880
Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B:
14,000,000 7.100%, 1/01/10 1/01 at 102 Aaa 15,269,660
3,500,000 6.875%, 1/01/15 1/01 at 102 Aaa 3,785,740
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.8%
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A,
6.000%, 7/01/21 7/06 at 102 Aaa 1,082,690
5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series K,
6.250%, 7/01/11 7/02 at 101 1/2 Aaa 5,414,900
7,900,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds,
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa 8,418,161
3,800,000 New York City Industrial Development Agency, Amended and Restated Industrial
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax) 11/04 at 102 Aaa 4,063,454
10,000,000 The Port Authority of New York, and New Jersey, Consolidated Bonds, Seventy-Sixth
Series, 6.500%, 11/01/26 (Alternative MinimumTax) 11/01 at 101 AA- 10,753,600
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 27.2%
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded
to 5/15/00) 5/00 at 102 Aaa 5,432,050
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded
to 5/15/00) 5/00 at 102 Aaa 1,081,370
5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded
to 5/15/02) 5/02 at 102 Aaa 5,583,150
10,380,000 Dormitory Authority of the State of New York, Fordham
University, Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15
(Pre-refunded to 7/01/00) 7/00 at 102 Aaa 11,299,357
8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 9,676,254
7,815,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19
(Pre-refunded to 8/15/99) 8/99 at 102 Aaa 8,342,356
5,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA-Insured
Mortgage Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 5,798,600
5,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 5,500,200
6,500,000 Metropolitan Transportation Authority, Commuter Facilities Service Contract Bonds,
Series K, 7.500%, 7/01/17 (Pre-refunded to 7/01/98) 7/98 at 102 Aaa 6,690,840
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
$ 4,130,000 The City of New York, General Obligation Bonds, Fiscal 1992 C, Fixed Rate Bonds,
Subseries C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa $ 4,531,808
4,765,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14
(Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 5,298,871
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991
Series A, 7.250%, 3/15/18 3/00 at 101 1/2 Aaa 1,612,200
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series B, 7.000%, 10/01/19 10/99 at 100 Aaa 3,129,540
New York City Educational Construction Fund,Revenue Bonds, 1989 Series A:
1,700,000 7.000%, 10/01/06 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 1,805,400
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 10/99 at 101 1/2 Aaa 13,297,500
3,200,000 New York Municipal Water Finance Authority, Water and Sewer System Revenue Bonds,
Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded
to 6/15/00) 6/00 at 101 1/2 Aaa 3,485,312
5,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded
to 6/15/01) 6/01 at 101 1/2 Aaa 5,503,850
5,350,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14 (Pre-refunded
to 6/15/99) 6/99 at 101 1/2 Aaa 5,620,336
2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990
(Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded
to 1/01/00) 1/00 at 102 Aaa 3,003,651
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1991A (The American Museum of Natural History), 6.900%, 4/01/21
(Pre-refunded to 4/01/01) 4/01 at 102 Aaa 5,493,850
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1991A (The Museum of Modern Art), 6.625%, 1/01/19
(Pre-refunded to 1/01/02) 1/02 at 102 Aaa 5,521,100
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T:
7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 19,646,724
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series P,
6.500%, 1/01/15 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,589,800
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.1%
13,275,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1991B, 7.000%, 4/15/16 4/01 at 102 Aaa 14,487,008
14,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax) 1/00 at 101 A1 14,819,980
11,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas
Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax) 5/02 at 102 Aaa 12,024,760
3,000,000 New York State Energy Research and Development Authority, Pollution Control Refunding
Revenue Bonds (Niagara Mohawk Power Corporation Project), 1991 Series A,
6.625%, 10/01/13 10/01 at 102 Aaa 3,259,740
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
UTILITIES - continued
$ 1,000,000 New York State Energy Research and Development Authority, 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) 7/05 at 102 Aaa $ 1,078,660
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992 A (Consolidated Edison Company of New York, Inc. Project),
6.750%, 1/15/27 (Alternative Minimum Tax) 1/01 at 101 Aaa 2,660,300
3,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B (Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax) 12/01 at 101 Aaa 3,751,475
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 2.6%
5,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control
Revolving Fund Revenue Bonds, Series 1991 B (Pooled
Loan Issue), 7.100%, 9/15/11 9/00 at 102 Aaa 5,430,050
1,300,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds,
Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24
(Alternative Minimum Tax) 6/02 at 102 Aaa 1,410,253
1,600,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Series A, 5.125%, 6/15/21 6/07 at 101 Aaa 1,577,440
5,000,000 New York City, Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1998 Series B, 5.125%, 6/15/30 6/07 at 101 Aaa 4,910,600
- ----------------------------------------------------------------------------------------------------------------------
$473,387,000 Total Investments - (cost $468,656,627) - 99.2% 510,584,358
=============
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 700,000 New York State Energy Research and Development Authority Pollution Control (Niagara
============= Mohawk Power Corporation), Variable Rate Demand Bonds, 3.700%, 3/01/27+ P-1 700,000
--------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.7% 3,525,803
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $514,810,161
========================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. government or U.S. government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen New York Quality
Income Municipal Fund, Inc. (NUN)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 18.0%
$ 2,000,000 Dormitory Authority of the State of New York, City University System Consolidated
Revenue Bonds, Third General Resolution, 1998 Series 1,
5.000%, 7/01/26 (WI) 7/08 at 102 Aaa $ 1,932,340
5,455,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 7/00 at 102 Aaa 5,874,871
1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured
Revenue Bonds, Series 1991, 6.750%, 7/01/15 7/01 at 102 Aaa 1,088,350
Dormitory Authority of the State of New York, Hamilton College,
Insured Revenue Bonds, Series 1991:
2,000,000 6.500%, 7/01/11 7/01 at 102 Aaa 2,162,980
7,750,000 6.500%, 7/01/21 7/01 at 102 Aaa 8,376,665
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities
Revenue Bonds, Series 1990B, 7.000%, 5/15/16 5/00 at 102 Aaa 1,073,900
7,250,000 Dormitory Authority of the State of New York, The New York Public Library, Insured
Revenue Bonds, Series 1992A, 5.875%, 7/01/22 7/02 at 102 Aaa 7,633,960
7,515,000 Dormitory Authority of the State of New York, Marist College, Insured Revenue Bonds,
Series 1992, 6.000%, 7/01/22 7/02 at 102 Aaa 8,073,440
1,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second
General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 No Opt. Call Aaa 1,100,130
1,970,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial
Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 7/04 at 102 Aaa 2,092,869
1,000,000 Dormitory Authority of the State of New York, Fordham University, Insured Revenue Bonds,
Series 1994, 5.500%, 7/01/23 7/04 at 102 Aaa 1,027,260
3,700,000 Dormitory Authority of the State of New York, City University System Consolidated Third
General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24 7/04 at 102 Aaa 4,104,336
1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence College, Revenue Bonds,
Series 1995, 6.000%, 7/01/24 7/05 at 102 Aaa 1,333,682
