-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P5Z0eZ55n7d5wA1X5fhhgFMwCC/us/UctVzPyBF+nlm/tG4pm/HYliFdY5KBHPXP DXs0KowS+yblt+8zOVsqPw== 0000891804-01-501072.txt : 20010606 0000891804-01-501072.hdr.sgml : 20010606 ACCESSION NUMBER: 0000891804-01-501072 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND CENTRAL INDEX KEY: 0001074769 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 364270661 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09135 FILM NUMBER: 1654208 BUSINESS ADDRESS: STREET 1: C/O JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 8002578787 MAIL ADDRESS: STREET 1: JOHN NUVEEN & CO INC STREET 2: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 nv24516ed.txt FSA-1-3-01 Semiannual Report March 31, 2001 LOGO: NUVEEN Investments Municipal Closed-End Exchange-Traded Funds Dependable, tax-free income to help you keep more of what you earn. NEW YORK NNY NNP NQN NVN NUN NNF NAN Invest well. Look ahead. LEAVE YOUR MARK. 2 Photos - women; graduate Contents 1 Dear Shareholder 3 Portfolio Manager's Comments 7 NNY Performance Overview 8 NNP Performance Overview 9 NQN Performance Overview 10 NVN Performance Overview 11 NUN Performance Overview 12 NNF Performance Overview 13 NAN Performance Overview 14 Shareholder Meeting Report 18 Portfolio of Investments 53 Statement of Net Assets 55 Statement of Operations 57 Statement of Changes in Net Assets 60 Notes to Financial Statements 67 Financial Highlights 72 Build Your Wealth Automatically 73 Fund Information Credit Quality Highlights As of March 31, 2001 Pie Chart: Nuveen New York Municipal Value Fund, Inc. (NNY) AAA/U.S. Guaranteed 53% AA 20% A 16% BBB 7% NR 4% Pie Chart: Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) AAA/U.S. Guaranteed 49% AA 25% A 13% BBB 11% NR 2% Pie Chart: Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Insured 86% Insured and U.S. Guaranteed 12% U.S. Guaranteed 2% Pie Chart: Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Insured 85% Insured and U.S. Guaranteed 14% U.S. Guaranteed 1% Pie Chart: Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Insured 79% Insured and U.S. Guaranteed 19% U.S. Guaranteed 2% Pie Chart: Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Insured 78% Insured and U.S. Guaranteed 18% U.S. Guaranteed 4% Pie Chart: Nuveen New York Dividend Advantage Municipal Fund (NAN) AAA/U.S. Guaranteed 56% AA 22% A 14% BBB 6% NR 2% - -------------------------------------------------------------------------------- COMPOUND YOUR WEALTH - AUTOMATICALLY All Nuveen Municipal Closed-End ETFs let you reinvest dividends and capital gains directly into additional shares of your Fund. This is a great way to see your investment grow through the power of compounding. For more information about Dividend Reinvestment, see the last page of this report or speak with your financial advisor. - -------------------------------------------------------------------------------- Photo of: Timothy R. Schwertfeger Chairman of the Board Sidebar text: "A well-balanced portfolio can help you reduce your investment risks." Dear Shareholder One of the primary goals of your Nuveen New York Fund is to provide you with attractive, dependable income from a quality portfolio that is free from federal, New York state and New York city income taxes. I am pleased to report that over the period covered by this report your Fund has continued to meet these objectives. I urge you to read the Portfolio Manager's Comments and Performance Overview pages included in this report, which provide more details about Fund results, how they were achieved, and how the Funds are trying to position themselves for the future. The uncertain markets of this past reporting period also remind us of another important reason for investing in Nuveen Funds. In times such as these, your Nuveen Fund can help bring a measure of diversification to your overall portfolio and serve as a useful counterbalance to other holdings. A well-balanced portfolio can help you reduce your investment risks and provide one of the keys to strong long-term performance. Invest Well. Look Ahead. Leave Your Mark. At Nuveen, we believe that investors should focus not only on investments that can help them accumulate wealth, but also on the plans and services that can help preserve that wealth and pass it along to future generations. This long-term perspective is an integral part of our portfolio management strategies, our insistence on quality, and our desire to provide investments that can withstand the test of time. In establishing a program tailored to your needs, the sound ongoing advice and disciplined focus provided by a trusted financial advisor can be an invaluable resource, enabling you to make wise investment decisions and build a program that can result in a lasting legacy. For more than a century, Nuveen has offered quality investments to those who recognize and embrace the need for building, preserving and managing wealth. All of us at Nuveen are dedicated to working with you and your financial advisor to provide the services, products, perspectives, and solutions that can help you meet your personal and family financial goals, now and for years to come. We thank you for your continued confidence. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board May 16, 2001 Sidebar text: "In establishing a program tailored to your needs, the sound ongoing advice and disciplined focus provided by a trusted financial advisor can be an invaluable resource." Nuveen New York Municipal Closed-End Exchange-Traded Funds (NNY, NNP, NQN, NVN, NUN, NNF, NAN) Portfolio Manager's COMMENTS Portfolio manager Paul Brennan reviews national and state economic conditions, key investment strategies, and the performance of the Nuveen New York Municipal Closed-End Exchange-Traded Funds. Paul has 10 years of experience as an investment professional, including four years with Nuveen, and has managed the Nuveen New York Funds since 1999. WHAT MAJOR FACTORS AFFECTED THE U.S. ECONOMY AND THE MUNICIPAL MARKET DURING THIS REPORTING PERIOD? The major factors affecting the economy and the fixed-income markets over the six months ended March 31, 2001, were the Federal Reserve's interest rate reductions and slower economic growth. During the first quarter of 2001, the Fed announced three interest rate cuts of 50 basis points each, two in January and one in late March. (Following the close of the period covered in this report, the Fed moved to cut rates by an additional 50 basis points on April 18, bringing the federal funds rate to 4.5%, 25 basis points below the level where the Fed started tightening in June 1999.) In carrying out one of the most aggressive periods of easing in recent times, the Fed appears to be indicating that it considers the current economic weakness a more serious threat than the potential inflation it was attempting to forestall during 1999 and 2000. The consensus among most market observers is that the Fed will continue to ease as long as signs of a significant economic slowdown remain. In the municipal market, the economic slowdown and continued tight supply of new issues helped many bonds perform well. For the twelve months ended March 31, 2001, new issuance of municipal bonds totaled $199.7 billion nationwide, down 4% from the previous twelve-month period (April 1999 through March 2000). Some of the tightness in supply stemmed from higher rate concerns during the early part of this period, which made it less attractive for many issuers to offer bonds. In addition, economic conditions over the past decade have enabled more cities and states to use pay-as-you-go funding for necessary projects, rather than funding obtained through new issuance. At the same time, demand for municipal bonds continued to be strong from individual investors looking for diversification, income, and an alternative to a volatile stock market. As a result, municipal bond prices were generally higher, and yields were correspondingly lower, at the end of March 2001 than they were twelve months earlier. Nevertheless, we believe the municipal market continued to represent good value. As of March 31, 2001, long-term municipal yields were 99% of 30-year Treasury yields, compared with 103% in March 2000 and the historical average of 86% for the period 1986-1999. WHAT ABOUT THE MARKET AND ECONOMIC ENVIRONMENT IN NEW YORK? While new municipal supply in New York remained tight throughout 2000, the Fed's interest rate cuts during the first three months of 2001 created a more favorable environment for refundings, which helped to boost municipal issuance. Between January and March 2001, new issuance in New York totaled $5.1 billion, up 38% over the first three months of 2000, compared with an increase of 44% in national municipal supply. Much of this new issuance, however, was concentrated in shorter maturities, rather than the longer-term bonds with higher yields that Nuveen generally seeks for our portfolios. Currently, the New York municipal market is awaiting a $12 billion restructuring and new money financing deal for the New York Metropolitan Transportation Authority (MTA). If issued as planned, the MTA offering would be the largest municipal issuance in history, topping the Long Island Power Authority's $7 billion issue in 1998. Further delays in passage of the state budget, however, could continue to keep this deal, as well as others, on hold. Overall, we expect to see increased issuance in the New York market, which can boast of having three of the nation's eight largest issuers: the Dormitory Authority of the State of New York, New York City, and the New York City Transitional Finance Authority. Given New York's high marginal income tax rate, individual investors continued to generate a very healthy demand for New York municipal bonds over the past twelve months. This demand is expected to remain strong in coming months, as investors look for ways to rebalance their portfolios and reduce potential risk. In terms of economic environment, the slowdown in the national economy has affected growth at both the state and city levels in New York. Restructurings in various industries throughout the state have led to significant cyclical layoffs at some of New York's largest employers. In New York City, which represents nearly half of the state's population and a substantial part of the state economy, the stock market slide of the past twelve months had a major impact on Wall Street profits and resulted in layoffs in the financial services sector. The metropolitan area, however, is insulated to some degree from the national downturn, largely because it is less dependent on manufacturing. As a result, the city's overall economy remained resilient, with rising per capita income, a strong real estate market, increased sales and personal income tax collections, and a $6 billion infusion of venture capital during 2000. Over the long term, major risks for the New York economy continue to be the state's high cost of doing business, weak demographic trends, and any further stock market corrections. The healthy economy of the past decade enabled both New York state and city to build up financial reserves, pass balanced budgets, and implement improved fiscal operations and management. As a result, both entities appear to be in a better position to weather economic downturns than they have been in the past. During the past four months, both Standard & Poor's and Fitch recognized this fact by upgrading their credit ratings for New York State's general obligation bonds to AA (from AA- and A+, respectively), while Moody's affirmed its state debt rating at A2. In August and September 2000, all three rating agencies also upgraded their ratings for New York City bonds to A2/A/A+, citing the strength of the city's financial position and steady economic expansion. The Nuveen New York Funds benefited from these upgrades in two ways: first, the upgrades enhance the trading value of all the New York state and city bonds we hold in our portfolios, and second, the higher credit quality ratings make it less likely that New York will insure new issuance, which increases the value of existing insured bonds and benefits our four insured Funds. HOW DID THE NUVEEN NEW YORK FUNDS PERFORM OVER THE PAST YEAR? For the year ended March 31, 2001, the Nuveen New York Municipal Closed-End Exchange-Traded Funds produced total returns on net asset value (NAV) as shown in the accompanying table. The annual returns for the appropriate Lehman Brothers New York Tax-Exempt Bond Index1 and Lipper New York Peer Group category2 are also presented. LEHMAN LIPPER TOTAL RETURN NEW YORK NEW YORK MARKET YIELD ON NAV TOTAL RETURN1 AVERAGE2 - ------------------------------------------------------------------------ 1 YEAR 1 YEAR 1 YEAR TAXABLE- ENDED ENDED ENDED 3/31/01 EQUIVALENT3 3/31/01 3/31/01 3/31/01 - ------------------------------------------------------------------------ NNY 5.58% 8.65% 9.47% 11.12% 14.42% - ------------------------------------------------------------------------ NNP 5.84% 9.05% 16.01% 11.12% 14.42% - ------------------------------------------------------------------------ NQN 5.57% 8.64% 14.89% 11.88% 13.65% - ------------------------------------------------------------------------ NVN 5.84% 9.05% 12.23% 11.88% 13.65% - ------------------------------------------------------------------------ NUN 5.70% 8.84% 12.04% 11.88% 13.65% - ------------------------------------------------------------------------ NNF 5.62% 8.71% 14.19% 11.88% 13.65% - ------------------------------------------------------------------------ NAN 5.32% 8.25% 18.36% 11.12% 14.42% - ------------------------------------------------------------------------ Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report. During the first part of 2000, as the Fed's interest rate hikes pushed yields higher, municipal bond prices took a corresponding drop. By June 2000, however, the tight supply of new municipal issues and generally favorable technicals helped to prompt a shift in market outlook, rallying the municipal market and boosting the prices of many bonds. The Funds' participation in the subsequent recovery of the municipal market is reflected in the total returns on NAV listed in the previous table, which show substantial improvement over the performance results presented in the Funds' annual report for the period ended September 30, 2000. During the 12 months ended March 31, 2001, the yield on the Bond Buyer 25 Revenue Bond Index fell from 6.03% to 5.44%. In this environment of falling yields (and rising bond values), funds with longer durations4 would be expected to perform well. As of March 31, 2001, the duration of the unleveraged Lehman Brothers New York Tax-Exempt Bond Index was 7.31. By comparison, 1 The performances of the uninsured NNY, NNP, and NAN are compared with that of the Lehman Brothers New York Tax-Exempt Bond Index, an unleveraged index comprising a broad range of investment-grade New York municipal bonds. The performances of the insured Funds--NQN, NVN, NUN, and NNF--are compared with that of the Lehman New York Insured Tax-Exempt Bond Index, an unleveraged index comprising a broad range of insured New York municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The total returns of three uninsured Funds--NNY, NNP, and NAN--are compared with the average annualized return of the eleven funds in the Lipper New York Municipal Debt Funds category, while the total returns of the four insured Funds--NQN, NVN, NUN, and NNF--are compared with the average total return of the nine funds in the Lipper New York Insured Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 The taxable-equivalent yield represents the yield that must be earned on a taxable investment in order to equal the yield of the Nuveen Fund on an after-tax basis. The taxable-equivalent yield is based on the Fund's market yield on the indicated date and a combined federal and state income tax rate of 35.5%. 4 Duration is a measure of a Fund's NAV volatility in reaction to interest rate movements. Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for a Fund and therefore is generally longer than the duration of the actual portfolio of individual bonds that make up the Fund. With the exception of the unleveraged NNY, where we use average duration, references to duration in this commentary are intended to indicate Fund duration. the durations of the three uninsured Funds were 6.90 for NNY (which is unleveraged) and 11.19 for NNP and 12.01 for NAN. Among the four insured Nuveen New York Funds, durations ranged from 7.85 to 10.03, compared with 8.20 for the Lehman New York Insured Bond Index. WERE THE FUNDS' DIVIDENDS AFFECTED BY THE MARKET ENVIRONMENT? Over the past 12 months, good levels of call protection helped to support the dividend of NNY and shield the income of this unleveraged Fund from erosion. As of March 31, 2001, NNY had provided shareholders with 24 consecutive months of steady or increasing dividends. The other six Funds covered in this report use leverage as a way to potentially enhance the dividends paid to common shareholders. The extent of this benefit is tied in part to the short-term rates that the Funds pay their MuniPreferred shareholders. When short-term rates rise, the Funds must pay out more income to preferred shareholders, decreasing the amount of income available for common shareholders. As the Federal Reserve raised short-term rates between June 1999 and May 2000, these increases had a corresponding impact on short-term municipal rates. The increased cost of funds, combined with the pressure of bond calls in several of the Funds, was sufficient to cause decreases in the common share dividends of all of the leveraged New York Funds during 2000. In March 2001, however, we were able to increase the dividends of both NNF and NAN. As the Fed cut interest rates during the first quarter of 2001, the slope in the municipal yield curve steepened. The lower rates offered by municipal securities with shorter maturities, together with the low level of bond calls in these two Funds relative to the other leveraged New York Funds, made the recent increases possible. In coming months, lower short-term rates could potentially continue to have beneficial effects on the dividends of the leveraged Funds by reducing the amount the Funds pay their MuniPreferred shareholders. This, in turn, could leave more Fund earnings to support common share dividends. However, this trend could be offset by the effect of bond calls on the higher-yielding bonds held by these portfolios. This is especially true of NQN, NVN, and NUN, which are currently at the point of their life cycle when they can expect an increased risk of bond calls. The level of short-term rates, the number of bond calls, and the interest rates at which we can reinvest the proceeds of any calls will all influence the dividends of the Nuveen New York Funds over the next twelve months. WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE? During the first half of 2000, uncertainties about interest rates, along with investors' focus on equity market performance, tended to dampen interest in most fixed-income products. The lack of demand put pressure on the prices of many municipal bond investments. However, as the bond market recovered and the stock market continued to be volatile, many investors again appeared to be considering tax-free fixed-income alternatives. As a result, the share prices of these Funds improved substantially (see the charts on the individual Performance Overview pages). As investors recognized the opportunity offered by the Nuveen New York Funds, robust demand caused the discount (share price below NAV) on NAN to move to a premium (share price above NAV), while the discounts on all the remaining New York Funds narrowed significantly over the past twelve months. While the market prices of these six Funds remain lower than the actual value of the bonds in their portfolios, shareholders may want to consider taking advantage of this opportunity to add to their holdings of the Nuveen New York Funds. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK FUNDS DURING THE TWELVE MONTHS ENDED MARCH 31, 2001? Despite a slow start, the past twelve months turned out to be generally positive for fixed-income markets, including municipal bonds. As evidenced by their strong twelve-month total returns on NAV, the Nuveen New York Funds were well structured going into this period. Given the tight supply of new issuance during most of the past year, we found relatively fewer opportunities to make trades that would substantially enhance the Funds' holdings. As issuance did become available in the market, we focused on strengthening long-term dividend-payment capabilities, enhancing call protection, and purchasing bonds with the potential to add value and diversification to the Funds' portfolios. Over the past twelve months, for example, the education sector provided opportunities to purchase bonds issued by several smaller private schools that come to market infrequently, including Canisius College and D'Youville College in Buffalo, and the Polytechnic Institute of New York in Brooklyn. During this period, the Funds benefited from their weightings in the education sector, which ranked among the top five holdings in each of the Nuveen New York Funds. In the non-insured Funds, we continued to purchase additional tobacco-backed bonds, leveraging the expertise we have gained in the complexities of this type of issuance. These high-yield bonds are secured by the 1998 $250 billion master settlement agreement between four major tobacco companies and 46 states. During the last part of 2000, three New York counties - Monroe, Erie, and Chautauqua - issued a total of $430 million in tobacco bonds, joining previous issuers New York City and Nassau and Westchester counties in making New York state the leader in tobacco bond issuance. Some of the Funds' recent purchases were financed with proceeds generated by sales and calls of U.S. guaranteed, or pre-refunded bonds. At the end of March 2000, this sector accounted for almost 23%, on average, of the portfolios of the six older Nuveen New York Funds. By March 31, 2001, this allocation had been reduced to 10% in NNY and 4% in NNP, both of which have passed the 10-year mark of the bond market cycle. NQN, NVN, and NUN, which are approaching the part of the cycle when they could see increased bond calls, and NNF, which was established in 1992, still hold relatively larger weightings in this sector, although their holdings also declined over the past year. As part of our strategies to enhance the call protection of the New York Funds, we continue to carefully assess opportunities to sell these pre-refunded bonds as we find attractive long-term reinvestment alternatives in the marketplace. Overall, our focus during the past 12 months was on keeping the Funds fully invested and working for shareholders. The three uninsured Nuveen New York Funds - NNY, NNP, and NAN - continued to offer excellent credit quality, with between 73% and 78% of their portfolios invested in bonds rated AAA/U.S. guaranteed and AA as of March 31, 2001. The Funds also had allocations of BBB and non-rated bonds that ranged from 8% to 13%, which generally provided higher yields during 2000. The portfolios of the four insured New York Funds are 100% invested in U.S. guaranteed and/or insured bonds, making credit quality extremely high. WHAT IS YOUR OUTLOOK FOR THE NUVEEN NEW YORK FUNDS? In general, our outlook for the fixed-income markets over the next twelve months is positive. Current projections call for continued strong demand for municipal bonds. If interest rates decline further and the pace of refundings increases, new municipal issuance nationwide in 2001 could exceed $200 billion. Since the supply of municipal bonds declined in both 1999 and 2000, any year-over-year increase in 2001 should still result in supply-and-demand dynamics that support the municipal market and municipal bond prices. We will, of course, continue to closely monitor the economy, including the progress of the tax reduction plan and Federal Reserve policies, in order to be prepared to respond appropriately to any developing situations. Looking specifically at the Nuveen New York Funds, NAN has no scheduled calls over the next two years, while NNY, NNP, and NNF also offer good levels of call protection in 2001 and 2002, with the portion of callable bonds ranging from 10% of NNY's portfolio to 15% of NNF. However, NQN, NVN, and NUN, which mark the 10-year anniversary of their inceptions in 2000 and 2001, have entered the part of the bond market cycle when they are experiencing a typical increase in call exposure. During the remainder of 2001 and 2002, these three Funds could see 20% to 44% of their portfolios affected by bond calls, depending on market interest rates during this time. In general, we consider these positions to be manageable and foresee no problems in working through them. In 2003, all of the Nuveen New York Funds will again offer excellent levels of call protection, with scheduled calls currently ranging from zero to 6%. As value-oriented investors, we will continue to look for areas of the market that can add value for our shareholders and strengthen the Funds' dividend-payment capabilities and call protection. Overall, in view of the decline in interest rates, we plan to keep the Funds positioned somewhat defensively. Depending on the rate environment going forward, bond calls in NQN, NVN, and NUN could create opportunities to further enhance the structure of these Funds. Because of New York's upgraded credit ratings and the potential for less new insured issuance, we also plan to be pro-active in searching for attractive opportunities that keep the insured New York Funds well diversified. We believe the Nuveen New York Funds will continue to serve as a dependable source of tax-free income and portfolio diversification, two essential elements of a comprehensive investment strategy. Nuveen New York Municipal Value Fund, Inc. Performance Overview As of March 31, 2001 NNY PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 10/87 - -------------------------------------------------- Share Price $9.14 - -------------------------------------------------- Net Asset Value $9.82 - -------------------------------------------------- Market Yield 5.58% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.09% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.65% - -------------------------------------------------- Fund Net Assets ($000) $148,527 - -------------------------------------------------- Average Effective Maturity (Years) 21.86 - -------------------------------------------------- Average Duration 6.90 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 17.40% 9.47% - -------------------------------------------------- 5-Year 3.13% 5.09% - -------------------------------------------------- 10-Year 4.99% 6.44% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Long-Term Care 15% - -------------------------------------------------- Education and Civic Organizations 11% - -------------------------------------------------- Healthcare 11% - -------------------------------------------------- U.S. Guaranteed 10% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share2 4/00 0.0425 5/00 0.0425 6/00 0.0425 7/00 0.0425 8/00 0.0425 9/00 0.0425 10/00 0.0425 11/00 0.0425 12/00 0.0425 1/01 0.0425 2/01 0.0425 3/01 0.0425 Line Chart: Share Price Performance 4/07/00 8.38 8.31 8.19 8.31 8.25 8.25 8.31 8.19 8.38 8.69 8.5 8.56 8.56 8.56 8.69 8.69 8.63 8.81 8.88 8.75 9 8.94 9 8.88 8.75 8.75 8.75 8.56 8.31 8.5 8.69 8.44 8.38 8.31 8.31 8.44 8.63 8.56 9.06 9.38 9.38 9.38 9.45 9.45 9.5 9.4 9.5 9.44 9.51 9.41 3/31/01 9.14 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 The Fund also paid shareholders a net ordinary income distribution