-----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, Brj4+z0RLu+4wNzw7Ny2dfx9W4KSYdfe7G3SZdcNY0ZezyklnfCblJj/RXcHZsnI jo4TGj60HDz4APPPqCh7DQ== 0000891804-99-002523.txt : 19991207 0000891804-99-002523.hdr.sgml : 19991207 ACCESSION NUMBER: 0000891804-99-002523 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990930 FILED AS OF DATE: 19991206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK MUNICIPAL ADVANTAGE FUND CENTRAL INDEX KEY: 0001074769 STANDARD INDUSTRIAL CLASSIFICATION: [] STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09135 FILM NUMBER: 99769138 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 N-30D 1 NUVEEN NEW YORK DIVIDEND ADV MUNI FUND (NAN) LOGO: Nuveen Exchange-Traded Funds September 30, 1999 Annual Report Dependable, tax-free income to help you keep more of what you earn. NNY NNP NQN NVN NUN NNF NAN New York Photo of: couple on a dock. Contents 1 Dear Shareholder 3 Portfolio Manager's Comments 7 NNY Performance Overview 8 NNP Performance Overview 9 NQN Performance Overview 10 NVN Performance Overview 11 NUN Performance Overview 12 NNF Performance Overview 13 NAN Performance Overview 14 Portfolio of Investments 45 Statement of Net Assets 46 Statement of Operations 47 Statement of Changes in Net Assets 50 Notes to Financial Statements 56 Financial Highlights 58 Report of Independent Auditors 59 Build Your Wealth Automatically 61 Fund Information Highlights As of September 30, 1999 Credit Quality Performance Highlights Nuveen New York Municipal Value Fund, Inc. (NNY) o Taxable-equivalent market yield of 8.82% * o Outperformed the one-year total return performance of its Lipper Peer Group ** Pie chart AAA/U.S. Guaranteed 56% AA 3% A 15% BBB/NR 16% Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) o Taxable-equivalent market yield of 10.26% * o Outperformed the one-year total return performance of its Lipper Peer Group ** Pie chart AAA/U.S. Guaranteed 60% AA 17% A 6% BBB/NR 17% Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) o Taxable-equivalent market yield of 9.88% * o Outperformed the one-year total return performance of its Lipper Peer Group ** Pie chart Insured 59% Insured and U.S. Guaranteed 19% U.S. Guaranteed 9% Nuveen New York Select Quality Municipal Fund, Inc. (NVN) o Taxable-equivalent market yield of 9.98% * o Outperformed the one-year total return performance of its Lipper Peer Group ** Pie chart Insured 72% Insured and U.S. Guaranteed 19% U.S. Guaranteed 9% Nuveen New York Quality Income Municipal Fund, Inc. (NUN) o Taxable-equivalent market yield of 9.67% * o Outperformed the one-year total return performance of its Lipper Peer Group ** Pie chart Insured 69% Insured and U.S. Guaranteed 27% U.S. Guaranteed 4% Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) o Taxable-equivalent market yield of 8.99% * o Paralleled the one-year total return performance of its Lipper Peer Group ** Pie chart Insured 77% Insured and U.S. Guaranteed 23% Nuveen New York Dividend Advantage Municipal Fund (NAN) o Taxable-equivalent market yield of 9.26% * o The first Nuveen New York Exchange-Traded Fund since 1992 Pie chart AAA/U.S. Guaranteed 65% AA 20% A 9% BBB/NR 6% * For investors in the combined federal and state income tax rate of 35.5% **The Lipper Peer Group return represents the average annualized return of the funds in the appropriate Lipper Municipal Debt category. The Lipper total return assumes reinvestment of dividends and does not reflect any applicable sales charges. photo of: Timothy R. Schwertfeger Chairman of the Board Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be preserved. Dear Shareholder I am pleased to report to you on the annual performance of your Nuveen Exchange-Traded Fund. Providing an attractive tax-free dividend is the Fund's main objective, and over the past year, your Fund continued to achieve this goal. During the period covered by this report, we have seen some shifts in U.S. economic trends and the fixed-income environment in which your Nuveen Exchange-Traded Fund operates. I appreciate the opportunity to discuss these changes with you, as does the portfolio manager of your Fund, who reviews fund performance later in this report. A Challenging Investment Environment Over the past 12 months, the U.S. economy continued to be characterized by surprisingly robust growth, benign inflation, and unemployment levels that remained among the lowest in three decades. However, concerns about the persistent pace of the economy's expansion continued to test the new paradigm, which holds that the improvements in productivity achieved through technology enable us to have both economic growth and low inflation at the same time. With investors and the various markets watching and reacting to each announcement concerning economic statistics, volatility increased, especially in the equity markets, and the spectre of inflation seemed to lurk behind every report. In an effort to pre-empt this threat of inflation, the Federal Reserve moved to raise interest rates by a quarter-point three times during the year: at the end of June, in late August, and again in mid-November. This brought the federal funds rate - which represents the amount banks charge one another on overnight loans, establishing the standard for other short-term rates - from 4.75% to 5.5%, thereby erasing the three rate cuts made by the Fed in the fall of 1998. Unlike their meeting in October, when the Fed hinted at future rate hikes, the Fed took a neutral stance after this latest interest rate increase. Municipal Bond Performance Over the past year, our exchange-traded municipal bond funds continued to offer attractive, stable income in a market that places a high premium on yield. At the end of September 1999, the ratio between long-term municipal yields and 30-year Treasury yields stood at 98.5%, compared with the historical average of 86% for the period 1986-1999. For investors, this meant that quality long-term municipal bonds offered yields comparable to those of long Treasury bonds - even before the tax advantages of municipals were taken into account. On an after-tax basis, municipal bonds continued to present an exceptionally attractive investment option relative to Treasuries. For the remainder of 1999, we expect new municipal supply to remain good, although total volume continues to lag the near-record levels of 1998. This is partially due to the dramatic decrease in refundings, as interest rates moved above last year's levels and removed much of the incentive for issuers to refund existing bonds. To date, municipal supply has declined by approximately 20% from the levels of a year ago. This, in turn, has enhanced the attractiveness of the municipal bonds that are brought to market, as demand - especially from individual investors - remains strong. We anticipate that this demand will continue to strengthen as investors increasingly look at rebalancing their portfolios. With the outlook for tighter supply and continued demand in the months ahead, Nuveen's established market position as the leading sponsor of exchange-traded municipal bond funds enables us to have excellent access to the bond offerings that have the potential to add value for our shareholders. A Balanced Portfolio: Enhanced Growth with Reduced Risk If you are like most investors in the marketplace today, your goals for tax-free investing probably include capturing high after-tax total returns while moderating risk. To demonstrate the role that municipal bonds can play in achieving this goal, Nuveen tracked a balanced portfolio consisting of equities and municipal bonds and compared its hypothetical investment performance - based on appropriate market indexes and tax rates - with that of a balanced portfolio composed of equities and taxable bonds. Our research showed that, over the past 20 years, the pairing of equities with municipal bonds had provided both superior after-tax total returns and lower levels of risk than the combination of equities and taxable bonds. Incorporating even a 20% allocation of municipal bonds into an all-equity portfolio cut risk substantially, with only a small reduction in after-tax total return. Purchasing shares of a Nuveen Exchange-Traded Municipal Bond Fund provides an easy way to incorporate the benefits of municipal bonds into a balanced portfolio. Nuveen Funds: An Answer to Your Investment Needs In light of the recent shifts in the economic environment, your financial adviser can serve as a valuable resource in helping you determine if adjustments are needed in your current asset allocation plan by suggesting investments that can accomplish this goal. By investing in other Nuveen funds, you can bring balance to your portfolio and provide proper exposure to the different types of investments needed to enhance your potential for success. In addition, if you are satisfied with the performance of your Nuveen Exchange-Traded Fund, your adviser can set up a reinvestment plan designed to purchase additional shares of that fund. For more information on all of Nuveen's funds, contact your financial adviser for a prospectus detailing all charges and expenses, or call Nuveen at (800) 621-7227. Please read the prospectus carefully before you invest or send money. Since 1898, Nuveen has been synonymous with investments that stand the test of time. As we look ahead to the new millennium, we are committed to maintaining that reputation and finding the best