Nuveen Exchange-Traded Funds
Providing tax-free income to help you live your dreams
NEW YORK VALUE (NNY)
NEW YORK PERFORMANCE PLUS (NNP)
NEW YORK INVESTMENT
QUALITY (NQN)
NEW YORK SELECT QUALITY (NVN)
NEW YORK QUALITY INCOME (NUN)
INSURED NEW YORK PREMIUM
INCOME (NNF)
SEMIANNUAL REPORT/MARCH 31, 1997
Photographic image of couple walking on beach.
<PAGE>
CONTENTS
3 Dear shareholder
5 Answering your questions
9 Fund performance
12 Commonly used terms
14 Shareholder meeting report
19 Portfolio of investments
64 Statement of net assets
66 Statement of operations
68 Statement of changes in net assets
71 Notes to financial statements
82 Financial highlights
<PAGE>
Dear shareholder
"Shareholders continue to enjoy very attractive yields generated by
portfolios of quality bonds."
Photographic image of headshot of Chairman and Chief Executive Officer
of Nuveen.
It's a pleasure to have this opportunity to report to you on the
performance of Nuveen's New York exchange-traded funds. Over the past year,
shareholders in these funds have continued to enjoy very attractive yields
generated by portfolios of quality bonds, which provided investors with
attractive income and favorable performance in variable markets. To safeguard
our shareholders' interests, Nuveen continues to work to find ways to protect
this level of income through changing market conditions.
As of March 31, 1997, shareholders in the New York funds were receiving
annual tax-free yields on net asset value that ranged from 6.09% to 6.48%. To
match these attractive yields, investors in the combined 40.5% federal and New
York state income tax bracket would have had to earn at least 10.23% on taxable
alternatives.
As the New York funds met their goal of income stability, they also
maintained credit quality while moderating the effects of market volatility. The
net asset value per share of the average New York fund has closely followed the
movement of the Lehman Municipal Bond Index over the past year. During this
period, the funds generated total returns, including reinvested dividends and
capital gains (if any) and changes in net asset value, of 4.81% to 6.04%,
equivalent to taxable total returns of 9.20% to 10.11% for investors in the 31%
tax bracket. This level of performance gains added significance when viewed in
the context of the 1996 bond market, which underwent a mid-year decline followed
by a post-election rally to end the year slightly lower than where it began.
Over the past year, Nuveen has made meaningful expansions to the range of
investment options that we offer to our shareholders, as we continue to help
investors keep more of what they earn. As part of this effort, we have added a
new equity fund, which is designed to offer prudent investors superior market
performance with less risk than the overall stock market, as well as two
balanced mutual funds, each designed to give investors the combination of
performance potential and a measure of downside protection that comes from a
carefully assembled balance of stocks and bonds.
In addition, we have increased the range of investment solutions available
to our investors by acquiring Flagship Resources Inc., a highly regarded
provider of fixed-income mutual funds. The resulting selection of municipal bond
funds is the broadest available.
For more complete information regarding Nuveen investment products,
including charges and expenses, call Nuveen at 1-800-257-8787 or contact your
investment adviser for a prospectus. Please read the information carefully
before you invest.
In all our efforts, our focus continues to be on understanding the goals of
Nuveen investors and providing the investments you need to achieve wealth
preservation, dependable income, and long-term asset growth. We thank you for
your continued confidence in Nuveen and our family of investments, and we look
forward to continuing to serve your investment needs in the future.
Sincerely,
Timothy R. Schwertfeger
Chairman of the Board
May 15, 1997
<PAGE>
Answering your questions
Tom Spalding, head of Nuveen's portfolio management team, reviews the
general municipal market and the New York market and offers insights into the
strategies Nuveen uses to manage the funds
How would you summarize the bond market over the past 12 months?
Over the past year, a steady stream of mixed economic reports resulted in
conflicting interest rate and inflation forecasts, which caused investors to
view the markets with alternating enthusiasm and uncertainty. In the third
quarter of 1996, evidence of an economic slow down, the strong U.S. dollar, and
lack of infla tionary pressures combined to allay investor fears, sparking a
rally in bonds that continued through the post-election period. In early 1997,
talk of inflation re-emerged, and the markets have kept a close eye on the
Federal Reserve to see how seriously it regards such talk.
Throughout much of the year, euphoria in the equity market focused
investors' attention on stocks and brought record amounts of new money into
equity-based mutual funds, bypassing the bond market. Some investors, concerned
about a potential stock market correction, decided to take their profits, but
adopted a wait-and-see attitude about investing capital gains, electing to go
with short-term vehicles until a clearer picture of market trends emerged. These
events affected demand for bond issues of all types during the past 12 months.
Even with relative stability, the Federal Reserve has continued to play a
role in bond market performance. The Fed altered interest rates only once in
1996, at the very beginning of the year, but anticipation of further moves has
kept the markets restless. With one rate increase approved already this year,
the concern about potential changes in monetary policy--and the effect of such
changes on the markets--continues in 1997.
<PAGE>
What strategies did you use to add value during this market?
The fluctuations of 1996 created specific inefficiencies in the market,
enabling Nuveen to uncover and take advantage of price discrepancies to improve
fund portfolios. For example, we were able to enhance the durability of the
funds' dividends by purchasing bonds with longer call protection. These bonds
were priced similarly to those with shorter calls as interest rates began to
rise in 1996, creating a value investing opportunity. The bonds then appreciated
in value more than shorter-call bonds as rates moved down during the year.
What role does research play in helping you manage the funds?
As an integral part of our portfolio management strategy, the Nuveen
Research department provides portfolio managers with objective appraisals of the
creditworthiness of new municipal issues, while maintaining surveillance of the
credit performance for all portfolio holdings. To track individual holdings,
each Nuveen Research analyst is responsible for a specific surveillance
portfolio, which is defined in terms of geography and sector (e.g., healthcare,
hous ing). Specialization by sector enables our Research teams to focus their
credit quality evaluation efforts and complement the vantage point of each
portfolio manager.
What is the current status of New York's municipal market?
1997 is shaping up as an eventful year in the New York municipal
marketplace. Deregulation in both the healthcare and electric utility industries
is expected to lead to lower costs and some fluctuations in relative credit
quality. Figuring prominently in this development is the proposed partial
takeover of Long Island Lighting's assets by the state of New York, which would
sell $7.2 billion in tax-exempt bonds. This sale, which would be the largest
municipal bond issue in U.S. history, could temporarily depress prices in the
New York bond market.
Another interesting development will be the creation of the New York City
Transitional Finance Authority as a new financing mechanism for New York City,
which has reached its debt limit for general obligation bonds.
Many challenges lie ahead for New York bond holders, including the
long-term effects of welfare reform and lingering economic problems in upstate
and western New York cities. On the positive side, New York City is projected to
have a budget surplus at the end of this fiscal year, due to greater-than-
expected tax revenues from the expanding financial services industry.
<PAGE>
What is the current economic outlook?
A look at the current environment shows continued economic growth
characterized by low unemployment, increased manufacturing and construction
activity, and lack of price pressure at the consumer and producer levels.
Although inflation remains at the same subdued levels it has exhibited over the
past six years, the strength of the current economic expansion encouraged the
Federal Reserve to make a preemptive strike against inflation's potential return
by raising short-term interest rates by 0.25% at the end of March, the first
increase since February 1995.
While the bond market had already anticipated and discounted much of the
impact of this tightening, the Fed's action touched off increased volatility in
the equity market that--in combination with the attractive yields currently
available--enhanced interest in municipal bonds on the part of investors looking
to move out of stocks. We believe that we will continue to find value in the
municipal market over the next 12 months, while limiting volatility.
Photographic image of Tom Spalding, Portfolio Manager at Nuveen.
Tom Spalding, head of Nuveen's portfolio management team, answers investors'
questions on developments in the municipal market.
<PAGE>
<TABLE>
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC.
NNY
Common shareholders received a capital gains distribution and nine months
of stable, tax-free dividends following a modest reduction in July 1996 due to
bond calls. The Fund also paid shareholders a capital gains distribution in
December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0560
5/13/96 $0.0560
6/12/96 $0.0560
7/11/96 $0.0530
8/13/96 $0.0530
9/11/96 $0.0530
10/10/96 $0.0530
11/13/96 $0.0530
12/11/96 $0.0530 0.0076
1/13/97 $0.0530
2/12/97 $0.0530
3/12/97 $0.0530
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.20%
Taxable-equivalent yield 10.42%
Annual total return on NAV 4.81%
Taxable-equivalent total return 9.20%
Share price $10.25
NAV $10.13
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC.
NNP
After more than 16 months at its previous rate, the Fund's monthly tax-free
dividend was reduced as older, higher coupon bonds were replaced with bonds
yielding today's rates.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0940
5/13/96 $0.0940
6/12/96 $0.0940
7/11/96 $0.0940
8/13/96 $0.0925
9/11/96 $0.0925
10/10/96 $0.0925
11/13/96 $0.0925
12/11/96 $0.0925
1/13/97 $0.0925
2/12/97 $0.0925
3/12/97 $0.0925
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.48%
Taxable-equivalent yield 10.89%
Annual total return on NAV 4.96%
Taxable-equivalent total return 9.78%
Share price $17.125
NAV $15.94
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC.
NQN
The Fund's monthly tax-free dividend was increased during the 12 months
ended March 31, 1997. Common shareholders continue to benefit from the Fund's
leveraged structure. In addition, the Fund paid shareholders a capital gains
distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0875
5/13/96 $0.0875
6/12/96 $0.0875
7/11/96 $0.0875
8/13/96 $0.0875
9/11/96 $0.0875
10/10/96 $0.0875
11/13/96 $0.0890
12/11/96 $0.0890 0.0241
1/13/97 $0.0890
2/12/97 $0.0890
3/12/97 $0.0890
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.42%
Taxable-equivalent yield 10.79%
Annual total return on NAV 4.89%
Taxable-equivalent total return 9.54%
Share price $16.625
NAV $15.64
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK SELECTQUALITY MUNICIPAL FUND, INC.
NVN
Common shareholders received eight months of stable, tax-free dividends
following a modest reduction in August 1996 due to bond calls. In addition, the
Fund paid shareholders a capital gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0840
5/13/96 $0.0840
6/12/96 $0.0840
7/11/96 $0.0840
8/13/96 $0.0825
9/11/96 $0.0825
10/10/96 $0.0825
11/13/96 $0.0825
12/11/96 $0.0825 0.0125
1/13/97 $0.0825
2/12/97 $0.0825
3/12/97 $0.0825
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.24%
Taxable-equivalent yield 10.49%
Annual total return on NAV 5.31%
Taxable-equivalent total return 9.74%
Share price $15.875
NAV $15.57
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC.
NUN
In keeping with the Fund's goal of providing attractive, dependable tax-free
income, shareholders enjoyed 12 months of steady dividends. The Fund also paid
shareholders a capital gains distribution in December.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0780
5/13/96 $0.0780
6/12/96 $0.0780
7/11/96 $0.0780
8/13/96 $0.0780
9/11/96 $0.0780
10/10/96 $0.0780
11/13/96 $0.0780
12/11/96 $0.0780 0.0291
1/13/97 $0.0780
2/12/97 $0.0780
3/12/97 $0.0780
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.14%
Taxable-equivalent yield 10.32%
Annual total return on NAV 5.46%
Taxable-equivalent total return 9.76%
Share price $15.25
NAV $15.08
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
<TABLE>
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC.
NNF
In keeping with the Fund's goal of providing attractive, dependable
tax-free income, the Fund's monthly dividend was increased in August.
<CAPTION>
12 MONTH DIVIDEND HISTORY
Date Monthly Dividends Supplemental Dividends Capital Gains
<S> <C> <C> <C>
4/11/96 $0.0665
5/13/96 $0.0665
6/12/96 $0.0665
7/11/96 $0.0665
8/13/96 $0.0685
9/11/96 $0.0685
10/10/96 $0.0685
11/13/96 $0.0685
12/11/96 $0.0685
1/13/97 $0.0685
2/12/97 $0.0685
3/12/97 $0.0685
<CAPTION>
FUND HIGHLIGHTS 3/31/97
<S> <C>
Yield 6.09%
Taxable-equivalent yield 10.24%
Annual total return on NAV 6.04%
Taxable-equivalent total return 10.11%
Share price $13.50
NAV $14.01
The dividend history used in this chart constitutes past performance and
does not necessarily predict the future dividends of the Fund.
</TABLE>
<PAGE>
Commonly used terms
Yield
An exchange-traded fund's annualized monthly dividend on a given date divided
by its closing price per share on that date.
Taxable equivalent yield
The return an investor subject to a given federal and state income tax rate
would need to obtain from a fully taxable investment to equal the fund's stated
annualized yield on share price. In this report, the combined tax rate is
assumed to be 40.5% for New York shareholders, based on 1997 incomes of
$124,650-$271,050 for investors filing singly, $151,750-$271,050 for those
filing jointly.
Net Asset Value (NAV)
The market value of all securities and other assets held by a fund, minus
any liabilities. The NAV per share is the fund's net assets divided by the total
number of common shares outstanding.
Total return on NAV
The percentage change in a fund's NAV per share, assuming reinvestment of all
dividends and capital gains distributions, if any.
Taxable equivalent total return
The total return an investor subject to a given state and federal income tax
rate would need to obtain from a fully taxable investment to equal the fund's
stated total return on NAV.
Leverage
A technique used to enhance the income produced for common shareholders by
a long-term municipal bond fund through the issuance of short-term preferred
shares. The proceeds from the sale of the preferred shares can be used to
purchase additional long-term bonds, thus increasing the fund's income stream.
Changes in net asset value per share, both up and down, are also magnified by
leverage.
Each Fund intends to repurchase shares of its own common or preferred stock
(if applicable) in the future at such times and in such amounts as is deemed
advisable. No shares were repurchased during the 6-month period ended March 31,
1997. Any future repurchases will be reported to shareholders in the next annual
or semiannual report.
<PAGE>
<TABLE>
SHAREHOLDER MEETING REPORT
On November 21, 1996, the following Nuveen Exchange-Traded Funds held an
Annual Meeting of Shareholders. At the meeting, shareholders voted to elect
directors of the Funds and to ratify selection of Ernst & Young L.L.P. as the
auditors for the Funds. The directors elected at the meeting include: Lawrence
H. Brown, Anthony T. Dean, Anne E. Impellizzeri, Peter R. Sawers, Margaret K.
Rosenheim, and Timothy R. Schwertfeger.
