NUVEEN
Exchange Traded Funds
March 31, 1999
Semiannual Report
Dependable, tax-free income
to help you keep more of
what you earn.
Photo of couple on a dock
NNY
NNP
NQN
NVN
NUN
NNF
New York
<PAGE>
Highlights
As of March 31, 1999
Credit Quality Performance Highlights
================================================================================
Nuveen New York Municipal Value Fund, Inc. (NNY)
AAA/U.S. Guaranteed 54%
AA 15%
A 15%
BBB/NR 16%
o Taxable-equivalent yield of 8.05%*
o Outperformed its Lipper Peer Group**
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
AAA/U.S. Guaranteed 62%
AA 14%
A 6%
BBB/NR 18%
o Taxable-equivalent yield of 9.33%*
o Good credit quality, with 76% of the Fund's
investments rated AA or higher
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN)
Insured 55%
Insured and U.S. Guaranteed 36%
U.S. Guaranteed 9%
o Taxable-equivalent yield of 9.02%*
o Good credit quality, with 100% of the
Fund's investments either Insured or U.S.
Guaranteed
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
Insured 69%
Insured and U.S. Guaranteed 22%
U.S. Guaranteed 9%
o Taxable-equivalent yield of 9.27%*
o Stable dividend for 32 consecutive months
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
Insured 69%
Insured and U.S. Guaranteed 24%
U.S. Guaranteed 7%
o Taxable-equivalent yield of 8.90%*
o Stable or increasing dividend since the
Fund's inception
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF)
Insured 79%
Insured and U.S. Guaranteed 20%
U.S. Guaranteed 1%
o Taxable-equivalent yield of 7.98%*
o Outperformed its Lipper Peer Group**
* 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.
Contents
1 Dear Shareholder
3 Portfolio Manager's Comments
5 NNY Performance Overview
6 NNP Performance Overview
7 NQN Performance Overview
8 NVN Performance Overview
9 NUN Performance Overview
10 NNF Performance Overview
11 Portfolio of Investments
38 Statement of Net Assets
39 Statement of Operations
40 Statement of Changes in Net Assets
41 Notes to Financial Statements
46 Financial Highlights
48 Building a Better Portfolio
49 Fund Information
<PAGE>
Photo of Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
Sidebar text: Wealth takes a lifetime to build. Once achieved, it should
be preserved.
Dear Shareholder
I'm pleased to report that over the past 12 months, the Nuveen Exchange-Traded
Funds covered in this report continued to meet their primary objectives of
providing you with dependable tax-free income and attractive levels of after-tax
total returns. The combination of these two factors demonstrates once again that
Nuveen's municipal bond funds can serve as excellent investment options for
income-oriented investors.
The Year in Review
The past 12 months saw the U.S. economy continue its pattern of non-inflationary
growth, combined with low interest rates and unemployment levels that remain
among the lowest in more than 30 years. Much of the current economic growth is
propelled by consumer demand, which has helped the U.S. resist the downward pull
of weaker overseas markets. All indications point to a confident consumer who is
comfortable with the current state of the economy, especially the performance of
the housing, stock, and job markets. On the global front, the turmoil of the
past two years appears to be fading somewhat, as international financial markets
have begun sending recovery signals.
At the same time, inflation in the U.S. continued to operate at benign levels,
with an increase of only 1.6% for the 12 months ended March 31, 1999. As Federal
Reserve Chairman Alan Greenspan has recently stated, one of the key factors in
achieving today's peaceful coexistence of economic growth and low inflation has
been increased productivity. Improvements in productivity, spurred by
technological advances, have been responsible for off-setting wage and other
inflationary pressures that we would normally expect to see as part of a growing
economy.
Last fall, the Federal Reserve eased short-term interest rates for the first
time in almost three years. Between the end of September and mid-November 1998,
three successive cuts brought the federal funds rate to 4.75%, averting a
potential domestic credit crunch and restoring some stability to global markets.
Following the success of these preemptive moves, the Federal Reserve seemed to
shift its inflation-fighting approach to a more reactive stance. Barring any
unforeseen developments, expectations are for a stable Fed policy and a stable
interest rate environment throughout the remainder of 1999. In the months ahead,
we will continue to watch for indications from the Fed and other factors that
affect the economy's future, including wage and employment statistics, reports
on productivity growth, capital equipment spending, and the progress of
international economic recovery. We believe these key components will influence
the outlook for fixed-income markets well into the new millennium.
<PAGE>
Municipal Bonds:
An Attractive Investment Option
As interest rates declined over the past year, our municipal bond funds
continued to provide bright spots among investment options, offering attractive,
stable income in a market that places a high premium on yield. In 1998,
municipal bonds represented a calm haven in otherwise turbulent markets, with
lower volatility relative to Treasury bonds and other fixed-income investments.
For the first three months of 1999, munis continued to outperform Treasuries
and, in fact, were among the best performing asset classes for the quarter.
The high ratio of tax-exempt municipal yields to Treasury yields sheltered
municipal bonds from the price decline that occurred in the Treasury market
during the first quarter of the year. While interest rates on 30-year Treasury
bonds rose from 5.10% at the end of December to 5.63% as of March 31, 1999, the
yield on the Bond Buyer Revenue Bond Index, an unmanaged index of long-term
municipal revenue bonds, rose just three basis points - from 5.26% to 5.29%.
Given the inverse relationship between interest rates and bond prices, as rates
went up, prices went down. Though municipal bond prices also decreased, the drop
was not as dramatic as it was for Treasuries. The differential in performance
reflects the fact that Treasuries had become relatively expensive due to
safe-haven buying during the international economic crises of the past year. The
financial turmoil around the globe eventually subsided, and foreign investors
began to shy away from U.S. denominated securities, which caused Treasuries to
drop in price. At the end of March 1999, the ratio between long-term municipal
yields and 30-year Treasury yields stood at 94%, compared with the more typical
range of 86-87%. For investors, this meant that quality long-term municipal
bonds offered almost the same yield as Treasury bonds with comparable maturities
- - even before the tax advantages of municipal bonds are taken into account. On
an after-tax basis in today's market, municipal bonds continue to present an
exceptionally attractive investment option relative to Treasuries.
In 1998, lower interest rates and the strong economy combined to generate high
levels of new municipal issuance and a significant increase in the refinancing
of existing bonds. Municipal issuance in 1998 reached $284 billion, up 29% over
1997. In terms of total municipal issuance, 1998 ranked as the second largest
year on record, next to 1993's $292 billion. In the first quarter of 1999,
however, as the market settled into a stable interest rate environment,
refunding activity dropped off dramatically. As a result, municipal supply
declined 30% from the levels of the first quarter of 1998. This, in turn,
enhanced the attractiveness of the municipal bonds that were brought to market,
as demand - especially from individual investors - remained relatively strong.
The U.S. economy continues to benefit municipal issuers, as higher tax revenues
produced improvements in the fundamental health of many municipalities. In 1998,
for example, state tax revenues rose by an average of 6.9%. This expanded flow
of tax dollars resulted in higher credit ratings for many municipal governments,
as Moody's and Standard & Poor's - the two largest credit rating agencies -
upgraded 95 municipal bond issues while downgrading only 47. The healthcare
sector accounted for half of the downgraded issues, as improved projections
regarding Medicare's solvency were countered by medical costs that outpaced
inflation and continued pressure on hospitals from health insurers and the
government.
The Value of Nuveen Expertise
The solid track record of a proven investment manager is one key to taking
advantage of the attractive values currently available in the municipal market.
The near-record level of municipal issuance in 1998, for example, highlighted
the value of Nuveen's in-depth knowledge of the municipal market, as our
portfolio management teams carefully analyzed each issue to select those
securities best suited to help the funds achieve their investment objectives.
With the outlook for tighter supply and continued demand in 1999, Nuveen's
established market position ensures that we will have exceptional access to the
bond offerings that have the potential to add value for our shareholders.
As a further enhancement to our management capabilities, Nuveen has assembled a
strong group of investment managers - experts in their particular areas of the
market - to provide investors with the advantage of their experience and
insights. In addition to Nuveen Advisory Services for tax-free investing, you
and your financial adviser can rely on Institutional Capital Corporation for
value-oriented equity investing and Rittenhouse Financial Services, Inc. for
growth-oriented equity investing. We encourage you to talk with your financial
adviser about Nuveen's expanding array of investments and the ways they can help
you establish a diversified portfolio designed to build and sustain long-term
financial security. For more information on our funds, contact your adviser for
a prospectus, or call Nuveen at (800) 621-7227. Please read the prospectus
carefully before you invest or send money.
Thank you for the confidence you have placed in Nuveen. We are committed to
maintaining the trust you have shown in us and look forward to meeting your
investment needs well into the next century.
Sincerely,
/s/Timothy R. Schwertfeger
Timothy R. Schwertfeger
Chairman of the Board
May 17, 1999
Sidebar text: "The solid track record of a proven investment manager is one key
to taking advantage of the attractive values currently available in the
municipal market."
<PAGE>
Nuveen New York Exchange-Traded Funds
Portfolio Manager's Comments
Portfolio manager Steve Peterson discusses the New York municipal market, recent
fund performance, and key investment strategies for the Nuveen New York
Exchange-Traded Funds. Steve, who joined Nuveen in 1988, manages a range of
Nuveen national and state municipal bond funds. He assumed portfolio management
responsibilities for the New York funds in early 1999.
What economic factors have affected the municipal market in New York?
Over the past 12 months, the economy of the state of New York continued to
improve, due largely to the ongoing success of the financial services sector,
particularly the securities industry centered in New York City. Based on the
increased tax revenues generated by this source, New York State - like many
other states and municipalities across the nation - is now enjoying a budget
surplus. This underscores the heavy influence of New York City - with 50% of the
state's population - on the state's economy. In recognition of New York City's
booming economy, both Standard & Poor's and Moody's upgraded the city's credit
rating from BBB+/Baa1 to A-/A3 in 1998. Although employment in the state has
improved over the past year, New York still lags the national economy in job
growth, with an unemployment rate of 5.0% in March, compared with the national
average of 4.2%. Several areas of the state have been hurt by the decline in
manufacturing brought on, in part, by the state's high tax rates, which have
made it difficult to attract new businesses and replace lost manufacturing jobs.
Although municipal issuance in New York during the first three months of 1999
was down slightly from the previous quarter, supply continues to be strong, with
$31.8 billion of new bonds issued in the 12-month period ended March 31,1999.
This compares favorably with the $32.3 billion of the prior year, especially
when we note that the Long Island Power Authority issue, the largest issuance in
municipal market history, accounted for $3.5 billion of the 1997-98 number.
Issuance in New York was driven by low interest rates and the state's
considerable capital needs to repair and replace an aging infrastructure.
Over the past year, the largest segment of new bonds came from the utilities
sector, along with heavy issuance from state appropriation programs for state
hospitals and schools, the City of New York, New York City Transitional Finance
Authority, and New York City Municipal Water Finance Authority. The majority of
funds raised by the Water Authority will be used to finance a third water tunnel
for New York City, a multi-billion dollar project that is expected to take
another 20 years to complete. The heavy supply of municipal bonds in New York
was met with one of the highest levels of demand in the nation, driven by the
combination of three factors: wealth (New York ranks among the top five states
in per capita income), population (the second largest state), and tax rate (one
of the highest in the country, especially for New York City residents).
How did the New York funds perform over the past year?
For the 12 months ended March 31, 1999, the Nuveen New York Exchange-Traded
Funds produced total returns on net asset value (NAV) ranging from 4.73% to
6.58%, providing taxable-equivalent returns of 8.12% to 9.64% (for investors in
the combined federal and state income tax rate of 35.5%), as shown in the
accompanying table. For comparison purposes, the total returns on the funds'
benchmarks - the Lehman Brothers New York Municipal Bond Index and the Lehman
New York Insured Municipal Bond Index - and the averages for the appropriate
Lipper New York Municipal Debt category are also provided.
<TABLE>
<CAPTION>
Lehman New York Lipper New York
Total Return on NAV Total Return(1) Average(2)
- ---------------------------------------------------------------
1-Year Ended Taxable- 1-Year Ended 1-Year Ended
3/31/99 Equivalent(3) 3/31/99 3/31/99
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
NNY 5.22% 8.12% 6.43% 5.02%
- ---------------------------------------------------------------
NNP 5.20% 8.93% 6.43% 6.07%
- ---------------------------------------------------------------
NQN 5.33% 9.05% 6.51% 6.07%
- ---------------------------------------------------------------
NVN 4.73% 8.26% 6.51% 6.07%
- ---------------------------------------------------------------
NUN 5.27% 8.65% 6.51% 6.07%
- ---------------------------------------------------------------
NNF 6.58% 9.64% 6.51% 6.07%
- ---------------------------------------------------------------
</TABLE>
Over the past year, the yield on the Bond Buyer Revenue Bond Index, an unmanaged
index of long-term municipal revenue bonds, fell only 10 basis points, an
indication of a relatively stable interest rate climate. In this environment,
the funds' durations (the measurement of a bond fund's price volatility in
response to interest rate changes) played a smaller, though still significant
role in determining their returns relative to the market. NNF, which had the
longest leverage-adjusted duration (9.18 years) among these funds as of March
31, 1999, also had the best performance over the past 12 months, while NVN, with
the shortest duration (5.43 years), produced the lowest return. Other factors
such as sector weightings, levels of call protection, and bond selection also
had an impact on the performance of each fund. For example, the upgrade of New
York City's credit rating by both Standard & Poor's and Moody's resulted in
price appreciation for bonds issued by the city. Because each of the New York
funds held a different percentage of New York City bonds, this contributed to
the performance differential.
1 NNY and NNP are compared with the Lehman Brothers New York Municipal Bond
Index, an unleveraged index comprising a broad range of New York
investment-grade municipal bonds. The remaining four Nuveen New York funds,
which are insured, are compared with the Lehman New York Insured Municipal
Bond Index, an unleveraged index covering a broad range of insured New York
municipal bonds. Results for Lehman indexes do not reflect any initial or
ongoing expenses.
2 The Lipper New York Peer Group returns represent the average annualized
returns of the funds in the Lipper New York Municipal Debt category. NNY, an
unleveraged fund, is compared with other unleveraged New York funds in the
Lipper data base, while NNP is compared with a leveraged New York peer group.
The remaining funds, which are insured and leveraged, are compared with the
New York Insured Leveraged category. Returns assume reinvestment of dividends
and do not reflect any applicable sales charges.
3 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>
How were the funds' dividends and share prices affected?
In the low interest rate environment of the past twelve months, good call
protection helped support the dividends of NVN, NUN, and NNF and shield the
income of these funds from erosion. In addition, excellent dividend management
strategies enabled us to increase the dividend of NNF in February 1999,
enhancing the competitiveness of its current market yield. As of March 31, 1999,
NVN had provided shareholders with 32 consecutive months of steady income, while
NUN and NNF had produced steady or increasing dividends since their inceptions.
During the past year, lower interest rates also led to an increase in the number
of bond calls, as issuers sought to reduce debt financing costs. In addition,
declining rates meant that proceeds from prepaid or matured bonds had to be
reinvested in issues paying relatively lower current rates. Both of these
situations contributed to reductions in the income levels of NNY, NNP, and NQN
and necessitated dividend cuts in these three funds. Even with these dividend
adjustments, all of the funds have continued to provide attractive market
yields.
As interest rates declined, active demand for funds such as NNF, with its
exceptional track record of steady income, and NNP, which offered the highest
yield among the six New York funds, resulted in solid share price performance.
For the remaining four funds, dividend adjustments and/or a higher potential for
bond calls led to declines in share price. At the same time, the funds' NAVs -
with the exception of NNF's - generally did not keep pace with gains in the
overall bond market. As a result of these changes, five of the funds saw their
premiums (share price above NAV) increase over the past year, while NNY, which
is the oldest New York fund, moved from a premium to a slight discount (share
price below NAV).
<TABLE>
<CAPTION>
Current Premium/ Total Return
Market Yield Discount to NAV(4) on Share Price
- -----------------------------------------------------------------------
1-Year
Taxable- Ended Taxable-
3/31/99 Equivalent(3) 3/31/98 3/31/99 3/31/99 Equivalent(5)
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NNY 5.19% 8.05% 3.25% -0.67% 1.36% 4.17%
- -----------------------------------------------------------------------
NNP 6.02% 9.33% 6.56% 8.56% 6.64% 10.12%
- -----------------------------------------------------------------------
NQN 5.82% 9.02% 9.97% 10.48% 5.04% 8.41%
- -----------------------------------------------------------------------
NVN 5.98% 9.27% 4.69% 6.31% 5.92% 9.30%
- -----------------------------------------------------------------------
NUN 5.74% 8.90% 4.37% 5.04% 5.70% 8.93%
- -----------------------------------------------------------------------
NNF 5.15% 7.98% 0.54% 5.18% 11.41% 14.44%
- -----------------------------------------------------------------------
</TABLE>
For additional information, see the individual Performance Overview for your
fund in this report.
What key strategies were used to manage the New York funds during the past year?
The focus of our management strategies for the New York Exchange-Traded Funds
continued to be on supporting the highest level of tax-exempt dividends
consistent with capital preservation. All of the New York Exchange-Traded Funds
are managed on a relative value basis, a strategy designed to add value and
maximize income. This strategy is based on the fact that every bond has a set of
characteristics (e.g., call protection, liquidity, underlying credit, coupon)
that fluctuate. Nuveen's excellent surveillance and research help us make the
buy/sell decisions that can benefit the funds.