ways to serve your evolving investment needs. Thank you for your continued confidence. Sincerely, /s/ Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board November 17, 1999 sidebar text: "Purchasing shares of a Nuveen Exchange-Traded Municipal Bond Fund provides an easy way to incorporate the benefits of municipal bonds into a balanced portfolio." Nuveen New York Exchange-Traded Funds Portfolio Manager's Comments Portfolio manager Paul Brennan discusses the New York municipal market, recent fund performance, and key investment strategies for the Nuveen New York Exchange-Traded Funds. Paul has more than eight years of experience as an investment professional. He started at Flagship in 1991 and joined Nuveen two years ago after Nuveen acquired Flagship. Paul assumed portfolio management duties for the new Nuveen New York Dividend Advantage Fund (NAN) in May 1999 and took over the rest of the funds in August of this year. What factors contributed to the performance of New York State's economy during the past 12 months? New York State's overall performance continues to be driven by New York City, which represents 50% of the state's population and a considerable portion of its economy. As the Wall Street financial industry continues to perform well, the city - and consequently the state - benefits. Both the city and state are financially healthy. In March 1999, Fitch IBCA, one of the three major credit rating agencies, upgraded New York City's credit rating to A from A-, citing the city's strengthening financial position and more conservative budgeting procedures. However, the decline in manufacturing, among other factors, is still causing other areas of the state to lag economically, including Buffalo, Rochester, and Albany. In September 1999, the state unemployment figure was 5.3%, down from 5.5% in September 1998 but higher than the current national average of 4.2%. During the second half of 1999, Nassau County, one of the nation's wealthiest, was downgraded by Moody's Investors Service, Inc. and Standard & Poor's Corporation to Baa2/BBB from Baa1/A- due to financial management problems, including its reliance on one-time revenue sources rather than increased taxes to support county spending. Based on Nuveen research, we had been aware of the county's deteriorating credit position for the past few years, and the New York exchange-traded funds did not hold any uninsured Nassau County bonds at the time of the downgrade. The Funds were therefore protected from net asset value losses due to this event. The downgrade of Nassau County, despite its affluence, illustrates the importance of fiscal management in determining credit ratings. New York State, which has one of the largest and most liquid bond markets in the country, carries an A credit rating, the second lowest in the country next to Louisiana. This is due to the state's high debt burden and the autonomous relationship between the state and its cities and counties, which can impede political processes. Did this have any impact on supply and demand in the New York municipal market? In the first nine months of 1999, new state municipal supply fell 48% from the levels recorded during the same period in 1998, compared with a 21% decline in national municipal supply. Some of the drop-off in New York supply can be explained by the fact that 1998 issuance totals were boosted by one unusually large non-recurring transaction, the $3.5 billion of bonds issued by the Long Island Power Authority, part of the largest municipal issue in history. Despite the substantial decline in issuance this year, New York State remains the second most active issuer in the nation, ranking behind California. For the remainder of 1999, expectations are for good municipal supply. Since state-level issuance is often held until the state budget passes, the delayed approval of the budget in August, rather than April, may mean increased issuance in the last three months of the year. In recent months, institutional demand for New York municipal bonds has been weakened by lack of positive cashflow due to mutual fund redemptions as well as insurance claims from a number of natural disasters. However, individual demand -driven by state residents' wealth and the high rate of New York taxes - has strengthened and provided support to the market. How did the Nuveen New York Exchange-Traded Funds perform over the past 12 months? For the fiscal year ended September 30, 1999, the Nuveen New York Funds produced total returns on net asset value (NAV) ranging from -4.33% to -2.11%, providing taxable-equivalent total returns1 between -1.34% and 1.41% for shareholders in the combined 35.5% federal and state income tax bracket, as shown in the table on page four. The annual total returns for the Funds' benchmarks, the Lehman Brothers New York Tax-Exempt Bond Index and New York Insured Tax-Exempt Index2, and the average returns for the appropriate Lipper New York Peer Group categories3 are also provided. 1 The taxable-equivalent total return represents the total return that must be earned on a taxable investment in order to equal the total return of the Nuveen fund on an after-tax basis. The taxable-equivalent total return is based on the annualized total return and the combined 35.5% federal and state income tax rate. 2 NNY and NNP are compared with the Lehman Brothers New York Tax-Exempt Bond Index, an unleveraged index comprising a broad range of investment-grade New York municipal bonds. The four insured funds - NQN, NVN, NUN, and NNF - are compared with the Lehman New York Insured Tax-Exempt Bond Index, an unleveraged index covering a broad range of insured New York municipal bonds. Returns for both indexes do not reflect any initial or ongoing expenses. 3 The returns for NNY and NNP are compared with the average annualized return of the 10 funds in the Lipper New York Municipal Debt Funds category, while the returns for the insured Nuveen funds are compared with the average annualized return of the nine funds in the Lipper New York Insured Municipal Debt category. Lipper returns assume reinvestment of dividends and do not reflect any applicable sales charges. This report also includes an overview of the performance of our newest New York fund, the Nuveen New York Dividend Advantage Municipal Fund (NAN). For the period from inception in May 1999 through September 30, 1999, NAN posted a total return on NAV of -5.93%, equivalent to a taxable return of -5.10%. Lehman New York Lipper New York Total Return on NAV Total Return2 Average3 - ------------------------------------------------------------------ 1-Year Ended Taxable- 1-Year Ended 1-Year Ended 9/30/99 Equivalent1 9/30/99 9/30/99 - ------------------------------------------------------------------ NNY -2.58% 0.21% -0.56% -4.03% - ------------------------------------------------------------------ NNP -3.65% -0.05% -0.56% -4.03% - ------------------------------------------------------------------ NQN -2.45% 1.14% -1.69% -4.26% - ------------------------------------------------------------------ NVN -2.11% 1.41% -1.69% -4.26% - ------------------------------------------------------------------ NUN -2.60% 0.74% -1.69% -4.26% - ------------------------------------------------------------------ NNF -4.33% -1.34% -1.69% -4.26% - ------------------------------------------------------------------ For additional information on your Fund, see the individual Performance Overviews in this report. The underperformance of the Funds' total returns on NAV relative to their Lehman benchmarks can be attributed largely to their durations4. Duration measures a bond fund's price volatility, or reaction to interest rate movements. The longer the duration, the more sensitive the fund's NAV is to changes in interest rates. During a period of falling interest rates, longer duration enables a fund's NAV to participate more fully in market gains. However, when interest rates rise, longer duration can make the fund's NAV more vulnerable to price declines. Between October 1, 1998, and September 30, 1999, the yield on the Bond Buyer Revenue Bond Index5 rose from 5.09% to 5.96%. This meant that funds with longer durations, like the majority of the funds in this report, were more likely to underperform the market, as represented by the unleveraged Lehman index. Over the past 12 months, the durations of all the Nuveen New York Exchange-Traded Funds (with the exception of NAN) lengthened due to trading activity and bond calls that removed shorter bonds from each fund. Proceeds from the sold or called bonds were reinvested in issues with longer durations, which provided incrementally more attractive yields and better call protection. While our decision to increase the Funds' durations in the current environment had performance implications in the short term, the enhanced yields and call protection should strengthen the Funds' long-term dividend capabilities, and the longer durations should help position the Funds to regain net asset value as the bond market recovers. The fund duration of the newly established NAN was 20.19, which is typical for a new exchange-traded fund. Over time, we will look for opportunities in the market to purchase bonds that can move NAN's duration closer to 12. Over the past year, rising interest rates and the uncertainty surrounding the Federal Reserve's intentions created a relatively negative environment in the fixed-income market. In