in December 2000 of $0.0014 per share. Nuveen New York Performance Plus Municipal Fund, Inc. Performance Overview As of March 31, 2001 NNP PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 11/89 - -------------------------------------------------- Share Price $14.91 - -------------------------------------------------- Net Asset Value $15.76 - -------------------------------------------------- Market Yield 5.84% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.46% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.05% - -------------------------------------------------- Fund Net Assets ($000) $360,086 - -------------------------------------------------- Average Effective Maturity (Years) 22.75 - -------------------------------------------------- Leverage-Adjusted Duration 11.19 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 18.75% 16.01% - -------------------------------------------------- 5-Year 3.59% 6.25% - -------------------------------------------------- 10-Year 6.51% 8.46% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Education and Civic Organizations 17% - -------------------------------------------------- Healthcare 14% - -------------------------------------------------- Transportation 11% - -------------------------------------------------- Utilities 8% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share 4/00 0.079 5/00 0.079 6/00 0.074 7/00 0.074 8/00 0.074 9/00 0.074 10/00 0.074 11/00 0.074 12/00 0.0725 1/01 0.0725 2/01 0.0725 3/01 0.0725 Line Chart: Share Price Performance 4/07/00 13.5 13.25 13.25 13.25 13.06 12.94 12.94 12.75 13.13 13.38 13.38 13.5 13.5 13.81 13.81 13.75 13.56 14.13 14.31 14.06 14.13 14.19 14.19 14.06 14.06 14.13 14.06 14.06 13.56 13.63 14.06 13.94 13.69 13.63 13.56 13.69 13.94 14.25 15.19 15.25 15.31 15 15.25 15.25 14.95 14.9 15 15.15 14.92 14.75 3/31/01 14.91 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Nuveen New York Investment Quality Municipal Fund, Inc. Performance Overview As of March 31, 2001 NQN PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 11/90 - -------------------------------------------------- Share Price $14.86 - -------------------------------------------------- Net Asset Value $15.51 - -------------------------------------------------- Market Yield 5.57% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.07% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.64% - -------------------------------------------------- Fund Net Assets ($000) $418,554 - -------------------------------------------------- Average Effective Maturity (Years) 21.01 - -------------------------------------------------- Leverage-Adjusted Duration 10.03 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 17.58% 14.89% - -------------------------------------------------- 5-Year 3.71% 6.26% - -------------------------------------------------- 10-Year 6.32% 7.95% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Tax Obligation/Limited 21% - -------------------------------------------------- U.S.Guaranteed 14% - -------------------------------------------------- Transportation 12% - -------------------------------------------------- Education and Civic Organizations 11% - -------------------------------------------------- Healthcare 10% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share 4/00 0.077 5/00 0.077 6/00 0.072 7/00 0.072 8/00 0.072 9/00 0.072 10/00 0.072 11/00 0.072 12/00 0.069 1/01 0.069 2/01 0.069 3/01 0.069 Line Chart: Share Price Performance 4/07/00 13.5 13.31 13.13 13.19 13.13 13.13 13.19 13.19 13.38 13.44 13.63 13.5 13.81 13.88 13.88 13.81 14 14.25 14.38 14.38 14.19 14.25 14.19 14.13 14 13.88 13.75 13.56 13.19 13.31 13.94 13.44 13.44 13.31 13.38 13.5 13.56 13.69 14.56 14.75 14.81 14.69 14.85 14.6 14.62 14.63 14.71 14.85 14.69 14.76 3/31/01 14.86 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Nuveen New York Select Quality Municipal Fund, Inc. Performance Overview As of March 31, 2001 NVN PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 5/91 - -------------------------------------------------- Share Price $14.91 - -------------------------------------------------- Net Asset Value $15.33 - -------------------------------------------------- Market Yield 5.84% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.46% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.05% - -------------------------------------------------- Fund Net Assets ($000) $551,997 - -------------------------------------------------- Average Effective Maturity (Years) 19.70 - -------------------------------------------------- Leverage-Adjusted Duration 8.93 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 18.71% 12.23% - -------------------------------------------------- 5-Year 4.33% 5.97% - -------------------------------------------------- Since Inception 6.47% 7.51% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Tax Obligation/Limited 19% - -------------------------------------------------- Education and Civic Organizations 16% - -------------------------------------------------- U.S.Guaranteed 15% - -------------------------------------------------- Utilities 14% - -------------------------------------------------- Tax Obligation/General 11% - -------------------------------------------------- 2000-2001 Monthly Tax-Free Dividends Per Share Bar Chart: 4/00 0.0775 5/00 0.0775 6/00 0.0735 7/00 0.0735 8/00 0.0735 9/00 0.0735 10/00 0.0735 11/00 0.0735 12/00 0.0725 1/01 0.0725 2/01 0.0725 3/01 0.0725 Line Chart: Share Price Performance 4/07/00 13.25 13.06 13.06 13.06 13.13 12.94 12.94 12.81 12.94 13.25 13.25 13.13 13.63 13.88 13.63 13.75 13.88 14 14.25 14 13.94 14 13.88 13.88 13.81 13.94 13.88 13.63 13.44 13.44 14 13.38 13.44 13.5 13.5 13.56 14 13.88 15.13 15.13 15.13 14.88 15.09 15.12 14.8 14.68 14.82 15.16 14.35 14.8 3/31/01 14.91 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Nuveen New York Quality Income Municipal Fund, Inc. Performance Overview As of March 31, 2001 NUN PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 11/91 - -------------------------------------------------- Share Price $14.94 - -------------------------------------------------- Net Asset Value $15.15 - -------------------------------------------------- Market Yield 5.70% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.26% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.84% - -------------------------------------------------- Fund Net Assets ($000) $561,969 - -------------------------------------------------- Average Effective Maturity (Years) 18.58 - -------------------------------------------------- Leverage-Adjusted Duration 7.85 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 22.84% 12.04% - -------------------------------------------------- 5-Year 5.92% 6.25% - -------------------------------------------------- Since Inception 6.27% 7.10% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- U.S.Guaranteed 21% - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Education and Civic Organizations 17% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Transportation 11% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share 4/00 0.076 5/00 0.076 6/00 0.071 7/00 0.071 8/00 0.071 9/00 0.071 10/00 0.071 11/00 0.071 12/00 0.071 1/01 0.071 2/01 0.071 3/01 0.071 Line Chart: Share Price Performance 4/07/00 13.19 12.94 12.81 13 13 12.81 13.06 12.88 12.88 13 13.06 13.06 13.5 13.63 13.56 13.69 13.69 13.88 14 13.88 13.69 13.88 13.75 13.69 13.38 13.5 13.5 13.63 12.94 13.25 13.69 13.25 13.19 13.13 13.31 13.5 13.75 13.69 14.88 14.75 14.69 14.69 15.05 14.9 14.7 14.6 14.7 14.85 14.56 14.5 3/31/01 14.94 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance Overview As of March 31, 2001 NNF PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 12/92 - -------------------------------------------------- Share Price $14.42 - -------------------------------------------------- Net Asset Value $15.10 - -------------------------------------------------- Market Yield 5.62% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 8.14% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.71% - -------------------------------------------------- Fund Net Assets ($000) $190,329 - -------------------------------------------------- Average Effective Maturity (Years) 17.56 - -------------------------------------------------- Leverage-Adjusted Duration 8.41 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 19.40% 14.19% - -------------------------------------------------- 5-Year 7.48% 7.38% - -------------------------------------------------- Since Inception 5.40% 6.64% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Education and Civic Organizations 22% - -------------------------------------------------- U.S.Guaranteed 22% - -------------------------------------------------- Utilities 14% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Tax Obligation/Limited 10% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share 4/00 0.0695 5/00 0.0695 6/00 0.0665 7/00 0.0665 8/00 0.0665 9/00 0.0665 10/00 0.0665 11/00 0.0665 12/00 0.0665 1/01 0.0665 2/01 0.0665 3/01 0.0675 Line Chart: Share Price Performance 4/07/00 13.06 12.75 12.69 12.81 12.81 12.56 12.5 12.5 12.94 13 13.06 13.06 13.13 13.38 13.25 13.44 13.25 13.56 13.75 13.75 13.75 13.88 13.88 13.63 13.44 13.38 13.44 13.5 12.81 13.06 13.69 13.19 13.13 13 13.13 13 13.44 13.63 14.19 14.63 14.81 14.63 14.7 14.73 14.67 14.34 14.48 14.58 14.5 14.4 3/31/01 14.42 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Nuveen New York Dividend Advantage Municipal Fund Performance Overview As of March 31, 2001 NAN PORTFOLIO STATISTICS - -------------------------------------------------- Inception Date 5/99 - -------------------------------------------------- Share Price $14.88 - -------------------------------------------------- Net Asset Value $14.65 - -------------------------------------------------- Market Yield 5.32% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Income Tax Rate)1 7.71% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 8.25% - -------------------------------------------------- Fund Net Assets ($000) $203,489 - -------------------------------------------------- Average Effective Maturity (Years) 22.75 - -------------------------------------------------- Leverage-Adjusted Duration 12.01 - -------------------------------------------------- ANNUALIZED TOTAL RETURN - -------------------------------------------------- ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year 26.36% 18.36% - -------------------------------------------------- Since Inception 5.55% 7.24% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) - -------------------------------------------------- Healthcare 22% - -------------------------------------------------- Tax Obligation/Limited 19% - -------------------------------------------------- Education and Civic Organizations 15% - -------------------------------------------------- Tax Obligation/General 13% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- Bar Chart: 2000-2001 Monthly Tax-Free Dividends Per Share 4/00 0.069 5/00 0.069 6/00 0.0665 7/00 0.0665 8/00 0.0665 9/00 0.0665 10/00 0.0665 11/00 0.0665 12/00 0.0665 1/01 0.0665 2/01 0.0665 3/01 0.0675 Line Chart: Share Price Performance 4/07/00 12.5 12.44 12.25 12.63 12.94 12.56 12.19 11.94 12.31 12.69 12.56 12.69 12.75 12.94 13.13 12.94 12.88 12.81 13.13 13.06 13.19 13.25 13.06 13 12.88 12.31 12.63 12.75 12.44 12.63 13 12.75 12.69 12.44 12.31 12.69 13.25 13.5 14.31 14.44 14.5 14.38 14.9 14.82 14.5 14.48 14.61 14.75 14.78 14.84 3/31/01 14.88 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen Fund on an after-tax basis. It is calculated using the current market yield and a federal income tax rate of 31%. 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%. Shareholder Meeting Report The Shareholder Meeting was held in Chicago, Illinois on December 20, 2000.
NNY NNP - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Common Shares Shares Shares Shares Shares Shares Series-M Series-T Series-W Series-F ==================================================================================================================================== Robert P. Bremner For 12,836,264 13,123,632 1,500 720 1,955 547 Withhold 202,755 275,276 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,039,019 13,398,908 1,501 720 1,955 551 ==================================================================================================================================== Lawrence H. Brown For -- 13,120,702 1,500 720 1,955 547 Withhold -- 278,206 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,398,908 1,501 720 1,955 551 ==================================================================================================================================== Anne E. Impellizzeri For -- 13,130,410 1,500 720 1,955 547 Withhold -- 268,498 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,398,908 1,501 720 1,955 551 ==================================================================================================================================== Peter R. Sawers For -- 13,122,593 1,500 720 1,955 547 Withhold -- 276,315 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,398,908 1,501 720 1,955 551 ==================================================================================================================================== Judith M. Stockdale For 12,831,595 13,121,088 1,500 720 1,955 547 Withhold 207,424 277,820 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,039,019 13,398,908 1,501 720 1,955 551 ==================================================================================================================================== William J. Schneider For 12,838,582 -- 1,500 720 1,955 547 Withhold 200,437 -- 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,039,019 -- 1,501 720 1,955 551 ==================================================================================================================================== Timothy R. Schwertfeger For -- -- 1,500 720 1,955 547 Withhold -- -- 1 -- -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- -- 1,501 720 1,955 551 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 12,850,314 13,111,909 1,497 720 1,946 528 Against 107,643 87,814 -- -- -- 9 Abstain 81,062 199,185 4 -- 9 14 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,039,019 13,398,908 1,501 720 1,955 551 ====================================================================================================================================
NQN NVN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Preferred Preferred Common Shares Shares Shares Common Shares Shares Shares Shares Series-M Series-T Series-F Shares Series-T Series-W Series-TH ==================================================================================================================================== Robert P. Bremner For 15,626,397 931 2,224 2,226 21,043,039 1,719 2,044 3,460 Withhold 228,419 -- 6 2 286,474 -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ==================================================================================================================================== Lawrence H. Brown For 15,632,872 931 2,224 2,226 21,037,958 1,719 2,044 3,460 Withhold 221,944 -- 6 2 291,555 -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ==================================================================================================================================== Anne E. Impellizzeri For 15,631,248 931 2,224 2,225 21,038,101 1,719 2,044 3,460 Withhold 223,568 -- 6 3 291,412 -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ==================================================================================================================================== Peter R. Sawers For 15,634,872 931 2,224 2,226 21,037,573 1,719 2,044 3,460 Withhold 219,944 -- 6 2 291,940 -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ==================================================================================================================================== Judith M. Stockdale For 15,634,532 931 2,224 2,226 21,042,839 1,719 2,043 3,460 Withhold 220,284 -- 6 2 286,674 -- 259 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ==================================================================================================================================== William J. Schneider For -- 931 2,224 2,226 -- 1,719 2,044 3,460 Withhold -- -- 6 2 -- -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 931 2,230 2,228 -- 1,719 2,302 3,460 ==================================================================================================================================== Timothy R. Schwertfeger For -- 931 2,224 2,226 -- 1,719 2,044 3,460 Withhold -- -- 6 2 -- -- 258 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 931 2,230 2,228 -- 1,719 2,302 3,460 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 15,547,844 923 2,225 2,228 20,972,009 1,711 2,297 3,451 Against 132,325 -- 5 -- 177,289 -- 1 4 Abstain 174,647 8 -- -- 180,215 8 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,854,816 931 2,230 2,228 21,329,513 1,719 2,302 3,460 ====================================================================================================================================
Shareholder Meeting Report (continued)
NUN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Shares Shares Shares Shares Shares Series-M Series-W Series-TH Series-F - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For 21,856,599 2,172 2,068 2,170 1,018 Withhold 413,396 -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 - ------------------------------------------------------------------------------------------------------------------------------------ Lawrence H. Brown For 21,853,117 2,172 2,068 2,170 1,018 Withhold 416,878 -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 - ------------------------------------------------------------------------------------------------------------------------------------ Anne E. Impellizzeri For 21,846,240 2,172 2,068 2,170 1,018 Withhold 423,755 -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 - ------------------------------------------------------------------------------------------------------------------------------------ Peter R. Sawers For 21,852,416 2,172 2,068 2,170 1,018 Withhold 417,579 -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 - ------------------------------------------------------------------------------------------------------------------------------------ Judith M. Stockdale For 21,857,016 2,172 2,068 2,170 1,018 Withhold 412,979 -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 - ------------------------------------------------------------------------------------------------------------------------------------ William J. Schneider For -- 2,172 2,068 2,170 1,018 Withhold -- -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ TTotal -- 2,172 2,172 2,327 1,018 ==================================================================================================================================== Timothy R. Schwertfeger For -- 2,172 2,068 2,170 1,018 Withhold -- -- 104 157 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,172 2,172 2,327 1,018 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 21,879,418 2,121 2,066 2,158 1,018 Against 158,424 -- 104 157 -- Abstain 232,153 51 2 12 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,269,995 2,172 2,172 2,327 1,018 ====================================================================================================================================
NNF NAN - ------------------------------------------------------------------------------------------------------------------------------------
APPROVAL OF THE BOARD MEMBERS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Common Shares Shares Common Shares Shares Series-M Series-T Shares Series-F ==================================================================================================================================== Robert P. Bremner For 7,592,890 1,295 1,258 8,879,651 2,747 Withhold 100,901 -- 8 128,017 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ==================================================================================================================================== Lawrence H. Brown For 7,587,055 1,295 1,258 8,879,651 2,747 Withhold 106,736 -- 8 128,017 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ==================================================================================================================================== Anne E. Impellizzeri For 7,586,914 1,295 1,258 8,876,033 2,747 Withhold 106,877 -- 8 131,635 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ==================================================================================================================================== Peter R. Sawers For 7,587,271 1,295 1,258 8,875,856 2,748 Withhold 106,520 -- 8 131,812 -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ==================================================================================================================================== Judith M. Stockdale For 7,594,997 1,295 1,258 8,881,017 2,747 Withhold 98,794 -- 8 126,651 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ==================================================================================================================================== William J. Schneider For -- 1,295 1,258 -- 2,748 Withhold -- -- 8 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,295 1,266 -- 2,748 ==================================================================================================================================== Timothy R. Schwertfeger For -- 1,295 1,258 -- 2,747 Withhold -- -- 8 -- 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 1,295 1,266 -- 2,748 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 7,595,313 1,288 1,262 8,889,305 2,745 Against 36,561 3 -- 61,700 1 Abstain 61,917 4 4 56,663 2 - ------------------------------------------------------------------------------------------------------------------------------------ Total 7,693,791 1,295 1,266 9,007,668 2,748 ====================================================================================================================================
Nuveen New York Municipal Value Fund, Inc. (NNY) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.7% $ 500 Erie Tobacco Asset Securitization Corporation, Erie County, New York, 7/10 at 101 A1 $ 509,750 Tobacco Settlement Asset-Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2000: 150 6.000%, 6/01/15 6/10 at 101 A1 152,786 900 6.150%, 6/01/25 6/10 at 101 A1 920,043 1,800 New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through 6/10 at 101 A1 1,847,826 Bonds, Series 2000, 5.800%, 6/01/23 1,000 Nassau County Tobacco Settlement Corporation, New York, Tobacco 7/09 at 101 A2 1,041,970 Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 1,250 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 1,292,100 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation, New York, 7/10 at 101 A1 1,211,038 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 11.2% Industrial Development Agency, City of Albany, New York, Civic Facility Revenue Bonds (The Albany Law School of Union University Project), Series 2000A: 600 5.700%, 10/01/20 10/10 at 100 AA 631,602 750 5.750%, 10/01/30 10/10 at 100 AA 790,110 2,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 2,086,220 Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/27 575 The Trust for Cultural Resources of the City of New York, Revenue 7/10 at 101 A 598,845 Bonds (The Museum of American Folk Art), Series 2000, 6.000%, 7/01/22 400 New York City Industrial Development Agency, Civic Facility Revenue 11/10 at 101 BBB- 416,424 Bonds (2000 Polytechnic University Project), 6.000%, 11/01/20 1,000 Dormitory Authority of the State of New York, State University No Opt. Call AA- 1,005,190 Educational Facilities Revenue Bonds, Series 1990A, 7.400%, 5/15/01 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1993A: 1,000 5.750%, 7/01/18 No Opt. Call AA- 1,098,750 1,000 6.000%, 7/01/20 No Opt. Call AA- 1,128,620 1,000 Dormitory Authority of the State of New York, Long Island University 9/06 at 102 AA 1,016,690 Insured Revenue Bonds, Series 1996, 5.500%, 9/01/20 2,000 Dormitory Authority of the State of New York, State University 5/08 at 101 AA- 1,841,480 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 750 Dormitory Authority of the State of New York, Pratt Institute Revenue 7/09 at 102 AA 809,835 Bonds, Series 1999, 6.000%, 7/01/24 1,250 Dormitory Authority of the State of New York, Marymount Manhattan 7/09 at 101 AA 1,362,363 College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 3,140 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 3,080,780 Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 800 Dormitory Authority of the State of New York, D'Youville College 7/11 at 102 AA 802,448 Insured Revenue Bonds, 5.250%, 7/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 10.9% 500 Industrial Development Agency, Cattaraugus County, New York, 8/08 at 102 A+ 493,170 Civic Facility Revenue Bonds (Olean General Hospital Project), Series 1998A, 5.250%, 8/01/23 New York City Health and Hospitals Corporation, Health System Bonds, 1999 Series A: 500 5.125%, 2/15/14 2/09 at 101 AAA 514,335 1,000 5.000%, 2/15/20 2/09 at 101 AAA 975,250 2,250 Dormitory Authority of the State of New York, The Rosalind and 2/07 at 102 AAA 2,338,335 Joseph Gurwin Jewish Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 1,000 Dormitory Authority of the State of New York, Mount Sinai New York 7/10 at 101 BBB+ $ 1,070,580 University Health Obligated Group Revenue Bonds, Series 2000A, 6.500%, 7/01/25 1,250 Dormitory Authority of the State of New York, Catholic Health Services 7/10 at 101 A- 1,376,288 of Long Island Revenue Bonds (St. Catherine of Sienna Medical Center), Series 2000A, 6.500%, 7/01/20 3,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 3,043,920 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,700 New York State Medical Care Facilities Financing Agency, Hospital 8/05 at 102 AAA 2,912,679 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 1,245 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,268,481 Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15 1,500 Onondaga County Industrial Development Agency, New York, Sewage No Opt. Call AAA 1,644,795 Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) 500 City of Yonkers Industrial Development Authority, New York, Civic 7/11 at 101 BBB- 501,840 Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.1% 1,500 New York City Housing Development Corporation, Multifamily 4/03 at 102 AAA 1,571,550 Mortgage Revenue Bonds (FHA-Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 1,135 New York State Housing Finance Agency, Multifamily Housing 2/09 at 101 Aa1 1,078,182 Revenue Bonds (Secured Mortgage Program), Series 1999B, 5.400%, 8/15/31 (Alternative Minimum Tax) 410 New York State Housing Finance Agency, Multifamily Housing Revenue 8/11 at 101 Aa1 414,711 Bonds (Secured Mortgage Program), 2001 Series B, 5.625%, 8/15/33 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.5% 3,750 State of New York Mortgage Agency, Homeowner Mortgage Revenue 9/08 at 101 Aa1 3,758,100 Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 15.0% 1,000 Industrial Development Agency, Town of Babylon, New York, 8/10 at 101 AAA 1,082,210 Civic Facility Revenue Bonds (WSNCHS East, Inc. Project), Series 2000B, 6.000%, 8/01/24 2,015 Village of East Rochester Housing Authority, New York, FHA-Insured 8/07 at 102 AAA 2,110,833 Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 3,125 Village of East Rochester Housing Authority, New York, FHA-Insured 8/08 at 101 AAA 2,977,250 Mortgage Revenue Bonds (St. John's Meadows Project), Series 1998A, 5.250%, 8/01/38 790 New York City Industrial Development Agency, Civic Facility Revenue 7/10 at 102 N/R 