Another strategy we used to manage the funds involved taking advantage of
changes in the yield curve. The yield curve plots the relationship between bond
yields and corresponding maturities. Usually, but not always, bonds with longer
maturities offer higher yields than those with shorter terms to maturity. When
the yield curve "steepens," the difference between short-term and long-term
interest rates widens; when the yield curve is "flat," the difference is
relatively small. As the yield curve steepens or flattens, different maturities
on the curve become more or less attractive. Over the past year, our objective
was to purchase bonds at the most attractive part of the curve and sell those at
the least attractive part. These trades enabled us to manage interest rate risk
while maintaining the funds' yields.
Overall, the credit quality of the non-insured Nuveen New York Exchange-Traded
Funds remained high. During the past six months, NNY traded up slightly in
credit quality, as the portion of the fund invested in bonds rated AAA and AA
rose from 66% to 69%. The fund also added some BBB rated bonds that represented
significant value. As of the end of March 1999, NNP had 76% of its portfolio
invested in bonds rated AAA and AA. Credit quality is not a major issue in the
remaining funds, which are 100% invested in insured or U.S. Guaranteed bonds.
In the area of call protection, NNY, which was brought to market in 1987 as the
first of the Nuveen New York Exchange-Traded Funds, continues to experience the
normal part of the market cycle in which bond calls are likely to occur. This
phase will continue until the year 2001, after which the fund will again offer
good levels of call protection. NNP, NQN, and NVN will begin to face a
significant number of bond calls between 2000 and 2002, while NUN and NNF are
protected until 2002 and 2003, respectively. To minimize the impact of bond
calls, we are already at work on strategies for managing through this period.
For funds with tax loss carry-forwards, our strategy will include managing the
tax liability by selling bonds due to be called at good prices and putting the
proceeds to work through the purchase of additional bonds. This should enable us
to provide some protection for the funds' income levels without incurring
capital gains.
What is Nuveen's outlook for the future?
Looking ahead for the Nuveen New York Exchange-Traded Funds, our focus will
remain on supporting the income streams of these funds. One of our strategies
for protecting fund income is to continue taking advantage of changes in the
yield curve. We will also look at positioning the funds' durations, particularly
that of NVN, so that the funds are better protected against any interest rate
volatility. These strategies demonstrate 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 fund shareholders.
In our opinion, municipal bonds are currently one of the most compelling values
in the investment marketplace. Over the past 12 months, the value of these
quality investments has been enhanced by excellent municipal-to-Treasury ratios
(with municipal yields comparable to Treasury yields even before the tax
advantage of municipals is taken into account) as well as a market environment
characterized by low interest rates and benign inflation. With continued
volatility in the equity markets and investors' increasing awareness of the need
for asset allocation rebalancing, the demand for municipal bond funds is
expected to grow. We believe that investors who take advantage of current
opportunities in the municipal market should be rewarded with healthy returns
and attractive yields in the months ahead.
3 Taxable-equivalent yield represents the yield on a taxable investment
necessary to equal the yield of the Nuveen fund on an after-tax basis. It is
based on a combined federal and state income tax rate of 35.5%.
4 A fund's premium or discount represents the ratio of the fund's share price to
its NAV.
5 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 Municipal Value Fund, Inc.
Performance Overview
As of March 31, 1999
NNY
Portfolio Statistics
==================================================
Inception Date 10/87
- --------------------------------------------------
Share Price $10 1/16
- --------------------------------------------------
Net Asset Value $10.13
- --------------------------------------------------
Market Yield 5.19%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.52%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal
and State)(1) 8.05%
- --------------------------------------------------
Fund Net Assets ($000) $153,189
- --------------------------------------------------
Effective Maturity (Years) 19.86
- --------------------------------------------------
Modified Duration (Years) 7.76
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 1.36% 5.22%
- --------------------------------------------------
5-Year 6.44% 5.82%
- --------------------------------------------------
10-Year 7.04% 7.34%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 4.17% 8.12%
- --------------------------------------------------
5-Year 9.81% 9.23%
- --------------------------------------------------
10-Year 10.53% 10.92%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
U.S. Guaranteed 20%
- --------------------------------------------------
Tax Obligation/Limited 18%
- --------------------------------------------------
Education and Civic Organizations 12%
- --------------------------------------------------
Long-TermCare 11%
- --------------------------------------------------
Healthcare 10%
- --------------------------------------------------
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.
NNY
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.0470
May 0.0435
Jun 0.0435
Jul 0.0435
Aug 0.0435
Sep 0.0435
Oct 0.0435
Nov 0.0435
Dec 0.0435
Jan 0.0435
Feb 0.0435
Mar 0.0435
Line chart
Share Price Performance
4/9/98 10.5
4/17/98 10.313
4/24/98 10
5/8/98 10
5/15/98 9.688
5/22/98 9.625
5/29/98 9.75
6/5/98 9.813
6/12/98 9.688
6/19/98 9.5
6/26/98 9.5
7/2/98 9.625
7/10/98 9.75
7/17/98 9.5
7/24/98 9.438
7/31/98 9.5
8/7/98 9.5
8/14/98 9.563
8/21/98 9.563
8/28/98 9.75
9/4/98 9.563
9/11/98 9.688
9/18/98 9.688
9/25/98 9.938
10/2/98 10.375
10/9/98 10.25
10/16/98 10.375
10/23/98 10.13
10/30/98 10.19
11/6/98 10.13
11/20/98 10.06
11/27/98 10
12/4/98 10.44
12/11/98 10.06
12/18/98 9.94
12/24/98 9.94
1/8/99 10.06
1/15/99 9.69
1/22/99 9.75
1/29/99 10
2/5/99 10.13
2/12/99 10
2/19/99 10.06
2/26/99 10.13
3/5/99 10.25
3/19/99 10.13
3/26/99 10.19
3/31/99 10.0625
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen New York Performance Plus Municipal Fund, Inc.
Performance Overview
As of March 31, 1999
NNP
Portfolio Statistics
==================================================
Inception Date 11/89
- --------------------------------------------------
Share Price $17 1/4
- --------------------------------------------------
Net Asset Value $15.89
- --------------------------------------------------
Market Yield 6.02%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.72%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal
and State)(1) 9.33%
- --------------------------------------------------
Fund Net Assets ($000) $340,493
- --------------------------------------------------
Effective Maturity (Years) 14.60
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 8.17
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 6.64% 5.20%
- --------------------------------------------------
5-Year 8.29% 6.67%
- --------------------------------------------------
Since Inception 8.31% 8.51%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 10.12% 8.93%
- --------------------------------------------------
5-Year 12.05% 10.55%
- --------------------------------------------------
Since Inception 12.06% 12.46%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
U.S. Guaranteed 38%
- --------------------------------------------------
Tax Obligation/Limited 14%
- --------------------------------------------------
Education and Civic Organizations 12%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
Healthcare 7%
- --------------------------------------------------
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.
NNP
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.0895
May 0.0895
Jun 0.0895
Jul 0.0895
Aug 0.0895
Sep 0.0895
Oct 0.0895
Nov 0.0865
Dec 0.0865
Jan 0.0865
Feb 0.0865
Mar 0.0865
Line chart
Share Price Performance
4/2/98 17.75
4/9/98 17.313
4/17/98 17.063
4/24/98 17.063
5/8/98 17.125
5/15/98 17.25
5/22/98 17.188
5/29/98 17.25
6/5/98 17.625
6/12/98 17.375
6/19/98 17.625
6/26/98 17.125
7/2/98 17.5
7/10/98 17.938
7/17/98 17.813
7/24/98 17.75
7/31/98 17.625
8/7/98 17.25
8/14/98 17.5
8/21/98 17.813
8/28/98 17.875
9/4/98 17.75
9/11/98 17.5
9/18/98 17.563
9/25/98 17.625
10/2/98 17.875
10/9/98 17.688
10/16/98 17.813
10/23/98 17.94
10/30/98 18
11/6/98 17.69
11/20/98 17.63
11/27/98 17.38
12/4/98 17.75
12/11/98 17.75
12/18/98 17.63
12/24/98 17.69
1/8/99 17.63
1/15/99 17.31
1/22/99 17.13
1/29/99 17.31
2/5/99 17.5
2/12/99 17.31
2/19/99 17.38
2/26/99 17.31
3/5/99 17.31
3/19/99 17.25
3/26/99 17.25
3/31/99 17.25
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen New York Investment Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 1999
NQN
Portfolio Statistics
==================================================
Inception Date 11/90
- --------------------------------------------------
Share Price $17 1/8
- --------------------------------------------------
Net Asset Value $15.50
- --------------------------------------------------
Market Yield 5.82%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.43%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal and
State)(1) 9.02%
- --------------------------------------------------
Fund Net Assets ($000) $392,803
- --------------------------------------------------
Effective Maturity (Years) 14.57
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 6.83
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 5.04% 5.33%
- --------------------------------------------------
5-Year 9.54% 6.36%
- --------------------------------------------------
Since Inception 8.25% 8.15%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 8.41% 9.05%
- --------------------------------------------------
5-Year 13.23% 10.14%
- --------------------------------------------------
Since Inception 11.90% 11.93%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
U.S. Guaranteed 45%
- --------------------------------------------------
Utilities 11%
- --------------------------------------------------
Healthcare 10%
- --------------------------------------------------
Transportation 8%
- --------------------------------------------------
Tax Obligation/Limited 8%
- --------------------------------------------------
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
NQN
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.089
May 0.089
Jun 0.089
Jul 0.086
Aug 0.086
Sep 0.086
Oct 0.086
Nov 0.086
Dec 0.086
Jan 0.086
Feb 0.083
Mar 0.083
Line chart
Share Price Performance
4/9/98 17.438
4/17/98 17.375
4/24/98 17.25
5/8/98 17.125
5/15/98 17.688
5/22/98 17.688
5/29/98 17.75
6/5/98 17.625
6/12/98 17.938
6/19/98 18.188
6/26/98 17.813
7/2/98 17.813
7/10/98 17.938
7/17/98 17.813
7/24/98 17.563
7/31/98 17.75
8/7/98 17.75
8/14/98 17.875
8/21/98 17.813
8/28/98 17.563
9/4/98 17.625
9/11/98 17.75
9/18/98 17.438
9/25/98 17.5
10/2/98 17.813
10/9/98 17.688
10/16/98 17.5
10/23/98 17.5
10/30/98 17.5
11/6/98 17.69
11/20/98 17.69
11/27/98 17.81
12/4/98 18
12/11/98 17.75
12/18/98 18.06
12/24/98 18.06
1/8/99 17.81
1/15/99 17.19
1/22/99 16.94
1/29/99 17.25
2/5/99 17.44
2/12/99 17.38
2/19/99 17.31
2/26/99 17.25
3/5/99 17.31
3/19/99 17.38
3/26/99 17.25
3/31/99 17.125
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen New York Select Quality Municipal Fund, Inc.
Performance Overview
As of March 31, 1999
NVN
Portfolio Statistics
==================================================
Inception Date 5/91
- --------------------------------------------------
Share Price $16 9/16
- --------------------------------------------------
Net Asset Value $15.58
- --------------------------------------------------
Market Yield 5.98%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.67%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal and
State)(1) 9.27%
- --------------------------------------------------
Fund Net Assets ($000) $512,142
- --------------------------------------------------
Effective Maturity (Years) 15.04
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 5.43
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 5.92% 4.73%
- --------------------------------------------------
5-Year 9.82% 6.77%
- --------------------------------------------------
Since Inception 7.84% 7.99%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 9.30% 8.26%
- --------------------------------------------------
5-Year 13.47% 10.41%
- --------------------------------------------------
Since Inception 11.46% 11.62%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
U.S. Guaranteed 31%
- --------------------------------------------------
Tax Obligation/Limited 18%
- --------------------------------------------------
Education and Civic Organizations 13%
- --------------------------------------------------
Healthcare 7%
- --------------------------------------------------
Utilities 7%
- --------------------------------------------------
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.
NVN
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.0825
May 0.0825
Jun 0.0825
Jul 0.0825
Aug 0.0825
Sep 0.0825
Oct 0.0825
Nov 0.0825
Dec 0.0825
Jan 0.0825
Feb 0.0825
Mar 0.0825
Line chart
Share Price Performance
4/2/98 16.25
4/9/98 16.375
4/17/98 16.125
4/24/98 16.125
5/8/98 16.375
5/15/98 16.75
5/22/98 16.313
5/29/98 16.438
6/5/98 16.938
6/12/98 16.875
6/19/98 16.875
6/26/98 16.563
7/2/98 16.813
7/10/98 17.063
7/17/98 17
7/24/98 16.938
7/31/98 17
8/7/98 16.75
8/14/98 16.625
8/21/98 16.938
8/28/98 17
9/4/98 16.813
9/11/98 16.813
9/18/98 16.75
9/25/98 16.625
10/2/98 17
10/9/98 16.938
10/16/98 16.688
10/23/98 16.75
10/30/98 17.06
11/6/98 16.94
11/20/98 17.19
11/27/98 17.13
12/4/98 17.25
12/11/98 17
12/18/98 17.38
12/24/98 17.38
1/8/99 17.19
1/15/99 17
1/22/99 16.63
1/29/99 16.69
2/5/99 17
2/12/99 17.19
2/19/99 17
2/26/99 17
3/5/99 17.06
3/19/99 16.81
3/26/99 16.75
3/31/99 16.5625
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen New York Quality Income Municipal Fund, Inc.
Performance Overview
As of March 31, 1999
NUN
Portfolio Statistics
==================================================
Inception Date 11/91
- --------------------------------------------------
Share Price $16 5/16
- --------------------------------------------------
Net Asset Value $15.53
- --------------------------------------------------
Market Yield 5.74%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 8.32%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal
and State)(1) 8.90%
- --------------------------------------------------
Fund Net Assets ($000) $541,909
- --------------------------------------------------
Effective Maturity (Years) 16.78
- --------------------------------------------------
Leverage-Adjusted Duration (Years) 6.15
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 5.70% 5.27%
- --------------------------------------------------
5-Year 9.97% 7.43%
- --------------------------------------------------
Since Inception 7.48% 7.69%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 8.93% 8.65%
- --------------------------------------------------
5-Year 13.53% 10.93%
- --------------------------------------------------
Since Inception 10.91% 11.11%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
U.S. Guaranteed 31%
- --------------------------------------------------
Education and Civic Organizations 19%
- --------------------------------------------------
Tax Obligation/Limited 16%
- --------------------------------------------------
Utilities 9%
- --------------------------------------------------
Transportation 9%
- --------------------------------------------------
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.
NUN
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.078
May 0.078
Jun 0.078
Jul 0.078
Aug 0.078
Sep 0.078
Oct 0.078
Nov 0.078
Dec 0.078
Jan 0.078
Feb 0.078
Mar 0.078
Line chart
Share Price Performance
4/2/98 16.375
4/9/98 16.125
4/17/98 16
4/24/98 16
5/8/98 16.188
5/15/98 15.75
5/22/98 15.813
5/29/98 16.375
6/5/98 16.75
6/12/98 16.75
6/19/98 16.063
6/26/98 16.063
7/2/98 16.25
7/10/98 16.5
7/17/98 16.188
7/24/98 16.063
7/31/98 16.188
8/7/98 16.438
8/14/98 16.438
8/21/98 16.625
8/28/98 16.5
9/4/98 16.563
9/11/98 16.438
9/18/98 16.5
9/25/98 16.438
10/2/98 16.75
10/9/98 16.75
10/16/98 17
10/23/98 16.69
10/30/98 16.81
11/6/98 16.75
11/20/98 16.63
11/27/98 16.5
12/4/98 16.75
12/11/98 16.81
12/18/98 16.63
12/24/98 16.81
1/8/99 16.56
1/15/99 15.81
1/22/99 15.94
1/29/99 16.38
2/5/99 16.38
2/12/99 16.31
2/19/99 16.5
2/26/99 16.38
3/5/99 16.38
3/19/99 16.56
3/26/99 16.44
3/31/99 16.3125
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
Nuveen Insured New York Premium Income Municipal Fund, Inc.
