LOGO: Nuveen
Exchange-Traded Funds
September 30, 1999
Annual Report
Dependable, tax-free income to help you keep more of what you earn.
NNY
NNP
NQN
NVN
NUN
NNF
NAN
New York
Photo of: couple on a dock.
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Contents
1 Dear Shareholder
3 Portfolio Manager's Comments
7 NNY Performance Overview
8 NNP Performance Overview
9 NQN Performance Overview
10 NVN Performance Overview
11 NUN Performance Overview
12 NNF Performance Overview
13 NAN Performance Overview
14 Portfolio of Investments
45 Statement of Net Assets
46 Statement of Operations
47 Statement of Changes in Net Assets
50 Notes to Financial Statements
56 Financial Highlights
58 Report of Independent Auditors
59 Build Your Wealth Automatically
61 Fund Information
Highlights
As of September 30, 1999
Credit Quality Performance Highlights
Nuveen New York Municipal Value Fund, Inc. (NNY)
o Taxable-equivalent market yield of 8.82% *
o Outperformed the one-year total return performance of
its Lipper Peer Group **
Pie chart
AAA/U.S. Guaranteed 56%
AA 3%
A 15%
BBB/NR 16%
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
o Taxable-equivalent market yield of 10.26% *
o Outperformed the one-year total return performance of
its Lipper Peer Group **
Pie chart
AAA/U.S. Guaranteed 60%
AA 17%
A 6%
BBB/NR 17%
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
o Taxable-equivalent market yield of 9.88% *
o Outperformed the one-year total return performance of
its Lipper Peer Group **
Pie chart
Insured 59%
Insured and
U.S. Guaranteed 19%
U.S. Guaranteed 9%
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
o Taxable-equivalent market yield of 9.98% *
o Outperformed the one-year total return performance of
its Lipper Peer Group **
Pie chart
Insured 72%
Insured and
U.S. Guaranteed 19%
U.S. Guaranteed 9%
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
o Taxable-equivalent market yield of 9.67% *
o Outperformed the one-year total return performance of
its Lipper Peer Group **
Pie chart
Insured 69%
Insured and
U.S. Guaranteed 27%
U.S. Guaranteed 4%
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
o Taxable-equivalent market yield of 8.99% *
o Paralleled the one-year total return performance of its
Lipper Peer Group **
Pie chart
Insured 77%
Insured and
U.S. Guaranteed 23%
Nuveen New York Dividend Advantage Municipal Fund (NAN)
o Taxable-equivalent market yield of 9.26% *
o The first Nuveen New York Exchange-Traded Fund since
1992
Pie chart
AAA/U.S. Guaranteed 65%
AA 20%
A 9%
BBB/NR 6%
* For investors in the combined federal and state income tax rate of 35.5%
**The Lipper Peer Group return represents the average annualized return of the
funds in the appropriate Lipper Municipal Debt category. The Lipper total
return assumes reinvestment of dividends and does not reflect any applicable
sales charges.
<PAGE>
photo of: Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be
preserved.
Dear Shareholder
I am pleased to report to you on the annual performance of your Nuveen
Exchange-Traded Fund. Providing an attractive tax-free dividend is the Fund's
main objective, and over the past year, your Fund continued to achieve this
goal. During the period covered by this report, we have seen some shifts in U.S.
economic trends and the fixed-income environment in which your Nuveen
Exchange-Traded Fund operates. I appreciate the opportunity to discuss these
changes with you, as does the portfolio manager of your Fund, who reviews fund
performance later in this report.
A Challenging Investment Environment
Over the past 12 months, the U.S. economy continued to be characterized by
surprisingly robust growth, benign inflation, and unemployment levels that
remained among the lowest in three decades. However, concerns about the
persistent pace of the economy's expansion continued to test the new paradigm,
which holds that the improvements in productivity achieved through technology
enable us to have both economic growth and low inflation at the same time. With
investors and the various markets watching and reacting to each announcement
concerning economic statistics, volatility increased, especially in the equity
markets, and the spectre of inflation seemed to lurk behind every report.
In an effort to pre-empt this threat of inflation, the Federal Reserve moved to
raise interest rates by a quarter-point three times during the year: at the end
of June, in late August, and again in mid-November. This brought the federal
funds rate - which represents the amount banks charge one another on overnight
loans, establishing the standard for other short-term rates - from 4.75% to
5.5%, thereby erasing the three rate cuts made by the Fed in the fall of 1998.
Unlike their meeting in October, when the Fed hinted at future rate hikes, the
Fed took a neutral stance after this latest interest rate increase.
Municipal Bond Performance
Over the past year, our exchange-traded municipal bond funds continued to offer
attractive, stable income in a market that places a high premium on yield. At
the end of September 1999, the ratio between long-term municipal yields and
30-year Treasury yields stood at 98.5%, compared with the historical average of
86% for the period 1986-1999. For investors, this meant that quality long-term
municipal bonds offered yields comparable to those of long Treasury bonds - even
before the tax advantages of municipals were taken into account. On an after-tax
basis, municipal bonds continued to present an exceptionally attractive
investment option relative to Treasuries.
For the remainder of 1999, we expect new municipal supply to remain good,
although total volume continues to lag the near-record levels of 1998. This is
partially due to the dramatic decrease in refundings, as interest rates moved
above
<PAGE>
last year's levels and removed much of the incentive for issuers to refund
existing bonds. To date, municipal supply has declined by approximately 20% from
the levels of a year ago. This, in turn, has enhanced the attractiveness of the
municipal bonds that are brought to market, as demand - especially from
individual investors - remains strong. We anticipate that this demand will
continue to strengthen as investors increasingly look at rebalancing their
portfolios. With the outlook for tighter supply and continued demand in the
months ahead, Nuveen's established market position as the leading sponsor of
exchange-traded municipal bond funds enables us to have excellent access to the
bond offerings that have the potential to add value for our shareholders.
A Balanced Portfolio:
Enhanced Growth with Reduced Risk
If you are like most investors in the marketplace today, your goals for tax-free
investing probably include capturing high after-tax total returns while
moderating risk. To demonstrate the role that municipal bonds can play in
achieving this goal, Nuveen tracked a balanced portfolio consisting of equities
and municipal bonds and compared its hypothetical investment performance - based
on appropriate market indexes and tax rates - with that of a balanced portfolio
composed of equities and taxable bonds.
Our research showed that, over the past 20 years, the pairing of equities with
municipal bonds had provided both superior after-tax total returns and lower
levels of risk than the combination of equities and taxable bonds. Incorporating
even a 20% allocation of municipal bonds into an all-equity portfolio cut risk
substantially, with only a small reduction in after-tax total return. Purchasing
shares of a Nuveen Exchange-Traded Municipal Bond Fund provides an easy way to
incorporate the benefits of municipal bonds into a balanced portfolio.
Nuveen Funds:
An Answer to Your Investment Needs
In light of the recent shifts in the economic environment, your financial
adviser can serve as a valuable resource in helping you determine if adjustments
are needed in your current asset allocation plan by suggesting investments that
can accomplish this goal. By investing in other Nuveen funds, you can bring
balance to your portfolio and provide proper exposure to the different types of
investments needed to enhance your potential for success. In addition, if you
are satisfied with the performance of your Nuveen Exchange-Traded Fund, your
adviser can set up a reinvestment plan designed to purchase additional shares of
that fund. For more information on all of Nuveen's funds, contact your financial
adviser for a prospectus detailing all charges and expenses, or call Nuveen at
(800) 621-7227. Please read the prospectus carefully before you invest or send
money.
Since 1898, Nuveen has been synonymous with investments that stand the test of
time. As we look ahead to the new millennium, we are committed to maintaining
that reputation and finding the best ways to serve your evolving investment
needs. Thank you for your continued confidence.
Sincerely,
/s/ Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
November 17, 1999
sidebar text: "Purchasing shares of a Nuveen Exchange-Traded Municipal Bond Fund
provides an easy way to incorporate the benefits of municipal bonds into a
balanced portfolio."
<PAGE>
Nuveen New York Exchange-Traded Funds
Portfolio Manager's Comments
Portfolio manager Paul Brennan discusses the New York municipal market, recent
fund performance, and key investment strategies for the Nuveen New York
Exchange-Traded Funds. Paul has more than eight years of experience as an
investment professional. He started at Flagship in 1991 and joined Nuveen two
years ago after Nuveen acquired Flagship. Paul assumed portfolio management
duties for the new Nuveen New York Dividend Advantage Fund (NAN) in May 1999 and
took over the rest of the funds in August of this year.
What factors contributed to the performance of New York State's economy during
the past 12 months?
New York State's overall performance continues to be driven by New York City,
which represents 50% of the state's population and a considerable portion of its
economy. As the Wall Street financial industry continues to perform well, the
city - and consequently the state - benefits. Both the city and state are
financially healthy. In March 1999, Fitch IBCA, one of the three major credit
rating agencies, upgraded New York City's credit rating to A from A-, citing the
city's strengthening financial position and more conservative budgeting
procedures. However, the decline in manufacturing, among other factors, is still
causing other areas of the state to lag economically, including Buffalo,
Rochester, and Albany. In September 1999, the state unemployment figure was
5.3%, down from 5.5% in September 1998 but higher than the current national
average of 4.2%.
During the second half of 1999, Nassau County, one of the nation's wealthiest,
was downgraded by Moody's Investors Service, Inc. and Standard & Poor's
Corporation to Baa2/BBB from Baa1/A- due to financial management problems,
including its reliance on one-time revenue sources rather than increased taxes
to support county spending. Based on Nuveen research, we had been aware of the
county's deteriorating credit position for the past few years, and the New York
exchange-traded funds did not hold any uninsured Nassau County bonds at the time
of the downgrade. The Funds were therefore protected from net asset value losses
due to this event. The downgrade of Nassau County, despite its affluence,
illustrates the importance of fiscal management in determining credit ratings.
New York State, which has one of the largest and most liquid bond markets in the
country, carries an A credit rating, the second lowest in the country next to
Louisiana. This is due to the state's high debt burden and the autonomous
relationship between the state and its cities and counties, which can impede
political processes.
Did this have any impact on supply and demand in the New York municipal market?
In the first nine months of 1999, new state municipal supply fell 48% from the
levels recorded during the same period in 1998, compared with a 21% decline in
national municipal supply. Some of the drop-off in New York supply can be
explained by the fact that 1998 issuance totals were boosted by one unusually
large non-recurring transaction, the $3.5 billion of bonds issued by the Long
Island Power Authority, part of the largest municipal issue in history. Despite
the substantial decline in issuance this year, New York State remains the second
most active issuer in the nation, ranking behind California.
For the remainder of 1999, expectations are for good municipal supply. Since
state-level issuance is often held until the state budget passes, the delayed
approval of the budget in August, rather than April, may mean increased issuance
in the last three months of the year. In recent months, institutional demand for
New York municipal bonds has been weakened by lack of positive cashflow due to
mutual fund redemptions as well as insurance claims from a number of natural
disasters. However, individual demand -driven by state residents' wealth and the
high rate of New York taxes - has strengthened and provided support to the
market.
How did the Nuveen New York Exchange-Traded Funds perform over the past 12
months?
For the fiscal year ended September 30, 1999, the Nuveen New York Funds produced
total returns on net asset value (NAV) ranging from -4.33% to -2.11%, providing
taxable-equivalent total returns1 between -1.34% and 1.41% for shareholders in
the combined 35.5% federal and state income tax bracket, as shown in the table
on page four. The annual total returns for the Funds' benchmarks, the Lehman
Brothers New York Tax-Exempt Bond Index and New York Insured Tax-Exempt Index2,
and the average returns for the appropriate Lipper New York Peer Group
categories3 are also provided.
1 The taxable-equivalent total return represents the total return that must be
earned on a taxable investment in order to equal the total return of the
Nuveen fund on an after-tax basis. The taxable-equivalent total return is
based on the annualized total return and the combined 35.5% federal and state
income tax rate.
2 NNY and NNP are compared with the Lehman Brothers New York Tax-Exempt Bond
Index, an unleveraged index comprising a broad range of investment-grade New
York municipal bonds. The four insured funds - NQN, NVN, NUN, and NNF - are
compared with the Lehman New York Insured Tax-Exempt Bond Index, an
unleveraged index covering a broad range of insured New York municipal bonds.
Returns for both indexes do not reflect any initial or ongoing expenses.
3 The returns for NNY and NNP are compared with the average annualized return of
the 10 funds in the Lipper New York Municipal Debt Funds category, while the
returns for the insured Nuveen funds are compared with the average annualized
return of the nine funds in the Lipper New York Insured Municipal Debt
category. Lipper returns assume reinvestment of dividends and do not reflect
any applicable sales charges.
<PAGE>
This report also includes an overview of the performance of our newest New York
fund, the Nuveen New York Dividend Advantage Municipal Fund (NAN). For the
period from inception in May 1999 through September 30, 1999, NAN posted a total
return on NAV of -5.93%, equivalent to a taxable return of -5.10%.
Lehman New York Lipper New York
Total Return on NAV Total Return2 Average3
- ------------------------------------------------------------------
1-Year Ended Taxable- 1-Year Ended 1-Year Ended
9/30/99 Equivalent1 9/30/99 9/30/99
- ------------------------------------------------------------------
NNY -2.58% 0.21% -0.56% -4.03%
- ------------------------------------------------------------------
NNP -3.65% -0.05% -0.56% -4.03%
- ------------------------------------------------------------------
NQN -2.45% 1.14% -1.69% -4.26%
- ------------------------------------------------------------------
NVN -2.11% 1.41% -1.69% -4.26%
- ------------------------------------------------------------------
NUN -2.60% 0.74% -1.69% -4.26%
- ------------------------------------------------------------------
NNF -4.33% -1.34% -1.69% -4.26%
- ------------------------------------------------------------------
For additional information on your Fund, see the individual Performance
Overviews in this report.
The underperformance of the Funds' total returns on NAV relative to their Lehman
benchmarks can be attributed largely to their durations4. Duration measures a
bond fund's price volatility, or reaction to interest rate movements. The longer
the duration, the more sensitive the fund's NAV is to changes in interest rates.
During a period of falling interest rates, longer duration enables a fund's NAV
to participate more fully in market gains. However, when interest rates rise,
longer duration can make the fund's NAV more vulnerable to price declines.
Between October 1, 1998, and September 30, 1999, the yield on the Bond Buyer
Revenue Bond Index5 rose from 5.09% to 5.96%. This meant that funds with longer
durations, like the majority of the funds in this report, were more likely to
underperform the market, as represented by the unleveraged Lehman index.
Over the past 12 months, the durations of all the Nuveen New York
Exchange-Traded Funds (with the exception of NAN) lengthened due to trading
activity and bond calls that removed shorter bonds from each fund. Proceeds from
the sold or called bonds were reinvested in issues with longer durations, which
provided incrementally more attractive yields and better call protection. While
our decision to increase the Funds' durations in the current environment had
performance implications in the short term, the enhanced yields and call
protection should strengthen the Funds' long-term dividend capabilities, and the
longer durations should help position the Funds to regain net asset value as the
bond market recovers. The fund duration of the newly established NAN was 20.19,
which is typical for a new exchange-traded fund. Over time, we will look for
opportunities in the market to purchase bonds that can move NAN's duration
closer to 12.
Over the past year, rising interest rates and the uncertainty surrounding the
Federal Reserve's intentions created a relatively negative environment in the
fixed-income market. In addition, concerns about the impact of the transition to
the year 2000 have precipitated an early start to tax-swap season, as investors
attempt to offset profits in the equity markets by selling fixed-income
investments at a loss. Both of these factors have negatively impacted the market
demand for exchange-traded funds such as the Nuveen New York funds, especially
since these funds - with the exception of NNY - are trading at premiums to their
net asset value. This situation resulted in declines in share price across the
board. At the same time, the prevailing interest rate environment, which was
higher than that of September 1998, led to a decline in the NAV of each fund. As
a result of these factors, NNY saw its discount (share price below NAV) widen,
and the premiums (share price above NAV) on NNP, NQN, NVN, and NUN narrowed over
the past 12 months. Because its share price declined relatively less than its
NAV, the premium on NNF widened.
Premium/ Total Return
Market Yield Discount6 on Share Price
- ------------------------------------------------------------------------
Taxable- 1-Year Ended Taxable-
9/30/99 Equivalent1 9/30/98 9/30/99 9/30/99 Equivalent1
- ------------------------------------------------------------------------
NNY 5.69% 8.82% -2.55% -8.18% -8.04% -5.18%
- ------------------------------------------------------------------------
NNP 6.62% 10.26% 9.30% 4.52% -8.25% -4.96%
- ------------------------------------------------------------------------
NQN 6.37% 9.88% 10.13% 4.31% -8.13% -4.88%
- ------------------------------------------------------------------------
NVN 6.44% 9.98% 5.93% 5.02% -3.33% -0.01%
- ------------------------------------------------------------------------
NUN 6.24% 9.67% 4.56% 3.16% -4.13% -0.94%
- ------------------------------------------------------------------------
NNF 5.80% 8.99% 0.05% 1.23% -3.37% -0.39%
- ------------------------------------------------------------------------
NAN 5.97% 9.26% NA 8.33% -2.76%* -1.97%*
- ------------------------------------------------------------------------
*Total return since inception (5/26/99).
1 The taxable-equivalent yield/total return represents the yield/total return
that must be earned on a taxable investment in order to equal the yield/total
return of the Nuveen fund on an after-tax basis. The taxable-equivalent yield
is based on the fund's current market yield and a combined federal and state
income tax rate of 35.5%, while the taxable-equivalent total return is based
on the annualized total return and the combined 35.5% federal and state income
tax rate.
2 NNY and NNP are compared with the Lehman Brothers New York Tax-Exempt Bond
Index, an unleveraged index comprising a broad range of investment-grade New
York municipal bonds. The four insured funds - NQN, NVN, NUN, and NNF - are
compared with the Lehman New York Insured Tax-Exempt Bond Index, an
unleveraged index covering a broad range of insured New York municipal bonds.
Returns for both indexes do not reflect any initial or ongoing expenses.
3 The returns for NNY and NNP are compared with the average annualized return of
the 10 funds in the Lipper New York Municipal Debt Funds category, while the
returns for the insured Nuveen funds are compared with the average annualized
return of the nine funds in the Lipper New York Insured Municipal Debt
category. Lipper returns assume reinvestment of dividends and do not reflect
any applicable sales charges.
4 Fund duration, also known as leverage-adjusted duration, takes into account
the leveraging process for each fund and therefore differs from the duration
of the actual portfolio of individual bonds that make up the fund. With the
exception of NNY, which is an unleveraged fund, references to duration in this
commentary are intended to indicate fund duration unless otherwise noted.
5 The Bond Buyer Revenue Bond Index is an unmanaged index of long-term municipal
revenue bonds.
6 A fund's premium or discount represents the percentage difference between the
fund's share price and its NAV.
<PAGE>
How were the Funds' dividends affected?
During the past 12 months, good call protection helped support the dividends of
NVN, NUN, and NNF and shield the income of these funds from erosion. In
addition, strategic dividend management, including the prudent use of leverage,
enabled us to increase NNF's dividend in February 1999. As of September 30,
1999, NVN had provided shareholders with steady dividends for 38 consecutive
months, and NUN and NNF had produced steady or increasing dividends since their
inceptions in November 1991 and December 1992, respectively. For NNY, NNP, and
NQN, however, the need to reinvest the proceeds from called bonds and matured
bonds during the relatively lower interest rate environment that prevailed in
1998 led to dividend reductions in each fund during the past 12 months. Despite
these dividend adjustments, all of the Nuveen New York funds continued to
provide attractive market yields.
What key strategies were used to manage the Nuveen New York Funds during the
past 12 months?
The Funds' primary investment objective continues to be providing competitive
tax-free dividends, and any strategies we implement are with that goal in mind.
For example, during the past few months, we have capitalized on the rising
interest rate environment by buying current bonds with higher yields and good
call protection. To finance these activities, we sold some bonds that were due
to mature or were scheduled to be called within the next few months. We also
sold some bonds that were purchased earlier this year that are now producing a
lower income stream than what has recently been available in the market.
Also, since bond prices have fallen as interest rates have increased, we have
been able to take capital losses on the sale of certain bonds. These losses are
valuable to the Funds because they can offset current capital gains, or they can
be carried forward for eight years and used to offset future capital gains. If
current market conditions continue, we will focus on implementing this strategy
for the remainder of the year.
Although new issue supply in the New York municipal market declined steeply from
last year's levels, we were able to identify attractive bonds in several sectors
that added to the Funds' diversification. Through strong relationships with
national and regional dealers offering bonds in the New York municipal market,
we had access to bonds from several new or infrequent municipal issuers,
including the University of Rochester, Catholic Health Services of Long Island,
and Niagara Frontier Airport Authority, which operates the Buffalo/Niagara
International Airport. While these issuers are not well known in the general
market due to their irregular issuance, we were able to use the resources of
Nuveen Research to assess the information critical to making an informed
purchase decision. In addition to improving diversification, these bonds provide
attractive income, offering an excellent example of the types of purchases we
made to support the Funds' dividends.
The three uninsured funds - NNY, NNP, and NAN - offer excellent credit quality,
with the portion of the Funds' assets invested in bonds rated AAA/U.S.
guaranteed and AA ranging from 69% to 86% at the end of September 1999. (Credit
quality is strong in NQN, NVN, NUN, and NNF, which are 100% invested in insured
or U.S. guaranteed bonds.) NNY and NNP also had substantial allocations (16% and
17%, respectively) of BBB and non-rated investment-grade bonds. These
lower-rated bonds generally provided enhanced levels of yield. In NAN, the
investment guidelines allow us to further exploit credit spread differentials by
investing up to 20% of the Fund's net assets in non-investment grade bonds rated
BB and B, although we have not yet added any of these bonds to the Fund.
Nuveen's research expertise, along with our presence in the New York market,
means that shareholders can be assured that the creditworthiness of all issuers
of non-investment grade bonds will be subjected to Nuveen's stringent review
before any of these bonds are included in the Fund's portfolio.
<PAGE>
With the exception of the unleveraged NNY, all of the New York funds issue
MuniPreferred shares that pay short-term interest rates to investors seeking
short-term liquidity. The proceeds from these preferred shares are used to buy
additional long-term bonds for the leveraged funds' portfolios. These bonds can
generate additional income for the portfolios, but they may also increase
volatility. During the past year, the leverage ratios of NNP, NQN, NVN, and NUN
fell below the Nuveen guideline of 35%. This led to the issuance of new
MuniPreferred shares for NVN and NUN in May and for NNP and NQN in June. (NNF's
leverage ratio remained above Nuveen's 35% guideline over the past 12 months.)