addition, concerns about the impact of the transition to the year 2000 have precipitated an early start to tax-swap season, as investors attempt to offset profits in the equity markets by selling fixed-income investments at a loss. Both of these factors have negatively impacted the market demand for exchange-traded funds such as the Nuveen New York funds, especially since these funds - with the exception of NNY - are trading at premiums to their net asset value. This situation resulted in declines in share price across the board. At the same time, the prevailing interest rate environment, which was higher than that of September 1998, led to a decline in the NAV of each fund. As a result of these factors, NNY saw its discount (share price below NAV) widen, and the premiums (share price above NAV) on NNP, NQN, NVN, and NUN narrowed over the past 12 months. Because its share price declined relatively less than its NAV, the premium on NNF widened. Premium/ Total Return Market Yield Discount6 on Share Price - ------------------------------------------------------------------------ Taxable- 1-Year Ended Taxable- 9/30/99 Equivalent1 9/30/98 9/30/99 9/30/99 Equivalent1 - ------------------------------------------------------------------------ NNY 5.69% 8.82% -2.55% -8.18% -8.04% -5.18% - ------------------------------------------------------------------------ NNP 6.62% 10.26% 9.30% 4.52% -8.25% -4.96% - ------------------------------------------------------------------------ NQN 6.37% 9.88% 10.13% 4.31% -8.13% -4.88% - ------------------------------------------------------------------------ NVN 6.44% 9.98% 5.93% 5.02% -3.33% -0.01% - ------------------------------------------------------------------------ NUN 6.24% 9.67% 4.56% 3.16% -4.13% -0.94% - ------------------------------------------------------------------------ NNF 5.80% 8.99% 0.05% 1.23% -3.37% -0.39% - ------------------------------------------------------------------------ NAN 5.97% 9.26% NA 8.33% -2.76%* -1.97%* - ------------------------------------------------------------------------ *Total return since inception (5/26/99). 1 The taxable-equivalent yield/total return represents the yield/total return that must be earned on a taxable investment in order to equal the yield/total return of the Nuveen fund on an after-tax basis. The taxable-equivalent yield is based on the fund's current market yield and a combined federal and state income tax rate of 35.5%, while the taxable-equivalent total return is based on the annualized total return and the combined 35.5% federal and state income tax rate. 2 NNY and NNP are compared with the Lehman Brothers New York Tax-Exempt Bond Index, an unleveraged index comprising a broad range of investment-grade New York municipal bonds. The four insured funds - NQN, NVN, NUN, and NNF - are compared with the Lehman New York Insured Tax-Exempt Bond Index, an unleveraged index covering a broad range of insured New York municipal bonds. Returns for both indexes do not reflect any initial or ongoing expenses. 3 The returns for NNY and NNP are compared with the average annualized return of the 10 funds in the Lipper New York Municipal Debt Funds category, while the returns for the insured Nuveen funds are compared with the average annualized return of the nine funds in the Lipper New York Insured Municipal Debt category. Lipper returns assume reinvestment of dividends and do not reflect any applicable sales charges. 4 Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for each fund and therefore differs from the duration of the actual portfolio of individual bonds that make up the fund. With the exception of NNY, which is an unleveraged fund, references to duration in this commentary are intended to indicate fund duration unless otherwise noted. 5 The Bond Buyer Revenue Bond Index is an unmanaged index of long-term municipal revenue bonds. 6 A fund's premium or discount represents the percentage difference between the fund's share price and its NAV. How were the Funds' dividends affected? During the past 12 months, good call protection helped support the dividends of NVN, NUN, and NNF and shield the income of these funds from erosion. In addition, strategic dividend management, including the prudent use of leverage, enabled us to increase NNF's dividend in February 1999. As of September 30, 1999, NVN had provided shareholders with steady dividends for 38 consecutive months, and NUN and NNF had produced steady or increasing dividends since their inceptions in November 1991 and December 1992, respectively. For NNY, NNP, and NQN, however, the need to reinvest the proceeds from called bonds and matured bonds during the relatively lower interest rate environment that prevailed in 1998 led to dividend reductions in each fund during the past 12 months. Despite these dividend adjustments, all of the Nuveen New York funds continued to provide attractive market yields. What key strategies were used to manage the Nuveen New York Funds during the past 12 months? The Funds' primary investment objective continues to be providing competitive tax-free dividends, and any strategies we implement are with that goal in mind. For example, during the past few months, we have capitalized on the rising interest rate environment by buying current bonds with higher yields and good call protection. To finance these activities, we sold some bonds that were due to mature or were scheduled to be called within the next few months. We also sold some bonds that were purchased earlier this year that are now producing a lower income stream than what has recently been available in the market. Also, since bond prices have fallen as interest rates have increased, we have been able to take capital losses on the sale of certain bonds. These losses are valuable to the Funds because they can offset current capital gains, or they can be carried forward for eight years and used to offset future capital gains. If current market conditions continue, we will focus on implementing this strategy for the remainder of the year. Although new issue supply in the New York municipal market declined steeply from last year's levels, we were able to identify attractive bonds in several sectors that added to the Funds' diversification. Through strong relationships with national and regional dealers offering bonds in the New York municipal market, we had access to bonds from several new or infrequent municipal issuers, including the University of Rochester, Catholic Health Services of Long Island, and Niagara Frontier Airport Authority, which operates the Buffalo/Niagara International Airport. While these issuers are not well known in the general market due to their irregular issuance, we were able to use the resources of Nuveen Research to assess the information critical to making an informed purchase decision. In addition to improving diversification, these bonds provide attractive income, offering an excellent example of the types of purchases we made to support the Funds' dividends. The three uninsured funds - NNY, NNP, and NAN - offer excellent credit quality, with the portion of the Funds' assets invested in bonds rated AAA/U.S. guaranteed and AA ranging from 69% to 86% at the end of September 1999. (Credit quality is strong in NQN, NVN, NUN, and NNF, which are 100% invested in insured or U.S. guaranteed bonds.) NNY and NNP also had substantial allocations (16% and 17%, respectively) of BBB and non-rated investment-grade bonds. These lower-rated bonds generally provided enhanced levels of yield. In NAN, the investment guidelines allow us to further exploit credit spread differentials by investing up to 20% of the Fund's net assets in non-investment grade bonds rated BB and B, although we have not yet added any of these bonds to the Fund. Nuveen's research expertise, along with our presence in the New York market, means that shareholders can be assured that the creditworthiness of all issuers of non-investment grade bonds will be subjected to Nuveen's stringent review before any of these bonds are included in the Fund's portfolio. With the exception of the unleveraged NNY, all of the New York funds issue MuniPreferred shares that pay short-term interest rates to investors seeking short-term liquidity. The proceeds from these preferred shares are used to buy additional long-term bonds for the leveraged funds' portfolios. These bonds can generate additional income for the portfolios, but they may also increase volatility. During the past year, the leverage ratios of NNP, NQN, NVN, and NUN fell below the Nuveen guideline of 35%. This led to the issuance of new MuniPreferred shares for NVN and NUN in May and for NNP and NQN in June. (NNF's leverage ratio remained above Nuveen's 35% guideline over the past 12 months.) Nuveen releveraged the Funds both to restore the original leverage ratio of 35% and to provide the potential for increased incremental tax-free income for common shareholders. In the area of bond calls, NNF, which was first offered in December 1992, currently provides excellent levels of call protection, with only 9% of its portfolio subject to calls between now and the end of 2001. This should provide additional protection for the Fund's dividend over this period. However, NNP, NQN, NVN, and NUN, which were assembled between November 1989 and November 1991, are now approaching the normal part of the bond market cycle when the likelihood of bond calls