<CAPTION>
NNY NNP
Preferred Preferred Preferred
Common Common Shares Shares Shares
Shares Shares Series-M Series-W Series-F
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For -- 12,434,757 1,544 1,978 556
Withhold -- 169,657 18 -- --
---------- ---------- ---------- ---------- ----------
Total -- 12,604,414 1,562 1,978 556
========== ========== ========== ========== ==========
Anthony T. Dean
For 12,592,136 12,434,757 1,544 1,978 556
Withhold 249,856 169,657 18 -- --
---------- ---------- ---------- ---------- ----------
Total 12,841,992 12,604,414 1,562 1,978 556
========== ========== ========== ========== ==========
Anne E. Impellizzeri
For 12,593,677 12,432,221 1,544 1,978 556
Withhold 248,315 172,193 18 -- --
---------- ---------- ---------- ---------- ----------
Total 12,841,992 12,604,414 1,562 1,978 556
========== ========== ========== ========== ==========
Peter R. Sawers
For -- 12,433,757 1,544 1,978 556
Withhold -- 170,657 18 -- --
---------- ---------- ---------- ---------- ----------
Total -- 12,604,414 1,562 1,978 556
========== ========== ========== ========== ==========
Margaret K. Rosenheim
For -- -- 1,544 1,978 556
Withhold -- -- 18 -- --
---------- ---------- ---------- ---------- ----------
Total -- -- 1,562 1,978 556
========== ========== ========== ========== ==========
Timothy R. Schwertfeger
For -- -- 1,544 1,978 556
Withhold -- -- 18 -- --
---------- ---------- ---------- ---------- ----------
Total -- -- 1,562 1,978 556
========== ========== ========== ========== ==========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 12,567,512 12,256,548 1,552 1,910 541
Against 64,746 82,665 6 60 4
Abstain 209,734 265,201 4 8 11
---------- ---------- ---------- ---------- ----------
Total 12,841,992 12,604,414 1,562 1,978 556
========== ========== ========== ========== ==========
<PAGE>
<CAPTION>
NQN
Preferred Preferred
Common Shares Shares
Shares Series-T Series-F
- -------------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 15,069,119 2,307 2,322
Withhold 238,681 14 20
---------- ---------- ----------
Total 15,307,800 2,321 2,342
========== ========== ==========
Anthony T. Dean
For 15,068,053 2,307 2,322
Withhold 239,747 14 20
---------- ---------- ----------
Total 15,307,800 2,321 2,342
========== ========== ==========
Anne E. Impellizzeri
For 15,063,719 2,307 2,322
Withhold 244,081 14 20
---------- ---------- ----------
Total 15,307,800 2,321 2,342
========== ========== ==========
Peter R. Sawers
For 15,069,119 2,307 2,322
Withhold 238,681 14 20
---------- ---------- ----------
Total 15,307,800 2,321 2,342
========== ========== ==========
Margaret K. Rosenheim
For -- 2,307 2,322
Withhold -- 14 20
---------- ---------- ----------
Total -- 2,321 2,342
========== ========== ==========
Timothy R. Schwertfeger
For -- 2,307 2,322
Withhold -- 14 20
---------- ---------- ----------
Total -- 2,321 2,342
========== ========== ==========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 14,958,465 2,309 2,133
Against 84,011 5 --
Abstain 265,323 7 209
---------- ---------- ----------
Total 15,307,799 2,321 2,342
========== ========== ==========
APPROVAL OF AMENDMENTS
TO PREFERRED STOCK WAS
REACHED AS FOLLOWS:
For 7,186,625 2,299 1,672
Against 184,533 3 55
Abstain 531,409 52 543
Broker Non-Vote 7,405,233 -- --
---------- ---------- ----------
Total 15,307,800 2,354 2,270
========== ========== ==========
<PAGE>
<CAPTION>
NVN
Preferred Preferred
Common Shares Shares
Shares Series-W Series-Th
- -----------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 20,226,622 2,298 3,516
Withhold 299,466 2 14
---------- ---------- ----------
Total 20,526,088 2,300 3,530
========== ========== ==========
Anthony T. Dean
For 20,224,962 2,298 3,516
Withhold 301,126 2 14
---------- ---------- ----------
Total 20,526,088 2,300 3,530
========== ========== ==========
Anne E. Impellizzeri
For 20,226,472 2,298 3,516
Withhold 299,616 2 14
---------- ---------- ----------
Total 20,526,088 2,300 3,530
========== ========== ==========
Peter R. Sawers
For 20,227,713 2,298 3,516
Withhold 298,375 2 14
---------- ---------- ----------
Total 20,526,088 2,300 3,530
========== ========== ==========
Margaret K. Rosenheim
For -- 2,298 3,516
Withhold -- 2 14
---------- ---------- ----------
Total -- 2,300 3,530
========== ========== ==========
Timothy R. Schwertfeger
For -- 2,298 3,516
Withhold -- 2 14
---------- ---------- ----------
Total -- 2,300 3,530
========== ========== ==========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 20,021,936 2,258 3,481
Against 175,014 42 4
Abstain 329,138 -- 45
---------- ---------- ----------
Total 20,526,088 2,300 3,530
========== ========== ==========
APPROVAL OF AMENDMENTS
TO PREFERRED STOCK WAS
REACHED AS FOLLOWS:
For 9,363,964 2,140 3,167
Against 258,014 35 10
Abstain 752,978 139 282
Broker Non-Vote 10,151,132 -- --
---------- ---------- ----------
Total 20,526,088 2,314 3,459
========== ========== ==========
<PAGE>
<CAPTION>
NUN
Preferred Preferred Preferred
Common Shares Shares hares
Shares Series-M Series-W Series-Th
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 21,102,268 1,973 2,107 2,318
Withhold 393,854 87 7 --
---------- ---------- ---------- ----------
Total 21,496,122 2,060 2,114 2,318
========== ========== ========== ==========
Anthony T. Dean
For 21,100,268 1,973 2,107 2,318
Withhold 395,854 87 7 --
---------- ---------- ---------- ----------
Total 21,496,122 2,060 2,114 2,318
========== ========== ========== ==========
Anne E. Impellizzeri
For 21,096,768 1,973 2,107 2,318
Withhold 399,354 87 7 --
---------- ---------- ---------- ----------
Total 21,496,122 2,060 2,114 2,318
========== ========== ========== ==========
Peter R. Sawers
For 21,102,618 1,973 2,107 2,318
Withhold 393,504 87 7 --
---------- ---------- ---------- ----------
Total 21,496,122 2,060 2,114 2,318
========== ========== ========== ==========
Margaret K. Rosenheim
For -- 1,973 2,107 2,318
Withhold -- 87 7 --
---------- ---------- ---------- ----------
Total -- 2,060 2,114 2,318
========== ========== ========== ==========
Timothy R. Schwertfeger
For -- 1,973 2,107 2,318
Withhold -- 87 7 --
---------- ---------- ---------- ----------
Total -- 2,060 2,114 2,318
========== ========== ========== ==========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 20,862,189 1,996 2,109 2,315
Against 154,955 -- 2 --
Abstain 478,978 64 3 3
---------- ---------- ---------- ----------
Total 21,496,122 2,060 2,114 2,318
========== ========== ========== ==========
APPROVAL OF AMENDMENTS
TO PREFERRED STOCK WAS
REACHED AS FOLLOWS:
For 9,803,817 1,909 2,071 2,097
Against 321,448 92 20 161
Abstain 744,660 39 23 30
Broker Non-Vote 10,626,197 -- -- --
---------- ---------- ---------- ----------
Total 21,496,122 2,040 2,114 2,288
========== ========== ========== ==========
<PAGE>
<CAPTION>
NNF
Preferred Preferred
Common Shares Shares
Shares Series-M Series-T
- -------------------------------------------------------------
<S> <C> <C> <C>
APPROVAL OF THE DIRECTORS
WAS REACHED AS FOLLOWS:
Lawrence H. Brown
For 7,512,692 1,267 1,249
Withhold 110,591 28 --
--------- --------- ---------
Total 7,623,283 1,295 1,249
========= ========= =========
Anthony T. Dean
For 7,514,644 1,267 1,249
Withhold 108,639 28 --
--------- --------- ---------
Total 7,623,283 1,295 1,249
========= ========= =========
Anne E. Impellizzeri
For 7,514,362 1,267 1,249
Withhold 108,921 28 --
--------- --------- ---------
Total 7,623,283 1,295 1,249
========= ========= =========
Peter R. Sawers
For 7,512,692 1,267 1,249
Withhold 110,591 28 --
--------- --------- ---------
Total 7,623,283 1,295 1,249
========= ========= =========
Margaret K. Rosenheim
For -- 1,267 1,249
Withhold -- 28 --
--------- --------- ---------
Total -- 1,295 1,249
========= ========= =========
Timothy R. Schwertfeger
For -- 1,267 1,249
Withhold -- 28 --
--------- --------- ---------
Total -- 1,295 1,249
========= ========= =========
RATIFICATION OF AUDITORS
WAS REACHED AS FOLLOWS:
For 7,495,097 1,264 1,248
Against 40,194 3 1
Abstain 87,991 28 --
--------- --------- ---------
Total 7,623,282 1,295 1,249
========= ========= =========
APPROVAL OF AMENDMENTS
TO PREFERRED STOCK WAS
REACHED AS FOLLOWS:
For -- -- --
Against -- -- --
Abstain -- -- --
Broker Non-Vote -- -- --
--------- --------- ---------
Total -- -- --
========= ========= =========
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Certificates of Participation, The State of New York,
Commissioner of the Office of Mental Health of the
State of New York:
$ 1,000,000 8.250%, 9/01/07 Baa1 9/97 at 102 $ 1,034,440
3,000,000 8.300%, 9/01/12 Baa1 9/97 at 102 3,104,820
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 Aaa No Opt. Call 4,782,840
5,000,000 Dormitory Authority of the State of New York Bonds,
Upstate Community Colleges, 1987 Issue,
8.125%, 7/01/17 (Pre-refunded to 7/01/97) Aaa 7/97 at 102 5,153,000
1,000,000 Dormitory Authority of the State of New York, City
University Refunding Bonds, 1988A Issue,
8.200%, 7/01/12 Baa1 7/98 at 102 1,064,180
1,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue Bonds,
Series 1990A, 7.400%, 5/15/01 Baa1 5/00 at 102 1,076,300
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 Baa1 4/97 at 115 20/32 291,688
1,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General
Resolution Revenue Bonds, Series 1993A,
5.750%, 7/10/18 Baa1 No Opt. Call 971,840
2,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Revenue Bonds,
Series 1993F, 5.000%, 7/01/20 Baa1 7/03 at 100 1,694,360
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 Baa1 5/03 at 101 1/2 931,270
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 AA 8/06 at 102 1,960,400
1,000,000 New York Local Government Assistance Corporation,
New York, Series 1991B, 7.500%, 4/01/20
(Pre-refunded to 4/01/01) Aaa 4/01 at 102 1,120,560
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 Aaa 12/02 at 102 1,038,140
1,000,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds,
Series 1991A (Consolidated Edison Company of
New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax) A1 1/00 at 101 1,066,140
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 7/03 at 102 $ 937,490
4,000,000 New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds
(Central Hudson Gas & Electric Corporation
Projects), Series C, 8.375%, 12/01/28
(Alternative Minimum Tax) A- 12/98 at 102 4,300,600
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) Baa1 12/98 at 102 4,817,115
1,425,000 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) A 6/02 at 102 1,468,106
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) Aaa 11/98 at 102 1,080,370
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 Baa 11/99 at 100 1,049,970
New York State Housing Finance Agency, Health
Facilities Revenue Bonds (New York City), 1990
Series A Refunding:
4,145,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) Aaa 11/00 at 102 4,673,695
855,000 8.000%, 11/01/08 BBB+ 11/00 at 102 946,964
1,000,000 New York State Housing Finance Agency, Service
Contract Obligation Revenue Bonds, 1994 Series A,
6.375%, 9/15/14 Baa1 9/04 at 102 1,029,270
2,475,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home Insured
Mortgage Revenue Bonds, 1987 Series A,
8.000%, 2/15/27 (Pre-refunded to 8/15/97) Aa 8/97 at 102 2,554,373
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 AAA 8/98 at 102 5,318,192
5,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home FHA-Insured
Mortgage Revenue Bonds, 1987 Series A,
8.300%, 2/15/22 (Pre-refunded to 2/15/98) AAA 2/98 at 102 5,287,400
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,000,000 New York State Medical Care Facilities Finance
Agency, Huntington Hospital Project Revenue
Bonds, 1987 Series A Refunding,
8.125%, 11/01/14 (Pre-refunded to 11/01/97) Aaa 11/97 at 102 $ 1,044,440
6,250,000 New York State Medical Care Facilities Finance
Agency, Hospital Insured Mortgage Revenue Bonds,
1987 Series A Refunding, 8.000%, 2/15/25
(Pre-refunded to 8/15/97) Aaa 8/97 at 102 6,470,375
1,800,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home Insured
Mortgage Revenue Bonds, 1992 Series C,
6.550%, 8/15/12 AAA 8/02 at 102 1,878,246
New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1987 Series A
Refunding:
1,650,000 8.875%, 8/15/07 (Pre-refunded to 8/15/97) Aaa 8/97 at 102 1,713,344
1,850,000 8.875%, 8/15/07 Baa1 8/97 at 102 1,917,840
3,200,000 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 AAA 8/05 at 102 3,294,464
2,200,000 New York State Thruway Authority, Local Highway
and Bridge Service Contract Bonds, Series 1991,
6.000%, 1/01/11 Baa1 1/01 at 100 2,198,746
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) Aaa 4/01 at 102 1,120,560
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) Aaa 4/01 at 102 1,120,560
3,900,000 New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds,
1993 Refunding Series, 5.500%, 1/01/15 Baa1 1/03 at 102 3,610,192
1,000,000 New York State Urban Development Corporation,
State Facilities Revenue Bonds, 1995 Refunding
Series, 5.750%, 4/01/11 Baa1 No Opt. Call 989,120
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) Aaa 1/01 at 102 5,634,550
1,000,000 Power Authority of the State of New York, General
Purpose Bonds, Series V, 8.000%, 1/01/17
(Pre-refunded to 1/01/98) AA- 1/98 at 102 1,050,160
380,000 State of New York Mortgage Agency, Mortgage
Revenue Bonds, Eighth Series D, 8.375%, 10/01/17 Aa 1/98 at 102 383,127
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series HH-3,
7.950%, 4/01/22 (Alternative Minimum Tax) Aa 6/00 at 102 $ 1,578,945
8,205,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV,
0.000%, 10/01/23 (Alternative Minimum Tax) Aa 10/01 at 19 11/32 1,181,192
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) Aaa 7/98 at 103 3,200,590
250,000 Battery Park City Authority, Revenue Refunding
Bonds, Series 1993A, Junior Revenue Refunding
Bonds, 5.800%, 11/01/22 A 11/03 at 102 238,623
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 A 4/98 at 102 1,049,410
2,500,000 Cattaraugus County, New York, Certificates of
Participation (Olean Office Facility Project),
Series 1988A, 8.500%, 8/01/09
(Pre-refunded to 8/01/98) BBB- 8/98 at 102 2,696,125
1,000,000 City of Geneva Industrial Development Agency
(Ontario County, New York), 1991 Civic Facility
Revenue Bonds (Finger Lakes United Cerebral
Palsy, Inc. Civic Facility), 8.500%, 11/01/16 N/R 11/01 at 102 1,061,100
1,000,000 Metropolitan Transportation Authority (New York),
Transit Facilities 1987 Service Contract Bonds,
Series 1, 8.500%, 7/01/17
(Pre-refunded to 7/01/97) Aaa 7/97 at 102 1,031,500
2,000,000 Metropolitan Transportation Authority (New York),
Transit Facilities 1987 Service Contract Bonds,
Series 7, 4.750%, 7/01/19 Baa1 7/03 at 100 1,630,500
1,000,000 Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series J, 5.500%, 7/01/22 Aaa 7/02 at 100 940,860
1,390,000 The City of New York, General Obligation Bonds,
Fiscal 1996 Series B, 6.750%, 8/15/03 Baa1 No Opt. Call 1,486,063
25,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.300%, 8/01/03 Aaa 8/02 at 101 1/2 26,758
1,135,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series D, 6.600%, 2/01/04 Baa1 No Opt. Call 1,202,952
The City of New York, General Obligation Bonds,
Fiscal 1988 Series A:
2,500,000 8.125%, 11/01/06 (Pre-refunded to 11/01/97) Aaa 11/97 at 101 1/2 2,599,175
2,500,000 8.500%, 11/01/11 (Pre-refunded to 11/01/97) Aaa 11/97 at 101 1/2 2,604,400
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 35,000 The City of New York, General Obligation Bonds,
Fiscal 1986 Series C, 8.500%, 8/01/12 Baa1 8/00 at 100 $ 35,920
1,480,000 The City of New York, General Obligation Bonds,
Fiscal 1987 Series C, 7.000%, 2/01/15 Baa1 2/00 at 100 1,510,680
2,890,000 The City of New York, General Obligation Bonds,
Fiscal 1996 Series 1, 5.875%, 3/15/18 Baa1 3/06 at 101 1/2 2,740,038
The City of New York, General Obligation Bonds,
Fiscal 1991 Series D:
1,655,000 9.500%, 8/01/02 (Pre-refunded to 8/01/01) Baa1 8/01 at 101 1/2 1,981,134
1,845,000 9.500%, 8/01/02 Baa1 8/01 at 101 1/2 2,162,561
480,000 New York City Housing Development Corporation,
Mortgage Revenue Bonds (South Williamsburg
Cooperative), 1990 Series A, 7.900%, 2/01/23
(Alternative Minimum Tax) Aa 2/00 at 102 507,250
1,420,000 New York City Housing Development Corporation,
Mortgage Revenue Bonds (South Bronx
Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax) Aa 9/00 at 102 1,518,974
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 AAA 4/03 at 102 1,557,600
3,750,000 New York City, New York, Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Fiscal 1988 Series A, 9.000%, 6/15/17
(Pre-refunded to 6/15/97) Aaa 6/97 at 102 3,864,188
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) Aaa 6/01 at 101 1/2 1,128,420
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) Aaa 8/01 at 102 2,970,162
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) Baa2 1/99 at 102 1,061,260
1,000,000 New York City Industrial Development Agency,
Special Facility Revenue Bonds, Series 1994,
(Terminal One Group Association, L.P. Project),
6.125%, 1/01/24 (Alternative Minimum Tax) A 1/04 at 102 980,560
1,400,000 Newark-Wayne Community Hospital, Inc., Hospital
Revenue Improvement and Refunding Bonds,
Series 1993A, 7.600%, 9/01/15 N/R 9/03 at 102 1,350,006
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa No Opt. Call $ 1,161,260
2,000,000 St. Lawrence County Solid Waste Disposal Authority,
County of St. Lawrence, New York, Solid Waste
Disposal Revenue Bonds, Interim Disposal System,
Series 1987, 8.875%, 1/01/08
(Pre-refunded to 1/01/98) N/R 1/98 at 102 2,113,600
2,000,000 Triborough Bridge and Tunnel Authority (New York),
General Purpose Revenue Bonds, Series L,
8.125%, 1/01/12 Aa 1/98 at 102 2,096,460
1,275,000 Triborough Bridge and Tunnel Authority, New York,
Mortgage Recording Tax Special Obligation Bonds,
Series 1988A, 8.000%, 1/01/18
(Pre-refunded to 1/01/98) Aaa 1/98 at 101 1/2 1,332,946
- -----------------------------------------------------------------------------------------------------------------
$144,150,000 Total Investments - (cost $134,781,696) - 95.1% 143,780,459
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.4%
$ 600,000 The City of New York, General Obligation Bonds,
================
Fiscal 1995 Series B, Variable Rate Demand Bonds,
3.800%, 8/15/22+ VMIG-1 600,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 4.5% 6,863,667
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $151,244,126
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 29 $ 74,086,085 51%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 9 12,830,881 9
PORTFOLIO OF A+ A1 1 1,066,140 1
INVESTMENTS A, A- A, A2, A3 5 8,037,299 6
(EXCLUDING BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 26 43,235,348 30
TEMPORARY Non-rated Non-rated 3 4,524,706 3
INVESTMENTS):
- ------------------------------------------------------------------------------------------------------------------
TOTAL 73 $143,780,459 100%
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
N/R - Investment is not rated.