Nuveen releveraged the Funds both to restore the original leverage ratio of 35%
and to provide the potential for increased incremental tax-free income for
common shareholders.
In the area of bond calls, NNF, which was first offered in December 1992,
currently provides excellent levels of call protection, with only 9% of its
portfolio subject to calls between now and the end of 2001. This should provide
additional protection for the Fund's dividend over this period. However, NNP,
NQN, NVN, and NUN, which were assembled between November 1989 and November 1991,
are now approaching the normal part of the bond market cycle when the likelihood
of bond calls increases. Ten years after the original issue date, issuers
typically have their first opportunity to call, or redeem, outstanding bonds.
Calls are more likely to occur if current interest rates are more favorable to
the issuer than the rates that prevailed when the bonds were first issued. For
NNP and NQN, the greatest call exposure occurs in the year 2000, while NVNwill
face the majority of its calls in 2001. NUN is fairly well protected through the
year 2001. Between now and the end of 2001, 22% of NNY, which was issued in
October 1987, remains subject to calls. After that, the Fund should again offer
good call protection.
To minimize the effect of calls, we are already at work on strategies for
managing through this period. As mentioned earlier, we have been active buyers
in the current market as we take advantage of the higher interest rate
environment. These recent purchases also benefit the Funds by extending call
protection. Currently, many of the bonds held by the New York funds are
providing very high levels of income, and we plan to hold these bonds for as
long as possible to maximize income. We refer to these bonds as "museum pieces"
based on their high income production and good quality, which place them at a
premium in today's market. Given the current level of bond yields, we have been
evaluating suitable replacements for these older bonds, i.e., undervalued bonds
that have the potential to support the Funds' dividends and enhance portfolio
structure. This should enable us to continue providing a competitive level of
dividends for our shareholders.
What is Nuveen's outlookfor the New York Funds?
In the months ahead, we plan to take advantage of the higher yields currently
available in the New York municipal market to enhance our portfolio holdings and
the dividend capabilities of the Funds. We will also continue working on
strategies designed to manage the Funds' call exposure and minimizing the impact
of bond calls. Currently, that includes selling bonds with short calls and
extending the Funds' call protection by buying new issues with favorable call
features. According to the New York issuance calendar, some of the issuers that
come to market infrequently will once again have offerings over the next few
months, and we plan to leverage our research capabilities to explore these
opportunities and to continue adding diversification to the Funds.
The ability to implement strategies with the potential to benefit the Funds
demonstrates the value that can be added by an active bond manager such as
Nuveen. As an experienced investment manager knowledgeable about the unique
aspects of the New York municipal market, we are in the marketplace every day,
monitoring market dynamics, looking for opportunities, and capitalizing on them
to the benefit of shareholders.
<PAGE>
Nuveen New York Municipal Value Fund, Inc.
Performance Overview
As of September 30, 1999
NNY
Portfolio Statistics
Inception Date 10/87
- --------------------------------------------------
Share Price $8 3/4
- --------------------------------------------------
Net Asset Value $9.53
- --------------------------------------------------
Market Yield 5.69%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 8.25%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 8.82%
- --------------------------------------------------
Fund Net Assets ($000) $144,079
- --------------------------------------------------
Average Effective Maturity (Years) 19.13
- --------------------------------------------------
Average Duration 8.76
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -8.04% -2.58%
- --------------------------------------------------
5-Year 2.67% 4.71%
- --------------------------------------------------
10-Year 4.93% 6.32%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -5.18% 0.21%
- --------------------------------------------------
5-Year 5.94% 8.02%
- --------------------------------------------------
10-Year 8.35% 9.81%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 21%
- --------------------------------------------------
Tax Obligation/Limited 17%
- --------------------------------------------------
Education and Civic Organizations 12%
- --------------------------------------------------
Long-TermCare 11%
- --------------------------------------------------
Healthcare 8%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share3
10/98 0.0435
11/98 0.0435
12/98 0.0435
1/99 0.0435
2/99 0.0435
3/99 0.0435
4/99 0.0415
5/99 0.0415
6/99 0.0415
7/99 0.0415
8/99 0.0415
9/99 0.0415
LINE CHART:
Share Price Performances
10/2/98 10.375
10.25
10.375
10.13
10.19
10.13
10.06
10
10.44
10.06
9.94
9.94
10.06
9.69
9.75
10
10.13
10
10.06
10.13
10.25
10.13
10.19
10.06
9.625
9.5
9.38
9.44
9.44
9.31
9.38
9.25
9.5
9.25
9.31
9.31
9.19
9.19
9.38
9.19
9.38
9.13
9.06
9.13
9.13
9.06
8.75
8.44
9/30/99 8.75
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0971 per share.
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance Overview
As of September 30, 1999
NNP
Portfolio Statistics
Inception Date 11/89
- --------------------------------------------------
Share Price $15 5/16
- --------------------------------------------------
Net Asset Value $14.65
- --------------------------------------------------
Market Yield 6.62%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 9.59%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 10.26%
- --------------------------------------------------
Fund Net Assets ($000) $343,051
- --------------------------------------------------
Average Effective Maturity (Years) 16.32
- --------------------------------------------------
Average Duration 11.10
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -8.25% -3.65%
- --------------------------------------------------
5-Year 5.87% 5.28%
- --------------------------------------------------
Since Inception 6.93% 7.54%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -4.96% -0.05%
- --------------------------------------------------
5-Year 9.47% 9.11%
- --------------------------------------------------
Since Inception 10.62% 11.44%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 31%
- --------------------------------------------------
Tax Obligation/Limited 14%
- --------------------------------------------------
Education and Civic Organizations 13%
- --------------------------------------------------
Transportation 9%
- --------------------------------------------------
Healthcare 9%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share
10/98 0.0895
11/98 0.0865
12/98 0.0865
1/99 0.0865
2/99 0.0865
3/99 0.0865
4/99 0.0865
5/99 0.0845
6/99 0.0845
7/99 0.0845
8/99 0.0845
9/99 0.0845
LINE CHART:
Share Price Performance
10/2/98 17.875
17.688
17.813
17.94
18
17.69
17.63
17.38
17.75
17.75
17.63
17.69
17.63
17.31
17.13
17.31
17.5
17.31
17.38
17.31
17.31
17.25
17.25
17.25
17
17
16.63
16.63
16.38
16.38
16.44
16.31
16.44
16.31
16.38
16
16
15.81
16
16
15.94
15.75
15.5
15.75
15.69
15.75
15.38
15.31
9/30/99 15.3125
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance Overview
As of September 30, 1999
NQN
Portfolio Statistics
Inception Date 11/90
- --------------------------------------------------
Share Price $15 1/16
- --------------------------------------------------
Net Asset Value $14.44
- --------------------------------------------------
Market Yield 6.37%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 9.23%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 9.88%
- --------------------------------------------------
Fund Net Assets ($000) $399,347
- --------------------------------------------------
Average Effective Maturity (Years) 15.30
- --------------------------------------------------
Average Duration 8.93
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -8.13% -2.45%
- --------------------------------------------------
5-Year 6.35% 5.25%
- --------------------------------------------------
Since Inception 6.59% 7.22%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -4.88% 1.14%
- --------------------------------------------------
5-Year 9.88% 8.99%
- --------------------------------------------------
Since Inception 10.13% 10.94%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 41%
- --------------------------------------------------
Healthcare 12%
- --------------------------------------------------
Transportation 10%
- --------------------------------------------------
Tax Obligation/Limited 9%
- --------------------------------------------------
Education and Civic Organizations 9%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share
10/98 0.086
11/98 0.086
12/98 0.086
1/99 0.086
2/99 0.083
3/99 0.083
4/99 0.083
5/99 0.083
6/99 0.083
7/99 0.083
8/99 0.08
9/99 0.08
LINE CHART:
Share Price Performance
10/2/98 17.813
17.688
17.5
17.5
17.5
17.69
17.69
17.81
18
17.75
18.06
18.06
17.81
17.19
16.94
17.25
17.44
17.38
17.31
17.25
17.31
17.38
17.25
17.13
16.94
16.63
16.63
16.31
16.38
16
16
15.94
15.94
15.69
15.81
15.69
15.81
15.81
15.81
15.94
15.63
15.63
15.44
15.13
15.13
15.13
14.63
14.75
9/30/99 15.0625
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0858 per share.
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance Overview
As of September 30, 1999
NVN
Portfolio Statistics
Inception Date 5/91
- --------------------------------------------------
Share Price $15 3/8
- --------------------------------------------------
Net Asset Value $14.64
- --------------------------------------------------
Market Yield 6.44%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 9.33%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 9.98%
- --------------------------------------------------
Fund Net Assets ($000) $535,282
- --------------------------------------------------
Average Effective Maturity (Years) 15.75
- --------------------------------------------------
Average Duration 7.05
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -3.33% -2.11%
- --------------------------------------------------
5-Year 7.56% 5.80%
- --------------------------------------------------
Since Inception 6.80% 7.11%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -0.01% 1.41%
- --------------------------------------------------
5-Year 11.10% 9.39%
- --------------------------------------------------
Since Inception 10.34% 10.69%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 28%
- --------------------------------------------------
Tax Obligation/Limited 18%
- --------------------------------------------------
Education and Civic Organizations 12%
- --------------------------------------------------
Transportation 9%
- --------------------------------------------------
Healthcare 8%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share
10/98 0.0825
11/98 0.0825
12/98 0.0825
1/99 0.0825
2/99 0.0825
3/99 0.0825
4/99 0.0825
5/99 0.0825
6/99 0.0825
7/99 0.0825
8/99 0.0825
9/99 0.0825
LINE CHART:
Share Price Performance
10/2/98 17
16.938
16.688
16.75
17.06
16.94
17.19
17.13
17.25
17
17.38
17.38
17.19
17
16.63
16.69
17
17.19
17
17
17.06
16.81
16.75
16.5
16.69
16.44
16.19
16.13
16.06
15.75
15.75
15.88
15.94
15.63
15.94
15.88
16.19
16.13
16.31
16.13
16.06
15.94
15.75
15.5
15.63
15.69
15.31
14.94
9/30/99 15.375
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0433 per share.
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance Overview
As of September 30, 1999
NUN
Portfolio Statistics
Inception Date 11/91
- --------------------------------------------------
Share Price $15
- --------------------------------------------------
Net Asset Value $14.54
- --------------------------------------------------
Market Yield 6.24%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 9.04%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 9.67%
- --------------------------------------------------
Fund Net Assets ($000) $546,932
- --------------------------------------------------
Average Effective Maturity (Years) 16.36
- --------------------------------------------------
Average Duration 8.25
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -4.13% -2.60%
- --------------------------------------------------
5-Year 7.89% 6.49%
- --------------------------------------------------
Since Inception 6.26% 6.71%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -0.94% 0.74%
- --------------------------------------------------
5-Year 11.36% 9.95%
- --------------------------------------------------
Since Inception 9.64% 10.09%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 31%
- --------------------------------------------------
Education and Civic Organizations 16%
- --------------------------------------------------
Tax Obligation/Limited 15%
- --------------------------------------------------
Transportation 12%
- --------------------------------------------------
Housing/Multifamily 8%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share
10/98 0.078
11/98 0.078
12/98 0.078
1/99 0.078
2/99 0.078
3/99 0.078
4/99 0.078
5/99 0.078
6/99 0.078
7/99 0.078
8/99 0.078
9/99 0.078
LINE CHART:
Share Price Performance
10/2/98 16.75
16.75
17
16.69
16.81
16.75
16.63
16.5
16.75
16.81
16.63
16.81
16.56
15.81
15.94
16.38
16.38
16.31
16.5
16.38
16.38
16.56
16.44
16.31
16.31
16.06
15.94
15.81
15.69
15.69
15.56
15.56
15.63
15.25
15.19
15.19
15.38
15.56
15.69
15.25
15.31
15.06
15.19
15.38
15.5
15.25
14.94
14.69
9/30/99 15
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
3 The Fund also paid shareholders capital gains distributions in December of
$0.0333 per share.
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance Overview
As of September 30, 1999
NNF
Portfolio Statistics
Inception Date 12/92
- --------------------------------------------------
Share Price $14 3/8
- --------------------------------------------------
Net Asset Value $14.20
- --------------------------------------------------
Market Yield 5.80%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 8.41%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 8.99%
- --------------------------------------------------
Fund Net Assets ($000) $182,800
- --------------------------------------------------
Average Effective Maturity (Years) 17.40
- --------------------------------------------------
Average Duration 11.47
- --------------------------------------------------
Annualized Total Return
On Share Price On NAV
- --------------------------------------------------
1-Year -3.37% -4.33%
- --------------------------------------------------
5-Year 10.80% 8.14%
- --------------------------------------------------
Since Inception 5.16% 5.84%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
1-Year -0.39% -1.34%
- --------------------------------------------------
5-Year 14.17% 11.38%
- --------------------------------------------------
Since Inception 8.38% 8.98%
- --------------------------------------------------
Diversification (as a % of total investments)
U.S. Guaranteed 23%
- --------------------------------------------------
Education and Civic Organizations 21%
- --------------------------------------------------
Healthcare 15%
- --------------------------------------------------
Utilities 13%
- --------------------------------------------------
Tax Obligation/Limited 8%
- --------------------------------------------------
BAR CHART:
1998-1999 Monthly Tax-Free Dividends Per Share
10/98 0.0685
11/98 0.0685
12/98 0.0685
1/99 0.0685
2/99 0.0695
3/99 0.0695
4/99 0.0695
5/99 0.0695
6/99 0.0695
7/99 0.0695
8/99 0.0695
9/99 0.0695
LINE CHART:
Share Price Performance
10/2/98 115.875
115.875
116.125
115.81
116.06
115.94
115.94
116
116.31
116.31
116.5
116.31
115.88
115.69
115.81
115.75
116.19
116.19
116.19
116.25
116.44
116.19
116.13
116.25
116.25
116.06
116
115.94
115.5
115.06
115
114.88
115
114.5
115.13
115
115.38
115.5
115.44
115.44
115.44
115.44
115.19
115.19
115.25
115.19
114.94
114.69
9/30/99 114.375
Weekly Closing Price
Past performance is not predictive of future results.
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
Nuveen New York Dividend Advantage Municipal Fund
Performance Overview
As of September 30, 1999
NAN
Portfolio Statistics
Inception Date 5/99
- --------------------------------------------------
Share Price $14 3/8
- --------------------------------------------------
Net Asset Value $13.27
- --------------------------------------------------
Market Yield 5.97%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal Tax Rate)1 8.65%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State Tax Rate)1 9.26%
- --------------------------------------------------
Fund Net Assets ($000) $190,801
- --------------------------------------------------
Average Effective Maturity (Years) 24.85
- --------------------------------------------------
Average Duration 20.19
- --------------------------------------------------
Total Return
On Share Price On NAV
- --------------------------------------------------
Since Inception -2.76% -5.93%
- --------------------------------------------------
Taxable-Equivalent Total Return2
On Share Price On NAV
- --------------------------------------------------
Since Inception -1.97% -5.10%
- --------------------------------------------------
Diversification (as a % of total investments)
Healthcare 25%
- --------------------------------------------------
Tax Obligation/Limited 23%
- --------------------------------------------------
Education and Civic Organizations 14%
- --------------------------------------------------
Tax Obligation/General 10%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
BAR CHART:
1999 Monthly Tax-Free Dividends Per Share
7/99 0.0715
8/99 0.0715
9/99 0.0715
LINE CHART:
Share Price Performance
5/28/99 15
15
15.125
15
15
15.0625
15.0625
15
15.0625
15
15.0625
15.0625
15
15
15
15
15.0625
15
15
15
15
15
15
15.0625
15.0625
15.0625
15.0625
15
15.0625
15.0625
15
15.0625
15.0625
15.0625
15
15
15.0625
15.0625
15.0625
15
15
15
14.9375
14.875
14.875
14.9375
14.9375
14.9375
14.9375
15
15
15
14.9375
14.875
14.875
14.875
14.875
14.9375
14.875
15
15
14.875
14.875
14.9375
14.75
14.75
14.6875
14.75
14.75
14.625
14.625
14.75
14.625
14.5
14.75
14.625
14.375
14.25
14.0556
14
14
13.625
13.8
14
14
13.9375
14.1875
14.25
9/30/99 14.375
1 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. The
federal only rate is based on the current market yield and a federal income
tax rate of 31%. The rate shown for federal and state highlights the added
value of owning shares that are also exempt from state income taxes. It is
based on a combined federal and state income tax rate of 35.5%.
2 Taxable-equivalent total return is based on the annualized total return and a
combined federal and state income tax rate of 35.5%. It represents the return
on a taxable investment necessary to equal the return of the Nuveen fund on an
after-tax basis.