Performance Overview
As of March 31, 1999
NNF
Portfolio Statistics
==================================================
Inception Date 12/92
- --------------------------------------------------
Share Price $16 3/16
- --------------------------------------------------
Net Asset Value $15.39
- --------------------------------------------------
Market Yield 5.15%
- --------------------------------------------------
Taxable-Equivalent Yield (Federal Only)(1) 7.46%
- --------------------------------------------------
Taxable-Equivalent Yield
(Federal and State)(1) 7.98%
- --------------------------------------------------
Fund Net Assets ($000) $192,325
- --------------------------------------------------
Effective Maturity (Years) 18.08
- --------------------------------------------------
Modified Duration (Years) 9.18
- --------------------------------------------------
Annualized Total Return
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 11.41% 6.58%
- --------------------------------------------------
5-Year 12.40% 9.03%
- --------------------------------------------------
Since Inception 7.13% 7.21%
- --------------------------------------------------
Taxable-Equivalent Total Return(2)
==================================================
On Share Price On NAV
- --------------------------------------------------
1-Year 14.44% 9.64%
- --------------------------------------------------
5-Year 15.90% 12.34%
- --------------------------------------------------
Since Inception 10.44% 10.40%
- --------------------------------------------------
Top Five Sectors (as a % of total investments)
==================================================
Education and Civic Organizations 22%
- --------------------------------------------------
U.S. Guaranteed 21%
- --------------------------------------------------
Healthcare 14%
- --------------------------------------------------
Utilities 14%
- --------------------------------------------------
Tax Obligation/General 8%
- --------------------------------------------------
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>
NNF
Bar chart
1998-1999 Monthly Tax-Free Dividends Per Share(3)
Apr 0.0685
May 0.0685
Jun 0.0685
Jul 0.0685
Aug 0.0685
Sep 0.0685
Oct 0.0685
Nov 0.0685
Dec 0.0685
Jan 0.0685
Feb 0.0695
Mar 0.0695
Line chart
Share Price Performance
4/2/98 15.5
4/9/98 15.125
4/17/98 15
4/24/98 14.75
5/8/98 14.875
5/15/98 14.875
5/22/98 14.688
5/29/98 15.125
6/5/98 15.063
6/12/98 15.125
6/19/98 15.063
6/26/98 15.313
7/2/98 15.375
7/10/98 15.5
7/17/98 15.438
7/24/98 15.313
7/31/98 15.375
8/7/98 15.563
8/14/98 15.688
8/21/98 15.938
8/28/98 15.813
9/4/98 15.438
9/11/98 15.563
9/18/98 15.688
9/25/98 15.75
10/2/98 15.875
10/9/98 15.875
10/16/98 16.125
10/23/98 15.81
10/30/98 16.06
11/6/98 15.94
11/20/98 15.94
11/27/98 16
12/4/98 16.31
12/11/98 16.31
12/18/98 16.5
12/24/98 16.31
1/8/99 15.88
1/15/99 15.69
1/22/99 15.81
1/29/99 15.75
2/5/99 16.19
2/12/99 16.19
2/19/99 16.19
2/26/99 16.25
3/5/99 16.44
3/19/99 16.19
3/26/99 16.13
3/31/99 16.1875
Weekly Closing Price
Past performance is not predictive of future results.
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments
Nuveen New York Municipal Value Fund, Inc. (NNY)
March 31, 1999
(Unaudited)
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 11.7%
$ 2,000,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA $ 2,119,360
Revenue Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/27
1,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 A- 1,059,460
Educational Facilities Revenue Bonds, Series 1990A, 7.400%, 5/15/01
Dormitory Authority of the State of New York, City University
System Consolidated Second General Resolution Revenue Bonds,
Series 1993A:
1,000,000 5.750%, 7/01/18 No Opt. Call BBB+ 1,088,690
1,000,000 6.000%, 7/01/20 No Opt. Call BBB+ 1,122,140
11,080,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 BBB+ 10,706,272
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20
2,000,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A- 1,864,200
Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
Health Care - 10.5%
500,000 Cattaraugus County (New York), Industrial Development Agency, Civic 8/08 at 102 A+ 494,880
Facility Revenue Bonds, Series 1998A (Olean General Hospital
Project), 5.250%, 8/01/23
3,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/09 at 101 AAA 2,948,310
1999 Series A, 5.000%, 2/15/20
2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph 2/07 at 102 AAA 2,368,328
Gurwin Jewish Geriatric Center of Long Island, Inc., FHA-Insured
Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37
4,000,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 3,754,120
Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1998, 4.750%, 8/01/27
895,000 New York State Medical Care Facilities Finance Agency, Hospital and 8/99 at 100 AA 906,805
Nursing Home Insured Mortgage Revenue Bonds, 1987 Series A,
8.000%, 2/15/27
820,000 New York State Medical Care Facilities Finance Agency, St. Luke's- 8/03 at 102 AAA 856,105
Roosevelt Hospital Center, FHA-Insured Mortgage Revenue Bonds,
1993 Series A, 5.600%, 8/15/13
2,990,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/05 at 102 AAA 3,275,665
Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1995 Series B,
6.250%, 2/15/15
1,330,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,427,595
Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 3.1%
465,000 New York City Housing Development Corporation, Mortgage Revenue Bonds 2/00 at 102 Aa1 483,386
(South Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/23
(Alternative Minimum Tax)
1,395,000 New York City Housing Development Corporation, Mortgage Revenue 9/00 at 102 Aa1 1,472,464
Bonds (South Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23
(Alternative Minimum Tax)
1,500,000 New York City Housing Development Corporation, Multifamily Mortgage 4/03 at 102 AAA 1,610,235
Revenue Bonds (FHA-Insured Mortgage Loan), 1993 Series A,
6.550%, 10/01/15
1,135,000 New York State Housing Finance Agency, Multifamily Housing Revenue No Opt. Call Aa1 1,137,883
Bonds (Secured Mortgage Program), Series 1999B, 5.400%, 8/15/31
(Alternative Minimum Tax) (WI)
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.4%
8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/01 at 19 11/32 Aa2 1,342,666
Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax)
3,750,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 9/08 at 101 Aa2 3,781,913
Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Long-Term Care - 10.7%
$ 2,015,000 Village of East Rochester (New York), Housing Authority, FHA-Insured 8/07 at 102 AAA $ 2,133,139
Mortgage Revenue Bonds (St. Johns Meadows Project), Series 1997A,
5.750%, 8/01/37
3,125,000 Village of East Rochester (New York), Housing Authority, FHA-Insured 8/08 at 101 AAA 3,088,844
Mortgage Revenue Bonds (St. Johns Meadows Project), Series 1998A,
5.250%, 8/01/38
3,000,000 Dormitory Authority of the State of New York, Hebrew Home for the 2/07 at 102 AA 3,256,020
Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds,
6.125%, 2/01/37
2,000,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102 AA 2,128,660
Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series
1996, 5.950%, 8/01/26
1,000,000 Dormitory Authority of the State of New York, Eger Health Care 2/08 at 102 AAA 978,490
Center of Staten Island, FHA-Insured Mortgage Nursing Home Revenue
Bonds, Series 1998, 5.100%, 2/01/28
1,565,000 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 1,707,399
and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C,
6.550%, 8/15/12
3,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured 2/08 at 102 AAA 3,138,960
Mortgage Revenue Bonds (Loretto Rest Residential Health Care
Facility Project), Series 1997A, 5.600%, 8/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 6.4%
25,000 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 27,206
Series C, 6.300%, 8/01/03
1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995 No Opt. Call A- 1,255,310
Series D, 6.600%, 2/01/04
1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996 No Opt. Call A- 1,539,217
Series B, 6.750%, 8/15/03
2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996 3/06 at 101 1/2 A- 3,100,305
Series I, 5.875%, 3/15/18
135,000 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 A- 153,364
Series D, 9.500%, 8/01/02
2,305,000 The City of New York, General Obligation Bonds, Fiscal 1997 10/07 at 101 A- 2,518,166
Series G, 6.000%, 10/15/26
1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 1,247,700
Plant Serial Bonds of 1994, 7.250%, 11/01/11 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 18.3%
250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, 11/03 at 102 A 266,158
Junior Revenue Refunding Bonds, 5.800%, 11/01/22
5,000,000 Metropolitan Transportation Authority (New York), Dedicated Tax 4/07 at 101 AAA 5,075,800
Fund Bonds, Series 1996A, 5.250%, 4/01/26
6,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AA 5,968,020
Tax Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21
250,000 Dormitory Authority of the State of New York, Judicial Facilities 4/99 at 116 9/32 Baa1 287,263
Lease Revenue Bonds (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14
1,000,000 Dormitory Authority of the State of New York, Court Facilities 5/03 at 101 1/2 A3 1,041,950
Lease Revenue Bonds (The City of New York Issue), Series 1993A,
5.700%, 5/15/22
3,125,000 Dormitory Authority of the State of New York, Mental Health 8/07 at 101 AAA 3,124,813
Services Facilities Improvement Revenue Bonds, Series 1997D,
5.125%, 8/15/27
3,000,000 Dormitory Authority of the State of New York, Mental Health Services 8/08 at 101 AAA 2,956,650
Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23
3,100,000 Dormitory Authority of the State of New York, Insured Revenue Bonds 7/09 at 101 AAA 3,250,474
(853 Schools Program 1999 Issue 1), Green Chimneys School for
Little Folk, Series 1999A, 5.500%, 7/01/18 (WI)
1,000,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk Housing 11/99 at 100 Baa2 1,014,730
Revenue Bonds, 1989 Series A, 8.100%, 11/01/05
855,000 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 911,704
Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08
10,000 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 BBB+ 11,114
Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
10,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 102 AAA 10,821
Health Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 1,000,000 New York State Urban Development Corporation, State Facilities No Opt. Call BBB+ $ 1,088,280
Revenue Bonds, 1995 Refunding Series, 5.750%, 4/01/11
3,000,000 City School District of the City of Niagara Falls (New York), 6/08 at 101 BBB- 2,999,730
Certificates of Participation (High School Facility), Series
1998, 5.375%, 6/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 4.5%
2,015,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 2,018,023
Facilities Revenue Bonds, Series 1997D, 5.125%, 7/01/22
2,000,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,992,320
Revenue Bonds, Series 1998 (1998 British Airways PLC Project),
5.250%, 12/01/32 (Alternative Minimum Tax)
3,000,000 New York State Thruway Authority, General Revenue Refunding Bonds, 1/08 at 101 AA- 2,925,540
Series E, 5.000%, 1/01/25
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 20.1%
3,365,000 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 Aaa 3,855,112
Series D, 9.500%, 8/01/02(Pre-refunded to 8/01/01)
20,000 The City of New York, General Obligation Bonds, Fiscal 1997 10/07 at 101 A-*** 22,693
Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07)
1,000,000 New York City Municipal Water Finance Authority (New York), 6/01 at 101 1/2 Aaa 1,102,480
Water and Sewer System Revenue 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 8/01 at 102 Aaa 2,891,668
Revenue Bonds (YMCA of Greater New 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 No Opt. Call AAA 5,015,760
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
4,145,000 New York State Housing Finance Agency, Health Facilities, 11/00 at 102 AAA 4,521,117
Revenue Bonds (New York City) 1990 Series A Refunding, 8.000%,
11/01/08 (Pre-refunded to 11/01/00)
1,000,000 New York Local Government Assistance Corporation, New York, 4/01 at 102 AAA 1,094,560
Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01)
990,000 New York State Housing Finance Agency, Service Contract 9/04 at 102 AAA 1,122,502
Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14
(Pre-refunded to 9/15/04)
110,000 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 121,773
and Nursing Home Insured Mortgage 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 2/02 at 102 AAA 1,077,595
Health Services Facilities Improvement 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 1/01 at 100 AAA 2,292,245
Service Contract Bonds, Series 1991, 6.000%, 1/01/11
(Pre-refunded to 1/01/01)
5,000,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 5,459,650
Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded
to 1/01/01)
New York State Urban Development Corporation, State Facilities
Revenue Bonds, Series 1991:
1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,094,560
1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,094,560
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 6.9%
3,500,000 Erie County (New York), Industrial Development Agency, Solid 12/10 at 103 N/R 3,536,190
Waste Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna
Project), 8.875%, 12/01/13 (Alternative Minimum Tax)
5,000,000 Long Island Power Authority (New York), Electric System General 6/08 at 101 A- 5,001,700
Revenue Bonds, Series 1998A, 5.250%, 12/01/26
1,000,000 New York State Energy Research and Development Authority, 1/00 at 101 A+ 1,037,840
Electric Facilities Revenue Bonds, Series 1991 A
(Consolidated Edison Company of New York, Inc. Project),
7.500%, 1/01/26 (Alternative Minimum Tax)
1,000,000 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 1,037,620
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company
Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Water and Sewer - 5.0%
$ 1,425,000 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 A $ 1,504,000
Revenue Bonds, Series 1992 (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, 5/06 at 102 AAA 6,155,410
Series 1995, 5.650%, 5/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
$ 154,675,000 Total Investments - (cost $145,537,888) - 100.6% 154,075,682
=============-----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 1.3%
$ 1,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, VMIG-1 1,000,000
Series B (Soloman R. Guggenheim Foundation), Variable Rate Demand Bonds,
2.950%, 12/01/15+
1,000,000 New York State Energy Research and Development Authority, Pollution VMIG-1 1,000,000
Control Revenue Bonds, Niagara Mohawk Corporation, Series A, Variable
Rate Demand Bonds, 2.950%, 3/01/27+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,000,000 Total Temporary Investments - 1.3% 2,000,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - (1.9)% (2,886,597)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 153,189,085
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to
be equivalent to AAA rated securities.