** 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.
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed is
that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,420,000 Dormitory Authority of the State of New York,
College and University Revenue (Pooled Capital
Program), Series 1985, 7.800%, 12/01/05 Aaa 12/98 at 102 $ 3,670,207
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 AAA 2/00 at 102 4,237,102
2,360,000 Dormitory Authority of the State of New York,
State University Educational Facilities, Revenue
Bonds, Series 1989B, 5.000%, 5/15/18 Baa1 5/00 at 100 2,012,797
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) Aaa 7/00 at 102 11,092,700
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) Aaa 7/00 at 102 7,613,844
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) Baa1 7/00 at 102 4,860,548
2,190,000 Dormitory Authority of the State of New York,
Vassar College, Revenue Bonds, Series 1990,
7.250%, 7/01/15 AAA 7/00 at 102 2,404,751
2,000,000 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) Aaa 7/00 at 102 2,232,500
2,000,000 Dormitory Authority of the State of New York, City
University System Consolidated, Second General
Resolution Revenue Bonds, Series 1990F,
7.875%, 7/01/07 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 2,232,500
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 AAA 8/01 at 102 2,196,080
2,500,000 Dormitory Authority of the State of New York, State
University Educational Facilities, Revenue Bonds,
Series 1993A, 5.875%, 5/15/17 Baa1 NoOpt. Call 2,470,750
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) Aaa 5/00 at 102 3,449,943
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) AAA 5/00 at 102 383,327
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa No Opt. Call $ 3,133,020
Dormitory Authority of the State of New York, City
University System Consolidated Revenue Bonds,
Series 1993F:
1,000,000 5.500%, 7/01/12 Baa1 7/03 at 102 949,440
3,000,000 5.000%, 7/01/20 Baa1 7/03 at 100 2,541,540
2,600,000 Dormitory Authority of the State of New York, State
University Educational Facilities, Revenue Bonds,
Series 1990B, 7.375%, 5/15/14
(Pre-refunded to 5/15/00) Aaa 5/00 at 102 2,856,932
1,500,000 Dormitory Authority of the State of New York,
Court Facilities Lease Revenue Bonds (The City of
New York Issue), Series 1993 A, 5.375%, 5/15/16 Baa1 5/03 at 101 1/2 1,363,170
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 Aaa 7/05 at 102 967,180
3,000,000 New York Local Government Assistance Corporation,
Series 1991A Bonds, 7.250%, 4/01/18
(Pre-refunded to 4/01/01) Aaa 4/01 at 102 3,334,560
8,000,000 New York Local Government Assistance Corporation,
New York, Series 1991B, 7.500%, 4/01/20
(Pre-refunded to 4/01/01) Aaa 4/01 at 102 8,964,480
New York Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement
Revenue Bonds, 1991 Series D:
810,000 7.400%, 2/15/18 (Pre-refunded to 2/15/02) Baa1 2/02 at 102 910,877
10,000 7.400%, 2/15/18 Baa1 2/02 at 102 10,890
1,000,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds,
Series 1986 A (Consolidated Edison Company of
New York, Inc. Project), 7.500%, 11/15/21
(Alternative Minimum Tax) A1 11/98 at 100 1,022,030
8,500,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds,
Series 1989 A (Consolidated Edison Company of
New York, Inc. Project), 7.750%, 1/01/24
(Alternative Minimum Tax) A1 1/98 at 101 1/2 8,790,275
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) A1 7/99 at 101 3,289,038
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 12/03 at 102 $ 948,800
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 Aa 6/00 at 102 10,755,329
1,000,000 New York 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 Aa 6/01 at 102 1,104,350
3,160,000 New York State Housing Finance Agency, Multi-
Family Housing Revenue Bonds (AMBAC
Insured Program), 1989 Series B,
7.550%, 11/01/29 (Alternative Minimum Tax) Aaa 11/99 at 102 3,310,258
1,585,000 New York State Housing Finance Agency, Multi-
Family Housing Revenue Bonds (Secured Mortgage
Program), 1992 Series A, 7.000%, 8/15/12
(Alternative Minimum Tax) Aa 8/02 at 102 1,677,199
New York State Housing Finance Agency, Health
Facilities Revenue Bonds (New York City), 1990
Series A Refunding:
4,560,000 8.000%, 11/01/08 (Pre-refunded to 11/01/00) Aaa 11/00 at 102 5,141,628
940,000 8.000%, 11/01/08 BBB+ 11/00 at 102 1,041,106
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 AAA 8/98 at 102 4,218,245
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) AAA 8/98 at 102 9,615,870
4,000,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home FHA-Insured
Mortgage Revenue Bonds, 1987 Series A,
8.300%, 2/15/22 (Pre-refunded to 2/15/98) AAA 2/98 at 102 4,229,920
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) Aaa 2/00 at 102 4,928,310
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) Aaa 8/00 at 102 1,441,840
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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%, 8/15/22 AAA 8/02 at 102 $ 10,113,900
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 AAA 8/02 at 102 4,386,420
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) Aaa 2/99 at 102 1,237,585
New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1991 Series A:
1,465,000 7.500%, 2/15/21 (Pre-refunded to 2/15/01) Aaa 2/01 at 102 1,634,984
535,000 7.500%, 2/15/21 Baa1 2/01 at 102 587,467
New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1990 Series A:
1,205,000 7.750%, 2/15/20 (Pre-refunded to 2/15/00) Aaa 2/00 at 102 1,329,332
1,195,000 7.750%, 2/15/20 Baa1 2/00 at 102 1,303,052
665,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1990 Series B,
7.875%, 8/15/20 Baa1 8/00 at 102 735,184
1,740,000 New York State Medical Care Facilities Finance
Agency (Mental Health Services),
7.875%, 8/15/20 (Pre-refunded to 8/15/00) Aaa 8/00 at 102 1,945,842
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 AA+ 2/06 at 102 3,034,200
2,750,000 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 AAA 8/05 at 102 2,831,180
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 Aa 2/05 at 102 5,904,168
1,500,000 New York State Thruway Authority, Local Highway
and Bridge Service Contract Bonds, Series 1993,
5.250%, 4/01/13 Baa1 4/03 at 102 1,376,640
4,600,000 New York State Thruway Authority, Local Highway
and Bridge Service Contract Bonds, Series 1991,
6.000%, 1/01/11 Baa1 1/01 at 100 4,597,378
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 1/00 at 102 $ 6,735,450
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) Aaa 1/00 at 102 4,403,680
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) Aaa 1/00 at 102 1,094,520
1,000,000 New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds,
1993 Refunding Series, 5.500%, 1/01/15 Baa1 1/03 at 102 925,690
1,825,000 New York Environmental Facilities Corporation,
State Water Pollution Control, Revolving Fund
Revenue Bonds, Series 1994 D, (Pooled Loan Issue),
6.900%, 5/15/15 Aaa 11/04 at 102 2,061,228
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) Aaa 1/01 at 102 6,372,676
4,500,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds,
Series 5, 5.500%, 1/01/25 Aaa 1/05 at 102 4,258,170
3,230,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series HH-4,
8.050%, 4/01/22 (Alternative Minimum Tax) Aa 10/00 at 102 3,396,894
9,200,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series HH-3,
7.950%, 4/01/22 (Alternative Minimum Tax) Aa 6/00 at 102 9,684,196
1,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 30-C-1,
5.850%, 10/01/25 (Alternative Minimum Tax) Aa 10/03 at 102 1,467,450
1,645,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series SS,
7.950%, 10/01/22 (Alternative Minimum Tax) Aa 10/00 at 102 1,744,917
45,135,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV, 0.000%,
10/01/23 (Alternative Minimum Tax) Aa 10/01 at 19 11/32 6,497,635
1,490,000 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) Aaa 7/98 at 103 1,613,834
1,985,000 Town of Babylon Industrial Development Agency
(New York), Resource Recovery Revenue Bonds,
Series 1985 B (Ogden Martin System of Babylon,
Inc. Project), 8.500%, 1/01/19
(Pre-refunded to 7/01/98) Aaa 7/98 at 103 2,149,973
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Battery Park City Authority, Revenue Bonds,
Series 1990:
$ 7,050,000 7.700%, 5/01/15 (Pre-refunded to 5/01/99) Aaa 5/99 at 102 $ 7,655,172
2,500,000 6.500%, 5/01/20 (Pre-refunded to 5/01/99) Aaa 5/99 at 100 2,610,150
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 Aaa 1/03 at 101 1,017,870
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) Aaa 7/04 at 102 1,028,670
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) Aaa 7/98 at 102 1,068,060
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) Aaa 7/00 at 101 1/2 1,101,210
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) Aaa 7/00 at 102 6,080,415
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) Aaa 7/98 at 102 3,186,480
1,500,000 Metropolitan Transportation Authority (New York),
Transit Facilities 1987 Service Contract Bonds,
Series 7, 4.750%, 7/01/19 Baa1 7/03 at 100 1,222,875
2,000,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1989,
7.250%, 1/01/19 (Alternative Minimum Tax) Aaa 1/00 at 102 2,154,080
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) Aaa 8/01 at 101 1,079,760
The City of New York, General Obligation Bonds,
Fiscal 1991 Series B:
955,000 8.000%, 6/01/99 Aaa No Opt. Call 1,027,169
70,000 8.000%, 6/01/99 Baa1 No Opt. Call 74,568
3,000,000 The City of New York (New York), General
Obligation Bonds, Fiscal 1991 Series F,
3.000%, 11/15/00 Baa1 No Opt. Call 2,793,900
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 4,000,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series E, 6.500%, 8/01/02 Baa1 No Opt. Call $ 4,216,320
480,000 The City of New York, General Obligation Bonds,
Fiscal 1987 Series D, 8.000%, 8/01/06 Aaa 8/97 at 102 495,730
2,420,000 New York City General Obligation, 8.000%,
8/01/06 (Pre-refunded to 8/01/97) Aaa 8/97 at 102 2,501,651
1,350,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series B, 7.250%, 10/01/06 Aaa 10/99 at 101 1/2 1,427,612
2,600,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series F, 6.375%, 2/15/06 Baa1 2/05 at 101 2,720,666
50,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.625%, 8/01/12 Aaa 8/02 at 101 1/2 53,618
500,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 8.000%, 3/15/13 Aaa 3/00 at 101 1/2 554,120
1,000,000 The City of New York, General Obligation Bonds,
Fiscal 1993 Series E, 5.750%, 5/15/13 Aaa 5/03 at 101 1/2 999,920
The City of New York, General Obligation Bonds,
Fiscal 1991 Series D:
720,000 9.500%, 8/01/02 Pre-refunded to 8/01/01 Baa1 8/01 at 101 1/2 861,883
780,000 9.500%, 8/01/02 Baa1 8/01 at 101 1/2 914,254
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 AAA 6/01 at 102 6,082,350
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) AAA 6/98 at 101 1/2 1,050,300
New York City Municipal Water Finance Authority,
New York, Water and Sewer System Revenue Bonds,
Fiscal 1989 Series A:
2,165,000 7.625%, 6/15/16 (Pre-refunded to 6/15/97) Aaa 6/97 at 101 1/2 2,214,319
1,000,000 7.000%, 6/15/18 (Pre-refunded to 6/15/97) AAA 6/97 at 101 1/2 1,021,520
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) Aaa 6/01 at 101 1/2 4,513,680
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 Aaa 6/02 at 101 1/2 981,290
New York City Municipal Water Finance Authority
(New York), Water and Sewer System Revenue
Bonds, Fiscal 1990 Series A:
2,000,000 7.375%, 6/15/09 (Pre-refunded to 6/15/99) AAA 6/99 at 101 1/2 2,156,320
1,250,000 7.250%, 6/15/11 (Pre-refunded to 6/15/99) A 6/99 at 101 1/2 1,341,975
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 6/00 at 101 1/2 $ 275,030
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) Aaa 1/00 at 102 6,238,764
3,000,000 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 Aaa 1/07 at 102 2,849,250
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) Baa2 1/99 at 102 7,163,505
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) Aaa No Opt. Call 2,563,840
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) Aaa 1/99 at 101 1/2 2,320,555
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) Aaa 1/00 at 101 2,152,420
1,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Bonds, Series 1992, 5.500%, 1/01/17 Aaa 1/02 at 100 953,040
2,500,000 Triborough Bridge and Tunnel Authority, New York,
Mortgage Recording Tax Special Obligation Bonds,
Series 1988A, 8.000%, 1/01/18
(Pre-refunded to 1/01/98) Aaa 1/98 at 101 1/2 2,613,625
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) Aaa 12/00 at 102 2,478,578
5,705,000 Puerto Rico Housing Finance Corporation,
Multifamily Mortgage Revenue Bonds, Portfolio A,
Series I, 7.500%, 4/01/22 AA 4/00 at 102 6,003,429
- -----------------------------------------------------------------------------------------------------------------
$351,050,000 Total Investments - (cost $307,529,987) - 98.1% 330,646,924
================
Other Assets Less Liabilities - 1.9% 6,399,236
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $337,046,160
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
SUMMARY OF AAA Aaa 71 $219,279,339 66%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 11 51,269,767 15
PORTFOLIO OF A+ A1 3 13,101,343 4
INVESTMENTS: A,A- A, A2, A3 1 1,341,975 1