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Municipal Value Fund, Inc. (NNY)
September 30, 1999
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 11.5%
$ 2,000,000 The Trust for Cultural Resources of the City of New
York, Revenue Bonds, Series 1997A (American 4/07 at 101 AAA $1,971,180
Museum of Natural History), 5.650%, 4/01/27
1,000,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 A 1,038,680
Bonds, Series 1990A, 7.400%, 5/15/01
Dormitory Authority of the State of New York,
City University System Consolidated Second General
Resolution Revenue Bonds, Series 1993A:
1,000,000 5.750%, 7/01/18 No Opt. Call BBB+ 1,002,750
1,000,000 6.000%, 7/01/20 No Opt. Call BBB+ 1,024,460
11,080,000 Dormitory Authority of the State of New York, City
University System Consolidated Revenue Bonds, 7/03 at 100 BBB+ 9,839,926
Series 1993F, 5.000%, 7/01/20
2,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/08 at 101 A 1,656,360
Bonds, Series 1998B, 4.750%, 5/15/28
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 7.7%
500,000 Cattaraugus County Industrial Development Agency,
Civic Facility Revenue Bonds, Series 8/08 at 102 A+ 453,610
1998A (Olean General Hospital Project), 5.250%, 8/01/23
1,500,000 New York City Health and Hospitals Corporation, Health
System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 1,351,740
2,250,000 Dormitory Authority of the State of New York, The
Rosalind and Joseph Gurwin Jewish Geriatric 2/07 at 102 AAA 2,176,965
Center of Long Island, Inc., FHA-Insured Mortgage
Nursing Home Revenue Bonds, Series 1997,
5.700%, 2/01/37
2,000,000 Dormitory Authority of the State of New York
(Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 1,933,100
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/22
810,000 New York State Medical Care Facilities Finance
Agency, St. Luke's-Roosevelt Hospital Center, 8/03 at 102 AAA 816,828
FHA-Insured Mortgage Revenue Bonds,
1993 Series A, 5.600%, 8/15/13
2,925,000 New York State Medical Care Facilities Finance
Agency, Hospital and Nursing Home, FHA-Insured 8/05 at 102 AAA 3,060,603
Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15
1,290,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue
Improvement and Refunding Bonds, Series 9/03 at 102 N/R 1,366,381
1993A, 7.600%, 9/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 3.1%
460,000 New York City Housing Development Corporation,
Mortgage Revenue Bonds (South Williamsburg 2/00 at 102 Aa1 472,112
Cooperative), 1990 Series A, 7.900%, 2/01/23
(Alternative Minimum Tax)
1,385,000 New York City Housing Development Corporation,
Mortgage Revenue Bonds (South Bronx 9/00 at 102 Aa1 1,439,431
Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax)
1,500,000 New York City Housing Development Corporation,
Multifamily Mortgage Revenue Bonds (FHA-Insured 4/03 at 102 AAA 1,577,310
Mortgage Loan), 1993 Series A, 6.550%, 10/01/15
1,135,000 New York State Housing Finance Agency, Multifamily
Housing Revenue Bonds (Secured Mortgage No Opt. Call Aa1 1,040,159
Program), Series 1999B, 5.400%, 8/15/31
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.4%
8,205,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa2 1,360,635
0.000%, 10/01/23 (Alternative Minimum Tax)
3,750,000 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa2 3,517,463
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 10.6%
2,015,000 Village of East Rochester Housing Authority,
FHA-Insured Mortgage Revenue Bonds 8/07 at 102 AAA 1,957,109
(St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Long-Term Care (continued)
$ 3,125,000 Village of East Rochester Housing Authority, FHA-Insured
Mortgage Revenue Bonds (St. 8/08 at 101 AAA $2,816,438
John's Meadows Project), Series 1998A, 5.250%, 8/01/38
3,000,000 Dormitory Authority of the State of New York, Hebrew Home
for the Aged at Riverdale, FHA-Insured 2/07 at 102 AA 3,083,400
Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37
2,000,000 Dormitory Authority of the State of New York, German Masonic
Home Corporation, FHA-Insured Mortgage 8/06 at 102 AA 2,011,400
Revenue Bonds, Series 1996, 5.950%, 8/01/26
1,000,000 Dormitory Authority of the State of New York, Eger Health Care
Center of Staten Island, FHA-Insured 2/08 at 102 AAA 884,810
Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28
1,530,000 New York State Medical Care Facilities Financing Agency, Hospital
and Nursing Home Insured Mortgage 8/02 at 102 AAA 1,628,333
Revenue Bonds, 1992 Series C, 6.550%, 8/15/12
3,000,000 Syracuse Housing Authority, FHA-Insured Mortgage Revenue
Bonds (Loretto Rest Residential Health Care Facility Project),
Series 1997A, 5.600%, 8/01/17 2/08 at 102 AAA 2,935,230
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.4%
25,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.300%, 8/01/03 8/02 at 101 1/2 AAA 26,543
1,135,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series D, 6.600%, 2/01/04 No Opt. Call A- 1,217,288
1,390,000 The City of New York, General Obligation Bonds,
Fiscal 1996 Series B, 6.750%, 8/15/03 No Opt. Call A- 1,494,611
2,890,000 The City of New York, General Obligation Bonds,
Fiscal 1996 Series I, 5.875%, 3/15/18 3/06 at 101 1/2 A- 2,893,728
75,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A- 82,538
2,305,000 The City of New York, General Obligation Bonds,
Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A- 2,319,591
1,000,000 City of Niagara Falls, Niagara County, New York, Water
Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 1,176,460
7.250%, 11/01/11 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.6%
250,000 Battery Park City Authority, Revenue Refunding Bonds,
Series 1993A, Junior Revenue Refunding Bonds, 11/03 at 102 A 250,683
5.800%, 11/01/22
5,000,000 Metropolitan Transportation Authority (New York),
Dedicated Tax Fund Bonds, Series 1996A, 4/07 at 101 AAA 4,614,200
5.250%, 4/01/26
3,000,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 2,728,170
Series A, 5.125%, 8/15/21
25,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue Bonds (Suffolk 10/99 at 116 9/32 Baa1 28,611
County Issue), Series 1991A, 9.500%, 4/15/14
1,000,000 Dormitory Authority of the State of New York, Court
Facilities Lease Revenue Bonds (The City of 5/03 at 101 1/2 A3 970,870
New York Issue), Series 1993A, 5.700%, 5/15/22
3,125,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/07 at 101 AAA 2,810,000
Bonds, Series 1997D, 5.125%, 8/15/27
3,000,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/08 at 101 AAA 2,678,910
Bonds, Series 1998D, 5.000%, 2/15/23
3,100,000 Dormitory Authority of the State of New York, Insured
Revenue Bonds (853 Schools Program, 1999 7/09 at 101 AAA 3,014,936
Issue 1), Green Chimneys School for Little Folk,
Series 1999A, 5.500%, 7/01/18
1,000,000 New York State Housing Finance Agency, H.E.L.P.-
Suffolk Housing Revenue Bonds, 1989 Series A, 11/99 at 100 Baa2 1,001,660
8.100%, 11/01/05
855,000 New York State Housing Finance Agency, Health Facilities
Revenue Bonds (New York City), 1990 11/00 at 102 BBB+ 895,655
Series A Refunding, 8.000%, 11/01/08
10,000 New York State Housing Finance Agency, Service Contract
Obligation Revenue Bonds, 1994 Series A, 9/04 at 102 BBB+ 10,503
6.375%, 9/15/14
10,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/02 at 102 AAA 10,493
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
1,000,000 New York State Urban Development Corporation, State Facilities
Revenue Bonds, 1995 Refunding No Opt. Call BBB+ 1,027,540
Series, 5.750%, 4/01/11
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 3,000,000 City School District of the City of Niagara Falls,
Certificates of Participation (High 6/08 at 101 BBB- $2,734,950
School Facility), Series 1998, 5.375%, 6/15/28
1,230,000 Suffolk County Judicial Facilities Agency, Service Agreement
Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 10/09 at 101 AAA 1,137,910
5.000%, 4/15/16
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 3.9%
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 942,280
5.375%, 7/01/27
2,000,000 New York City Industrial Development Agency, Special
Facility Revenue Bonds, Series 1998 12/08 at 102 A 1,762,960
(British Airways PLC Project), 5.250%, 12/01/32
(Alternative Minimum Tax)
500,000 Niagara Frontier Transportation Authority (Buffalo Niagara
International Airport), Airport Revenue 4/09 at 101 AAA 482,575
Bonds, Series 1999A, 5.625%, 4/01/29
(Alternative Minimum Tax)
2,600,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series 1999B, 1/10 at 100 Aa3 2,480,218
5.500%, 1/01/30
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 20.9%
3,425,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 Aaa 3,794,318
(Pre-refunded to 8/01/01)
20,000 The City of New York, General Obligation Bonds,
Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A-*** 21,743
(Pre-refunded to 10/15/07)
1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue 6/01 at 101 1/2 Aaa 1,073,960
Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20
(Pre-refunded to 6/15/01)
2,600,000 New York City Industrial Development Agency, Civic
Facility Revenue Bonds (YMCA of Greater New 8/01 at 102 Aaa 2,814,500
York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01)
4,000,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue Bonds (Suffolk No Opt. Call AAA 4,769,600
County Issue), Series 1986, 7.375%, 7/01/16
4,145,000 New York State Housing Finance Agency, Health
Facilities Revenue Bonds (New York City), 11/00 at 102 AAA 4,407,296
1990 Series A Refunding, 8.000%, 11/01/08
(Pre-refunded to 11/01/00)
1,000,000 New York Local Government Assistance Corporation,
Series 1991B, 7.500%, 4/01/20 4/01 at 102 AAA 1,068,260
(Pre-refunded to 4/01/01)
990,000 New York State Housing Finance Agency, Service Contract
Obligation Revenue Bonds, 1994 Series A, 9/04 at 102 AAA 1,088,505
6.375%, 9/15/14 (Pre-refunded to 9/15/04)
100,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home Insured Mortgage 8/02 at 102 AAA 107,909
Revenue Bonds, 1992 Series C, 6.550%, 8/15/12
(Pre-refunded to 8/15/02)
990,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement 2/02 at 102 AAA 1,054,439
Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
(Pre-refunded to 2/15/02)
2,200,000 New York State Thruway Authority, Local Highway and Bridge
Service Contract Bonds, Series 1991, 1/01 at 100 AAA 2,251,854
6.000%, 1/01/11 (Pre-refunded to 1/01/01)
5,000,000 New York State Urban Development Corporation, Project
Revenue Bonds (Onondaga County Convention 1/01 at 102 Aaa 5,325,650
Center), Series 1990, 7.875%, 1/01/20
(Pre-refunded to 1/01/01)
New York State Urban Development Corporation,
State Facilities Revenue Bonds, Series 1991:
1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,068,260
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,068,260
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 7.0%
3,500,000 Erie County Industrial Development Agency, Solid Waste
Disposal Facility Revenue Bonds 12/10 at 103 N/R 3,629,640
(1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13
(Alternative Minimum Tax)
5,000,000 Long Island Power Authority, Electric System
General Revenue Bonds, Series 1998A, 6/08 at 101 A- 4,546,550
5.250%, 12/01/26
1,000,000 New York State Energy Research and Development Authority,
Electric Facilities Revenue Bonds, 1/00 at 101 A+ 1,017,680
Series 1991A (Consolidated Edison Company of New
York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 1,000,000 New York State Energy Research and Development
Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA $ 950,990
(The Brooklyn Union Gas Company Project), 5.600%,
6/01/25 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 6.3%
1,000,000 New York City Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, 6/07 at 101 AAA 919,120
Fiscal 1998 Series B, 5.250%, 6/15/29
1,000,000 New York City Municipal Water Finance Authority, Water
and Sewer System Revenue Bonds, 6/09 at 101 AAA 951,960
Fiscal 2000 Series A, 5.500%, 6/15/32 (WI)
1,425,000 New York State Environmental Facilities Corporation,
Water Facilities Revenue Bonds, Series 1992 6/02 at 102 A 1,466,126
(The New Rochelle Water Company Project), 6.400%,
12/01/24 (Alternative Minimum Tax)
5,815,000 Western Nassau County Water Authority, System Revenue Bonds,
Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 5,701,022
- -----------------------------------------------------------------------------------------------------------------------------------
$ 149,195,000 Total Investments - (cost $139,928,433) - 97.4% 140,307,938
=============
Other Assets Less Liabilities - 2.6% 3,770,999
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $144,078,937
===================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. government or U.S. government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
September 30, 1999
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 12.4%
$ 1,285,000 Cattaraugus County Industrial Development Agency,
Civic Facility Revenue Bonds (St. 9/08 at 101 BBB $1,165,199
Bonaventure University Construction Project),
Series 1998B, 5.000%, 9/15/13
1,000,000 County of Monroe Industrial Development Agency,
Civic Facility Revenue Bonds (St. John 6/09 at 102 AA 940,170
Fisher College Project), Series 1999, 5.375%, 6/01/17
3,000,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 2,956,770
Museum of Natural History), 5.650%, 4/01/27
1,250,000 Dormitory Authority of the State of New York, Lease
Revenue Bonds (State University Dormitory 7/09 at 101 AAA 1,199,588
Facilities Issue), Series 1999C, 5.500%, 7/01/29
630,000 Dormitory Authority of the State of New York, College
and University Revenue Bonds (Pooled Capital 12/99 at 102 AAA 643,173
Program), Series 1985, 7.800%, 12/01/05
2,500,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue No Opt. Call A- 2,566,300
Bonds, Series 1993A, 5.875%, 5/15/17
3,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, No Opt. Call AAA 3,176,460
Series 1993B, 6.000%, 7/01/14
Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds,
Series 1993F:
1,000,000 5.500%, 7/01/12 7/03 at 102 BBB+ 987,740
11,350,000 5.000%, 7/01/20 7/03 at 100 BBB+ 10,079,708
1,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General 7/05 at 102 AAA 988,880
Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14
1,500,000 Dormitory Authority of the State of New York, St. Thomas
Aquinas College Insured Revenue Bonds, 7/08 at 101 AA 1,355,130
Series 1998, 5.250%, 7/01/28
3,425,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/08 at 101 A 2,836,517
Bonds, Series 1998B, 4.750%, 5/15/28
Dormitory Authority of the State of New York, City University
System Consolidated Third General
Resolution Revenue Bonds, 1998 Series 2:
1,490,000 5.000%, 7/01/17 7/08 at 101 BBB+ 1,321,764
1,055,000 5.000%, 7/01/18 7/08 at 101 BBB+ 926,839
7,000,000 5.000%, 7/01/28 7/08 at 101 BBB+ 6,067,250
5,590,000 Dormitory Authority of the State of New York,
University of Rochester Revenue Bonds, Series 1999A 7/09 at 101 A+ 5,449,244
and 1999B, 5.500%, 7/01/16
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 8.7%
2,000,000 Dormitory Authority of the State of New York,
St. Vincent's Hospital and Medical Center of New York, 8/01 at 102 AAA 2,119,360
FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30
1,000,000 Dormitory Authority of the State of New York, St. James
Mercy Hospital, FHA-Insured Mortgage 2/08 at 102 AA 930,330
Hospital Revenue Bonds, Series 1998, 5.250%, 2/01/18
8,000,000 Dormitory Authority of the State of New York (Catholic
Health Services of Long Island Obligated 7/09 at 101 AAA 7,732,400
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/22
9,950,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured 8/02 at 102 AAA 10,237,157
Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22
2,525,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured 8/05 at 102 AAA 2,642,059
Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15
5,800,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Project Revenue 2/05 at 102 AA 6,042,556
Bonds, 1995 Series C, 6.250%, 8/15/15
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily - 5.0%
$ 1,000,000 Hudson Housing Development Corporation, Multifamily
Mortgage Revenue Refunding Bonds, 1/03 at 101 Aaa $1,030,860
Series 1992A (Providence Hall-Schuyler Court Projects-
FHA-Insured Mortgages), 6.500%, 1/01/25
5,750,000 New York City Housing Development Corporation, Multi-Unit
Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 6,088,273
Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
3,160,000 New York State Housing Finance Agency, Multifamily
Housing Revenue Bonds (AMBAC Insured 11/99 at 102 AAA 3,227,687
Program), 1989 Series B, 7.550%, 11/01/29
(Alternative Minimum Tax)
1,585,000 New York State Housing Finance Agency, Multifamily
Housing Revenue Bonds (Secured Mortgage 8/02 at 102 Aa1 1,676,153
Program), 1992 Series A, 7.000%, 8/15/12
(Alternative Minimum Tax)
4,835,000 Puerto Rico Housing Finance Corporation, Multifamily
Mortgage Revenue Bonds, Portfolio A, Series I, 4/00 at 102 AA 4,995,232
7.500%, 4/01/22
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.0%
45,135,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa2 7,484,737
0.000%, 10/01/23 (Alternative Minimum Tax)
1,460,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, 1995 Series 52, 1/06 at 102 AAA 1,497,902
6.100%, 4/01/26 (Alternative Minimum Tax)
1,250,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 73-A, 9/08 at 101 Aa2 1,172,488
5.250%, 10/01/17 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.8%
3,000,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Project Revenue Bonds, 2/06 at 102 AA+ 3,095,910
1995 Series C, 6.100%, 8/15/15
2,770,000 County of Oswego Industrial Development Agency,
Civic Facility Revenue Bonds, 2/09 at 101 AAA 2,477,433
Series 1999A (FHA-Insured Mortgage-Bishops
Commons Inc. Project), 5.375%, 2/01/49
4,000,000 Syracuse Housing Authority, FHA-Insured Mortgage
Revenue Bonds (Loretto Rest Residential 2/08 at 102 AAA 3,913,640
Health Care Facility Project), Series 1997A, 5.600%, 8/01/17
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 4.3%
10,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.625%, 8/01/12 8/02 at 101 1/2 AAA 10,654
30,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A- 33,015
1,060,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series F, 6.375%, 2/15/06 2/05 at 101 A- 1,139,638
1,450,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series F, 3.000%, 11/15/00 No Opt. Call A- 1,432,571
1,500,000 The City of New York, General Obligation Bonds,
Fiscal 1999 Series C, 5.000%, 8/15/22 8/08 at 101 A- 1,329,015
2,095,000 City of Niagara Falls, Niagara County, New York,
Water Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 2,546,158
8.000%, 11/01/09 (Alternative Minimum Tax)
10,000,000 Commonwealth of Puerto Rico, Public Improvement
Refunding Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 8,250,300
Bonds), 4.500%, 7/01/23
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 14.0%
7,000,000 Metropolitan Transportation Authority, Dedicated
Tax Fund Bonds, Series 1996A, 4/07 at 101 AAA 6,459,880
5.250%, 4/01/26
12,465,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 11,335,546
Series A, 5.125%, 8/15/21
4,365,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 2/08 at 102 AAA 3,887,600
Bonds, Series 1998B, 5.000%, 2/15/23
4,000,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/08 at 101 AAA 3,571,880
Bonds, Series 1998D, 5.000%, 2/15/23
7,000,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 2/09 at 101 AAA 6,017,060
Bonds, Series 1999C, 4.750%, 8/15/19
4,210,000 Dormitory Authority of the State of New York, 4201
Schools Program Revenue Bonds, Series 1998, 7/09 at 101 BBB+ 3,715,746
5.000%, 7/01/18
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 940,000 New York State Housing Finance Agency, Health
Facilities Revenue Bonds (New York City), 11/00 at 102 BBB+ $ 984,697
1990 Series A Refunding, 8.000%, 11/01/08
1,195,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/00 at 102 A3 1,233,300
Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20
335,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 8/00 at 102 A3 351,214
Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20
10,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/02 at 102 A- 10,735
Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
6,900,000 New York State Urban Development Corporation,
Correctional Facilities Service Contract Revenue 1/08 at 102 BBB+ 5,986,785
Bonds, Series A, 5.000%, 1/01/28
5,000,000 City School District of Niagara Falls, Certificates of
Participation (High School Facility), 6/08 at 101 BBB- 4,558,250
Series 1998, 5.375%, 6/15/28
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 8.7%
15,525,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1998A, 7/08 at 101 BBB+ 13,927,788
5.250%, 7/01/28
2,000,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1/00 at 102 AAA 2,057,260
1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
2,250,000 New York City Industrial Development Agency,
Special Facility Revenue Bonds, Series 1998 12/08 at 102 A 1,983,330
(British Airways PLC Project), 5.250%, 12/01/32
(Alternative Minimum Tax)
800,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA 772,120
Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax)
2,500,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, One Hundred Ninth Series, 1/07 at 101 AAA 2,388,800
5.375%, 7/15/27
1,750,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series 1997A, 1/07 at 101 Aa3 1,599,920
5.250%, 1/01/28
7,500,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series 1999B, 1/10 at 100 Aa3 7,154,475
5.500%, 1/01/30
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 29.5%
5,500,000 Metropolitan Transportation Authority, Transit Facilities
1987 Service Contract Bonds, 7/00 at 102 AAA 5,762,185
Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00)
1,000,000 Metropolitan Transportation Authority, Transit Facilities
1987 Service Contract Bonds, 7/00 at 101 1/2 AAA 1,042,810
Series 4, 7.500%, 7/01/19 (Pre-refunded to 7/01/00)
1,000,000 Monroe County Water Authority, Series 1991 B,
Water System Revenue Bonds, 8/01 at 101 AAA 1,051,610
6.500%, 8/01/16 (Pre-refunded to 8/01/01)
1,350,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series B, 7.250%, 10/01/06 10/99 at 101 1/2 AAA 1,393,470
40,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Fixed Rate Bonds, 8/02 at 101 1/2 AAA 43,068
Subseries C-1, 6.625%, 8/01/12 (Pre-refunded to 8/01/02)
500,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 8.000%, 3/15/13 3/00 at 101 1/2 AAA 517,155
(Pre-refunded to 3/15/00)
1,470,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 Aaa 1,628,510
(Pre-refunded to 8/01/01)
275,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series E, 6.500%, 8/01/02 No Opt. Call Aaa 291,522
1,540,000 The City of New York, General Obligation Bonds,
Fiscal 1993 Series F, 6.375%, 2/15/06 2/05 at 101 A-*** 1,679,678
(Pre-refunded to 2/15/05)
50,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series F, 3.000%, 11/15/00 11/00 at 100 A-*** 49,478
(Pre-refunded to 11/15/00)
1,000,000 The City of New York, General Obligation Bonds,
Fiscal 1993 Series E, 5.750%, 5/13/13 5/03 at 101 1/2 AAA 1,042,675
(Pre-refunded to 5/15/03)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 250,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/00 at 101 1/2 Aaa $ 260,303
Fiscal 1991 Series A, 7.500%, 6/15/19
(Pre-refunded to 6/15/00)
4,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/01 at 101 1/2 Aaa 4,295,840
Fiscal 1991 Series C, 7.750%, 6/15/20
(Pre-refunded to 6/15/01)
5,700,000 New York City Transit Authority, Transit Facilities Revenue
Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 5,867,637
Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
10,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Revenue Bonds, 7/00 at 102 Aaa 10,485,900
Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00)
6,850,000 Dormitory Authority of the State of New York, Revenue Bonds,
Department of Health of the State of 7/00 at 102 Aaa 7,186,609
New York Issue, Series 1990, 7.700%, 7/01/20
(Pre-refunded to 7/01/00)
2,190,000 Dormitory Authority of the State of New York,
Vassar College Revenue Bonds, Series 1990, 7/00 at 102 AAA 2,290,390
7.250%, 7/01/15 (Pre-refunded to 7/01/00)
4,400,000 Dormitory Authority of the State of New York, Upstate
Community Colleges Revenue Bonds, 7/00 at 102 Baa1*** 4,609,616
1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00)
Dormitory Authority of the State of New York, City
University System Consolidated Second General
Resolution Revenue Bonds, Series 1990F:
2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,100,700
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,100,700
2,600,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 Aaa 2,710,058
Bonds, Series 1990B, 7.375%, 5/15/14
(Pre-refunded to 5/15/00)
3,500,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 Aaa 3,645,496
Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00)
1,000,000 New York State Environmental Facilities Corporation,
State Water Pollution Control Revolving Fund 6/01 at 102 Aaa 1,070,470
Revenue Bonds, Series 1991 A (New York City
Municipal Water Finance Authority Project),
7.250%, 6/15/10 (Pre-refunded to 6/15/01)
4,560,000 New York State Housing Finance Agency, Health
Facilities Revenue Bonds (New York City), 1990 11/00 at 102 AAA 4,848,557
Series A Refunding, 8.000%, 11/01/08
(Pre-refunded to 11/01/00)
3,000,000 New York Local Government Assistance Corporation,
Series 1991A, 7.250%, 4/01/18 4/01 at 102 AAA 3,193,950
(Pre-refunded to 4/01/01)
8,000,000 New York Local Government Assistance Corporation,
Series 1991B, 7.500%, 4/01/20 4/01 at 102 AAA 8,546,080
(Pre-refunded to 4/01/01)
1,000,000 New York State Medical Care Facilities Finance Agency,
St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 1,033,660
FHA-Insured Mortgage Revenue Bonds, 1989 Series B,
7.450%, 2/15/29 (Pre-refunded to 2/15/00)
1,295,000 New York State Medical Care Facilities Finance Agency,
Hospital Insured Mortgage Revenue Bonds, 8/00 at 102 AAA 1,363,920
1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00)
1,205,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/00 at 102 Aaa 1,246,898
Improvement Revenue Bonds, 1990 Series A, 7.750%,
2/15/20 (Pre-refunded to 2/15/00)
2,070,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 8/00 at 102 Aaa 2,183,063
Improvement Revenue Bonds, 1990 Series B, 7.875%,
8/15/20 (Pre-refunded to 8/15/00)
2,000,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities 2/01 at 102 Aaa 2,127,980