1,250,000 Dormitory Authority of the State of New York, St. John University, Insured Revenue
Bonds, Series 1996, 5.600%, 7/01/16 7/06 at 102 Aaa 1,311,725
4,625,000 Dormitory Authority of the State of New York, Barnard College, Insured Revenue Bonds,
Series 1996, 5.250%, 7/01/26 7/07 at 101 Aaa 4,636,285
9,250,000 Dormitory Authority of the State of New York, Ithaca College, Insured Revenue Bonds,
Series 1997, 5.250%, 7/01/26 7/07 at 102 Aaa 9,272,570
3,215,000 County of Monroe Industrial Development Agency (Monroe County, New York), 1986
Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place
Remarketing, 7.250%, 12/01/16 (Alternative MinimumTax) 12/99 at 103 Aaa 3,457,057
5,000,000 The Trust for Cultural Resources of The City of New York, New York Botanical Garden
Recreational Facilities Improvements, 5.800%, 7/01/26 7/06 at 101 Aaa 5,289,100
7,250,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 1/07 at 102 Aaa 7,493,165
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - continued
$14,500,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A
(American Museum of Natural History), 5.650%, 4/01/27 4/07 at 101 Aaa $15,172,800
4,775,000 New York City Industrial Development Agency Civic Facility Revenue Bonds (Trinity
Episcopal School Corporation Project), 5.250%, 6/15/27 6/07 at 102 Aaa 4,786,651
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 4.5%
7,500,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital,
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/272/08 at 101Aaa 7,005,075
3,320,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.250%, 2/15/092/99 at 102 Aaa 3,478,165
5,350,000 New York State Medical Care Facilities Finance Agency, Sisters of Charity Hospital of
Buffalo Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 11/01 at 102 Aaa 5,807,746
1,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home
FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/238/02 at 102 AA 1,629,885
1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's Hospital (Rochester)
Mortgage Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/1411/03 at 102Aaa 1,093,470
2,000,000 New York State Medical Care Facilities Finance Agency, Health Center Projects Revenue
Bonds (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/1911/05 at 102 Aaa 2,259,340
3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore Medical Center
FHA-Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/252/05 at 102 Aaa 3,139,740
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 8.2%
1,700,000 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996
Series A Refunding, 6.125%, 11/01/20 5/06 at 102 Aaa 1,840,131
1,600,000 New York State Housing Finance Agency, Insured Multi-Family Mortgage Housing
Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 8/04 at 102 Aaa 1,720,320
New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 1/02 at 102 Aaa 6,040,304
17,995,000 6.750%, 1/01/26 1/02 at 102 Aaa 19,726,659
12,475,000 Pass-Through Certificates of New York City Housing Development Corporation,
Multifamily Housing, Limited Obligation Bonds, Series 1991A,
6.500%, 2/20/19 11/03 at 100 Aaa 15,026,013
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 0.6%
985,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV,
7.250%, 10/01/07 (Alternative Minimum Tax) 10/01 at 102 Aaa 1,053,871
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 33,
5.400%, 10/01/17 3/04 at 102 Aaa 2,045,120
- ----------------------------------------------------------------------------------------------------------------------
LONG TERM CARE - 0.4%
2,000,000 Dormitory Authority of the State of New York, United Cerebral Palsy of New York City, Inc.,
Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 7/06 at 102 Aaa 2,064,680
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/GENERAL - 1.6%
$1,000,000 County of Erie, New York, General Obligation Bonds-1995 Series B,
5.625%, 6/15/20 6/05 at 101 1/2 Aaa $ 1,038,850
200,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1,
6.625%, 8/01/15 8/02 at 101 1/2 Aaa 219,602
360,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series H, 7.100%, 2/01/10 2/02 at 101 1/2 Aaa 398,930
5,000,000 The City of New York, General Obligation Bonds, Fiscal 1998
Series H, 5.125%, 8/01/25 (WI) 8/08 at 101 Aaa 4,874,050
525,000 City of Yonkers, New York, General Obligation Serial
Bonds-1992-A, 6.500%, 2/15/07 2/02 at 102 Aaa 575,857
1,390,000 City of Yonkers, New York, General Obligation Serial
Bonds-1992-B, 6.500%, 2/15/07 2/02 at 102 Aaa 1,532,267
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 20.8%
5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured
Revenue Bonds, Series 1994, 6.000%, 7/01/23 7/04 at 102 Aaa 5,762,968
2,200,000 Dormitory Authority of the State of New York, Mental Health Services, Facilities
Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 2/06 at 102 Aaa 2,165,988
10,000,000 New York Local Government Assistance Corporation, Series 1993 B, Refunding Bonds,
5.000%, 4/01/23 4/04 at 100 Aaa 9,722,000
4,445,000 New York Local Government Assistance Corporation (A Public Benefit Corporation of the
State of New York), Series 1993C Refunding Bonds, 5.000%, 4/01/21 4/03 at 102 Aaa 4,326,541
6,500,000 New York Local Government Assistance Corporation, Series 1997B Refunding Bonds,
4.875%, 4/01/20 4/08 at 101 Aaa 6,249,750
New York Medical Care Facilities Finance Agency, Mental Health
Services Facilities Improvement Revenue Bonds, 1992 Series A:
7,495,000 6.375%, 8/15/10 2/02 at 102 Aaa 8,123,381
15,675,000 6.375%, 8/15/17 12/02 at 102 Aaa 16,981,511
5,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/192/04 at 102 Aaa 5,229,893
8,900,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
Series F, 6.500%, 1/01/19 1/99 at 101 1/2 Aaa 9,219,688
3,000,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds,
Series 1994, 5.700%, 4/01/14 4/04 at 102 Aaa 3,127,050
15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds,
Series 5, 6.500%, 7/01/16 7/01 at 102 Aaa 16,212,900
24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B,
6.875%, 1/01/15 1/01 at 102 Aaa 25,959,360
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.6%
4,000,000 New York State Thruway Authority, General Revenue Bonds,
Series A, 5.750%, 1/01/19 1/02 at 102 Aaa 4,158,080
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue Bonds, Series
1995, 5.750%, 1/01/25 1/05 at 101 Aaa 3,145,290
3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A,
6.000%, 7/01/16 7/06 at 102 Aaa 3,248,070
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TRANSPORTATION - continued
$3,500,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds,
Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1/00 at 102 Aaa $ 3,729,565
2,150,000 New York City Industrial Development Agency, Amended and Restated Industrial
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax) 11/04 at 102 Aaa 2,299,060
1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo International Airport), Airport
Revenue Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax)4/04 at 102 Aaa 1,082,230
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-First Series,
6.500%, 1/15/26 1/01 at 101 Aaa 10,638,700
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series,
6.500%, 11/01/26 (Alternative Minimum Tax) 11/01 at 101 Aaa 10,746,700
7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series X,
6.500%, 1/01/19 1/02 at 101 1/2 Aaa 7,584,080
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 22.6%
3,520,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds
(Suffolk County Issue), Series 1986, 7.375%, 7/01/16 No Opt. Call Aaa 4,442,698
1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue
Bonds, Series 1989A, 7.125%, 5/15/17 (Pre-refunded to 5/15/99) 5/99 at 102 Aaa 1,056,900
6,450,000 Dormitory Authority of the State of New York, City University System Consolidated Second
General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded
to 7/01/00) 7/00 at 102 Aaa 7,062,492
10,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue
Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 10,813,700
3,000,000 Dormitory Authority of the State of New York, State University Educational Facilities, Revenue
Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 5/02 at 102 Aaa 3,349,890
5,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/10
(Pre-refunded to 2/15/02) 2/02 at 102 Aaa 5,482