BBB+, BBB, BBB- Baal, Baa, Baa2, Baa3 23 45,654,500 14
- ----------------------------------------------------------------------------------------------------------------
TOTAL 109 $330,646,924 100%
- ----------------------------------------------------------------------------------------------------------------
<FN>
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** 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.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa No Opt. Call $ 1,359,887
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) Aaa 7/00 at 102 11,055,300
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) Aaa 7/01 at 102 1,112,720
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) Aaa 5/00 at 102 5,855,215
9,825,000 6.125%, 5/15/20 Aaa 5/00 at 100 9,896,133
5,000,000 Dormitory Authority of the State of New York,
New York University, Insured Revenue Bonds,
Series 1991, 6.000%, 7/01/15 Aaa 7/01 at 102 5,068,250
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) Aaa 7/00 at 102 2,785,440
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 Aaa 7/04 at 102 1,256,463
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 Aaa 2/06 at 102 971,090
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 Minimum Tax) A1 7/99 at 101 10,609,800
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) A1 1/00 at 101 5,330,700
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) Aaa 5/02 at 102 2,674,825
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) Aaa 7/03 at 102 2,109,353
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 3,665,000 New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds
(Central Hudson Gas andElectric Corporation
Projects), Series C, 8.375%, 12/01/28
(Alternative Minimum Tax) A- 12/98 at 102 $ 3,940,425
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 Aaa 10/99 at 103 3,263,250
New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds, Series C
(Rochester Gas and Electric Corporation Projects):
5,000,000 8.375%, 12/01/28 (Alternative Minimum Tax) Aaa 12/98 at 102 5,393,800
1,595,000 8.375%, 12/01/28 (Alternative Minimum Tax) Baa1 12/98 at 102 1,707,400
2,500,000 New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds,
Series 1992 B (Rochester Gas and Electric
Corporation Projects), 6.500%, 5/15/32
(Alternative Minimum Tax) Aaa 5/02 at 102 2,617,775
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
Minimum Tax) Aaa 1/01 at 101 2,114,220
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
Minimum Tax) Aaa 12/01 at 101 2,047,660
New York State Finance Agency, Housing Project
Mortgage Revenue Bonds, 1996 Series A Refunding:
3,000,000 5.750%, 11/01/08 Aaa 5/06 at 102 3,020,610
2,000,000 6.100%, 11/01/15 Aaa 5/06 at 102 2,053,380
3,000,000 6.125%, 11/01/20 Aaa 5/06 at 102 3,046,830
5,000,000 New York State Housing Finance Agency, State
University Construction Refunding Bonds, 1986
Series A, 7.900%, 11/01/06 Aaa No Opt. Call 5,940,550
1,000,000 New York State Housing Finance Agency, Insured
Multi-Family Mortgage Housing Revenue Bonds,
1994 Series B, 6.250%, 8/15/14 Aaa 8/04 at 102 1,033,560
10,590,000 New York State Medical Care Facilities Finance
Agency, Secured Hospital Revenue Bonds, 1987
Series A, 7.100%, 2/15/27 Aaa 2/99 at 100 10,827,428
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 Aa 2/99 at 102 5,333,800
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,100,000 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 Aa 2/99 at 102 $ 2,247,903
New York State Medical Care Facilities Finance
Agency, Hospital Insured Mortgage Revenue Bonds,
1987 Series ARefunding:
3,000,000 7.875%, 2/15/07 (Pre-refunded to 8/15/97) Aa 8/97 at 102 3,094,710
1,720,000 8.000%, 2/15/25 (Pre-refunded to 8/15/97) Aaa 8/97 at 102 1,780,647
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) Aaa 2/00 at 102 10,404,210
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%, 11/01/10 Aaa 11/00 at 102 2,752,700
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 Aaa 11/00 at 102 13,095,960
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 Aaa 2/99 at 102 3,183,930
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 Aaa 5/01 at 102 9,409,789
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 Aaa 2/02 at 102 2,167,223
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 Aaa 8/02 at 100 2,066,400
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 Aaa 2/05 at 102 6,532,500
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 Aaa 2/05 at 102 3,151,346
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa 2/04 at 102 $ 1,890,034
4,150,000 New YorkState Thruway Authority, General Revenue
Bonds, Series C, 6.000%, 1/01/25 Aaa 1/05 at 102 4,172,369
1,550,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds, Series C,
7.500%, 1/01/12 (Pre-refunded to 1/01/98) Aaa 1/98 at 102 1,622,432
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) Aaa 1/00 at 102 16,417,800
3,150,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series MM-1,
7.950%, 10/01/21 (Alternative Minimum Tax) Aa 2/01 at 102 3,335,409
7,040,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series SS,
7.950%, 10/01/22 (Alternative Minimum Tax) Aa 10/00 at 102 7,467,610
2,520,000 State of New York, Various Purpose Bonds,
7.300%, 3/01/10 Aaa 3/01 at 102 2,766,658
2,115,000 Town of Clifton Park Water Authority (New York),
Water System Revenue Bonds, Series 1993,
5.000%, 10/01/26 Aaa 10/03 at 102 1,835,883
3,095,000 Housing New York Corporation, Senior Revenue
Refunding Bonds, Series 1993, 5.500%, 11/01/20 Aaa 11/03 at 102 2,938,238
5,500,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 Aaa 7/02 at 102 5,685,240
2,570,000 Metropolitan Transportation Authority, Commuter
Facilities Service Contract Bonds, Series K,
7.500%, 7/01/17 (Pre-refunded to 7/01/98) Aaa 7/98 at 102 2,729,751
4,290,000 Metropolitan Transportation Authority (New York),
Transit Facilities Service Contract Bonds, Series L,
7.500%, 7/01/17 Aaa 7/98 at 102 4,525,736
County of Nassau, New York, General Obligation
Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,180,135
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,169,157
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,158,179
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,147,201
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,130,734
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) Aaa 6/01 at 101 1/2 2,144,591
1,550,000 7.000%, 6/01/04 Aaa 6/01 at 101 1/2 1,661,104
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 4,935,000 The City of New York, General Obligation Bonds,
Fiscal 1988 Series B, 7.500%, 8/01/07
(Pre-refunded to 2/01/98) Aaa 2/98 at 101 1/2 $ 5,156,039
The City of New York, General Obligation Bonds,
Fiscal 1990 Series I:
950,000 7.250%, 8/15/14 Aaa 8/99 at 101 1/2 1,018,951
2,000,000 7.250%, 8/15/17 Aaa 8/99 at 101 1/2 2,128,605
The City of New York, General Obligation Bonds,
Fiscal 1991 Series A:
3,030,000 7.250%, 3/15/18 Aaa 3/00 at 101 1/2 3,270,218
2,250,000 7.250%, 3/15/19 Aaa 3/00 at 101 1/2 2,423,993
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) Aaa 10/99 at 101 1/2 11,064,222
1,250,000 New York City Health and Hospitals Corporation,
Health System Bonds, 1993 Series A,
5.750%, 2/15/22 Aaa 2/03 at 102 1,215,288
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 Aaa 4/98 at 101 1/2 8,044,032
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 AAA 6/01 at 102 10,578,000
1,000,000 New York City (New York), Municipal Water Finance
Authority, Water and Sewer Revenue Bonds,
Fiscal 1989 Series B, 7.625%, 6/15/17
(Pre-refunded to 6/15/98) Aaa 6/98 at 101 1/2 1,057,590
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) Aaa 6/00 at 101 1/2 6,518,194
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) Aaa 6/00 at 101 1/2 1,320,144
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) Aaa 6/99 at 101 1/2 2,156,320
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) Aaa 1/00 at 102 12,039,720
9,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-Third Series,
6.750%, 4/15/26 (Alternative Minimum Tax) Aaa 4/01 at 101 9,539,820
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 6/99 at 102 $ 3,314,203
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) Aaa 6/00 at 102 10,494,635
5,000,000 Suffolk County Water Authority, New York, Water
System Revenue Bonds, Series 1994,
5.000%, 6/01/17 Aaa 6/03 at 102 4,481,150
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) Aaa 1/00 at 101 1/2 7,151,801
4,000,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series M,
7.500%, 1/01/15 (Pre-refunded to 1/01/98) Aaa 1/98 at 102 4,186,920
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) Aaa 1/01 at 101 1/2 3,281,430
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) Aaa 1/01 at 102 2,745,074
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) Aaa 1/00 at 101 4,853,706
5,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B,
6.875%, 1/01/15 Aaa 1/01 at 102 5,386,150
6,000,000 Triborough Bridge and Tunnel Authority, New York,
Mortgage Recording Tax Special Obligation Bonds,
Series 1988A, 8.000%, 1/01/18 (Pre-refunded
to 1/01/98) Aaa 1/98 at 101 1/2 6,272,700
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) Aaa 7/01 at 102 5,716,304
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) Aaa 7/01 at 100 11,476,884
- -----------------------------------------------------------------------------------------------------------------
$362,485,000 Total Investments - (cost $357,186,103) - 98.3% 384,183,536
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.2%
$ 900,000 The Port Authority of New York and New Jersey,
Versatile Structure Obligations, Series 5, Variable
Rate Demand Bonds, 3.750%, 8/01/24+ VMIG-1 900,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.5% 5,820,930
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $390,904,466
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 76 $341,115,779 89%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, A3 5 21,479,432 5
PORTFOLIO OF A+ A1 2 15,940,500 4
INVESTMENTS A, A- A, A2, A3 1 3,940,425 1
(EXCLUDING BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 1,707,400 1
TEMPORARY
INVESTMENTS):
TOTAL 85 $384,183,536 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or
trust containing sufficient U.S. Government or U.S. Government agency
securities, any of which ensure the timely payment of principal and interest.
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** 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.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 5/00 at 102 $ 5,476,100
5,000,000 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,
7.375%, 8/01/11 AAA 8/01 at 102 5,524,350
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) Aaa 5/00 at 102 1,088,330
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 Aaa 7/00 at 102 12,958,080
10,930,000 Dormitory Authority of the State of New York, Ithaca
College, Insured Revenue Bonds, Series 1991,
6.250%, 7/01/21 Aaa 7/01 at 102 11,249,812
10,000,000 Dormitory Authority of the State of New York, New
York University, Insured Revenue Bonds, Series
1991, 6.000%, 7/01/15 Aaa 7/01 at 102 10,136,500
3,920,000 Dormitory Authority of the State of New York,
Rensselaer Polytechnic Institute, Insured Revenue
Bonds, Series 1991, 6.500%, 7/01/06 Aaa 7/01 at 102 4,195,694
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 Aaa 7/01 at 102 6,504,600
4,150,000 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 AAA 8/01 at 102 4,556,866
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 Aaa 7/01 at 102 13,896,889
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 Aaa 4/01 at 102 14,414,128
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) Aaa 5/02 at 102 5,531,850
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 Baa1 4/97 at 115 20/32 5,833,750
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
Dormitory Authority of the State of New York,
Fordham University, Insured Revenue Bonds,
Series 1990:
$ 10,380,000 7.200%, 7/01/15 (Pre-refunded to 7/01/00) Aaa 7/00 at 102 $ 11,383,019
1,870,000 7.200%, 7/01/15 Aaa 7/00 at 102 2,030,409
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 Aaa 7/04 at 102 5,025,850
1,395,000 Dormitory Authority of the State of New York,
Maimonides Medical Center, FHA-Insured
Mortgage Hospital Revenue Bonds, Series 1996B,
5.500%, 8/01/14 Aaa No Opt. Call 1,378,776
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 Aaa 2/02 at 100 3,752,560
5,440,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds, Series
1987 (Consolidated Edison Company of New York,
Inc. Project), 7.125%, 3/15/22 (Alternative
Minimum Tax) A1 3/99 at 100 5,554,240
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) A1 1/00 at 101 14,925,960
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) Aaa 5/02 at 102 11,769,230
1,000,000 New York State Energy Research and Development
Authority, Gas Facilities Revenue Bonds, 1996 Series
(The Brooklyn Union Gas Company Project),
5.500%, 1/01/21 Aaa 1/06 at 102 949,750
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 Aaa 10/01 at 102 3,230,370
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) Aaa 7/05 at 102 1,002,520
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,500,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992A
(Consolidated Edison Company of New York, Inc.