789,842 Bonds (Special Needs Facilities Pooled Program), Series 2000A-1, 8.125%, 7/01/19 3,000 Dormitory Authority of the State of New York, Hebrew Home for the 2/07 at 102 AA 3,207,270 Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102 AA- 2,116,720 Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 3,000 Dormitory Authority of the State of New York, W.K. Nursing Home 8/06 at 102 AAA 3,205,710 Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 6.125%, 2/01/36 1,000 Dormitory Authority of the State of New York, Eger Health Care Center 2/08 at 102 AAA 972,860 of Staten Island, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28 1,000 Dormitory Authority of the State of New York, Concord Nursing Home, 7/10 at 101 A1 1,097,160 Inc., Revenue Bonds, Series 2000, 6.500%, 7/01/29 1,410 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AAA 1,488,622 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 3,000 Syracuse Housing Authority, New York, FHA-Insured Mortgage 2/08 at 102 AAA 3,161,040 Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.8% 1,000 County of Nassau, New York, General Improvement Bonds, Series E, 3/10 at 100 AAA 1,085,820 6.000%, 3/01/19 25 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 26,305 Fiscal 1992 Series C, 6.300%, 8/01/03 1,135 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,226,753 Fiscal 1995 Series D, 6.600%, 2/01/04 1,390 The City of New York, New York, General Obligation Bonds, No Opt. Call A 1,493,499 Fiscal 1996 Series B, 6.750%, 8/15/03 75 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 A 77,627 Fiscal 1991 Series D, 9.500%, 8/01/02 Nuveen New York Municipal Value Fund, Inc. (NNY) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA $ 1,236,200 Plant (Serial) Bonds, Series 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) 550 Northern Mariana Islands Commonwealth, General Obligation Bonds, 6/10 at 100 A 568,150 Series 2000A, 6.000%, 6/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 17.9% 1,000 Battery Park City Authority, Junior Revenue Refunding Bonds, 11/03 at 102 A+ 1,034,070 Series 1993A, 5.800%, 11/01/22 5,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 4/07 at 101 AAA 5,056,950 Bonds, Series 1996A, 5.250%, 4/01/26 1,000 Nassau County Interim Finance Authority, New York, Sales Tax Secured 11/10 at 100 AAA 1,086,540 Bonds, Series 2000A, 5.750%, 11/15/16 500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA+ 547,320 Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29 1,000 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA+ 1,035,650 Bonds, Fiscal 2000 Series C, 5.500%, 11/01/29 2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 2,140,420 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 25 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 114 5/32 Baa1 28,625 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 3,125 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 3,171,406 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 1,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk Housing 5/01 at 100 Baa1 1,048,320 Revenue Bonds, 1989 Series A, 8.100%, 11/01/05 445 New York State Housing Finance Agency, Health Facilities Revenue 5/01 at 102 A 451,639 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 10 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 AAA 10,747 Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 10 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 10,477 Mental Health Services Facilities Improvement Revenue Bonds, Series 1992A, 6.375%, 8/15/17 2,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,168,200 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 1,000 New York State Urban Development Corporation, Empire State 1/11 at 100 AAA 1,014,790 Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C, 5.250%, 1/01/20 3,000 City School District of Niagara Falls, New York, Certificates of 6/08 at 101 AAA 3,046,110 Participation (High School Facility), Series 1998, 5.375%, 6/15/28 750 City School District of Niagara Falls, New York, Certificates of 6/09 at 101 BBB- 818,063 Participation (High School Facility), Series 2000, 6.625%, 6/15/28 1,230 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101 AAA 1,248,610 Agreement Revenue Bonds (John P. Colahan Court Complex), Series 1999, 5.000%, 4/15/16 1,500 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands 10/10 at 101 BBB- 1,610,415 Gross Receipts Tax Loan Note), Series 1999A, 6.500%, 10/01/24 1,120 City of Yonkers Industrial Development Agency, New York, Civic 2/11 at 100 BBB- 1,128,310 Facility Revenue Bonds (Community Development Properties, Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.9% 1,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 1,036,200 Revenue Bonds, Series 1995, 5.750%, 1/01/25 1,730 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 102 AAA 1,716,143 Revenue Bonds, Series 1997B, 5.000%, 7/01/20 1,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 AAA 1,021,160 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 1,500 Metropolitan Transportation Authority, New York, Transit Facilities 7/09 at 100 BBB+ 1,611,300 Revenue Bonds, Series 1999A, 6.000%, 7/01/24 1,750 New York City Industrial Development Agency, Special Facility 12/08 at 102 A2 1,591,100 Revenue Bonds, Series 1998 (1998 British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 518,580 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,600 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/10 at 100 Aa3 2,680,808 Revenue Bonds, Series 1999B, 5.500%, 1/01/30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 9.5% $ 3,425 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 Aaa $ 3,548,643 Fiscal 1991 Series D, 9.500%, 8/01/02 (Pre-refunded to 8/01/01) 20 The City of New York, New York, General Obligation Bonds, 10/07 at 101 Aaa 22,727 Fiscal 1997 Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 1,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 1/2 Aaa 1,024,450 Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 2,520 New York City Industrial Development Agency, Civic Facility 8/01 at 102 Aaa 2,609,082 Revenue Bonds (YMCA of Greater New York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01) 3,935 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,798,182 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 990 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 AAA 1,102,761 Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 35 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AAA 37,265 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02) 990 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 1,037,183 Mental Health Services Facilities Improvement Revenue Bonds, Series 1992A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 8.8% 2,000 Industrial Development Agency, County of Cattaraugus, New York, No Opt. Call N/R 1,953,420 Tax-Exempt Industrial Development Revenue Bonds (Laidlaw Energy and Environmental, Inc. Project), Series 1999A, 8.500%, 7/01/21 (Alternative Minimum Tax) 3,500 Erie County Industrial Development Agency, New York, Solid Waste 12/10 at 103 N/R 1,750,000 Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13 (Alternative Minimum Tax) 2,500 Long Island Power Authority, New York, Electric System General 6/08 at 101 A- 2,498,050 Revenue Bonds, Series 1998A, 5.250%, 12/01/26 2,330 Long Island Power Authority, New York, Electric System General 9/11 at 100 A- 2,359,568 Revenue Bonds, Series 2001A, 5.375%, 9/01/21 (Alternative Minimum Tax)(DD, settling 4/02/01) New York City Industrial Development Agency, Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997: 1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 1,020,940 1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102 BBB- 936,400 1,000 New York State Energy Research and Development Authority, 7/01 at 100 1/2 A+ 1,015,000 Electric Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1991A, 7.500%, 1/01/26 (Alternative Minimum Tax) 1,500 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100 Aa2 1,506,885 Series 2000A, 5.250%, 11/15/40 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.5% 300 Monroe County Water Authority, New York, Water Revenue Bonds, 8/11 at 101 AA 297,792 Series 2001, 5.150%, 8/01/22 500 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 523,155 Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 1,046,100 Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 1,000 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 1,031,990 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 500 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 551,110 Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 1,500 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AA 1,547,760 Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 1,425 New York State Environmental Facilities Corporation, Water 6/02 at 102 A 1,448,253 Facilities Revenue Bonds (The New Rochelle Water Company Project), Series 1992, 6.400%, 12/01/24 (Alternative Minimum Tax) 3,065 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 3,185,270 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 144,700 Total Investments (cost $142,415,987) - 99.8% 148,214,896 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.2% 312,363 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 148,527,259 ==================================================================================================================== * 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. N/R Investment is not rated. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements.
Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.3% $ 1,250 Erie Tobacco Asset Securitization Corporation, Erie County, New York, 7/10 at 101 A1 $ 1,274,375 Tobacco Settlement Asset- Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2000: 400 6.000%, 6/01/15 6/10 at 101 A1 407,428 1,000 6.150%, 6/01/25 6/10 at 101 A1 1,022,270 3,200 New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through 6/10 at 101 A1 3,285,024 Bonds, Series 2000, 5.800%, 6/01/23 2,500 Nassau County Tobacco Settlement Corporation, New York, Tobacco 7/09 at 101 A2 2,604,925 Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 3,750 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 3,876,300 Series 1999-1, 6.250%, 7/15/27 3,000 Westchester Tobacco Asset Securitization Corporation, New York, 7/10 at 101 A1 2,906,490 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.4% 1,500 Industrial Development Agency, City of Albany, New York, 12/09 at 101 AA 1,707,825 Civic Facility Revenue Bonds (The University Heights Association, Inc.- Albany Law School Project), Series 1999A, 6.750%, 12/01/29 2,700 Town of Brookhaven Industrial Development Agency, Civic Facility 12/07 at 101 A3 2,841,696 Revenue Bonds (St. Joseph's College - New York Civic Facility), Series 2000, 6.000%, 12/01/20 1,285 Industrial Development Agency, Cattaraugus County, New York, 9/08 at 101 BBB 1,224,785 Civic Facility Revenue Bonds (St. Bonaventure University Construction Project), Series 1998B, 5.000%, 9/15/13 Industrial Development Agency, Monroe County, New York, Civic Facility Revenue Bonds (St. John Fisher College Project), Series 1999: 1,000 5.375%, 6/01/17 6/09 at 102 AA 1,019,550 2,365 5.375%, 6/01/24 6/09 at 102 AA 2,372,166 3,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 3,129,330 Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/27 1,000 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA 1,066,760 Bonds (American Museum of Natural History), Series 1999A, 5.750%, 7/01/29 1,000 The Trust for Cultural Resources of the City of New York, Revenue 7/10 at 101 A 1,041,470 Bonds (The Museum of American Folk Art), Series 2000, 6.000%, 7/01/22 900 New York City Industrial Development Agency, New York, Civic 11/10 at 101 BBB- 936,954 Facility Revenue Bonds (2000 Polytechnic University Project), 6.000%, 11/01/20 1,250 Dormitory Authority of the State of New York, Lease Revenue Bonds 7/09 at 101 AAA 1,294,988 (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 435 Dormitory Authority of the State of New York, College and University 6/01 at 101 AAA 442,386 Revenue Bonds (Pooled Capital Program), Series 1985, 7.800%, 12/01/05 2,500 Dormitory Authority of the State of New York, State University No Opt. Call AA- 2,805,150 Educational Facilities Revenue Bonds, Series 1993A, 5.875%, 5/15/17 3,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 3,450,150 Consolidated Revenue Bonds, Series 1993B, 6.000%, 7/01/14 1,000 Dormitory Authority of the State of New York, City University 7/05 at 102 AAA 1,041,350 System Consolidated Second General Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14 3,425 Dormitory Authority of the State of New York, State University 5/08 at 101 AA- 3,153,535 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 2,850 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 3,051,951 Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 580 Dormitory Authority of the State of New York, Fashion Institute 7/10 at 101 AAA 597,742 of Technology Revenue Bonds, Series 2000, 5.375%, 7/01/20 5,590 Dormitory Authority of the State of New York, Revenue Bonds 7/09 at 101 A+ 5,889,456 (University of Rochester), Series 1999A, 5.500%, 7/01/16 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, Pratt Institute Revenue Bonds, Series 1999: $ 1,250 6.000%, 7/01/20 7/09 at 102 AA $ 1,354,950 1,000 6.000%, 7/01/24 7/09 at 102 AA 1,079,780 3,810 6.000%, 7/01/28 7/09 at 102 AA 4,110,800 8,345 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 9,095,132 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 1,410 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 1,383,407 System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2: 1,490 5.000%, 7/01/17 7/08 at 101 AAA 1,494,813 1,055 5.000%, 7/01/18 7/08 at 102 AAA 1,053,101 2,120 Dormitory Authority of the State of New York, Revenue Bonds No Opt. Call AAA 2,279,424 (New York University), Series 2001-1, 5.500%, 7/01/20 (WI, settling 5/03/01) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.9% 2,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 2,060,760 and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30 1,000 Dormitory Authority of the State of New York, St. James Mercy 2/08 at 102 AA 1,010,850 Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.250%, 2/01/18 8,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA 8,249,120 Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 3,400 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101 BBB+ 3,639,972 New York University Health Obligated Group Revenue Bonds, Series 2000A, 6.500%, 7/01/25 3,750 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101 A- 4,128,863 Services of Long Island Revenue Bonds (St. Catherine of Sienna Medical Center), Series 2000A, 6.500%, 7/01/20 8,840 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AAA 9,151,610 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 5,500 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 5,580,520 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,325 New York State Medical Care Facilities Financing Agency, Hospital 8/05 at 102 AAA 2,508,140 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 4,225 New York State Medical Care Facilities Financing Agency, 2/05 at 102 Aa 4,412,041 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 7,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 8,223,975 Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) 1,100 City of Yonkers Industrial Development Authority, New York, Civic 7/11 at 101 BBB- 1,104,048 Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.1% 1,000 Hudson Housing Development Corporation (Hudson, New York), 1/03 at 101 Aaa 1,025,630 Multifamily Mortgage Revenue Refunding Bonds (Providence Hall-Schuyler Court Projects - FHA-Insured Mortgages), Series 1992A, 6.500%, 1/01/25 5,750 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 5,889,438 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 3,160 New York State Housing Finance Agency, Multifamily Housing 5/01 at 101 AAA 3,199,690 Revenue Bonds (AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax) 1,585 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102 Aa1 1,657,625 Revenue Bonds (Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax) New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (Secured Mortgage Program), Series 1999I: 1,100 6.200%, 2/15/20 (Alternative Minimum Tax) 8/09 at 101 Aa1 1,146,739 720 6.300%, 2/15/32 (Alternative Minimum Tax) 8/09 at 101 Aa1 750,449 4,655 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 4/01 at 101 AA 4,822,208 Revenue Bonds (Portfolio A), Series I, 7.500%, 4/01/22 Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.9% $ 3,745 State of New York Mortgage Agency, Homeowner Mortgage 11/09 at 100 Aa1 $ 3,945,432 Revenue Bonds, Series 88, 6.250%, 4/01/30 (Alternative Minimum Tax) 1,460 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102 AAA 1,519,787 Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1,250 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa1 1,252,700 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 4.6% 2,000 New York City Industrial Development Agency, Civic Facility 7/10 at 102 N/R 1,999,600 Revenue Bonds (Special Needs Facilities Pooled Program), Series 2000A-1, 8.125%, 7/01/19 3,000 Dormitory Authority of the State of New York, Hebrew Home for 2/07 at 102 AA 3,207,270 the Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 1,375 Dormitory Authority of the State of New York, The Miriam Osborn 7/10 at 102 A 1,446,500 Memorial Home Association Revenue Bonds, Series 2000B, 6.375%, 7/01/29 2,880 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,105,475 FHA-Insured Mortgage Hospital and Nursing Home Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 2,755 County of Oswego Industrial Development Agency, New York, 2/09 at 101 AAA 2,770,042 Civic Facility Revenue Bonds (FHA-Insured Mortgage - Bishops Commons Inc. Project), Series 1999A, 5.375%, 2/01/49 4,000 Syracuse Housing Authority, New York, FHA-Insured Mortgage 2/08 at 102 AAA 4,214,720 Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 5.8% 745 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101 Aaa 824,089 Serial Bonds, 2000 Series A, 6.000%, 4/01/18 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,500 5.750%, 6/15/17 6/11 at 101 Aaa 1,638,960 1,500 5.750%, 6/15/18 6/11 at 101 Aaa 1,631,310 1,275 County of Nassau, New York, Serial General Improvement Bonds 3/10 at 100 AAA 1,446,054 (General Obligations), Series F, 6.500%, 3/01/18 10 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 10,531 Fiscal 1992 Series C, 6.625%, 8/01/12 30 The City of New York, New York, General Obligation Bonds, 8/01 at 101 1/2 A 31,051 Fiscal 1991 Series D, 9.500%, 8/01/02 1,500 The City of New York, New York, General Obligation Bonds, 8/08 at 101 A 1,462,425 Fiscal 1999 Series C, 5.000%, 8/15/22 2,095 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 2,647,368 Plant (Serial) Bonds, Series 1994, 8.000%, 11/01/09 (Alternative Minimum Tax) 1,350 Northern Mariana Islands Commonwealth, General Obligation Bonds, 6/10 at 100 A 1,394,550 Series 2000A, 6.000%, 6/01/20 County of Oneida, New York, Public Improvement Bonds (General Obligations), Series 2000: 200 5.375%, 4/15/18 4/09 at 102 AAA 207,862 200 5.375%, 4/15/19 4/09 at 102 AAA 207,058 10,000 Commonwealth of Puerto Rico, Public Improvement Refunding Bonds 7/08 at 101 AAA 9,227,700 (General Obligations), Series 1998, 4.500%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.2% 2,000 Battery Park City Authority, Junior Revenue Bonds, Series 1996A, 11/06 at 102 AAA 2,052,880 5.500%, 11/01/29 7,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/07 at 101 AAA 7,079,730 Fund Bonds, Series 1996A, 5.250%, 4/01/26 5,000 Metropolitan Transportation Authority, New York, Dedicated Tax Fund 4/08 at 101 AAA 4,724,150 Bonds, Series 1998A, 4.500%, 4/01/18 2,000 Nassau Health Care Corporation, Nassau County, New York, Health 8/09 at 102 AAA 2,135,600 System Revenue Bonds (Guaranteed), Series 1999, 5.750%, 8/01/29 4,575 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 4,933,726 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 1,230 New York City Transitional Finance Authority, Future Tax Secured 8/09 at 101 AA+ 1,312,299 Bonds, Fiscal 2000 Series A, 5.750%, 8/15/24 3,000 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA+ 3,106,950 Bonds, Fiscal 2000 Series C, 5.500%, 11/01/29 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA $ 3,210,630 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 2,000 Dormitory Authority of the State of New York, Mental Health Services 2/09 at 101 AAA 1,918,200 Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/19 4,210 Dormitory Authority of the State of New York, 4201 Schools Program 7/09 at 101 AA- 4,173,668 Revenue Bonds, Series 1998, 5.000%, 7/01/18 Dormitory Authority of the State of New York, Mental Health Facilities Improvement Revenue Bonds, Series 2000D: 1,755 5.875%, 2/15/18 8/10 at 100 AAA 1,900,805 1,690 5.875%, 2/15/19 8/10 at 100 AAA 1,825,099 2,080 5.875%, 8/15/19 8/10 at 100 AAA 2,246,275 490 New York State Housing Finance Agency, Health Facilities Revenue 5/01 at 102 A 497,311 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 10 New York State Medical Care Facilities Finance Agency, Mental 8/01 at 101 AA- 10,100 Health Services Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 10 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AA- 10,482 Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 6,900 New York State Urban Development Corporation, Correctional 1/08 at 102 AA- 6,624,276 Facilities Service Contract Revenue Bonds, Series A, 5.000%, 1/01/28 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,252,300 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 5,000 City School District of Niagara Falls, New York, Certificates of 6/08 at 101 AAA 5,076,850 Participation (High School Facility), Series 1998, 5.375%, 6/15/28 2,750 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 3,033,580 Revenue Bonds, Series B, 5.875%, 7/01/35 3,480 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands 10/10 at 101 BBB- 3,736,163 Gross Receipts Tax Loan Note), Series 1999A, 6.500%, 10/01/24 2,520 City of Yonkers Industrial Development Agency, New York, Civic 2/11 at 100 BBB- 2,538,698 Facility Revenue Bonds (Community Development Properties, Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.3% 15,525 Metropolitan Transportation Authority, New York, Commuter Facilities 7/08 at 101 BBB+ 15,496,900 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 4,000 Metropolitan Transportation Authority, New York, Transit Facilities 7/09 at 100 BBB+ 4,296,800 Revenue Bonds, Series 1999A, 6.000%, 7/01/24 1,900 New York City Industrial Development Agency, Special Facility Revenue 12/08 at 102 A2 1,727,480 Bonds (1998 British Airways PLC Project), Series 1998, 5.250%, 12/01/32 (Alternative Minimum Tax) 6,455 New York State Thruway Authority, General Revenue Bonds, 1/04 at 102 AAA 6,335,131 Series B, 5.000%, 1/01/20 1,000 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 1,037,160 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 1,925 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101 AAA 2,012,568 Bonds, One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 2,040 Puerto Rico Ports Authority, Special Facilities Revenue Bonds 6/06 at 102 Baa2 2,093,632 (American Airlines, Inc. Project), 1996 Series A, 6.250%, 6/01/26 (Alternative Minimum Tax) 7,500 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/10 at 100 Aa3 7,733,100 Revenue Bonds, Series 1999B, 5.500%, 1/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 4.0% 1,000 Monroe County Water Authority, New York, Water System Revenue 8/01 at 101 AAA 1,021,420 Bonds, Series 1991B, 6.500%, 8/01/16 (Pre-refunded to 8/01/01) 1,350 The City of New York, New York, General Obligation Bonds, 4/01 at 100 3/4 AAA 1,377,878 Fiscal 1990 Series B, 7.250%, 10/01/06 40 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 42,410 Fiscal 1992 Series C, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 275 The City of New York, New York, General Obligation Bonds, No Opt. Call Aaa 287,161 Fiscal 1995 Series E, 6.500%, 8/01/02 2,600 The City of New York, New York, General Obligation Bonds, 2/05 at 101 Aaa 2,888,782 Fiscal 1995 Series F, 6.375%, 2/15/06 (Pre-refunded to 2/15/05) 390 The City of New York, New York, General Obligation Bonds, 5/03 at 101 1/2 AAA 406,244 Fiscal 1993 Series E, 5.750%, 5/15/13 (Pre-refunded to 5/15/03) Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 4,000 New York City Municipal Water Finance Authority, Water and Sewer 6/01 at 101 1/2 Aaa $ 4,097,800 System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 2,000 New York City Municipal Water Finance Authority, Water and Sewer 6/10 at 101 AA*** 2,391,440 System Revenue Bonds, Fiscal 2000 Series B, 6.500%, 6/15/31 (Pre-refunded to 6/15/10) 1,000 New York State Environmental Facilities Corporation, State Water 6/01 at 102 AAA 1,028,470 Pollution Control Revolving Fund Revenue Bonds (New York City Municipal Water Finance Authority Project), Series 1991A, 7.250%, 6/15/10 (Pre-refunded to 6/15/01) 810 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AA-*** 855,490 Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 (Pre-refunded to 2/15/02) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.5% 1,000 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,072,030 Revenue Bonds (1985 Facility), 1994 Series B, 6.125%, 7/01/13 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 2,500 5.250%, 12/01/26 6/08 at 101 A- 2,498,050 5,130 5.500%, 12/01/29 6/03 at 101 A- 5,206,129 5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100 A- 5,039,450 Revenue Bonds, Series 2001A, 5.375%, 9/01/25 (DD, settling 4/02/01) 6,000 New York City Industrial Development Agency, Industrial Development 10/08 at 102 BBB- 5,618,400 Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 4,000 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100 Aa2 4,018,360 Series 2000A, 5.250%, 11/15/40 4,200 Suffolk County Industrial Development Agency, New York, 1/09 at 101 N/R 3,711,876 1998 Industrial Development Revenue Bonds (Nissequogue Cogeneration Partners Facility), 5.500%, 1/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 6.0% 700 Monroe County Water Authority, New York, Water Revenue Bonds, 8/11 at 101 AA 694,848 Series 2001, 5.150%, 8/01/22 3,000 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 3,138,300 Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 1,250 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 1,289,987 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 3,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 3,306,660 Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 5,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AA 5,159,200 Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 7,325 New York State Environmental Facilities Corporation, State Water 6/01 at 101 AAA 7,488,782 Pollution Control Revolving Fund Revenue Bonds (New York City Municipal Water Finance Authority Project), Series 1990A, 7.500%, 6/15/12 560 New York State Environmental Facilities Corporation, State Water 11/04 at 102 AAA 624,870 Pollution Control Revolving Fund Revenue Bonds (Pooled Loan Issue), Series 1994D, 6.900%, 5/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ $ 345,615 Total Investments (cost $337,452,033) - 99.0% 356,444,205 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.0% 3,642,237 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 360,086,442 ==================================================================================================================== * 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. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements.
Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 11.0% $ 5,030 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA $ 5,365,803 Bonds (American Museum of Natural History), Series 1999A, 5.750%, 7/01/29 2,260 New York City Industrial Development Agency, Civic Facility Refunding 7/08 at 101 AAA 1,967,104 and Equipment Revenue Bonds (1998 Lighthouse International Project), 4.500%, 7/01/33 3,000 Dormitory Authority of the State of New York, Lease Revenue Bonds 7/09 at 101 AAA 3,107,970 (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 1,000 Dormitory Authority of the State of New York, City University System 7/05 at 102 AAA 1,012,610 Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 4,375 Dormitory Authority of the State of New York, Long Island University 9/06 at 102 AAA 4,491,288 Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 1,000 Dormitory Authority of the State of New York, Siena College Insured 7/07 at 102 AAA 1,058,790 Revenue Bonds, Series 1997, 5.750%, 7/01/26 4,360 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 4,255,055 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 3,500 Dormitory Authority of the State of New York, The Culinary Institute 7/09 at 101 Aaa 3,425,730 of America Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22 2,265 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101 Aaa 2,200,810 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 1,500 Dormitory Authority of the State of New York, State University 5/08 at 101 AAA 1,399,260 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 2,000 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 2,141,720 Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 5,000 Dormitory Authority of the State of New York, City University System 7/09 at 101 AAA 5,179,950 Consolidated Third General Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 1,250 Dormitory Authority of the State of New York, Pace University Insured 7/10 at 102 AAA 1,369,450 Revenue Bonds, Series 2000, 6.000%, 7/01/29 1,200 Dormitory Authority of the State of New York, Cooper Union Insured 7/09 at 101 AAA 1,325,856 Revenue Bonds, Series 1999, 6.250%, 7/01/29 4,695 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 4,812,516 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 2,945 Dormitory Authority of the State of New York, City University 7/10 at 100 AAA 2,944,764 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 9.8% New York City Health and Hospitals Corporation, Health System Bonds, 1999 Series A: 2,000 5.125%, 2/15/14 2/09 at 101 AAA 2,057,340 1,000 5.000%, 2/15/20 2/09 at 101 AAA 975,250 1,000 Dormitory Authority of the State of New York, Maimonides Medical 2/06 at 102 AAA 1,043,190 Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 3,135 Dormitory Authority of the State of New York, Southside Hospital, 2/08 at 101 1/2 AAA 3,022,642 Secured Hospital Insured Revenue Bonds, Series 1998, 5.000%, 2/15/25 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998: 6,080 4.750%, 8/01/27 2/08 at 101 AAA 5,632,938 4,000 5.000%, 8/01/32 2/08 at 101 AAA 3,823,720 5,000 Dormitory Authority of the State of New York, Highland Hospital 2/08 at 102 AAA 5,077,550 of Rochester, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 3,280 Dormitory Authority of the State of New York, North Shore 11/08 at 101 AAA 3,174,220 Health System Obligated Group, North Shore University Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 3,070 Dormitory Authority of the State of New York, Montefiore 8/09 at 101 AAA 3,146,382 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.500%, 8/01/38 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 8,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA $ 8,249,120 Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 1,500 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA 1,546,710 Services of Long Island Obligated Group, St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 3,000 Dormitory Authority of the State of New York, New Island Hospital 7/09 at 101 AAA 3,192,300 Insured Revenue Bonds, Series 1999A, 5.750%, 7/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.9% 10,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 10,242,500 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 1,970 6.100%, 11/01/15 5/06 at 102 AAA 2,097,912 2,985 6.125%, 11/01/20 5/06 at 102 AAA 3,137,742 985 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,047,961 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.5% 1,985 State of New York Mortgage Agency, Homeowner Mortgage Revenue 4/07 at 102 AAA 2,080,141 Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.0% 3,000 Castle Rest Residential Health Care Facility (Syracuse, New York), 8/07 at 102 AAA 3,138,510 FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185 Village of East Rochester Housing Authority, New York, 8/07 at 102 AAA 1,241,359 FHA-Insured Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 8.4% 1,230 City of Buffalo, New York, School Serial Bonds, Series 1999-E, 12/09 at 101 AAA 1,350,454 6.000%, 12/01/18 Chitennango Central School District, Madison and Onondaga Counties, New York, Serial Bonds, Series 2000: 1,125 5.650%, 6/15/18 6/09 at 101 AAA 1,202,389 1,185 5.650%, 6/15/19 6/09 at 101 AAA 1,263,186 East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 265 5.750%, 6/15/17 6/09 at 101 Aaa 285,651 200 5.750%, 6/15/18 6/09 at 101 Aaa 214,738 200 5.750%, 6/15/19 6/09 at 101 Aaa 214,174 500 Village of Freeport, Nassau County, New York, Various Purpose 4/10 at 101 Aaa 553,080 Serial Bonds, 2000 Series A, 6.000%, 4/01/18 Germantown Central School District, Columbia County, New York, School District (Serial) Bonds, Series 1999: 700 5.400%, 6/15/17 6/08 at 101 Aaa 729,435 700 5.400%, 6/15/18 6/08 at 101 Aaa 726,740 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101 Aaa 745,395 School District Serial Bonds, Series 2000, 5.600%, 8/01/18 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/17 6/11 at 101 Aaa 1,540,622 1,410 5.750%, 6/15/18 6/11 at 101 Aaa 1,533,431 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 330 5.750%, 6/01/18 6/08 at 101 Aaa 352,704 330 5.750%, 6/01/19 6/08 at 101 Aaa 351,876 Monticello Central School District, Sullivan County, New York, Serial Bonds, Series 2000: 1,905 6.000%, 6/15/18 6/09 at 101 AAA 2,084,222 2,000 6.000%, 6/15/19 6/09 at 101 AAA 2,182,460 2,165 6.000%, 6/15/20 6/09 at 101 AAA 2,364,050 County of Nassau, New York, Serial General Improvement Bonds (General Obligations), Series F: 1,505 6.500%, 3/01/17 3/10 at 100 AAA 1,710,448 1,000 6.500%, 3/01/19 3/10 at 100 AAA 1,131,040 910 6.500%, 3/01/20 3/10 at 100 AAA 1,022,185 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 County of Nassau, New York, Serial General Improvement Bonds 6/09 at 102 AAA $ 1,011,320 (General Obligations), Series B, 5.250%, 6/01/23 805 County of Nassau, New York, Serial General Improvement Bonds 9/09 at 102 Aaa 828,152 (General Obligations), Series D, 5.300%, 9/01/17 2,250 The City of New York, New York, General Obligation Bonds, 9/01 at 100 3/4 AAA 2,280,780 Fiscal 1991 Series A, 7.250%, 3/15/19 1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,464,990 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 County of Oneida, New York, Public Improvement Bonds (General Obligations), Series 2000: 500 5.375%, 4/15/18 4/09 at 102 AAA 519,655 500 5.375%, 4/15/19 4/09 at 102 AAA 517,645 255 City of Port Jervis, Orange County, New York, Water Improvement 3/09 at 101 Aaa 266,669 Serial Bonds, Series 1999, 5.625%, 3/15/24 1,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 2000 7/10 at 100 AAA 1,076,810 (General Obligations), 5.750%, 7/01/26 County of Suffolk, New York, Public Improvement Serial Bonds, 2000 Series A: 1,130 5.750%, 5/01/17 5/10 at 101 AAA 1,227,338 1,100 6.000%, 5/01/18 5/10 at 101 AAA 1,214,070 610 6.000%, 5/01/19 5/10 at 101 AAA 671,354 640 6.000%, 5/01/20 5/10 at 101 AAA 704,870 1,630 Watertown City School District, Jefferson County, New York, General 6/09 at 101 AAA 1,745,518 Obligation Serial Bonds, Series 2000, 5.750%, 6/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 20.3% 3,775 Metropolitan Transportation Authority, New York, Dedicated Tax 4/07 at 101 AAA 3,817,997 Fund Bonds, Series 1996A, 5.250%, 4/01/26 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1998A: 5,090 5.000%, 4/01/23 4/08 at 101 AAA 5,026,477 7,600 4.750%, 4/01/28 4/08 at 101 AAA 7,143,392 3,125 Nassau Health Care Corporation, Nassau County, New York, Health 8/09 at 102 AAA 3,336,875 System Revenue Bonds (Guaranteed), Series 1999, 5.750%, 8/01/29 3,025 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 3,262,190 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 10,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 8,876,700 Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 5,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 5,351,050 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 1,250 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 1,316,575 Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,250 Dormitory Authority of the State of New York, Saint Anne Institute 7/08 at 101 AAA 2,253,960 Insured Revenue Bonds (853 Schools Program 1998 Issue 2), Series 1998E, 5.000%, 7/01/18 2,000 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 1,873,540 Services Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/22 1,340 Dormitory Authority of the State of New York, Anderson School 7/09 at 101 AAA 1,435,328 Insured Revenue Bonds (853 Schools Program 1999 Issue 2), Series 1999E, 5.750%, 7/01/19 2,000 Dormitory Authority of the State of New York, Special Act School 7/09 at 101 AAA 2,142,280 Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 4,363,855 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 AAA 3,169,770 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 2,265 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,253,471 State Park Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 3,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 3,001,710 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 35 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 36,890 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 215 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 221,779 Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 40 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102 AAA $ 42,408 Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 2,080 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 2,090,067 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 6,500 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 6,039,605 Facilities Service Contract Revenue Bonds, Series B, 4.750%, 1/01/28 7,900 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 8,564,390 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 New York State Urban Development Corporation, Empire State Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 3,000 5.125%, 1/01/21 1/11 at 100 AAA 2,999,760 1,250 5.125%, 1/01/22 1/11 at 100 AAA 1,248,313 1,000 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 1,103,120 Revenue Bonds, Series B, 5.875%, 7/01/35 2,000 Puerto Rico Municipal Finance Agency, 1999 Series A Bonds, 8/09 at 101 AAA 2,122,040 5.500%, 8/01/19 1,435 Industrial Development Agency, Suffolk County, New York, Civic 10/10 at 102 Aaa 1,582,877 Facility Revenue Bonds (Hampton Bays Public Library Project), Series 1999A, 6.000%, 10/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.6% 1,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102 AAA 991,990 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 10,215 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101 AAA 10,431,149 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 2,650 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101 AAA 2,618,227 Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21 1,000 Metropolitan Transportation Authority, New York, Commuter 7/08 at 101 AAA 1,010,730 Facilities Revenue Bonds, Series 1998A, 5.250%, 7/01/28 3,505 Metropolitan Transportation Authority, New York, Transit Facilities 7/07 at 101 1/2 AAA 3,669,455 Revenue Bonds, Series 1997A, 5.625%, 7/01/25 2,300 Niagara Frontier Transportation Authority, Airport Revenue 4/09 at 101 AAA 2,385,468 Bonds (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101 AAA 5,227,450 Bonds, One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 5,025 The Port Authority of New York and New Jersey, Special 12/07 at 100 AAA 5,266,602 Project Bonds (JFK International Air Terminal LLC Project), Series 6, 5.750%, 12/01/25 (Alternative Minimum Tax) Puerto Rico Ports Authority, Revenue Bonds, Series D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,396,108 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,541,630 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 13.7% 525 City of Buffalo, New York, School Serial Bonds, Series 1999-E, 12/09 at 101 AAA 604,349 6.000%, 12/01/18 (Pre-refunded to 12/01/09) 425 City of Buffalo, New York, General Improvement Bonds, 1999 Series D, 12/09 at 101 AAA 489,235 6.000%, 12/01/19 (Pre-refunded to 12/01/09) 5,500 Metropolitan Transportation Authority, New York, Commuter Facilities 7/02 at 102 AAA 5,817,845 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) County of Nassau, New York, General Obligation Refunding Bonds (Combined Sewer Districts), Series 1991A: 1,075 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,106,433 1,065 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,096,141 1,055 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,085,848 1,045 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,075,556 1,030 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,060,117 The City of New York, New York, General Obligation Bonds, Fiscal 1991 Series B: 1,950 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 1,992,003 1,550 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,583,186 The City of New York, New York, General Obligation Bonds, Fiscal 1990 Series I: 1,270 7.250%, 8/15/17 8/01 at 100 AAA 1,289,507 950 7.250%, 8/15/14 8/01 at 100 AAA 1,014,467 3,030 The City of New York, New York, General Obligation Bonds, 9/01 at 100 3/4 AAA 3,109,386 Fiscal 1991 Series A, 7.250%, 3/15/18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,135 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 1,407,548 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 1,000 Dormitory Authority of the State of New York, Cooper Union Insured 7/01 at 102 AAA 1,030,070 Revenue Bonds, Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01) 305 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 313,311 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 (Pre-refunded to 7/01/01) 5,000 New York State Housing Finance Agency, State University No Opt. Call AAA 5,668,350 Construction Refunding Bonds, 1986 Series A, 7.900%, 11/01/06 8,625 New York State Medical Care Facilities Finance Agency, Project 5/01 at 102 AAA 8,826,480 Revenue Bonds (The Mary Imogene Bassett Hospital), 1991 Series A, 7.125%, 11/01/20 (Pre-refunded to 5/01/01) 3,140 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 3,473,876 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 1,895 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 1,983,288 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 1,635 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102 AAA 1,811,220 Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) 6,000 New York State Medical Care Facilities Finance Agency, New York 2/05 at 102 AAA 6,808,980 Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 4,583,717 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 9.1% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,000 5.125%, 12/01/22 6/08 at 101 AAA 6,945,190 3,000 5.750%, 12/01/24 6/08 at 101 AAA 3,174,510 3,000 5.250%, 12/01/26 6/08 at 101 AAA 3,016,050 5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100 AAA 5,042,500 Revenue Bonds, Series 2001A, 5.250%, 9/01/28 (DD, settling 4/02/01) 5,000 New York State Energy Research and Development Authority, 7/01 at 100 1/2 A+ 5,075,000 Electric Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1991A, 7.500%, 1/01/26 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,616,775 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) 2,250 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 2,303,978 Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series C, 5.600%, 6/01/25 (Alternative Minimum Tax) 1,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 1,057,120 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,588,500 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Projects), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA 2,141,400 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 7/01 at 101 AAA 2,032,400 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992A, 6.750%, 1/15/27 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,037,660 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992B, 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 8.3% 3,655 Municipal Water Finance Authority, Buffalo, New York, Water System 7/09 at 101 AAA 3,976,677 Revenue Bonds, Series 1999, 6.000%, 7/01/29 2,115 Town of Clifton Park Water Authority, New York, Water System 10/03 at 102 AAA 2,048,354 Revenue Bonds, Series 1993, 5.000%, 10/01/26 Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 5,000 New York City Municipal Water Finance Authority, Water and Sewer 6/06 at 101 AAA $ 5,231,550 System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 2,000 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 2,092,200 Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 1,000 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 934,320 Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 1,050,700 Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 5,000 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 4,622,950 Sewer System Revenue Bonds, Fiscal 1999 Series A, 4.750%, 6/15/31 4,750 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 4,901,950 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 2,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 2,204,440 Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 5,000 Suffolk County Water Authority, New York, Water System Revenue 6/03 at 102 AAA 5,008,050 Bonds, Series 1994, 5.000%, 6/01/17 2,750 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 2,857,910 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 398,040 Total Investments (cost $382,470,173) - 97.6% 408,479,939 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.4% 10,074,403 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 418,554,342 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: 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. (DD) Security purchased on a delayed delivery basis. See accompanying notes to financial statements.
Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 15.1% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Village Green Project), Series 2000A: $ 1,315 5.625%, 8/01/20 8/10 at 102 AAA $ 1,395,307 610 5.750%, 8/01/25 8/10 at 102 AAA 654,371 500 Industrial Development Agency, Town of Amherst, New York, Civic 8/10 at 102 AAA 530,535 Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Lakeside Cottage Project), Series 2000B, 5.625%, 8/01/20 1,000 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102 AAA 979,280 Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 1,000 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA 1,066,760 Bonds (American Museum of Natural History), Series 1999A, 5.750%, 7/01/29 7,250 New York City Industrial Development Agency, Civic Facility Revenue 1/09 at 101 AAA 6,998,425 Bonds (Horace Mann School Project), 5.000%, 7/01/28 6,000 Dormitory Authority of the State of New York, New York, St. John's 7/01 at 102 AAA 6,175,860 University Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11 3,920 Dormitory Authority of the State of New York, Rensselaer Polytechnic 7/01 at 102 AAA 4,031,289 Institute Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06 12,875 Dormitory Authority of the State of New York, Mount Sinai School of 7/01 at 102 AAA 13,228,033 Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 1,870 Dormitory Authority of the State of New York, Fordham University 7/01 at 101 AAA 1,912,599 Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 1,175 Dormitory Authority of the State of New York, City University System 7/05 at 102 AAA 1,189,817 Consolidated Third General Resolution Revenue Bonds, 1995 Series 1, 5.375%, 7/01/25 2,000 Dormitory Authority of the State of New York, Siena College Insured 7/07 at 102 AAA 2,117,580 Revenue Bonds, Series 1997, 5.750%, 7/01/26 4,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,903,720 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 3,120 Dormitory Authority of the State of New York, City University System 1/08 at 102 AAA 3,178,594 Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.375%, 7/01/24 4,500 Dormitory Authority of the State of New York, Ithaca College Insured 7/08 at 101 Aaa 4,429,260 Revenue Bonds, Series 1998, 5.000%, 7/01/21 1,500 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 1,606,290 College Revenue Bonds, Series 2000A, 5.750%, 7/01/29 Dormitory Authority of the State of New York, University of Rochester, 2000A Revenue Bonds: 1,990 0.000%, 7/01/17 7/10 at 101 AAA 1,270,715 2,235 0.000%, 7/01/18 7/10 at 101 AAA 1,420,387 2,495 0.000%, 7/01/19 7/10 at 101 AAA 1,578,487 1,870 0.000%, 7/01/21 7/10 at 101 AAA 1,177,745 500 Dormitory Authority of the State of New York, Pace University Insured 7/10 at 102 AAA 547,780 Revenue Bonds, Series 2000, 6.000%, 7/01/29 5,000 Dormitory Authority of the State of New York, State University 5/06 at 102 AAA 5,128,400 Educational Facilities Revenue Bonds, Series 1996, 5.500%, 5/15/26 9,385 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 9,619,907 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 2,485 Dormitory Authority of the State of New York, City University System 7/10 at 100 AAA 2,474,762 Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/24 Dormitory Authority of the State of New York, Canisius College Revenue Bonds, Series 2000: 1,000 5.100%, 7/01/20 7/11 at 101 AAA 999,550 2,875 5.250%, 7/01/30 7/11 at 101 AAA 2,902,744 2,500 Dormitory Authority of the State of New York, New York University No Opt. Call AAA 2,690,975 Revenue Bonds, Series 2001-1, 5.500%, 7/01/40 (WI, settling 5/03/01) Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 5.3% Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991: $ 3,985 7.375%, 8/01/11 8/01 at 102 AAA $ 4,115,469 4,150 7.400%, 8/01/30 8/01 at 102 AAA 4,276,077 3,985 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 4,021,742 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 765 Dormitory Authority of the State of New York, Maimonides Medical No Opt. Call AAA 790,543 Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.500%, 8/01/14 10,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 9,559,300 Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 6,430 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA 6,619,878 Services of Long Island Obligated Group, St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.5% 4,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 4,097,000 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 15,000 New York City Housing Development Corporation, Multifamily 4/01 at 105 AAA 15,770,850 Housing Limited Obligation Bonds (Pass Through Certificates), Series 1991A, 6.500%, 2/20/19 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980 6.100%, 11/01/15 5/06 at 102 AAA 1,043,631 3,980 6.125%, 11/01/20 5/06 at 102 AAA 4,183,657 5,000 New York State Urban Development Corporation, Section 236 Revenue 1/02 at 102 AAA 5,202,000 Bonds, Series 1992A, 6.750%, 1/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.3% 1,500 State of New York Mortgage Agency, Homeowner Mortgage Revenue 9/04 at 102 AAA 1,597,920 Bonds, Series 43, 6.450%, 10/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 0.4% 2,000 Industrial Development Agency, Town of Babylon, New York, Civic 8/10 at 101 AAA 2,164,420 Facility Revenue Bonds (WSNCHS East, Inc. Project), Series 2000B, 6.000%, 8/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 10.6% 1,200 Town of Brookhaven, Suffolk County, New York, Various Purposes 10/02 at 102 AAA 1,274,388 Serial Bonds, 1991 Series B, 6.400%, 10/01/11 City of Buffalo, New York, Refunding Serial Bonds, Series 1991: 530 6.250%, 2/01/11 8/01 at 101 AAA 540,844 760 6.250%, 2/01/13 8/01 at 101 AAA 775,550 760 6.250%, 2/01/15 8/01 at 101 AAA 775,550 East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 300 5.750%, 6/15/17 6/09 at 101 Aaa 323,379 350 5.750%, 6/15/18 6/09 at 101 Aaa 375,792 365 5.750%, 6/15/19 6/09 at 101 Aaa 390,868 County of Erie, New York, Public Improvement General Obligation Serial Bonds, Series 1999A: 700 5.500%, 10/01/17 10/09 at 101 AAA 740,817 700 5.250%, 10/01/19 10/09 at 101 AAA 715,022 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,000 5.750%, 6/15/19 6/11 at 101 Aaa 1,084,150 1,000 5.750%, 6/15/20 6/11 at 101 Aaa 1,083,310 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 340 5.750%, 6/01/18 6/08 at 101 Aaa 363,392 340 5.750%, 6/01/19 6/08 at 101 Aaa 362,539 2,500 County of Nassau, New York, Serial General Improvement Bonds 6/09 at 102 AAA 2,528,300 (General Obligations), Series B, 5.250%, 6/01/23 The City of New York, New York, General Obligation Bonds, Fiscal 1992 Series C: 45 6.250%, 8/01/10 8/02 at 101 1/2 AAA 47,272 45 6.625%, 8/01/14 8/02 at 101 1/2 AAA 47,389 3,100 The City of New York, New York, General Obligation Bonds, 9/01 at 100 3/4 AAA 3,142,408 Fiscal 1991 Series A, 7.250%, 3/15/19 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 4,150 The City of New York, New York, General Obligation Bonds, 8/08 at 101 AAA $ 4,126,843 Fiscal 1998 Series H, 5.125%, 8/01/25 5,000 The City of New York, New York, General Obligation Bonds, 4/09 at 101 AAA 4,869,700 Fiscal 1999 Series I, 5.000%, 4/15/29 3,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 2,929,980 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 Town of North Hempstead, Nassau County, New York, General Obligation Bonds, 1999 Series B: 2,135 5.875%, 7/15/18 7/09 at 101 Aaa 2,320,745 2,255 5.875%, 7/15/19 7/09 at 101 Aaa 2,444,713 County of Oneida, New York, Public Improvement Bonds (General Obligations), Series 2000: 100 5.375%, 4/15/18 4/09 at 102 AAA 103,931 100 5.375%, 4/15/19 4/09 at 102 AAA 103,529 2,250 Commonwealth of Puerto Rico, Public Improvement Bonds of 1998, 7/08 at 101 AAA 2,201,985 4.875%, 7/01/23 8,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 7,382,160 Bonds (General Obligations), Series 1998, 4.500%, 7/01/23 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/17 6/10 at 100 Aaa 573,305 525 5.875%, 6/15/18 6/10 at 100 Aaa 570,843 525 5.875%, 6/15/20 6/10 at 100 Aaa 569,210 525 5.875%, 6/15/21 6/10 at 100 Aaa 567,987 525 5.875%, 6/15/22 6/10 at 100 Aaa 567,578 525 5.875%, 6/15/23 6/10 at 100 Aaa 566,769 525 5.875%, 6/15/24 6/10 at 100 Aaa 565,955 525 5.875%, 6/15/26 6/10 at 100 Aaa 565,551 525 5.875%, 6/15/28 6/10 at 100 Aaa 565,551 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 No Opt. Call AAA 1,169,203 960 6.700%, 2/15/17 No Opt. Call AAA 1,169,040 960 6.700%, 2/15/18 No Opt. Call AAA 1,170,134 960 6.700%, 2/15/19 No Opt. Call AAA 1,172,842 960 6.700%, 2/15/20 No Opt. Call AAA 1,177,498 747 6.700%, 2/15/21 No Opt. Call AAA 917,264 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 735 5.250%, 10/01/20 No Opt. Call AAA 771,331 735 5.250%, 10/01/21 No Opt. Call AAA 768,523 730 5.250%, 10/01/22 No Opt. Call AAA 762,237 730 5.250%, 10/01/23 No Opt. Call AAA 762,054 730 5.250%, 10/01/24 No Opt. Call AAA 761,777 730 5.250%, 10/01/25 No Opt. Call AAA 761,419 725 5.250%, 10/01/26 No Opt. Call AAA 755,776 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.0% 1,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 1,012,330 Series 1993A, 5.250%, 11/01/17 3,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/07 at 101 AAA 3,034,170 Fund Bonds, Series 1996A, 5.250%, 4/01/26 11,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/08 at 101 AAA 10,339,120 Fund Bonds, Series 1998A, 4.750%, 4/01/28 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 4/09 at 101 AAA 4,045,520 1,000 5.250%, 4/01/23 4/09 at 101 AAA 1,016,730 5,875 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,925,819 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 5,225 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,634,692 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 2,000 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101 AAA 1,952,640 Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 2,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 1,775,340 Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 5,250 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 5,618,603 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 505 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 114 5/32 Baa1 $ 578,220 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 5,000 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102 AAA 5,266,300 Bonds (Leake and Watts Services, Inc.), Series 1994, 6.000%, 7/01/23 5,190 Dormitory Authority of the State of New York, Mental Health Services 2/06 at 102 AAA 5,267,072 Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 7,145 Dormitory Authority of the State of New York, Special Act School 7/09 at 101 AAA 7,653,295 Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 3,000 Dormitory Authority of the State of New York, Mental Health 2/07 at 102 AAA 3,169,770 Services Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 1,989,820 State Park Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4,400 New York Local Government Assistance Corporation, Refunding 4/03 at 102 AAA 4,492,488 Bonds, Series 1993B, 5.500%, 4/01/21 20 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 21,080 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 365 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 376,508 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 4,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 100 AAA 4,012,400 Health Services Facilities Improvement Revenue Bonds, Series 1992A, 5.500%, 8/15/21 10,000 New York State Urban Development Corporation, Correctional 1/05 at 102 AAA 10,198,900 Facilities Revenue Bonds, Series 5, 5.500%, 1/01/25 5,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,420,500 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 New York State Urban Development Corporation, Empire State Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 2,175 5.125%, 1/01/22 1/11 at 100 AAA 2,172,064 6,000 5.125%, 1/01/23 1/11 at 100 AAA 5,983,920 2,000 5.250%, 1/01/30 1/11 at 100 AAA 2,017,300 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 8.2% 5,010 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 1/2 AAA 5,237,454 Revenue Bonds, Series 1997A, 5.625%, 7/01/27 7,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 AAA 7,148,120 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 Metropolitan Transportation Authority, New York, Commuter Facilities Revenue Bonds, Series 1998A: 3,000 5.000%, 7/01/23 7/08 at 101 AAA 2,954,250 4,695 5.250%, 7/01/28 7/08 at 101 AAA 4,745,377 5,000 Metropolitan Transportation Authority, New York, Transit Facilities 7/02 at 101 1/2 AAA 5,264,900 Revenue Bonds, Series K, 6.250%, 7/01/11 2,500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 2,592,900 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 10,000 The Port Authority of New York and New Jersey, Consolidated 11/01 at 101 AA- 10,241,600 Bonds, Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) 7,000 The Port Authority of New York and New Jersey, Consolidated 10/07 at 101 AAA 7,318,430 Bonds, One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 14.1% 2,000 Metropolitan Transportation Authority, New York, Commuter 7/02 at 102 AAA 2,115,580 Facilities Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 5,000 Nassau County Industrial Development Agency, Civic Facility 8/01 at 102 AAA 5,160,750 Revenue Bonds (Hofstra University Project), Series 1991, 6.750%, 8/01/11 (Pre-refunded to 8/01/01) The City of New York, New York, General Obligation Bonds, Fiscal 1992 Series C: 4,955 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 5,229,358 4,955 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 8/02 at 101 1/2 AAA 5,253,489 1,500 The City of New York, New York, General Obligation Bonds, Fiscal 9/01 at 100 3/4 AAA 1,539,300 1991 Series A, 7.250%, 3/15/18 3,000 The City of New York, New York, General Obligation Bonds, Fiscal 4/01 at 100 AAA 3,119,280 1990 Series B, 7.000%, 10/01/19 5,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 1/2 AAA 5,115,200 Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 5,000 The Trust for Cultural Resources of the City of New York, Revenue 1/02 at 102 AAA $ 5,230,450 Refunding Bonds (The Museum of Modern Art), Series 1991A, 6.625%, 1/01/19 (Pre-refunded to 1/01/02) State of New York, Serial Bonds: 4,055 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,185,368 4,055 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,185,368 5,000 New York State Dormitory Authority, State University Educational 5/02 at 102 AAA 5,296,050 Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 10,930 Dormitory Authority of the State of New York, Ithaca College Insured 7/01 at 102 AAA 11,233,526 Revenue Bonds, Series 1991, 6.250%, 7/01/21 (Pre-refunded to 7/01/01) 615 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 631,759 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 (Pre-refunded to 7/01/01) 2,230 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 2,467,116 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 4,260 New York State Medical Care Facilities Finance Agency, 2/02 at 102 AAA 4,458,473 Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 5,000 New York State Medical Care Facilities Finance Agency, New York, 2/05 at 102 AAA 5,674,150 Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) County of Suffolk, New York, Public Improvement Bonds, 1991 Series A: 790 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 819,238 745 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 772,572 720 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 746,647 730 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 757,017 735 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 762,202 250 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 259,253 245 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 254,067 245 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 254,067 240 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 248,882 County of Suffolk, New York, Public Improvement Bonds, 1991 Series B: 265 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 274,808 265 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 274,808 270 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 279,993 275 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 285,178 280 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 290,363 275 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 285,178 280 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 290,363 285 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 295,548 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.5% Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 8,300 5.125%, 12/01/22 6/08 at 101 AAA 8,235,011 7,000 5.250%, 12/01/26 6/08 at 101 AAA 7,037,450 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 No Opt. Call AAA 1,199,840 4,000 0.000%, 6/01/25 No Opt. Call AAA 1,136,400 15,000 0.000%, 6/01/26 No Opt. Call AAA 4,045,350 3,000 0.000%, 6/01/27 No Opt. Call AAA 767,640 4,500 0.000%, 6/01/28 No Opt. Call AAA 1,091,565 3,000 0.000%, 6/01/29 No Opt. Call AAA 690,180 6,000 Long Island Power Authority, New York, Electric System General 9/11 at 100 AAA 6,051,000 Revenue Bonds, Series 2001A, 5.250%, 9/01/28 (DD, settling 4/02/01) 14,000 New York State Energy Research and Development Authority, 7/01 at 100 1/2 A+ 14,210,000 Electric Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1991A, 7.500%, 1/01/26 (Alternative Minimum Tax) 11,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 11,513,810 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989B, 6.750%, 2/01/24 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 3,171,360 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 10/01 at 102 AAA 3,102,900 Pollution Control Refunding Revenue Bonds (Niagara Mohawk Power Corporation Project), Series 1991A, 6.625%, 10/01/13 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 6,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA $ 6,424,200 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 7/01 at 101 AAA 2,540,500 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992A, 6.750%, 1/15/27 (Alternative Minimum Tax) 3,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA 3,565,905 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992B, 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.7% 5,000 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 5,231,550 Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 2,225 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 2,255,260 Sewer System Revenue Bonds, Fiscal 1997 Series A, 5.375%, 6/15/26 1,015 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 948,335 Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 10,500 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 10,835,895 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: 1,500 6.100%, 6/15/31 6/10 at 101 AAA 1,653,330 3,000 6.000%, 6/15/33 6/10 at 101 AAA 3,281,010 5,000 New York State Environmental Facilities Corporation, State Water 9/01 at 101 AAA 5,115,400 Pollution Control Revolving Fund Revenue Bonds (Pooled Loan Issue), Series 1991B, 7.100%, 9/15/11 1,300 New York State Environmental Facilities Corporation, Water 6/02 at 102 AAA 1,345,682 Facilities Revenue Bonds (The New Rochelle Water Company Project), Series 1992, 6.400%, 12/01/24 (Alternative Minimum Tax) 2,230 Upper Mohawk Valley Regional Water Finance Authority, New York, No Opt. Call Aaa 715,313 Water System Revenue Bonds, Series 2000, 0.000%, 4/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ $ 548,532 Total Investments (cost $503,396,549) - 96.7% 533,625,981 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.5% 1,500 The Port Authority of New York and New Jersey, Versatile P-1 1,500,000 Structure Obligations, Series 2, Variable Rate Demand Bonds, 3.600%, 5/01/19+ 1,000 The Port Authority of New York and New Jersey, Versatile Structure VMIG-1 1,000,000 Obligations, Series 5, Variable Rate Demand Bonds, 3.700%, 8/01/24+ - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,500 Total Short-Term Investments (cost $2,500,000) 2,500,000 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 2.8% 15,870,581 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 551,996,562 ==================================================================================================================== All of the bonds in the portfolio, excluding temporary investments in short-term municipal securities, are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.7% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Village Green Project), Series 2000A: $ 1,065 5.625%, 8/01/20 8/10 at 102 AAA $ 1,130,040 610 5.750%, 8/01/25 8/10 at 102 AAA 654,371 500 Industrial Development Agency, Town of Amherst, New York, Civic 8/10 at 102 AAA 530,535 Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Lakeside Cottage Project), Series 2000B, 5.625%, 8/01/20 2,940 County of Monroe Industrial Development Agency, New York, 6/01 at 102 AAA 3,014,088 1986 Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) 6,350 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102 AAA 6,218,428 Facility Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 5,000 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,240,250 Bonds (The New York Botanical Garden), Series 1996, 5.800%, 7/01/26 7,250 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 7,482,363 Refunding Bonds (The Museum of Modern Art), Series 1996A, 5.500%, 1/01/21 14,500 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 15,125,095 Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/27 4,775 New York City Industrial Development Agency, Civic Facility Revenue 6/07 at 102 AAA 4,804,032 Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27 1,000 Dormitory Authority of the State of New York, Mount Sinai School 7/01 at 102 AAA 1,027,420 of Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 7,515 Dormitory Authority of the State of New York, Marist College Insured 7/02 at 102 AAA 7,860,615 Revenue Bonds, Series 1992, 6.000%, 7/01/22 1,000 Dormitory Authority of the State of New York, Fordham University 7/04 at 102 AAA 1,021,610 Insured Revenue Bonds, Series 1994, 5.500%, 7/01/23 1,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,111,140 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,970 Dormitory Authority of the State of New York, University of 7/04 at 102 AAA 2,069,170 Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 1,240 Dormitory Authority of the State of New York, Sarah Lawrence 7/05 at 102 AAA 1,315,070 College Revenue Bonds, Series 1995, 6.000%, 7/01/24 8,500 Dormitory Authority of the State of New York, Ithaca College 7/07 at 102 AAA 8,553,040 Insured Revenue Bonds, Series 1997, 5.250%, 7/01/26 1,150 Dormitory Authority of the State of New York, St. John's University 7/06 at 102 AAA 1,214,124 Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 4,625 Dormitory Authority of the State of New York, Barnard College 7/07 at 101 AAA 4,653,860 Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26 7,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 6,831,510 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 2,000 Dormitory Authority of the State of New York, City University System 7/08 at 102 AAA 1,953,580 Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 1,525 Dormitory Authority of the State of New York, State University 5/08 at 101 AAA 1,422,581 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 1,750 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 1,874,005 Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS (continued) Dormitory Authority of the State of New York, University of Rochester Revenue Bonds, 2000 Series A: $ 1,990 0.000%, 7/01/17 7/10 at 101 AAA $ 1,270,715 2,230 0.000%, 7/01/18 7/10 at 101 AAA 1,417,210 2,495 0.000%, 7/01/19 7/10 at 101 AAA 1,578,487 1,870 0.000%, 7/01/21 7/10 at 101 AAA 1,177,745 2,000 Dormitory Authority of the State of New York, City University System 7/10 at 100 AAA 1,994,580 Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/23 1,000 Dormitory Authority of the State of New York, Revenue Bonds No Opt. Call AAA 1,076,390 (New York University), Series 2001-1, 5.500%, 7/01/40 (WI, settling 5/03/01) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 5.0% 4,000 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 4,036,880 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 1,000 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 955,930 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 9,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA 9,265,770 Services of Long Island Obligated Group, St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 5,350 New York State Medical Care Facilities Finance Agency, Revenue 11/01 at 102 AAA 5,525,801 Bonds (Sisters of Charity Hospital of Buffalo Project), 1991 Series A, 6.625%, 11/01/18 3,300 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 3,336,399 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 3,000 New York State Medical Care Facilities Finance Agency, Montefiore 2/05 at 102 AAA 3,112,350 Medical Center, FHA-Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25 1,915 New York State Medical Care Facilities Finance Agency, Health 11/05 at 102 AAA 2,069,809 Center Projects Revenue Bonds (Secured Mortgage Program), Series 1995A, 6.375%, 11/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 7.3% 12,475 New York City Housing Development Corporation, Multifamily 4/01 at 105 AAA 13,116,090 Housing Limited Obligation Bonds (Pass Through Certificates), Series 1991A, 6.500%, 2/20/19 1,690 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,776,477 Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 1,575 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,675,674 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A: 5,515 6.700%, 1/01/12 1/02 at 102 AAA 5,751,428 17,995 6.750%, 1/01/26 1/02 at 102 AAA 18,721,998 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.1% 1,995 State of New York Mortgage Agency, Homeowner Mortgage Revenue 3/04 at 102 AAA 2,021,534 Bonds, Series 33, 5.400%, 10/01/17 165 State of New York Mortgage Agency, Homeowner Mortgage Revenue 10/01 at 102 AAA 169,349 Bonds, Series VV, 7.250%, 10/01/07 (Alternative Minimum Tax) 3,980 State of New York Mortgage Agency, Homeowner Mortgage Revenue 4/07 at 102 AAA 4,170,761 Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.2% 4,450 Castle Rest Residential Health Care Facility (Syracuse, New York), 8/07 at 102 AAA 4,655,457 FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102 AAA 2,053,320 Palsy of New York City, Inc., Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.1% East Rochester Union Free School District, Monroe County, New York, Serial Bonds, Series 2000: 300 5.750%, 6/15/17 6/09 at 101 Aaa 323,379 360 5.750%, 6/15/18 6/09 at 101 Aaa 386,528 400 5.750%, 6/15/19 6/09 at 101 Aaa 428,348 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) $ 1,000 County of Erie, New York, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA $ 1,039,140 5.625%, 6/15/20 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 1,410 5.750%, 6/15/19 6/11 at 101 Aaa 1,528,652 1,410 5.750%, 6/15/20 6/11 at 101 Aaa 1,527,467 1,500 County of Nassau, New York, Serial General Improvement Bonds 6/09 at 102 AAA 1,516,980 (General Obligations), Series B, 5.250%, 6/01/23 200 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 210,200 Fiscal 1992 Series C, 6.625%, 8/01/15 235 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 246,134 Fiscal 1992 Series H, 7.100%, 2/01/10 7,000 Commonwealth of Puerto Rico, Public Improvement Refunding Bonds 7/08 at 101 AAA 6,459,390 (General Obligations), Series 1998, 4.500%, 7/01/23 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/19 6/10 at 100 Aaa 569,210 525 5.875%, 6/15/25 6/10 at 100 Aaa 565,147 525 5.875%, 6/15/27 6/10 at 100 Aaa 565,551 525 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 550,772 Series 1992-A, 6.500%, 2/15/07 1,390 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 1,458,235 Series 1992-B, 6.500%, 2/15/07 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.0% 15,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/01 at 102 AAA 15,371,400 1987 Service Contract Bonds, Series 5, 6.500%, 7/01/16 3,000 Metropolitan Transportation Authority, New York, Dedicated 4/08 at 101 AAA 2,819,760 Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 4,000 5.000%, 4/01/17 4/09 at 101 AAA 4,045,520 2,000 5.250%, 4/01/23 4/09 at 101 AAA 2,033,460 2,000 5.000%, 4/01/29 4/09 at 101 AAA 1,965,960 5,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/10 at 100 AAA 5,455,450 Fund Bonds, Series 2000A, 6.000%, 4/01/30 5,150 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 5,553,812 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 3,000 New York City Transitional Finance Authority, Future Tax Secured 8/07 at 101 AAA 2,928,960 Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 3,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 2,663,010 Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 2,500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AAA 2,738,550 Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 6,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 6,421,260 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 5,375 Dormitory Authority of the State of New York, Insured Revenue 7/04 at 102 AAA 5,661,273 Bonds (Leake and Watts Services, Inc.), Series 1994, 6.000%, 7/01/23 2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,191,596 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 3,340 Dormitory Authority of the State of New York, Insured Revenue Bonds 7/09 at 101 AAA 3,509,605 (853 Schools Program 1999 Issue 1), Harmony Heights School, Series 1999C, 5.500%, 7/01/18 3,000 Dormitory Authority of the State of New York, Mental Health Services 2/07 at 102 AAA 3,169,770 Facilities Improvement Revenue Bonds, Series 1997A, 5.750%, 8/15/22 5,500 New York Local Government Assistance Corporation, Revenue Bonds 4/04 at 100 AAA 5,353,315 (A Public Benefit Corporation of the State of New York), Series 1993D, 5.000%, 4/01/23 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, Series 1992A: 120 6.375%, 8/15/10 2/02 at 102 AAA 125,719 155 6.375%, 8/15/17 2/02 at 102 AAA 162,387 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 5,250 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA $ 5,275,410 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 10,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 10,841,000 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 New York State Urban Development Corporation, Empire State Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C: 1,250 5.125%, 1/01/22 1/11 at 100 AAA 1,248,313 5,500 5.125%, 1/01/25 1/11 at 100 AAA 5,469,640 6,000 5.250%, 1/01/30 1/11 at 100 AAA 6,051,900 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.4% 4,250 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 4,403,850 Revenue Bonds, Series 1995, 5.750%, 1/01/25 3,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/06 at 102 AAA 3,250,530 Revenue Bonds, Series 1996A, 6.000%, 7/01/16 1,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 1/2 AAA 1,045,400 Revenue Bonds, Series 1997A, 5.625%, 7/01/27 13,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 AAA 13,275,080 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 500 Metropolitan Transportation Authority, New York, Commuter Facilities 7/08 at 101 AAA 505,365 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 Metropolitan Transportation Authority, New York, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 7/08 at 101 AAA 9,941,600 5,500 4.750%, 7/01/26 7/08 at 101 AAA 5,160,430 1,000 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/04 at 102 AAA 1,073,310 (Greater Buffalo International Airport), Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 2,500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 2,592,900 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 10,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 AAA 10,209,300 Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) 7,000 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/02 at 101 1/2 AAA 7,241,850 Revenue Bonds, Series X, 6.500%, 1/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 20.8% 1,980 Town of Clifton Park Water Authority, New York, Water System 10/02 at 102 AAA 2,112,165 Revenue Bonds, 1991 Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 24,155 Metropolitan Transportation Authority, New York, Transit Facilities 7/02 at 102 AAA 25,624,590 Revenue Bonds, Series J, 6.500%, 7/01/18 (Pre-refunded to 7/01/02) County of Nassau, New York, General Obligation Serial Bonds (Combined Sewer District), Series 1991L: 1,410 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,478,286 1,260 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,323,139 1,495 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,567,403 19,800 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 20,992,752 Fiscal 1992 Series C, 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 2,265 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 2,373,108 Fiscal 1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02) 1,090 New York City Municipal Water Finance Authority, Water and 6/01 at 101 AAA 1,109,162 Sewer System Revenue Bonds, Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) 3,465 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,225,082 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 3,000 New York State Dormitory Authority, State University Educational 5/02 at 102 AAA 3,177,630 Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 3,250 Dormitory Authority of the State of New York, The New York Public 7/02 at 102 AAA 3,421,308 Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 2,000 Dormitory Authority of the State of New York, Hamilton College 7/01 at 102 AAA $ 2,056,780 Insured Revenue Bonds, Series 1991, 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 3,700 Dormitory Authority of the State of New York, City University System 7/04 at 102 AAA 4,093,236 Consolidated Third General Resolution Revenue Bonds, 1994 Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) 1,500 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AA*** 1,594,620 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02) 1,000 New York State Medical Care Facilities Finance Agency, 11/03 at 102 AAA 1,090,580 St. Mary's Hospital Mortgage Project Revenue Bonds (Rochester), 1994 Series A Refunding, 6.200%, 11/01/14 (Pre-refunded to 11/01/03) New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, Series 1992A: 7,380 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 7,731,731 15,520 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 16,259,683 4,825 Power Authority of the State of New York, General Purpose Bonds, 1/02 at 102 AAA 5,042,897 Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02) 4,700 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, 10/02 at 102 AAA 4,996,570 Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02) 5,800 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/02 at 101 1/2 AAA 6,044,296 Revenue Bonds, Series W, 6.750%, 1/01/22 (Pre-refunded to 1/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.5% 1,650 Islip Resource Recovery Agency, Resource Recovery System Revenue No Opt. Call AAA 2,019,699 Bonds (1985 Facility), 1994 Series B, 7.250%, 7/01/11 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,000 5.125%, 12/01/22 6/08 at 101 AAA 6,945,190 3,200 5.750%, 12/01/24 6/08 at 101 AAA 3,386,144 3,000 5.250%, 12/01/26 6/08 at 101 AAA 3,016,050 Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: 4,000 0.000%, 6/01/24 No Opt. Call AAA 1,199,840 4,000 0.000%, 6/01/25 No Opt. Call AAA 1,136,400 5,000 0.000%, 6/01/26 No Opt. Call AAA 1,348,450 7,000 0.000%, 6/01/27 No Opt. Call AAA 1,791,160 10,500 0.000%, 6/01/28 No Opt. Call AAA 2,546,985 7,000 0.000%, 6/01/29 No Opt. Call AAA 1,610,420 5,000 Long Island Power Authority, New York, Electric System General 9/11 at 100 AAA 5,042,500 Revenue Bonds, Series 2001A, 5.250%, 9/01/28 (DD, settling 4/02/01) 6,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,239,100 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) 1,250 New York State Energy Research and Development Authority, 7/03 at 102 AAA 1,279,988 Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series C, 5.600%, 6/01/25 (Alternative Minimum Tax) 12,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 12,424,800 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Projects), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) 9,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 9,169,470 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992B, 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.6% New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1992 Series A: 8,410 6.750%, 6/15/16 6/01 at 101 AAA 8,546,410 9,770 6.250%, 6/15/21 6/01 at 100 AAA 9,810,155 3,250 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 3,353,964 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 2000 Series B: $ 1,000 6.100%, 6/15/31 6/10 at 101 AAA $ 1,102,220 2,000 6.000%, 6/15/33 6/10 at 101 AAA 2,187,340 1,000 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 1,039,240 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 568,275 Total Investments (cost $525,002,207) - 98.7% 554,679,442 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 7,289,336 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 561,968,778 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: 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. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements.
Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 21.9% Industrial Development Agency, Town of Amherst, New York, Civic Facility Revenue Bonds (UBF Faculty-Student Housing Corporation - Village Green Project), Series 2000A: $ 250 5.625%, 8/01/20 8/10 at 102 AAA $ 265,268 250 5.750%, 8/01/25 8/10 at 102 AAA 268,185 2,000 Industrial Development Agency, County of Monroe, New York, Civic 6/05 at 102 AAA 2,122,780 Facility Revenue Bonds (Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 5,460 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,722,353 Bonds (The New York Botanical Garden), Series 1996, 5.800%, 7/01/26 1,250 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 1,290,063 Refunding Bonds (The Museum of Modern Art), Series 1996A, 5.500%, 1/01/21 4,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA 4,174,320 Revenue Bonds (American Museum of Natural History), Series 1997A, 5.650%, 4/01/22 1,000 New York City Industrial Development Agency, Civic Facility 11/04 at 102 AAA 1,101,250 Revenue Bonds (USTA National Tennis Center Incorporated Project), 6.375%, 11/15/14 2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 2,071,980 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 2,222,280 Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,000 Dormitory Authority of the State of New York, Mount Sinai School 7/04 at 102 AAA 968,370 of Medicine Insured Revenue Bonds, Series 1994A, 5.000%, 7/01/21 3,000 Dormitory Authority of the State of New York, New School for 7/07 at 102 AAA 3,176,370 Social Research Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 1,500 Dormitory Authority of the State of New York, St. John's University 7/06 at 102 AAA 1,583,640 Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 2,000 Dormitory Authority of the State of New York, Long Island University 9/06 at 102 AAA 2,053,160 Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 7,500 Dormitory Authority of the State of New York, Ithaca College Insured 7/08 at 101 Aaa 7,382,100 Revenue Bonds, Series 1998, 5.000%, 7/01/21 1,500 Dormitory Authority of the State of New York, Upstate Community 7/10 at 101 AAA 1,606,290 Colleges Revenue Bonds, Series 2000A, 5.750%, 7/01/29 3,215 Dormitory Authority of the State of New York, University of Rochester No Opt. Call AAA 2,021,753 Revenue Bonds, Series 2000A, 0.000%, 7/01/24 250 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 273,890 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 1,875 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 1,921,931 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 1,000 Dormitory Authority of the State of New York, City University 7/10 at 100 AAA 998,630 System Consolidated Fourth General Resolution Revenue Bonds, 2000 Series A, 5.125%, 7/01/22 500 Dormitory Authority of the State of New York, New York University No Opt. Call AAA 538,195 Revenue Bonds, Series 2001-1, 5.500%, 7/01/40 (WI, settling 5/03/01) - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 7.9% 3,000 Dormitory Authority of the State of New York, Ellis Hospital, 8/05 at 102 AAA 3,077,340 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 1,500 Dormitory Authority of the State of New York, Vassar Brothers 1/08 at 102 AAA 1,526,730 Hospital Revenue Bonds, Series 1997, 5.250%, 7/01/17 Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 3,000 Dormitory Authority of the State of New York, Catholic Health 7/09 at 101 AAA $ 3,093,420 Services of Long Island Obligated Group, St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 2,500 New York State Medical Care Facilities Finance Agency, 11/02 at 102 AAA 2,647,900 Revenue Bonds (South Nassau Communities Hospital Project), 1992 Series A, 6.125%, 11/01/11 4,700 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 4,751,841 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.3% 2,240 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 2,354,621 Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 2,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 2,085,740 Revenue Bonds, Series 1992A, 6.700%, 1/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.0% 2,500 State of New York Mortgage Agency, Homeowner Mortgage Revenue 3/03 at 102 N/R 2,551,300 Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax) 1,200 State of New York Mortgage Agency, Homeowner Mortgage Revenue 10/03 at 102 Aa1 1,223,724 Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 0.6% 1,000 Industrial Development Agency, Town of Babylon, New York, 8/10 at 101 AAA 1,082,210 Civic Facility Revenue Bonds (WSNCHS East, Inc. Project), Series 2000B, 6.000%, 8/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 10.3% 1,510 County of Erie, New York, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA 1,569,101 5.625%, 6/15/20 Longwood Central School District, Suffolk County, New York, Serial Bonds, Series 2000: 500 5.750%, 6/15/19 6/11 at 101 Aaa 542,075 500 5.750%, 6/15/20 6/11 at 101 Aaa 541,655 210 County of Nassau, New York, General Obligation Serial Bonds, No Opt. Call AAA 227,737 General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16 1,500 County of Nassau, New York, General Obligation Serial Bonds, 8/04 at 103 AAA 1,596,630 General Improvement Bonds, Series O, 5.700%, 8/01/13 1,000 County of Nassau, New York, General Improvement Bonds, Series E, 3/10 at 100 AAA 1,085,820 6.000%, 3/01/19 4,000 The City of New York, New York, General Obligation Bonds, No Opt. Call AAA 4,678,560 Fiscal 1995 Series E, 8.000%, 8/01/05 2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101 AAA 2,064,780 Fiscal 1998 Series F, 5.250%, 8/01/16 2,115 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 2,693,368 Plant (Serial) Bonds, Series 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) City of Niagara Falls, Niagara County, New York, Public Improvement (Serial) Bonds, Series 1994: 1,000 7.500%, 3/01/13 No Opt. Call AAA 1,277,050 2,000 6.900%, 3/01/22 3/04 at 102 AAA 2,195,320 County of Suffolk, New York, Public Improvement Serial Bonds, 2000 Series A: 500 6.000%, 5/01/19 5/10 at 101 AAA 550,290 500 6.000%, 5/01/20 5/10 at 101 AAA 550,680 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 9.5% 1,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/07 at 101 AAA 1,011,390 Fund Bonds, Series 1996A, 5.250%, 4/01/26 1,500 Metropolitan Transportation Authority, New York, Dedicated Tax 4/08 at 101 AAA 1,409,880 Fund Bonds, Series 1998A, 4.750%, 4/01/28 2,000 Metropolitan Transportation Authority, New York, Dedicated Tax 4/10 at 100 AAA 2,182,180 Fund Bonds, Series 2000A, 6.000%, 4/01/30 500 New York City Transit Authority, Metropolitan Transportation 1/10 at 101 AAA 539,205 Authority, Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 2000A, 5.875%, 1/01/30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 1,500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AAA $ 1,643,130 Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 1,070,210 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 1,500 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 1,500,855 Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 20 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 20,953 Health Services Facilities Improvement Revenue Bonds, Series 1992A, 6.375%, 8/15/17 1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 2,037,959 Facilities Revenue Bonds, 1994A Refunding Series, 5.250%, 1/01/14 2,045 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,216,985 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 1,580 New York State Urban Development Corporation, Empire State 1/11 at 100 AAA 1,603,368 Development Corporation, Correctional Facilities Service Contract Revenue Bonds, Series C, 5.250%, 1/01/20 1,250 Puerto Rico Highway and Transportation Authority, Transportation 7/10 at 101 AAA 1,378,900 Revenue Bonds, Series B, 5.875%, 7/01/35 1,500 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101 AAA 1,522,695 Agreement Revenue Bonds (John P. Colahan Court Complex), Series 1999, 5.000%, 4/15/16 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 5.0% 5,200 Metropolitan Transportation Authority, New York, Commuter Facilities 7/07 at 101 1/2 AAA 5,436,080 Revenue Bonds, Series 1997A, 5.625%, 7/01/27 500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 518,580 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,500 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/03 at 101 AAA 2,568,075 Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax) 1,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101 AAA 1,045,490 One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 21.6% 2,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/02 at 102 AAA 2,115,580 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/04 at 101 1/2 AAA 1,104,750 Revenue Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04) 1,700 Metropolitan Transportation Authority, New York, Transit Facilities 7/06 at 102 AAA 1,927,647 Revenue Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06) 2,385 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 2,528,672 Fiscal 1992 Series C, 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 1,500 The City of New York, New York, General Obligation Bonds, 8/01 at 100 AAA 1,514,415 Fiscal 1990 Series F, 6.000%, 8/01/19 2,500 Dormitory Authority of the State of New York, State University 5/03 at 102 AAA 2,685,825 Educational Facilities Revenue Bonds, Series 1992A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03) 1,000 Dormitory Authority of the State of New York, Colgate University 7/01 at 102 AAA 1,028,390 Insured Revenue Bonds, Series 1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 6,855 Dormitory Authority of the State of New York, City University System 7/04 at 102 AAA 7,682,261 Consolidated Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) 125 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 128,406 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 (Pre-refunded to 7/01/01) 2,635 New York State Medical Care Facilities Finance Agency, Hospital 8/04 at 100 AAA 2,885,378 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series C, 6.375%, 8/15/29 (Pre-refunded to 8/15/04) 7,800 New York State Medical Care Facilities Finance Agency ,New York 2/05 at 102 AAA 8,851,674 Hospital FHA-Insured Mortgage Revenue Bonds, Series 1994A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 3,955 New York State Medical Care Facilities Finance Agency, FHA-Insured 8/05 at 102 AA*** 4,448,149 Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 (Pre-refunded to 8/15/05) Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,980 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA $ 2,074,367 Health Services Facilities Improvement Revenue Bonds, Series 1992A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 1,900 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 2,098,569 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.7% 1,165 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,248,915 Revenue Bonds (1985 Facility), 1994 Series B, 6.125%, 7/01/13 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 7,500 5.125%, 12/01/22 6/08 at 101 AAA 7,441,275 2,000 5.250%, 12/01/26 6/08 at 101 AAA 2,010,700 1,250 Long Island Power Authority, New York, Electric System General 9/11 at 100 AAA 1,260,625 Revenue Bonds, Series 2001A, 5.250%, 9/01/28 (DD, settling 4/02/01) 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,599,625 Adjustable Rate Gas Facilities Revenue Bonds (The Brooklyn Union Gas Company Project), Series 1989A, 6.750%, 2/01/24 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 7/05 at 102 AAA 2,642,800 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 6,100 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,315,940 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Projects), Series 1992B, 6.500%, 5/15/32 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,547,075 Facilities Revenue Bonds (Consolidated Edison Company of New York, Inc. Project), Series 1992B, 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.4% 500 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 523,155 Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 1,050,700 Sewer System Revenue Bonds, Fiscal 1997 Series B, 5.750%, 6/15/29 1,800 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 1,857,582 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 2,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AAA 2,204,440 Sewer System Revenue Bonds, Fiscal 2000 Series B, 6.100%, 6/15/31 2,500 Suffolk County Water Authority, New York, Water System No Opt. Call AAA 2,665,474 Revenue Bonds, Series 1993 Refunding, 5.100%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ $ 179,670 Total Investments (cost $176,312,904) - 99.2% 188,879,024 =============----------------------------------------------------------------------------------------------------------------------- SHORT-TERM INVESTMENTS - 0.3% $ 600 New York City Municipal Water Authority, Water and Sewer VMIG-1 600,000 ============= Revenue Bonds, Variable Rate Demand Bonds, 3.65%, 6/15/23+ -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.5% 849,973 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 190,328,997 ==================================================================================================================== All of the bonds in the portfolio, excluding temporary investments in short-term municipal securities, are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** 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. (DD) Security purchased on a delayed delivery basis. (WI) Security purchased on a when-issued basis. + Security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified market index. See accompanying notes to financial statements.