1,030,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital
Center FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 1,114,203
1,000,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
Series G, 7.250%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 1,076,250
3,100,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue
Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 3,349,395
3,110,000 Power Authority of the State of New York, General Purpose Bonds, Series Z,
6.500%, 1/01/19 (Pre-refunded to 1/01/02) 1/02 at 102 Aaa 3,420,750
1,980,000 Town of Clifton Park Water Authority (New York), Water System Revenue Bonds, 1991
Series A, 6.375%, 10/10/26 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 2,196,810
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
$24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series J,
6.500%, 7/01/18 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa $26,804,804
County of Nassau, New York, General Obligation Serial Bonds:
1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,543,230
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,390,624
1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,636,262
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,418,216
1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 Aaa 1,094,490
19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1,
6.625%, 8/01/15 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 22,018,392
2,140,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/10
(Pre-refunded to 2/01/02) 2/02 at 101 1/2 Aaa 2,391,706
5,090,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue
Bonds, Fiscal 1990 Series A, 6.750%, 6/15/14
(Pre-refunded to 6/15/99) 6/99 at 101 1/2 Aaa 5,347,198
1,090,000 New York City, Municipal Water Finance Authority, Water and Sewer Revenue Bonds,
Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) 6/01 at 101 Aaa 1,187,620
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, Series 1992,
6.125%, 10/01/19 (Pre-refunded to 10/01/02) 10/02 at 102 Aaa 5,166,804
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S,
7.000%, 1/01/21 (Pre-refunded to 1/01/01) 1/01 at 101 1/2 Aaa 2,725,875
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
7.000%, 1/01/20 (Pre-refunded to 1/01/01) 1/01 at 102 Aaa 3,284,490
5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series W,
6.750%, 1/01/22 (Pre-refunded to 1/01/02) 1/02 at 101 1/2 Aaa 6,404,534
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series P,
6.500%, 1/01/15 (Pre-refunded to 1/01/99) 1/99 at 101 1/2 Aaa 2,589,800
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 10.2%
New York State Energy Research and Development Authority, Electric Facilities Revenue
Bonds, Series 1989 C(Consolidated Edison Company of New York, Inc. Project):
5,000,000 7.250%, 11/01/24 (Alternative e Minimum Tax) 11/98 at 101 Aaa 5,139,050
10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 11/98 at 101 A1 10,275,100
6,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities
Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project),
6.750%, 2/01/24 (Alternative Minimum Tax) 5/02 at 102 Aaa 6,557,100
1,500,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds,
Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative
Minimum Tax) 7/03 at 102 Aaa 1,543,620
12,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax) 5/02 at 102 Aaa 13,007,760
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
UTILITIES - continued
$9,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B(Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax) 12/01 at 101 Aaa $ 9,646,650
1,715,000 Power Authority of the State of New York, General Purpose Bonds,
Series Z, 6.500%, 1/01/19 1/02 at 102 Aaa 1,862,266
5,000,000 Power Authority of the State of New York, General Purpose Bonds,
Series Y, 6.000%, 1/01/20 1/01 at 100 Aaa 5,187,650
1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility -
Series B(1994)), 7.250%, 7/01/11 (Alternative Minimum Tax) No Opt. Call Aaa 2,034,516
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8%
New York City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Fiscal 1992 Series A:
8,410,000 6.750%, 6/15/16 6/01 at 101 Aaa 9,072,540
9,770,000 6.250%, 6/15/21 6/01 at 100 Aaa 10,325,034
1,000,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995,
5.650%, 5/01/26 5/06 at 102 Aaa 1,043,690
- ----------------------------------------------------------------------------------------------------------------------
$503,115,000 Total Investments - (cost $497,244,626) - 99.3% 538,164,607
============
Temporary Investments in Short-Term Municipal Securities - 0.1%
$ 400,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B, Variable Rate Demand
============ Bonds, 3.700%, 8/15/05+ VMIG-1 400,000
--------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 3,425,427
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $541,990,034
========================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. government or U.S. government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments (Unaudited)
Nuveen Insured New York Premium Income
Municipal Fund, Inc. (NNF)
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 20.3%
$ 4,500,000 Dormitory Authority of the State of New York, City University System Consolidated
Second General Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 7/00 at 102 Aaa $ 4,846,365
2,000,000 Dormitory Authority of the State of New York, New York University, Insured Revenue Bonds,
Series 1991, 6.000%, 7/01/15 7/01 at 102 Aaa 2,129,860
2,500,000 Dormitory Authority of the State of New York, The New York Public Library, Insured Revenue
Bonds, Series 1992A, 5.875%, 7/01/22 7/02 at 102 Aaa 2,632,400
2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities,
Revenue Bonds, Series 1995A, 6.000%, 5/15/22 5/03 at 102 Aaa 2,673,850
2,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second
General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 No Opt. Call Aaa 2,200,260
2,450,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine, Insured
Revenue Bonds, Series 1994A, 5.000% 7/01/21 7/04 at 102 Aaa 2,368,097
1,000,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial
Hospital Revenue Bonds, Series 1994, 5.500%, 7/01/21 7/04 at 102 Aaa 1,023,870
2,000,000 Dormitory Authority of the State of New York, St. John University, Insured Revenue Bonds,
Series 1996, 5.600%, 7/01/16 7/06 at 102 Aaa 2,098,760
3,000,000 Dormitory Authority of the State of New York, New School for Social Research, Insured
Revenue Bonds, Series 1997, 5.750%, 7/01/26 7/07 at 102 Aaa 3,178,290
2,000,000 County of Monroe County Industrial Development Agency, Civic Facility Revenue Bonds
(Nazareth College of Rochester Project), Series 1995,
6.000%, 6/01/20 6/05 at 102 Aaa 2,150,040
5,460,000 The Trust for Cultural Resources of The City of New York, New York Botanical Garden
Recreational Facilities Improvements, 5.800%, 7/01/26 7/06 at 101 Aaa 5,775,697
1,250,000 The Trust for Cultural Resources of The City of New York, Revenue Refunding Bonds,
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 1/07 at 102 Aaa 1,291,925
5,000,000 The Trust for Cultural Resources of The City of New York, Revenue Bonds, Series 1997A
(American Museum of Natural History), 5.650%, 4/01/22 4/07 at 101 Aaa 5,232,000
1,000,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (USTA National
Tennis Center Incorporated Project), 6.375%, 11/15/14 11/04 at 102 Aaa 1,113,070
- ----------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 15.4%
1,890,000 Dormitory Authority of the State of New York, Long Beach Medical Center, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1995, 5.550%, 8/01/15 8/05 at 102 Aaa 1,948,987
3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA-Insured Mortgage
Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 8/05 at 102 Aaa 3,094,320
4,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/14 2/06 at 102 Aaa 4,262,480
4,725,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin Jewish
Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue
Bonds, Series 1997, 5.600%, 2/01/27 2/07 at 102 Aaa 4,891,556
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
HEALTH CARE - continued
$2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home,
FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital),
6.375%, 8/15/29 8/02 at 102 AAA $ 2,818,001
2,500,000 New York Medical Care Facilities Finance Agency, South Nassau Communities Hospital