Project), 6.750%, 1/15/27 (Alternative
Minimum Tax) Aaa 1/01 at 101 $ 2,642,775
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) Aaa 12/01 at 101 3,583,405
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 Aaa 9/00 at 102 5,452,750
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) Aaa 6/02 at 102 1,334,736
New York State Finance Agency, Housing Project
Mortgage Revenue Bonds, 1996 Series A Refunding:
1,000,000 6.100%, 11/01/15 Aaa 5/06 at 102 1,026,690
4,000,000 6.125%, 11/01/20 Aaa 5/06 at 102 4,062,440
12,000,000 New York State Medical Care Facilities Finance
Agency, Secured Hospital Revenue Bonds, 1987
Series A, 7.100%, 2/15/27 Aaa 2/99 at 100 12,269,040
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) Aaa 2/00 at 102 9,796,385
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 Aaa 2/00 at 102 5,953,585
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 Aaa 11/00 at 102 11,737,254
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 Aaa 2/02 at 102 5,777,550
New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1989 Series C:
5,490,000 7.375%, 8/15/19 (Pre-refunded to 8/15/99) Aaa 8/99 at 102 5,961,207
4,365,000 7.375%, 8/15/19 Aaa 8/99 at 102 4,691,327
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa 2/05 at 102 $ 5,443,750
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 Aaa 2/05 at 102 2,233,238
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 Aaa 8/03 at 102 899,390
5,000,000 New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A,
6.750%, 1/01/26 Aaa 1/02 at 102 5,405,800
1,000,000 New York State Urban Development Corporation
Correctional Facilities Revenue Bonds, 1993A,
Refunding Series 5.250%, 1/01/14 Aaa No Opt. Call 958,520
1,720,000 New York State Urban Development Corporation,
Youth Facilities Revenue Bonds, Series 1994,
5.700%, 4/01/14 Aaa 4/04 at 102 1,717,953
State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds Series VV:
9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) Aa 10/01 at 102 10,428,251
2,070,000 7.375%, 10/01/11 (Alternative Minimum Tax) Aaa 10/01 at 102 2,214,238
1,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 43,
6.450%, 10/01/17 Aaa 9/04 at 102 1,604,700
2,345,000 State of New York Mortgage Agency, Mortgage
Revenue Bonds, Eighth Series A, 6.875%, 4/01/17 Aaa 10/98 at 100 2,395,464
State of New York, Serial Bonds:
4,055,000 6.750%, 8/01/08 Aaa 8/01 at 102 4,396,026
4,055,000 6.750%, 8/01/10 Aaa 8/01 at 102 4,396,026
1,000,000 Battery Park City Authority, Senior Revenue
Refunding Bonds, Series 1993A, 5.250%, 11/01/17 Aaa 11/03 at 102 920,270
1,200,000 Town of Brookhaven, Suffolk County, New York,
Various Purposes Serial Bonds, 1991 Series B,
6.400%, 10/01/11 Aaa 10/02 at 102 1,270,248
City of Buffalo, New York, Refunding Serial
Bonds-1991:
530,000 6.250%, 2/01/11 Aaa 2/01 at 101 547,919
760,000 6.250%, 2/01/13 Aaa 2/01 at 101 784,898
760,000 6.250%, 2/01/15 Aaa 2/01 at 101 781,189
3,500,000 Housing New York Corporation, Senior Revenue
Refunding Bonds, Series 1993, 5.500%, 11/01/20 Aaa 11/03 at 102 3,322,725
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 5,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 Aaa 7/02 at 102 $ 5,168,400
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1996A,
6.000%, 7/01/21 Aaa 7/06 at 102 1,005,990
10,000,000 Metropolitan Transportation Authority, Commuter
Facilities Service Contract Bonds, Series K,
7.500%, 7/01/17 (Pre-refunded to 7/01/98) Aaa 7/98 at 102 10,621,600
5,000,000 Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series K, 6.250%, 7/01/11 Aaa 7/02 at 101 1/2 5,222,750
7,900,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1989,
7.250%, 1/01/19 (Alternative Minimum Tax) Aaa 1/00 at 102 8,508,616
5,000,000 Nassau County Industrial Development Agency,
Civic Facility Revenue Bonds (Hofstra University
Project-Series 1991), 6.750%, 8/01/11 Aaa 8/01 at 102 5,402,150
The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1:
4,130,000 6.250%, 8/01/10 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 4,471,840
870,000 6.250%, 8/01/10 Aaa 8/02 at 101 1/2 906,731
The City of New York General Obligation Bonds,
1992 Series C:
4,765,000 6.625%, 8/01/14 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 5,241,548
235,000 6.625%, 8/01/14 Aaa 8/02 at 101 1/2 252,005
The City of New York, General Obligation Bonds,
Fiscal 1991 Series A:
1,500,000 7.250%, 3/15/18 Aaa 3/00 at 101 1/2 1,618,920
3,100,000 7.250%, 3/15/19 Aaa 3/00 at 101 1/2 3,339,723
3,000,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series B, 7.000%, 10/01/19 Aaa 10/99 at 100 3,156,990
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) Aaa 10/99 at 101 1/2 1,829,166
12,500,000 7.125%, 4/01/13 (Pre-refunded to 10/01/99) Aaa 10/99 at 101 1/2 13,486,375
2,600,000 New York City Health and Hospitals Corporation,
Health System Bonds, 1993 Series A,
5.625%, 2/15/13 Aaa 2/03 at 102 2,571,582
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 AAA 6/01 at 102 4,231,200
15,000,000 Pass-Through Certificates of New York City HDC
Multifamily Housing, Limited Obligation Bonds,
Series 1991A, 6.500%, 2/20/19 Aaa 7/97 at 105 17,436,600
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 4,000,000 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) Aaa 11/04 at 102 $ 4,018,000
3,200,000 New York City 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) Aaa 6/00 at 101 1/2 3,520,384
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) Aaa 6/01 at 101 1/2 5,502,500
3,455,000 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) Aaa 6/98 at 101 1/2 3,628,787
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) Aaa 6/99 at 101 1/2 5,699,730
1,500,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Fiscal
1996 Series B, 5.750%, 6/15/26 Aaa 6/06 at 101 1,471,770
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) Aaa 1/00 at 102 3,042,766
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) Aaa 4/01 at 102 5,488,600
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) Aaa 1/02 at 102 5,478,500
10,000,000 The Port Authority of New York & New Jersey,
Consolidated Bonds, Seventy-Sixth Series,
6.500%, 11/01/26 (Alternative Minimum Tax) AA- 11/01 at 101 10,558,700
Rensselaer County, New York, General Obligation
Serial Bonds, Series 1991:
960,000 6.700%, 2/15/16 Aaa No Opt. Call 1,078,022
960,000 6.700%, 2/15/17 Aaa No Opt. Call 1,081,469
960,000 6.700%, 2/15/18 Aaa No Opt. Call 1,078,368
960,000 6.700%, 2/15/19 Aaa No Opt. Call 1,079,981
960,000 6.700%, 2/15/20 Aaa No Opt. Call 1,077,389
747,000 6.700%, 2/15/21 Aaa No Opt. Call 840,248
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
County of Suffolk, New York, Public Improvement
Bonds, 1991 Series A:
$ 790,000 6.500%, 10/01/11 Aaa 10/01 at 102 $ 846,738
745,000 6.500%, 10/01/12 Aaa 10/01 at 102 798,506
720,000 6.500%, 10/01/13 Aaa 10/01 at 102 771,710
730,000 6.500%, 10/01/14 Aaa 10/01 at 102 782,429
735,000 6.500%, 10/01/15 Aaa 10/01 at 102 787,788
250,000 6.500%, 10/01/16 Aaa 10/01 at 102 267,955
245,000 6.500%, 10/01/17 Aaa 10/01 at 102 262,596
245,000 6.500%, 10/01/18 Aaa 10/01 at 102 261,268
240,000 6.500%, 10/01/19 Aaa 10/01 at 102 255,936
County of Suffolk, New York, Public Improvement
Bonds, 1991 Series B:
265,000 6.500%, 10/01/11 Aaa 10/01 at 102 284,032
265,000 6.500%, 10/01/12 Aaa 10/01 at 102 284,032
270,000 6.500%, 10/01/13 Aaa 10/01 at 102 289,391
275,000 6.500%, 10/01/14 Aaa 10/01 at 102 294,751
280,000 6.500%, 10/01/15 Aaa 10/01 at 102 300,110
275,000 6.500%, 10/01/16 Aaa 10/01 at 102 294,751
280,000 6.500%, 10/01/17 Aaa 10/01 at 102 300,110
285,000 6.500%, 10/01/19 Aaa 10/01 at 102 303,924
17,945,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, SeriesT, 7.000%, 1/01/20
(Pre-refunded to 1/01/01) Aaa 1/01 at 102 19,704,148
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) Aaa 1/99 at 101 1/2 2,630,000
12,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991A,
6.625%, 1/01/17 Aaa 1/01 at 102 12,817,080
Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B:
14,000,000 7.100%, 1/01/10 Aaa 1/01 at 102 15,232,700
3,500,000 6.875%, 1/01/15 Aaa 1/01 at 102 3,770,300
- -----------------------------------------------------------------------------------------------------------------
$464,752,000 Total Investments - (cost $461,110,244) - 98.7% 497,037,037
================
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,
3.800%, 8/15/05+ VMIG-1 400,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.2% 6,178,605
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $503,615,642
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 106 $449,736,136 91%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 2 20,986,951 4
PORTFOLIO OF A+ A1 2 20,480,200 4
INVESTMENTS BBB+, BBB, BBB- Baa1, Baa, Baa2, Baa3 1 5,833,750 1
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 111 $497,037,037 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance of 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.
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** 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.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa No Opt. Call $ 4,208,899
8,250,000 Dormitory Authority of the State of New York, New
York Foundling Charitable Corporation, Insured
Revenue Bonds, Series 1987, 6.500%, 7/01/12 Aaa 7/97 at 102 8,461,695
1,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue Bonds,
Series 1989A, 7.125%, 5/15/17 Aaa 5/99 at 102 1,075,450
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) Aaa 7/00 at 102 7,130,669
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) Aaa 5/00 at 102 10,883,300
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 Aaa 7/00 at 102 5,890,527
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 Aaa 7/01 at 102 1,079,370
Dormitory Authority of the State of New York,
Hamilton College, Insured Bonds, Series 1991:
2,000,000 6.500%, 7/01/11 Aaa 7/01 at 102 2,138,260
7,750,000 6.500%, 7/01/21 Aaa 7/01 at 102 8,015,825
1,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue Bonds,
Series 1990B, 7.000%, 5/15/16 Aaa 5/00 at 102 1,077,690
3,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities, Revenue Bonds,
Series 1991 A, 6.750%, 5/15/21 (Pre-refunded
to 5/15/02) Aaa 5/02 at 102 3,319,110
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 Aaa 7/02 at 102 7,202,078
7,515,000 Dormitory Authority of the State of New York,
Marist College, Insured Revenue Bonds, Series
1992, 6.000%, 7/01/22 Aaa 7/02 at 102 7,547,014
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 Aaa No Opt. Call 1,009,090
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 Aaa 7/04 at 102 $ 5,402,789
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 Aaa 7/04 at 102 1,968,641
1,000,000 Dormitory Authority of the State of New York,
Fordham University, Insured Revenue Bonds,
Series 1994, 5.500%, 7/01/23 Aaa 7/04 at 102 942,390
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 Aaa 7/04 at 102 3,856,140
1,240,000 Dormitory Authority of the State of New York, Sarah
Lawrence College, Revenue Bonds, Series 1995,
6.000%, 7/01/24 Aaa 7/05 at 102 1,246,932
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 Aaa 2/06 at 102 1,998,040
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 Aaa 7/06 at 102 1,898,500
1,250,000 Dormitory Authority of The State of New York, St.
John's University, Insured Revenue Bonds, Series
1996, 5.600%, 7/01/16 Aaa 7/06 at 102 1,221,813
4,625,000 Dormitory Authority of the State of New York,
Barnard College, Insured Revenue Bonds, Series
1996, 5.250%, 7/01/26 Aaa 7/07 at 101 4,235,020
2,000,000 Dormitory Authority of the State of New York,
Ithaca College, Insured Revenue Bonds, Series 1997,
5.250%, 7/01/26 (DD) Aaa 7/07 at 102 1,831,360
10,000,000 New York Local Government Assistance Corporation,
Series 1993 B, Refunding Bonds, 5.000%, 4/01/23 Aaa 4/04 at 100 8,768,900
New York Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement
Revenue Bonds, 1992 Series A:
5,000 6.375%, 8/15/10 (Pre-refunded to 2/15/02) Aaa 2/02 at 102 5,426
7,495,000 6.375%, 8/15/10 Aaa 2/02 at 102 7,863,304
15,675,000 6.375%, 8/15/17 Aaa 12/02 at 102 16,272,845
New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds, Series
1989 C (Consolidated Edison Company of New
York, Inc. Project):
10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) A1 11/98 at 101 10,431,900
5,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) Aaa 11/98 at 101 5,249,100
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 5/02 at 102 $ 6,454,740
2,500,000 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) Aaa 7/03 at 102 2,343,725
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) Aaa 5/02 at 102 12,565,320
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) Aaa 12/01 at 101 9,214,470
1,700,000 New York State Finance Agency, Housing Project
Mortgage Revenue Bonds, 1996 Series A Refunding,
6.125%, 11/01/20 Aaa 5/06 at 102 1,726,537
1,600,000 New York State Housing Finance Agency, Insured
Multi-Family Mortgage Housing Revenue Bonds,
1994 Series B, 6.250%, 8/15/14 Aaa 8/04 at 102 1,653,696
1,845,000 New York State Medical Care Facilities Finance
Agency, Secured Hospital Revenue Bonds, 1987
Series A, 7.100%, 2/15/27 Aaa 2/99 at 100 1,886,365
6,530,000 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) Aaa 2/00 at 102 7,151,525
3,330,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home FHA-Insured
Mortgage Revenue Bonds, 1989 Series A,
7.250%, 2/15/09 Aaa 2/99 at 102 3,533,563
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 Aaa 11/01 at 102 5,697,590
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%, 8/15/23 AA 8/02 at 102 1,567,575
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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%, 11/01/14 Aaa 11/03 at 102 $ 1,026,350
2,000,000 New York State Medical Care Facilities Finance
Agency, Health Center Projects Revenue Bonds
(Secured Mortgage Program), 1995 Series A,
6.375%, 11/15/19 Aaa 11/05 at 102 2,089,280
3,000,000 New York State Medical Care Facilities Finance
Agency, Montefiore Medical Center FHA-Insured
Mortgage Revenue Bonds, 1995 Series A,
5.750%, 2/15/25 Aaa 2/05 at 102 2,912,640
5,250,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1993 Series F
Refunding, 5.250%, 2/15/19 Aaa 2/04 at 102 4,770,518
4,000,000 New York State Thruway Authority, General Revenue
Bonds, Series A, 5.750%, 1/01/19 Aaa 1/02 at 102 3,924,200
New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 Aaa 1/02 at 102 5,922,117
17,995,000 6.750%, 1/01/26 Aaa 1/02 at 102 19,455,474
8,900,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds, Series F,
6.500%, 1/01/19 Aaa 1/99 at 101 1/2 9,283,056
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) Aaa 1/00 at 102 1,088,120
3,710,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds, Series C,
7.500%, 1/01/12 (Pre-refunded to 1/01/98) Aaa 1/98 at 102 3,883,368
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) Aaa 1/00 at 102 3,393,012
3,000,000 New York State Urban Development Corporation,
Youth Facilities Revenue Bonds, Series 1994,
5.700%, 4/01/14 Aaa 4/04 at 102 2,996,430
4,825,000 Power Authority of the State of New York, General
Purpose Bonds, Series Z, 6.500%, 1/01/19 Aaa 1/02 at 102 5,124,391
5,000,000 Power Authority of the State of New York, General
Purpose Bonds, Series Y, 6.00%, 1/01/20 Aaa 1/01 at 100 5,011,900
985,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV,
7.250%, 10/01/07 (Alternative Minimum Tax) Aaa 10/01 at 102 1,052,453
190,000 State of New York Mortgage Agency, Mortgage
Revenue Bonds, Eighth Series F, 8.000%, 10/01/17 Aa 7/98 at 102 191,214
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 33,
5.400%, 10/01/17 Aaa 3/04 at 102 $ 1,921,000
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll
Bridge System Revenue Bonds, Series 1995,
5.750%, 1/01/25 Aaa 1/05 at 101 2,936,610
1,980,000 Town of Clifton Park Water Authority (New York),
Water System Revenue Bonds, 1991 Series A,
6.375%, 10/01/26 (Pre-refunded to 10/01/02) Aaa 10/02 at 102 2,167,249
1,000,000 County of Erie, New York, General Obligation
Bonds-1995 Series B, 5.625%, 6/15/20 Aaa 6/05 at 101 1/2 968,450
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) Aaa No Opt. Call 1,921,755
3,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1996A,
6.000%, 7/01/16 Aaa 7/06 at 102 3,035,160
15,000,000 Metropolitan Transportation Authority, Transit
Facilities 1987 Service Contract Bonds, Series 5,
6.500%, 7/01/16 Aaa 7/01 at 102 16,036,950
24,155,000 Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series J, 6.500%, 7/01/18 Aaa 7/02 at 102 25,746,815
3,500,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1989,
7.250%, 1/01/19 (Alternative Minimum Tax) Aaa 1/00 at 102 3,769,640
3,295,000 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 Minimum Tax) Aaa 12/99 at 103 3,581,171
County of Nassau, New York, General Obligation
Serial Bonds:
1,410,000 6.100%, 11/15/07 Aaa 11/01 at 103 1,495,714
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) Aaa 11/01 at 103 1,379,675
1,495,000 6.100%, 11/15/09 Aaa 11/01 at 103 1,578,884
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) Aaa 11/01 at 103 1,407,049
1,000,000 6.100%, 11/15/10 Aaa 11/01 at 103 1,051,890
2,500,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series H, 7.100%, 2/01/10 Aaa 2/02 at 101 1/2 2,732,525
The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Subseries C-1:
19,800,000 6.625%, 8/01/15 (Pre-refunded to 8/01/02) Aaa 8/02 at 101 1/2 21,780,198
200,000 6.625%, 8/01/15 Aaa 8/02 at 101 1/2 214,472
12,475,000 Pass-Through Certificates of New York City, HDC
Multifamily Housing, Limited Obligation Bonds,
Series 1991A, 6.500%, 2/20/19 Aaa 7/97 at 105 14,501,439
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 11/04 at 102 $ 2,009,000
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Fiscal
1992 Series A:
9,500,000 6.750%, 6/15/16 Aaa 6/01 at 101 10,171,840
9,770,000 6.250%, 6/15/21 Aaa 6/01 at 100 10,013,175
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) Aaa 6/99 at 101 1/2 5,422,733
21,290,000 New York City, Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Fiscal
1992 Series C, 6.500%, 6/15/21 (Pre-refunded
to 6/15/97) Aaa 6/97 at 101 12 21,727,084
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 Aaa 7/06 at 101 4,947,400
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 (DD1) Aaa 1/07 at 102 6,885,688
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) Aaa 10/02 at 102 5,086,951
1,000,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), Airport Revenue
Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative
Minimum Tax) Aaa 4/04 at 102 1,021,720
5,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-First Series,
6.500%, 1/15/26 Aaa 1/01 at 101 5,257,200
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) Aaa 11/01 at 101 10,504,600
5,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-First Series, Revenue
Bonds, 6.500%, 1/15/26 Aaa 1/01 at 101 5,257,200
7,000,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series X, 6.500%, 1/01/19 Aaa 1/02 at 101 1/2 7,407,190
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) Aaa 1/01 at 101 1/2 2,734,525
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 1/01 at 102 $ 3,294,090
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) Aaa 1/02 at 101 1/2 6,361,033
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) Aaa 1/99 at 101 1/2 2,630,000
24,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B,
6.875%, 1/01/15 Aaa 1/01 at 102 25,853,520
1,000,000 Western Nassau County Water Authority, System
Revenue Bonds, Series 1995, 5.650%, 5/01/26 Aaa 5/06 at 102 967,400
525,000 City of Yonkers, New York, General Obligation Serial
Bonds-1992-A, 6.500%, 2/15/07 Aaa 2/02 at 102 562,531
1,390,000 City of Yonkers, New York, General Obligation Serial
Bonds-1992-B, 6.500%, 2/15/07 Aaa 2/02 at 102 1,489,370
- -----------------------------------------------------------------------------------------------------------------
$492,870,000 Total Investments - (cost $489,369,169) - 98.4% 515,982,602
================
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 1.1%
$ 2,600,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series B, Variable Rate Demand Bonds,
3.800%, 8/15/05+ VMIG-1 2,600,000
2,100,000 Dormitory Authority of the State of New York,
Cornell University Revenue Bonds, Series 1990B,
Variable Rate Demand Bonds, 3.750%, 7/01/25+ VMIG-1 2,100,000
1,100,000 The Port Authority of New York and New Jersey,
Versatile Structure Obligations, Series 5, Variable
Rate Demand Bonds, 3.750%, 8/01/24+ VMIG-1 1,100,000
- -----------------------------------------------------------------------------------------------------------------
$ 5,800,000 Total Temporary Investments - 1.1% 5,800,000
================
Other Assets Less Liabilities - 0.5% 2,511,068
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $524,293,670
============
<PAGE>
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 94 $503,791,913 98%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 2 1,758,789 1
PORTFOLIO OF A+ A1 1 10,431,900 1
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 97 $515,982,602 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance of 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.