N/R Investment is not rated.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically
based on market conditions or a specified marked index.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP)
MARCH 31, 1999
(UNAUDITED)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 11.2%
$ 1,285,000 Cattaraugus County (New York), Industrial Development Agency, 9/08 at 101 BBB $ 1,240,719
Civic Facility Revenue Bonds (St. Bonaventure University
Construction Project), Series 1998B, 5.000%, 9/15/13
3,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, 4/07 at 101 AAA 3,179,040
Series 1997A(American Museum of Natural History), 5.650%, 4/01/27
750,000 Dormitory Authority of the State of New York, College and University 6/99 at 102 AAA 769,485
Revenue Bonds (Pooled Capital Program), Series 1985, 7.800%, 12/01/05
2,500,000 Dormitory Authority of the State of New York, State University No Opt. Call A- 2,756,975
Educational Facilities Revenue Bonds, Series 1993A, 5.875%, 5/15/17
3,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 3,412,140
Consolidated Revenue Bonds, 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+ 1,037,610
11,350,000 5.000%, 7/01/20 7/03 at 100 BBB+ 10,967,165
1,000,000 Dormitory Authority of the State of New York, City University System 7/05 at 102 AAA 1,043,210
Consolidated Second General Resolution Revenue Bonds,
Series 1995A, 5.375%, 7/01/14
1,500,000 Dormitory Authority of the State of New York, St. Thomas Aquinas 7/08 at 101 AA 1,489,890
College Insured Revenue Bonds, Series 1998, 5.250%, 7/01/28
3,425,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A- 3,192,443
Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28
Dormitory Authority of the State of New York, City University
System Consolidated Third General Resolution Revenue Bonds, 1998
Series 2:
1,490,000 5.000%, 7/01/17 7/08 at 101 BBB+ 1,462,778
1,055,000 5.000%, 7/01/18 7/08 at 101 BBB+ 1,031,326
7,000,000 5.000%, 7/01/28 7/08 at 101 BBB+ 6,724,130
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 6.7%
2,000,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 2,170,680
and Medical Center of New York, 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, 2/08 at 102 AA 1,012,710
FHA-Insured MortgageHospital Revenue Bonds, Series 1998,
5.250%, 2/01/18
10,000,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/02 at 102 AAA 10,602,500
Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series B,
6.200%, 8/15/22
2,580,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/05 at 102 AAA 2,826,493
Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1995 Series B,
6.250%, 2/15/15
5,800,000 New York State Medical Care Facilities Financing Agency, FHA-Insured 2/05 at 102 AA 6,304,020
Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 5.1%
1,000,000 Hudson Housing Development Corporation (Hudson, New York), 1/03 at 101 Aaa 1,051,920
Multifamily Mortgage Revenue Refunding Bonds, 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 6/01 at 102 AAA 6,211,035
Mortgage Refunding Bonds (FHA-Insured Mortgage Loans),
1991 Series A, 7.350%, 6/01/19
3,160,000 New York State Housing Finance Agency, Multifamily Housing Revenue 11/99 at 102 AAA 3,265,291
Bonds (AMBAC Insured Program), 1989 Series B, 7.550%,
11/01/29 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Multifamily (continued)
$ 1,585,000 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102 Aa1 $1,709,486
Revenue Bonds (Secured Mortgage Program), 1992 Series A,
7.000%, 8/15/12 (Alternative Minimum Tax)
4,835,000 Puerto Rico Housing Finance Corporation, Multifamily 4/00 at 102 AA 5,079,506
Mortgage Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 3.0%
45,135,000 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 19 11/32 Aa2 7,385,891
Revenue Bonds Series VV, 0.000%, 10/01/23
(Alternative Minimum Tax)
1,460,000 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102 AAA 1,564,098
Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26
(Alternative Minimum Tax)
1,250,000 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa2 1,260,638
Revenue Bonds, Series 73-A, 5.250%, 10/01/17
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 2.2%
3,000,000 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,244,320
FHA-Insured Mortgage Project Revenue Bonds,
1995 Series C, 6.100%, 8/15/15
4,000,000 Syracuse Housing Authority (Syracuse, New York), 2/08 at 102 AAA 4,185,280
FHA-Insured Mortgage Revenue Bonds (Loretto Rest Residential
Health Care Facility Project), Series 1997A, 5.600%, 8/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 2.7%
35,000 The City of New York, General Obligation Bonds, No Opt. Call A- 35,275
Fiscal 1991 Series B, 8.000%, 6/01/99
1,500,000 The City of New York, General Obligation Bonds, No Opt. Call A- 1,493,730
Fiscal 1991 Series F, 3.000%, 11/15/00
15,000 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 16,396
Fiscal 1992 Series C, 6.625%, 8/01/12
1,000,000 The City of New York, General Obligation Bonds, 5/03 at 101 1/2 AAA 1,071,680
Fiscal 1993 Series E, 5.750%, 5/15/13
60,000 The City of New York, General Obligation Bonds, 8/01 at 101 1/2 A- 68,162
Fiscal 1991 Series D, 9.500%, 8/01/02
2,065,000 The City of New York, General Obligation Bonds, 2/05 at 101 A- 2,298,965
Fiscal 1995 Series F, 6.375%, 2/15/06
1,500,000 The City of New York, General Obligation Bonds, 8/08 at 101 A- 1,450,740
Fiscal 1999 Series C, 5.000%, 8/15/22
2,095,000 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,689,498
Treatment Plant Serial Bonds, 1994, 8.000%, 11/01/09
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 13.6%
7,000,000 Metropolitan Transportation Authority (New York), 4/07 at 101 AAA 7,106,120
Dedicated Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26
6,000,000 New York City (New York), Transitional Finance Authority, 8/07 at 101 AA 5,968,020
Future Tax Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21
4,365,000 Dormitory Authority of the State of New York, Mental 2/08 at 102 AAA 4,290,097
Health Services Facilities Improvement Revenue Bonds,
Series 1998B, 5.000%, 2/15/23
4,000,000 Dormitory Authority of the State of New York, Mental 8/08 at 101 AAA 3,942,200
Health Services Facilities Improvement Revenue Bonds,
Series 1998D, 5.000%, 2/15/23
7,000,000 Dormitory Authority of the State of New York, Mental 2/09 at 101 AAA 6,730,010
Health Services Facilities Improvement Revenue Bonds,
Series 1999C, 4.750%, 8/15/19
4,210,000 Dormitory Authority of the State of New York, 7/09 at 101 BBB+ 4,115,528
4201 Schools Program Revenue Bonds, Series 1998,
5.000%, 7/01/18
940,000 New York State Housing Finance Agency, Health 11/00 at 102 BBB+ 1,002,341
Facilities Revenue Bonds (New York City),
1990 Series A Refunding, 8.000%, 11/01/08
1,195,000 New York State Medical Care Facilities Finance Agency, 2/00 at 102 A3 1,258,909
Mental Health Services Facilities Improvement Revenue
Bonds, 1990 Series A, 7.750%, 2/15/20
335,000 New York State Medical Care Facilities Finance Agency, 8/00 at 102 A3 359,696
Mental Health Services Facilities Improvement
Revenue Bonds, 1990 Series B, 7.875%, 8/15/20
10,000 New York State Medical Care Facilities Finance Agency, 2/02 at 102 A- 11,010
Mental Health Services Facilities Improvement
Revenue Bonds, 1991 Series D, 7.400%, 2/15/18
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED (CONTINUED)
$ 6,900,000 New York State Urban Development Corporation, Correctional 1/08 at 102 BBB+ $ 6,630,072
Facilities Service Contract Revenue Bonds, Series A,
5.000%, 1/01/28
5,000,000 City School District of the City of Niagara Falls (New York), 6/08 at 101 BBB- 4,999,550
Certificates of Participation (High School Facility), Series 1998,
5.375%, 6/15/28
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.7%
15,525,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/08 at 101 BBB+ 15,512,114
Revenue Bonds, Series 1998A, 5.250%, 7/01/28
2,000,000 Monroe County Airport Authority, Greater Rochester International 1/00 at 102 AAA 2,092,240
Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative
Minimum Tax)
2,250,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 2,241,360
Revenue Bonds, Series 1998 (1998 British Airways PLC Project),
5.250%, 12/01/32 (Alternative Minimum Tax)
2,500,000 New York State Thruway Authority, General Revenue Refunding Bonds, 1/08 at 101 AA- 2,437,950
Series E, 5.000%, 1/01/25
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/07 at 101 AAA 2,588,325
One Hundred Ninth Series, 5.375%, 7/15/27
1,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101 AA- 1,478,700
One Hundred Eleventh Series, 5.000%, 10/01/27
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 37.1%
2,500,000 Battery Park City Authority, Revenue Bonds, Series 1990, 6.500%, 5/99 at 100 AAA 2,507,025
5/01/20 (Pre-refunded to 5/01/99)
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/00 at 102 AAA 5,888,245
1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16
(Pre-refunded to 7/01/00)
1,000,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/00 at 101 1/2 AAA 1,065,790
1987 Service Contract Bonds, Series 4, 7.500%, 7/01/19
(Pre-refunded to 7/01/00)
1,000,000 Monroe County Water Authority (New York), Series 1991 B, Water 8/01 at 101 AAA 1,075,400
System Revenue Bonds, 6.500%, 8/01/16 (Pre-refunded to 8/01/01)
990,000 The City of New York, General Obligation Bonds, Fiscal 1991 No Opt. Call AAA 997,979
Series B, 8.000%, 6/01/99
1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990 10/99 at 101 1/2 AAA 1,397,385
Series B, 7.250%, 10/01/06
35,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 38,662
Fixed Rate Bonds, 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, 3/00 at 101 1/2 AAA 530,120
8.000%, 3/15/13 (Pre-refunded to 3/15/00)
1,440,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Aaa 1,649,736
9.500%, 8/01/02 (Pre-refunded to 8/01/01)
275,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, No Opt. Call Aaa 299,057
6.500%, 8/01/02
535,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series F, 2/05 at 101 A-*** 604,373
6.375%, 2/15/06 (Pre-refunded to 2/15/05)
1,250,000 New York City Municipal Water Finance Authority (New York), Water 6/99 at 101 1/2 A*** 1,278,988
and Sewer System Revenue Bonds, Fiscal 1990 Series A, 7.250%, 6/15/11
(Pre-refunded to 6/15/99)
250,000 New York City Municipal Water Finance Authority (New York), Water 6/00 at 101 1/2 Aaa 266,113
and Sewer System Revenue Bonds, 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 (New York), Water 6/01 at 101 1/2 Aaa 4,409,920
and Sewer System Revenue Bonds, 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, 1/00 at 102 AAA 5,996,172
Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20
(Pre-refunded to 1/01/00)
3,970,000 Dormitory Authority of the State of New York, United Health Services, 2/00 at 102 N/R*** 4,178,941
Inc., FHA-Insured Mortgage Revenue Bonds, Series 1989, 7.350%, 8/01/29
(Pre-refunded to 2/01/00)
10,000,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 Aaa 10,721,100
Consolidated Revenue Bonds, 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, 7/00 at 102 Aaa 7,350,187
Department of Health of the State of New York Issue, Series 1990,
7.700%, 7/01/20 (Pre-refunded to 7/01/00)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (CONTINUED)
$ 2,190,000 Dormitory Authority of the State of New York, Vassar College Revenue 7/00 at 102 AAA $ 2,337,956
Bonds, Series 1990, 7.250%, 7/01/15 (Pre-refunded to 7/01/00)
4,400,000 Dormitory Authority of the State of New York, Upstate Community 7/00 at 102 Baa1*** 4,708,044
Colleges, 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 2,150,280
2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,150,280
2,600,000 Dormitory Authority of the State of New York, State University 5/00 at 102 Aaa 2,768,974
Educational Facilities Revenue Bonds, Series 1990B, 7.375%, 5/15/14
(Pre-refunded to 5/15/00)
Dormitory Authority of the State of New York, State University
Educational Facilities Revenue Bonds, Series 1989B:
3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,350,403
350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 372,267
1,000,000 New York State Environmental Facilities Corporation, State Water 6/01 at 102 Aaa 1,096,600
Pollution Control Revolving Fund Revenue Bonds, Series 1991 A
(New York City Municipal Water Finance Authority Project),
7.250%, 6/15/10 (Pre-refunded to 6/15/01)
4,560,000 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 AAA 4,973,774
Bonds (New York City), 1990 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, 4/01 at 102 AAA 3,269,340
7.250%, 4/01/18 (Pre-refunded to 4/01/01)
8,000,000 New York Local Government Assistance Corporation, Series 1991B, 4/01 at 102 AAA 8,756,480
7.500%, 4/01/20 (Pre-refunded to 4/01/01)
4,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's- 2/00 at 102 AAA 4,752,945
Roosevelt Hospital Center, 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 8/00 at 102 AAA 1,395,518
Insured Mortgage Revenue Bonds, 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 2/00 at 102 Aaa 1,275,818
Health Services Facilities 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 8/00 at 102 Aaa 2,235,497
Health Services Facilities Improvement Revenue Bonds,
7.875%, 8/15/20 (Pre-refunded to 8/15/00)
2,000,000 New York State Medical Care Facilities Finance Agency, Mental 2/01 at 102 Aaa 2,178,820
Health Services Facilities Improvement Revenue Bonds, 1991 Series A,
7.500%, 2/15/21 (Pre-refunded to 2/15/01)
810,000 New York Medical Care Facilities Finance Agency, Mental Health Services 2/02 at 102 A-*** 903,596
Facilities Improvement 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 1/01 at 100 AAA 4,792,878
Contract Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01)
6,225,000 New York State Urban Development Corporation, Correctional 1/00 at 102 Aaa 6,526,041
Facilities Revenue Bonds, Series G, 7.000%, 1/01/17
(Pre-refunded to 1/01/00)
New York State Urban Development Corporation, Correctional
Facilities Revenue Bonds, Series 1:
4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,214,880
1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 AAA 1,051,880
5,655,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 6,174,864
Bonds (Onondaga County Convention Center), Series 1990,
7.875%, 1/01/20 (Pre-refunded to 1/01/01)
2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording 1/00 at 101 AAA 2,078,860
Tax Special Obligation Bonds, Series 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, 12/00 at 102 AAA 2,418,970
Series 1990-C, 7.375%, 12/01/09 (Pre-refunded to 12/01/00)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - 4.1%
$ 1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue 7/04 at 102 AAA $ 1,091,720
Bonds (1985 Facility - Series B (1994)), 6.125%, 7/01/13
(Alternative Minimum Tax)
3,375,000 Long Island Power Authority, Electric System General Revenue Bonds, 6/08 at 101 AAA 3,380,434
Series 1998A, 5.125%, 12/01/22
5,000,000 New York City Industrial Development Agency, Industrial Development 10/08 at 102 BBB- 5,129,100
Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project),
Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax)
3,100,000 New York State Energy Research and Development Authority, Electric 7/99 at 101 A+ 3,160,605
Facilities Revenue Bonds, Series 1990A (Consolidated Edison Company
of New York, Inc. Project), 7.500%, 7/01/25
(Alternative Minimum Tax)
1,000,000 New York State Energy Research and Development Authority, Solid 12/03 at 102 AAA 1,041,210
Waste Disposal Revenue Bonds (New York State Electric and Gas
Corporation Project), 1993 Series A, 5.700%, 12/01/28
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.7%
1,000,000 New York City Municipal Water Finance Authority, Water and 6/02 at 101 1/2 AAA 1,039,660
Sewer System Revenue Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18
9,825,000 New York State Environmental Facilities Corporation, State Water 6/00 at 102 Aa1 10,479,836
Pollution Control Revolving Fund Revenue Bonds, Series 1990 A
(New York City Municipal Water Finance Authority Project),
7.500%, 6/15/12
985,000 New York State Environmental Facilities Corporation, State Water 11/04 at 102 AAA 1,132,216
Pollution Control Revolving Fund Revenue Bonds, Series 1994 D,
(Pooled Loan Issue), 6.900%, 5/15/15
- ------------------------------------------------------------------------------------------------------------------------------------
$ 355,680,000 Total Investments - (cost $312,109,804) - 97.1% 330,714,406
=============-----------------------------------------------------------------------------------------------------------------------
TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 1.8%
3,700,000 New York State Energy Research and Development Authority, Pollution VMIG-1 3,700,000
Control Revenue Bonds, Niagara Mohawk Power Corporation, Series C,
Variable Rate Demand Bonds, 3.200%, 12/01/25+
2,500,000 Syracuse, New York, Industrial Development Agency, Civic Facility VMIG-1 2,500,000
Revenue Bonds (Syracuse University Project), Variable Rate
Demand Bonds, 2.950%, 3/01/23+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 6,200,000 Total Temporary Investments - 1.8% 6,200,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.1% 3,578,332
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 340,492,738
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to
be equivalent to AAA rated securities.
N/R Investment is not rated.
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically
based on market conditions or a specified marked index.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN)
MARCH 31, 1999
(UNAUDITED)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 6.5%
$ 2,260,000 New York City Industrial Development Agency, Civic Facility Refunding 7/08 at 101 AAA $ 2,029,593
and Equipment Revenue Bonds (1998 Lighthouse International Project),
4.500%, 7/01/33
5,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 5,319,900
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15
3,000,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 2,959,200
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20
4,000,000 Dormitory Authority of the State of New York, City University System 1/08 at 102 AAA 3,999,680
Consolidated Third General Resolution Revenue Bonds, 1997 Series 1,
5.125%, 7/01/27
4,360,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 4,277,509
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
1,400,000 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 1,324,792
Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25
3,500,000 Dormitory Authority of the State of New York, The Culinary Institute 7/09 at 101 Aaa 3,450,020
of America Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22
2,265,000 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101 Aaa 2,222,146
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 10.0%
1,250,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/03 at 102 AAA 1,308,438
1993 Series A, 5.750%, 2/15/22
3,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/09 at 101 AAA 2,948,310
1999 Series A, 5.000%, 2/15/20
1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, 2/06 at 102 AAA 1,053,320
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A,
5.750%, 8/01/24
3,135,000 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 3,070,200
Insured Revenue Bonds (Southside Hospital), Series 1998,
5.000%, 2/15/25
10,000,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 9,738,200
Presbyterian Hospital, FHA-InsuredMortgage Hospital Revenue Bonds,
Series 1998, 5.000%, 8/01/32
5,000,000 Dormitory Authority of the State of New York, Highland Hospital of 2/08 at 102 AAA 5,171,700
Rochester, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997A,
5.400%, 8/01/27
3,280,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA 3,222,928
System Obligated Group), North Shore University Hospital Revenue Bonds,
Series 1998, 5.000%, 11/01/23
12,000,000 New York State Medical Care Facilities Finance Agency, North Shore 11/00 at 102 AAA 12,942,840
University Hospital, Mortgage Project Revenue Bonds,
1990 Series A, 7.200%, 11/01/20
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/MULTIFAMILY - 4.4%
10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage 6/01 at 102 AAA 10,801,800
Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19
New York State Finance Agency, Housing Project Mortgage Revenue
Bonds, 1996 Series A Refunding:
1,970,000 6.100%, 11/01/15 5/06 at 102 AAA 2,139,144
2,985,000 6.125%, 11/01/20 5/06 at 102 AAA 3,223,322
985,000 New York State Housing Finance Agency, Insured Multifamily Mortgage 8/04 at 102 AAA 1,063,426
Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 1.7%
2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 2,360,858
7.250%, 3/15/19
2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,726,867
1,500,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,453,515
Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TAX OBLIGATION/LIMITED - 7.8%