Project Revenue Bonds, 1992 Series A, 6.125%, 11/01/11 11/02 at 102 Aaa 2,713,750
4,395,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project
Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 8/05 at 102 Aa 4,757,807
4,700,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage Revenue
Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 2/04 at 102 Aaa 4,746,248
- ----------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 2.4%
2,250,000 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A
Refunding, 6.125%, 11/01/20 5/06 at 102 Aaa 2,435,468
2,000,000 New York State, Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A,
6.700%, 1/01/12 1/02 at 102 Aaa 2,190,500
- ----------------------------------------------------------------------------------------------------------------------
HOUSING SINGLE/FAMILY - 2.1%
2,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 30-B,
6.650%, 10/01/25 (Alternative Minimum Tax) 3/03 at 102 Aaa 2,669,450
1,200,000 State of New York Agency, Homeowner Mortgage Revenue Bonds, Series 30-C-1,
5.850%, 10/01/25 (Alternative Minimum Tax) 10/03 at 102 Aa2 1,243,416
- ----------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 12.8%
1,595,000 Town of Huntington, Suffolk County, New York, General Obligation Refunding Bonds, 1993,
5.500%, 4/01/13 4/03 at 102 Aaa 1,653,999
210,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General Improvement
Bonds, Series 1993-H., 5.500% 6/15/16 No Opt. Call Aaa 224,782
1,500,000 County of Nassau, New York, General Obligation Serial Bonds, Serial General Improvement
Bonds, Series O, 5.700%, 8/01/13 8/04 at 103 Aaa 1,624,185
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995
Series E, 8.000%, 8/01/05 No Opt. Call Aaa 4,885,440
4,000,000 The City of New York, General Obligation Bonds, Fiscal 1997
Series I and J, 6.250%, 4/15/07 No Opt. Call Aaa 4,502,400
2,000,000 The City of New York, General Obligation Bonds, Fiscal 1998
Series B, 6.000%, 8/01/07 No Opt. Call Aaa 2,220,000
100,000 County of Niagara, New York, Public Improvement (Serial) Bonds,
1993, 5.750%, 8/15/20 8/00 at 102 Aaa 103,104
2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment
Plant (Serial) Bonds, 1994, 8.500%, 11/01/08
(Alternative Minimum Tax) No Opt. Call Aaa 2,779,004
City of Niagara Falls, Niagara County, New York, Public Improvement
(Serial) Bonds, 1994:
1,000,000 7.500%, 3/01/13 No Opt. Call Aaa 1,281,470
2,000,000 6.900%, 3/01/22 3/04 at 102 Aaa 2,274,200
2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C,
5.500%, 9/01/09 9/03 at 102 Aaa 2,891,570
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 5.2%
$ 1,000,000 New York Local Government Assistance Corporation, Series 1997B Refunding Bonds,
4.875%, 4/01/20 4/08 at 101 Aaa $ 961,500
2,000,000 New York Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 12/02 at 102 Aaa 2,166,700
2,500,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 2/04 at 102 Aaa 2,492,875
2,000,000 New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Series 1995A,
6.250%, 4/01/06 4/05 at 102 Aaa 2,240,100
1,900,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds,
1993A, Refunding Series, 5.250%, 1/01/14 No Opt. Call Aaa 1,974,366
- ----------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 8.0%
1,900,000 New York State Thruway Authority, General Revenue Bonds, Series C,
6.000%, 1/01/25 1/05 at 102 Aaa 2,037,332
4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997A,
5.625%, 7/01/27 7/07 at 101 1/2 Aaa 4,703,895
1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series A,
6.100%, 7/01/21 7/06 at 102 Aaa 1,864,594
1,800,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Refunding
Bonds, Series 1993, 5.375%, 1/01/19 (Alternative Minimum Tax) 1/03 at 102 Aaa 1,804,374
2,000,000 New York City Industrial Development Agency, Amended and Restated Industrial
Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax) 11/04 at 102 Aaa 2,138,660
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Eighty-Fourth Series,
5.875%, 7/15/16 (Alternative Minimum Tax) 1/03 at 101 Aaa 2,598,125
- ----------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 16.3%
Dormitory Authority of the State of New York, Colgate University,
Insured Revenue Bonds, Series 1991A:
1,250,000 6.700%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,371,975
1,000,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 Aaa 1,091,540
6,855,000 Dormitory Authority of the State of New York, City University System Consolidated, Third
General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24
(Pre-refunded to 7/01/04) 7/04 at 102 Aaa 7,902,033
100,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center,
FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29
(Pre-refunded to 2/15/00) 2/00 at 102 Aaa 108,175
7,800,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA-Insured
Mortgage Revenue Bonds, 1994 Series A (AMBAC Insured Series), 6.800%, 8/15/24
(Pre-refunded to 2/15/05) 2/05 at 102 Aaa 9,045,816
2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 (Pre-refunded to 7/01/02) 7/02 at 102 Aaa 2,200,080
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
U.S. GUARANTEED - continued
$ 1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1994A,
6.375%, 7/01/18 (Pre-refunded to 7/01/04) 7/04 at 101 1/2 Aaa $ 1,128,490
2,385,000 The City of New York, General Obligation Bonds, 1992 Series C, 6.625%, 8/01/14
(Pre-refunded to 8/01/02) 8/02 at 101 1/2 Aaa 2,652,215
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990
Series F, 6.000%, 8/01/19 8/98 at 101 1/2 Aaa 1,533,510
3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T,
6.000%, 1/01/22 (Pre-refunded to 1/01/01) 1/01 at 100 Aaa 3,996,308
- ----------------------------------------------------------------------------------------------------------------------
UTILITIES - 12.5%
2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities
Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax) 5/02 at 102 Aaa 2,732,125
2,750,000 New York State Energy Research and Development Authority, Gas Facilities Revenue
Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax) 7/03 at 102 Aaa 2,829,970
6,100,000 New York State Energy Research and Development Authority, Pollution Control Revenue
Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax) 5/02 at 102 Aaa 6,612,278
2,500,000 New York State Energy Research and Development Authority, 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) 7/05 at 102 Aaa 2,696,650
2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds,
Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax) 12/01 at 101 Aaa 2,679,625
1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility -
Series B 1994), 6.125%, 7/01/13 (Alternative Minimum Tax) 7/04 at 102 Aaa 1,265,376
1,815,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility -
Series D 1995), 6.150%, 7/01/05 No Opt. Call Aaa 2,013,761
2,500,000 Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series Y,
7.000%, 7/01/07 No Opt. Call Aaa 2,980,950
- ----------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.8%
2,000,000 New York City, New York, Municipal Water Finance Authority, Water and Sewer System
Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 6/05 at 101 Aaa 2,124,860
Suffolk County Water Authority, New York Water System Revenue Bonds, Series
1993 Refunding:
2,500,000 5.100%, 6/01/11 No Opt. Call Aaa 2,600,925
2,500,000 5.100%, 6/01/12 No Opt. Call Aaa 2,586,700
- ----------------------------------------------------------------------------------------------------------------------
$174,045,000 Total Investments - (cost $174,613,482) - 98.8% 188,062,504
============
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
<S> <C> <C> <C> <C>
Temporary Investments in Short-Term Municipal Securities - 0.2%
$ 400,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series B,
=========== Variable Rate Demand Bonds, 3.700%, 8/15/05+ VMIG-1 $ 400,000
--------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.0% 1,920,588
--------------------------------------------------------------------------------------------------------
Net Assets - 100% $190,383,092
========================================================================================================
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. government or U.S. government agency
securities, any of which ensure the timely payment of principal and interest.