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** 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. (DD) Security purchased on a delayed delivery
basis (see note 1 of the Notes to Financial Statements).
(DD1) Portion of security purchased on a delayed delivery basis (see note 1 of
the Notes to Financial Statements).
+ The security has a maturity of more than one year, but has variable rate and
demand features which qualify it as a short-term security. The rate disclosed is
that currently in effect. This rate changes periodically based on market
conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
PORTFOLIO OF INVESTMENTS
(Unaudited)
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
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) Aaa 7/01 at 102 $ 1,367,575
1,000,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) Aaa 7/01 at 102 1,086,760
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 Aaa 7/00 at 102 4,859,280
2,000,000 Dormitory Authority of the State of New York,
New York University, Insured Revenue Bonds,
Series 1991, 6.000%, 7/01/15 Aaa 7/01 at 102 2,027,300
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 Aaa 7/02 at 102 2,483,475
2,500,000 Dormitory Authority of the State of New York, State
University Educational Facilities, Revenue Bonds,
Series 1995A, 6.000%, 5/15/22 Aaa 5/03 at 102 2,441,200
3,750,000 Dormitory Authority of the State of New York,
Rensselaer Polytechnic Institute Insured Revenue
Bonds, Series 1993, 5.250%, 7/01/22 Aaa 7/03 at 101 3,406,575
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 Aaa No Opt. Call 2,018,180
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 Aaa 7/04 at 102 2,168,716
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 Aaa 7/04 at 102 938,250
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) Aaa 7/04 at 102 7,732,577
1,920,000 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 Aaa 8/05 at 102 1,863,974
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 Aaa 8/05 at 102 2,866,650
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 Aaa 2/06 at 102 4,004,440
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 2,000,000 Dormitory Authority of The State of New York,
St. John's University, Insured Revenue Bonds,
Series 1996, 5.600%, 7/01/16 Aaa 7/06 at 102 $ 1,954,900
2,500,000 Dormitory Authority of the State of New York, New
School for Social Research, Insured Revenue Bonds,
Series 1997, 5.750%, 7/01/26 (WI) Aaa 7/07 at 102 2,446,075
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 Aaa 12/02 at 102 2,076,280
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) Aaa 5/02 at 102 2,689,475
5,000,000 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) Aaa 7/03 at 102 4,687,450
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) Aaa 5/02 at 102 6,387,371
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) Aaa 7/05 at 102 2,506,300
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) Aaa 12/01 at 101 2,559,575
1,000,000 New York State Energy Research and Development
Authority, Facilities Refunding Revenue Bonds,
Series 1993 B (Consolidated Edison Company of
New York, Inc. Project), 5.250%, 8/15/20 Aaa 10/03 at 102 911,580
2,250,000 New York State Finance Agency, Housing Project
Mortgage Revenue Bonds, 1996 Series A Refunding,
6.125%, 11/01/20 Aaa 5/06 at 102 2,285,123
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) Aaa 2/00 at 102 109,518
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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 AAA 8/02 at 102 $ 2,685,882
2,500,000 New York State Medical Care Facilities Finance
Agency, South Nassau Communities Hospital
Project Revenue Bonds, 1992 Series A,
6.125%, 11/01/11 Aaa 11/02 at 102 2,584,725
4,500,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities
Improvement Revenue Bonds, 1994 Series A,
5.250%, 8/15/23 Aaa 2/04 at 102 4,058,235
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 Aa 8/05 at 102 4,460,090
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 Aaa 2/05 at 102 8,492,250
1,745,000 New York State Medical Care Facilities Finance
Agency, Montefiore Medical Center FHA-Insured
Mortgage Revenue Bonds, 1995 Series A,
5.750%, 2/15/25 Aaa 2/05 at 102 1,694,186
3,500,000 New York State Medical Care Facilities Finance
Agency, FHA Mortgage Revenue Bonds (St. Luke's-
Roosevelt Hospital), Series 1993, 5.625%, 8/15/18 Aaa 8/03 at 102 3,332,700
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 Aaa 2/04 at 102 4,295,424
2,160,000 New York State Thruway Authority, General Revenue
Bonds, Series C, 6.000%, 1/01/25 Aaa 1/05 at 102 2,171,642
2,000,000 New York State Thruway Authority, Highway and
Bridge Trust Fund Bonds, Series 1995A,
6.250%, 4/01/06 Aaa 4/05 at 102 2,157,620
2,000,000 New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A
6.700%, 1/01/12 Aaa 1/02 at 102 2,147,640
1,900,000 New York State Urban Development Corporation
Correctional Facilities Revenue Bonds, 1993A,
Refunding Series, 5.250%, 1/01/14 Aaa No Opt. Call 1,821,188
6,000,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds, 1993
Refunding Series, 5.250%, 1/01/18 Aaa 1/03 at 102 5,532,840
2,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 30-B,
6.650%, 10/01/25 (Alternative Minimum Tax) Aa 3/03 at 102 2,586,750
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 1,200,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 30-C-1,
5.850%, 10/01/25 (Alternative Minimum Tax) Aa 10/03 at 102 $ 1,173,960
2,000,000 Buffalo Sewer Authority, Sewer System Revenue Bonds,
Series G, 5.000%, 7/01/12 Aaa 7/03 at 100 1,865,200
1,595,000 Town of Huntington, Suffolk County, New York,
General Obligation Refunding Bonds, 1993,
5.500%, 4/01/13 Aaa 4/03 at 102 1,580,773
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) Aaa 7/04 at 102 1,198,401
2,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B,
6.250%, 7/01/17 Aaa 7/02 at 102 2,067,360
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1994A,
6.375%, 7/01/18 Aaa 7/04 at 101 1/2 1,049,730
2,500,000 Metropolitan Transportation Authority (New York),
Transit Facilities Service Contract Bonds, Series P,
5.750%, 7/01/15 Aaa 7/03 at 101 1/2 2,480,225
1,700,000 Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series A, 6.100%, 7/01/21 Aaa 7/06 at 102 1,732,385
1,800,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Refunding Bonds,
Series 1993, 5.375%, 1/01/19 (Alternative
Minimum Tax) Aaa 1/03 at 102 1,650,870
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 Aaa 6/05 at 102 2,011,140
210,000 County of Nassau, New York, General Obligation
Serial Bonds, Serial General Improvement Bonds,
Series 1993-H, 5.500%, 6/15/16 Aaa No Opt. Call 204,280
1,500,000 County of Nassau, New York, General Obligation
Serial Bonds, Serial General Improvement Bonds,
Series O, 5.700%, 8/01/13 Aaa 8/04 at 103 1,507,320
4,000,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series E, 8.000%, 8/01/05 Aaa No Opt. Call 4,774,600
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) Aaa 8/02 at 101 1/2 2,623,524
1,500,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series F, 6.000%, 8/01/19 Aaa 8/98 at 101 1/2 1,524,390
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
$ 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) Aaa 11/04 at 102 $ 2,009,000
2,185,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Series
1992C, 6.500%, 6/15/21 (Pre-refunded to 6/15/97) Aaa 6/97 at 101 1/2 2,229,858
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 Aaa 7/06 at 101 5,402,561
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 Aaa 1/07 at 102 1,187,188
1,000,000 New York City Industrial Development Agency,
Civic Facility Revenue Bonds (USTA National
Tennis Center Incorporated Project),
6.375%, 11/15/14 Aaa 11/04 at 102 1,055,830
100,000 County of Niagara, New York, Public Improvement
(Serial) Bonds, 1993, 5.750%, 8/15/20 Aaa 8/00 at 102 98,041
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) Aaa No Opt. Call 2,669,828
City of Niagara Falls, Niagara County, New York,
Public Improvement (Serial) Bonds, 1994:
1,000,000 7.500%, 3/01/13 Aaa No Opt. Call 1,203,680
2,000,000 6.900%, 3/01/22 Aaa 3/04 at 102 2,201,840
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) Aaa 1/03 at 101 2,494,025
1,000,000 Suffolk County Industrial Development Agency
(Suffolk County, New York), Suffolk County
Southwest Sewer System Revenue Bonds, Series
1994, 4.750%, 2/01/09 Aaa 2/04 at 101 931,610
Suffolk County Water Authority, New York, Water
System Revenue Bonds, Series 1993 Refunding:
2,500,000 5.100%, 6/01/11 Aaa No Opt. Call 2,415,400
2,500,000 5.100%, 6/01/12 Aaa No Opt. Call 2,399,075
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) Aaa 1/01 at 100 3,979,017
2,750,000 City of Yonkers, New York, Refunding Serial Bonds,
1993-C, 5.500%, 9/01/09 Aaa 9/03 at 102 2,758,112
2,500,000 Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series Y, 7.000%, 7/01/07 Aaa No Opt. Call 2,872,024
- -----------------------------------------------------------------------------------------------------------------
$176,725,000 Total Investments - (cost $176,314,027) - 99.5% 179,251,018
================
<PAGE>
<CAPTION>
PRINCIPAL OPT. CALL MARKET
AMOUNT DESCRIPTION RATINGS* PROVISIONS** VALUE
<S> <C> <C> <C> <C>
TEMPORARY INVESTMENTS IN SHORT-TERM
MUNICIPAL SECURITIES - 0.7%
$ 1,300,000
================ The City of New York, General Obligation Bonds,
Fiscal 1995 Series B, Variable Rate Demand Bonds,
3.800%, 8/15/05+ VMIG-1 $ 1,300,000
- -----------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (0.2)% (382,313)
- -----------------------------------------------------------------------------------------------------------------
Net Assets - 100% $180,168,705
============
<CAPTION>
NUMBER OF MARKET MARKET
STANDARD & POOR'S MOODY'S SECURITIES VALUE PERCENT
<S> <C> <C> <C> <C> <C>
SUMMARY OF AAA Aaa 67 $171,030,218 95%
RATINGS* AA+, AA, AA- Aa1, Aa, Aa2, Aa3 3 8,220,800 5
PORTFOLIO OF
INVESTMENTS
(EXCLUDING
TEMPORARY
INVESTMENTS):
TOTAL 70 $179,251,018 100%
<FN>
All of the bonds in the portfolio, excluding temporary investments in
short-term municipal securities, are either covered by Original Issue Insurance,
Secondary Market Insurance of 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.
* Ratings: Using the higher of Standard & Poor's or Moody's rating.