increases. Ten years after the original issue date, issuers typically have their first opportunity to call, or redeem, outstanding bonds. Calls are more likely to occur if current interest rates are more favorable to the issuer than the rates that prevailed when the bonds were first issued. For NNP and NQN, the greatest call exposure occurs in the year 2000, while NVNwill face the majority of its calls in 2001. NUN is fairly well protected through the year 2001. Between now and the end of 2001, 22% of NNY, which was issued in October 1987, remains subject to calls. After that, the Fund should again offer good call protection. To minimize the effect of calls, we are already at work on strategies for managing through this period. As mentioned earlier, we have been active buyers in the current market as we take advantage of the higher interest rate environment. These recent purchases also benefit the Funds by extending call protection. Currently, many of the bonds held by the New York funds are providing very high levels of income, and we plan to hold these bonds for as long as possible to maximize income. We refer to these bonds as "museum pieces" based on their high income production and good quality, which place them at a premium in today's market. Given the current level of bond yields, we have been evaluating suitable replacements for these older bonds, i.e., undervalued bonds that have the potential to support the Funds' dividends and enhance portfolio structure. This should enable us to continue providing a competitive level of dividends for our shareholders. What is Nuveen's outlookfor the New York Funds? In the months ahead, we plan to take advantage of the higher yields currently available in the New York municipal market to enhance our portfolio holdings and the dividend capabilities of the Funds. We will also continue working on strategies designed to manage the Funds' call exposure and minimizing the impact of bond calls. Currently, that includes selling bonds with short calls and extending the Funds' call protection by buying new issues with favorable call features. According to the New York issuance calendar, some of the issuers that come to market infrequently will once again have offerings over the next few months, and we plan to leverage our research capabilities to explore these opportunities and to continue adding diversification to the Funds. The ability to implement strategies with the potential to benefit the Funds demonstrates the value that can be added by an active bond manager such as Nuveen. As an experienced investment manager knowledgeable about the unique aspects of the New York municipal market, we are in the marketplace every day, monitoring market dynamics, looking for opportunities, and capitalizing on them to the benefit of shareholders. Nuveen New York Municipal Value Fund, Inc. Performance Overview As of September 30, 1999 NNY Portfolio Statistics Inception Date 10/87 - -------------------------------------------------- Share Price $8 3/4 - -------------------------------------------------- Net Asset Value $9.53 - -------------------------------------------------- Market Yield 5.69% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 8.25% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 8.82% - -------------------------------------------------- Fund Net Assets ($000) $144,079 - -------------------------------------------------- Average Effective Maturity (Years) 19.13 - -------------------------------------------------- Average Duration 8.76 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -8.04% -2.58% - -------------------------------------------------- 5-Year 2.67% 4.71% - -------------------------------------------------- 10-Year 4.93% 6.32% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -5.18% 0.21% - -------------------------------------------------- 5-Year 5.94% 8.02% - -------------------------------------------------- 10-Year 8.35% 9.81% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 21% - -------------------------------------------------- Tax Obligation/Limited 17% - -------------------------------------------------- Education and Civic Organizations 12% - -------------------------------------------------- Long-TermCare 11% - -------------------------------------------------- Healthcare 8% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share3 10/98 0.0435 11/98 0.0435 12/98 0.0435 1/99 0.0435 2/99 0.0435 3/99 0.0435 4/99 0.0415 5/99 0.0415 6/99 0.0415 7/99 0.0415 8/99 0.0415 9/99 0.0415 LINE CHART: Share Price Performances 10/2/98 10.375 10.25 10.375 10.13 10.19 10.13 10.06 10 10.44 10.06 9.94 9.94 10.06 9.69 9.75 10 10.13 10 10.06 10.13 10.25 10.13 10.19 10.06 9.625 9.5 9.38 9.44 9.44 9.31 9.38 9.25 9.5 9.25 9.31 9.31 9.19 9.19 9.38 9.19 9.38 9.13 9.06 9.13 9.13 9.06 8.75 8.44 9/30/99 8.75 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0971 per share. Nuveen New York Performance Plus Municipal Fund, Inc. Performance Overview As of September 30, 1999 NNP Portfolio Statistics Inception Date 11/89 - -------------------------------------------------- Share Price $15 5/16 - -------------------------------------------------- Net Asset Value $14.65 - -------------------------------------------------- Market Yield 6.62% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 9.59% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 10.26% - -------------------------------------------------- Fund Net Assets ($000) $343,051 - -------------------------------------------------- Average Effective Maturity (Years) 16.32 - -------------------------------------------------- Average Duration 11.10 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -8.25% -3.65% - -------------------------------------------------- 5-Year 5.87% 5.28% - -------------------------------------------------- Since Inception 6.93% 7.54% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -4.96% -0.05% - -------------------------------------------------- 5-Year 9.47% 9.11% - -------------------------------------------------- Since Inception 10.62% 11.44% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 31% - -------------------------------------------------- Tax Obligation/Limited 14% - -------------------------------------------------- Education and Civic Organizations 13% - -------------------------------------------------- Transportation 9% - -------------------------------------------------- Healthcare 9% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share 10/98 0.0895 11/98 0.0865 12/98 0.0865 1/99 0.0865 2/99 0.0865 3/99 0.0865 4/99 0.0865 5/99 0.0845 6/99 0.0845 7/99 0.0845 8/99 0.0845 9/99 0.0845 LINE CHART: Share Price Performance 10/2/98 17.875 17.688 17.813 17.94 18 17.69 17.63 17.38 17.75 17.75 17.63 17.69 17.63 17.31 17.13 17.31 17.5 17.31 17.38 17.31 17.31 17.25 17.25 17.25 17 17 16.63 16.63 16.38 16.38 16.44 16.31 16.44 16.31 16.38 16 16 15.81 16 16 15.94 15.75 15.5 15.75 15.69 15.75 15.38 15.31 9/30/99 15.3125 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Nuveen New York Investment Quality Municipal Fund, Inc. Performance Overview As of September 30, 1999 NQN Portfolio Statistics Inception Date 11/90 - -------------------------------------------------- Share Price $15 1/16 - -------------------------------------------------- Net Asset Value $14.44 - -------------------------------------------------- Market Yield 6.37% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 9.23% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 9.88% - -------------------------------------------------- Fund Net Assets ($000) $399,347 - -------------------------------------------------- Average Effective Maturity (Years) 15.30 - -------------------------------------------------- Average Duration 8.93 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -8.13% -2.45% - -------------------------------------------------- 5-Year 6.35% 5.25% - -------------------------------------------------- Since Inception 6.59% 7.22% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -4.88% 1.14% - -------------------------------------------------- 5-Year 9.88% 8.99% - -------------------------------------------------- Since Inception 10.13% 10.94% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 41% - -------------------------------------------------- Healthcare 12% - -------------------------------------------------- Transportation 10% - -------------------------------------------------- Tax Obligation/Limited 9% - -------------------------------------------------- Education and Civic Organizations 9% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share 10/98 0.086 11/98 0.086 12/98 0.086 1/99 0.086 2/99 0.083 3/99 0.083 4/99 0.083 5/99 0.083 6/99 0.083 7/99 0.083 8/99 0.08 9/99 0.08 LINE CHART: Share Price Performance 10/2/98 17.813 17.688 17.5 17.5 17.5 17.69 17.69 17.81 18 17.75 18.06 18.06 17.81 17.19 16.94 17.25 17.44 17.38 17.31 17.25 17.31 17.38 17.25 17.13 16.94 16.63 16.63 16.31 16.38 16 16 15.94 15.94 15.69 15.81 15.69 15.81 15.81 15.81 15.94 15.63 15.63 15.44 15.13 15.13 15.13 14.63 14.75 9/30/99 15.0625 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0858 per share. Nuveen New York Select Quality Municipal Fund, Inc. Performance Overview As of September 30, 1999 NVN Portfolio Statistics Inception Date 5/91 - -------------------------------------------------- Share Price $15 3/8 - -------------------------------------------------- Net