$ 6,500,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA $ 6,133,985
Series 1998A, 4.750%, 4/01/28
1,250,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 1,361,713
Services, Inc. Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23
2,500,000 Dormitory Authority of the State of New York, Mental Health Services 8/07 at 101 AAA 2,499,850
Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27
4,860,000 Dormitory Authority of the State of New York, Mental Health Services 2/08 at 102 AAA 4,776,602
Facilities Improvement Revenue Bonds, Series 1998A, 5.000%, 2/15/23
2,250,000 Dormitory Authority of the State of New York, Insured Revenue Bonds 7/08 at 101 AAA 2,240,190
(853 Schools Program, 1998 Issue 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 2/09 at 101 AAA 1,893,180
Services Facilities Improvement Revenue Bonds, Series 1999C,
4.750%, 8/15/22
2,250,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,252,925
State Park, Special Obligation Refunding Revenue Bonds, 1996 Series,
5.125%, 4/01/22
35,000 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 37,851
Health Services Facilities Improvement Revenue Bonds, 1995 Series A,
6.000%, 2/15/25
215,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 231,310
Health Services Facilities Improvement Revenue Bonds, 1992 Series B,
6.250%, 8/15/18
40,000 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102 AAA 44,289
Health Services Facilities Improvement Revenue Bonds, 1994 Series E,
6.250%, 8/15/19
2,080,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 2,098,366
Health Services Facilities Improvement Revenue Bonds, 1993 Series F
Refunding, 5.250%, 2/15/19
1,530,000 Empire Development Corporation, New York State Urban Development 1/06 at 102 AAA 1,573,957
Corporation, Correctional Capital Facilities Revenue Bonds Series 6,
5.375%, 1/01/25
5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 5,350,300
Bonds, Series 1991B, 6.875%, 1/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 7.9%
1,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 1,218,397
Bonds, Series 1997C, 5.375%, 7/01/27
2,625,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 2,588,381
Bonds, Series 1997E, 5.000%, 7/01/21
9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 4/01 at 101 AAA 9,551,160
Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax)
Puerto Rico Port Authority, Revenue Bonds, Series D:
5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,683,073
11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,957,930
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 43.8%
5,500,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/02 at 102 AAA 6,029,265
Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02)
County of Nassau, New York, General Obligation Refunding Bonds:
1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,170,557
1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,159,668
1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,148,779
1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,137,890
1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,121,557
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 2,117,583
1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,680,991
The City of New York, General Obligation Bonds, Fiscal 1990 Series I:
950,000 7.250%, 8/15/14 8/99 at 101 1/2 AAA 978,462
730,000 7.250%, 8/15/17 (Pre-refunded to 8/15/99) 8/99 at 101 1/2 AAA 751,988
1,270,000 7.250%, 8/15/17 8/99 at 101 1/2 AAA 1,308,240
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 3,030,000 The City of New York, General Obligation Bonds, Fiscal 1991 3/00 at 101 1/2 AAA $ 3,186,651
Series A, 7.250%, 3/15/18
8,255,000 New York City, New York, Educational Construction Fund Revenue 10/99 at 101 1/2 AAA 8,541,779
Bonds, 1989 Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99)
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 6,331,967
1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 1,277,340
11,000,000 New York City Transit Authority, Transit Facilities Revenue Bonds, 1/00 at 102 AAA 11,571,560
Series 1990 (Livingston Plaza 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 7/00 at 100 AAA 1,442,031
Lease Revenue Bonds (Suffolk 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 5,708,826
9,825,000 6.125%, 5/15/20 (Pre-refunded to 5/15/00) 5/00 at 100 AAA 10,141,856
10,000,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 10,705,900
Consolidated Second General 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 7/01 at 102 AAA 1,097,100
Revenue Bonds, Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01)
2,540,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 2,710,180
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15
(Pre-refunded to 7/01/00)
5,000,000 New York State Housing Finance Agency, State University Construction No Opt. Call AAA 5,895,350
Refunding Bonds, 1986 Series A, 7.900%, 11/01/06
9,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 10,033,995
Hospital Center, 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 11/00 at 102 AAA 2,708,950
Medical Center (Main Campus), 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 5/01 at 102 AAA 9,397,973
Mary Imogene Bassett Hospital Project 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 2/05 at 102 AAA 3,516,266
Health Services Facilities Improvement Revenue Bonds, 1995 Series A,
6.000%, 2/15/25 (Pre-refunded to 2/15/05)
1,895,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 2,059,543
Health Services Facilities Improvement 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 8/04 at 102 AAA 2,213,565
Health Services Facilities 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, 2/05 at 102 AAA 6,967,980
FHA-Insured Mortgage 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, 1/05 at 102 AAA 4,639,534
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
15,000,000 New York State Urban Development Corporation, Correctional Capital 1/00 at 102 AAA 15,778,200
Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20
(Pre-refunded to 1/01/00)
9,635,000 Suffolk County Water Authority, New York, Water System Revenue 6/00 at 102 AAA 10,236,224
Bonds, Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00)
6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/00 at 101 1/2 AAA 6,883,206
Bonds, Series R, 7.375%, 1/01/16 (Pre-refunded to 1/01/00)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 3,218,610
Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 102 AAA 2,693,925
Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax 1/00 at 101 AAA 4,687,829
Special Obligation Bonds, Series 1989 A, 7.125%, 1/01/19
(Pre-refunded to 1/01/00)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
UTILITIES - 10.3%
$ 10,075,000 Long Island Power Authority, Electric System General Revenue Bonds, 6/08 at 101 AAA $ 10,091,221
Series 1998A, 5.125%, 12/01/22
10,000,000 New York State Energy Research and Development Authority, Electric 7/99 at 101 A+ 10,195,500
Facilities Revenue Bonds, Series 1990A (Consolidated Edison Company
of New York, Inc. Project), 7.500%, 7/01/25
(Alternative Minimum Tax)
5,000,000 New York State Energy Research and Development Authority, Electric 1/00 at 101 A+ 5,189,200
Facilities Revenue Bonds, 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 5/02 at 102 AAA 2,721,675
Rate Gas Facilities Revenue 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 7/03 at 102 AAA 2,334,645
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project),
5.600%, 6/01/25 (Alternative Minimum Tax)
3,000,000 New York State Energy Research and Development Authority, 10/99 at 103 AAA 3,146,730
Pollution Control Revenue Bonds (Central Hudson Gas and Electric
Corporation Project), 1984 Series B, 7.375%, 10/01/14
2,500,000 New York State Energy Research and Development Authority, Pollution 5/02 at 102 AAA 2,703,875
Control Revenue Bonds, Series 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 1/01 at 101 AAA 2,109,340
Revenue Bonds, Series 1992A (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 12/01 at 101 AAA 2,130,340
Revenue Bonds, Series 1992B (Consolidated Edison Company of
New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 5.9%
2,115,000 Town of Clifton Park Water Authority (New York), Water System 10/03 at 102 AAA 2,076,232
Revenue Bonds, Series 1993, 5.000%, 10/01/26
10,420,000 New York City (New York), Municipal Water Finance Authority, 6/07 at 101 AAA 10,403,012
Water and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.125%, 6/15/30
6,000,000 New York City (New York), Municipal Water Finance Authority, Water 6/08 at 101 AAA 5,677,080
and Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25
5,000,000 Suffolk County Water Authority (New York), Water System Revenue Bonds, 6/03 at 102 AAA 4,979,000
Series 1994, 5.000%, 6/01/17
- ------------------------------------------------------------------------------------------------------------------------------------
$ 370,145,000 Total Investments - (cost $361,924,421) - 98.3% 386,310,337
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 6,493,010
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $392,803,347
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments
Nuveen New York Select Quality Municipal Fund, Inc. (NVN)
March 31, 1999
(Unaudited)
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 13.1%
$ 1,000,000 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102 AAA $ 985,410
Facility Revenue and Refunding Bonds (Hofstra University Project -
Series 1998), 5.000%, 7/01/23
7,250,000 New York City Industrial Development Agency, Civic Facility Revenue 1/09 at 101 AAA 7,112,830
Bonds (Horace Mann School Project), 5.000%, 7/01/28
6,000,000 Dormitory Authority of the State of New York, St. Johns University, 7/01 at 102 AAA 6,543,000
New York, Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11
10,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 10,639,800
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15
3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic 7/01 at 102 AAA 4,224,114
Institute Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06
12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of 7/01 at 102 AAA 13,904,743
Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15
1,870,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 1,990,129
Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15
4,600,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 4,537,440
Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20
4,000,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,924,320
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
8,440,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 8,956,359
Consolidated Second General Resolution Revenue Bonds, Series 1990C,
7.000%, 7/01/14
4,500,000 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 4,437,225
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21
- ----------------------------------------------------------------------------------------------------------------------------------
Health Care - 7.3%
4,880,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 5,336,085
and Medical Center of New York, FHA-Insured Mortgage Revenue
Bonds, Series 1991, 7.375%, 8/01/11
4,150,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 4,504,161
and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds,
Series 1991, 7.400%, 8/01/30
1,095,000 Dormitory Authority of the State of New York, Maimonides Medical No Opt. Call AAA 1,149,947
Center, FHA-Insured Mortgage 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 2/08 at 101 AAA 9,007,835
Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds,
Series 1998, 5.000%, 8/01/32
5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 5,783,965
Hospital Center, 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 11/00 at 102 AAA 11,600,020
University Hospital Mortgage Project Revenue Bonds, 1990 Series A,
7.200%, 11/01/20
- ----------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 6.0%
4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage 6/01 at 102 AAA 4,320,720
Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A,
7.350%, 6/01/19
15,000,000 Pass-Through Certificates of New York City Housing Development 4/99 at 105 AAA 15,792,000
Corporation, Multifamily Housing,Limited Obligation Bonds, Series 1991A,
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 1,064,143
3,980,000 6.125%, 11/01/20 5/06 at 102 AAA 4,297,763
5,000,000 6.750%, 1/01/26 1/02 at 102 AAA 5,439,200
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Housing/Single Family - 3.2%
$ 1,500,000 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102 AAA $ 1,626,465
Revenue Bonds, Series 43, 6.450%, 10/01/17
State of New York Mortgage Agency, Homeowner Mortgage
Revenue Bonds, Series VV:
2,070,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 2,201,652
9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 10,420,886
2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, 4/99 at 100 AAA 2,350,417
Eighth Series A, 6.875%, 4/01/17
- ----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 4.5%
1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purpose 10/02 at 102 AAA 1,315,740
Serial Bonds, 1991 Series B, 6.400%, 10/01/11
City of Buffalo, New York, Refunding Serial Bonds of 1991:
530,000 6.250%, 2/01/11 2/01 at 101 AAA 557,412
760,000 6.250%, 2/01/13 2/01 at 101 AAA 800,774
760,000 6.250%, 2/01/15 2/01 at 101 AAA 800,774
65,000 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 70,457
Series C, Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10
60,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 65,881
6.625%, 8/01/14
3,100,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 3,252,737
7.250%, 3/15/19
4,150,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series H, 8/08 at 101 AAA 4,149,710
5.125%, 8/01/25
3,000,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 2,907,030
Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18
2,500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1998, 7/08 at 101 AAA 2,451,025
General Obligation Bonds, 4.875%, 7/01/23
Rensselaer County, New York, General Obligation Serial Bonds,
Series 1991:
960,000 6.700%, 2/15/16 No Opt. Call AAA 1,169,866
960,000 6.700%, 2/15/17 No Opt. Call AAA 1,171,258
960,000 6.700%, 2/15/18 No Opt. Call AAA 1,171,805
960,000 6.700%, 2/15/19 No Opt. Call AAA 1,174,339
960,000 6.700%, 2/15/20 No Opt. Call AAA 1,177,728
747,000 6.700%, 2/15/21 No Opt. Call AAA 918,563
- ----------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 17.8%
1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 1,015,230
Series 1993A, 5.250%, 11/01/17
9,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA 8,493,210
Series 1998A, 4.750%, 4/01/28
2,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AAA 1,962,700
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
4,390,000 Dormitory Authority of the State of New York, Municipal Health Facilities 1/09 at 101 AAA 4,314,712
Improvement Program, Lease Revenue Bonds (New York City Issue),
1998 Series 1, 5.000%, 1/15/23
5,000,000 Dormitory Authority of the State of New York, Judicial Facilities 4/99 at 116 9/32 Baa1 5,745,250
Lease Revenue Bonds (Suffolk County Issue), Series 1991A,
9.500%, 4/15/14
13,275,000 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 102 AAA 14,333,018
Lease Revenue Bonds (Suffolk County Issue), Series 1991B,
7.000%, 4/15/16
5,000,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 5,446,850
Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23
2,000,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,002,600
State Park, Special Obligation Refunding Revenue Bonds, 1996 Series,
5.125%, 4/01/22
2,040,000 New York State Medical Care Facilities Finance Agency, Mental 8/99 at 102 AAA 2,109,707
Health Services Facilities Improvement Revenue Bonds,
1989 Series C, 7.375%, 8/15/19
20,000 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 21,629
Health Services Facilities Improvement Revenue Bonds,
1995 Series A, 6.000%, 2/15/25
365,000 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 392,689
Services Facilities Improvement Revenue Bonds, 1992 Series B,
6.250%, 8/15/18
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 1,000,000 New York State Medical Care Facilities Finance Agency, Mental 8/03 at 102 AAA $ 1,009,360
Health Services Facilities Improvement Revenue Bonds,
1993 Series D, 5.250%, 8/15/23
4,000,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 100 AAA 4,063,880
Health Services Facilities Improvement Revenue Bonds,
1992 Series A, 5.500%, 8/15/21
1,720,000 New York State Urban Development Corporation, Youth Facilities 4/04 at 102 AAA 1,840,400
Revenue Bonds, Series 1994, 5.700%, 4/01/14
6,400,000 Empire Development Corporation, New York State Urban Development 1/06 at 102 AAA 6,583,872
Corporation, Correctional Capital Facilities Revenue Bonds,
Series 6, 5.375%, 1/01/25
12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 12,785,160
Bonds, Series 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 15,028,580
3,500,000 6.875%, 1/01/15 1/01 at 102 AAA 3,745,210
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 6.1%
3,000,000 Metropolitan Transportation Authority (New York), Commuter 7/08 at 101 AAA 2,956,230
Facilities Revenue Bonds, Series 1998A, 5.000%, 7/01/23
5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 101 1/2 AAA 5,458,950
Bonds, Series K, 6.250%, 7/01/11
7,900,000 Monroe County Airport Authority, Greater Rochester International Airport 1/00 at 102 AAA 8,264,348
Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax)
3,700,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 3,978,425
Industrial Development Revenue Bonds (1991 Japan Airlines Company,
Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax)
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 AA- 10,625,400
Seventy-Sixth Series, 6.500%, 11/01/26 Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 30.7%
5,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/02 at 102 AAA 5,481,150
Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/06 at 102 AAA 1,136,670
Revenue Bonds, Series 1996A, 6.000%, 7/01/21 (Pre-refunded to 7/01/06)
5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue 8/01 at 102 AAA 5,450,850
Bonds (Hofstra University Project - Series 1991), 6.750%, 8/01/11
(Pre-refunded to 8/01/01)
4,935,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 5,393,906
Fixed Rate Bonds, Subseries C-1,6.250%, 8/01/10 (Pre-refunded
to 8/01/02)
4,940,000 The City of New York, General Obligation Bonds, 1992 Series C, 8/02 at 101 1/2 AAA 5,456,922
6.625%, 8/01/14 (Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 1,577,550
7.250%, 3/15/18
3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 10/99 at 100 AAA 3,053,910
7.000%, 10/01/19
9,000,000 New York City (New York), Educational Construction Fund, Revenue 10/99 at 101 1/2 AAA 9,312,660
Bonds, 1989 Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99)
3,200,000 New York City Municipal Water Finance Authority, Water and Sewer 6/00 at 101 1/2 AAA 3,406,240
System Revenue Bonds, 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 6/01 at 101 1/2 AAA 5,435,800
System Revenue Bonds, 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, 1/00 at 102 AAA 2,924,449
Series 1990 (Livingston Plaza 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 4/01 at 102 AAA 5,417,400
Refunding Bonds, Series 1991A (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 1/02 at 102 AAA 5,472,550
Refunding Bonds, Series 1991A (The Museum of Modern Art),
6.625%, 1/01/19 (Pre-refunded to 1/01/02)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
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 $ 4,420,639
4,055,000 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,420,639
5,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 5,318,100
Educational Facilities Revenue 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 5/02 at 102 AAA 5,540,200
Educational Facilities Revenue 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 5/00 at 102 AAA 1,061,120
Educational Facilities Revenue 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 7/01 at 102 AAA 11,772,703
Revenue Bonds, Series 1991, 6.250%, 7/01/21 (Pre-refunded to 7/01/01)
10,380,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 11,075,460
Insured Revenue Bonds, Series 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 7/00 at 102 AAA 3,790,617
Consolidated Second General 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- 2/00 at 102 AAA 9,447,798
Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B,
Roosevelt 7.450%, 2/15/29 (Pre-refunded to 2/15/00)
2,230,000 New York State Medical Care Facilities Finance Agency, Mental Health 2/05 at 102 AAA 2,497,221
Services Facilities 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 2/02 at 102 AAA 5,716,726