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call provisions at
varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets (Unaudited)
March 31, 1998
<CAPTION>
New York New York New York
Value Performance Plus Investment Quality
<S> <C> <C> <C>
Assets
Investments in municipal securities, at market value (note 1) $151,051,709 $331,099,951 $386,884,319
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) 1,700,000 3,500,000 1,700,000
Cash 101,371 -- --
Receivables:
Interest 2,478,736 6,000,101 7,461,911
Investments sold -- 3,225,000 3,399,773
Other assets 23,848 22,873 41,747
- ----------------------------------------------------------------------------------------------------------------------
Total assets 155,355,664 343,847,925 399,487,750
- ----------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft -- 195,742 262,365
Payable for investments purchased -- -- 1,417,438
Accrued expenses:
Management fees (note 6) 78,263 185,481 214,048
Other 108,318 129,161 155,702
Preferred share dividends payable N/A 36,910 47,335
Common share dividends payable 709,556 1,318,653 1,553,537
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 896,137 1,865,947 3,650,425
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $154,459,527 $341,981,978 $395,837,325
======================================================================================================================
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000
======================================================================================================================
Preferred shares outstanding N/A 4,172 4,800
======================================================================================================================
Common shares outstanding 15,096,945 14,733,553 17,455,471
======================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred shares
at liquidation value,
divided by Common shares outstanding) $ 10.23 $ 16.13 $ 15.80
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets (Unaudited) - continued
March 31, 1998
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Assets
Investments in municipal securities, at market value (note 1) $510,584,358 $538,164,607 $188,062,504
Temporary investments in short-term municipal securities,
at amortized cost, which approximates market value (note 1) 700,000 400,000 400,000
Cash -- -- --
Receivables:
Interest 8,644,348 8,772,598 2,749,399
Investments sold 3,652,409 3,910,318 --
Other assets 16,279 41,602 24,025
- ----------------------------------------------------------------------------------------------------------------------
Total assets 523,597,394 551,289,125 191,235,928
- ----------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft 188,149 161,135 40,109
Payable for investments purchased 6,195,097 6,787,428 --
Accrued expenses:
Management fees (note 6) 277,015 291,154 104,292
Other 153,070 142,564 122,863
Preferred share dividends payable 78,039 67,795 21,726
Common share dividends payable 1,895,863 1,849,015 563,846
- ----------------------------------------------------------------------------------------------------------------------
Total liabilities 8,787,233 9,299,091 852,836
- ----------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $514,810,161 $541,990,034 $190,383,092
======================================================================================================================
Preferred shares, at liquidation value $150,000,000 $170,000,000 $ 65,000,000
======================================================================================================================
Preferred shares outstanding 6,000 6,800 2,600
======================================================================================================================
Common shares outstanding 22,980,158 23,705,317 8,231,321
======================================================================================================================
Net asset value per Common share outstanding (net assets less Preferred shares
at liquidation value,
divided by Common shares outstanding) $ 15.88 $ 15.69 $ 15.23
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations (Unaudited)
Six months ended March 31, 1998
<CAPTION>
New York New York New York
Value Performance Plus Investment Quality
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $4,835,184 $11,140,327 $12,632,602
- ----------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 469,306 1,090,851 1,258,375
Preferred shares - auction fees N/A 130,017 149,589
Preferred shares - dividend disbursing agent fees N/A 14,959 9,972
Shareholders' servicing agent fees and expenses 28,071 26,696 22,774
Custodian's fees and expenses 22,171 32,037 33,631
Directors' fees and expenses (note 6) 656 1,456 1,685
Professional fees 8,463 9,020 9,104
Shareholders' reports - printing and mailing expenses 28,725 40,432 44,220
Stock exchange listing fees 12,420 12,422 12,465
Investor relations expense 7,951 14,735 16,230
Portfolio insurance expense -- -- 49,377
Other expenses 4,425 12,271 14,202
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 582,188 1,384,896 1,621,624
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 4,252,996 9,755,431 11,010,978
- ----------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain from investment transactions (notes 1 and 4) 1,022,913 1,134,772 1,276,073
Net change in unrealized appreciation or depreciation
of investments (406,572) (2,553,800) (1,576,401)
- ----------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments 616,341 (1,419,028) (300,328)
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $4,869,337 $ 8,336,403 $10,710,650
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations (Unaudited) - continued
Six months ended March 31, 1998
<CAPTION>
New York New York Insured New York
Select Quality Quality Income Premium Income
<S> <C> <C> <C>
Investment Income
Tax-exempt interest income (note 1) $15,856,151 $15,812,438 $5,185,384
- ----------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 1,626,979 1,710,257 610,987
Preferred shares - auction fees 186,987 211,917 81,028
Preferred shares - dividend disbursing agent fees 9,972 14,959 9,972
Shareholders' servicing agent fees and expenses 23,171 22,903 8,521
Custodian's fees and expenses 39,886 40,679 23,416
Directors' fees and expenses (note 6) 2,182 2,290 795
Professional fees 9,265 9,300 8,980
Shareholders' reports - printing and mailing expenses 54,976 57,692 25,498
Stock exchange listing fees 16,633 16,242 8,063
Investor relations expense 20,198 21,004 7,432
Portfolio insurance expense 68,128 13,974 10,259
Other expenses 16,151 16,026 9,204
- ----------------------------------------------------------------------------------------------------------------------
Total expenses 2,074,528 2,137,243 804,155
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 13,781,623 13,675,195 4,381,229
- ----------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain from investment transactions (notes 1 and 4) 795,148 466,668 106,322
Net change in unrealized appreciation or depreciation
of investments (1,337,899) 1,210,956 2,342,709
- ----------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (542,751) 1,677,624 2,449,031
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations $13,238,872 $15,352,819 $6,830,260
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets (Unaudited)
<CAPTION>
New York Value New York Performance Plus
Six months ended Year ended Six months ended Year ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Operations
Net investment income $ 4,252,996 $ 9,296,198 $ 9,755,431 $ 19,742,873
Net realized gain (loss) from investment transactions
(notes 1 and 4) 1,022,913 2,270,242 1,134,772 885,201
Net change in unrealized appreciation or depreciation
of investments (406,572) (1,376,339) (2,553,800) (350,482)
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 4,869,337 10,190,101 8,336,403 20,277,592
- ----------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (4,300,982) (9,315,828) (8,073,628) (16,214,120)
Preferred shareholders N/A N/A (1,792,617) (3,458,793)
From accumulated net realized gains from investment transactions:
Common shareholders (1,378,269) (107,163) -- --
Preferred shareholders N/A N/A -- --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (5,679,251) (9,422,991) (9,866,245) (19,672,913)
- ----------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 971,635 1,682,801 1,191,789 2,355,206
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 161,721 2,449,911 (338,053) 2,959,885
Net assets at beginning of period 154,297,806 151,847,895 342,320,031 339,360,146
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $154,459,527 $154,297,806 $341,981,978 $342,320,031
======================================================================================================================
Balance of undistributed net investment income at end of period $ 7,859 $ 55,845 $ 553,974 $ 664,788
======================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
<CAPTION>
New York Investment Quality New York Select Quality
Six months ended Year ended Six months ended Year ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Operations
Net investment income $ 11,010,978 $ 22,410,376 $ 13,781,623 $ 27,598,104
Net realized gain (loss) from investment transactions
(notes 1 and 4) 1,276,073 176,218 795,148 (98,622)
Net change in unrealized appreciation or depreciation
of investments (1,576,401) (693,456) (1,337,899) 2,803,071
- ---------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 10,710,650 21,893,138 13,238,872 30,302,553
- ---------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (9,306,933) (18,482,364) (11,348,902) (22,496,588)
Preferred shareholders (1,990,948) (3,888,069) (2,547,230) (4,899,015)
From accumulated net realized gains from investment transactions:
Common shareholders (237,793) (416,639) -- (282,980)
Preferred shareholders (48,288) (91,224) -- (61,908)
- ---------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (11,583,962) (22,878,296) (13,896,132) (27,740,491)
- ---------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 1,141,893 2,364,645 2,174,020 4,603,400
- ---------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 268,581 1,379,487 1,516,760 7,165,462
Net assets at beginning of period 395,568,744 394,189,257 513,293,401 506,127,939
- ---------------------------------------------------------------------------------------------------------------------
Net assets at end of period $395,837,325 $395,568,744 $514,810,161 $513,293,401
=====================================================================================================================
Balance of undistributed net investment income
at end of period $ 939,246 $ 1,226,149 $ 899,710 $ 1,014,219
=====================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets (Unaudited) - continued
<CAPTION>
Insured New York
New York Quality Income Premium Income
Six months ended Year ended Six months ended Year ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Operations
Net investment income $ 13,675,195 $ 27,494,585 $ 4,381,229 $ 8,829,704
Net realized gain (loss) from investment transactions
(notes 1 and 4) 466,668 597,191 106,322 (694,840)
Net change in unrealized appreciation or depreciation
of investments 1,210,956 8,255,873 2,342,709 6,323,270
- ----------------------------------------------------------------------------------------------------------------------
Net increase in net assets from operations 15,352,819 36,347,649 6,830,260 14,458,134
- ----------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (11,079,228) (21,998,285) (3,379,323) (6,754,836)
Preferred shareholders (2,869,806) (5,531,743) (1,092,708) (2,066,404)
From accumulated net realized gains from investment transactions:
Common shareholders (511,676) (680,173) -- --
Preferred shareholders (128,202) (176,348) -- --
- ----------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (14,588,912) (28,386,549) (4,472,031) (8,821,240)
- ----------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Net proceeds from Common shares issued to shareholders due to
reinvestment of distributions 1,898,797 2,432,567 212,120 --
- ----------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 2,662,704 10,393,667 2,570,349 5,636,894
Net assets at beginning of period 539,327,330 528,933,663 187,812,743 182,175,849
- ----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $541,990,034 $539,327,330 $190,383,092 $187,812,743
======================================================================================================================
Balance of undistributed net investment income at
end of period $ 983,334 $ 1,257,173 $ 470,597 $ 561,399
======================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
The New York Funds (the "Funds") covered in this report and their
corresponding New York Stock Exchange symbols are Nuveen New York Municipal
Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc.