Asset Value $14.64 - -------------------------------------------------- Market Yield 6.44% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 9.33% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 9.98% - -------------------------------------------------- Fund Net Assets ($000) $535,282 - -------------------------------------------------- Average Effective Maturity (Years) 15.75 - -------------------------------------------------- Average Duration 7.05 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -3.33% -2.11% - -------------------------------------------------- 5-Year 7.56% 5.80% - -------------------------------------------------- Since Inception 6.80% 7.11% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -0.01% 1.41% - -------------------------------------------------- 5-Year 11.10% 9.39% - -------------------------------------------------- Since Inception 10.34% 10.69% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 28% - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Education and Civic Organizations 12% - -------------------------------------------------- Transportation 9% - -------------------------------------------------- Healthcare 8% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share 10/98 0.0825 11/98 0.0825 12/98 0.0825 1/99 0.0825 2/99 0.0825 3/99 0.0825 4/99 0.0825 5/99 0.0825 6/99 0.0825 7/99 0.0825 8/99 0.0825 9/99 0.0825 LINE CHART: Share Price Performance 10/2/98 17 16.938 16.688 16.75 17.06 16.94 17.19 17.13 17.25 17 17.38 17.38 17.19 17 16.63 16.69 17 17.19 17 17 17.06 16.81 16.75 16.5 16.69 16.44 16.19 16.13 16.06 15.75 15.75 15.88 15.94 15.63 15.94 15.88 16.19 16.13 16.31 16.13 16.06 15.94 15.75 15.5 15.63 15.69 15.31 14.94 9/30/99 15.375 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0433 per share. Nuveen New York Quality Income Municipal Fund, Inc. Performance Overview As of September 30, 1999 NUN Portfolio Statistics Inception Date 11/91 - -------------------------------------------------- Share Price $15 - -------------------------------------------------- Net Asset Value $14.54 - -------------------------------------------------- Market Yield 6.24% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 9.04% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 9.67% - -------------------------------------------------- Fund Net Assets ($000) $546,932 - -------------------------------------------------- Average Effective Maturity (Years) 16.36 - -------------------------------------------------- Average Duration 8.25 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -4.13% -2.60% - -------------------------------------------------- 5-Year 7.89% 6.49% - -------------------------------------------------- Since Inception 6.26% 6.71% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -0.94% 0.74% - -------------------------------------------------- 5-Year 11.36% 9.95% - -------------------------------------------------- Since Inception 9.64% 10.09% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 31% - -------------------------------------------------- Education and Civic Organizations 16% - -------------------------------------------------- Tax Obligation/Limited 15% - -------------------------------------------------- Transportation 12% - -------------------------------------------------- Housing/Multifamily 8% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share 10/98 0.078 11/98 0.078 12/98 0.078 1/99 0.078 2/99 0.078 3/99 0.078 4/99 0.078 5/99 0.078 6/99 0.078 7/99 0.078 8/99 0.078 9/99 0.078 LINE CHART: Share Price Performance 10/2/98 16.75 16.75 17 16.69 16.81 16.75 16.63 16.5 16.75 16.81 16.63 16.81 16.56 15.81 15.94 16.38 16.38 16.31 16.5 16.38 16.38 16.56 16.44 16.31 16.31 16.06 15.94 15.81 15.69 15.69 15.56 15.56 15.63 15.25 15.19 15.19 15.38 15.56 15.69 15.25 15.31 15.06 15.19 15.38 15.5 15.25 14.94 14.69 9/30/99 15 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0333 per share. Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance Overview As of September 30, 1999 NNF Portfolio Statistics Inception Date 12/92 - -------------------------------------------------- Share Price $14 3/8 - -------------------------------------------------- Net Asset Value $14.20 - -------------------------------------------------- Market Yield 5.80% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 8.41% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 8.99% - -------------------------------------------------- Fund Net Assets ($000) $182,800 - -------------------------------------------------- Average Effective Maturity (Years) 17.40 - -------------------------------------------------- Average Duration 11.47 - -------------------------------------------------- Annualized Total Return On Share Price On NAV - -------------------------------------------------- 1-Year -3.37% -4.33% - -------------------------------------------------- 5-Year 10.80% 8.14% - -------------------------------------------------- Since Inception 5.16% 5.84% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- 1-Year -0.39% -1.34% - -------------------------------------------------- 5-Year 14.17% 11.38% - -------------------------------------------------- Since Inception 8.38% 8.98% - -------------------------------------------------- Diversification (as a % of total investments) U.S. Guaranteed 23% - -------------------------------------------------- Education and Civic Organizations 21% - -------------------------------------------------- Healthcare 15% - -------------------------------------------------- Utilities 13% - -------------------------------------------------- Tax Obligation/Limited 8% - -------------------------------------------------- BAR CHART: 1998-1999 Monthly Tax-Free Dividends Per Share 10/98 0.0685 11/98 0.0685 12/98 0.0685 1/99 0.0685 2/99 0.0695 3/99 0.0695 4/99 0.0695 5/99 0.0695 6/99 0.0695 7/99 0.0695 8/99 0.0695 9/99 0.0695 LINE CHART: Share Price Performance 10/2/98 115.875 115.875 116.125 115.81 116.06 115.94 115.94 116 116.31 116.31 116.5 116.31 115.88 115.69 115.81 115.75 116.19 116.19 116.19 116.25 116.44 116.19 116.13 116.25 116.25 116.06 116 115.94 115.5 115.06 115 114.88 115 114.5 115.13 115 115.38 115.5 115.44 115.44 115.44 115.44 115.19 115.19 115.25 115.19 114.94 114.69 9/30/99 114.375 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Nuveen New York Dividend Advantage Municipal Fund Performance Overview As of September 30, 1999 NAN Portfolio Statistics Inception Date 5/99 - -------------------------------------------------- Share Price $14 3/8 - -------------------------------------------------- Net Asset Value $13.27 - -------------------------------------------------- Market Yield 5.97% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Tax Rate)1 8.65% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Tax Rate)1 9.26% - -------------------------------------------------- Fund Net Assets ($000) $190,801 - -------------------------------------------------- Average Effective Maturity (Years) 24.85 - -------------------------------------------------- Average Duration 20.19 - -------------------------------------------------- Total Return On Share Price On NAV - -------------------------------------------------- Since Inception -2.76% -5.93% - -------------------------------------------------- Taxable-Equivalent Total Return2 On Share Price On NAV - -------------------------------------------------- Since Inception -1.97% -5.10% - -------------------------------------------------- Diversification (as a % of total investments) Healthcare 25% - -------------------------------------------------- Tax Obligation/Limited 23% - -------------------------------------------------- Education and Civic Organizations 14% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- BAR CHART: 1999 Monthly Tax-Free Dividends Per Share 7/99 0.0715 8/99 0.0715 9/99 0.0715 LINE CHART: Share Price Performance 5/28/99 15 15 15.125 15 15 15.0625 15.0625 15 15.0625 15 15.0625 15.0625 15 15 15 15 15.0625 15 15 15 15 15 15 15.0625 15.0625 15.0625 15.0625 15 15.0625 15.0625 15 15.0625 15.0625 15.0625 15 15 15.0625 15.0625 15.0625 15 15 15 14.9375 14.875 14.875 14.9375 14.9375 14.9375 14.9375 15 15 15 14.9375 14.875 14.875 14.875 14.875 14.9375 14.875 15 15 14.875 14.875 14.9375 14.75 14.75 14.6875 14.75 14.75 14.625 14.625 14.75 14.625 14.5 14.75 14.625 14.375 14.25 14.0556 14 14 13.625 13.8 14 14 13.9375 14.1875 14.25 9/30/99 14.375 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Portfolio of Investments Nuveen New York Municipal Value Fund, Inc. (NNY) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 11.5% $ 2,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1997A (American 4/07 at 101 AAA $1,971,180 Museum of Natural History), 5.650%, 4/01/27 1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 A 1,038,680 Bonds, Series 1990A, 7.400%, 5/15/01 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1993A: 1,000,000 5.750%, 7/01/18 No Opt. Call BBB+ 1,002,750 1,000,000 6.000%, 7/01/20 No Opt. Call BBB+ 1,024,460 11,080,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, 7/03 at 100 BBB+ 9,839,926 Series 1993F, 5.000%, 7/01/20 2,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/08 at 101 A 1,656,360 Bonds, Series 1998B, 4.750%, 5/15/28 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 7.7% 500,000 Cattaraugus County Industrial Development Agency, Civic Facility Revenue Bonds, Series 8/08 at 102 