Improvement Revenue Bonds, 1991 Series A,
7.500%, 2/15/21 (Pre-refunded to 2/15/01)
810,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement 2/02 at 102 A-*** 881,280
Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
(Pre-refunded to 2/15/02)
4,600,000 New York State Thruway Authority, Local Highway and
Bridge Service Contract Bonds, Series 1991, 1/01 at 100 AAA 4,708,422
6.000%, 1/01/11 (Pre-refunded to 1/01/01)
5,655,000 New York State Urban Development Corporation,
Project Revenue Bonds (Onondaga County Convention 1/01 at 102 Aaa 6,023,310
Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01)
2,000,000 Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax Special Obligation Bonds, Series 1/00 at 101 AAA 2,037,140
1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00)
2,230,000 City of Yonkers, New York, General Obligation School
Bonds, Series 1990-C, 7.375%, 12/01/09 12/00 at 102 AAA 2,363,153
(Pre-refunded to 12/01/00)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities - 3.8%
$ 1,000,000 Islip Resource Recovery Agency, Resource Recovery
System Revenue Bonds (1985 Facility), Series B, 7/04 at 102 AAA $1,035,610
6.125%, 7/01/13 (Alternative Minimum Tax)
3,375,000 Long Island Power Authority, Electric System General
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 3,077,156
2,000,000 Long Island Power Authority, Electric System General
Revenue Bonds, Series 1998A, 5.25%, 12/01/26 6/08 at 101 A- 1,818,620
5,000,000 New York City Industrial Development Agency, Industrial
Development Revenue Bonds (Brooklyn Navy 10/08 at 102 BBB- 4,685,250
Yard Cogeneration Partners, L.P. Project), Series 1997,
5.750%, 10/01/36 (Alternative Minimum Tax)
1,000,000 New York State Energy Research and Development Authority,
Solid Waste Disposal Revenue Bonds 12/03 at 102 AAA 974,260
(New York State Electric and Gas Corporation Project),
1993 Series A, 5.700%, 12/01/28
(Alternative Minimum Tax)
1,500,000 Suffolk County Industrial Development Agency,
1998 Industrial Development Revenue Bonds 1/09 at 101 N/R 1,364,235
(Nissequogue Cogen Partners Facility), 5.500%,
1/01/23 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 5.0%
1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/02 at 101 1/2 AAA 1,001,740
Fiscal 1993 Series A, 5.750%, 6/15/18
2,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/07 at 101 AAA 1,838,240
Fiscal 1998 Series B, 5.250%, 6/15/29
3,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 2,855,880
Fiscal 2000 Series A, 5.500%, 6/15/32 (WI)
9,825,000 New York State Environmental Facilities Corporation,
State Water Pollution Control Revolving Fund 6/00 at 102 Aa1 10,243,740
Revenue Bonds, Series 1990 A (New York City
Municipal Water Finance Authority Project),
7.500%, 6/15/12
940,000 New York State Environmental Facilities Corporation,
State Water Pollution Control Revolving Fund 11/04 at 102 AAA 1,041,830
Revenue Bonds, Series 1994 D (Pooled Loan Issue), 6.900%, 5/15/15
- -----------------------------------------------------------------------------------------------------------------------------------
$ 378,465,000 Total Investments - (cost $333,723,770) - 97.2% 333,382,500
=============
Other Assets Less Liabilities - 2.8% 9,668,751
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $343,051,251
===================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. government or U.S. government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
September 30, 1999
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 8.3%
$ 5,000,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1999A (American 7/09 at 101 AAA $4,967,800
Museum of Natural History), 5.750%, 7/01/29
2,260,000 New York City Industrial Development Agency, Civic Facility
Refunding and Equipment Revenue Bonds 7/08 at 101 AAA 1,764,924
(1998 Lighthouse International Project), 4.500%, 7/01/33
5,000,000 Dormitory Authority of the State of New York, New York
University Insured Revenue Bonds, Series 7/01 at 102 AAA 5,190,450
1991, 6.000%, 7/01/15
3,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Revenue Bonds, 7/03 at 100 AAA 2,707,230
Series 1993F, 5.000%, 7/01/20
4,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 1/08 at 102 AAA 3,597,400
Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27
4,360,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, Series 7/08 at 101 AAA 3,833,094
1998, 5.000%, 7/01/28
1,400,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/08 at 100 AAA 1,182,832
Bonds, Series 1998A, 4.750%, 5/15/25
3,500,000 Dormitory Authority of the State of New York, The
Culinary Institute of America Insured Revenue 7/09 at 101 Aaa 3,134,145
Bonds, Series 1999, 5.000%, 7/01/22
2,265,000 Dormitory Authority of the State of New York, Skidmore
College Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 1,991,275
5.000%, 7/01/28
5,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 7/09 at 101 AAA 4,798,350
Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 (WI)
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 11.8%
1,250,000 New York City Health and Hospitals Corporation,
Health System Bonds, 1993 Series A, 2/03 at 102 AAA 1,239,800
5.750%, 2/15/22
3,000,000 New York City Health and Hospitals Corporation,
Health System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 2,703,480
1,000,000 Dormitory Authority of the State of New York, Maimonides
Medical Center, FHA-Insured Mortgage 2/06 at 102 AAA 988,830
Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24
3,135,000 Dormitory Authority of the State of New York,
Secured Hospital Insured Revenue Bonds (Southside 2/08 at 101 1/2 AAA 2,771,559
Hospital), Series 1998, 5.000%, 2/15/25
10,000,000 Dormitory Authority of the State of New York, The
New York and Presbyterian Hospital, FHA-Insured 2/08 at 101 AAA 8,652,100
Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32
5,000,000 Dormitory Authority of the State of New York, Highland
Hospital of Rochester, FHA-Insured Mortgage 2/08 at 102 AAA 4,716,400
Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27
3,280,000 Dormitory Authority of the State of New York
(North Shore Health System Obligated Group), North 11/08 at 101 AAA 2,916,281
Shore University Hospital Revenue Bonds, Series 1998,
5.000%, 11/01/23
3,070,000 Dormitory Authority of the State of New York, Montefiore
Medical Center, FHA-Insured Mortgage 8/09 at 101 AAA 2,885,554
Hospital Revenue Bonds, Series 1999, 5.500%, 8/01/38
8,000,000 Dormitory Authority of the State of New York (Catholic
Health Services of Long Island Obligated 7/09 at 101 AAA 7,732,400
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/22
12,000,000 New York State Medical Care Facilities Finance Agency,
North Shore University Hospital, Mortgage 11/00 at 102 AAA 12,660,840
Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 4.2%
10,000,000 New York City Housing Development Corporation,
Multi-Unit Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 10,588,300
Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
New York State Housing Finance Agency, Housing
Project Mortgage Revenue Bonds, 1996
Series A Refunding:
$ 1,970,000 6.100%, 11/01/15 5/06 at 102 AAA $2,048,544
2,985,000 6.125%, 11/01/20 5/06 at 102 AAA 3,098,729
985,000 New York State Housing Finance Agency, Insured
Multifamily Mortgage Housing Revenue Bonds, 1994 8/04 at 102 AAA 1,031,906
Series B, 6.250%, 8/15/14
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.0%
3,000,000 Castle Rest Residential Health Care Facility (Syracuse,
New York), FHA-Insured Mortgage Revenue 8/09 at 100 AAA 2,916,450
Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
1,185,000 Village of East Rochester Housing Authority,
FHA-Insured Mortgage Revenue Bonds (St. 8/07 at 102 AAA 1,150,955
John's Meadows Project), Series 1997A, 5.750%, 8/01/37
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 1.6%
2,250,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 7.250%, 3/15/19 3/00 at 101 1/2 AAA 2,313,945
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,667,118
1,500,000 Town of North Hempstead, Nassau County, New York,
General Obligation Refunding Serial Bonds, 1998 3/08 at 101 Aaa 1,313,085
Series B, 4.750%, 3/01/18
255,000 City of Port Jervis, Orange County,
Public Improvement Bonds, 5.625%, 3/15/24 3/09 at 101 Aaa 254,926
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 9.0%
6,500,000 Metropolitan Transportation Authority, Dedicated
Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 4/08 at 101 AAA 5,439,460
10,000,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 8,002,100
4.500%, 11/15/27
1,250,000 Dormitory Authority of the State of New York, Leake
and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA 1,268,200
Bonds, Series 1994, 6.000%, 7/01/23
2,500,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/07 at 101 AAA 2,248,000
Bonds, Series 1997D, 5.125%, 8/15/27
4,860,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 2/08 at 102 AAA 4,328,462
Bonds, Series 1998A, 5.000%, 2/15/23
2,250,000 Dormitory Authority of the State of New York, Insured
Revenue Bonds (853 Schools Program, 1998 Issue 7/08 at 101 AAA 2,030,198
2), Saint Anne Institute Insured Revenue Bonds,
Series 1998E, 5.000%, 7/01/18
2,000,000 Dormitory Authority of the State of New York,
Mental Health Services Facilities Improvement 2/09 at 101 AAA 1,712,020
Revenue Bonds, Series 1999C, 4.750%, 8/15/22
2,250,000 New York State Environmental Facilities Corporation,
Riverbank State Park Special Obligation 4/07 at 100 AAA 2,054,408
Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22
35,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities 2/05 at 102 AAA 35,235
Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25
215,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities 2/02 at 102 AAA 220,465
Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
40,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 8/04 at 102 AAA 41,040
Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19
2,080,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/04 at 102 AAA 1,928,368
Improvement Revenue Bonds, 1993 Series F
Refunding, 5.250%, 2/15/19
1,530,000 Empire Development Corporation, New York State
Urban Development Corporation, Correctional 1/06 at 102 AAA 1,447,105
Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25
5,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B, 1/01 at 102 AAA 5,228,750
6.875%, 1/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 9.9%
10,180,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 7/07 at 101 AAA 9,592,410
2,625,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21 7/07 at 101 AAA 2,359,613
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Transportation (continued)
$ 1,000,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA $ 965,150
Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax)
9,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-Third Series, 4/01 at 101 AAA 9,341,370
6.750%, 4/15/26 (Alternative Minimum Tax)
Puerto Rico Ports Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,550,825
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,659,735
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 39.9%
5,500,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA 5,884,175
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
County of Nassau, General Obligation Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,144,015
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,133,373
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,122,731
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,112,089
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,096,126
The City of New York, General Obligation Bonds,
Fiscal 1991 Series B:
1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 2,068,346
1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,642,132
The City of New York, General Obligation Bonds,
Fiscal 1990 Series I:
950,000 7.250%, 8/15/14 2/00 at 101 1/2 AAA 976,410
1,270,000 7.250%, 8/15/17 2/00 at 101 1/2 AAA 1,304,315
3,030,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 7.250%, 3/15/18 3/00 at 101 1/2 AAA 3,119,627
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds,
Fiscal 1991 Series A:
5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 6,200,498
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 1,249,452
11,000,000 New York City Transit Authority, Transit Facilities
Revenue Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 11,323,510
Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
1,150,000 Dormitory Authority of the State of New York, Judicial
Facilities Lease Revenue Bonds (Suffolk 7/00 at 100 AAA 1,365,740
County Issue), Series 1986, 7.375%, 7/01/16
Dormitory Authority of the State of New York, State
University Educational Facilities Revenue
Bonds, Series 1990C:
5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 5,595,415
9,825,000 6.125%, 5/15/20 (Pre-refunded to 5/15/00) 5/00 at 100 AAA 9,973,751
10,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 10,476,700
Resolution Revenue Bonds, Series 1990F, 7.500%,
7/01/20 (Pre-refunded to 7/01/00)
1,000,000 Dormitory Authority of the State of New York,
Cooper Union Insured Revenue Bonds, Series 1990, 7/01 at 102 AAA 1,070,900
7.200%, 7/01/20 (Pre-refunded to 7/01/01)
2,540,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, Series 7/00 at 102 AAA 2,655,494
1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00)
5,000,000 New York State Housing Finance Agency, State University
Construction Refunding Bonds, 1986 Series No Opt. Call AAA 5,691,250
A, 7.900%, 11/01/06
9,500,000 New York State Medical Care Facilities Finance Agency,
St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 9,819,770
FHA-Insured Mortgage Revenue Bonds, 1989 Series B,
7.450%, 2/15/29 (Pre-refunded to 2/15/00)
2,500,000 New York State Medical Care Facilities Finance Agency,
Beth Israel Medical Center (Main Campus), 11/00 at 102 AAA 2,646,400
Project Revenue Bonds, 1990 Series A, 7.500%,
11/01/10 (Pre-refunded to 11/01/00)
8,625,000 New York State Medical Care Facilities Finance Agency,
The Mary Imogene Bassett Hospital Project 5/01 at 102 AAA 9,182,348
Revenue Bonds, 1991 Series A, 7.125%, 11/01/20
(Pre-refunded to 5/01/01)
3,140,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/05 at 102 AAA 3,392,330
Improvement Revenue Bonds, 1995 Series A, 6.000%,
2/15/25 (Pre-refunded to 2/15/05)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 1,895,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement 2/02 at 102 AAA $2,014,385
Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
(Pre-refunded to 2/15/02)
1,960,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 8/04 at 102 AAA 2,142,162
Improvement Revenue Bonds, 1994 Series E, 6.250%,
8/15/19 (Pre-refunded to 8/15/04)
6,000,000 New York State Medical Care Facilities Finance Agency,
New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 6,717,360
Revenue Bonds, 1994 Series A, 6.800%, 8/15/24
(Pre-refunded to 2/15/05)
4,150,000 New York State Thruway Authority, General Revenue Bonds,
Series C, 6.000%, 1/01/25 (Pre-refunded 1/05 at 102 AAA 4,484,407
to 1/01/05)
15,000,000 New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds, 1/00 at 102 AAA 15,441,150
Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
9,635,000 Suffolk County Water Authority, Water System Revenue Bonds,
Series 1991, 7.000%, 6/01/16 6/00 at 102 AAA 10,034,082
(Pre-refunded to 6/01/00)
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series R, 7.375%, 1/01/16 1/00 at 101 1/2 AAA 6,738,841
(Pre-refunded to 1/01/00)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series S, 7.000%, 1/01/21 1/01 at 101 1/2 AAA 3,149,760
(Pre-refunded to 1/01/01)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 2,636,700
(Pre-refunded to 1/01/01)
4,510,000 Triborough Bridge and Tunnel Authority, Mortgage
Recording Tax Special Obligation Bonds, Series 1/00 at 101 AAA 4,593,751
1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 6.5%
10,075,000 Long Island Power Authority, Electric System General
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 9,185,881
5,000,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds, 1/00 at 101 A+ 5,088,400
Series 1991 A (Consolidated Edison Company of
New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development
Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 2,654,050
Bonds, Series 1989B (The Brooklyn Union Gas Company
Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
2,250,000 New York State Energy Research and Development Authority,
Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 2,139,728
(The Brooklyn Union Gas Company Project), 5.600%, 6/01/25
(Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development Authority,
Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 2,632,700
1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax)
2,000,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992A 1/01 at 101 AAA 2,064,680
(Consolidated Edison Company of New York, Inc.
Project), 6.750%, 1/15/27 (Alternative Minimum Tax)
2,000,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 2,067,620
(Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 4.1%
2,115,000 Town of Clifton Park Water Authority, Water System
Revenue Bonds, Series 1993, 10/03 at 102 AAA 1,865,956
5.000%, 10/01/26
6,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/08 at 101 AAA 5,067,840
Fiscal 1998 Series D, 4.750%, 6/15/25
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer (continued)
$ 5,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/09 at 101 AAA $4,759,800
Fiscal 2000 Series A, 5.500%, 6/15/32 (WI)
5,000,000 Suffolk County Water Authority, Water System
Revenue Bonds, Series 1994, 5.000%, 6/01/17 6/03 at 102 AAA 4,568,800
- -----------------------------------------------------------------------------------------------------------------------------------
$ 388,250,000 Total Investments - (cost $376,786,305) - 96.3% 384,566,566
=============
Other Assets Less Liabilities - 3.7% 14,780,659
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $399,347,225
===================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating. (WI) Security purchased on a
when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
September 30, 1999
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 11.9%
$ 1,000,000 Nassau County Industrial Development Agency,
Civic Facility Revenue and Refunding Bonds 7/08 at 102 AAA $ 892,130
(Hofstra University Project), Series 1998, 5.000%, 7/01/23
7,250,000 New York City Industrial Development Agency, Civic
Facility Revenue Bonds (Horace Mann School 1/09 at 101 AAA 6,373,838
Project), 5.000%, 7/01/28
6,000,000 Dormitory Authority of the State of New York,
St. John's University Insured Revenue 7/01 at 102 AAA 6,392,700
Bonds, Series 1991, 6.875%, 7/01/11
10,000,000 Dormitory Authority of the State of New York, New York
University Insured Revenue Bonds, Series 7/01 at 102 AAA 10,380,900
1991, 6.000%, 7/01/15
3,920,000 Dormitory Authority of the State of New York, Rensselaer
Polytechnic Institute Insured Revenue 7/01 at 102 AAA 4,151,986
Bonds, Series 1991, 6.500%, 7/01/06
12,875,000 Dormitory Authority of the State of New York, Mount Sinai
School of Medicine Insured Revenue 7/01 at 102 AAA 13,603,983
Bonds, Series 1991, 6.750%, 7/01/15
1,870,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, Series 7/00 at 102 AAA 1,946,838
1990, 7.200%, 7/01/15
4,100,000 Dormitory Authority of the State of New York, City
University System Consolidated Revenue Bonds, 7/03 at 100 AAA 3,699,881
Series 1993F, 5.000%, 7/01/20
4,000,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, Series 7/08 at 101 AAA 3,516,600
1998, 5.000%, 7/01/28
8,440,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General 7/00 at 102 AAA 8,774,393
Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
4,500,000 Dormitory Authority of the State of New York, Ithaca College
Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 4,045,050
5.000%, 7/01/21
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 7.8%
Dormitory Authority of the State of New York, St. Vincent's
Hospital and Medical Center of New York, FHA-Insured Mortgage
Revenue Bonds, Series 1991:
4,640,000 7.375%, 8/01/11 8/01 at 102 AAA 4,945,358
4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,397,672
1,015,000 Dormitory Authority of the State of New York,
Maimonides Medical Center, FHA-Insured Mortgage No Opt. Call AAA 1,043,704
Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14
9,250,000 Dormitory Authority of the State of New York,
The New York and Presbyterian Hospital, FHA-Insured 2/08 at 101 AAA 8,003,193
Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32
6,430,000 Dormitory Authority of the State of New York (Catholic
Health Services of Long Island Obligated 7/09 at 101 AAA 6,189,775
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/24
5,500,000 New York State Medical Care Facilities Finance Agency,
St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 5,671,105
FHA-Insured Mortgage Revenue Bonds,
1989 Series A, 7.375%, 2/15/19
10,755,000 New York State Medical Care Facilities Finance Agency,
North Shore University Hospital Mortgage 11/00 at 102 AAA 11,347,278
Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 5.7%
4,000,000 New York City Housing Development Corporation, Multi-Unit
Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 4,235,320
Mortgage Loans), 1991 Series A, 7.350%, 6/01/19
15,000,000 New York City Housing Development Corporation, Multifamily
Housing Limited Obligation Bonds, Series 10/99 at 105 AAA 15,783,450
1991A, Pass Through Certificates, 6.500%, 2/20/19
New York State Finance Agency, Housing Project Mortgage
Revenue Bonds, 1996 Series A Refunding:
980,000 6.100%, 11/01/15 5/06 at 102 AAA 1,019,073
3,980,000 6.125%, 11/01/20 5/06 at 102 AAA 4,131,638
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 5,000,000 New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A, 1/02 at 102 AAA $5,313,450
6.750%, 1/01/26
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 1.6%
1,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 43, 6.450%, 10/01/17 9/04 at 102 AAA 1,574,850
State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series VV:
3,610,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 3,760,934
750,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 782,805
2,345,000 State of New York Mortgage Agency, Mortgage
Revenue Bonds, Eighth Series A, 6.875%, 4/01/17 10/99 at 100 AAA 2,349,221
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.3%
1,200,000 Town of Brookhaven, Suffolk County, Various Purposes
Serial Bonds, 1991 Series B, 10/02 at 102 AAA 1,282,272
6.400%, 10/01/11
City of Buffalo, Refunding Serial Bonds of 1991:
530,000 6.250%, 2/01/11 2/01 at 101 AAA 547,691
760,000 6.250%, 2/01/13 2/01 at 101 AAA 784,472
760,000 6.250%, 2/01/15 2/01 at 101 AAA 784,472
County of Erie, General Obligation Serial Bonds,
Public Improvement Series 1999A:
700,000 5.500%, 10/01/17 (WI) 10/09 at 101 AAA 685,909
700,000 5.250%, 10/01/19 (WI) 10/09 at 101 AAA 659,519
45,000 The City of New York, General Obligation Bonds, Fiscal 1992
Series C, Fixed Rate Bonds, Subseries C-1, 8/02 at 101 1/2 AAA 47,592
6.250%, 8/01/10
45,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 48,130
3,100,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 7.250%, 3/15/19 3/00 at 101 1/2 AAA 3,188,102
4,150,000 The City of New York, General Obligation Bonds,
Fiscal 1998 Series H, 5.125%, 8/01/25 8/08 at 101 AAA 3,749,774
5,000,000 The City of New York, General Obligation Bonds,
Fiscal 1999 Series I, 5.000%, 4/15/29 4/09 at 101 AAA 4,389,800
3,000,000 Town of North Hempstead, Nassau County, General
Obligation Refunding Serial Bonds, 1998 3/08 at 101 Aaa 2,626,170
Series B, 4.750%, 3/01/18
2,250,000 Commonwealth of Puerto Rico, Public Improvement Bonds,
Series 1998 (General Obligation Bonds), 7/08 at 101 AAA 1,989,855
4.875% 7/01/23
8,000,000 Commonwealth of Puerto Rico, Public Improvement Refunding
Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 6,600,240
Bonds), 4.500%, 7/01/23
Rensselaer County, General Obligation Serial Bonds, Series 1991:
960,000 6.700%, 2/15/16 No Opt. Call AAA 1,086,240
960,000 6.700%, 2/15/17 No Opt. Call AAA 1,085,117
960,000 6.700%, 2/15/18 No Opt. Call AAA 1,085,731
960,000 6.700%, 2/15/19 No Opt. Call AAA 1,087,133
960,000 6.700%, 2/15/20 No Opt. Call AAA 1,088,170
747,000 6.700%, 2/15/21 No Opt. Call AAA 847,292
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.9%
1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds,
Series 1993A, 5.250%, 11/01/17 11/03 at 102 AAA 940,430
6,000,000 Metropolitan Transportation Authority, Dedicated Tax
Fund Bonds, Series 1998A, 4.750%, 4/01/28 4/08 at 101 AAA 5,021,040
5,875,000 New York City Transit Authority/Metropolitan Transportation
Authority/Triborough Bridge and Tunnel 1/10 at 101 AAA 5,402,650
Authority, Certificates of Participation,
Series 1999A, 5.250%, 1/01/29
New York City Transitional Finance Authority, Future
Tax Secured Bonds, Fiscal 1998 Series A:
5,000,000 5.000%, 8/15/27 8/07 at 101 AA 4,397,050
2,000,000 5.000%, 8/15/27 8/07 at 101 AAA 1,761,300
2,000,000 New York City Transitional Finance Authority, Future
Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 1,600,420
4.500%, 11/15/27
4,390,000 Dormitory Authority of the State of New York,
Municipal Health Facilities Improvement Program 1/09 at 101 AAA 3,910,612
Lease Revenue Bonds (New York City Issue),
1998 Series 1, 5.000%, 1/15/23
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 505,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease Revenue Bonds (Suffolk 10/99 at 116 9/32 Baa1 $ 577,937
County Issue), Series 1991A, 9.500%, 4/15/14
13,275,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease Revenue Bonds (Suffolk 4/01 at 102 AAA 14,021,984
County Issue), Series 1991B, 7.000%, 4/15/16
5,000,000 Dormitory Authority of the State of New York,
Leake and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA 5,072,800
Bonds, Series 1994, 6.000%, 7/01/23
2,000,000 New York State Environmental Facilities Corporation,
Riverbank State Park Special Obligation 4/07 at 100 AAA 1,826,140
Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22
2,010,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/00 at 102 AAA 2,055,346
Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19
20,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/05 at 102 AAA 20,134
Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25
365,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/02 at 102 AAA 374,278
Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
1,000,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 8/03 at 102 AAA 927,490
Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23
4,000,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/02 at 100 AAA 3,873,720
Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21
1,720,000 New York State Urban Development Corporation,
Youth Facilities Revenue Bonds, Series 1994, 4/04 at 102 AAA 1,733,089
5.700%, 4/01/14
6,400,000 Empire Development Corporation, New York State
Urban Development Corporation, Correctional 1/06 at 102 AAA 6,053,248
Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25
12,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1/01 at 102 AAA 12,542,880
1991A, 6.625%, 1/01/17
Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B:
14,000,000 7.100%, 1/01/10 1/01 at 102 AAA 14,724,920
3,500,000 6.875%, 1/01/15 1/01 at 102 AAA 3,660,125
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 8.2%
5,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 4,711,400
5.375%, 7/01/27
8,450,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997D, 7/07 at 101 AAA 7,710,710
5.125%, 7/01/22
3,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1998A, 7/08 at 101 AAA 2,676,390
5.000%, 7/01/23
5,000,000 Metropolitan Transportation Authority, Transit Facilities
Revenue Bonds, Series K, 6.250%, 7/01/11 7/02 at 101 1/2 AAA 5,326,950
7,900,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1/00 at 102 AAA 8,126,177
1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
3,575,000 New York City Industrial Development Agency, Amended
and Restated Industrial Development Revenue 11/04 at 102 N/R 3,666,592
Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
1,500,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA 1,447,725
Bonds, Series 1999A, 5.625%, 4/01/29
(Alternative Minimum Tax)
10,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-Sixth Series, 11/01 at 101 AA- 10,392,400
6.500%, 11/01/26 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 27.0%
5,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA 5,349,250
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1996A, 7/06 at 102 AAA 1,092,360
6.000%, 7/01/21 (Pre-refunded to 7/01/06)
5,000,000 Nassau County Industrial Development Agency,
Civic Facility Revenue Bonds (Hofstra University 8/01 at 102 AAA 5,326,350
Project), Series 1991, 6.750%, 8/01/11
(Pre-refunded to 8/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 4,955,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Fixed Rate Bonds, Subseries 8/02 at 101 1/2 AAA $5,285,944
C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02)
4,955,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 5,335,098
(Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds,
Fiscal 1991 Series A, 7.250%, 3/15/18 3/00 at 101 1/2 AAA 1,544,370
3,000,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series B, 7.000%, 10/01/19 10/99 at 100 AAA 3,040,950
3,200,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/00 at 101 1/2 AAA 3,331,872
Fiscal 1991 Series A, 7.500%, 6/15/19
(Pre-refunded to 6/15/00)
5,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/01 at 101 1/2 AAA 5,308,600
Fiscal 1991 Series C, 7.000%, 6/15/16
(Pre-refunded to 6/15/01)
2,780,000 New York City Transit Authority, Transit Facilities
Revenue Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 2,861,760
Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
5,000,000 The Trust for Cultural Resources of the City of New York,
Revenue Refunding Bonds, Series 1991A 4/01 at 102 AAA 5,295,750
(The American Museum of Natural History),
6.900%, 4/01/21 (Pre-refunded to 4/01/01)
5,000,000 The Trust for Cultural Resources of the City of
New York, Revenue Refunding Bonds, Series 1991A 1/02 at 102 AAA 5,349,250
(The Museum of Modern Art), 6.625%, 1/01/19
(Pre-refunded to 1/01/02)
State of New York, Serial Bonds:
4,055,000 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,319,670
4,055,000 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,319,670
5,000,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 AAA 5,207,850
Bonds, Series 1989B, 7.250%, 5/15/15
(Pre-refunded to 5/15/00)
5,000,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/02 at 102 AAA 5,399,850
Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02)
1,000,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 AAA 1,040,040
Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00)
10,930,000 Dormitory Authority of the State of New York, Ithaca
College Insured Revenue Bonds, Series 1991, 7/01 at 102 AAA 11,531,041
6.250%, 7/01/21 (Pre-refunded to 7/01/01)
10,380,000 Dormitory Authority of the State of New York,
Fordham University Insured Revenue Bonds, Series 7/00 at 102 AAA 10,851,979
1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00)
3,560,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 3,716,640
Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 (Pre-refunded to 7/01/00)
8,945,000 New York State Medical Care Facilities Finance
Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 9,246,089
FHA-Insured Mortgage Revenue Bonds, 1989
Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00)
2,230,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/05 at 102 AAA 2,409,203
Improvement Revenue Bonds, 1995 Series A, 6.000%,
2/15/25 (Pre-refunded to 2/15/05)
5,260,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement 2/02 at 102 AAA 5,591,380
Revenue Bonds, 1992 Series B, 6.250%, 8/15/18
(Pre-refunded to 2/15/02)
5,000,000 New York State Medical Care Facilities Finance Agency,
New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 5,597,800
Revenue Bonds, 1994 Series A, 6.800%, 8/15/24
(Pre-refunded to 2/15/05)
County of Suffolk, New York, Public Improvement Bonds, 1991 Series A:
790,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 840,821
745,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 792,926
720,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 766,318
730,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 776,961
735,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 782,283
250,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,083
245,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 260,761
245,000 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 260,761
240,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 255,439
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
County of Suffolk, New York, Public Improvement Bonds,
1991 Series B:
$ 265,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA $ 282,047
265,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 282,047
270,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 287,369
275,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 292,691
280,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,012
275,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 292,691
280,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,012
285,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 303,334
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 18,926,233
(Pre-refunded to 1/01/01)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 7.5%
4,000,000 Long Island Power Authority, Electric System
General Revenue Bonds, Series 1998A, 6/08 at 101 AAA 3,687,800
5.250%, 12/01/26
14,000,000 New York State Energy Research and Development
Authority, Electric Facilities Revenue Bonds, 1/00 at 101 A+ 14,247,520
Series 1991 A (Consolidated Edison Company of
New York, Inc. Project), 7.500%, 1/01/26
(Alternative Minimum Tax)
11,000,000 New York State Energy Research and Development
Authority, Adjustable Rate Gas Facilities 5/02 at 102 AAA 11,677,820
Revenue Bonds, Series 1989B (The Brooklyn Union
Gas Company Project), 6.750%, 2/01/24
(Alternative Minimum Tax)
1,000,000 New York State Energy Research and Development Authority,
Adjustable Rate Pollution Control Revenue 7/05 at 102 AAA 1,012,470
Bonds (New York State Electric and Gas Corporation
Project), 1987 Series A, 6.150%, 7/01/26
(Alternative Minimum Tax)
3,000,000 New York State Energy Research and Development
Authority, Pollution Control Refunding Revenue 10/01 at 102 AAA 3,156,570
Bonds (Niagara Mohawk Power Corporation Project),
Series 1991A, 6.625%, 10/01/13
2,500,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992A 1/01 at 101 AAA 2,580,850
(Consolidated Edison Company of New York, Inc.
Project), 6.750%, 1/15/27 (Alternative Minimum Tax)
3,500,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 3,618,331
(Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.0%
1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/08 at 101 AAA 844,640
Fiscal 1998 Series D, 4.750%, 6/15/25
9,250,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 8,805,630
Fiscal 2000 Series A, 5.500%, 6/15/32 (WI)
5,000,000 New York State Environmental Facilities Corporation,
State Water Pollution Control Revolving Fund 9/00 at 102 AAA 5,241,000
Revenue Bonds, Series 1991 B (Pooled Loan Issue),
7.100%, 9/15/11
1,300,000 New York State Environmental Facilities Corporation,
Water Facilities Revenue Bonds, Series 1992 6/02 at 102 AAA 1,362,803
(The New Rochelle Water Company Project),
6.400%, 12/01/24 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
$ 507,327,000 Total Investments - (cost $497,310,754) - 95.9% 513,399,732
=============
Other Assets Less Liabilities - 4.1% 21,882,702
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $535,282,434
===================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
September 30, 1999
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 15.5%
$ 3,130,000 County of Monroe Industrial Development Agency, 1986 Industrial 12/99 at 103 AAA $3,238,830
Development Revenue Bonds (Wilmur Associates Facility),
Eastman Place Remarketing,
7.250%, 12/01/16 (Alternative Minimum Tax)
6,350,000 Nassau County Industrial Development Agency, Civic Facility
Revenue and Refunding Bonds 7/08 at 102 AAA 5,665,026
(Hofstra University Project), Series 1998, 5.000%, 7/01/23
5,000,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1996 (The New York 7/06 at 101 AAA 5,001,050
Botanical Garden), 5.800%, 7/01/26
7,250,000 The Trust for Cultural Resources of the City of
New York, Revenue Refunding Bonds, 1/07 at 102 AAA 7,041,563
Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21
14,500,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 14,291,055
Museum of Natural History), 5.650%, 4/01/27
4,775,000 New York City Industrial Development Agency,
Civic Facility Revenue Bonds (Trinity Episcopal School 6/07 at 102 AAA 4,399,255
Corporation Project), 5.250%, 6/15/27
1,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/00 at 102 AAA 1,036,570
Bonds, Series 1990B, 7.000%, 5/15/16
1,000,000 Dormitory Authority of the State of New York, Mount
Sinai School of Medicine Insured Revenue 7/01 at 102 AAA 1,056,620
Bonds, Series 1991, 6.750%, 7/01/15
7,515,000 Dormitory Authority of the State of New York, Marist
College Insured Revenue Bonds, Series 1992, 7/02 at 102 AAA 7,596,012
6.000%, 7/01/22
1,000,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, Series 7/04 at 102 AAA 967,110
1994, 5.500%, 7/01/23
1,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General No Opt. Call AAA 1,023,620
Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18
1,970,000 Dormitory Authority of the State of New York, University
of Rochester, Strong Memorial Hospital 7/04 at 102 AAA 1,991,079
Revenue Bonds, Series 1994, 5.900%, 7/01/17
1,240,000 Dormitory Authority of the State of New York, Sarah
Lawrence College Revenue Bonds, Series 1995, 7/05 at 102 AAA 1,256,331
6.000%, 7/01/24
8,500,000 Dormitory Authority of the State of New York, Ithaca
College Insured Revenue Bonds, Series 1997, 7/07 at 102 AAA 7,840,740
5.250%, 7/01/26
1,250,000 Dormitory Authority of the State of New York, St.
John's University Insured Revenue Bonds, 7/06 at 102 AAA 1,249,200
Series 1996, 5.600%, 7/01/16
4,625,000 Dormitory Authority of the State of New York, Barnard
College Insured Revenue Bonds, Series 1996, 7/07 at 101 AAA 4,266,285
5.250%, 7/01/26
7,000,000 Dormitory Authority of the State of New York, Fordham
University Insured Revenue Bonds, 7/08 at 101 AAA 6,154,050
Series 1998, 5.000%, 7/01/28
2,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 7/08 at 102 AAA 1,765,220
Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26
5,750,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/08 at 100 AAA 4,858,060
Bonds, Series 1998A, 4.750%, 5/15/25
3,835,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 3,986,943
Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 4.5%
5,000,000 Dormitory Authority of the State of New York (North
Shore Health System Obligated Group), North 11/08 at 101 AAA 4,445,550
Shore University Hospital at Forest Hills Revenue
Bonds, Series 1998, 5.000%, 11/01/23
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
$ 9,000,000 Dormitory Authority of the State of New York
(Catholic Health Services of Long Island Obligated 7/09 at 101 AAA $8,663,760
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/24
5,350,000 New York State Medical Care Facilities Finance Agency,
Sisters of Charity Hospital of Buffalo, 11/01 at 102 AAA 5,640,773
Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18
1,000,000 New York State Medical Care Facilities Finance Agency,
St. Mary's Hospital (Rochester), Mortgage 11/03 at 102 AAA 1,061,480
Project Revenue Bonds, 1994 Series A Refunding,
6.200%, 11/01/14
3,000,000 New York State Medical Care Facilities Finance Agency,
Montefiore Medical Center, FHA-Insured 2/05 at 102 AAA 2,962,320
Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25
1,915,000 New York State Medical Care Facilities Finance Agency,
Health Center Projects Revenue Bonds 11/05 at 102 AAA 2,022,183
(Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.6%
12,475,000 New York City Housing Development Corporation, Multifamily
Housing Limited Obligation Bonds, Series 10/99 at 105 AAA 13,126,569
1991A, Pass Through Certificates, 6.500%, 2/20/19
1,690,000 New York State Housing Finance Agency, Housing
Project Mortgage Revenue Bonds, 1996 Series A 5/06 at 102 AAA 1,754,389
Refunding, 6.125%, 11/01/20
1,575,000 New York State Housing Finance Agency, Insured
Multifamily Mortgage Housing Revenue Bonds, 1994 8/04 at 102 AAA 1,650,002
Series B, 6.250%, 8/15/14
New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 1/02 at 102 AAA 5,854,945
17,995,000 6.750%, 1/01/26 1/02 at 102 AAA 19,123,107
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.5%
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series 33, 5.400%, 10/01/17 3/04 at 102 AAA 1,930,820
985,000 State of New York Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series VV, 7.250%, 10/01/07 10/01 at 102 AAA 1,025,218
(Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.1%
4,450,000 Castle Rest Residential Health Care Facility (Syracuse,
New York), FHA-Insured Mortgage Revenue 8/09 at 100 AAA 4,326,068
Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07)
2,000,000 Dormitory Authority of the State of New York, United
Cerebral Palsy of New York City, Inc., Insured 7/06 at 102 AAA 1,930,380
Revenue Bonds, Series 1996, 5.500%, 7/01/24
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 1.7%
1,000,000 County of Erie, General Obligation Bonds, 1995 Series B,
5.625%, 6/15/20 6/05 at 101 1/2 AAA 987,860
200,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 AAA 212,686
6.625% 8/01/15
235,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series H, 7.100%, 2/01/10 2/02 at 101 1/2 AAA 251,309
7,000,000 Commonwealth of Puerto Rico, Public Improvement
Refunding Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 5,775,210
Bonds), 4.500%, 7/01/23
525,000 City of Yonkers, General Obligation Serial Bonds,
1992 Series A, 6.500%, 2/15/07 2/02 at 102 AAA 561,383
1,390,000 City of Yonkers, General Obligation Serial Bonds,
1992 Series B, 6.500%, 2/15/07 2/02 at 102 AAA 1,486,327
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 15.0%
15,000,000 Metropolitan Transportation Authority, Transit
Facilities 1987 Service Contract Bonds, Series 5, 7/01 at 102 AAA 15,786,750
6.500%, 7/01/16
3,000,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AAA 2,641,950
Series A, 5.000%, 8/15/27
3,000,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 2,400,630
4.500%, 11/15/27
6,000,000 Dormitory Authority of the State of New York,
Municipal Health Facilities Improvement Program 1/09 at 101 AAA 5,344,800
Lease Revenue Bonds (New York City Issue),
1998 Series 1, 5.000%, 1/15/23
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 5,375,000 Dormitory Authority of the State of New York,
Leake and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA $5,453,260
Bonds, Series 1994, 6.000%, 7/01/23
2,200,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 2/06 at 102 AAA 2,013,814
Bonds, Series 1996B, 5.125%, 8/15/21
8,000,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/08 at 101 AAA 7,143,760
Bonds, Series 1998D, 5.000%, 2/15/23
3,340,000 Dormitory Authority of the State of New York, Insured
Revenue Bonds (853 Schools Program, 7/09 at 101 AAA 3,248,350
1999 Issue 1), Harmony Heights School,
Series 1999C, 5.500%, 7/01/18
5,500,000 New York Local Government Assistance Corporation,
Series 1993 B, Refunding Bonds, 5.000%, 4/01/23 4/04 at 100 AAA 4,910,180
New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities
Improvement Revenue Bonds, 1992 Series A:
120,000 6.375%, 8/15/10 2/02 at 102 AAA 127,026
155,000 6.375%, 8/15/17 2/02 at 102 AAA 162,634
5,250,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities 2/04 at 102 AAA 4,867,275
Improvement Revenue Bonds,
1993 Series F Refunding, 5.250%, 2/15/19
3,000,000 New York State Urban Development Corporation,
Youth Facilities Revenue Bonds, Series 1994, 4/04 at 102 AAA 3,022,830
5.700%, 4/01/14
24,000,000 Triborough Bridge and Tunnel Authority, Special
Obligation Refunding Bonds, Series 1991B, 1/01 at 102 AAA 25,098,000
6.875%, 1/01/15
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 11.9%
3,000,000 Buffalo and Fort Erie Public Bridge Authority,
Toll Bridge System Revenue Bonds, Series 1995, 1/05 at 101 AAA 2,970,120
5.750%, 1/01/25
3,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1996A, 7/06 at 102 AAA 3,029,130
6.000%, 7/01/16
10,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 9,422,800
5.375%, 7/01/27
Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series 1998B:
10,000,000 4.875%, 7/01/18 7/08 at 101 AAA 8,840,500
5,500,000 4.750%, 7/01/26 7/08 at 101 AAA 4,624,620
3,500,000 Monroe County Airport Authority, Greater Rochester
International Airport Revenue Bonds, Series 1/00 at 102 AAA 3,600,205
1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
1,985,000 New York City Industrial Development Agency, Amended
and Restated Industrial Development Revenue 11/04 at 102 N/R 2,035,856
Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
1,000,000 Niagara Frontier Transportation Authority (Greater
Buffalo International Airport), Airport Revenue 4/04 at 102 AAA 1,027,080
Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax)
1,500,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA 1,447,725
Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax)
5,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-First Series, 1/01 at 101 AAA 5,187,750
6.500% 1/15/26
10,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-Sixth Series, 11/01 at 101 AAA 10,428,400
6.500%, 11/01/26 (Alternative Minimum Tax)
5,000,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Seventy-First Series, 1/01 at 101 AAA 5,187,750
6.500%, 1/15/26
7,000,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series X, 6.500%, 1/01/19 1/02 at 101 1/2 AAA 7,347,270
- -----------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 31.2%
1,980,000 Town of Clifton Park Water Authority, Water System
Revenue Bonds, 1991 Series A, 10/02 at 102 AAA 2,133,509
6.375%, 10/01/26 (Pre-refunded to 10/01/02)
24,155,000 Metropolitan Transportation Authority, Transit Facilities
Revenue Bonds, Series J, 6.500%, 7/01/18 7/02 at 102 AAA 25,997,543
(Pre-refunded to 7/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
County of Nassau, General Obligation Serial Bonds:
$ 1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA $1,505,640
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,352,446
1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,596,406
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,379,280
1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,067,830
19,800,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 AAA 21,318,858
6.625%, 8/01/15 (Pre-refunded to 8/01/02)
2,265,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series H, 7.100%, 2/01/10 2/02 at 101 1/2 AAA 2,440,107
(Pre-refunded to 2/01/02)
1,090,000 New York City Municipal Water Finance Authority,
Water and Sewer Revenue Bonds, Fiscal 6/01 at 101 AAA 1,147,737
1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01)
3,520,000 Dormitory Authority of the State of New York,
Judicial Facilities Lease Revenue Bonds (Suffolk No Opt. Call AAA 4,197,248
County Issue), Series 1986, 7.375%, 7/01/16
3,000,000 Dormitory Authority of the State of New York, State
University Educational Facilities Revenue 5/02 at 102 AAA 3,239,910
Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02)
10,000,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/00 at 102 AAA 10,400,400
Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00)
6,450,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 6,757,472
Resolution Revenue Bonds, Series 1990F,
7.500%, 7/01/20 (Pre-refunded to 7/01/00)
7,250,000 Dormitory Authority of the State of New York, The
New York Public Library Insured Revenue Bonds, 7/02 at 102 AAA 7,686,523
Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02)
Dormitory Authority of the State of New York, Hamilton
College Insured Revenue Bonds, Series 1991:
2,000,000 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 2,118,360
7,750,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 8,208,645
3,700,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 7/04 at 102 BBB+*** 4,040,881
Resolution Revenue Bonds, Series 1, 6.300%,
7/01/24 (Pre-refunded to 7/01/04)
1,620,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 1,691,280
Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 (Pre-refunded to 7/01/00)
1,030,000 New York State Medical Care Facilities Finance
Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 1,064,670
FHA-Insured Mortgage Revenue Bonds, 1989 Series B,
7.450%, 2/15/29 (Pre-refunded to 2/15/00)
1,500,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured 8/02 at 102 AA*** 1,613,220
Mortgage Revenue Bonds, 1992 Series A,
6.700%, 8/15/23 (Pre-refunded to 8/15/02)
7,380,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 7,865,604
Revenue Bonds, 1992 Series A, 6.375%, 8/15/10
(Pre-refunded to 2/15/02)
15,520,000 New York State Medical Care Facilities Finance Agency,
Mental Health Services Facilities Improvement 2/02 at 102 AAA 16,530,197
Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
(Pre-refunded to 2/15/02)
4,825,000 Power Authority of the State of New York, General
Purpose Bonds, Series Z, 6.500%, 1/01/19 1/02 at 102 AAA 5,149,192
(Pre-refunded to 1/01/02)
5,000,000 Power Authority of the State of New York, General
Purpose Bonds, Series Y, 6.000%, 1/01/20 1/01 at 100 AAA 5,117,850
(Pre-refunded to 1/01/01)
4,000,000 New York State Thruway Authority, General Revenue Bonds,
Series A, 5.750%, 1/01/19 (Pre-refunded 1/02 at 102 AAA 4,204,960
to 1/01/02)
3,100,000 New York State Urban Development Corporation,
Correctional Capital Facilities Revenue Bonds, 1/00 at 102 AAA 3,191,171
Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00)
4,700,000 Niagara Falls Bridge Commission, Toll Bridge System
Revenue Bonds, Series 1992, 6.125%, 10/01/19 10/02 at 102 AAA 5,031,585
(Pre-refunded to 10/01/02)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series S, 7.000%, 1/01/21 1/01 at 101 1/2 AAA 2,624,800
(Pre-refunded to 1/01/01)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose
Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 3,164,040
(Pre-refunded to 1/01/01)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 5,800,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series W, 1/02 at 101 1/2 AAA $6,194,110
6.750%, 1/01/22 (Pre-refunded to 1/01/02)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 5.8%
1,650,000 Islip Resource Recovery Agency, Resource Recovery
System Revenue Bonds (1985 Facility), Series B, No Opt. Call AAA 1,919,462
7.250%, 7/01/11 (Alternative Minimum Tax)
6,000,000 New York State Energy Research and Development
Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 6,368,040
Bonds, Series 1989A (The Brooklyn Union Gas Company
Project), 6.750%, 2/01/24 (Alternative
Minimum Tax)
1,500,000 New York State Energy Research and Development
Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 1,426,481
(The Brooklyn Union Gas Company Project),
5.600%, 6/01/25 (Alternative Minimum Tax)
12,000,000 New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 12,636,960
1992B (Rochester Gas and Electric Corporation
Projects), 6.500%, 5/15/32 (Alternative Minimum Tax)
9,000,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 9,304,290
(Consolidated Edison Company of New York, Inc. Project),
6.375%, 12/01/27 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 4.0%
New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds,
Fiscal 1992 Series A:
3,410,000 6.750%, 6/15/16 6/01 at 101 AAA 3,565,632
5,000,000 6.750%, 6/15/16 6/01 at 101 AAA 5,228,200
9,770,000 6.250%, 6/15/21 6/01 at 100 AAA 10,037,893
2,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 1,903,920
Fiscal 2000 Series A, 5.500%, 6/15/32 (WI)
1,000,000 Western Nassau County Water Authority, System
Revenue Bonds, Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 980,400
- -----------------------------------------------------------------------------------------------------------------------------------
$ 534,130,000 Total Investments - (cost $525,692,620) - 98.8% 540,250,175
=============
Other Assets Less Liabilities - 1.2% 6,681,466
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 546,931,641
===================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
*** Securities are backed by an escrow or trust containing
sufficient U.S. government or U.S. government agency
securities which ensures the timely payment of
principal and interest. Securities are normally
considered to be equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis (note 1).