(NNP), Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New
York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income
Municipal Fund, Inc. (NUN) and Nuveen Insured New York Premium Income Municipal
Fund, Inc. (NNF).
New York Value is not authorized by its Articles of Incorporation to issue
Preferred shares. Therefore, in the Notes to Financial Statements, "N/A"
represents not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of New York.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade-date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
March 31, 1998, New York Investment Quality, New York Select Quality and New
York Quality Income had outstanding when-issued purchase commitments of
$1,417,438, $6,195,097 and $6,787,428, respectively. There were no such
outstanding purchase commitments in any of the other Funds.
Interest Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for New York Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. Net realized
capital gain and market discount distributions are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared as a dividend monthly and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
<PAGE>
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
The Funds below have issued and outstanding $25,000 stated value Preferred
shares. Each Fund's Preferred shares are issued in more than one Series. The
dividend rate on each Series may change every seven days, as set by the auction
agent. The number of shares outstanding, by Series and in total, for each Fund
is as follows:
<TABLE>
Insured
New York New York New York New York New York
Performance Investment Select Quality Premium
Plus Quality Quality Income Income
<S> <C> <C> <C> <C> <C>
Number of shares:
Series M 1,600 -- -- 2,200 1,320
Series T -- 2,400 -- -- 1,280
Series W 2,000 -- 2,400 2,200 --
Series Th -- -- 3,600 2,400 --
Series F 572 2,400 -- -- --
- ----------------------------------------------------------------------------------------------------------------------
Total 4,172 4,800 6,000 6,800 2,600
======================================================================================================================
</TABLE>
Insurance
New York Investment Quality, New York Select Quality, New York Quality Income
and Insured New York Premium Income invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. government or U.S. government agency securities, both
of which ensure the timely payment of principal and interest. Each insured
municipal security is covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance. Such insurance does not guarantee the market
value of the municipal securities or the value of the Funds' shares. Original
Issue Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer remains
in business, regardless of whether the Funds ultimately dispose of such
municipal securities. Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market Insurance may reflect
value attributable to the insurance. Portfolio Insurance is effective only while
the municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities nor
the net asset value of the Funds' shares include value, if any, attributable to
the Portfolio Insurance. Each policy of the Portfolio Insurance does, however,
give the Funds the right to obtain permanent insurance with respect to the
municipal security covered by the Portfolio Insurance policy at the time of its
sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap, option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the six months ended March 31, 1998.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of increases and decreases in net
assets from operations during the reporting period.
<PAGE>
2. Fund Shares Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
New York Value New York Performance Plus
Six months endedYear ended Six months endedYear ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 92,800 161,496 65,069 134,942
=====================================================================================================================
<CAPTION>
New York Investment Quality New York Select Quality
Six months endedYear ended Six months endedYear ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 64,260 138,095 128,143 285,405
=====================================================================================================================
<CAPTION>
New York Quality Income Insured New York Premium Income
Six months endedYear ended Six months endedYear ended
3/31/98 9/30/97 3/31/98 9/30/97
<S> <C> <C> <C> <C>
Shares issued to shareholders due to reinvestment
of distributions 115,725 154,902 13,761 --
======================================================================================================================
</TABLE>
3. Distributions to Common Shareholders
On April 1, 1998, the Funds declared Common share dividend distributions from
their tax-exempt net investment income which were paid May 1, 1998, to
shareholders of record on April 15, 1998, as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
<S> <C> <C> <C> <C> <C> <C>
Dividend per share $.0470 $.0895 $.0890 $.0825 $.0780 $.0685
======================================================================================================================
</TABLE>
4. Securities Transactions
Purchases and sales (including maturities) of investments in municipal
securities and temporary municipal investments during the six months ended March
31, 1998, were as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
<S> <C> <C> <C> <C> <C> <C>
Purchases:
Investments in municipal securities $ 36,386,036 $ 34,162,088 $ 38,823,344 $ 34,039,119 $ 28,751,843 $ 8,227,750
Temporary municipal investments 14,200,000 11,900,000 23,160,000 15,600,000 15,325,000 2,700,000
Sales and Maturities:
Investments in municipal securities 37,982,460 38,865,011 40,983,135 28,703,158 24,857,523 5,697,569
Temporary municipal investments 12,900,000 9,500,000 22,360,000 16,100,000 15,425,000 5,000,000
======================================================================================================================
</TABLE>
At March 31, 1998, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for each
Fund.
At September 30, 1997, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York
Performance Select Premium
Plus Quality Income
<S> <C> <C> <C>
Expiration year:
2000 $ -- $ -- $ 14,718
2002 1,709,368 -- 1,613,938
2003 356,638 -- 3,373
2004 504,763 -- 2,802,391
2005 -- 98,622 540,548
- ----------------------------------------------------------------------------------------------------------------------
Total $2,570,769 $98,622 $4,974,968
======================================================================================================================
</TABLE>
<PAGE>
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 1998, were as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York
New York Performance Investment Select Quality Premium
Value Plus Quality Quality Income Income
<S> <C> <C> <C> <C> <C> <C>
Gross unrealized:
appreciation $9,427,673 $24,201,984 $28,907,783 $41,983,027 $40,970,571 $13,491,106
depreciation (168,541) (106,620) (93,491) (55,296) (50,590) (42,084)
- ----------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation $9,259,132 $24,095,364 $28,814,292 $41,927,731 $40,919,981 $13,449,022
======================================================================================================================
</TABLE>
6. Management Fee and Other Transactions with Affiliates
Under New York Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays an annual management fee, payable monthly of .35 of 1% of the average
daily net asset value of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under the Funds' (excluding New York Value) investment management agreements
with the Adviser, each Fund pays an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net asset
value of each Fund as follows:
<TABLE>
<CAPTION>
Average daily net asset value Management fee
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
======================================================================================================================
</TABLE>
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. Composition of Net Assets At March 31, 1998, net assets
consisted of:
<TABLE>
<CAPTION>
New York
New York New York Investment
Value Performance Plus Quality
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $ N/A $104,300,000 $120,000,000