A+ 453,610 1998A (Olean General Hospital Project), 5.250%, 8/01/23 1,500,000 New York City Health and Hospitals Corporation, Health System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 1,351,740 2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph Gurwin Jewish Geriatric 2/07 at 102 AAA 2,176,965 Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 2,000,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 1,933,100 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 810,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 8/03 at 102 AAA 816,828 FHA-Insured Mortgage Revenue Bonds, 1993 Series A, 5.600%, 8/15/13 2,925,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA-Insured 8/05 at 102 AAA 3,060,603 Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 1,290,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue Improvement and Refunding Bonds, Series 9/03 at 102 N/R 1,366,381 1993A, 7.600%, 9/01/15 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 3.1% 460,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South Williamsburg 2/00 at 102 Aa1 472,112 Cooperative), 1990 Series A, 7.900%, 2/01/23 (Alternative Minimum Tax) 1,385,000 New York City Housing Development Corporation, Mortgage Revenue Bonds (South Bronx 9/00 at 102 Aa1 1,439,431 Cooperatives), 1990 Series A, 8.100%, 9/01/23 (Alternative Minimum Tax) 1,500,000 New York City Housing Development Corporation, Multifamily Mortgage Revenue Bonds (FHA-Insured 4/03 at 102 AAA 1,577,310 Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 1,135,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (Secured Mortgage No Opt. Call Aa1 1,040,159 Program), Series 1999B, 5.400%, 8/15/31 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 3.4% 8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa2 1,360,635 0.000%, 10/01/23 (Alternative Minimum Tax) 3,750,000 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa2 3,517,463 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 10.6% 2,015,000 Village of East Rochester Housing Authority, FHA-Insured Mortgage Revenue Bonds 8/07 at 102 AAA 1,957,109 (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care (continued) $ 3,125,000 Village of East Rochester Housing Authority, FHA-Insured Mortgage Revenue Bonds (St. 8/08 at 101 AAA $2,816,438 John's Meadows Project), Series 1998A, 5.250%, 8/01/38 3,000,000 Dormitory Authority of the State of New York, Hebrew Home for the Aged at Riverdale, FHA-Insured 2/07 at 102 AA 3,083,400 Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2,000,000 Dormitory Authority of the State of New York, German Masonic Home Corporation, FHA-Insured Mortgage 8/06 at 102 AA 2,011,400 Revenue Bonds, Series 1996, 5.950%, 8/01/26 1,000,000 Dormitory Authority of the State of New York, Eger Health Care Center of Staten Island, FHA-Insured 2/08 at 102 AAA 884,810 Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28 1,530,000 New York State Medical Care Facilities Financing Agency, Hospital and Nursing Home Insured Mortgage 8/02 at 102 AAA 1,628,333 Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 3,000,000 Syracuse Housing Authority, FHA-Insured Mortgage Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 2/08 at 102 AAA 2,935,230 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 6.4% 25,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 6.300%, 8/01/03 8/02 at 101 1/2 AAA 26,543 1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series D, 6.600%, 2/01/04 No Opt. Call A- 1,217,288 1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series B, 6.750%, 8/15/03 No Opt. Call A- 1,494,611 2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996 Series I, 5.875%, 3/15/18 3/06 at 101 1/2 A- 2,893,728 75,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A- 82,538 2,305,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A- 2,319,591 1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 1,176,460 7.250%, 11/01/11 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 16.6% 250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, Junior Revenue Refunding Bonds, 11/03 at 102 A 250,683 5.800%, 11/01/22 5,000,000 Metropolitan Transportation Authority (New York), Dedicated Tax Fund Bonds, Series 1996A, 4/07 at 101 AAA 4,614,200 5.250%, 4/01/26 3,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 2,728,170 Series A, 5.125%, 8/15/21 25,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk 10/99 at 116 9/32 Baa1 28,611 County Issue), Series 1991A, 9.500%, 4/15/14 1,000,000 Dormitory Authority of the State of New York, Court Facilities Lease Revenue Bonds (The City of 5/03 at 101 1/2 A3 970,870 New York Issue), Series 1993A, 5.700%, 5/15/22 3,125,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/07 at 101 AAA 2,810,000 Bonds, Series 1997D, 5.125%, 8/15/27 3,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/08 at 101 AAA 2,678,910 Bonds, Series 1998D, 5.000%, 2/15/23 3,100,000 Dormitory Authority of the State of New York, Insured Revenue Bonds (853 Schools Program, 1999 7/09 at 101 AAA 3,014,936 Issue 1), Green Chimneys School for Little Folk, Series 1999A, 5.500%, 7/01/18 1,000,000 New York State Housing Finance Agency, H.E.L.P.- Suffolk Housing Revenue Bonds, 1989 Series A, 11/99 at 100 Baa2 1,001,660 8.100%, 11/01/05 855,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City), 1990 11/00 at 102 BBB+ 895,655 Series A Refunding, 8.000%, 11/01/08 10,000 New York State Housing Finance Agency, Service Contract Obligation Revenue Bonds, 1994 Series A, 9/04 at 102 BBB+ 10,503 6.375%, 9/15/14 10,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 AAA 10,493 Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 1,000,000 New York State Urban Development Corporation, State Facilities Revenue Bonds, 1995 Refunding No Opt. Call BBB+ 1,027,540 Series, 5.750%, 4/01/11 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 3,000,000 City School District of the City of Niagara Falls, Certificates of Participation (High 6/08 at 101 BBB- $2,734,950 School Facility), Series 1998, 5.375%, 6/15/28 1,230,000 Suffolk County Judicial Facilities Agency, Service Agreement Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 10/09 at 101 AAA 1,137,910 5.000%, 4/15/16 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 3.9% 1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 942,280 5.375%, 7/01/27 2,000,000 New York City Industrial Development Agency, Special Facility Revenue Bonds, Series 1998 12/08 at 102 A 1,762,960 (British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 500,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 482,575 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,600,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series 1999B, 1/10 at 100 Aa3 2,480,218 5.500%, 1/01/30 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 20.9% 3,425,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 Aaa 3,794,318 (Pre-refunded to 8/01/01) 20,000 The City of New York, General Obligation Bonds, Fiscal 1997 Series G, 6.000%, 10/15/26 10/07 at 101 A-*** 21,743 (Pre-refunded to 10/15/07) 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue 6/01 at 101 1/2 Aaa 1,073,960 Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 2,600,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (YMCA of Greater New 8/01 at 102 Aaa 2,814,500 York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01) 4,000,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk No Opt. Call AAA 4,769,600 County Issue), Series 1986, 7.375%, 7/01/16 4,145,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City), 11/00 at 102 AAA 4,407,296 1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 1,000,000 New York Local Government Assistance Corporation, Series 1991B, 7.500%, 4/01/20 4/01 at 102 AAA 1,068,260 (Pre-refunded to 4/01/01) 990,000 New York State Housing Finance Agency, Service Contract Obligation Revenue Bonds, 1994 Series A, 9/04 at 102 AAA 1,088,505 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 100,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home Insured Mortgage 8/02 at 102 AAA 107,909 Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02) 990,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 1,054,439 Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2,200,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 1991, 1/01 at 100 AAA 2,251,854 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 5,000,000 New York State Urban Development Corporation, Project Revenue Bonds (Onondaga County Convention 1/01 at 102 Aaa 5,325,650 Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1991: 1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,068,260 1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,068,260 - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 7.0% 3,500,000 Erie County Industrial Development Agency, Solid Waste Disposal Facility Revenue Bonds 12/10 at 103 N/R 3,629,640 (1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13 (Alternative Minimum Tax) 5,000,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 6/08 at 101 A- 4,546,550 5.250%, 12/01/26 1,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds, 1/00 at 101 A+ 1,017,680 Series 1991A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Utilities (continued) $ 1,000,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA $ 950,990 (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 6.3% 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/07 