Health Services Facilities Improvement 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 2/05 at 102 AAA 5,806,650
Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%,
8/15/24 (Pre-refunded to 2/15/05)
County of Suffolk (New York), Public Improvement Bonds, 1991 Series A:
790,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 860,255
745,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 811,253
720,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 784,030
730,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 794,919
735,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 800,364
250,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 272,233
245,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,788
245,000 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,788
240,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 261,343
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 288,566
265,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,566
270,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 294,011
275,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 299,456
280,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 304,900
275,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 299,456
280,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 304,900
285,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 310,345
17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 19,336,994
Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 7.3%
14,000,000 New York State Energy Research and Development Authority, 1/00 at 101 A+ 14,529,760
Electric Facilities Revenue Bonds, 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 5/02 at 102 AAA 11,975,370
Rate Gas Facilities 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 7/05 at 102 AAA 1,088,350
Rate Pollution Control Revenue Bonds (New York State Electric and Gas
Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative
Minimum Tax)
<PAGE>
<CAPTION>
Principal Optional Call Market
Amount Description Provisions* Ratings** Value
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 3,000,000 New York State Energy Research and Development Authority, Pollution 10/01 at 102 AAA $ 3,242,040
Control Refunding Revenue Bonds (Niagara Mohawk Power
Corporation Project), Series 1991A, 6.625%, 10/01/13
2,500,000 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,636,675
Facilities Revenue Bonds, Series 1992A (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, 12/01 at 101 AAA 3,728,095
Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company
of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.2%
8,500,000 New York City (New York), Municipal Water Finance Authority, 6/07 at 101 AAA 8,486,145
Water and Sewer System Revenue Bonds, Fiscal 1998 Series B,
5.125%, 6/15/30
1,000,000 New York City (New York), Municipal Water Finance Authority, 6/08 at 101 AAA 946,180
Water and Sewer System Revenue Bonds, Fiscal 1998 Series D,
4.750%, 6/15/25
5,000,000 New York State Environmental Facilities Corporation, State Water 9/00 at 102 AAA 5,346,700
Pollution Control Revolving Fund Revenue Bonds, Series 1991 B
(Pooled Loan Issue), 7.100%, 9/15/11
1,300,000 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 AAA 1,408,091
Revenue Bonds, Series 1992 (The New Rochelle Water Company Project),
6.400%, 12/01/24 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
$ 479,172,000 Total Investments - (cost $472,863,133) - 99.2% 508,103,641
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.8% 4,038,099
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 512,141,740
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the
earliest optional call or redemption. There may be other call
provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
Portfolio of Investments
Nuveen New York Quality Income Municipal Fund, Inc. (NUN)
March 31, 1999
(Unaudited)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Education and Civic Organizations - 18.3%
$ 3,130,000 County of Monroe Industrial Development Agency (Monroe County, 12/99 at 103 AAA $ 3,296,516
New York), 1986 Industrial 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 (New York), Civic 7/08 at 102 AAA 6,257,354
Facility Revenue and RefundingBonds (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 7/06 at 101 AAA 5,353,050
Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26
7,250,000 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 7,597,710
Refunding Bonds, 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 4/07 at 101 AAA 15,365,360
Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/27
4,775,000 New York City Industrial Development Agency, Civic Facility Revenue 6/07 at 102 AAA 4,848,153
Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27
1,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 1,058,030
Educational Facilities Revenue Bonds, Series 1990B, 7.000%, 5/15/16
7,250,000 Dormitory Authority of the State of New York, The New York Public 7/02 at 102 AAA 7,767,868
Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22
1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of 7/01 at 102 AAA 1,079,980
Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15
7,515,000 Dormitory Authority of the State of New York, Marist College Insured 7/02 at 102 AAA 8,092,002
Revenue Bonds, Series 1992,6.000%, 7/01/22
1,000,000 Dormitory Authority of the State of New York, Fordham University I 7/04 at 102 AAA 1,034,620
nsured Revenue Bonds, Series 1994, 5.500%, 7/01/23
1,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 1,103,090
Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18
1,970,000 Dormitory Authority of the State of New York, University of Rochester, 7/04 at 102 AAA 2,103,389
Strong Memorial Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17
1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence 7/05 at 102 AAA 1,352,282
College Revenue Bonds, Series 1995, 6.000%, 7/01/24
8,500,000 Dormitory Authority of the State of New York, Ithaca College 7/07 at 102 AAA 8,630,645
Insured Revenue Bonds, Series 1997, 5.250%, 7/01/26
1,250,000 Dormitory Authority of the State of New York, St. Johns University 7/06 at 102 AAA 1,325,325
Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16
4,625,000 Dormitory Authority of the State of New York, Barnard College 7/07 at 101 AAA 4,696,086
Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26
7,000,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 6,867,560
Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28
2,000,000 Dormitory Authority of the State of New York, City University System 7/08 at 102 AAA 1,963,340
Consolidated Third General Resolution Revenue Bonds, 1998 Series 1,
5.000%, 7/01/26
5,750,000 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 5,441,110
Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25
3,835,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 4,069,625
Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Health Care - 3.2%
$ 5,000,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA $ 4,913,000
System Obligated Group), North Shore University Hospital at Forest
Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23
5,350,000 New York State Medical Care Facilities Finance Agency, Sisters 11/01 at 102 AAA 5,785,169
of Charity Hospital of Buffalo 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 11/03 at 102 AAA 1,098,430
Hospital (Rochester), Mortgage Project Revenue Bonds, 1994 Series A
Refunding, 6.200%, 11/01/14
3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore 2/05 at 102 AAA 3,145,740
Medical Center, FHA-Insured Mortgage Revenue Bonds,
1995 Series A , 5.750%, 2/15/25
1,915,000 New York State Medical Care Facilities Finance Agency, Health 11/05 at 102 AAA 2,185,226
Center Projects Revenue Bonds (Secured Mortgage Program),
1995 Series A, 6.375%, 11/15/19
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Multifamily - 7.8%
12,475,000 Pass-Through Certificates of New York City Housing Development 4/99 at 105 AAA 13,133,680
Corporation, Multifamily Housing Limited Obligation Bonds,
Series 1991A, 6.500%, 2/20/19
1,690,000 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,824,930
Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20
1,575,000 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,700,402
Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14
New York State Urban Development Corporation, Section 236 Revenue
Bonds, Series 1992A:
5,515,000 6.700%, 1/01/12 1/02 at 102 AAA 5,992,323
17,995,000 6.750%, 1/01/26 1/02 at 102 AAA 19,575,681
- ------------------------------------------------------------------------------------------------------------------------------------
Housing/Single Family - 0.6%
2,000,000 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102 AAA 2,054,440
Revenue Bonds, Series 33, 5.400%, 10/01/17
985,000 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 102 AAA 1,044,090
Revenue Bonds, Series VV, 7.250%, 10/01/07 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Long-Term Care - 0.4%
2,000,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102 AAA 2,092,020
Palsy of New York City, Inc., Insured Revenue Bonds,
Series 1996, 5.500%, 7/01/24
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/General - 0.7%
1,000,000 County of Erie, New York, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA 1,052,220
5.625%, 6/15/20
200,000 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 218,616
Fiscal 1992 Series C, Subseries C-1, 6.625%, 8/01/15
360,000 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 394,823
Fiscal 1992 Series H, 7.100%, 2/01/10
525,000 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 571,720
Series 1992-A, 6.500%, 2/15/07
1,390,000 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 1,521,675
Series 1992-B, 6.500%, 2/15/07
- ------------------------------------------------------------------------------------------------------------------------------------
Tax Obligation/Limited - 16.0%
15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 7/01 at 102 AAA 16,119,750
Service Contract Bonds,Series 5, 6.500%, 7/01/16
3,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AAA 2,944,050
Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27
6,000,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 5,897,100
Facilities Improvement Program Lease Revenue Bonds (New York City Issue),
1998 Series 1, 5.000%, 1/15/23
5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, 7/04 at 102 AAA 5,855,364
Inc. Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23
2,200,000 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,202,970
Services Facilities Improvement Revenue Bonds, Series 1996B,
5.125%, 8/15/21
8,000,000 Dormitory Authority of the State of New York, Mental Health Services 8/08 at 101 AAA 7,884,400
Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Tax Obligation/Limited (continued)
$ 3,340,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101 AAA $ 3,502,124
Bonds (853 Schools Program 1999 Issue 1), Harmony Heights School,
Series 1999C, 5.500%, 7/01/18 (WI)
8,000,000 New York Local Government Assistance Corporation, Series 1993 B, 4/04 at 100 AAA 7,884,560
Refunding Bonds, 5.000%, 4/01/23
New York State Medical Care Facilities Financing Agency, Mental
Health Services Facilities Improvement Revenue Bonds, 1992
Series A:
120,000 6.375%, 8/15/10 2/02 at 102 AAA 129,762
155,000 6.375%, 8/15/17 2/02 at 102 AAA 167,719
5,250,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 5,296,358
Health Services Facilities Improvement Revenue Bonds,
1993 Series F Refunding, 5.250%, 2/15/19
3,000,000 New York State Urban Development Corporation, Youth Facilities 4/04 at 102 AAA 3,210,000
Revenue Bonds, Series 1994, 5.700%, 4/01/14
24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 25,681,440
Bonds, Series 1991B, 6.875%, 1/01/15
- ------------------------------------------------------------------------------------------------------------------------------------
Transportation - 8.7%
3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue 1/05 at 101 AAA 3,194,970
Bonds, Series 1995, 5.750%, 1/01/25
3,000,000 Metropolitan Transportation Authority (New York), Commuter 7/06 at 102 AAA 3,267,270
Facilities Revenue Bonds, Series 1996A, 6.000%, 7/01/16
5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/08 at 101 AAA 5,198,490
Revenue Bonds, Series 1998B, 4.750%, 7/01/26
3,500,000 Monroe County Airport Authority, Greater Rochester International 1/00 at 102 AAA 3,661,420
Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19
(Alternative Minimum Tax)
2,050,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 2,204,263
Industrial Development Revenue 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 4/04 at 102 AAA 1,097,600
Airport), Airport Revenue Bonds, Series 1994A, 6.250%, 4/01/24
(Alternative Minimum Tax)
5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/01 at 101 AAA 5,292,300
Seventy-First Series, 6.500%, 1/15/26
10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 AAA 10,705,600
Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax)
5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/01 at 101 AAA 5,292,300
Seventy-First Series, 6.500%, 1/15/26
7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/02 at 101 1/2 AAA 7,538,440
Series X, 6.500%, 1/01/19
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Guaranteed - 30.7%
1,980,000 Town of Clifton Park Water Authority (New York), Water System 10/02 at 102 AAA 2,189,642
Revenue Bonds, 1991 Series A, 6.375%, 10/01/26
(Pre-refunded to 10/01/02)
24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, 7/02 at 102 AAA 26,662,772
Series J, 6.500%, 7/01/18 (Pre-refunded to 7/01/02)
County of Nassau, New York, General Obligation Serial Bonds:
1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,538,522
1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,383,455
1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,631,269
1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,410,904
1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,091,150
19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 21,871,872
Subseries C-1, 6.625%, 8/01/15 (Pre-refunded to 8/01/02)
2,140,000 The City of New York (New York), General Obligation Bonds, 2/02 at 101 1/2 AAA 2,363,651
Fiscal 1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02)
1,090,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 AAA 1,174,224
Sewer Revenue Bonds, Fiscal 1992 Series A, 6.750%,
6/15/16 (Pre-refunded to 6/15/01)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. Guaranteed (continued)
$ 3,520,000 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 4,413,869
Lease Revenue Bonds (Suffolk County Issue), Series 1986,
7.375%, 7/01/16
7,750,000 Dormitory Authority of the State of New York, Hamilton College 7/01 at 102 AAA 8,389,065
Insured Revenue Bonds, Series 1991, 6.500%, 7/01/21
(Pre-refunded to 7/01/01)
3,000,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 3,324,120
Educational Facilities Revenue 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 5/00 at 102 AAA 10,611,200
Educational Facilities Revenue 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 7/00 at 102 AAA 6,905,306
Consolidated Second General Resolution Revenue Bonds, Series 1990F,
7.500%, 7/01/20 (Pre-refunded to 7/01/00)
2,000,000 Dormitory Authority of the State of New York, Hamilton College 7/01 at 102 AAA 2,164,920
Insured Revenue Bonds, Series 1991, 6.500%, 7/01/11
(Pre-refunded to 7/01/01)
3,700,000 Dormitory Authority of the State of New York, City University System 7/04 at 102 BBB+*** 4,167,680
Consolidated Third General 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 7/00 at 102 AAA 1,724,944
Consolidated Second General 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 2/00 at 102 AAA 1,087,896
Hospital Center, 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 8/02 at 102 AA*** 1,656,000
and Nursing Home FHA-Insured Mortgage Revenue Bonds,
1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02)
22,900,000 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 24,938,886
Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/10 (Pre-refunded to 2/15/02)
4,825,000 Power Authority of the State of New York, General Purpose Bonds, 1/02 at 102 AAA 5,268,080
Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02)
5,000,000 Power Authority of the State of New York, General Purpose Bonds, 1/01 at 100 AAA 5,209,650
Series Y, 6.000%, 1/01/20 (Pre-refunded to 1/01/01)
4,000,000 New York State Thruway Authority, General Revenue Bonds, 1/02 at 102 AAA 4,289,520
Series A, 5.750%, 1/01/19 (Pre-refunded to 1/01/02)
3,100,000 New York State Urban Development Corporation, Correctional 1/00 at 102 AAA 3,260,828
Capital Facilities Revenue Bonds, 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, 10/02 at 102 AAA 5,159,331
Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02)
2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 101 1/2 AAA 2,682,175
Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01)
3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 102 AAA 3,232,710
Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01)
5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/02 at 101 1/2 AAA 6,343,924
Series W, 6.750%, 1/01/22 (Pre-refunded to 1/01/02)
- ------------------------------------------------------------------------------------------------------------------------------------
Utilities - 8.8%
1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue No Opt. Call AAA 2,031,348
Bonds (1985 Facility - Series B (1994)), 7.250%, 7/01/11
(Alternative Minimum Tax)
New York State Energy Research and Development Authority, Electric
Facilities Revenue Bonds, Series 1989 C (Consolidated Edison Company
of New York, Inc. Project):
5,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 5/99 at 101 AAA 5,065,750
10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 5/99 at 101 A+ 10,131,100
6,000,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,529,620
Adjustable Rate Gas Facilities Revenue 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 7/03 at 102 AAA 1,556,430
Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company
Project), 5.600%, 6/01/25 (Alternative Minimum Tax)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Utilities (continued)
$ 12,000,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA $ 12,978,600
Pollution Control Revenue Bonds, Series 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, 12/01 at 101 AAA 9,586,530
Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company
of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
Water and Sewer - 3.8%
New York City (New York), Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds, Fiscal 1992 Series A:
8,410,000 6.750%, 6/15/16 6/01 at 101 AAA 9,010,640
9,770,000 6.250%, 6/15/21 6/01 at 100 AAA 10,275,400
1,000,000 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 1,058,540
Series 1995, 5.650%, 5/01/26
- ------------------------------------------------------------------------------------------------------------------------------------
$ 504,745,000 Total Investments - (cost $498,779,033) - 99.0% 536,207,053
=============-----------------------------------------------------------------------------------------------------------------------
Temporary Investments in Short-Term Municipal Securities - 0.4%
1,600,000 Nassau County Industrial Development Agency (New York), Civic VMIG-1 1,600,000
Facility Revenue Bonds (Cold Spring Harbor Lab Project), Variable Rate
Demand Bonds, 2.950%, 7/01/19+
400,000 Dormitory Authority of the State of New York, Cornell University, VMIG-1 400,000
Series B, Variable Rate Demand Bonds, 2.950%, 7/01/25+
400,000 Syracuse, New York, Industrial Development Agency, Civic Facility VMIG-1 400,000
Revenue Bonds (Syracuse University Project), Variable Rate
Demand Bonds, 2.950%, 3/01/23+
- ------------------------------------------------------------------------------------------------------------------------------------
$ 2,400,000 Total Temporary Investments - 0.4% 2,400,000
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 0.6% 3,302,398
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 541,909,451
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption.
There may be other call provisions at varying prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
*** Securities are backed by an escrow or trust containing sufficient U.S.
government or U.S. government agency securities which ensures the timely
payment of principal and interest. Securities are normally considered to be
equivalent to AAA rated securities.
(WI) Security purchased on a when-issued basis (note 1).
+ The security has a maturity of more than one year, but has variable rate
and demand features which qualify it as a short-term security. The rate
disclosed is that currently in effect. This rate changes periodically based
on market conditions or a specified marked index.