Nuveen New York Dividend Advantage Municipal Fund (NAN) Portfolio of Investments March 31, 2001 (Unaudited)
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 4.5% $ 750 Erie Tobacco Asset Securitization Corporation, Erie County, New York, 7/10 at 101 A1 $ 764,625 Tobacco Settlement Asset- Backed Bonds (Senior), Series 2000, 6.000%, 7/15/20 Monroe Tobacco Asset Securitization Corporation, Tobacco Settlement Asset- Backed Bonds, Series 2000: 265 6.000%, 6/01/15 6/10 at 101 A1 269,921 2,300 6.150%, 6/01/25 6/10 at 101 A1 2,351,221 2,100 New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through 6/10 at 101 A1 2,155,797 Bonds, Series 2000, 5.800%, 6/01/23 2,250 TSASC, Inc., New York, Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 2,325,780 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation, New York, 7/10 at 101 A1 1,211,038 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 14.8% Village of Kenmore Housing Authority, New York, Tax-Exempt Student Housing Revenue Bonds (State University of New York at Buffalo Student Apartment Project), Series 1999A: 3,000 5.500%, 8/01/19 8/09 at 102 AA 3,081,900 2,750 5.500%, 8/01/24 8/09 at 102 AA 2,796,420 3,070 County of Monroe Industrial Development Agency, New York, Civic 6/09 at 102 AA 3,079,302 Facility Revenue Bonds (St. John Fisher College Project), Series 1999, 5.375%, 6/01/24 500 The Trust for Cultural Resources of the City of New York, 7/10 at 101 A 520,735 Revenue Bonds (The Museum of American Folk Art), Series 2000, 6.000%, 7/01/22 500 New York City Industrial Development Agency, New York, 11/10 at 101 BBB- 520,530 Civic Facility Revenue Bonds (Polytechnic University Project), Series 2000, 6.000%, 11/01/20 3,500 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 A 3,580,010 Bonds (State University Dormitory Facilities Issue), Series 1999B, 5.375%, 7/01/19 1,000 Dormitory Authority of the State of New York, Lease Revenue Bonds 7/09 at 101 AAA 1,035,990 (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,500 Dormitory Authority of the State of New York, Rochester Institute 7/07 at 101 AAA 2,520,600 of Technology Insured Revenue Bonds, Series 1997, 5.250%, 7/01/22 1,000 Dormitory Authority of the State of New York, Siena College Insured 7/07 at 102 AAA 1,066,190 Revenue Bonds, Series 1997, 5.700%, 7/01/17 500 Dormitory Authority of the State of New York, Fashion Institute 7/10 at 101 AAA 515,295 of Technology Revenue Bonds, Series 2000, 5.375%, 7/01/20 3,000 Dormitory Authority of the State of New York, University of Rochester 7/09 at 101 A+ 3,160,710 Revenue Bonds, Series 1999A, 5.500%, 7/01/16 500 Dormitory Authority of the State of New York, Pace University 7/10 at 102 AAA 547,780 Insured Revenue Bonds, Series 2000, 6.000%, 7/01/29 Dormitory Authority of the State of New York, Pratt Institute Revenue Bonds, Series 1999: 1,750 6.000%, 7/01/20 7/09 at 102 AA 1,896,930 750 6.000%, 7/01/28 7/09 at 102 AA 809,213 1,250 Dormitory Authority of the State of New York, Marymount Manhattan 7/09 at 101 AA 1,362,363 College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 3,565 Industrial Development Agency, Rensselaer County, New York, 8/09 at 101 A+ 3,522,612 Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute Non-Residential Project), Series 1999B, 5.125%, 8/01/27 Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 21.9% Industrial Development Agency, City of Albany, New York, Civic Facility Revenue Bonds (Albany Medical Center Project), Series 1999: $ 1,120 6.000%, 5/01/19 5/09 at 101 N/R $ 957,029 1,460 6.000%, 5/01/29 5/09 at 101 N/R 1,193,214 Dormitory Authority of the State of New York, Frances Schervier Home and Hospital Insured Revenue Bonds (Franciscan Health Partnership Obligated Group), Series 1997: 2,000 5.500%, 7/01/17 7/07 at 102 AA 2,053,840 2,500 5.500%, 7/01/27 7/07 at 102 AA 2,525,025 Dormitory Authority of the State of New York, Victory Memorial Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999: 2,395 5.250%, 8/01/15 8/09 at 101 AAA 2,480,861 2,000 5.375%, 8/01/25 8/09 at 101 AAA 2,029,960 4,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 4,894,475 Revenue Refunding Bonds (Wyckoff Heights Medical Center), Series 1998H, 5.300%, 8/15/21 2,690 Dormitory Authority of the State of New York, The Memorial Hospital 2/09 at 101 AAA 2,717,599 of William F. and Gertrude F. Jones, Inc., FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.250%, 8/01/19 4,825 Dormitory Authority of the State of New York, Montefiore Medical 8/09 at 101 AAA 4,933,707 Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.450%, 8/01/29 1,575 Dormitory Authority of the State of New York, Mount Sinai 7/10 at 101 BBB+ 1,686,164 New York University Health Obligated Group, Revenue Bonds, Series 2000A, 6.500%, 7/01/25 2,000 Dormitory Authority of the State of New York, Catholic Health 7/10 at 101 A- 2,202,060 Services of Long Island Revenue Bonds (St. Catherine of Sienna Medical Center), Series 2000A, 6.500%, 7/01/20 5,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 Aa2 5,186,400 Insured Mortgage Revenue Bonds, 1994 Series A, 5.250%, 8/15/14 4,000 Industrial Development Agency, Ulster County, New York, Civic 11/09 at 101 A2 4,040,120 Facility Revenue Bonds (The Kingston Hospital Project - Letter of Credit Secured), Series 1999, 5.650%, 11/15/24 3,825 Yates County Industrial Development Agency, New York, 8/09 at 101 AAA 3,975,552 FHA-Insured Civic Facility Revenue Bonds (Soldiers and Sailors Memorial Hospital of Yates County Project), Series 1999A, 5.650%, 2/01/39 650 City of Yonkers Industrial Development Authority, New York, Civic 7/11 at 101 BBB- 652,392 Facility Revenue Bonds (St. John's Riverside Hospital Project), Series 2001A, 7.125%, 7/01/31 3,000 Industrial Development Agency, City of Yonkers, New York, 2/09 at 101 AAA 3,065,070 Mortgage Revenue Bonds (FHA-Insured Mortgage - Michael Malotz Skilled Nursing Pavilion Project), Series 1999, 5.450%, 2/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 0.5% 1,000 New York City Housing Development Corporation, Multifamily 11/10 at 101 AA 1,035,540 Housing Revenue Bonds, Series 2000A, 5.850%, 11/01/20 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.7% 5,500 Guam Housing Corporation, Single Family Mortgage Revenue Bonds No Opt. Call AAA 5,871,580 (Guaranteed Mortgage-Backed Securities Program), 1998 Series A, 5.750%, 9/01/31 (Alternative Minimum Tax) 5,700 State of New York Mortgage Agency, Homeowner Mortgage Revenue 10/09 at 100 Aa1 5,805,450 Bonds, Series 82, 5.650%, 4/01/30 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.7% Appleridge Retirement Community, Inc., New York, Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - Appleridge Retirement Community, Inc. Project), Series 1999: 1,150 5.700%, 9/01/31 9/09 at 102 Aaa 1,205,557 1,250 5.750%, 9/01/41 9/09 at 102 Aaa 1,316,125 1,000 New York City Industrial Development Agency, Civic Facility Revenue 7/10 at 102 N/R 999,800 Bonds (Special Needs Facilities Pooled Program), Series 2000A-1, 8.125%, 7/01/19 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 12.6% Monticello Central School District, Sullivan County, New York, Serial Bonds, Series 2000: $ 300 6.000%, 6/15/18 6/09 at 101 AAA $ 328,224 335 6.000%, 6/15/19 6/09 at 101 AAA 365,562 300 6.000%, 6/15/20 6/09 at 101 AAA 327,582 County of Nassau, New York, General Improvement Bonds, Series E: 1,400 6.000%, 3/01/17 3/10 at 100 AAA 1,529,696 740 6.000%, 3/01/19 3/10 at 100 AAA 803,507 3,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101 A 3,066,810 Fiscal 1998 Series F, 5.250%, 8/01/16 The City of New York, New York, General Obligation Bonds, Fiscal 1999 Series J: 2,000 5.000%, 5/15/20 5/09 at 101 AAA 1,976,840 5,000 5.125%, 5/15/29 5/09 at 101 AAA 4,970,200 800 Northern Mariana Islands Commonwealth, General Obligation 6/10 at 100 A 826,400 Bonds, Series 2000A, 6.000%, 6/01/20 County of Orange, New York, General Obligation Bonds, Various Purpose Serial Bonds of 1997: 3,040 5.125%, 9/01/22 9/07 at 101 Aa1 3,052,251 1,195 5.125%, 9/01/23 9/07 at 101 Aa1 1,199,003 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 720 5.250%, 10/01/18 No Opt. Call AAA 758,513 720 5.250%, 10/01/19 No Opt. Call AAA 756,266 2,280 County of Rockland, New York, Various Purpose Serial Bonds, 10/09 at 101 AA 2,450,248 Series 1999, 5.600%, 10/15/16 City School District of Rye, Westchester County, New York, General Obligation Serial Bonds, Series 1999: 650 5.600%, 8/15/17 8/08 at 101 Aaa 695,084 675 5.600%, 8/15/18 8/08 at 101 Aaa 719,550 675 5.600%, 8/15/19 8/08 at 101 Aaa 717,721 1,000 City of Yonkers, New York, School Bonds, Series 1999-C, 6/09 at 101 AAA 998,160 5.000%, 6/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 19.0% 1,000 Battery Park City Authority, Junior Revenue Refunding Bonds, 11/03 at 102 A+ 1,034,070 Series 1993A, 5.800%, 11/01/22 Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 1999A: 1,000 5.000%, 4/01/17 4/09 at 101 AAA 1,011,380 6,520 5.250%, 4/01/23 4/09 at 101 AAA 6,629,080 2,500 Nassau County Interim Finance Authority, New York, Sales Tax 11/10 at 100 AAA 2,716,350 Secured Bonds, Series 2000A, 5.750%, 11/15/16 2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 2,140,420 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 2,910 Dormitory Authority of the State of New York, Special Act School 7/09 at 102 AAA 3,035,217 Districts Program Insured Revenue Bonds, Series 1998, 5.250%, 7/01/15 5,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101 AAA 5,005,650 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 1,960 Dormitory Authority of the State of New York, Mental Health 8/10 at 100 AAA 2,122,837 Facilities Improvement Revenue Bonds, Series 2000D, 5.875%, 8/15/18 1,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 1,000,570 Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 1,795 New York State Thruway Authority, Highway and Bridge Trust Fund 4/10 at 101 AAA 1,893,276 Bonds, Series 2000B, 5.600%, 4/01/20 2,900 New York State Thruway Authority, Local Highway and Bridge Service 4/08 at 101 AAA 3,021,626 Contract Bonds, Series 1998A, 5.375%, 4/01/16 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,252,300 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 3,345 Suffolk County Judicial Facilities Agency, New York, Service 10/09 at 101 AAA 3,494,421 Agreement Revenue Bonds (John P. Colahan Court Complex), Series 1999, 5.250%, 10/15/15 Nuveen New York Dividend Advantage Municipal Fund (NAN) (continued) Portfolio of Investments March 31, 2001 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 750 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands 10/10 at 101 BBB- $ 805,208 Gross Receipts Tax Loan Note), Series 1999A, 6.500%, 10/01/24 1,400 City of Yonkers Industrial Development Agency, New York, Civic 2/11 at 100 BBB- 1,410,388 Facility Revenue Bonds (Community Development Properties - Yonkers, Inc. Project), Series 2001A, 6.625%, 2/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.9% 1,250 Metropolitan Transportation Authority, New York, Commuter 7/07 at 102 AAA 1,239,988 Facilities Revenue Bonds, Series 1997B, 5.000%, 7/01/20 2,000 Metropolitan Transportation Authority, New York, Commuter 7/07 at 101 AAA 2,042,320 Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 American Airlines, Inc. Project): 2,250 5.400%, 7/01/19 (Alternative Minimum Tax) 8/07 at 102 Baa1 2,067,368 5,600 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 5,132,232 500 Niagara Frontier Transportation Authority, Airport Revenue Bonds 4/09 at 101 AAA 518,580 (Buffalo/Niagara International Airport), Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 3,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101 AAA 3,136,470 One Hundred and Twentieth Series, 5.750%, 10/15/26 (Alternative Minimum Tax) 2,000 Triborough Bridge and Tunnel Authority, New York, General Purpose 1/07 at 101 Aa3 2,011,220 Revenue Bonds, Series 1997A, 5.250%, 1/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.2% 500 Industrial Development Agency, Erie County, New York, Solid Waste 12/10 at 103 N/R 250,000 Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 9.050%, 12/01/25 (Alternative Minimum Tax) Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 1998A: 4,800 5.125%, 12/01/22 6/08 at 101 AAA 4,762,416 5,575 5.250%, 12/01/26 6/08 at 101 AAA 5,604,822 2,000 Power Authority of the State of New York, Revenue Bonds, 11/10 at 100 Aa2 2,015,660 Series 2000A, 5.250%, 11/15/30 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.1% 6,000 New York City Municipal Water Finance Authority, Water and 6/06 at 101 AAA 6,277,860 Sewer System Revenue Bonds, Fiscal 1996 Series B, 5.750%, 6/15/26 1,000 New York City Municipal Water Finance Authority, Water and 6/05 at 101 AAA 1,046,100 Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 1,000 New York City Municipal Water Finance Authority, Water and 6/10 at 101 AA 1,031,840 Sewer System Revenue Bonds, Fiscal 2001 Series A, 5.500%, 6/15/33 - ------------------------------------------------------------------------------------------------------------------------------------ $ 196,925 Total Investments (cost $193,245,141) - 98.9% 201,173,768 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 2,315,245 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 203,489,013 ==================================================================================================================== * 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. N/R Investment is not rated. See accompanying notes to financial statements.
Statement of Net Assets March 31, 2001 (Unaudited)
NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT NEW YORK VALUE PLUS QUALITY SELECT QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $148,214,896 $356,444,205 $408,479,939 $533,625,981 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value -- -- -- 2,500,000 Cash -- -- 1,027,685 -- Receivables: Interest 2,426,673 5,957,382 6,666,549 8,397,651 Investments sold 2,040,000 11,240,134 9,090,000 18,640,500 Other assets 24,635 47,004 39,152 49,399 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 152,706,204 373,688,725 425,303,325 563,213,531 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 482,271 135,227 -- 155,109 Payable for investments purchased 2,884,033 12,038,683 5,061,938 8,783,633 Accrued expenses: Management fees 74,031 194,973 226,160 296,596 Other 95,764 104,878 181,070 241,127 Preferred share dividends payable N/A 44,147 58,616 42,527 Common share dividends payable 642,846 1,084,375 1,221,199 1,697,977 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 4,178,945 13,602,283 6,748,983 11,216,969 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $148,527,259 $360,086,442 $418,554,342 $551,996,562 ==================================================================================================================================== Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000 ==================================================================================================================================== Preferred shares outstanding N/A 4,972 5,760 7,720 ==================================================================================================================================== Common shares outstanding 15,120,364 14,957,607 17,699,489 23,420,962 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 9.82 $ 15.76 $ 15.51 $ 15.33 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Net Assets (Unaudited) (continued)
INSURED NEW YORK NEW YORK NEW YORK DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE (NUN) (NNF) (NAN) - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $554,679,442 $188,879,024 $201,173,768 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value -- 600,000 -- Cash 7,085,760 634,899 25,934 Receivables: Interest 8,443,379 2,803,922 3,011,342 Investments sold -- -- -- Other assets 30,566 27,506 110,799 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 570,239,147 192,945,351 204,321,843 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft -- -- -- Payable for investments purchased 6,145,661 1,807,346 -- Accrued expenses: Management fees 301,692 104,350 59,621 Other 52,248 120,330 128,699 Preferred share dividends payable 60,823 24,121 38,561 Common share dividends payable 1,709,945 560,207 605,949 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 8,270,369 2,616,354 832,830 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $561,968,778 $190,328,997 $203,489,013 ==================================================================================================================================== Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 ==================================================================================================================================== Preferred shares outstanding 7,880 2,600 2,760 ==================================================================================================================================== Common shares outstanding 24,083,739 8,299,632 9,179,691 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 15.15 $ 15.10 $ 14.65 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Operations Six Months Ended March 31, 2001 (Unaudited)
NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT NEW YORK VALUE PLUS QUALITY SELECT QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME $4,394,162 $10,322,660 $11,772,190 $16,080,476 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees 435,905 1,125,448 1,307,335 1,721,236 Preferred shares - auction fees N/A 154,949 179,507 240,589 Preferred shares - dividend disbursing agent fees N/A 20,945 14,959 14,959 Shareholders' servicing agent fees and expenses 17,499 15,059 15,885 16,346 Custodian's fees and expenses 42,397 93,988 78,440 121,317 Directors'/Trustees' fees and expenses 632 1,995 1,744 2,337 Professional fees 7,200 7,760 11,002 41,667 Shareholders' reports - printing and mailing expenses 19,937 24,162 32,990 28,567 Stock exchange listing fees 12,420 12,420 12,465 16,633 Investor relations expense 13,449 22,481 25,135 32,343 Portfolio insurance expense -- -- 22,555 44,679 Other expenses 6,046 11,567 12,525 16,101 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses before custodian fee credit and expense reimbursement 555,485 1,490,774 1,714,542 2,296,774 Custodian fee credit (11,080) (23,452) (32,169) (22,281) Expense reimbursement -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Net expenses 544,405 1,467,322 1,682,373 2,274,493 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 3,849,757 8,855,338 10,089,817 13,805,983 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investment transactions 1,223,215 2,250,048 1,013,098 2,252,615 Change in net unrealized appreciation (depreciation) of investments 3,488,200 13,960,300 16,673,397 15,255,019 - ------------------------------------------------------------------------------------------------------------------------------------ Net gain from investments 4,711,415 16,210,348 17,686,495 17,507,634 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations $8,561,172 $25,065,686 $27,776,312 $31,313,617 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Operations (Unaudited) (continued)
INSURED NEW YORK NEW YORK NEW YORK DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE (NUN) (NNF) (NAN) - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $16,156,941 $ 5,304,579 $ 5,451,361 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 1,751,280 604,067 641,034 Preferred shares - auction fees 245,576 81,028 86,013 Preferred shares - dividend disbursing agent fees 19,945 10,158 4,987 Shareholders' servicing agent fees and expenses 16,526 5,749 1,388 Custodian's fees and expenses 115,229 46,266 36,346 Directors'/Trustees' fees and expenses 2,388 799 1,167 Professional fees 11,750 8,259 7,760 Shareholders' reports - printing and mailing expenses 32,640 16,745 10,480 Stock exchange listing fees 16,242 8,063 4,823 Investor relations expense 33,074 11,474 10,560 Portfolio insurance expense -- 5,224 -- Other expenses 16,705 7,409 6,296 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 2,261,355 805,241 810,854 Custodian fee credit (25,666) (6,664) (13,948) Expense reimbursement -- -- (297,997) - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 2,235,689 798,577 498,909 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 13,921,252 4,506,002 4,952,452 - ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN FROM INVESTMENTS Net realized gain from investment transactions 606,999 376,305 13,583 Change in net unrealized appreciation (depreciation) of investments 16,477,916 6,709,137 11,194,720 - ----------------------------------------------------------------------------------------------------------------------------------- Net gain from investments 17,084,915 7,085,442 11,208,303 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations $31,006,167 $11,591,444 $16,160,755 =================================================================================================================================== See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited)
NEW YORK INVESTMENT NEW YORK VALUE (NNY) NEW YORK PERFORMANCE PLUS (NNP) QUALITY (NQN) --------------------------------- ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 3/31/01 9/30/00 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 3,849,757 $ 7,852,919 $ 8,855,338 $ 18,449,960 $ 10,089,817 $ 21,099,193 Net realized gain (loss) from investment transactions 1,223,215 (2,384,322) 2,250,048 (3,722,638) 1,013,098 (4,331) Change in net unrealized appreciation (depreciation) of investments 3,488,200 1,931,204 13,960,300 5,373,142 16,673,397 1,556,107 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 8,561,172 7,399,801 25,065,686 20,100,464 27,776,312 22,650,969 - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (3,876,863) (7,635,788) (6,554,322) (14,157,319) (7,436,678) (16,212,733) Preferred shareholders N/A N/A (2,151,594) (4,438,643) (2,496,234) (5,277,296) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- (927,372) -- -- Preferred shareholders N/A N/A -- (239,859) -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (3,876,863) (7,635,788) (8,705,916) (19,763,193) (9,932,912) (21,490,029) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- -- -- 338,150 -- 202,777 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 4,684,309 (235,987) 16,359,770 675,421 17,843,400 1,363,717 Net assets at the beginning of period 143,842,950 144,078,937 343,726,672 343,051,251 400,710,942 399,347,225 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $148,527,259 $143,842,950 $360,086,442 $343,726,672 $418,554,342 $400,710,942 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 280,920 $ 308,026 $ 353,452 $ 201,139 $ 82,743 $ (77,054) =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
NEW YORK SELECT QUALITY (NVN) NEW YORK QUALITY INCOME (NUN) -------------------------------------- ---------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 13,805,983 $ 28,632,015 $ 13,921,252 $ 28,520,019 Net realized gain (loss) from investment transactions 2,252,615 (33,842) 606,999 (894,838) Change in net unrealized appreciation (depreciation) of investments 15,255,019 (1,114,564) 16,477,916 (1,358,236) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 31,313,617 27,483,609 31,006,167 26,266,945 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (10,238,468) (21,781,081) (10,262,257) (21,579,031) Preferred shareholders (3,389,158) (7,323,404) (3,491,244) (7,255,538) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- -- Preferred shareholders -- -- -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (13,627,626) (29,104,485) (13,753,501) (28,834,569) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 649,013 -- 352,095 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets 17,685,991 (971,863) 17,252,666 (2,215,529) Net assets at the beginning of period 534,310,571 535,282,434 544,716,112 546,931,641 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets at the end of period $551,996,562 $534,310,571 $561,968,778 $544,716,112 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 209,551 $ 27,687 $ 403,355 $ 233,021 =================================================================================================================================== See accompanying notes to financial statements.
INSURED NEW YORK NEW YORK DIVIDEND PREMIUM INCOME (NNF) ADVANTAGE (NAN) --------------------------------- ------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 4,506,002 $ 9,000,639 $ 4,952,452 $ 9,934,652 Net realized gain (loss) from investment transactions 376,305 (1,368,476) 13,583 (2,324,007) Change in net unrealized appreciation (depreciation) of investments 6,709,137 1,878,653 11,194,720 3,967,251 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations 11,591,444 9,510,816 16,160,755 11,577,896 - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From and in excess of net investment income: Common shareholders (3,319,854) (6,822,300) (3,594,381) (7,567,872) Preferred shareholders (1,113,417) (2,383,047) (1,258,422) (2,654,946) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- -- Preferred shareholders -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (4,433,271) (9,205,347) (4,852,803) (10,222,818) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 65,682 9,938 14,786 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 7,158,173 371,151 11,317,890 1,369,864 Net assets at the beginning of period 183,170,824 182,799,673 192,171,123 190,801,259 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $190,328,997 $183,170,824 $203,489,013 $192,171,123 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 321,571 $ 248,840 $ (121,558) $ (226,529) =================================================================================================================================== See accompanying notes to financial statements.