at 101 AAA 919,120 Fiscal 1998 Series B, 5.250%, 6/15/29 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 951,960 Fiscal 2000 Series A, 5.500%, 6/15/32 (WI) 1,425,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds, Series 1992 6/02 at 102 A 1,466,126 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 5,815,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 5,701,022 - ----------------------------------------------------------------------------------------------------------------------------------- $ 149,195,000 Total Investments - (cost $139,928,433) - 97.4% 140,307,938 ============= Other Assets Less Liabilities - 2.6% 3,770,999 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $144,078,937 =================================================================================================================== * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 12.4% $ 1,285,000 Cattaraugus County Industrial Development Agency, Civic Facility Revenue Bonds (St. 9/08 at 101 BBB $1,165,199 Bonaventure University Construction Project), Series 1998B, 5.000%, 9/15/13 1,000,000 County of Monroe Industrial Development Agency, Civic Facility Revenue Bonds (St. John 6/09 at 102 AA 940,170 Fisher College Project), Series 1999, 5.375%, 6/01/17 3,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 2,956,770 Museum of Natural History), 5.650%, 4/01/27 1,250,000 Dormitory Authority of the State of New York, Lease Revenue Bonds (State University Dormitory 7/09 at 101 AAA 1,199,588 Facilities Issue), Series 1999C, 5.500%, 7/01/29 630,000 Dormitory Authority of the State of New York, College and University Revenue Bonds (Pooled Capital 12/99 at 102 AAA 643,173 Program), Series 1985, 7.800%, 12/01/05 2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue No Opt. Call A- 2,566,300 Bonds, Series 1993A, 5.875%, 5/15/17 3,000,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, No Opt. Call AAA 3,176,460 Series 1993B, 6.000%, 7/01/14 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, Series 1993F: 1,000,000 5.500%, 7/01/12 7/03 at 102 BBB+ 987,740 11,350,000 5.000%, 7/01/20 7/03 at 100 BBB+ 10,079,708 1,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/05 at 102 AAA 988,880 Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14 1,500,000 Dormitory Authority of the State of New York, St. Thomas Aquinas College Insured Revenue Bonds, 7/08 at 101 AA 1,355,130 Series 1998, 5.250%, 7/01/28 3,425,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/08 at 101 A 2,836,517 Bonds, Series 1998B, 4.750%, 5/15/28 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2: 1,490,000 5.000%, 7/01/17 7/08 at 101 BBB+ 1,321,764 1,055,000 5.000%, 7/01/18 7/08 at 101 BBB+ 926,839 7,000,000 5.000%, 7/01/28 7/08 at 101 BBB+ 6,067,250 5,590,000 Dormitory Authority of the State of New York, University of Rochester Revenue Bonds, Series 1999A 7/09 at 101 A+ 5,449,244 and 1999B, 5.500%, 7/01/16 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 8.7% 2,000,000 Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center of New York, 8/01 at 102 AAA 2,119,360 FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30 1,000,000 Dormitory Authority of the State of New York, St. James Mercy Hospital, FHA-Insured Mortgage 2/08 at 102 AA 930,330 Hospital Revenue Bonds, Series 1998, 5.250%, 2/01/18 8,000,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 7,732,400 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 9,950,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA-Insured 8/02 at 102 AAA 10,237,157 Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 2,525,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA-Insured 8/05 at 102 AAA 2,642,059 Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 5,800,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project Revenue 2/05 at 102 AA 6,042,556 Bonds, 1995 Series C, 6.250%, 8/15/15 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 5.0% $ 1,000,000 Hudson Housing Development Corporation, Multifamily Mortgage Revenue Refunding Bonds, 1/03 at 101 Aaa $1,030,860 Series 1992A (Providence Hall-Schuyler Court Projects- FHA-Insured Mortgages), 6.500%, 1/01/25 5,750,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 6,088,273 Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 3,160,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (AMBAC Insured 11/99 at 102 AAA 3,227,687 Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax) 1,585,000 New York State Housing Finance Agency, Multifamily Housing Revenue Bonds (Secured Mortgage 8/02 at 102 Aa1 1,676,153 Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax) 4,835,000 Puerto Rico Housing Finance Corporation, Multifamily Mortgage Revenue Bonds, Portfolio A, Series I, 4/00 at 102 AA 4,995,232 7.500%, 4/01/22 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 3.0% 45,135,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 10/01 at 19 11/32 Aa2 7,484,737 0.000%, 10/01/23 (Alternative Minimum Tax) 1,460,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 1995 Series 52, 1/06 at 102 AAA 1,497,902 6.100%, 4/01/26 (Alternative Minimum Tax) 1,250,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 73-A, 9/08 at 101 Aa2 1,172,488 5.250%, 10/01/17 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 2.8% 3,000,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project Revenue Bonds, 2/06 at 102 AA+ 3,095,910 1995 Series C, 6.100%, 8/15/15 2,770,000 County of Oswego Industrial Development Agency, Civic Facility Revenue Bonds, 2/09 at 101 AAA 2,477,433 Series 1999A (FHA-Insured Mortgage-Bishops Commons Inc. Project), 5.375%, 2/01/49 4,000,000 Syracuse Housing Authority, FHA-Insured Mortgage Revenue Bonds (Loretto Rest Residential 2/08 at 102 AAA 3,913,640 Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 4.3% 10,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 6.625%, 8/01/12 8/02 at 101 1/2 AAA 10,654 30,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 A- 33,015 1,060,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series F, 6.375%, 2/15/06 2/05 at 101 A- 1,139,638 1,450,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series F, 3.000%, 11/15/00 No Opt. Call A- 1,432,571 1,500,000 The City of New York, General Obligation Bonds, Fiscal 1999 Series C, 5.000%, 8/15/22 8/08 at 101 A- 1,329,015 2,095,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 2,546,158 8.000%, 11/01/09 (Alternative Minimum Tax) 10,000,000 Commonwealth of Puerto Rico, Public Improvement Refunding Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 8,250,300 Bonds), 4.500%, 7/01/23 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 14.0% 7,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1996A, 4/07 at 101 AAA 6,459,880 5.250%, 4/01/26 12,465,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 11,335,546 Series A, 5.125%, 8/15/21 4,365,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 2/08 at 102 AAA 3,887,600 Bonds, Series 1998B, 5.000%, 2/15/23 4,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/08 at 101 AAA 3,571,880 Bonds, Series 1998D, 5.000%, 2/15/23 7,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 2/09 at 101 AAA 6,017,060 Bonds, Series 1999C, 4.750%, 8/15/19 4,210,000 Dormitory Authority of the State of New York, 4201 Schools Program Revenue Bonds, Series 1998, 7/09 at 101 BBB+ 3,715,746 5.000%, 7/01/18 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 940,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City), 11/00 at 102 BBB+ $ 984,697 1990 Series A Refunding, 8.000%, 11/01/08 1,195,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/00 at 102 A3 1,233,300 Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 335,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/00 at 102 A3 351,214 Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 10,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 A- 10,735 Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 6,900,000 New York State Urban Development Corporation, Correctional Facilities Service Contract Revenue 1/08 at 102 BBB+ 5,986,785 Bonds, Series A, 5.000%, 1/01/28 5,000,000 City School District of Niagara Falls, Certificates of Participation (High School Facility), 6/08 at 101 BBB- 4,558,250 Series 1998, 5.375%, 6/15/28 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 8.7% 15,525,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1998A, 7/08 at 101 BBB+ 13,927,788 5.250%, 7/01/28 2,000,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, Series 1/00 at 102 AAA 2,057,260 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 2,250,000 New York City Industrial Development Agency, Special Facility Revenue Bonds, Series 1998 12/08 at 102 A 1,983,330 (British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 800,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 772,120 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, One Hundred Ninth Series, 1/07 at 101 AAA 2,388,800 5.375%, 7/15/27 1,750,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series 1997A, 1/07 at 101 Aa3 1,599,920 5.250%, 1/01/28 7,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series 1999B, 1/10 at 100 Aa3 7,154,475 5.500%, 1/01/30 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 29.5% 5,500,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds, 7/00 at 102 AAA 5,762,185 Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 1,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds, 7/00 