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
September 30, 1999
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 21.3%
$ 2,000,000 County of Monroe Industrial Development Agency,
Civic Facility Revenue Bonds (Nazareth 6/05 at 102 AAA $2,026,140
College of Rochester Project), Series 1995, 6.000%, 6/01/20
5,460,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1996 (The New York 7/06 at 101 AAA 5,461,147
Botanical Garden), 5.800%, 7/01/26
1,250,000 The Trust for Cultural Resources of the City of New York,
Revenue Refunding Bonds, Series 1996A 1/07 at 102 AAA 1,214,063
(The Museum of Modern Art), 5.500%, 1/01/21
5,000,000 The Trust for Cultural Resources of the City of New York,
Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 4,934,200
Museum of Natural History), 5.650%, 4/01/22
1,000,000 New York City Industrial Development Agency, Civic
Facility Revenue Bonds (USTA National Tennis 11/04 at 102 AAA 1,071,780
Center Incorporated Project), 6.375%, 11/15/14
2,000,000 Dormitory Authority of the State of New York, Lease
Revenue Bonds (State University Dormitory 7/09 at 101 AAA 1,919,340
Facilities Issue), Series 1999C, 5.500%, 7/01/29
2,000,000 Dormitory Authority of the State of New York, New York
University Insured Revenue Bonds, Series 7/01 at 102 AAA 2,076,180
1991, 6.000%, 7/01/15
2,000,000 Dormitory Authority of the State of New York, City University
System Consolidated Second General No Opt. Call AAA 2,047,240
Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18
1,000,000 Dormitory Authority of the State of New York, University
of Rochester, Strong Memorial Hospital 7/04 at 102 AAA 968,490
Revenue Bonds, Series 1994, 5.500%, 7/01/21
2,450,000 Dormitory Authority of the State of New York, Mount
Sinai School of Medicine Insured Revenue 7/04 at 102 AAA 2,196,744
Bonds, Series 1994A, 5.000%, 7/01/21
3,000,000 Dormitory Authority of the State of New York, New
School for Social Research Insured Revenue 7/07 at 102 AAA 2,965,380
Bonds, Series 1997, 5.750%, 7/01/26
2,000,000 Dormitory Authority of the State of New York, St. John's
University Insured Revenue Bonds, Series 7/06 at 102 AAA 1,998,720
1996, 5.600%, 7/01/16
3,165,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 3,290,397
Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14
7,500,000 Dormitory Authority of the State of New York, Ithaca
College Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 6,741,750
5.000%, 7/01/21
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 15.3%
3,000,000 Dormitory Authority of the State of New York, Ellis
Hospital, FHA-Insured Mortgage Hospital Revenue 8/05 at 102 AAA 2,921,850
Bonds, Series 1995, 5.600%, 8/01/25
3,875,000 Dormitory Authority of the State of New York,
Maimonides Medical Center, FHA-Insured Mortgage 2/06 at 102 AAA 3,932,273
Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/14
1,500,000 Dormitory Authority of the State of New York, Vassar
Brothers Hospital Insured Revenue Bonds, 1/08 at 102 AAA 1,403,640
Series 1997, 5.250%, 7/01/17
2,685,000 Dormitory Authority of the State of New York (North
Shore Health System Obligated Group), North 11/08 at 101 AAA 2,387,260
Shore University Hospital at Forest Hills Revenue
Bonds, Series 1998, 5.000%, 11/01/23
3,000,000 Dormitory Authority of the State of New York (Catholic
Health Services of Long Island Obligated 7/09 at 101 AAA 2,899,650
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/22
2,500,000 New York State Medical Care Facilities Finance Agency,
South Nassau Communities Hospital Project 11/02 at 102 AAA 2,654,100
Revenue Bonds, 1992 Series A, 6.125%, 11/01/11
2,635,000 New York State Medical Care Facilities Finance Agency,
Hospital and Nursing Home, FHA-Insured 8/02 at 102 AAA 2,730,519
Mortgage Revenue Bonds, 1992 Series C (Mount
Sinai Hospital), 6.375%, 8/15/29
4,700,000 New York State Medical Care Facilities Finance Agency,
Hospital Insured Mortgage Revenue Bonds, 2/04 at 102 AAA 4,432,993
1994 Series A Refunding, 5.375%, 2/15/25
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
$ 4,225,000 New York State Medical Care Facilities Finance Agency,
FHA-Insured Mortgage Project Revenue Bonds, 8/05 at 102 AA $4,628,234
1995 Series F, 6.200%, 8/15/15
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 2.4%
2,240,000 New York State Housing Finance Agency, Housing Project
Mortgage Revenue Bonds, 1996 Series A Refunding, 5/06 at 102 AAA 2,325,344
6.125%, 11/01/20
2,000,000 New York State Urban Development Corporation,
Section 236 Revenue Bonds, Series 1992A, 1/02 at 102 AAA 2,123,280
6.700%, 1/01/12
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 2.1%
2,500,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 30-B, 3/03 at 102 Aa2 2,588,075
6.650%, 10/01/25 (Alternative Minimum Tax)
1,200,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 30-C-1, 5.850%, 10/03 at 102 Aa2 1,176,444
10/01/25 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 7.8%
210,000 County of Nassau, General Obligation Serial Bonds,
Serial General Improvement Bonds, No Opt. Call AAA 208,961
Series 1993-H, 5.500%, 6/15/16
1,500,000 County of Nassau, General Obligation Serial Bonds,
Serial General Improvement Bonds, 8/04 at 103 AAA 1,530,270
Series O, 5.700%, 8/01/13
4,000,000 The City of New York, General Obligation Bonds,
Fiscal 1995 Series E, 8.000%, 8/01/05 No Opt. Call AAA 4,656,560
2,000,000 The City of New York, General Obligation Bonds,
Fiscal 1998 Series F, 5.250%, 8/01/16 2/08 at 101 AAA 1,893,920
2,115,000 City of Niagara Falls, Niagara County, New York,
Water Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 2,628,205
8.500%, 11/01/08 (Alternative Minimum Tax)
City of Niagara Falls, Niagara County, New York,
Public Improvement Serial Bonds of 1994:
1,000,000 7.500%, 3/01/13 No Opt. Call AAA 1,205,000
2,000,000 6.900%, 3/01/22 3/04 at 102 AAA 2,191,180
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 7.3%
6,000,000 Dormitory Authority of the State of New York,
Municipal Health Facilities Improvement Program 1/09 at 101 AAA 5,344,800
Lease Revenue Bonds (New York City Issue),
1998 Series 1, 5.000%, 1/15/23
5,250,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/08 at 101 AAA 4,688,093
Bonds, Series 1998D, 5.000%, 2/15/23
20,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities 2/02 at 102 AAA 20,985
Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
1,900,000 New York State Urban Development Corporation,
Correctional Facilities Revenue Bonds, 1993A No Opt. Call AAA 1,868,973
Refunding Series, 5.250%, 1/01/14
1,500,000 Suffolk County Judicial Facilities Agency (Suffolk
County, New York), Service Agreement Revenue 10/09 at 101 AAA 1,387,695
Bonds, Series 1999 (John P. Colahan Court Complex),
5.000%, 4/15/16
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 5.1%
4,500,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997A, 7/07 at 101 1/2 AAA 4,400,640
5.625%, 7/01/27
1,835,000 New York City Industrial Development Agency,
Amended and Restated Industrial Development Revenue 11/04 at 102 N/R 1,882,013
Bonds (1991 Japan Airlines Company, Ltd. Project),
6.000%, 11/01/15 (Alternative Minimum Tax)
500,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA 482,575
Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax)
2,500,000 The Port Authority of New York and New Jersey,
Consolidated Bonds, Eighty-Fourth Series, 5.875%, 1/03 at 101 AAA 2,526,875
7/15/16 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed - 22.7%
$ 2,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA $2,139,700
6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1994A, 6.375%, 7/04 at 101 1/2 AAA 1,094,860
7/01/18 (Pre-refunded to 7/01/04)
1,700,000 Metropolitan Transportation Authority, Transit
Facilities Revenue Bonds, Series 1996A, 6.100%, 7/06 at 102 AAA 1,866,753
7/01/21 (Pre-refunded to 7/01/06)
2,385,000 The City of New York, General Obligation Bonds,
Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 2,567,953
(Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds,
Fiscal 1990 Series F, 6.000%, 8/01/19 2/00 at 100 3/4 AAA 1,520,055
2,500,000 Dormitory Authority of the State of New York,
State University Educational Facilities Revenue 5/03 at 102 AAA 2,681,775
Bonds, Series 1995A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03)
2,500,000 Dormitory Authority of the State of New York, The
New York Public Library Insured Revenue Bonds, 7/02 at 102 AAA 2,650,525
Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02)
1,000,000 Dormitory Authority of the State of New York,
Colgate University Insured Revenue Bonds, Series 7/01 at 102 AAA 1,059,180
1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01)
6,855,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 7/04 at 102 AAA 7,642,160
Resolution Revenue Bonds, 1994 Series 2, 6.750%,
7/01/24 (Pre-refunded to 7/01/04)
1,335,000 Dormitory Authority of the State of New York, City
University System Consolidated Second General 7/00 at 102 AAA 1,393,740
Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14 (Pre-refunded to 7/01/00)
100,000 New York State Medical Care Facilities Finance
Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 103,366
FHA-Insured Mortgage Revenue Bonds, 1989 Series B,
7.450%, 2/15/29 (Pre-refunded to 2/15/00)
7,800,000 New York State Medical Care Facilities Finance Agency,
New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 8,732,568
Revenue Bonds, 1994 Series A, 6.800%,
8/15/24 (Pre-refunded to 2/15/05)
1,980,000 New York State Medical Care Facilities Finance
Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 2,108,878
Revenue Bonds, 1992 Series A, 6.375%, 8/15/17
(Pre-refunded to 2/15/02)
1,900,000 New York State Thruway Authority, General
Revenue Bonds, Series C, 6.000%, 1/01/25 1/05 at 102 AAA 2,053,102
(Pre-refunded to 1/01/05)
100,000 County of Niagara, Public Improvement Serial
Bonds of 1993, 5.750%, 8/15/20 8/00 at 102 AAA 103,686
(Pre-refunded to 8/15/00)
3,800,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series T, 6.000%, 1/01/22 1/01 at 100 AAA 3,889,566
(Pre-refunded to 1/01/01)
- -----------------------------------------------------------------------------------------------------------------------------------
Utilities - 13.3%
1,165,000 Islip Resource Recovery Agency, Resource Recovery
System Revenue Bonds (1985 Facility), Series B, 7/04 at 102 AAA 1,206,486
6.125%, 7/01/13 (Alternative Minimum Tax)
6,875,000 Long Island Power Authority, Electric System General
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 6,268,281
2,500,000 New York State Energy Research and Development
Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 2,653,350
Bonds, Series 1989A (The Brooklyn Union Gas Company
Project), 6.750%, 2/01/24 (Alternative
Minimum Tax)
2,750,000 New York State Energy Research and Development
Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 2,615,223
(The Brooklyn Union Gas Company Project),
5.600%, 6/01/25 (Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development
Authority, Adjustable Rate Pollution Control Revenue 7/05 at 102 AAA 2,531,175
Bonds (New York State Electric and Gas Corporation
Project), 1987 Series A, 6.150%, 7/01/26
(Alternative Minimum Tax)
6,100,000 New York State Energy Research and Development
Authority, Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 6,423,788
1992B (Rochester Gas and Electric Corporation Projects),
6.500%, 5/15/32 (Alternative Minimum Tax)
2,500,000 New York State Energy Research and Development
Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 2,584,522
(Consolidated Edison Company of New York, Inc.
Project), 6.375%, 12/01/27 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 1.9%
$ 1,000,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/07 at 101 AAA $ 919,120
Fiscal 1998 Series B, 5.250%, 6/15/29
2,500,000 Suffolk County Water Authority, Water System
Revenue Bonds, Series 1993 Refunding, No Opt. Call AAA 2,468,850
5.100%, 6/01/12
- -----------------------------------------------------------------------------------------------------------------------------------
$ 179,060,000 Total Investments - (cost $177,332,310) - 99.2% 181,310,640
=============
Other Assets Less Liabilities - 0.8% 1,489,033
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $182,799,673
===================================================================================================================
All of the bonds in the portfolio are either covered by
Original Issue Insurance, Secondary Market Insurance or
Portfolio Insurance, or are backed by an escrow or trust
containing sufficient U.S. Government or U.S. Government
agency securities, any of which ensure the timely payment of
principal and interest.
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Portfolio of Investments
Nuveen New York Dividend Advantage Municipal Fund (NAN)
September 30, 1999
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 13.4%
Village of Kenmore Housing Authority, Tax-Exempt
Student Housing Revenue Bonds (State
University of New York at Buffalo Student
Apartment Project), Series 1999A:
$ 3,000,000 5.500%, 8/01/19 8/09 at 102 AA $2,822,160
3,000,000 5.500%, 8/01/24 8/09 at 102 AA 2,820,180
3,070,000 County of Monroe Industrial Development Agency,
Civic Facility Revenue Bonds (St. John 6/09 at 102 AA 2,837,294
Fisher College Project), Series 1999, 5.375%, 6/01/24
3,500,000 Dormitory Authority of the State of New York, Lease
Revenue Bonds (State University Dormitory 7/09 at 101 A 3,269,560
Facilities Issue), Series 1999B, 5.375%, 7/01/19
1,000,000 Dormitory Authority of the State of New York, Lease
Revenue Bonds (State University Dormitory 7/09 at 101 AAA 959,670
Facilities Issue), Series 1999C, 5.500%, 7/01/29
2,500,000 Dormitory Authority of the State of New York,
Rochester Institute of Technology Insured Revenue 7/07 at 101 AAA 2,331,725
Bonds, Series 1997, 5.250%, 7/01/22
5,000,000 Dormitory Authority of the State of New York, City
University System Consolidated Third General 7/08 at 101 AAA 4,395,750
Resolution Revenue Bonds, 1998 Series 2, 5.000%, 7/01/28
3,000,000 Dormitory Authority of the State of New York, University
of Rochester Revenue Bonds, Series 1999A 7/09 at 101 A+ 2,924,460
and 1999B, 5.500%, 7/01/16
3,565,000 Rensselaer County Industrial Development Agency,
Civic Facility Revenue Bonds 8/09 at 101 A+ 3,209,391
(Rensselaer Polytechnic Institute Dormitory Project),
Series 1999A, 5.125%, 8/01/27
- -----------------------------------------------------------------------------------------------------------------------------------
Health Care - 24.5%
City of Albany Industrial Development Agency,
Civic Facility Revenue Bonds (Albany
Medical Center Project), Series 1999:
1,120,000 6.000%, 5/01/19 5/09 at 101 N/R 1,066,710
1,460,000 6.000%, 5/01/29 5/09 at 101 N/R 1,364,516
5,000,000 New York City Health and Hospitals Corporation, Health
System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 4,505,800
3,850,000 Dormitory Authority of the State of New York, Secured
Hospital Revenue Refunding Bonds (North 2/08 at 101 1/2 AAA 3,638,905
General Hospital), Series 1998G, 5.200%, 2/15/15
2,000,000 Dormitory Authority of the State of New York, Frances
Schervier Home and Hospital Insured Revenue 7/07 at 102 AA 1,917,820
Bonds (Franciscan Health Partnership Obligated
Group), Series 1997, 5.500%, 7/01/17
Dormitory Authority of the State of New York, Victory
Memorial Hospital, FHA-Insured Mortgage
Hospital Revenue Bonds, Series 1999:
2,400,000 5.250%, 8/01/15 8/09 at 101 AAA 2,294,160
2,000,000 5.375%, 8/01/25 8/09 at 101 AAA 1,885,460
4,850,000 Dormitory Authority of the State of New York, Secured
Hospital Revenue Refunding Bonds (Wyckoff 2/08 at 101 1/2 AAA 4,572,435
Heights Medical Center), Series 1998H, 5.300%, 8/15/21
2,750,000 Dormitory Authority of the State of New York, The
Memorial Hospital of William F. and Gertrude F. 2/09 at 101 AAA 2,546,940
Jones, Inc., FHA-Insured Mortgage Hospital Revenue
Bonds, Series 1999, 5.250%, 8/01/19
4,825,000 Dormitory Authority of the State of New York, The New
York Hospital Medical Center of Queens, 8/09 at 101 AAA 4,580,421
FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1999, 5.450%, 8/01/29
3,325,000 Dormitory Authority of the State of New York (Catholic
Health Services of Long Island Obligated 7/09 at 101 AAA 3,213,779
Group), St. Francis Hospital Revenue Bonds,
Series 1999A, 5.500%, 7/01/22
5,000,000 New York State Medical Care Facilities Finance Agency,
Hospital Insured Mortgage Revenue Bonds, 2/04 at 102 Aa2 4,856,500
1994 Series A, 5.250%, 8/15/14
4,000,000 Ulster County Industrial Development Agency,
Civic Facility Revenue Bonds (The Kingston 11/09 at 101 A2 3,791,920
Hospital Project - Letter of Credit Secured),
Series 1999, 5.650%, 11/15/24
3,825,000 Yates County Industrial Development Agency (Yates County,
New York), Civic Facility Revenue Bonds 8/09 at 101 AAA 3,664,962
(Soldiers and Sailors Memorial Hospital of Yates
County Project-FHA-Insured), Series 1999A,
5.650%, 2/01/39
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care (continued)
$ 3,000,000 City of Yonkers Industrial Development Agency,
Mortgage Revenue Bonds, Series 1999 2/09 at 101 AAA $2,848,890
(FHA-Insured Michael Malotz Skilled Nursing
Pavilion Project), 5.450%, 2/01/29
- -----------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 5.6%
5,500,000 Guam Housing Corporation, Single Family Mortgage
Revenue Bonds (Guaranteed Mortgage-Backed No Opt. Call AAA 5,297,710
Securities Program), 1998 Series A, 5.750%,
9/01/31 (Alternative Minimum Tax)
5,700,000 State of New York Mortgage Agency, Homeowner
Mortgage Revenue Bonds, Series 82, 10/09 at 100 Aa2 5,429,934
5.650%, 4/01/30 (Alternative Minimum Tax)
- -----------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 1.2%
Appleridge Retirement Community, Inc., Mortgage
Revenue Bonds (GNMA Collateralized
Mortgage Loan - Appleridge Retirement
Community, Inc. Project), Series 1999:
1,150,000 5.700%, 9/01/31 9/09 at 102 Aaa 1,122,699
1,250,000 5.750%, 9/01/41 9/09 at 102 Aaa 1,214,325
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 10.0%
5,500,000 County of Nassau, General Obligation Bonds,
Serial General Improvement Bonds, 6/09 at 102 AAA 5,154,380
Series B, 5.250%, 6/01/18
3,000,000 The City of New York, General Obligation Bonds,
Fiscal 1998 Series F, 5.250%, 8/01/16 2/08 at 101 A- 2,813,190
The City of New York, General Obligation Bonds,
Fiscal 1999 Series J:
2,000,000 5.000%, 5/15/20 5/09 at 101 AAA 1,783,460
5,000,000 5.125%, 5/15/29 5/09 at 101 AAA 4,483,900
County of Orange, General Obligation Bonds,
Various Purpose Serial Bonds of 1997:
3,040,000 5.125%, 9/01/22 9/07 at 102 Aa2 2,776,462
1,195,000 5.125%, 9/01/23 9/07 at 101 Aa2 1,087,844
1,000,000 City of Yonkers, New York, School Bonds,
Series 1999-C, 5.000%, 6/01/19 6/09 at 101 AAA 900,820
- -----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 22.1%
5,220,000 Metropolitan Transportation Authority, Dedicated
Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23 4/09 at 101 AAA 4,857,262
16,495,000 New York City Transit Authority/Metropolitan Transportation
Authority/Triborough Bridge and Tunnel 1/10 at 101 AAA 15,168,802
Authority, Certificates of Participation,
Series 1999A, 5.250%, 1/01/29
10,000,000 New York City Transitional Finance Authority,
Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 8,794,100
Series A, 5.000%, 8/15/27
2,910,000 Dormitory Authority of the State of New York,
Special Act School Districts Program Insured Revenue 7/09 at 102 AAA 2,782,047
Bonds, Series 1998, 5.250%, 7/01/15
5,000,000 Dormitory Authority of the State of New York, Mental
Health Services Facilities Improvement Revenue 8/09 at 101 AAA 4,584,350
Bonds, Series 1999D, 5.250%, 2/15/29
2,900,000 New York State Thruway Authority, Local Highway and
Bridge Service Contract Bonds, Series 1998A-2, 4/08 at 101 AAA 2,819,670
5.375%, 4/01/16
3,345,000 Suffolk County Judicial Facilities Agency (Suffolk County,
New York), Service Agreement Revenue 10/99 at 101 AAA 3,227,189
Bonds, Series 1999 (John P. Colahan Court Complex),
5.250%, 10/15/15
- -----------------------------------------------------------------------------------------------------------------------------------
Transportation - 7.9%
2,000,000 Metropolitan Transportation Authority, Commuter
Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 1,884,560
5.375%, 7/01/27
New York City Industrial Development Agency,
Special Facility Revenue Bonds (1990 American
Airlines, Inc. Project), Remarketed:
2,250,000 5.400%, 7/01/19 8/07 at 102 Baa1 2,074,005
6,600,000 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 6,070,482
500,000 Niagara Frontier Transportation Authority (Buffalo
Niagara International Airport), Airport Revenue 4/09 at 101 AAA 482,575
Bonds, Series 1999A, 5.625%, 4/01/29
(Alternative Minimum Tax)
5,000,000 Triborough Bridge and Tunnel Authority, General
Purpose Revenue Bonds, Series 1997A, 1/07 at 101 Aa3 4,571,200
5.250%, 1/01/28
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities - 7.2%
$ 500,000 Erie County Industrial Development Agency, Solid Waste
Disposal Facility Revenue Bonds 12/10 at 103 N/R $ 523,565
(1998 CanFibre of Lackawanna Project), 9.050%,
12/01/25 (Alternative Minimum Tax)
8,800,000 Long Island Power Authority, Electric System General
Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 8,023,400
5,575,000 Long Island Power Authority, Electric System
General Revenue Bonds, Series 1998A, 6/08 at 101 AAA 5,139,871
5.250%, 12/01/26
- -----------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 4.7%
9,750,000 New York City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, 6/07 at 101 AAA 8,961,421
Fiscal 1998 Series B, 5.250%, 6/15/29
- -----------------------------------------------------------------------------------------------------------------------------------
$ 198,220,000 Total Investments - (cost $191,581,975) - 96.6% 184,348,631
=============
Other Assets Less Liabilities - 3.4% 6,452,628
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $190,801,259
===================================================================================================================
* Optional Call Provisions (not covered by the report of
independent auditors): Dates (month and year) and
prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at
later dates.