See accompanying notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
PORTFOLIO OF INVESTMENTS
NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF)
MARCH 31, 1999
(UNAUDITED)
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EDUCATION AND CIVIC ORGANIZATIONS - 22.0%
$ 2,000,000 County of Monroe County Industrial Development Agency, Civic 6/05 at 102 AAA $ 2,179,500
Facility Revenue Bonds (Nazareth 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 7/06 at 101 AAA 5,845,531
Bonds, Series 1996 (The New York Botanical Garden),
5.800%, 7/01/26
1,250,000 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 1,309,950
Refunding Bonds, Series 1996A (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 4/07 at 101 AAA 5,291,600
Bonds, Series 1997A (American Museum of Natural History),
5.650%, 4/01/22
1,000,000 New York City Industrial Development Agency, Civic Facility Revenue 11/04 at 102 AAA 1,116,480
Bonds (USTA National Tennis Center Incorporated Project),
6.375%, 11/15/14
2,500,000 Dormitory Authority of the State of New York, The New York Public 7/02 at 102 AAA 2,678,575
Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22
2,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 2,127,960
Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15
2,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 2,206,180
Consolidated Second General Resolution Revenue Bonds,
Series 1993A, 5.750%, 7/01/18
1,000,000 Dormitory Authority of the State of New York, University of Rochester, 7/04 at 102 AAA 1,034,000
Strong Memorial Hospital Revenue Bonds, Series 1994,
5.500%, 7/01/21
2,450,000 Dormitory Authority of the State of New York, Mount Sinai School 7/04 at 102 AAA 2,409,428
of Medicine Insured Revenue Bonds, Series 1994A, 5.000%, 7/01/21
3,000,000 Dormitory Authority of the State of New York, New School for Social 7/07 at 102 AAA 3,232,650
Research Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26
2,000,000 Dormitory Authority of the State of New York, St. Johns University 7/06 at 102 AAA 2,120,520
Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16
3,165,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 3,358,635
Consolidated Second General Resolution Revenue Bonds,
Series 1990C, 7.000%, 7/01/14
7,500,000 Dormitory Authority of the State of New York, Ithaca College Insured 7/08 at 101 Aaa 7,395,375
Revenue Bonds, Series 1998, 5.000%, 7/01/21
- ------------------------------------------------------------------------------------------------------------------------------------
HEALTH CARE - 13.8%
3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA-I 8/05 at 102 AAA 3,124,350
nsured Mortgage Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25
4,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, 2/06 at 102 AAA 4,309,560
FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/14
1,500,000 Dormitory Authority of the State of New York, Vassar Brothers Hospital 1/08 at 102 AAA 1,527,645
Insured Revenue Bonds, Series 1997, 5.250%, 7/01/17
2,685,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA 2,638,281
System Obligated Group), North Shore University Hospital at Forest Hills
Revenue Bonds, Series 1998, 5.000%, 11/01/23
2,500,000 New York State Medical Care Facilities Finance Agency, South 11/02 at 102 AAA 2,722,500
Nassau Communities Hospital Project Revenue Bonds, 1992 Series A,
6.125%, 11/01/11
2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and 8/02 at 102 AAA 2,825,010
Nursing Home, FHA-Insured 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 2/04 at 102 AAA 4,797,055
Insured Mortgage Revenue Bonds, 1994 Series A Refunding,
5.375%, 2/15/25
4,310,000 New York State Medical Care Facilities Finance Agency, FHA-Insured 8/05 at 102 AA 4,680,229
Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
HOUSING/MULTIFAMILY - 2.4%
$ 2,240,000 New York State Finance Agency, Housing Project Mortgage Revenue 5/06 at 102 AAA $ 2,418,842
Bonds, 1996 Series A Refunding, 6.125%, 11/01/20
2,000,000 New York State Urban Development Corporation, Section 236 Revenue 1/02 at 102 AAA 2,173,100
Bonds, Series 1992A, 6.700%, 1/01/12
- ------------------------------------------------------------------------------------------------------------------------------------
HOUSING/SINGLE FAMILY - 2.0%
2,500,000 State of New York Mortgage Agency, Homeowner Mortgage 3/03 at 102 Aa2 2,660,375
Revenue Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax)
1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue 10/03 at 102 Aa2 1,243,896
Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/GENERAL - 8.3%
210,000 County of Nassau, New York, General Obligation Serial Bonds, No Opt. Call AAA 226,426
Serial General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16
1,500,000 County of Nassau, New York, General Obligation Serial Bonds, Serial 8/04 at 103 AAA 1,611,795
General Improvement Bonds, Series O, 5.700%, 8/01/13
4,000,000 The City of New York, New York, General Obligation Bonds, Fiscal 1995 No Opt. Call AAA 4,853,360
Series E, 8.000%, 8/01/05
2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 2,772,405
Plant Serial Bonds of 1994, 8.500%, 11/01/08 (Alternative Minimum Tax)
City of Niagara Falls, Niagara County, New York, Public
Improvement Serial Bonds of 1994:
1,000,000 7.500%, 3/01/13 No Opt. Call AAA 1,287,180
2,000,000 6.900%, 3/01/22 3/04 at 102 AAA 2,272,540
2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C, 9/03 at 102 AAA 2,913,790
5.500%, 9/01/09
- ------------------------------------------------------------------------------------------------------------------------------------
TAX OBLIGATION/LIMITED - 6.8%
6,000,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 5,897,100
Facilities Improvement Program 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 8/08 at 101 AAA 5,174,138
Services Facilities Improvement Revenue Bonds, Series 1998D,
5.000%, 2/15/23
20,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 102 AAA 21,641
Health Services Facilities Improvement Revenue Bonds, 1992 Series A,
6.375%, 8/15/17
1,900,000 New York State Urban Development Corporation, Correctional Facilities No Opt. Call AAA 2,002,885
Revenue Bonds, 1993A Refunding Series, 5.250%, 1/01/14
- ------------------------------------------------------------------------------------------------------------------------------------
TRANSPORTATION - 5.8%
4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA 4,773,105
Bonds, Series 1997A,5.625%, 7/01/27
1,800,000 Monroe County Airport Authority, Greater Rochester International Airport 1/03 at 102 AAA 1,811,322
Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/19
(Alternative Minimum Tax)
1,900,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 2,042,975
Industrial Development Revenue Bonds (1991 Japan Airlines Company,
Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax)
2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/03 at 101 AAA 2,611,450
Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. GUARANTEED - 20.9%
2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/02 at 102 AAA 2,192,460
Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02)
1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/04 at 101 1/2 AAA 1,130,940
Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04)
1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/06 at 102 AAA 1,942,930
Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06)
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
U.S. GUARANTEED (continued)
$ 2,385,000 The City of New York, General Obligation Bonds, 1992 Series C, 8/02 at 101 1/2 AAA $ 2,634,566
6.625%, 8/01/14 (Pre-refunded to 8/01/02)
1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990 8/99 at 100 3/4 AAA 1,525,530
Series F, 6.000%, 8/01/19
2,500,000 Dormitory Authority of the State of New York, State University 5/03 at 102 AAA 2,757,300
Educational Facilities Revenue Bonds, Series 1995A, 6.000%, 5/15/22
(Pre-refunded to 5/15/03)
1,000,000 Dormitory Authority of the State of New York, Colgate University 7/01 at 102 AAA 1,082,460
Insured Revenue Bonds, Series 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 7/04 at 102 AAA 7,901,759
Consolidated Third General 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 7/00 at 102 AAA 1,421,481
Consolidated Second General 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 2/00 at 102 AAA 105,621
Hospital Center, 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 2/05 at 102 AAA 9,058,374
Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A,
6.800%, 8/15/24 (Pre-refunded to 2/15/05)
1,980,000 New York Medical Care Facilities Finance Agency, Mental Health Services 2/02 at 102 AAA 2,155,190
Facilities Improvement 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, 1/05 at 102 AAA 2,124,124
Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05)
100,000 County of Niagara, New York, Public Improvement Serial Bonds 8/00 at 102 AAA 105,238
of 1993, 5.750%, 8/15/20 (Pre-refunded to 8/15/00)
3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 100 AAA 3,959,334
Series T, 6.000%, 1/01/22 (Pre-refunded to 1/01/01)
- ------------------------------------------------------------------------------------------------------------------------------------
UTILITIES - 13.4%
1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue 7/04 at 102 AAA 1,271,854
Bonds (1985 Facility - Series B (1994)), 6.125%, 7/01/13
(Alternative Minimum Tax)
6,875,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 6,886,069
Bonds, Series 1998A, 5.125%, 12/01/22
2,500,000 New York State Energy Research and Development Authority, Adjustable 5/02 at 102 AAA 2,720,675
Rate Gas Facilities Revenue 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 7/03 at 102 AAA 2,853,455
Facilities Revenue Bonds, Series C (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, 7/05 at 102 AAA 2,720,875
Adjustable Rate Pollution Control Revenue Bonds (New York State
Electric and Gas Corporation Project), 1987 Series A,
6.150%, 7/01/26 (Alternative Minimum Tax)
6,100,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,597,455
Pollution Control Revenue Bonds, Series 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, 12/01 at 101 AAA 2,662,925
Facilities Revenue Bonds, Series 1992B (Consolidated Edison
Company of New York, Inc. Project), 6.375%, 12/01/27
(Alternative Minimum Tax)
- ------------------------------------------------------------------------------------------------------------------------------------
WATER AND SEWER - 3.3%
2,000,000 New York City, New York, Municipal Water Finance Authority, 6/05 at 101 AAA 2,155,380
Water and Sewer System Revenue Bonds, Fiscal 1996 Series A,
5.875%, 6/15/25
1,500,000 New York City, New York, Municipal Water Finance Authority, Water 6/08 at 101 AAA 1,472,084
and Sewer System Revenue Bonds, Fiscal 1999 Series A, 5.000%, 6/15/27
<PAGE>
<CAPTION>
PRINCIPAL OPTIONAL CALL MARKET
AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WATER AND SEWER (continued)
$ 2,500,000 Suffolk County Water Authority, New York, Water System Revenue No Opt. Call AAA $ 2,626,050
Bonds, Series 1993 Refunding, 5.100%, 6/01/12
- ------------------------------------------------------------------------------------------------------------------------------------
$ 177,385,000 Total Investments - (cost $176,207,523) - 98.7% 189,763,468
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.3% 2,561,164
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 192,324,632
====================================================================================================================================
</TABLE>
* Optional Call Provisions: Dates (month and year) and prices of the earliest
optional call or redemption. There may be other call provisions at varying
prices at later dates.
** Ratings: Using the higher of Standard & Poor's or Moody's rating.
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS
MARCH 31, 1999
(UNAUDITED)
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in
municipal securities,
at market value (note 1) $154,075,682 $330,714,406 $386,310,337 $508,103,641 $536,207,053 $189,763,468
Temporary investments in short-term
municipal securities, at amortized
cost, which approximates market
value (note 1) 2,000,000 6,200,000 -- -- 2,400,000 --
Cash -- -- 1,685,258 -- 609,769 654,003
Receivables:
Interest 2,386,473 5,587,038 6,701,336 8,513,191 8,616,194 2,742,990
Investments sold 270,000 1,660,000 -- 997,417 -- --
Other assets 24,266 48,722 41,979 51,378 43,523 8,644
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets 158,756,421 344,210,166 394,738,910 517,665,627 547,876,539 193,169,105
- ------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Cash overdraft 277,389 2,023,205 -- 204,167 -- --
Payable for investments purchased 4,413,187 -- -- 2,820,300 3,531,055 --
Accrued expenses:
Management fees (note 6) 75,586 184,951 212,731 275,884 291,403 105,545
Other 143,432 189,898 244,233 240,446 221,146 157,747
Preferred share dividends payable -- 33,385 17,758 65,353 55,794 6,187
Common share dividends payable 657,742 1,285,989 1,460,841 1,917,737 1,867,690 574,994
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 5,567,336 3,717,428 1,935,563 5,523,887 5,967,088 844,473
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets (note 7) $153,189,085 $340,492,738 $392,803,347 $512,141,740 $541,909,451 $192,324,632
====================================================================================================================================
Preferred shares, at
liquidation value N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $ 65,000,000
====================================================================================================================================
Preferred shares outstanding N/A 4,172 4,800 6,000 6,800 2,600
====================================================================================================================================
Common shares outstanding 15,120,364 14,867,499 17,601,281 23,245,998 23,945,236 8,273,548
====================================================================================================================================
Net asset value per Common share
outstanding (net assets less
Preferred shares at liquidation
value, divided by Common
shares outstanding) $ 10.13 $ 15.89 $ 15.50 $ 15.58 $ 15.53 $ 15.39
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED MARCH 31, 1999
(UNAUDITED)
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME (NOTE 1) $ 4,464,941 $10,606,194 $12,077,440 $15,630,318 $15,698,396 $ 5,208,167
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees (note 6) 454,518 1,091,557 1,255,874 1,627,997 1,718,821 622,147
Preferred shares - auction fees -- 130,017 149,589 186,987 211,917 81,028
Preferred shares - dividend
disbursing agent fees -- 14,959 9,972 9,972 14,959 9,972
Shareholders' servicing agent
fees and expenses 26,830 25,799 22,014 22,420 22,129 8,265
Custodian's fees and expenses 22,006 31,765 33,512 39,905 40,670 23,507
Directors' fees and expenses (note 6) 741 1,642 1,898 2,462 2,588 901
Professional fees 8,463 8,962 9,045 9,207 9,242 8,922
Shareholders' reports - printing
and mailing expenses 28,150 39,641 43,705 54,021 56,732 25,227
Stock exchange listing fees 12,420 12,422 12,465 16,633 16,242 8,063
Investor relations expense 7,929 15,061 16,617 20,759 21,689 7,706
Portfolio insurance expense -- -- 62,160 62,160 13,737 10,259
Other expenses 4,221 10,598 11,002 15,114 15,567 6,304
- ------------------------------------------------------------------------------------------------------------------------------------
Total expenses 565,278 1,382,423 1,627,853 2,067,637 2,144,293 812,301
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income 3,899,663 9,223,771 10,449,587 13,562,681 13,554,103 4,395,866
- ------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) FROM INVESTMENTS
Net realized gain from investment
transactions (notes 1 and 4) 232,589 772,371 403,740 575,118 218,377 449,938
Net change in unrealized appreciation
or depreciation of investments (2,614,543) (6,067,703) (5,576,161) (9,073,551) (8,196,066) (2,885,667)
- ------------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) from investments (2,381,954) (5,295,332) (5,172,421) (8,498,433) (7,977,689) (2,435,729)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations $ 1,517,709 $ 3,928,439 $ 5,277,166 $ 5,064,248 $ 5,576,414 $ 1,960,137
====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
(UNAUDITED)
NEW YORK VALUE NEW YORK PERFORMANCE PLUS NEW YORK INVESTMENT QUALITY
- ------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/99 9/30/98 3/31/99 9/30/98 3/31/99 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 3,899,663 $ 8,298,135 $ 9,223,771 $ 19,254,714 $ 10,449,587 $ 21,729,641
Net realized gain from investment
transactions (notes 1 and 4) 232,589 1,468,661 772,371 2,099,484 403,740 1,933,637
Net change in unrealized
appreciation or depreciation
of investments (2,614,543) 1,486,634 (6,067,703) (1,976,859) (5,576,161) (428,616)
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations 1,517,709 11,253,430 3,928,439 19,377,339 5,277,166 23,234,662
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 1)
From undistributed net
investment income:
Common shareholders (3,946,416) (8,299,761) (7,746,572) (16,007,084) (8,996,590) (18,489,907)
Preferred shareholders N/A N/A (1,509,854) (3,395,042) (1,553,205) (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 -- -- (277,776) (49,109)
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (5,414,603) (9,678,030) (9,256,426) (19,402,126) (12,333,100) (22,651,024)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions -- 1,212,773 1,146,405 2,379,076 1,486,787 2,220,112
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets (3,896,894) 2,788,173 (4,181,582) 2,354,289 (5,569,147) 2,803,750
Net assets at beginning of period 157,085,979 154,297,806 344,674,320 342,320,031 398,372,494 395,568,744
====================================================================================================================================
Net assets at end of period $153,189,085 $157,085,979 $340,492,738 $344,674,320 $392,803,347 $398,372,494
====================================================================================================================================
Balance of undistributed net
investment income at
end of period $ 7,466 $ 54,219 $ 484,721 $ 517,376 $ 490,638 $ 590,846
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
NEW YORK SELECT QUALITY NEW YORK QUALITY INCOME INSURED NEW YORK PREMIUM INCOME
- ------------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/99 9/30/98 3/31/99 9/30/98 3/31/99 9/30/98
- ------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 13,562,681 $ 27,388,420 $ 13,554,103 $ 27,295,675 $ 4,395,866 $ 8,756,117
Net realized gain from investment
transactions (notes 1 and 4) 575,118 1,321,723 218,377 989,837 449,938 794,190
Net change in unrealized
appreciation or depreciation
of investments (9,073,551) 1,048,429 (8,196,066) 5,915,060 (2,885,667) 5,335,299
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase in net assets
from operations 5,064,248 29,758,572 5,576,414 34,200,572 1,960,137 14,885,606
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
(NOTE 1)
From undistributed
net investment income:
Common shareholders (11,478,542) (22,762,023) (11,231,356) (22,202,539) (3,412,701) (6,765,972)
Preferred shareholders (2,136,321) (5,021,632) (2,406,763) (5,593,080) (928,539) (2,105,104)
From accumulated net realized
gains from investment transactions:
Common shareholders (1,003,402) -- (794,873) (511,676) -- --
Preferred shareholders (220,788) -- (148,310) (129,543) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from
distributions to shareholders (14,839,053) (27,783,655) (14,581,302) (28,436,838) (4,341,240) (8,871,076)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS (NOTE 2)
Net proceeds from Common shares
issued to shareholders due to
reinvestment of distributions 2,299,289 4,348,938 2,118,863 3,704,412 399,903 478,559
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
in net assets (7,475,516) 6,323,855 (6,886,025) 9,468,146 (1,981,200) 6,493,089
Net assets at beginning of period 519,617,256 513,293,401 548,795,476 539,327,330 194,305,832 187,812,743
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $512,141,740 $519,617,256 $541,909,451 $548,795,476 $192,324,632 $194,305,832
====================================================================================================================================
Balance of undistributed net
investment income at
end of period $ 566,802 $ 618,984 $ 673,213 $ 757,229 $ 501,066 $ 446,440
====================================================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred Shares.
See accompanying notes to financial statements.
<PAGE>
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The New York Funds (the "Funds") covered in this report and their
corresponding New York Stock Exchange symbols are Nuveen New York Municipal
Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc.
(NNP), Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New
York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income
Municipal Fund, Inc. (NUN) and Nuveen Insured New York Premium Income Municipal
Fund, Inc. (NNF).
Each Fund invests primarily in a diversified portfolio of municipal obligations
issued by state and local government authorities within the state of New York.
The Funds are registered under the Investment Company Act of 1940 as closed-end,
diversified management investment companies.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with
generally accepted accounting principles.
SECURITIES VALUATION
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors. When price
quotes are not readily available (which is usually the case for municipal
securities), the pricing service establishes fair market value based on yields
or prices of municipal bonds of comparable quality, type of issue, coupon,
maturity and rating, indications of value from securities dealers and general
market conditions. Temporary investments in securities that have variable rate
and demand features qualifying them as short-term securities are valued at
amortized cost, which approximates market value.
SECURITIES TRANSACTIONS
Securities transactions are recorded on a trade date basis. Realized gains and
losses from such transactions are determined on the specific identification
method. Securities purchased or sold on a when-issued or delayed delivery basis
may have extended settlement periods. The securities so purchased are subject to
market fluctuation during this period. The Funds have instructed the custodian
to segregate assets in a separate account with a current value at least equal to
the amount of the when-issued and delayed delivery purchase commitments. At
March 31, 1999, New York Value and New York Quality Income had outstanding
when-issued purchase commitments of $4,413,187 and $3,531,055, respectively.
There were no such outstanding purchase commitments in any of the other Funds.
INVESTMENT INCOME
Interest income is determined on the basis of interest accrued, adjusted for
amortization of premiums and accretion of discounts on long-term debt securities
when required for federal income tax purposes.
INCOME TAXES
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund
intends to comply with the requirements of the Internal Revenue Code applicable
to regulated investment companies and to distribute all of its tax-exempt net
investment income, in addition to any significant amounts of net realized
capital gains and/or market discount realized from investment transactions. The
Funds currently consider significant net realized capital gains and/or market
discount as amounts in excess of $.001 per Common share for New York Value and
$.01 per Common share for the other Funds. Furthermore, each Fund intends to
satisfy conditions which will enable interest from municipal securities, which
is exempt from regular federal and New York state income taxes, to retain such
tax-exempt status when distributed to shareholders of the Funds. Net realized
capital gain and market discount distributions are subject to federal taxation.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Tax-exempt net investment income is declared monthly as a dividend and
payment is made or reinvestment is credited to shareholder accounts on the first
business day after month-end. Net realized capital gains and/or market discount
from investment transactions, if any, are distributed to shareholders not less
frequently than annually. Furthermore, capital gains are distributed only to the
extent they exceed available capital loss carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, are recorded on the ex-dividend date. The
amount and timing of distributions are determined in accordance with federal
income tax regulations, which may differ from 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.