Common shares, $.01 par value per share 150,969 147,336 174,555
Paid-in surplus 144,020,115 214,318,871 244,744,756
Balance of undistributed net investment income 7,859 553,974 939,246
Accumulated net realized gain (loss) from
investment transactions 1,021,452 (1,433,567) 1,164,476
Net unrealized appreciation of investments 9,259,132 24,095,364 28,814,292
- ----------------------------------------------------------------------------------------------------------------------
Net assets $154,459,527 $341,981,978 $395,837,325
======================================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000
======================================================================================================================
<CAPTION>
New York New York Insured
Select Quality New York
Quality Income Premium Income
<S> <C> <C> <C>
Preferred shares, $25,000 stated value per share,
at liquidation value $150,000,000 $170,000,000 $ 65,000,000
Common shares, $.01 par value per share 229,802 237,053 82,313
Paid-in surplus 321,056,392 329,425,685 116,872,913
Balance of undistributed net investment income 899,710 983,334 470,597
Accumulated net realized gain (loss) from
investment transactions 696,526 423,981 (5,491,753)
Net unrealized appreciation of investments 41,927,731 40,919,981 13,449,022
- ----------------------------------------------------------------------------------------------------------------------
Net assets $514,810,161 $541,990,034 $190,383,092
======================================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 200,000,000
Preferred 1,000,000 1,000,000 1,000,000
======================================================================================================================
</TABLE>
<PAGE>
<TABLE>
Financial Highlights (Unaudited)
Selected data for a Common share outstanding throughout each period is
as follows:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income ments shareholders shareholders+
<S> <C> <C> <C> <C> <C>
New York Value
Six months ended
3/31/98 $10.28 $ .28 $ .05 $ (.29) $N/A
Year ended 9/30:
1997 10.23 .62 .06 (.62) N/A
1996 10.44 .64 (.15) (.66) N/A
1995 10.39 .66 .06 (.67) N/A
1994 10.99 .66 (.57) (.67) N/A
1993 10.74 .66 .40 (.67) N/A
Two months ended
9/30/92 10.87 .11 (.13) (.11) N/A
Year ended 7/31:
1992 10.27 .68 .73 (.68) N/A
1991 10.20 .68 .12 (.68) N/A
1990 10.37 .68 (.13) (.68) N/A
1989 9.95 .68 .66 (.68) N/A
10/7/87 to
7/31/88 9.35 .51 .55 (.46) N/A
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 16.23 .66 (.09) (.55) (.12)
Year ended 9/30:
1997 16.17 1.35 .06 (1.11) (.24)
1996 16.41 1.36 (.22) (1.13) (.25)
1995 15.91 1.37 .52 (1.12) (.27)
1994 17.24 1.36 (1.29) (1.13) (.27)
1993 15.73 1.38 1.54 (1.17) (.24)
11 months ended
9/30/92 14.93 1.28 .74 (1.00) (.22)
Year ended
10/31/91 13.44 1.39 1.49 (1.05) (.34)
11/15/89 to
10/31/90 14.05 1.14 (.46) (.79) (.26)
<PAGE>
<CAPTION>
Distributions from capital gains
Per Total
Organization Common invest-
and offering share ment
costs and market return
To To Preferred share Net asset value on
Common Preferred underwriting value end end of market
shareholders shareholders+ discounts of period period value**
New York Value
<S> <C> <C> <C> <C> <C> <C>
Six months ended
3/31/98 $(.09) $N/A $-- $10.23 $10.5625 2.45%
Year ended 9/30:
1997 (.01) N/A -- 10.28 10.6875 8.11
1996 (.04) N/A -- 10.23 10.5000 8.07
1995 -- N/A -- 10.44 10.3750 5.33
1994 (.02) N/A -- 10.39 10.5000 (.77)
1993 (.14) N/A -- 10.99 11.2500 7.27
Two months ended
9/30/92 -- N/A -- 10.74 11.2500 (2.29)
Year ended 7/31:
1992 (.13) N/A -- 10.87 11.6250 17.77
1991 (.05) N/A -- 10.27 10.6250 8.58
1990 (.04) N/A -- 10.20 10.5000 7.08
1989 (.24) N/A -- 10.37 10.5000 14.92
10/7/87 to
7/31/88 -- N/A -- 9.95 10.0000 4.67
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C> <C>
Six months ended
3/31/98 -- -- -- 16.13 17.1875 (5.51)
Year ended 9/30:
1997 -- -- -- 16.23 18.7500 15.77
1996 -- -- -- 16.17 17.2500 10.76
1995 -- -- -- 16.41 16.6250 12.43
1994 -- -- -- 15.91 15.8750 (5.07)
1993 -- -- -- 17.24 17.8750 21.53
11 months ended
9/30/92 -- -- -- 15.73 15.7500 8.14
Year ended
10/31/91 -- -- -- 14.93 15.5000 15.67
11/15/89 to
10/31/90 -- -- (.24) 13.44 14.3750 1.05
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Total Net assets Ratio of investment
return on end of expenses income Portfolio
net asset period (in to average to average turnover
value** thousands) net assets++ net assets++ rate
New York Value
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 3.22% $154,460 .76%* 5.52%* 24%
Year ended 9/30:
1997 6.87 154,298 .79 6.10 28
1996 4.85 151,848 .83 6.16 7
1995 7.24 124,484 .80 6.38 12
1994 .78 122,311 .84 6.16 4
1993 10.28 127,976 .85 6.16 5
Two months ended
9/30/92 (.16) 123,313 .84* 6.20* --
Year ended 7/31:
1992 14.28 124,620 .90 6.46 9
1991 8.21 116,236 .96 6.77 14
1990 5.61 114,368 .98 6.70 16
1989 14.22 115,379 1.03 6.75 24
10/7/87 to
7/31/88 11.40 109,750 .99* 6.54* 47
New York Performance Plus
Six months ended
3/31/98 2.80 341,982 .81* 5.71* 10
Year ended 9/30:
1997 7.49 342,320 .81 5.81 7
1996 5.53 339,360 .82 5.76 2
1995 10.62 340,246 .86 5.86 15
1994 (1.22) 163,591 .87 5.76 2
1993 17.78 172,136 .84 5.89 3
11 months ended
9/30/92 12.48 160,052 .81* 6.25* 1
Year ended
10/31/91 19.71 153,310 .84 6.53 46
11/15/89 to
10/31/90 1.31 142,169 .83* 6.54* 69
See notes on page 62.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights (Unaudited) - continued Selected data for a Common share
outstanding throughout each period is as follows:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income ments shareholders shareholders+
<S> <C> <C> <C> <C> <C>
New York Investment Quality
Six months ended
3/31/98 $15.85 $ .63 $(.03) $(.53) $(.11)
Year ended 9/30:
1997 15.89 1.29 (.01) (1.07) (.22)
1996 16.16 1.30 (.25) (1.05) (.24)
1995 15.71 1.30 .48 (1.05) (.28)
1994 17.29 1.30 (1.56) (1.08) (.24)
1993 15.83 1.31 1.49 (1.10) (.24)
11 months ended
9/30/92 14.98 1.22 .84 (.97) (.21)
11/20/90 to
10/31/91 14.05 1.07 1.02 (.77) (.20)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 15.90 .60 (.01) (.50) (.11)
Year ended 9/30:
1997 15.78 1.21 .13 (.99) (.22)
1996 15.90 1.22 (.06) (1.01) (.23)
1995 15.24 1.23 .69 (1.01) (.25)
1994 17.03 1.22 (1.76) (1.06) (.18)
1993 15.27 1.23 1.80 (1.08) (.16)
11 months ended
9/30/92 14.39 1.12 .85 (.88) (.21)
5/22/91 to
10/31/91 14.05 .35 .42 (.24) (.03)
<PAGE>
<CAPTION>
Distributions from capital gains
Per Total
Organization Common invest-
and offering share ment
costs and market return
To To Preferred share Net asset value on
Common Preferred underwriting value end end of market
shareholders shareholders+ discounts of period period value**
<S> <C> <C> <C> <C> <C> <C>
New York Investment Quality
Six months ended
3/31/98 $(.01) $ -- $-- $15.80 $17.3750 (1.12)%
Year ended 9/30:
1997 (.02) (.01) -- 15.85 18.1250 14.40
1996 (.02) (.01) -- 15.89 16.8750 9.01
1995 -- -- -- 16.16 16.5000 15.87
1994 -- -- -- 15.71 15.2500 (6.26)
1993 -- -- -- 17.29 17.3750 10.71
11 months ended
9/30/92 (.02) (.01) -- 15.83 16.7500 14.83
11/20/90 to
10/31/91 -- -- (.19) 14.98 15.5000 8.61
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C> <C>
Six months ended
3/31/98 -- -- -- 15.88 16.6250 1.81
Year ended 9/30:
1997 (.01) -- -- 15.90 16.8125 11.77
1996 (.03) (.01) -- 15.78 16.0000 8.26
1995 -- -- -- 15.90 15.7500 15.34
1994 (.01) -- -- 15.24 14.6250 (4.30)
1993 (.02) (.01) -- 17.03 16.3750 15.12
11 months ended
9/30/92 -- -- -- 15.27 15.2500 6.86
5/22/91 to
10/31/91 -- -- (.16) 14.39 15.1250 2.42
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Total Net assets Ratio of investment
return on end of expenses income Portfolio
net asset period (in to average to average turnover
value** thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C>
New York Investment Quality
Six months ended
3/31/98 3.18% $395,837 .82%* 5.57%* 10%
Year ended 9/30:
1997 6.84 395,569 .82 5.69 2
1996 5.09 394,189 .82 5.63 4
1995 9.98 396,012 .84 5.73 4
1994 (2.97) 387,955 .83 5.53 2
1993 16.82 412,960 .83 5.54 1
11 months ended
9/30/92 12.67 385,114 .79* 5.89* 5
11/20/90 to
10/31/91 12.47 368,269 .80* 6.03* 9
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 3.02 514,810 .81* 5.37* 6
Year ended 9/30:
1997 7.34 513,293 .81 5.43 3
1996 5.86 506,128 .80 5.40 4
1995 11.41 505,340 .82 5.56 5
1994 (4.32) 490,530 .83 5.38 2
1993 19.47 530,466 .85 5.43 1
11 months ended
9/30/92 12.60 489,917 .83* 5.68* 15
5/22/91 to
10/31/91 4.14 467,181 .79* 5.22* 2
See notes on page 62.