** Ratings (not covered by the report of independent
auditors): Using the higher of Standard & Poor's or
Moody's rating.
N/R Investment is not rated.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Net Assets
September 30, 1999
<CAPTION>
New York New York New York New York
Value Performance Plus Investment Quality Select Quality
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Assets
Investments in municipal securities, at market value (note 1) $140,307,938 $333,382,500 $384,566,566 $513,399,732
Cash 1,164,911 9,815,857 9,452,025 7,408,483
Receivables:
Interest 2,295,289 5,374,968 6,868,428 8,705,723
Investments sold 2,096,720 -- 11,468,825 18,538,084
Other assets 12,229 49,202 27,157 44,839
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 145,877,087 348,622,527 412,383,001 548,096,861
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft -- -- -- --
Payable for investments purchased 951,950 3,824,967 10,998,495 10,152,010
Accrued expenses:
Management fees (note 6) 72,217 180,787 209,600 279,112
Other 146,243 281,296 363,504 374,135
Preferred share dividends payable N/A 23,251 49,422 80,728
Common share dividends payable 627,740 1,260,975 1,414,755 1,928,442
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,798,150 5,571,276 13,035,776 12,814,427
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $144,078,937 $343,051,251 $399,347,225 $535,282,434
====================================================================================================================================
Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,972 5,760 7,720
====================================================================================================================================
Common shares outstanding 15,120,364 14,934,436 17,685,256 23,375,752
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by Common shares outstanding) $ 9.53 $ 14.65 $ 14.44 $ 14.64
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
<CAPTION>
Insured New York
New York New York Dividend
Quality Income Premium Income Advantage
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Assets
Investments in municipal securities, at market value (note 1) $540,250,175 $181,310,640 $184,348,631
Cash 2,477,104 -- 2,122,682
Receivables:
Interest 8,553,864 2,657,765 2,590,304
Investments sold 65,000 65,000 2,697,302
Other assets 39,426 26,326 181,857
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 551,385,569 184,059,731 191,940,776
- ------------------------------------------------------------------------------------------------------------------------------------
Liabilities
Cash overdraft -- 399,172 --
Payable for investments purchased 1,903,900 -- --
Accrued expenses:
Management fees (note 6) 284,880 97,239 54,597
Other 322,488 170,953 397,745
Preferred share dividends payable 66,040 16,199 31,007
Common share dividends payable 1,876,620 576,495 656,168
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 4,453,928 1,260,058 1,139,517
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $546,931,641 $182,799,673 $190,801,259
====================================================================================================================================
Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000
====================================================================================================================================
Preferred shares outstanding 7,880 2,600 2,760
====================================================================================================================================
Common shares outstanding 24,059,716 8,295,141 9,177,181
====================================================================================================================================
Net asset value per Common share outstanding
(net assets less Preferred shares
at liquidation value, divided by Common shares outstanding) $ 14.54 $ 14.20 $ 13.27
====================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Operations
Year Ended September 30, 1999
<CAPTION>
New York New York New York New York
Value Performance Plus Investment Quality Select Quality
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investment Income (note 1) $8,872,624 $21,198,038 $24,303,681 $ 32,067,049
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 897,817 2,194,106 2,532,139 3,320,817
Preferred shares - auction fees N/A 260,749 300,001 392,967
Preferred shares - dividend disbursing agent fees N/A 31,671 21,670
21,670
Shareholders' servicing agent fees and expenses 53,131 51,170 43,715
44,584
Custodian's fees and expenses 46,368 96,650 98,193 114,112
Directors'/Trustees' fees and expenses (note 6) 1,486 3,292 3,807
4,938
Professional fees 16,973 17,973 18,141 18,466
Shareholders' reports - printing and mailing expenses 63,572 88,810 98,001
131,085
Stock exchange listing fees 24,908 24,911 24,999 33,357
Investor relations expense 15,903 30,204 33,325 41,632
Portfolio insurance expense -- -- 124,662 124,662
Other expenses 6,638 18,044 19,333 25,829
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 1,126,796 2,817,580 3,317,986 4,274,119
Custodian fee credit (note 1) (2,236) (32,946) (30,985) (34,082)
Expense reimbursement (note 6) -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Net expenses 1,124,560 2,784,634 3,287,001 4,240,037
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income 7,748,064 18,413,404 21,016,680 27,827,012
- -----------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions
(notes 1 and 4) (802,699) 1,634,315 (1,220,746) (1,586,994)
Change in net unrealized appreciation or depreciation
of investments (10,772,832) (25,013,575) (22,181,816) (28,225,081)
- -----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (11,575,531) (23,379,260) (23,402,562) (29,812,075)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ (3,827,467) $ (4,965,856) $ (2,385,882) $ (1,985,063)
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
<CAPTION>
Insured New York
New York New York Dividend
Quality Income Premium Income Advantage*
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment Income (note 1) $31,810,011 $10,431,328 $ 2,781,242
- -----------------------------------------------------------------------------------------------------------------------------------
Expenses
Management fees (note 6) 3,460,831 1,229,705 369,021
Preferred shares - auction fees 424,999 162,502 28,829
Preferred shares - dividend disbursing agent fees 31,671 19,998
1,671
Shareholders' servicing agent fees and expenses 43,900 16,460
3,573
Custodian's fees and expenses 103,797 51,291 158,718
Directors'/Trustees' fees and expenses (note 6) 5,190 1,807
484
Professional fees 18,536 17,893 6,685
Shareholders' reports - printing and mailing expenses 127,105 52,865
12,722
Stock exchange listing fees 32,573 16,170 8,375
Investor relations expense 43,497 15,454 3,970
Portfolio insurance expense 27,550 20,575 --
Other expenses 26,136 11,856 1,819
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit and expense reimbursement 4,345,785 1,616,576
595,867
Custodian fee credit (note 1) (22,235) (4,148) (145,687)
Expense reimbursement (note 6) -- -- (171,142)
- -----------------------------------------------------------------------------------------------------------------------------------
Net expenses 4,323,550 1,612,428 279,038
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income 27,486,461 8,818,900 2,502,204
- -----------------------------------------------------------------------------------------------------------------------------------
Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from investment transactions (notes 1 and 4) (118,949) 214,511 (1,388,238)
Change in net unrealized appreciation or depreciation of investments (31,066,531) (12,463,282) (7,233,344)
- -----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (31,185,480) (12,248,771) (8,621,582)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ (3,699,019) $ (3,429,871) $(6,119,378)
===================================================================================================================================
*For the period May 26, 1999 (commencement of operations) through September 30,
1999.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets
<CAPTION>
New York Value New York Performance Plus New York Investment Quality
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended
9/30/99 9/30/98 9/30/99 9/30/98 9/30/99 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Operations
Net investment income $ 7,748,064 $ 8,298,135 $ 18,413,404 $ 19,254,714 $ 21,016,680 $ 21,729,641
Net realized gain (loss)
from investment
transactions (notes 1 and 4) (802,699) 1,468,661 1,634,315 2,099,484 (1,220,746) 1,933,637
Change in net unrealized
appreciation or depreciation
of investments (10,772,832) 1,486,634 (25,013,575) (1,976,859) (22,181,816) (428,616)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations (3,827,467) 11,253,430 (4,965,856) 19,377,339 (2,385,882) 23,234,662
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net
investment income:
Common shareholders (7,711,388) (8,299,761) (15,332,875) (16,007,084) (17,640,215) (18,489,907)
Preferred shareholders N/A N/A (3,250,764) (3,395,042) (3,653,529) (3,875,037)
From accumulated net realized
gains from investment transactions:
Common shareholders (1,468,187) (1,378,269) -- -- (1,505,529) (236,971)
Preferred shareholders N/A N/A -- -- (317,760) (49,109)
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (9,179,575) (9,678,030) (18,583,639) (19,402,126) (23,117,033) (22,651,024)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from sale of shares -- -- -- -- -- --
Net proceeds from shares
issued to shareholders due to
reinvestment of distributions -- 1,212,773 2,236,986 2,379,076 2,830,318 2,220,112
Preferred shares:
Net proceeds from sale of shares -- -- 19,689,440 -- 23,647,328 --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital
share transactions -- 1,212,773 21,926,426 2,379,076 26,477,646 2,220,112
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets (13,007,042) 2,788,173 (1,623,069) 2,354,289 974,731 2,803,750
Net assets at the
beginning of year 157,085,979 154,297,806 344,674,320 342,320,031 398,372,494 395,568,744
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $144,078,937 $157,085,979 $ 343,051,251 $344,674,320 $399,347,225 $398,372,494
===================================================================================================================================
Balance of undistributed net
investment income at
the end of year $ 90,895 $ 54,219 $ 347,141 $ 517,376 $ 313,782 $ 590,846
===================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
Statement of Changes in Net Assets (continued)
<CAPTION>
New York Select Quality New York Quality Income
- -----------------------------------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year Ended Year Ended
9/30/99 9/30/98 9/30/99 9/30/98
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Operations
Net investment income $ 27,827,012 $ 27,388,420 $ 27,486,461 $ 27,295,675
Net realized gain (loss) from investment transactions
(notes 1 and 4) (1,586,994) 1,321,723 (118,949) 989,837
Change in net unrealized appreciation or
depreciation of investments (28,225,081) 1,048,429 (31,066,531) 5,915,060
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (1,985,063) 29,758,572 (3,699,019) 34,200,572
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (23,022,620) (22,762,023) (22,417,666) (22,202,539)
Preferred shareholders (4,923,219) (5,021,632) (5,278,453) (5,593,080)
From accumulated net realized gains
from investment transactions:
Common shareholders (1,003,402) -- (794,873) (511,676)
Preferred shareholders (220,788) -- (200,072) (129,543)
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (29,170,029) (27,783,655) (28,691,064) (28,436,838)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from sale of shares -- -- -- --
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 4,369,224 4,348,938 3,911,754 3,704,412
Preferred shares:
Net proceeds from sale of shares 42,451,046 -- 26,614,494 --
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 46,820,270 4,348,938 30,526,248 3,704,412
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 15,665,178 6,323,855 (1,863,835) 9,468,146
Net assets at the beginning of year 519,617,256 513,293,401 548,795,476 539,327,330
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $535,282,434 $519,617,256 $546,931,641 $548,795,476
===================================================================================================================================
Balance of undistributed net investment income
at the end of year $ 500,157 $ 618,984 $ 547,571 $ 757,229
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Insured New York Premium Income New York Dividend Advantage
- -----------------------------------------------------------------------------------------------------------------------------------
Year Year For the Period 5/26/99
Ended Ended (commencement of operations)
9/30/99 9/30/98 through 9/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Operations
Net investment income $ 8,818,900 $ 8,756,117 $ 2,502,204
Net realized gain (loss) from investment transactions
(notes 1 and 4) 214,511 794,190 (1,388,238)
Change in net unrealized appreciation or
depreciation of investments (12,463,282) 5,335,299 (7,233,344)
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations (3,429,871) 14,885,606 (6,119,378)
- -----------------------------------------------------------------------------------------------------------------------------------
Distributions to Shareholders (note 1)
From undistributed net investment income:
Common shareholders (6,867,848) (6,765,972) (1,968,457)
Preferred shareholders (1,943,944) (2,105,104) (472,110)
From accumulated net realized gains from investment transactions:
Common shareholders -- -- --
Preferred shareholders -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to shareholders (8,811,792) (8,871,076) (2,440,567)
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions (note 2)
Common shares:
Net proceeds from sale of shares -- -- 131,174,518
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 735,504 478,559 5,347
Preferred shares:
Net proceeds from sale of shares -- -- 68,081,318
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets from capital share transactions 735,504 478,559 199,261,183
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets (11,506,159) 6,493,089 190,701,238
Net assets at the beginning of year 194,305,832 187,812,743 100,021
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of year $182,799,673 $194,305,832 $190,801,259
===================================================================================================================================
Balance of undistributed net investment income
at the end of year $ 453,548 $ 446,440 $ 61,637
===================================================================================================================================
See accompanying notes to financial statements.
</TABLE>
<PAGE>
Notes to Financial Statements
1. General Information and Significant Accounting Policies
The New York Funds (the "Funds") covered in this report and their corresponding
New York Stock Exchange symbols are Nuveen New York Municipal Value Fund, Inc.
(NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New
York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select
Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal
Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc.
(NNF) and Nuveen New York Dividend Advantage Municipal Fund (NAN).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of New York.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
Securities Valuation
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. When
price quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
Securities Transactions
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
September 30, 1999, New York Value, New York Performance Plus, New York
Investment Quality, New York Select Quality and New York Quality Income had
outstanding when-issued purchase commitments of $951,950, $2,855,850,
$9,575,350, $10,152,010 and $1,903,900, respectively. There were no such
outstanding purchase commitments in Insured New York Premium Income or New York
Dividend Advantage.
Investment Income
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for New York Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. All monthly
tax-exempt income dividends paid during the fiscal year ended September 30,
1999, have been designated Exempt Interest Dividends. Net realized capital gain
and market discount distributions, if any, are subject to federal taxation.
Dividends and Distributions to Shareholders
Tax-exempt net investment income is declared monthly as a dividend and payment
is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
<PAGE>
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from generally accepted accounting
principles. Accordingly, temporary over-distributions as a result of these
differences may occur and will be classified as either distributions in excess
of net investment income, distributions in excess of net realized gains and/or
distributions in excess of net ordinary taxable income from investment
transactions, where applicable.
Preferred Shares
New York Value is not authorized to issue Preferred shares. The Funds below have
issued and outstanding $25,000 stated value Preferred shares. Each Fund's
Preferred shares are issued in one or more Series. The dividend rate on each
Series may change every seven days, as set by the auction agent. The number of
shares outstanding, by Series and in total, for each Fund is as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York New York
Performance Investment Select Quality Premium Dividend
Plus Quality Quality Income Income Advantage
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Number of shares:
Series M 1,600 960 -- 2,200 1,320 --
Series T 800 2,400 1,720 -- 1,280 --
Series W 2,000 -- 2,400 2,200 -- --
Series Th -- -- 3,600 2,400 -- --
Series F 572 2,400 -- 1,080 -- 2,760
- ---------------------------------------------------------------------------------------------------------
Total 4,972 5,760 7,720 7,880 2,600 2,760
=========================================================================================================
</TABLE>
Effective June 11, 1999, New York Performance Plus issued 800 Series T $25,000
stated value preferred shares. Effective June 4, 1999, New York Investment
Quality issued 960 Series M $25,000 stated value preferred shares. Effective May
21, 1999, New York Select Quality issued 1,720 Series T $25,000 stated value
preferred shares. Effective May 28, 1999, New York Quality Income issued 1,080
Series F $25,000 stated value preferred shares. Effective July 16, 1999, New
York Dividend Advantage issued 2,760 Series F $25,000 stated value preferred
shares.
Insurance
New York Investment Quality, New York Select Quality, New York Quality Income
and Insured New York Premium Income invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. government or U.S. government agency securities, both
of which ensure the timely payment of principal and interest. Each insured
municipal security is covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance. Such insurance does not guarantee the market
value of the municipal securities or the value of the Funds' shares. Original
Issue Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer remains
in business, regardless of whether the Funds ultimately dispose of such
municipal securities. Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market Insurance may reflect
value attributable to the insurance. Portfolio Insurance is effective only while
the municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities nor
the net asset value of the Funds'shares include value, if any, attributable to
the Portfolio Insurance. Each policy of the Portfolio Insurance does, however,
give the Funds the right to obtain permanent insurance with respect to the
municipal security covered by the Portfolio Insurance policy at the time of its
sale.
Derivative Financial Instruments
The Funds may invest in transactions in certain derivative financial instruments
including futures, forward, swap and option contracts, and other financial
instruments with similar characteristics. Although the Funds are authorized to
invest in such financial instruments, and may do so in the future, they did not
make any such investments during the fiscal year ended September 30, 1999.
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby the custodian fees
and expenses are reduced by credits earned on each Fund's cash on deposit with
the bank. Such deposit arrangements are an alternative to overnight investments.
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. Actual results may differ
from those estimates.
<PAGE>
Notes to Financial Statements (continued)
2. Fund Shares
Transactions in Common and Preferred shares were as follows:
<TABLE>
<CAPTION>
New York Value New York Performance Plus
- ---------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year EndedYear Ended
9/30/99 9/30/98 9/30/99 9/30/98
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold
Shares issued to shareholders
due to reinvestment of distributions -- 116,219 132,291 133,661
- ---------------------------------------------------------------------------------------------------------
-- 116,219 132,291 133,661
=========================================================================================================
Preferred shares sold N/A N/A 800 --
=========================================================================================================
<CAPTION>
New York Investment Quality New York Select Quality
- ---------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year EndedYear Ended
9/30/99 9/30/98 9/30/99 9/30/98
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold
Shares issued to shareholders
due to reinvestment of distributions 168,378 125,667 264,877 258,860
- ---------------------------------------------------------------------------------------------------------
168,378 125,667 264,877 258,860
=========================================================================================================
Preferred shares sold 960 -- 1,720 --
=========================================================================================================
<CAPTION>
Insured New York
New York Quality Income Premium Income
- ---------------------------------------------------------------------------------------------------------
Year Ended Year Ended Year EndedYear Ended
9/30/99 9/30/98 9/30/99 9/30/98
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Shares:
Shares sold
Shares issued to shareholders
due to reinvestment of distributions 242,816 227,308 46,575 31,006
- ---------------------------------------------------------------------------------------------------------
242,816 227,308 46,575 31,006
=========================================================================================================
Preferred shares sold 1,080 -- -- --
=========================================================================================================
<CAPTION>
New York
Dividend Advantage
- ---------------------------------------------------------------------------------------------------------
For the Period
5/26/99 through 9/30/99
- ---------------------------------------------------------------------------------------------------------
<S> <C>
Common Shares:
Shares sold 9,169,837
Shares issued to shareholders
due to reinvestment of distributions 362
- ---------------------------------------------------------------------------------------------------------
9,170,199
=========================================================================================================
Preferred shares sold 2,760
=========================================================================================================
</TABLE>
<PAGE>
3. Distributions to Common Shareholders
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid November 1, 1999, to shareholders of record on
October 15, 1999, as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York New York
New York Performance Investment Select Quality Premium Dividend
Value Plus Quality Quality Income Income Advantage
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Dividend per share $.0415 $.0845 $.0800 $.0825 $.0780 $.0695 $.0715
=========================================================================================================
</TABLE>
4. Securities Transactions
Purchases and sales (including maturities) of investments in long-term municipal
securities and short-term municipal securities during the fiscal year ended
September 30, 1999, were as follows:
<TABLE>
<CAPTION>
New York New York New York
New York Performance Investment Select
Value Plus Quality Quality
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $27,816,888 $85,204,825 $83,417,035 $99,476,957
Short-term municipal securities 28,000,000 44,925,000 39,300,000 21,100,000
Sales and maturities:
Long-term municipal securities 30,635,997 73,866,232 65,419,477 69,478,221
Short-term municipal securities 28,700,000 46,425,000 40,400,000 21,800,000
- ---------------------------------------------------------------------------------------------------------
<CAPTION>
Insured
New York New York New York
Quality Premium Dividend
Income Income Advantage*
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases:
Long-term municipal securities $66,475,361 $16,909,025 $223,949,696
Short-term municipal securities 34,220,000 4,700,000 128,654,527
Sales and maturities:
Long-term municipal securities 36,994,488 15,078,090 31,000,432
Short-term municipal securities 34,720,000 5,100,000 128,654,527
- ---------------------------------------------------------------------------------------------------------
*For the period May 26,1999 (commencement of operations) through September 30,
1999.