** 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. (WI) Security purchased on a when-issued basis
(see note 1 of the Notes to Financial Statements).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based on
market conditions or a specified market index.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS
(Unaudited)
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
ASSETS
Investments in municipal securities,
at market value (note 1) $143,780,459 $330,646,924 $384,183,536 $497,037,037
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 600,000 -- 900,000 400,000
Cash 1,788 -- 292,098 --
Receivables:
Interest 2,595,849 6,079,901 7,394,682 8,495,731
Investments sold 5,224,965 2,622,483 35,000 --
Other assets 20,261 41,627 34,919 39,362
------------ ------------ ------------ ------------
Total assets 152,223,322 339,390,935 392,840,235 505,972,130
------------ ------------ ------------ ------------
LIABILITIES
Cash overdraft -- 628,774 -- 10,406
Payable for investments purchased -- -- -- --
Accrued expenses:
Management fees (note 6) 82,031 183,926 212,649 273,022
Other 106,000 128,547 147,275 126,426
Preferred share dividends payable N/A 52,859 33,875 72,741
Common share dividends payable 791,165 1,350,669 1,541,970 1,873,893
------------ ------------ ------------ ------------
Total liabilities 979,196 2,344,775 1,935,769 2,356,488
------------ ------------ ------------ ------------
Net assets (note 7) $151,244,126 $337,046,160 $390,904,466 $503,615,642
============ ============ ============ ============
Preferred shares, at liquidation value N/A $104,300,000 $120,000,000 $150,000,000
============ ============ ============ ============
Preferred shares outstanding N/A 4,172 4,800 6,000
============ ============ ============ ============
Common shares outstanding 14,927,647 14,601,827 17,325,511 22,713,856
============ ============ ============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 10.13 $ 15.94 $ 15.64 $ 15.57
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred Shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS
(Unaudited)
NUN NNF
<S> <C> <C>
ASSETS
Investments in municipal securities,
at market value (note 1) $515,982,602 $179,251,018
Temporary investments in short-term municipal
securities, at amortized cost (note 1) 5,800,000 1,300,000
Cash 101,848 24,249
Receivables:
Interest 8,523,381 2,630,548
Investments sold 984,154 234,645
Other assets 34,298 22,096
------------ ------------
Total assets 531,426,283 183,462,556
------------ ------------
LIABILITIES
Cash overdraft -- --
Payable for investments purchased 4,795,800 2,482,544
Accrued expenses:
Management fees (note 6) 284,637 99,998
Other 125,485 115,542
Preferred share dividends payable 94,201 32,864
Common share dividends payable 1,832,490 562,903
------------ ------------
Total liabilities 7,132,613 3,293,851
------------ ------------
Net assets (note 7) $524,293,670 $180,168,705
============ ============
Preferred shares, at liquidation value $170,000,000 $ 65,000,000
============ ============
Preferred shares outstanding 6,800 2,600
============ ============
Common shares outstanding 23,493,459 8,217,560
============ ============
Net asset value per Common share outstanding
(net assets less Preferred shares at liquidation value,
divided by Common shares outstanding) $ 15.08 $ 14.01
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
Six months ended March 31, 1997
(Unaudited)
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 5,334,012 $ 11,258,202 $ 12,814,835 $ 15,828,076
------------ ------------ ------------ ------------
Expenses:
Management fees (note 6) 485,678 1,083,253 1,253,330 1,606,971
Preferred shares--auction fees N/A 130,375 150,000 187,500
Preferred shares--dividend disbursing agent fees N/A 18,991 13,624 11,149
Shareholders' servicing agent fees and expenses 28,256 25,106 23,169 23,460
Custodian's fees and expenses 21,212 30,589 33,097 39,079
Directors' fees and expenses (note 6) 620 1,535 1,747 2,191
Professional fees 8,480 7,132 11,680 11,960
Shareholders' reports--printing and
mailing expenses 29,032 37,182 37,552 45,622
Stock exchange listing fees 13,118 9,630 12,039 17,670
Investor relations expense 8,541 13,404 14,508 17,774
Portfolio insurance expense -- -- 54,607 68,013
Other expenses 4,417 12,603 11,864 14,651
------------ ------------ ------------ ------------
Total expenses 599,354 1,369,800 1,617,217 2,046,040
------------ ------------ ------------ ------------
Net investment income 4,734,658 9,888,402 11,197,618 13,782,036
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment
transactions (notes 1 and 3) 672,205 309,769 (422) (130,082)
Net change in unrealized appreciation
or depreciation of investments (2,043,279) (3,882,709) (4,086,716) (4,535,766)
------------ ------------ ------------ ------------
Net gain (loss) from investments (1,371,074) (3,572,940) (4,087,138) (4,665,848)
------------ ------------ ------------ ------------
Net increase in net assets from operations $ 3,363,584 $ 6,315,462 $ 7,110,480 $ 9,116,188
============ ============ ============ ============
<FN>
N/A - Fund is not authorized to issue Preferred Shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF OPERATIONS
Six months ended March 31, 1997
(Unaudited)
<CAPTION>
NUN NNF
<S> <C> <C>
INVESTMENT INCOME
Tax-exempt interest income (note 1) $ 15,896,920 $ 5,217,269
------------ ------------
Expenses:
Management fees (note 6) 1,677,385 590,723
Preferred shares--auction fees 212,499 81,250
Preferred shares--dividend disbursing agent fees 22,274 12,374
Shareholders' servicing agent fees and expenses 22,623 7,856
Custodian's fees and expenses 40,717 23,021
Directors' fees and expenses (note 6) 2,283 930
Professional fees 12,016 8,212
Shareholders' reports--printing and mailing expenses 48,169 23,469
Stock exchange listing fees 16,698 8,085
Investor relations expense 18,342 6,512
Portfolio insurance expense 13,975 10,104
Other expenses 13,652 7,594
------------ ------------
Total expenses 2,100,633 780,130
------------ ------------
Net investment income 13,796,287 4,437,139
------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS) FROM INVESTMENTS
Net realized gain (loss) from investment transactions
(notes 1 and 3) (16,021) (218,338)
Net change in unrealized appreciation or depreciation
of investments (4,839,720) (1,846,053)
------------ ------------
Net gain (loss) from investments (4,855,741) (2,064,391)
------------ ------------
Net increase in net assets from operations $ 8,940,546 $ 2,372,748
============ ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NNY NNP
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 4,734,658 $ 8,922,987 $ 9,888,402 $ 19,625,434
Net realized gain (loss) from investment
transactions (notes 1 and 3) 672,205 390,448 309,769 97,055
Net change in unrealized appreciation
or depreciation of investments (2,043,279) (2,759,606) (3,882,709) (3,343,913)
------------- ------------- ------------- -------------
Net increase in net assets from operations 3,363,584 6,553,829 6,315,462 16,378,576
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (4,741,600) (9,254,789) (8,088,109) (16,274,400)
Preferred shareholders N/A N/A (1,716,305) (3,634,033)
From accumulated net realized gains from
investment transactions:
Common shareholders (107,163) (480,474) -- --
Preferred shareholders N/A N/A -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (4,848,763) (9,735,263) (9,804,414) (19,908,433)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition of
NNM, as applicable (note 1) -- 28,973,267 -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of
distributions 881,410 1,571,945 1,174,966 2,644,024
------------- ------------- ------------- -------------
Net increase in net assets derived from capital
share transactions 881,410 30,545,212 1,174,966 2,644,024
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (603,769) 27,363,778 (2,313,986) (885,833)
Net assets at beginning of period 151,847,895 124,484,117 339,360,146 340,245,979
------------- ------------- ------------- -------------
Net assets at end of period $ 151,244,126 $ 151,847,895 $ 337,046,160 $ 339,360,146
============= ============= ============= =============
Balance of undistributed net investment income
at end of period $ 68,533 $ 75,475 $ 678,816 $ 594,828
============= ============= ============= =============
<FN>
N/A - Fund is not authorized to issue Preferred Shares.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NQN NVN
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 11,197,618 $ 22,303,176 $ 13,782,036 $ 27,360,961
Net realized gain (loss) from investment
transactions (notes 1 and 3) (422) 605,193 (130,082) 345,109
Net change in unrealized appreciation or
depreciation of investments (4,086,716) (5,097,400) (4,535,766) (2,139,436)
------------- ------------- ------------- -------------
Net increase in net assets from operations 7,110,480 17,810,969 9,116,188 25,566,634
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (9,209,720) (18,037,677) (11,212,924) (22,552,249)
Preferred shareholders (1,904,044) (4,054,584) (2,425,872) (5,066,202)
From accumulated net realized gains from
investment transactions:
Common shareholders (416,639) (387,001) (282,980) (557,052)
Preferred shareholders (91,224) (108,312) (61,908) (143,064)
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (11,621,627) (22,587,574) (13,983,684) (28,318,567)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NNM, as applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of
distributions 1,226,356 2,954,112 2,355,199 3,539,742
------------- ------------- ------------- -------------
Net increase in net assets derived from
capital share transactions 1,226,356 2,954,112 2,355,199 3,539,742
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (3,284,791) (1,822,493) (2,512,297) 787,809
Net assets at beginning of period 394,189,257 396,011,750 506,127,939 505,340,130
------------- ------------- ------------- -------------
Net assets at end of period $ 390,904,466 $ 394,189,257 $ 503,615,642 $ 506,127,939
============= ============= ============= =============
Balance of undistributed net investment income
at end of period $ 1,270,060 $ 1,186,206 $ 954,958 $ 811,718
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<CAPTION>
NUN NNF
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 13,796,287 $ 27,798,688 $ 4,437,139 $ 8,865,077
Net realized gain (loss) from investment
transactions (notes 1 and 3) (16,021) 1,173,040 (218,338) (465,881)
Net change in unrealized appreciation or
depreciation of investments (4,839,720) (417,870) (1,846,053) 3,162,286
------------- ------------- ------------- -------------
Net increase in net assets from operations 8,940,546 28,553,858 2,372,748 11,561,482
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (note 1)
From undistributed net investment income:
Common shareholders (10,980,588) (21,903,186) (3,377,419) (6,570,290)
Preferred shareholders (2,659,230) (5,864,574) (1,002,473) (2,183,049)
From accumulated net realized gains from
investment transactions:
Common shareholders (680,173) (460,749) -- --
Preferred shareholders (176,348) (135,268) -- --
------------- ------------- ------------- -------------
Decrease in net assets from distributions
to shareholders (14,496,339) (28,363,777) (4,379,892) (8,753,339)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (note 2)
Net proceeds from shares issued in acquisition
of NNM, as applicable (note 1) -- -- -- --
Net proceeds from Common shares issued to
shareholders due to reinvestment of
distributions 915,800 716,291 -- --
------------- ------------- ------------- -------------
Net increase in net assets derived from
capital share transactions 915,800 716,291 -- --
------------- ------------- ------------- -------------
Net increase (decrease) in net assets (4,639,993) 906,372 (2,007,144) 2,808,143
Net assets at beginning of period 528,933,663 528,027,291 182,175,849 179,367,706
------------- ------------- ------------- -------------
Net assets at end of period $ 524,293,670 $ 528,933,663 $ 180,168,705 $ 182,175,849
============= ============= ============= =============
Balance of undistributed net investment income
at end of period $ 1,449,085 $ 1,292,616 $ 610,182 $ 552,935
============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
At March 31, 1997, the New York Funds (the "Funds") covered in this report
and their corresponding New York Stock Exchange symbols are Nuveen New York
Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal
Fund, Inc. (NNP), Nuveen New York Investment Quality Municipal Fund, Inc. (NQN),
Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York
Quality Income Municipal Fund, Inc. (NUN) and Nuveen Insured New York Premium
Income Municipal Fund, Inc. (NNF).
NNY is not authorized by its Articles of Incorporation to issue Preferred
shares, therefore, in the Notes to Financial Statements "N/A" represents
not-applicable.
Each Fund invests primarily in a diversified portfolio of municipal
obligations issued by state and local government authorities within the state of
New York. The Funds are registered under the Investment Company Act of 1940 as
closed-end, diversified management investment companies.
On January 8, 1996, NNY acquired all of the net assets of Nuveen New York
Municipal Income Fund, Inc. (NNM) pursuant to a plan of reorganization approved
by the shareholders of NNM on November 16, 1995. The acquisition was
accomplished by a tax-free exchange of 2,770,666 shares of NNY for the 2,521,957
shares of NNM outstanding on January 8, 1996. NNM's net assets at that date of
$28,973,267 included $2,191,385 of net unrealized appreciation which were
combined with that of NNY. The combined net assets on NNY immediately after the
acquisition were $154,177,791.
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
<PAGE>
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are
provided by a pricing service approved and supervised 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 traded and valued at amortized cost.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains
and losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the transaction date. The securities so
purchased are subject to market fluctuation during this period. The Funds have
instructed the custodian to segregate assets in a separate account with a
current value at least equal to the amount of their purchase commitments. At
March 31, 1997, NUN and NNF had purchase commitments of $4,795,800 and
$2,482,544, respectively. There were no such 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
The Funds intend to comply with the requirements of the Internal Revenue
Code applicable to regulated investment companies by distributing to
shareholders all of their tax-exempt net investment income, in addition to any
significant amounts of net realized 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 NNY and $.01 per Common share for NNP, NQN, NVN, NUN and NNF.
Furthermore, each Fund intends to satisfy conditions which will enable interest
from municipal securities, which is exempt from regular federal and New York
State income taxes, to retain such tax-exempt status when distributed to
shareholders of the Funds. Net realized capital gain and market discount
distributions are subject to federal taxation.
<PAGE>
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 after
month-end. Net realized capital gains and/or market discount from investment
transactions are distributed to shareholders not less frequently than annually.
Furthermore, capital gains are distributed only to the extent they exceed
available capital loss carryovers.
Distributions to shareholders of tax-exempt net investment income, net
realized capital gains and/or market discount are recorded on the ex-dividend
date. The amount and timing of 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 following Funds have issued and outstanding $25,000 stated value
Preferred shares. Each Fund's Preferred shares are issued in more than one
Series. The dividend rate on each Series may change every seven days, as set by
the Auction Agent. The number of shares outstanding, by Series and in total, for
each Fund, at March 31, 1997, were as follows:
<TABLE>
<CAPTION>
NNP NQN NVN NUN
<S> <C> <C> <C> <C>
Number of shares:
Series M 1,600 -- -- 2,200
Series T -- 2,400 -- --
Series W 2,000 -- 2,400 2,200
Series Th -- -- 3,600 2,400
Series F 572 2,400 -- --
----- ----- ----- -----
Total 4,172 4,800 6,000 6,800
====== ====== ====== =====
<CAPTION>
NNF
<S> <C>
Number of shares:
Series M 1,320
Series T 1,280
Series W --
Series Th --
Series F --
-----
Total 2,600
=====
</TABLE>
<PAGE>
Insurance
NQN, NVN, NUN and NNF invest in municipal securities which are either
covered by insurance or are backed by an escrow or trust account containing
sufficient U.S. Government or U.S. Government agency securities, both of which
ensure the timely payment of principal and interest. Each insured municipal
security is covered by Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance. Such insurance does not guarantee the market value of the
municipal securities or the value of the Funds' shares. Original Issue Insurance
and Secondary Market Insurance remain in effect as long as the municipal
securities covered thereby remain outstanding and the insurer remains in
business, regardless of whether the Funds ultimately dispose of such municipal
securities. Consequently, the market value of the municipal securities covered
by Original Issue Insurance or Secondary Market Insurance may reflect value
attributable to the insurance. Portfolio Insurance is effective only while the
municipal securities are held by the Funds. Accordingly, neither the prices used
in determining the market value of the underlying municipal securities nor the
net asset value of the Funds' shares include value, if any, attributable to the
Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give
the Funds the right to obtain permanent insurance with respect to the municipal
security covered by the Portfolio Insurance policy at the time of its sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial
instruments including futures, forward, swap, and option contracts, and other
financial instruments with similar characteristics. Although the Funds are
authorized to invest in such financial instruments, and may do so in the future,
they did not make any such investments during the six months ended March 31,
1997.
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>
<TABLE>
2. FUND SHARES
Transactions in Common shares were as follows:
<CAPTION>
NNY NNP
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
Shares issued in acquisition of NNM, as
applicable (note 1) -- 2,770,666 -- --
Shares issued to shareholders due to reinvestment
of distributions 84,998 144,082 68,285 152,270
------ --------- ------ -------
Net increase 84,998 2,914,748 68,285 152,270
====== ========= ====== =======
<CAPTION>
NQN NVN
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
Shares issued in acquisition of NNM, as
applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment
of distributions 72,395 176,362 147,246 219,492
------ ------- ------- -------
Net increase 72,395 176,362 147,246 219,492
====== ======= ======= =======
<CAPTION>
NUN NNF
Six months ended Year ended Six months ended Year ended
3/31/97 9/30/96 3/31/97 9/30/96
<S> <C> <C> <C> <C>
Shares issued in acquisition of NNM, as
applicable (note 1) -- -- -- --
Shares issued to shareholders due to reinvestment
of distributions 58,769 46,461 -- --
------ ------ ----- -----
Net increase 58,769 46,461 -- --
====== ====== ===== =====
</TABLE>
<PAGE>
<TABLE>
3. SECURITIES TRANSACTIONS
Purchase and sales (including maturities) of investments in municipal
securities and tem porary municipal investments during the six months ended
March 31, 1997, were as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
PURCHASES
Investments in municipal securities $ 4,199,760 $ 8,476,100 $ 2,956,437 $12,304,125
Temporary municipal investments 1,800,000 4,800,000 6,400,000 9,250,000
SALES AND MATURITIES
Investments in municipal securities 5,180,000 5,774,910 2,410,984 9,346,115
Temporary municipal investments 4,200,000 8,400,000 6,200,000 10,150,000
=========== =========== =========== ===========
<CAPTION>
NUN NNF
<S> <C> <C>
PURCHASES
Investments in municipal securities $37,317,301 $13,772,993
Temporary municipal investments 24,500,000 4,600,000
SALES AND MATURITIES
Investments in municipal securities 37,081,289 12,109,164
Temporary municipal investments 19,000,000 3,600,000
=========== ===========
</TABLE>
At March 31, 1997, the identified cost of investments owned for federal
income tax purposes was the same as the cost for financial reporting purposes
for each Fund.
At September 30, 1996, the Funds' last fiscal year end, the following Funds
had unused capital loss carryovers available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the carryovers
will expire as follows:
<TABLE>
<CAPTION>
NNY* NNP NNF
<S> <C> <C> <C>
Expiration year:
1998 $ -- $ 256,227 $ --
1999 -- 680 --
2000 -- -- 14,718
2002 -- 2,337,662 1,613,938
2003 892,506 356,638 3,373
2004 -- 504,763 2,802,391
-------- ---------- ----------
Total $892,506 $3,455,970 $4,434,420
======== ========== ==========
<FN>
* NNM had net realized losses from investment transactions of $1,177,160,
which were carried forward to NNY, as permitted under applicable tax regulations
(note 1). The extent of such capital losses which can be utilized during the
first fiscal year following such an acquisition is subject to limitations
prescribed by these tax regulations. Any amounts not fully utilized will
continue to be carried forward to future fiscal years until the applicable
expiration date is reached.
</FN>
</TABLE>
<PAGE>
<TABLE>
4. DISTRIBUTIONS TO COMMON SHAREHOLDERS
On April 1, 1997, the Funds declared Common share
dividend distributions from their tax-exempt net investment income which were
paid May 1, 1997, to shareholders of record on April 15, 1997, as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Dividend per share $.0530 $.0925 $.0890 $.0825
====== ====== ====== ======
<CAPTION>
NUN NNF
<S> <C> <C>
Dividend per share $.0780 $.0685
====== ======
</TABLE>
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of
investments at March 31, 1997, were as follows:
<TABLE>
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $ 9,280,900 $ 23,649,724 $ 27,144,877 $ 36,032,210
depreciation (282,137) (532,787) (147,444) (105,417)
------------ ------------ ------------ ------------
Net unrealized appreciation $ 8,998,763 $ 23,116,937 $ 26,997,433 $ 35,926,793
============ ============ ============ ============
<CAPTION>
NUN NNF
<S> <C> <C>
Gross unrealized:
appreciation $ 27,185,239 $ 4,414,692
depreciation (571,806) (1,477,701)
------------ ------------
Net unrealized appreciation $ 26,613,433 $ 2,936,991
============ ============
</TABLE>
<PAGE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under NNY's investment management agreement with Nuveen Advisory Corp. (the
"Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund pays
an annual management fee, payable monthly, of .35 of 1% of the average daily net
asset value of the Fund, as well as 4.125% of the gross interest income of the
Fund.