</TABLE>
<PAGE>
<TABLE>
Financial Highlights (Unaudited) - continued
Selected data for a Common share outstanding throughout each period is
as follows:
<CAPTION>
Dividends from tax-exempt
Operating performance net investment income
Net
realized &
Net asset Net unrealized
value invest- gain (loss) To To
beginning ment from invest- Common Preferred
of period income ments shareholders shareholders+
<S> <C> <C> <C> <C> <C>
New York Quality Income
Six months ended
3/31/98 $15.66 $ .58 $.07 $(.47) $(.12)
Year ended 9/30:
1997 15.32 1.17 .39 (.94) (.24)
1996 15.31 1.19 .04 (.94) (.25)
1995 14.51 1.19 .84 (.94) (.27)
1994 16.50 1.18 (1.96) (.95) (.24)
1993 14.58 1.17 1.89 (.93) (.21)
11/20/91 to
9/30/92 14.05 .73 .65 (.59) (.08)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 14.95 .53 .29 (.41) (.13)
Year ended 9/30:
1997 14.26 1.07 .69 (.82) (.25)
1996 13.92 1.08 .33 (.80) (.27)
1995 12.74 1.08 1.20 (.81) (.29)
1994 15.34 1.05 (2.62) (.84) (.19)
12/17/92 to
9/30/93 14.05 .60 1.50 (.47) (.08)
<PAGE>
<CAPTION>
Distributions from capital gains
Per Total
Organization Common invest-
and offering share ment
costs and market return
To To Preferred share Net asset value on
Common Preferred underwriting value end end of market
shareholders shareholders+ discounts of period period value**
<S> <C> <C> <C> <C> <C> <C>
New York Quality Income
Six months ended
3/31/98 $(.02) $(.01) $-- $15.69 $16.3750 4.21%
Year ended 9/30:
1997 (.03) (.01) -- 15.66 16.1875 12.90
1996 (.02) (.01) -- 15.32 15.2500 10.96
1995 (.02) -- -- 15.31 14.6250 11.96
1994 (.02) -- -- 14.51 14.0000 (3.58)
1993 -- -- -- 16.50 15.5000 12.76
11/20/91 to
9/30/92 -- -- (.18) 14.58 14.6250 1.52
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C> <C>
Six months ended
3/31/98 -- -- -- 15.23 15.3125 5.75
Year ended 9/30:
1997 -- -- -- 14.95 14.8750 14.63
1996 -- -- -- 14.26 13.7500 11.15
1995 -- -- -- 13.92 13.1250 22.11
1994 -- -- -- 12.74 11.5000 (16.98)
12/17/92 to
9/30/93 -- -- (.26) 15.34 14.7500 1.53
<PAGE>
<CAPTION>
Ratios/Supplemental data
Ratio of
net
Total Net assets Ratio of investment
return on end of expenses income Portfolio
net asset period (in to average to average turnover
value** thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C>
New York Quality Income
Six months ended
3/31/98 3.35% $541,990 .79%* 5.06%* 5%
Year ended 9/30:
1997 8.80 539,327 .80 5.17 13
1996 6.45 528,934 .79 5.25 9
1995 12.58 528,027 .81 5.42 4
1994 (6.37) 509,344 .82 5.20 5
1993 20.20 555,918 .83 5.15 4
11/20/91 to
9/30/92 8.11 510,658 .79* 5.00* 17
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C>
Six months ended
3/31/98 4.66 190,383 .85* 4.63* 3
Year ended 9/30:
1997 10.93 187,813 .85 4.80 24
1996 8.35 182,176 .86 4.87 21
1995 16.30 179,368 .95 5.05 32
1994 (11.85) 86,720 .96 4.80 5
12/17/92 to
9/30/93 12.70 97,664 .99* 4.14* 3
N/A - Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in net asset value per share. Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders.
</TABLE>
<PAGE>
Building Better Portfolios with Nuveen
Reducing the impact of taxes and moderating risk are important goals for many
risk-sensitive investors seeking to build better portfolios. For these
investors, a tax-efficient, risk-resistant investment portfolio often forms the
foundation of a carefully crafted financial plan for building and sustaining
wealth. Nuveen is committed to providing investors and their financial advisers
with a range of products and investment tools to help build better portfolios.
Nuveen Family
of Mutual Funds
Nuveen offers a variety of funds designed to help you reach your financial
goals.
Growth
Nuveen Rittenhouse
Growth Fund
Growth and Income
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
Tax-Free Income
National Funds
Long-Term
Insured
Intermediate-Term
Limited Term
State Funds
Alabama
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Virginia
Wisconsin
Exchange-Traded Funds
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MuniPreferred(R)
Nuveen MuniPreferred offers investors a AAA-rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class Exchange-Traded Funds and are available for national as well as a
wide variety of state-specific portfolios.
Mutual Funds
Nuveen Mutual Funds offer investors access to the Nuveen family of premier
advisers, including Nuveen Advisory Corp., Institutional Capital Corp. and
Rittenhouse Financial Services. Our equity, balanced and income funds seek to
provide consistent performance, time-tested strategies to reduce risk and
experienced, professional management.
Private Asset Management
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
Unit Trusts
Nuveen Unit Trusts are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, experienced, professional
security selection and surveillance, and daily liquidity at that day's net asset
value for quick access to your assets.
<PAGE>
Fund Information
Board of Trustees
Robert P. Bremner
Lawrence H. Brown
Anthony T. Dean
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
Legal Counsel
Fried, Frank, Harris,
Shriver & Jacobson
Washington, D.C.
Independent Auditors
Ernst & Young LLP
Chicago, IL
YEAR 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the new
millennium. Over the last 10 years, our trading, fund management and pricing
systems at Nuveen -- the systems that directly affect our investors and their
financial advisers -- have been updated or replaced to address Year 2000
concerns. We continue to work closely with our transfer agent, custodian and
other service partners to monitor readiness and address remaining systems
issues. Our initial testing indicates we are on schedule and we have targeted
year-end 1998 to complete verification of vendor compliance and service partner
readiness. However, we can give no complete assurance at this time that the
steps we have taken will be sufficient to prevent any problems that would impact
the Nuveen Exchange-Traded Funds.
Each Fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended March 31, 1998. 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.
Logo:
Nuveen 1898-1998
OUR SECOND CENTURY
helping investors sustain the wealth of a lifetime.(tm)
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
Since our founding in 1898, John Nuveen &Co. has been synonymous with
investments that withstand the test of time. Today, we offer a broad range of
investments designed for risk-sensitive individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them maintain the lifestyle they currently enjoy.
The cornerstone of Nuveen's investment philosophy is a commitment to
disciplined long-term investment strategies focused on providing consistent,
attractive performance over time - with moderated risk. We emphasize quality
securities carefully chosen through in-depth research, and we follow those
securities closely over time to ensure that they continue to meet our exacting
standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of products and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and income funds, along with our unit trusts and private asset
management, can form the foundation of a tax-efficient and risk-resistant
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you build and sustain your long-term financial
security. Or call us at (800) 257-8787 for more information, including a
prospectus where applicable. Please read that information carefully before you
invest.
FSA-1-3-98