NOTES TO FINANCIAL STATEMENTS (continued)
(UNAUDITED)
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 more than one Series. The dividend rate on each
Series may change every seven days, as set by the auction agent. The number of
shares outstanding, by Series and in total, for each Fund is as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
PLUS QUALITY QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------
Number of shares:
<S> <C> <C> <C> <C> <C>
Series M 1,600 -- -- 2,200 1,320
Series T -- 2,400 -- -- 1,280
Series W 2,000 -- 2,400 2,200 --
Series Th -- -- 3,600 2,400 --
Series F 572 2,400 -- -- --
- ---------------------------------------------------------------------------------------------------------
Total 4,172 4,800 6,000 6,800 2,600
=========================================================================================================
</TABLE>
INSURANCE
New York Investment Quality, New York Select Quality, New York Quality Income
and Insured New York Premium Income invest in municipal securities which are
either covered by insurance or are backed by an escrow or trust account
containing sufficient U.S. government or U.S. government agency securities, both
of which ensure the timely payment of principal and interest. Each insured
municipal security is covered by Original Issue Insurance, Secondary Market
Insurance or Portfolio Insurance. Such insurance does not guarantee the market
value of the municipal securities or the value of the Funds' shares. Original
Issue Insurance and Secondary Market Insurance remain in effect as long as the
municipal securities covered thereby remain outstanding and the insurer remains
in business, regardless of whether the Funds ultimately dispose of such
municipal securities. Consequently, the market value of the municipal securities
covered by Original Issue Insurance or Secondary Market Insurance may reflect
value attributable to the insurance. Portfolio Insurance is effective only while
the municipal securities are held by the Funds. Accordingly, neither the prices
used in determining the market value of the underlying municipal securities nor
the net asset value of the Funds' shares include value, if any, attributable to
the Portfolio Insurance. Each policy of the Portfolio Insurance does, however,
give the Funds the right to obtain permanent insurance with respect to the
municipal security covered by the Portfolio Insurance policy at the time of its
sale.
DERIVATIVE FINANCIAL INSTRUMENTS
The Funds may invest in transactions in certain derivative financial
instruments including futures, forward, swap and option contracts, and other
financial instruments with similar characteristics. Although the Funds are
authorized to invest in such financial instruments, and may do so in the future,
they did not make any such investments during the six months ended March 31,
1999.
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.
2. FUND SHARES
Transactions in Common shares were as follows:
<TABLE>
<CAPTION>
NEW YORK VALUE NEW YORK PERFORMANCE PLUS
- --------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/99 9/30/98 3/31/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions -- 116,219 65,354 133,661
====================================================================================================================
<CAPTION>
NEW YORK INVESTMENT QUALITY NEW YORK SELECT QUALITY
- --------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/99 9/30/98 3/31/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions 84,403 125,667 135,123 258,860
====================================================================================================================
<CAPTION>
INSURED NEW YORK
NEW YORK QUALITY INCOME PREMIUM INCOME
- --------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
3/31/99 9/30/98 3/31/99 9/30/98
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares issued to shareholders
due to reinvestment of distributions 128,336 227,308 24,982 31,006
====================================================================================================================
</TABLE>
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS
The Funds declared Common share dividend distributions from their tax-exempt net
investment income which were paid May 3, 1999, to shareholders of record on
April 15, 1999, as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Dividend per share $.0415 $.0865 $.0830 $.0825 $.0780 $.0695
=========================================================================================================
</TABLE>
4. SECURITIES TRANSACTIONS
Purchases and sales (including maturities) of investments in long-term municipal
securities and temporary municipal securities during the six months ended March
31, 1999, were as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchases:
Long-term municipal securities $18,912,838 $28,769,537 $27,262,288 $18,346,699 $14,639,577 $7,352,430
Temporary municipal securities 23,200,000 33,925,000 19,600,000 14,900,000 14,700,000 3,200,000
Sales and Maturities:
Long-term municipal securities 17,162,065 37,863,134 25,674,656 14,941,575 12,433,268 6,968,880
Temporary municipal securities 21,900,000 29,225,000 20,700,000 15,600,000 12,800,000 3,600,000
===============================================================================================================
</TABLE>
At March 31, 1999, the identified cost of investments owned for federal income
tax purposes was the same as the cost for financial reporting purposes for each
Fund.
At September 30, 1998, the Funds' last fiscal year end, the following Funds had
unused capital loss carryforwards available for federal income tax purposes to
be applied against future capital gains, if any. If not applied, the
carryforwards will expire as follows:
INSURED
NEW YORK NEW YORK
PERFORMANCE PREMIUM
PLUS INCOME
- -------------------------------------------------------------------------
Expiration year:
2002 $ -- $1,457,571
2003 -- 3,373
2004 468,497 2,802,391
2005 -- 540,548
- -------------------------------------------------------------------------
Total $468,497 $4,803,883
=========================================================================
NOTES TO FINANCIAL STATEMENTS (continued)
(UNAUDITED)
5. UNREALIZED APPRECIATION (DEPRECIATION)
Gross unrealized appreciation and gross unrealized depreciation of investments
at March 31, 1999, were as follows:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Gross unrealized:
appreciation $8,683,259 $18,796,772 $24,505,139 $35,248,616 $37,441,275 $13,560,366
depreciation (145,465) (192,170) (119,223) (8,108) (13,255) (4,421)
- ---------------------------------------------------------------------------------------------------------
Net unrealized appreciation $8,537,794 $18,604,602 $24,385,916 $35,240,508 $37,428,020 $13,555,945
=========================================================================================================
</TABLE>
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES
Under New York Value's investment management agreement with Nuveen Advisory
Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the
Fund pays an annual management fee, payable monthly, of .35 of 1% of the average
daily net asset value of the Fund, as well as 4.125% of the gross interest
income of the Fund.
Under the Funds' (excluding New York Value) investment management agreements
with the Adviser, each Fund pays an annual management fee, payable monthly, at
the rates set forth below, which are based upon the average daily net asset
value of each Fund as follows:
AVERAGE DAILY NET ASSET VALUE 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
=====================================================================
The fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its Directors who are affiliated with the
Adviser or to their officers, all of whom receive remuneration for their
services to the Funds from the Adviser.
7. COMPOSITION OF NET ASSETS At March 31, 1999, net assets consisted of:
<TABLE>
<CAPTION>
INSURED
NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK
NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM
VALUE PLUS QUALITY QUALITY INCOME INCOME
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Preferred shares, $25,000
stated value per share,
at liquidation value $ N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $65,000,000
Common shares, $.01 par
value per share 151,204 148,675 176,013 232,460 239,452 82,735
Paid-in surplus 144,261,019 216,649,447 247,308,305 325,527,941 333,347,762 117,538,833
Balance of undistributed
net investment income 7,466 484,721 490,638 566,802 673,213 501,066
Accumulated net realized gain
(loss) from investment
transactions 231,602 305,293 442,475 574,029 221,004 (4,353,947)
Net unrealized appreciation
of investments 8,537,794 18,604,602 24,385,916 35,240,508 37,428,020 13,555,945
- ---------------------------------------------------------------------------------------------------------
Net assets $153,189,085 $340,492,738 $392,803,347 $512,141,740 $541,909,451 $192,324,632
=========================================================================================================
Authorized shares:
Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000
Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
=========================================================================================================
</TABLE>
N/A - Fund is not authorized to issue Preferred shares.
<PAGE>
<TABLE>
<CAPTION>
Financial Highlights
(Unaudited)
Selected data for a Common share outstanding
throughout each period is as follows:
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(a) $10.39 $ .26 $ (.16) $ .10
1998 10.28 .55 .20 .75
1997 10.23 .62 .06 .68
1996 10.44 .64 (.15) .49
1995 10.39 .66 .06 .72
1994 10.99 .66 (.57) .09
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 16.24 .62 (.35) .27
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
1994 17.24 1.36 (1.29) .07
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.89 .59 (.27) .32
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
1994 17.29 1.30 (1.56) (.26)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.99 .59 (.36) .23
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
1994 17.03 1.22 (1.76) (.54)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.90 .57 (.33) .24
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
1994 16.50 1.18 (1.96) (.78)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.68 .53 (.30) .23
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
1994 15.34 1.05 (2.62) (1.57)
<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(a) $ (.26) $ N/A $ (.10) $ N/A $ (.36)
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)
1994 (.67) N/A (.02) N/A (.69)
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) (.52) (.10) -- -- (.62)
1998 (1.09) (.23) -- -- (1.32)
1997 (1.11) (.24) -- -- (1.35)
1996 (1.13) (.25) -- -- (1.38)
1995 (1.12) (.27) -- -- (1.39)
1994 (1.13) (.27) -- -- (1.40)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) (.51) (.09) (.09) (.02) (.71)
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)
1994 (1.08) (.24) -- -- (1.32)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) (.50) (.09) (.04) (.01) (.64)
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)
1994 (1.06) (.18) (.01) -- (1.25)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) (.47) (.10) (.03) (.01) (.61)
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)
1994 (.95) (.24) (.02) -- (1.21)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) (.41) (.11) -- -- (.52)
1998 (.82) (.26) -- -- (1.08)
1997 (.82) (.25) -- -- (1.07)
1996 (.80) (.27) -- -- (1.07)
1995 (.81) (.29) -- -- (1.10)
1994 (.84) (.19) -- -- (1.03)
<PAGE>
<CAPTION>
Total Returns
Ending
Net Asset Ending Based on Based on Net
Value Market Value Market Value**
<S> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999(a) $10.13 $10.0625 2.95% .96%
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
1994 10.39 10.5000 (.77) .78
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.89 17.2500 .13 1.07
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
1994 15.91 15.8750 (5.07) (1.22)
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.50 17.1250 1.23 1.32
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
1994 15.71 15.2500 (6.26) (2.97)
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.58 16.5625 .93 .82
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
1994 15.24 14.6250 (4.30) (4.32)
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.53 16.3125 1.14 .84
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
1994 14.51 14.0000 (3.58) (6.37)
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 15.39 16.1875 5.86 .80
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
1994 12.74 11.5000 (16.98) (11.85)
<PAGE>
<CAPTION>
Ratios/Supplemental Data
Ratio of Net Ratio of Net
Ratio of Investment Ratio of Investment
Expenses to Income to Expenses to Income to
Average Average Average Total Average Total
Ending Net Assets Net Assets Net Assets Net Assets Portfolio
Net Assets Applicable to Applicable to Including Including Turnover
(000) Common Shares++ Common Shares++ Preferred++ Preferred++ Rate
<S> <C> <C> <C> <C> <C> <C>
New York Value
Year Ended 9/30:
1999(a) $153,189 .73%* 5.05%* N/A% N/A% 11%
1998 157,086 .75 5.37 N/A N/A 36
1997 154,298 .79 6.10 N/A N/A 28
1996 151,848 .83 6.16 N/A N/A 7
1995 124,484 .80 6.38 N/A N/A 12
1994 122,311 .84 6.16 N/A N/A 4
<CAPTION>
New York Performance Plus
<S> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 340,493 1.16* 7.76* .81* 5.40* 9
1998 344,674 1.17 8.10 .81 5.63 30
1997 342,320 1.17 8.38 .81 5.81 7
1996 339,360 1.18 8.30 .82 5.76 2
1995 340,246 1.25 8.47 .86 5.86 15
1994 163,591 1.23 8.19 .87 5.76 2
<CAPTION>
New York Investment Quality
<S> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 392,803 1.19* 7.61* .83* 5.30* 7
1998 398,372 1.18 7.88 .82 5.49 20
1997 395,569 1.18 8.18 .82 5.69 2
1996 394,189 1.18 8.09 .82 5.63 4
1995 396,012 1.22 8.29 .84 5.73 4
1994 387,955 1.18 7.89 .83 5.53 2
<CAPTION>
New York Select Quality
<S> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 512,142 1.14* 7.45* .80* 5.28* 3
1998 519,617 1.14 7.51 .81 5.32 11
1997 513,293 1.15 7.70 .81 5.43 3
1996 506,128 1.14 7.68 .80 5.40 4
1995 505,340 1.17 7.99 .82 5.56 5
1994 490,530 1.18 7.63 .83 5.38 2
<CAPTION>
New York Quality Income
<S> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 541,909 1.15* 7.25* .79* 4.99* 2
1998 548,795 1.16 7.33 .79 5.03 12
1997 539,327 1.17 7.59 .80 5.17 13
1996 528,934 1.17 7.73 .79 5.25 9
1995 528,027 1.21 8.09 .81 5.42 4
1994 509,344 1.20 7.65 .82 5.20 5
<CAPTION>
Insured New York
Premium Income
<S> <C> <C> <C> <C> <C> <C>
Year Ended 9/30:
1999(a) 192,325 1.27* 6.87* .84* 4.56* 4
1998 194,306 1.29 6.99 .85 4.60 15
1997 187,813 1.32 7.42 .85 4.80 24
1996 182,176 1.34 7.59 .86 4.87 21
1995 179,368 1.51 8.04 .95 5.05 32
1994 86,720 1.50 7.48 .96 4.80 5
N/A Fund is not authorized to issue Preferred shares.
* Annualized.
** Total Investment Return on Market Value is the combination of reinvested
dividend income, reinvested capital gains distributions, if any, and changes in
stock price per share.
Total Return on Net Asset Value is the combination of reinvested dividend
income, reinvested capital gains distributions, if any, and changes in net asset
value per share.
Total returns are not annualized for periods less than one year.
+ The amounts shown are based on Common share equivalents.
++ Ratios do not reflect the effect of dividend payments to preferred
shareholders; income ratios reflect income earned on assets attributable to
Preferred Shares, if applicable.
(a) For the six months ended March 31, 1999.
</TABLE>
<PAGE>
Building a Better Portfolio
Can Make You a Successful Investor
NUVEEN FAMILY
OF MUTUAL FUNDS
Nuveen offers a variety of funds designed to help you reach your financial
goals.
GROWTH
Nuveen Rittenhouse
Growth Fund
GROWTH AND INCOME
European Value Fund
Growth and Income Stock Fund
Balanced Stock and Bond Fund
Balanced Municipal and Stock Fund
Dividend and Growth Fund
INCOME
Income Fund
TAX-FREE INCOME
NATIONAL FUNDS
Long-Term
Insured
Intermediate-Term
Limited-Term
STATE FUNDS
Arizona
California
Colorado
Connecticut
Florida
Georgia
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
New Jersey
New Mexico
New York
North Carolina
Ohio
Pennsylvania
Tennessee
Virginia
Wisconsin
Successful investors know that a well-diversified portfolio - one that balances
different types of investments, levels of risk and tax management - can be the
foundation for building and sustaining wealth. That's why Nuveen offers you and
your financial adviser a wide range of quality investments that can help you
build a better portfolio in the pursuit of your financial goals
Exchange-Traded Funds
Nuveen Exchange-Traded Funds offer investors actively managed portfolios of
investment-grade quality municipal bonds. The fund shares are listed and traded
on the New York and American stock exchanges. Exchange-traded funds provide the
investment convenience, price visibility and liquidity of common stocks.
MuniPreferred(R)
Nuveen MuniPreferred offers investors a AAA rated investment with an attractive
tax-free yield for the cash reserves portion of an investment portfolio.
MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen
dual-class exchange-traded funds and are available for national as well as a
wide variety of state-specific portfolios.
Mutual Funds
Nuveen offers a family of equity, balanced and municipal bond funds featuring
Premier AdvisersSM including Institutional Capital Corporation, Rittenhouse
Financial Services, and Nuveen Advisory Corp. Each brings a specialized
expertise in a particular investment style or asset class, time-tested
investment strategies and a focus on consistent, long-term performance. With
Nuveen's Premier Adviser funds, you have all the advantages of a family of funds
PLUS the benefits of specialized investment expertise.
Private Asset Management
Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive,
customized investment management solutions to investors with assets of $250,000
or more to invest. A range of actively managed growth, balanced and municipal
income-oriented portfolios are available, all based upon a disciplined
investment philosophy.
Defined Portfolios
Nuveen Defined Portfolios are fixed portfolios of quality securities that are a
convenient, attractive alternative to purchasing individual securities. They
provide low-cost diversification to reduce risk, while also offering
experienced, professional security selection and surveillance. In addition,
Nuveen Defined Portfolios provide daily liquidity at that day's net asset value
for quick access to your assets.
<PAGE>
Fund Information
BOARD OF DIRECTORS
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.
We anticipate that all significant components of our Year 2000 review,
repair, and testing program will be complete by mid-1999. This includes
appropriate industry-wide testing of critical systems and receipt of
satisfactory assurances from critical service providers, vendors, and issuers
regarding their Year 2000 readiness. 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 cannot give
complete assurance at this time 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.
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 six months ended March 31, 1999. Any future
repurchases will be reported to shareholders in the next annual or semiannual
report.
<PAGE>
Serving Investors for Generations
JOHN NUVEEN, SR. (PHOTO)
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
helping investors sustain the wealth of a liftime.(tm)
John Nuveen & Co. Incorporated
333 West Wacker Drive
Chicago, IL 60606-1286
www.nuveen.com
FSA-1-3-99