Under NNP's, NQN's, NVN's, NUN's and NNF's investment management agreements
with the Adviser, each Fund pays 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:
<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
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those Directors who are affiliated with the Adviser or
to their officers, all of whom receive remuneration for their services to the
Funds from the Adviser.
</TABLE>
<PAGE>
<TABLE>
7. COMPOSITION OF NET ASSETS
At March 31, 1997, net assets consisted of:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value per
share, at liquidation value $ N/A $ 104,300,000 $ 120,000,000 $ 150,000,000
Common shares, $.01 par value per share 149,276 146,018 173,255 227,139
Paid-in surplus 142,248,773 211,950,590 242,465,875 316,637,824
Balance of undistributed net investment income 68,533 678,816 1,270,060 954,958
Accumulated net realized gain (loss) from
investment transactions (221,219) (3,146,201) (2,157) (131,072)
Net unrealized appreciation of investments 8,998,763 23,116,937 26,997,433 35,926,793
------------- ------------- ------------- -------------
Net assets $ 151,244,126 $ 337,046,160 $ 390,904,466 $ 503,615,642
============= ============= ============= =============
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
============= ============= ============= =============
<CAPTION>
NUN NNF
<S> <C> <C>
Preferred shares, $25,000 stated value per
share, at liquidation value $ 170,000,000 $ 65,000,000
Common shares, $.01 par value per share 234,935 82,176
Paid-in surplus 326,011,982 116,660,930
Balance of undistributed net investment income 1,449,085 610,182
Accumulated net realized gain (loss) from
investment transactions (15,765) (5,121,574)
Net unrealized appreciation of investments 26,613,433 2,936,991
------------- -------------
Net assets $ 524,293,670 $ 180,168,705
============= =============
Authorized shares:
Common 200,000,000 200,000,000
Preferred 1,000,000 1,000,000
============= =============
</TABLE>
<PAGE>
<TABLE>
8. INVESTMENT COMPOSITION
Each Fund invests in municipal securities which include general obligation,
escrowed and revenue bonds. At March 31, 1997, the revenue sources by municipal
purpose for these investments, expressed as a percent of total investments, were
as follows:
<CAPTION>
NNY NNP NQN NVN
<S> <C> <C> <C> <C>
Revenue Bonds:
Housing Facilities 13% 23% 15% 14%
Educational Facilities 3 5 4 13
Transportation 2 1 9 6
Pollution Control Facilities 10 6 11 10
Lease Rental Facilities 10 3 2 7
Health Care Facilities 2 1 7 3
Water / Sewer Facilities -- 4 2 1
Electric Utilities -- -- -- --
Other 1 2 1 7
General Obligation Bonds 11 7 7 13
Escrowed Bonds 48 48 42 26
----- ----- ----- -----
100% 100% 100% 100%
===== ===== ===== =====
<CAPTION>
NUN NNF
<S> <C> <C>
Revenue Bonds:
Housing Facilities 11% 23%
Educational Facilities 10 17
Transportation 13 6
Pollution Control Facilities 10 12
Lease Rental Facilities 7 5
Health Care Facilities 3 1
Water / Sewer Facilities 4 4
Electric Utilities 2 2
Other 10 5
General Obligation Bonds 8 13
Escrowed Bonds 22 12
----- -----
100% 100%
===== =====
</TABLE>
<PAGE>
Certain long-term and intermediate-term investments owned by the Funds are
either covered by insurance issued by several private insurers or are backed by
an escrow or trust containing U.S. Government or U.S. Government agency
securities, both of which ensure the timely payment of principal and interest in
the event of default (50% for NNY, 57% for NNP, 100% for NQN, 100% for NVN, 100%
for NUN and 100% for NNF). Such insurance or escrow, however, does not guarantee
the market value of the municipal securities or the value of any of the Funds'
shares.
All of the temporary investments in short-term municipal securities have
credit enhancements (letters of credit, guarantees or insurance) issued by third
party domestic or foreign banks or other institutions.
For additional information regarding each investment security, refer to the
Portfolio of Investments of each Fund.
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
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>
NNY
Six mos. ended
3/31/97 $10.230 $ .318 $ (.092) $ (.318) $N/A
Year ended 9/30,
1996 10.440 .639 (.146) (.663) N/A
1995 10.390 .659 .064 (.672) N/A
1994 10.990 .659 (.575) (.669) N/A
1993 10.740 .664 .393 (.670) N/A
Two mos. ended
9/30/92 10.870 .112 (.129) (.113) N/A
Year ended 7/31,
1992 10.270 .676 .727 (.676) N/A
1991 10.200 .679 .115 (.676) N/A
1990 10.370 .677 (.127) (.676) N/A
1989 9.950 .675 .659 (.679) N/A
10/7/87 to
7/31/88 9.350 .514 .541 (.455) N/A
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 16.170 .678 (.235) (.555) (.118)
Year ended 9/30,
1996 16.410 1.356 (.220) (1.125) (.251)
1995 15.910 1.365 .527 (1.118) (.274)
1994 17.240 1.360 (1.288) (1.128) (.274)
1993 15.730 1.378 1.539 (1.172) (.235)
11 mos. ended
9/30/92 14.930 1.282 .735 (.996) (.221)
Year ended
10/31/91 13.440 1.394 1.484 (1.053) (.335)
11/15/89 to
10/31/90 14.050 1.138 (.458) (.788) (.263)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholders+ discounts of period period
<S> <C> <C> <C> <C> <C>
NNY
Six mos. ended
3/31/97 $(.008) $N/A $ -- $10.130 $10.250
Year ended 9/30,
1996 (.040) N/A -- 10.230 10.500
1995 (.001) N/A -- 10.440 10.375
1994 (.015) N/A -- 10.390 10.500
1993 (.137) N/A -- 10.990 11.250
Two mos. ended
9/30/92 -- N/A -- 10.740 11.250
Year ended 7/31,
1992 (.127) N/A -- 10.870 11.625
1991 (.048) N/A -- 10.270 10.625
1990 (.044) N/A -- 10.200 10.500
1989 (.235) N/A -- 10.370 10.500
10/7/87 to
7/31/88 -- N/A -- 9.950 10.000
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 -- -- -- 15.940 17.125
Year ended 9/30,
1996 -- -- -- 16.170 17.250
1995 -- -- -- 16.410 16.625
1994 -- -- -- 15.910 15.875
1993 -- -- -- 17.240 17.875
11 mos. ended
9/30/92 -- -- -- 15.730 15.750
Year ended
10/31/91 -- -- -- 14.930 15.500
11/15/89 to
10/31/90 -- -- (.239) 13.440 14.375
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets++ net assets++ rate
<S> <C> <C> <C> <C> <C> <C>
NNY
Six mos. ended
3/31/97 .73% 2.22% $151,244 .79%* 6.24%* 3%
Year ended 9/30,
1996 8.07 4.85 151,848 .83 6.16 7
1995 5.33 7.24 124,484 .80 6.38 12
1994 (.77) .78 122,311 .84 6.16 4
1993 7.27 10.28 127,976 .85 6.16 5
Two mos. ended
9/30/92 (2.29) (.16) 123,313 .84* 6.20* --
Year ended 7/31,
1992 17.77 14.28 124,620 .90 6.46 9
1991 8.58 8.21 116,236 .96 6.77 14
1990 7.08 5.61 114,368 .98 6.70 16
1989 14.92 14.22 115,379 1.03 6.75 24
10/7/87 to
7/31/88 4.67 11.40 109,750 .99* 6.54* 47
<CAPTION>
NNP
<S> <C> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 2.53 2.01 337,046 .81* 5.83* 2
Year ended 9/30,
1996 10.76 5.53 339,360 .82 5.76 2
1995 12.43 10.62 340,246 .86 5.86 15
1994 (5.07) (1.22) 163,591 .87 5.76 2
1993 21.53 17.78 172,136 .84 5.89 3
11 mos. ended
9/30/92 8.14 12.48 160,052 .81* 6.25* 1
Year ended
10/31/91 15.67 19.71 153,310 .84 6.53 46
11/15/89 to
10/31/90 1.05 1.31 142,169 .83* 6.54* 69
See notes on page 86.
</TABLE>
<PAGE>
<TABLE>
FINANCIAL HIGHLIGHTS
(Unaudited)
<CAPTION>
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+
NQN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 $15.890 $ .647 $ (.225) $ (.533) $(.110)
Year ended 9/30,
1996 16.160 1.298 (2.530) (1.050) (.236)
1995 15.710 1.302 .475 (1.050) (.277)
1994 17.290 1.299 (1.556) (1.080) (.243)
1993 15.830 1.305 1.494 (1.103) (.236)
11 mos. ended
9/30/92 14.980 1.220 .832 (.967) (.210)
11/20/90 to
10/31/91 14.050 1.071 1.019 (.773) (.200)
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 15.780 .608 (.200) (.495) (.107)
Year ended 9/30,
1996 15.900 1.219 (.077) (1.005) (.226)
1995 15.240 1.228 .691 (1.008) (.251)
1994 17.030 1.223 (1.756) (1.062) (.183)
1993 15.270 1.225 1.800 (1.077) (.162)
11 mos. ended
9/30/92 14.390 1.124 .845 (.882) (.207)
5/22/91 to
10/31/91 14.050 .347 .426 (.239) (.030)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholders+ discounts of period period
NQN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 $(.024) $(.005) $ -- $15.640 $16.625
Year ended 9/30,
1996 (.023) (.006) -- 15.890 16.875
1995 -- -- -- 16.160 16.500
1994 -- -- -- 15.710 15.250
1993 -- -- -- 17.290 17.375
11 mos. ended
9/30/92 (.019) (.006) -- 15.830 16.750
11/20/90 to
10/31/91 -- -- (.187) 14.980 15.500
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 (.013) (.003) -- 15.570 15.875
Year ended 9/30,
1996 (.025) (.006) -- 15.780 16.000
1995 -- -- -- 15.900 15.750
1994 (.011) (.001) -- 15.240 14.625
1993 (.021) (.005) -- 17.030 16.375
11 mos. ended
9/30/92 -- -- -- 15.270 15.250
5/22/91 to
10/31/91 -- -- (.164) 14.390 15.125
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets++ net assets++ rate
NQN
<S> <C> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 1.80% 1.93% $390,904 .82%* 5.69%* 1%
Year ended 9/30,
1996 9.01 5.09 394,189 .82 5.63 4
1995 15.87 9.98 396,012 .84 5.73 4
1994 (6.26) (2.97) 387,955 .83 5.53 2
1993 10.71 16.82 412,960 .83 5.54 1
11 mos. ended
9/30/92 14.83 12.67 385,114 .79* 5.89* 5
11/20/90 to
10/31/91 8.61 12.47 368,269 .80* 6.03* 9
<CAPTION>
NVN
<S> <C> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 2.42 1.88 503,616 .81* 5.44* 2
Year ended 9/30,
1996 8.26 5.86 503,616 .80 5.40 4
1995 15.34 11.41 505,340 .82 5.56 5
1994 (4.30) (4.32) 490,530 .83 5.38 2
1993 15.12 19.47 530,466 .85 5.43 1
11 mos. ended
9/30/92 6.86 12.60 489,917 .83* 5.68* 15
5/22/91 to
10/31/91 2.42 4.14 467,181 .79* 5.22* 2
See notes on page 86.
</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+
NUN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 $15.320 $ .588 $ (.210) $(.468) $(.113)
Year ended 9/30,
1996 15.310 1.188 .035 (.936) (.251)
1995 14.510 1.191 .836 (.936) (.272)
1994 16.500 1.181 (1.958) (.952) (.242)
1993 14.580 1.166 1.893 (.926) (.213)
11/20/91 to
9/30/92 14.050 .731 .646 (.590) (.082)
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 14.260 .540 (.257) (.411) (.122)
Year ended 9/30,
1996 13.920 1.079 .329 (.802) (.266)
1995 12.740 1.083 1.201 (.811) (.293)
1994 15.340 1.052 (2.621) (.837) (.194)
12/17/92 to
9/30/93 14.050 .601 1.497 (.466) (.079)
<PAGE>
<CAPTION>
Distributions from capital gains
Per
Organization Common
and offering share
costs and market
To To Preferred share Net asset value
Common Preferred underwriting value end end of
shareholders shareholders+ discounts of period period
NUN
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 $(.029) $(.008) $ -- $15.080 $15.250
Year ended 9/30,
1996 (.020) (.006) -- 15.320 15.250
1995 (.015) (.004) -- 15.310 14.625
1994 (.015) (.004) -- 14.510 14.000
1993 -- -- -- 16.500 15.500
11/20/91 to
9/30/92 -- -- (.175) 14.580 14.625
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 -- -- -- 14.010 13.500
Year ended 9/30,
1996 -- -- -- 14.260 13.750
1995 -- -- -- 13.920 13.125
1994 -- -- -- 12.740 11.500
12/17/92 to
9/30/93 -- -- (.263) 15.340 14.750
<PAGE>
<CAPTION>
Ratios/Supplemental data
Total
invest- Ratio of
ment net
return Total Net assets Ratio of investment
on return on end of expenses income Portfolio
market net asset period (in to average to average turnover
value** value** thousands) net assets++ net assets++ rate
NUN
<S> <C> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 3.27% 1.65% $524,294 .79%* 5.21%* 7%
Year ended 9/30,
1996 10.96 6.45 528,934 .79 5.25 9
1995 11.96 12.58 528,027 .81 5.42 4
1994 (3.58) (6.37) 509,344 .82 5.20 5
1993 12.76 20.20 555,918 .83 5.15 4
11/20/91 to
9/30/92 1.52 8.11 510,658 .79* 5.00* 17
<CAPTION>
NNF
<S> <C> <C> <C> <C> <C> <C>
Six mos. ended
3/31/97 1.13 1.08 180,169 .85* 4.85* 7
Year ended 9/30,
1996 11.15 8.35 182,176 .85 4.85 21
1995 22.11 16.30 179,368 .95 5.05 32
1994 (16.98) (11.85) 86,720 .96 4.80 5
12/17/92 to
9/30/93 1.53 12.70 97,664 .99* 4.14* 3
<FN>
N/A - Fund is not authorized to issue Preferred Shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share. Total Return on Net Asset Value is the combination of
reinvested dividend income, reinvested capital gains distributions, if any, and
changes in net asset value per share.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to Preferred
shareholders, if applicable.
</FN>
</TABLE>
<PAGE>
Serving investors for generations
Photographic image of John Nuveen Sr., founder of Nuveen.
Since our founding in 1898, John Nuveen & Co. Incorporated has been
synonymous with investments that withstand the test of time. Today, we offer a
broad range of investments designed for mature investors whose portfolios are
the principal source of their ongoing financial security. More than 1.3 million
investors have entrusted Nuveen to help them maintain the lifestyle they
currently enjoy.
A value investing approach--purchasing securities of strong companies and
communities that represent good long-term value--is the cornerstone of Nuveen's
investment philosophy. It is a careful, long-term strategy that offers the
potential for attractive returns with moderated risk. Successful value investing
begins with in-depth research and a discerning eye for marketplace opportunity.
Nuveen's team of investment professionals is backed by the discipline, resources
and expertise of almost a century of investment experience, including one of the
most recognized municipal research departments in the industry.
To meet the unique circumstances and financial planning needs of mature
investors, Nuveen offers a wide array of taxable and tax-free investment
products--including equity and fixed-income mutual funds, unit trusts,
exchange-traded funds, individual managed account services, and cash management
products.
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, Illinois 60606-1286
FSA-1-3.97