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), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) and Nuveen New York Dividend Advantage Municipal Fund (NAN). Each Fund seeks to provide current income exempt from both regular federal and New York State income taxes by investing primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2001, New York Value (NNY), New York Performance Plus (NNP), New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium Income (NNF) had outstanding delayed delivery and/or when-issued purchase commitments of $2,359,656, $7,334,695, $5,061,938, $8,783,633, $6,145,661, and $1,807,346, respectively. There were no such outstanding purchase commitments in New York Dividend Advantage (NAN). 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. 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 net investment income to its shareholders. Therefore, no federal income tax provision is required. 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. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares New York Value (NNY) is not authorized to issue Preferred shares. The Funds below have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) - -------------------------------------------------------------------------------------------------------- Number of shares: Series M 1,600 960 -- 2,200 1,320 -- Series T 800 2,400 1,720 -- 1,280 -- Series W 2,000 -- 2,400 2,200 -- -- Series Th -- -- 3,600 2,400 -- -- Series F 572 2,400 -- 1,080 -- 2,760 - -------------------------------------------------------------------------------------------------------- Total 4,972 5,760 7,720 7,880 2,600 2,760 ========================================================================================================
Insurance New York Investment Quality (NQN), New York Select Quality (NVN), New York Quality Income (NUN) and Insured New York Premium Income (NNF) invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the net asset value of the Funds' shares include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Derivative Financial Instruments The Funds may invest in 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, 2001. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. Audit Guide In November 2000, the American Institute of Certified Public Accountants (AICPA)issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for annual financial statements issued for fiscal years beginning after December 15, 2000. It is not anticipated that the adoption of the Guide will have a significant effect on the financial statements. Notes to Financial Statements (Unaudited) (continued) 2. FUND SHARES Transactions in Common shares were as follows:
NEW YORK NEW YORK VALUE (NNY) PERFORMANCE PLUS (NNP) --------------------------- --------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 - ---------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- -- -- 23,171 ========================================================================================================== NEW YORK INVESTMENT NEW YORK SELECT QUALITY (NQN) QUALITY (NVN) --------------------------- --------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 - ---------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- 14,233 -- 45,210 ========================================================================================================== NEW YORK INSURED NEW YORK QUALITY INCOME (NUN) PREMIUM INCOME (NNF) --------------------------- --------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 3/31/01 9/30/00 - ---------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- 24,023 -- 4,491 ========================================================================================================== NEW YORK DIVIDEND ADVANTAGE (NAN) --------------------------- SIX MONTHS ENDED YEAR ENDED 3/31/01 9/30/00 - ---------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 684 1,826 ==========================================================================================================
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid May 1, 2001, to shareholders of record on April 15, 2001, as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE (NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) - --------------------------------------------------------------------------------------------------------- Dividend per share $.0425 $.0725 $.0690 $.0725 $.0710 $.0675 $.0660 =========================================================================================================
4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities during the six months ended March 31, 2001, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $23,343,937 $44,142,643 $37,529,926 $76,221,286 Short-term municipal securities -- -- 8,850,000 5,500,000 Sales and maturities: Long-term municipal securities 20,537,004 44,528,354 41,471,649 88,760,818 Short-term municipal securities -- -- 8,850,000 3,000,000 ========================================================================================================= INSURED NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND INCOME INCOME ADVANTAGE (NUN) (NNF) (NAN) - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $41,686,848 $8,500,086 $28,012,733 Short-term municipal securities 4,450,000 1,600,000 14,250,000 Sales and maturities: Long-term municipal securities 42,914,525 8,084,838 29,445,600 Short-term municipal securities 4,450,000 1,000,000 14,250,000 =========================================================================================================
At March 31, 2001, the identified cost of investments owned for federal income tax purposes were as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE (NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) - -------------------------------------------------------------------------------------------------------------------- $144,254,665 $340,851,581 $382,474,504 $505,896,549 $525,160,118 $177,791,101 $194,771,507 ====================================================================================================================
At September 30, 2000, the Funds' last fiscal year end, the 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 NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM DIVIDEND VALUE PLUS QUALITY QUALITY INCOME INCOME ADVANTAGE (NNY) (NNP) (NQN) (NVN) (NUN) (NNF) (NAN) - ---------------------------------------------------------------------------------------------------------- 2002 $ -- $ -- $ -- $ -- $ -- $1,243,060 $ -- 2003 -- -- -- -- -- 3,373 -- 2004 -- -- -- -- -- 2,802,391 -- 2005 -- -- -- -- -- 540,548 -- 2006 -- -- -- -- -- -- -- 2007 -- -- -- -- -- -- 1,388,238 2008 1,349,401 323,091 1,220,746 1,620,836 904,481 490,279 797,642 - ---------------------------------------------------------------------------------------------------------- Total $1,349,401 $323,091 $1,220,746 $1,620,836 $904,481 $5,079,651 $2,185,880 ==========================================================================================================
Notes to Financial Statements (Unaudited) (continued) 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at March 31, 2001, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $ 8,030,924 $19,608,343 $26,359,906 $30,603,907 depreciation (4,070,693) (4,015,719) (354,471) (374,475) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation $ 3,960,231 $15,592,624 $26,005,435 $30,229,432 ========================================================================================================= INSURED NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND INCOME INCOME ADVANTAGE (NUN) (NNF) (NAN) - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $29,832,672 $12,600,814 $ 9,037,243 depreciation (313,348) (912,891) (2,634,982) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation $29,519,324 $11,687,923 $ 6,402,261 =========================================================================================================
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' (excluding New York Value (NNY) and New York Dividend Advantage (NAN)) investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of each Fund as follows: AVERAGE DAILY NET ASSETS MANAGEMENT FEE - -------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For the next $3 billion .5875 of 1 For net assets over $5 billion .5750 of 1 ================================================================================ Under New York Value's (NNY) investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, of .35 of 1% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income of the Fund. Under New York Dividend Advantage's (NAN) investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of the Fund as follows: AVERAGE DAILY NET ASSETS MANAGEMENT FEE - -------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5750 of 1 ================================================================================ The Adviser has agreed to waive part of its management fees or reimburse certain expenses of New York Dividend Advantage (NAN) in an amount equal to .30% of the average daily net assets for the period May 26, 1999 (commencement of operations) through July 31, 2004, .25% of the average daily net assets for the year ended July 31, 2005, .20% of the average daily net assets for the year ended July 31, 2006, .15% of the average daily net assets for the year ended July 31, 2007, .10% of the average daily net assets for the year ended July 31, 2008, and .05% of the average daily net assets for the year ended July 31, 2009. The Adviser has not agreed to reimburse New York Dividend Advantage (NAN) for any portion of its fees and expenses beyond July 31, 2009. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. Notes to Financial Statements (Unaudited) (continued) 7. COMPOSITION OF NET ASSETS At March 31, 2001, net assets consisted of:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY (NNY) (NNP) (NQN) (NVN) - ------------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $ N/A $124,300,000 $144,000,000 $193,000,000 Common shares, $.01 par value per share 151,204 149,576 176,995 234,210 Paid-in surplus 144,261,090 217,763,833 248,496,817 327,691,590 Undistributed (Over-distribution of) net investment income 280,920 353,452 82,743 209,551 Accumulated net realized gain (loss) from investment transactions (1,964,864) (1,472,591) (211,979) 631,779 Net unrealized appreciation of investments 5,798,909 18,992,172 26,009,766 30,229,432 - ------------------------------------------------------------------------------------------------------------- Net assets $148,527,259 $360,086,442 $418,554,342 $551,996,562 ============================================================================================================= Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 ============================================================================================================= N/A - Fund is not authorized to issue Preferred shares. INSURED NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND INCOME INCOME ADVANTAGE (NUN) (NNF) (NAN) - ------------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 Common shares, $.01 par value per share 240,837 82,996 91,797 Paid-in surplus 335,102,744 117,939,855 130,288,809 Undistributed (Over-distribution of) net investment income 403,355 321,571 (121,558) Accumulated net realized gain (loss) from investment transactions (455,393) (5,581,545) (3,698,662) Net unrealized appreciation of investments 29,677,235 12,566,120 7,928,627 - ------------------------------------------------------------------------------------------------------------- Net assets $561,968,778 $190,328,997 $203,489,013 ============================================================================================================= Authorized shares: Common 200,000,000 200,000,000 Unlimited Preferred 1,000,000 1,000,000 Unlimited =============================================================================================================
Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations Less Distributions ------------------------------------- -------------------------------------------------------------- From and From and in Excess in Excess of Net of Net Net Investment Investment Capital Capital Realized/ Income to Income to Gains to Gains to Beginning Net Unrealized Common Preferred Common Preferred Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) Total holders holders+ holders holders+ Total ================================================================================================================================== NEW YORK VALUE (NNY) - ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) $ 9.51 $ .25 $ .32 $ .57 $ (.26) $ N/A $ -- $ N/A $ (.26) 2000 9.53 .52 (.03) .49 (.51) N/A -- N/A (.51) 1999 10.39 .51 (.76) (.25) (.51) N/A (.10) N/A (.61) 1998 10.28 .55 .20 .75 (.55) N/A (.09) N/A (.64) 1997 10.23 .62 .06 .68 (.62) N/A (.01) N/A (.63) 1996 10.44 .64 (.15) .49 (.66) N/A (.04) N/A (.70) NEW YORK PERFORMANCE PLUS (NNP) - ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 14.67 .59 1.08 1.67 (.44) (.14) -- -- (.58) 2000 14.65 1.23 .12 1.35 (.95) (.30) (.06) (.02) (1.33) 1999 16.24 1.24 (1.56) (.32) (1.03) (.22) -- -- (1.25) 1998 16.23 1.31 .02 1.33 (1.09) (.23) -- -- (1.32) 1997 16.17 1.35 .06 1.41 (1.11) (.24) -- -- (1.35) 1996 16.41 1.36 (.22) 1.14 (1.13) (.25) -- -- (1.38) NEW YORK INVESTMENT QUALITY (NQN) - ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 14.50 .57 1.00 1.57 (.42) (.14) -- -- (.56) 2000 14.44 1.19 .09 1.28 (.92) (.30) -- -- (1.22) 1999 15.89 1.19 (1.30) (.11) (1.00) (.21) (.09) (.02) (1.32) 1998 15.85 1.24 .09 1.33 (1.06) (.22) (.01) -- (1.29) 1997 15.89 1.29 (.01) 1.28 (1.07) (.22) (.02) (.01) (1.32) 1996 16.16 1.30 (.25) 1.05 (1.05) (.24) (.02) (.01) (1.32) NEW YORK SELECT QUALITY (NVN) - ---------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 14.57 .59 .75 1.34 (.44) (.14) -- -- (.58) 2000 14.64 1.22 (.05) 1.17 (.93) (.31) -- -- (1.24) 1999 15.99 1.20 (1.28) (.08) (.99) (.21) (.04) (.01) (1.25) 1998 15.90 1.19 .11 1.30 (.99) (.22) -- -- (1.21) 1997 15.78 1.21 .13 1.34 (.99) (.22) (.01) -- (1.22) 1996 15.90 1.22 (.06) 1.16 (1.01) (.23) (.03) (.01) (1.28) ================================================================================================================================== Total Returns -------------------- Offering Costs and Based Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ================================================================================= NEW YORK VALUE (NNY) - --------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) $ -- $ 9.82 $ 9.1400 7.49% 6.01% 2000 -- 9.51 8.7500 6.17 5.29 1999 -- 9.53 8.7500 (8.04) (2.58) 1998 -- 10.39 10.1250 .87 7.57 1997 -- 10.28 10.6875 8.11 6.87 1996 -- 10.23 10.5000 8.07 4.85 NEW YORK PERFORMANCE PLUS (NNP) - --------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) -- 15.76 14.9100 8.79 10.52 2000 -- 14.67 14.1250 (.71) 7.45 1999 (.02) 14.65 15.3125 (8.25) (3.65) 1998 -- 16.24 17.7500 .63 7.00 1997 -- 16.23 18.7500 15.77 7.49 1996 -- 16.17 17.2500 10.76 5.53 NEW YORK INVESTMENT QUALITY (NQN) - --------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) -- 15.51 14.8600 10.32 9.95 2000 -- 14.50 13.8750 (1.52) 7.10 1999 (.02) 14.44 15.0625 (8.13) (2.45) 1998 -- 15.89 17.5000 2.60 7.27 1997 -- 15.85 18.1250 14.40 6.84 1996 -- 15.89 16.8750 9.01 5.09 NEW YORK SELECT QUALITY (NVN) - --------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) -- 15.33 14.9100 10.25 8.30 2000 -- 14.57 13.9375 (2.92) 6.14 1999 (.02) 14.64 15.3750 (3.33) (2.11) 1998 -- 15.99 16.9375 6.84 7.01 1997 -- 15.90 16.8125 11.77 7.34 1996 -- 15.78 16.0000 8.26 5.86 ================================================================================= Ratios/Supplemental Data -------------------------------------------------------------------- Before Credit/Reimbursement ------------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including (000) Shares++ Shares++ Preferred++ Preferred++ ====================================================================================== NEW YORK VALUE (NNY) - -------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) $148,527 .76%* 5.24%* N/A% N/A% 2000 143,843 .74 5.52 N/A N/A 1999 144,079 .74 5.10 N/A N/A 1998 157,086 .75 5.37 N/A N/A 1997 154,298 .79 6.10 N/A N/A 1996 151,848 .83 6.16 N/A N/A NEW YORK PERFORMANCE PLUS (NNP) - -------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 360,086 1.30* 7.72* .85* 5.01* 2000 343,727 1.29 8.61 .81 5.44 1999 343,051 1.20 7.89 .81 5.35 1998 344,674 1.17 8.10 .81 5.63 1997 342,320 1.17 8.38 .81 5.81 1996 339,360 1.18 8.30 .82 5.76 NEW YORK INVESTMENT QUALITY (NQN) - -------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 418,554 1.28* 7.53* .83* 4.90* 2000 400,711 1.26 8.39 .80 5.33 1999 399,347 1.22 7.78 .83 5.28 1998 398,372 1.18 7.88 .82 5.49 1997 395,569 1.18 8.18 .82 5.69 1996 394,189 1.18 8.09 .82 5.63 NEW YORK SELECT QUALITY (NVN) - -------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 551,997 1.31* 7.84* .84* 5.07* 2000 534,311 1.28 8.49 .81 5.40 1999 535,282 1.19 7.75 .81 5.30 1998 519,617 1.14 7.51 .81 5.32 1997 513,293 1.15 7.70 .81 5.43 1996 506,128 1.14 7.68 .80 5.40 ====================================================================================== Ratios/Supplemental Data ------------------------------------------------------------------------- Municipal Auction Rate Cumulative After Credit/Reimbursement*** Preferred Stock at End of Period --------------------------------------------------------- -------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Net Assets Net Assets Total Total Aggregate Liquidation Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset to Common to Common Including Including Turnover Outstanding Value Coverage Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share ================================================================================================================================= NEW YORK VALUE (NNY) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) .74%* 5.26%* N/A% N/A% 14% $ N/A $ N/A $ N/A 2000 .73 5.53 N/A N/A 33 N/A N/A N/A 1999 .74 5.10 N/A N/A 19 N/A N/A N/A 1998 .75 5.37 N/A N/A 36 N/A N/A N/A 1997 .79 6.10 N/A N/A 28 N/A N/A N/A 1996 .83 6.16 N/A N/A 7 N/A N/A N/A NEW YORK PERFORMANCE PLUS (NNP) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 1.28* 7.74* .83* 5.02* 13 124,300 25,000 72,423 2000 1.27 8.63 .80 5.46 44 124,300 25,000 69,132 1999 1.19 7.90 .81 5.36 22 124,300 25,000 68,997 1998 1.17 8.10 .81 5.63 30 104,300 25,000 82,616 1997 1.17 8.38 .81 5.81 7 104,300 25,000 82,052 1996 1.18 8.30 .82 5.76 2 104,300 25,000 81,342 NEW YORK INVESTMENT QUALITY (NQN) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 1.26* 7.55* .82* 4.91* 9 144,000 25,000 72,666 2000 1.24 8.41 .79 5.34 32 144,000 25,000 69,568 1999 1.22 7.79 .83 5.28 17 144,000 25,000 69,331 1998 1.18 7.88 .82 5.49 20 120,000 25,000 82,994 1997 1.18 8.18 .82 5.69 2 120,000 25,000 82,410 1996 1.18 8.09 .82 5.63 4 120,000 25,000 82,123 NEW YORK SELECT QUALITY (NVN) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(a) 1.29* 7.85* .84* 5.07* 14 193,000 25,000 71,502 2000 1.28 8.49 .81 5.40 20 193,000 25,000 69,211 1999 1.18 7.75 .81 5.31 13 193,000 25,000 69,337 1998 1.14 7.51 .81 5.32 11 150,000 25,000 86,603 1997 1.15 7.70 .81 5.43 3 150,000 25,000 85,549 1996 1.14 7.68 .80 5.40 4 150,000 25,000 84,355 ================================================================================================================================= 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. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the six months ended March 31, 2001.
Financial Highlights (Unaudited) (continued)
Investment Operations Less Distributions -------------------------------------- ------------------------------------------------------------ From and From and in Excess in Excess of Net of Net Offering Net Investment Investment Capital Capital Realized/ Income to Income to Gains to Gains to Beginning Net Unrealized Common Preferred Common Preferred Net Asset Investment Investment Share- Share- Share- Share- Value Income Gain (Loss) Total holders holders+ holders holders+ Total ================================================================================================================================= NEW YORK QUALITY INCOME (NUN) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) $14.44 $ .58 $ .70 $1.28 $(.43) $(.14) $ -- $ -- $ (.57) 2000 14.54 1.18 (.08) 1.10 (.90) (.30) -- -- (1.20) 1999 15.90 1.15 (1.29) (.14) (.94) (.22) (.03) (.01) (1.20) 1998 15.66 1.15 .30 1.45 (.94) (.24) (.02) (.01) (1.21) 1997 15.32 1.17 .39 1.56 (.94) (.24) (.03) (.01) (1.22) 1996 15.31 1.19 .04 1.23 (.94) (.25) (.02) (.01) (1.22) INSURED NEW YORK PREMIUM INCOME (NNF) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 14.24 .54 .85 1.39 (.40) (.13) -- -- (.53) 2000 14.20 1.08 .07 1.15 (.82) (.29) -- -- (1.11) 1999 15.68 1.07 (1.49) (.42) (.83) (.23) -- -- (1.06) 1998 14.95 1.06 .75 1.81 (.82) (.26) -- -- (1.08) 1997 14.26 1.07 .69 1.76 (.82) (.25) -- -- (1.07) 1996 13.92 1.08 .33 1.41 (.80) (.27) -- -- (1.07) NEW YORK DIVIDEND ADVANTAGE (NAN) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 13.42 .54 1.22 1.76 (.39) (.14) -- -- (.53) 2000 13.27 1.08 .18 1.26 (.82) (.29) -- -- (1.11) 1999(a) 14.33 .27 (.95) (.68) (.21) (.05) -- -- (.26) ================================================================================================================================= Total Returns ---------------- Costs and Based Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** ========================================================================= NEW YORK QUALITY INCOME (NUN) - ------------------------------------------------------------------------- Year Ended 9/30: 2001(b) $-- $15.15 $14.9400 14.02% 7.94% 2000 -- 14.44 13.5000 (3.79) 5.74 1999 (.02) 14.54 15.0000 (4.13) (2.60) 1998 -- 15.90 16.6250 8.89 7.90 1997 -- 15.66 16.1875 12.90 8.80 1996 -- 15.32 15.2500 10.96 6.45 INSURED NEW YORK PREMIUM INCOME (NNF) - ------------------------------------------------------------------------- Year Ended 9/30: 2001(b) -- 15.10 14.4200 10.96 8.93 2000 -- 14.24 13.3750 (.96) 6.38 1999 -- 14.20 14.3750 (3.37) (4.33) 1998 -- 15.68 15.6875 11.29 10.67 1997 -- 14.95 14.8750 14.63 10.93 1996 -- 14.26 13.7500 11.15 8.35 NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------- Year Ended 9/30: 2001(b) -- 14.65 14.8800 24.34 12.19 2000 -- 13.42 12.3125 (8.62) 7.82 1999(a) (.12) 13.27 14.3750 (2.76) (5.93) ========================================================================= Ratios/Supplemental Data ----------------------------------------------------------------- Before Credit/Reimbursement ------------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including (000) Shares++ Shares++ Preferred++ Preferred++ ===================================================================================== NEW YORK QUALITY INCOME (NUN) Year Ended 9/30: 2001(b) $561,969 1.26%* 7.77%* .82%* 5.02%* 2000 544,716 1.22 8.31 .77 5.28 1999 546,932 1.18 7.46 .79 5.02 1998 548,795 1.16 7.33 .79 5.03 1997 539,327 1.17 7.59 .80 5.17 1996 528,934 1.17 7.73 .79 5.25 INSURED NEW YORK PREMIUM INCOME (NNF) - ------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 190,329 1.32* 7.36* .86* 4.81* 2000 183,171 1.30 7.80 .83 4.99 1999 182,800 1.29 7.03 .85 4.63 1998 194,306 1.29 6.99 .85 4.60 1997 187,813 1.32 7.42 .85 4.80 1996 182,176 1.34 7.59 .86 4.87 NEW YORK DIVIDEND ADVANTAGE (NAN) - ------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 203,489 1.25* 7.15* .82* 4.67* 2000 192,171 1.31 7.89 .83 4.98 1999(a) 190,801 1.10* 5.36* .82* 4.00* ===================================================================================== Ratios/Supplemental Data -------------------------------------------------------------------------- Municipal Auction Rate Cumulative After Credit/Reimbursement*** Preferred Stock at End of Period ---------------------------------------------------------- ------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income to to Average Average to Average Average Net Assets Net Assets Total Total Aggregate Liquidation Applicable Applicable Net Assets Net Assets Portfolio Amount and Market Asset to Common to Common Including Including Turnover Outstanding Value Coverage Shares++ Shares++ Preferred++ Preferred++ Rate (000) Per Share Per Share ================================================================================================================================= NEW YORK QUALITY INCOME (NUN) Year Ended 9/30: 2001(b) 1.25%* 7.79%* .81%* 5.03%* 8% $197,000 $25,000 $71,316 2000 1.22 8.31 .77 5.28 15 197,000 25,000 69,126 1999 1.17 7.47 .79 5.02 7 197,000 25,000 69,408 1998 1.16 7.33 .79 5.03 12 170,000 25,000 80,705 1997 1.17 7.59 .80 5.17 13 170,000 25,000 79,313 1996 1.17 7.73 .79 5.25 9 170,000 25,000 77,784 INSURED NEW YORK PREMIUM INCOME (NNF) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 1.31* 7.37* .85* 4.82* 4 65,000 25,000 73,203 2000 1.29 7.81 .83 4.99 17 65,000 25,000 70,450 1999 1.29 7.03 .85 4.63 8 65,000 25,000 70,308 1998 1.29 6.99 .85 4.60 15 65,000 25,000 74,733 1997 1.32 7.42 .85 4.80 24 65,000 25,000 72,236 1996 1.34 7.59 .86 4.87 21 65,000 25,000 70,068 NEW YORK DIVIDEND ADVANTAGE (NAN) - --------------------------------------------------------------------------------------------------------------------------------- Year Ended 9/30: 2001(b) 77* 7.63* .50* 4.99* 14 69,000 25,000 73,728 2000 79 8.42 .50 5.31 19 69,000 25,000 69,627 1999(a) 65* 5.81* .48* 4.34* 25 69,000 25,000 69,131 ================================================================================================================================= * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the period May 26, 1999 (commencement of operations) through September 30,1999. (b) For the six months ended March 31, 2001.
Build Your Wealth Automatically Sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. NUVEEN EXCHANGE-TRADED FUNDS DIVIDEND REINVESTMENT PLAN Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market. EASY AND CONVENIENT To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. HOW SHARES ARE PURCHASED The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. FLEXIBILITY You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787. Fund Information BOARD OF DIRECTORS/TRUSTEES Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICES J.P. Morgan Chase & Co. 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL The Funds intend to repurchase shares of their own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the 6-month period ended March 31, 2001. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations Photo of: John Nuveen, Sr. For over a century, generations of Americans have relied on Nuveen Investments to help them grow and keep the money they've earned. Financial advisors, investors and their families have associated Nuveen Investments with quality, expertise and dependability since 1898. That is why financial advisors have entrusted the assets of more than 1.3 million investors to Nuveen. With the know-how that comes from a century of experience, Nuveen continues to build upon its reputation for quality. Now, financial advisors and investors can count on Nuveen Investments to help them design customized solutions that meet the far-reaching financial goals unique to family wealth strategies - solutions that can translate into legacies. To find out more about how Nuveen Investments' products and services can help you preserve your financial security, talk with your financial advisor, or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. Invest well. Look ahead. LEAVE YOUR MARK.(SM) Logo: NUVEEN Investments Nuveen Investments o 333 West Wacker Drive FSA-1-3-01 Chicago, IL 60606 o www.nuveen.com -----END PRIVACY-ENHANCED MESSAGE-----