</TABLE>
At September 30, 1999, the identified cost of investments owned for federal
income tax purposes were as follows:
<TABLE>
<CAPTION>
Insured
New York New York New York New York New York New York
New York Performance Investment Select Quality Premium Dividend
Value Plus Quality Quality Income Income Advantage
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$140,732,190 $333,723,770 $378,221,190 $498,897,748 $525,860,174 $177,332,310 $191,581,975
=========================================================================================================
</TABLE>
At September 30, 1999, the following Funds had unused capital loss carryforwards
available for federal income tax purposes to be applied against future capital
gains, if any. If not applied, the carryforwards will expire as follows:
Insured
New York New York
Premium Dividend
Income Advantage
- ---------------------------------------------------------------------------
Expiration year:
2002 $1,243,060 $ --
2003 3,373 --
2004 2,802,391 --
2005 540,548 --
2006 -- --
2007 -- 1,388,238
- ---------------------------------------------------------------------------
Total $4,589,372 $1,388,238
===========================================================================
<PAGE>
Notes to Financial Statements (continued)
5. Unrealized Appreciation (Depreciation)
Gross unrealized appreciation and gross unrealized depreciation of investments
for federal income tax purposes at September 30, 1999, were as follows:
<TABLE>
<CAPTION>
New York New York New York
New York Performance Investment Select
Value Plus Quality Quality
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized:
appreciation $4,420,922 $9,622,205 $15,244,032 $23,503,839
depreciation (4,845,174) (9,963,475) (8,898,656) (9,001,855)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $ (424,252) $ (341,270) $ 6,345,376 $14,501,984
=========================================================================================================
<CAPTION>
Insured
New York New York New York
Quality Premium Dividend
Income Income Advantage
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Gross unrealized:
appreciation $21,425,524 $6,420,092 $ --
depreciation (7,035,523) (2,441,762) (7,233,344)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) $14,390,001 $3,978,330 (7,233,344)
=========================================================================================================
</TABLE>
6. Management Fee and Other Transactions with Affiliates
Under the Funds' (excluding New York Value and New York Dividend Advantage)
investment management agreements with 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 assets of each Fund as follows:
Average Daily Net Assets Management Fee
- ----------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5875 of 1
============================================================================
Under New York Value's investment management agreement with 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 assets of the Fund, as well as 4.125% of the gross interest income of
the Fund.
Under New York Dividend Advantage's investment management agreement with the
Adviser, the Fund pays an annual management fee, payable monthly, at the rates
set forth below, which are based upon the average daily net assets of the Fund
as follows:
Average Daily Net Assets Management Fee
- ----------------------------------------------------------------------------
For the first $125 million .6500 of 1%
For the next $125 million .6375 of 1
For the next $250 million .6250 of 1
For the next $500 million .6125 of 1
For the next $1 billion .6000 of 1
For net assets over $2 billion .5750 of 1
============================================================================
<PAGE>
The Adviser has agreed to waive part of its management fees or reimburse certain
expenses of New York Dividend Advantage in an amount equal to .30% of the
average daily net assets for the period May 26, 1999 (commencement of
operations) through July 31, 2004, .25% of the average daily net assets for the
year ended July 31, 2005, .20% of the average daily net assets for the year
ended July 31, 2006, .15% of the average daily net assets for the year ended
July 31, 2007, .10% of the average daily net assets for the year ended July 31,
2008, and .05% of the average daily net assets for the year ended July 31, 2009.
The Adviser has not agreed to reimburse New York Dividend Advantage for any
portion of its fees and expenses beyond July 31, 2009.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors/Trustees who are affiliated with
the Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. Composition of Net Assets
At September 30, 1999, net assets consisted of:
<TABLE>
<CAPTION>
New York New York New York
New York Performance Investment Select
Value Plus Quality Quality
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Preferred shares, $25,000 stated value
per share, at liquidation value $ N/A $124,300,000 $144,000,000 $193,000,000
Common shares, $.01 par value per share 151,204 149,344 176,853 233,758
Paid-in surplus 144,261,019 217,428,799 248,298,324 327,047,624
Balance of undistributed net investment income 90,895 347,141 313,782 500,157
Accumulated net realized gain (loss)
from investment transactions (803,686) 1,167,237 (1,221,995) (1,588,083)
Net unrealized appreciation (depreciation)
of investments 379,505 (341,270) 7,780,261 16,088,978
- ---------------------------------------------------------------------------------------------------------
Net assets $144,078,937 $343,051,251 $399,347,225 $535,282,434
=========================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000
=========================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
<CAPTION>
Insured
New York New York New York
Quality Premium Dividend
Income Income Advantage
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Preferred shares, $25,000 stated value
per share, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000
Common shares, $.01 par value per share 240,597 82,951 91,772
Paid-in surplus 334,754,002 117,874,218 130,269,432
Balance of undistributed net investment income 547,571 453,548 61,637
Accumulated net realized gain (loss) from investment transactions (168,084) (4,589,374) (1,388,238)
Net unrealized appreciation (depreciation) of investments 14,557,555 3,978,330 (7,233,344)
- ---------------------------------------------------------------------------------------------------------
Net assets $546,931,641 $182,799,673 $190,801,259
=========================================================================================================
Authorized shares:
Common 200,000,000 200,000,000 Unlimited
Preferred 1,000,000 1,000,000 Unlimited
=========================================================================================================
</TABLE>
<PAGE>
<TABLE>
Financial Highlights
(Unaudited)
Selected data for a Common share outstanding
throughout each period:
<CAPTION>
Investment Operations
---------------------------------------------
Net
Realized/
Beginning Net Unrealized
Net Asset Investment Investment
Value Income Gain (Loss) Total
<S> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999 $10.39 $ .51 $ (.76) $ (.25)
1998 10.28 .55 .20 .75
1997 10.23 .62 .06 .68
1996 10.44 .64 (.15) .49
1995 10.39 .66 .06 .72
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 16.24 1.24 (1.58) (.34)
1998 16.23 1.31 .02 1.33
1997 16.17 1.35 .06 1.41
1996 16.41 1.36 (.22) 1.14
1995 15.91 1.37 .52 1.89
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 15.89 1.19 (1.32) (.13)
1998 15.85 1.24 .09 1.33
1997 15.89 1.29 (.01) 1.28
1996 16.16 1.30 (.25) 1.05
1995 15.71 1.30 .48 1.78
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 15.99 1.20 (1.30) (.10)
1998 15.90 1.19 .11 1.30
1997 15.78 1.21 .13 1.34
1996 15.90 1.22 (.06) 1.16
1995 15.24 1.23 .69 1.92
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 15.90 1.15 (1.31) (.16)
1998 15.66 1.15 .30 1.45
1997 15.32 1.17 .39 1.56
1996 15.31 1.19 .04 1.23
1995 14.51 1.19 .84 2.03
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 15.68 1.07 (1.49) (.42)
1998 14.95 1.06 .75 1.81
1997 14.26 1.07 .69 1.76
1996 13.92 1.08 .33 1.41
1995 12.74 1.08 1.20 2.28
<CAPTION>
New York Dividend Advantage
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999 (a) 14.33 .27 (.95) (.68)
<PAGE>
<CAPTION>
Less Distributions
----------------------------------------------------------------------------------
Net Net
Investment Investment Capital Capital
Income Income Gains Gains
To Common To Preferred To Common To Preferred
Shareholders Shareholders+ Shareholders Shareholders+ Total
<S> <C> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999 $ (.51) $ N/A $ (.10) $ N/A $ (.61)
1998 (.55) N/A (.09) N/A (.64)
1997 (.62) N/A (.01) N/A (.63)
1996 (.66) N/A (.04) N/A (.70)
1995 (.67) N/A -- N/A (.67)
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (1.03) (.22) -- -- (1.25)
1998 (1.09) (.23) -- -- (1.32)
1997 (1.11) (.24) -- -- (1.35)
1996 (1.13) (.25) -- -- (1.38)
1995 (1.12) (.27) -- -- (1.39)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (1.00) (.21) (.09) (.02) (1.32)
1998 (1.06) (.22) (.01) -- (1.29)
1997 (1.07) (.22) (.02) (.01) (1.32)
1996 (1.05) (.24) (.02) (.01) (1.32)
1995 (1.05) (.28) -- -- (1.33)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (.99) (.21) (.04) (.01) (1.25)
1998 (.99) (.22) -- -- (1.21)
1997 (.99) (.22) (.01) -- (1.22)
1996 (1.01) (.23) (.03) (.01) (1.28)
1995 (1.01) (.25) -- -- (1.26)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (.94) (.22) (.03) (.01) (1.20)
1998 (.94) (.24) (.02) (.01) (1.21)
1997 (.94) (.24) (.03) (.01) (1.22)
1996 (.94) (.25) (.02) (.01) (1.22)
1995 (.94) (.27) (.02) -- (1.23)
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (.83) (.23) -- -- (1.06)
1998 (.82) (.26) -- -- (1.08)
1997 (.82) (.25) -- -- (1.07)
1996 (.80) (.27) -- -- (1.07)
1995 (.81) (.29) -- -- (1.10)
<CAPTION>
New York Dividend Advantage
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (a) (.21) (.05) -- -- (.26)
<PAGE>
<CAPTION>
Total Returns
-------------------------
Organization
and Offering
Costs Based
and Preferred Ending Based on
Share Net Ending on Net
Underwriting Asset Market Market Asset
Discounts Value Value Value** Value**
<S> <C> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999 $-- $ 9.53 $ 8.7500 (8.04)% (2.58)%
1998 -- 10.39 10.1250 .87 7.57
1997 -- 10.28 10.6875 8.11 6.87
1996 -- 10.23 10.5000 8.07 4.85
1995 -- 10.44 10.3750 5.33 7.24
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 -- 14.65 15.3125 (8.25) (3.65)
1998 -- 16.24 17.7500 .63 7.00
1997 -- 16.23 18.7500 15.77 7.49
1996 -- 16.17 17.2500 10.76 5.53
1995 -- 16.41 16.6250 12.43 10.62
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 -- 14.44 15.0625 (8.13) (2.45)
1998 -- 15.89 17.5000 2.60 7.27
1997 -- 15.85 18.1250 14.40 6.84
1996 -- 15.89 16.8750 9.01 5.09
1995 -- 16.16 16.5000 15.87 9.98
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 -- 14.64 15.3750 (3.33) (2.11)
1998 -- 15.99 16.9375 6.84 7.01
1997 -- 15.90 16.8125 11.77 7.34
1996 -- 15.78 16.0000 8.26 5.86
1995 -- 15.90 15.7500 15.34 11.41
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 -- 14.54 15.0000 (4.13) (2.60)
1998 -- 15.90 16.6250 8.89 7.90
1997 -- 15.66 16.1875 12.90 8.80
1996 -- 15.32 15.2500 10.96 6.45
1995 -- 15.31 14.6250 11.96 12.58
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 -- 14.20 14.3750 (3.37) (4.33)
1998 -- 15.68 15.6875 11.29 10.67
1997 -- 14.95 14.8750 14.63 10.93
1996 -- 14.26 13.7500 11.15 8.35
1995 -- 13.92 13.1250 22.11 16.30
<CAPTION>
New York Dividend Advantage
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (a) (.12) 13.27 14.3750 (2.76) (5.93)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
----------------------------------------------------------------------------
Before Credit/Reimbursement
----------------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income to
Based to Average to Average Average to Average
Ending Net Assets Net Assets Total Total
Net Applicable Applicable Net Assets Net Assets
Assets to Common to Common Including Including
Shares++ Shares++ Preferred++ Preferred++
<S> <C> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999 $144,079 .74% 5.10% N/A% N/A%
1998 157,086 .75 5.37 N/A N/A
1997 154,298 .79 6.10 N/A N/A
1996 151,848 .83 6.16 N/A N/A
1995 124,484 .80 6.38 N/A N/A
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 343,051 1.21 7.88 .82 5.35
1998 344,674 1.17 8.10 .81 5.63
1997 342,320 1.17 8.38 .81 5.81
1996 339,360 1.18 8.30 .82 5.76
1995 340,246 1.25 8.47 .86 5.86
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 399,347 1.23 7.78 .83 5.28
1998 398,372 1.18 7.88 .82 5.49
1997 395,569 1.18 8.18 .82 5.69
1996 394,189 1.18 8.09 .82 5.63
1995 396,012 1.22 8.29 .84 5.73
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 535,282 1.19 7.74 .81 5.31
1998 519,617 1.14 7.51 .81 5.32
1997 513,293 1.15 7.70 .81 5.43
1996 506,128 1.14 7.68 .80 5.40
1995 505,340 1.17 7.99 .82 5.56
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 546,932 1.18 7.46 .79 5.02
1998 548,795 1.16 7.33 .79 5.03
1997 539,327 1.17 7.59 .80 5.17
1996 528,934 1.17 7.73 .79 5.25
1995 528,027 1.21 8.09 .81 5.42
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 182,800 1.29 7.03 .85 4.63
1998 194,306 1.29 6.99 .85 4.60
1997 187,813 1.32 7.42 .85 4.80
1996 182,176 1.34 7.59 .86 4.87
1995 179,368 1.51 8.04 .95 5.05
<CAPTION>
New York Dividend Advantage
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (a) 190,801 1.38* 5.08* 1.03* 3.79*
<PAGE>
<CAPTION>
Ratios/Supplemental Data
-------------------------------------------------------------------------------
After Credit/Reimbursement***
-------------------------------------------------------------------------------
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses Income to Expenses Income
Average Average to Average Average
Net Assets Net Assets Total Total
Applicable Applicable Net Assets Net Assets Portfolio
to Common to Common Including Including Turnover
Shares++ Shares++ Preferred++ Preferred++ Rate
<S> <C> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999 $ .74% 5.10% N/A% N/A% 19%
1998 .75 5.37 N/A N/A 36
1997 .79 6.10 N/A N/A 28
1996 .83 6.16 N/A N/A 7
1995 .80 6.38 N/A N/A 12
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 1.19 7.90 .81 5.36 22
1998 1.17 8.10 .81 5.63 30
1997 1.17 8.38 .81 5.81 7
1996 1.18 8.30 .82 5.76 2
1995 1.25 8.47 .86 5.86 15
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 1.22 7.79 .83 5.28 17
1998 1.18 7.88 .82 5.49 20
1997 1.18 8.18 .82 5.69 2
1996 1.18 8.09 .82 5.63 4
1995 1.22 8.29 .84 5.73 4
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 1.18 7.75 .81 5.31 13
1998 1.14 7.51 .81 5.32 11
1997 1.15 7.70 .81 5.43 3
1996 1.14 7.68 .80 5.40 4
1995 1.17 7.99 .82 5.56 5
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 1.17 7.47 .79 5.02 7
1998 1.16 7.33 .79 5.03 12
1997 1.17 7.59 .80 5.17 13
1996 1.17 7.73 .79 5.25 9
1995 1.21 8.09 .81 5.42 4
<CAPTION>
Insured New York Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 1.29 7.03 .85 4.63 8
1998 1.29 6.99 .85 4.60 15
1997 1.32 7.42 .85 4.80 24
1996 1.34 7.59 .86 4.87 21
1995 1.51 8.04 .95 5.05 32
<CAPTION>
New York Dividend Advantage
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999 (a) .65* 5.81* .48* 4.34* 25
N/A Fund is not authorized to issue Preferred shares. Total Investment Return
on Market Value is the combination of reinvested dividend income,
reinvested capital gains distributions, if any, and changes in stock price
per share.
* Annualized.
** 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.
*** After custodian fee credit and expense reimbursement, where applicable
(notes 1 and 6). Total returns are not annualized.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
(a) For the period May 26, 1999 (commencement of operations) through September
30,1999.
</TABLE>
<PAGE>
Report of Independent Auditors
The Board of Directors, Trustees and Shareholders
Nuveen New York Municipal Value Fund, Inc.
Nuveen New York Performance Plus Municipal Fund, Inc.
Nuveen New York Investment Quality Municipal Fund, Inc.
Nuveen New York Select Quality Municipal Fund, Inc.
Nuveen New York Quality Income Municipal Fund, Inc.
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Nuveen New York Dividend Advantage Municipal Fund\
We have audited the accompanying statements of net assets, including the
portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen
New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment
Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund,
Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New
York Premium Income Municipal Fund, Inc. and Nuveen New York Dividend Advantage
Municipal Fund as of September 30, 1999, and the related statements of
operations, and changes in net assets and the financial highlights for the
periods indicated therein. These financial statements and financial highlights
are the responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned as of
September 30, 1999, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial positions of
Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus
Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc.,
Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality
Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal
Fund, Inc. and Nuveen New York Dividend Advantage Municipal Fund at September
30, 1999, and the results of their operations, and changes in their net assets
and financial highlights for the periods indicated therein in conformity with
generally accepted accounting principles.
/s/ Ernst & Young LLP
Chicago, Illinois
November 17, 1999
<PAGE>
Build Your Wealth Automatically
sidebar text: Nuveen offers a number of convenient ways to add to your portfolio
and earn the tax-free income you need to achieve your financial goals.
sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set
up your reinvestment account.
Nuveen Exchange-Traded Funds Dividend Reinvestment Plan
Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends
and/or capital gains distributions in additional fund shares. If you do not
elect to reinvest distributions, all distributions are paid by check or can be
deposited directly into your bank or brokerage account.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. You'll also potentially benefit from dollar-cost averaging, a
technique of investing at regular intervals, which allows you to build a
high-quality, tax-free portfolio conveniently and cost effectively over time.
To be effective, dollar cost averaging requires that you invest over a long
period of time and does not assure that you will profit.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
Income or capital gains taxes may be payable on dividends or distributions that
are reinvested.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
then-current market price. If the shares are trading at less than net asset
value, shares for your account will be purchased on the open market. Dividends
and distributions received to purchase shares in the open market will normally
be invested shortly after the dividend payment date. No interest will be paid on
dividends and distributions awaiting reinvestment. Because the market price of
shares may increase before purchases are completed, the average purchase price
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
Flexibility
You may, of course, change your distribution option or withdraw from the Plan at
any time, should your needs or situation change. Should you withdraw, you can
receive a certificate for all whole shares credited to your reinvestment account
and cash payment for fractional shares, or cash payment for all reinvestment
account shares, less brokerage commissions and a $2.50 service fee.
You can also reinvest if your shares are registered in the name of a brokerage
firm, bank, or other nominee. Just ask your investment adviser if the firm will
participate on your behalf. If not, it's easy to have the shares registered in
your name and to apply for a reinvestment account directly. Participants whose
shares are registered in the name of one firm may not be able to transfer the
shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial adviser or call us at (800)
257-8787.
<PAGE>
Fund Information
Board of Directors/Trustees
Robert P. Bremner
Lawrence H. Brown
Anne E. Impellizzeri
Peter R. Sawers
William J. Schneider
Timothy R. Schwertfeger
Judith M. Stockdale
Fund Manager
Nuveen Advisory Corp.
333 West Wacker Drive
Chicago, IL 60606
Custodian, Transfer Agent
and Shareholder Services
The Chase Manhattan Bank
4 New York Plaza
New York, NY 10004-2413
(800) 257-8787
Legal Counsel
Morgan, Lewis &
Bockius LLP
Washington, D.C.
Independent Auditors
Ernst & Young LLP
Chicago, IL
Year 2000
The concern that computer systems may have problems processing date-related
information in the year 2000 and beyond has challenged businesses and
organizations to thoroughly review all aspects of their operations. We have
undertaken just such an approach at Nuveen in preparation for the millennium.
Over the last 10 years, we have updated or replaced our trading, fund
management, and pricing systems at Nuveen - systems that directly affect our
investors and their financial advisers - to address Year 2000 concerns.
We continue to work closely with our transfer agent, custodian, firms through
whom we buy and sell portfolio securities, and other service partners to monitor
the Year 2000 readiness of their systems, while addressing other remaining
systems issues.
In addition, the Funds hold securities of issuers whose business operations
leave them susceptible to Year 2000 concerns. We seek to evaluate an issuer's
Year 2000 readiness as part of our initial and ongoing research of these
issuers. This is only one of the many factors considered in determining whether
to buy, sell, or continue holding a particular security.
Our Year 2000 review, repair, and testing program has been substantially
completed. This program included industry-wide testing of critical systems and
receipt of satisfactory assurances from critical service providers, vendors, and
issuers regarding their Year 2000 readiness. We will continue more refined
testing of our systems and their relationships with other parties' systems and
will regularly discuss the results of this testing with those parties. We are
also making Year 2000 contingency plans to guide recovery efforts in the event
that, despite our remediation attempts, Year 2000 issues adversely affect the
Funds. Although we can never have complete assurance that the steps we take will
be sufficient to prevent any problems that would impact the Nuveen
Exchange-Traded Funds, we can assure you that we will take all reasonable steps
to prevent disruption of the services provided by your Fund.
Fund Policies
The Board of Trustees of your Fund recently modified certain investment policies
of the Fund. The Fund was formerly not permitted to invest more than 5% of its
total assets in Municipal Leases that contain "non-appropriation" clauses. In
addition, your Fund was not permitted to invest more than 10% of its total
assets in Municipal Leases and securities that are unmarketable, illiquid or not
readily marketable. The Municipal Lease market has matured since the Fund's
inception, and non-appropriation leases have become more liquid and widely
accepted. The Nuveen Exchange-Traded Fund Board has eliminated the restrictions
noted above, replacing them with requirements that the Funds limit investments
in non-appropriation Municipal Leases to those that meet one or more of six
criteria that indicate that the issuer will be motivated to continue to
appropriate monies to make the payments under the Municipal Lease.
The Board also eliminated the Fund's policy not to invest more than 5% of its
total assets in unsecured obligations of issuers which, together with their
predecessors, have been in operation for less than three years.
Each fund intends to repurchase shares of its own common or preferred stock in
the future at such times and in such amounts as is deemed advisable. No shares
were repurchased during the 12-month period ended September 30, 1999. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
photo of: John Nuveen, Sr.
Since our founding in 1898, John Nuveen & Co. has been synonymous with
investments that withstand the test of time. Today we offer a broad range of
quality investments designed for individuals seeking to build and sustain
wealth. In fact, more than 1.3 million investors have trusted Nuveen to help
them pursue their financial goals.
The cornerstone of Nuveen's investment philosophy is a commitment to disciplined
long-term investment strategies focused on providing consistent, attractive
performance over time - with moderated risk. We emphasize quality securities
carefully chosen through in-depth research, and we follow those securities
closely over time to ensure that they continue to meet our exacting standards.
Whether your focus is long-term growth, dependable current income or sustaining
accumulated wealth, Nuveen offers a wide variety of investments and services to
help meet your unique circumstances and financial planning needs. Our equity,
balanced, and tax-free income funds, along with our defined portfolios and
private asset management, can help you build a better, well-diversified
portfolio.
Talk with your financial adviser to learn more about how Nuveen investment
products and services can help you. Or call us at (800) 257-8787 for more
information, including a prospectus where applicable. Please read that
information carefully before investing.
Logo:
NUVEEN
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FAN-1-9-99