at 101 1/2 AAA 1,042,810 Series 4, 7.500%, 7/01/19 (Pre-refunded to 7/01/00) 1,000,000 Monroe County Water Authority, Series 1991 B, Water System Revenue Bonds, 8/01 at 101 AAA 1,051,610 6.500%, 8/01/16 (Pre-refunded to 8/01/01) 1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 7.250%, 10/01/06 10/99 at 101 1/2 AAA 1,393,470 40,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds, 8/02 at 101 1/2 AAA 43,068 Subseries C-1, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 8.000%, 3/15/13 3/00 at 101 1/2 AAA 517,155 (Pre-refunded to 3/15/00) 1,470,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 9.500%, 8/01/02 8/01 at 101 1/2 Aaa 1,628,510 (Pre-refunded to 8/01/01) 275,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, 6.500%, 8/01/02 No Opt. Call Aaa 291,522 1,540,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series F, 6.375%, 2/15/06 2/05 at 101 A-*** 1,679,678 (Pre-refunded to 2/15/05) 50,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series F, 3.000%, 11/15/00 11/00 at 100 A-*** 49,478 (Pre-refunded to 11/15/00) 1,000,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series E, 5.750%, 5/13/13 5/03 at 101 1/2 AAA 1,042,675 (Pre-refunded to 5/15/03) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 250,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/00 at 101 1/2 Aaa $ 260,303 Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 4,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/01 at 101 1/2 Aaa 4,295,840 Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 5,700,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 5,867,637 Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 10,000,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, 7/00 at 102 Aaa 10,485,900 Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 6,850,000 Dormitory Authority of the State of New York, Revenue Bonds, Department of Health of the State of 7/00 at 102 Aaa 7,186,609 New York Issue, Series 1990, 7.700%, 7/01/20 (Pre-refunded to 7/01/00) 2,190,000 Dormitory Authority of the State of New York, Vassar College Revenue Bonds, Series 1990, 7/00 at 102 AAA 2,290,390 7.250%, 7/01/15 (Pre-refunded to 7/01/00) 4,400,000 Dormitory Authority of the State of New York, Upstate Community Colleges Revenue Bonds, 7/00 at 102 Baa1*** 4,609,616 1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00) Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1990F: 2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,100,700 2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,100,700 2,600,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 Aaa 2,710,058 Bonds, Series 1990B, 7.375%, 5/15/14 (Pre-refunded to 5/15/00) 3,500,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 Aaa 3,645,496 Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 1,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control Revolving Fund 6/01 at 102 Aaa 1,070,470 Revenue Bonds, Series 1991 A (New York City Municipal Water Finance Authority Project), 7.250%, 6/15/10 (Pre-refunded to 6/15/01) 4,560,000 New York State Housing Finance Agency, Health Facilities Revenue Bonds (New York City), 1990 11/00 at 102 AAA 4,848,557 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 3,000,000 New York Local Government Assistance Corporation, Series 1991A, 7.250%, 4/01/18 4/01 at 102 AAA 3,193,950 (Pre-refunded to 4/01/01) 8,000,000 New York Local Government Assistance Corporation, Series 1991B, 7.500%, 4/01/20 4/01 at 102 AAA 8,546,080 (Pre-refunded to 4/01/01) 1,000,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 1,033,660 FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 1,295,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage Revenue Bonds, 8/00 at 102 AAA 1,363,920 1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00) 1,205,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/00 at 102 Aaa 1,246,898 Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 (Pre-refunded to 2/15/00) 2,070,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/00 at 102 Aaa 2,183,063 Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 2,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/01 at 102 Aaa 2,127,980 Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21 (Pre-refunded to 2/15/01) 810,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 A-*** 881,280 Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 4,600,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 1991, 1/01 at 100 AAA 4,708,422 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 5,655,000 New York State Urban Development Corporation, Project Revenue Bonds (Onondaga County Convention 1/01 at 102 Aaa 6,023,310 Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) 2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation Bonds, Series 1/00 at 101 AAA 2,037,140 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 2,230,000 City of Yonkers, New York, General Obligation School Bonds, Series 1990-C, 7.375%, 12/01/09 12/00 at 102 AAA 2,363,153 (Pre-refunded to 12/01/00) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 3.8% $ 1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility), Series B, 7/04 at 102 AAA $1,035,610 6.125%, 7/01/13 (Alternative Minimum Tax) 3,375,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 3,077,156 2,000,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 5.25%, 12/01/26 6/08 at 101 A- 1,818,620 5,000,000 New York City Industrial Development Agency, Industrial Development Revenue Bonds (Brooklyn Navy 10/08 at 102 BBB- 4,685,250 Yard Cogeneration Partners, L.P. Project), Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 1,000,000 New York State Energy Research and Development Authority, Solid Waste Disposal Revenue Bonds 12/03 at 102 AAA 974,260 (New York State Electric and Gas Corporation Project), 1993 Series A, 5.700%, 12/01/28 (Alternative Minimum Tax) 1,500,000 Suffolk County Industrial Development Agency, 1998 Industrial Development Revenue Bonds 1/09 at 101 N/R 1,364,235 (Nissequogue Cogen Partners Facility), 5.500%, 1/01/23 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 5.0% 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/02 at 101 1/2 AAA 1,001,740 Fiscal 1993 Series A, 5.750%, 6/15/18 2,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/07 at 101 AAA 1,838,240 Fiscal 1998 Series B, 5.250%, 6/15/29 3,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 2,855,880 Fiscal 2000 Series A, 5.500%, 6/15/32 (WI) 9,825,000 New York State Environmental Facilities Corporation, State Water Pollution Control Revolving Fund 6/00 at 102 Aa1 10,243,740 Revenue Bonds, Series 1990 A (New York City Municipal Water Finance Authority Project), 7.500%, 6/15/12 940,000 New York State Environmental Facilities Corporation, State Water Pollution Control Revolving Fund 11/04 at 102 AAA 1,041,830 Revenue Bonds, Series 1994 D (Pooled Loan Issue), 6.900%, 5/15/15 - ----------------------------------------------------------------------------------------------------------------------------------- $ 378,465,000 Total Investments - (cost $333,723,770) - 97.2% 333,382,500 ============= Other Assets Less Liabilities - 2.8% 9,668,751 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $343,051,251 =================================================================================================================== * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) September 30, 1999 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 8.3% $ 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1999A (American 7/09 at 101 AAA $4,967,800 Museum of Natural History), 5.750%, 7/01/29 2,260,000 New York City Industrial Development Agency, Civic Facility Refunding and Equipment Revenue Bonds 7/08 at 101 AAA 1,764,924 (1998 Lighthouse International Project), 4.500%, 7/01/33 5,000,000 Dormitory Authority of the State of New York, New York University Insured Revenue Bonds, Series 7/01 at 102 AAA 5,190,450 1991, 6.000%, 7/01/15 3,000,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, 7/03 at 100 AAA 2,707,230 Series 1993F, 5.000%, 7/01/20 4,000,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 1/08 at 102 AAA 3,597,400 Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 4,360,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/08 at 101 AAA 3,833,094 1998, 5.000%, 7/01/28 1,400,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/08 at 100 AAA 1,182,832 Bonds, Series 1998A, 4.750%, 5/15/25 3,500,000 Dormitory Authority of the State of New York, The Culinary Institute of America Insured Revenue 7/09 at 101 Aaa 3,134,145 Bonds, Series 1999, 5.000%, 7/01/22 2,265,000 Dormitory Authority of the State of New York, Skidmore College Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 1,991,275 5.000%, 7/01/28 5,000,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 7/09 at 101 AAA 4,798,350 Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 (WI) - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 11.8% 1,250,000 New York City Health and Hospitals Corporation, Health System Bonds, 1993 Series A, 2/03 at 102 AAA 1,239,800 5.750%, 2/15/22 3,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 2,703,480 1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured Mortgage 2/06 at 102 AAA 988,830 Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 3,135,000 Dormitory Authority of the State of New York, Secured Hospital Insured Revenue Bonds (Southside 2/08 at 101 1/2 AAA 2,771,559 Hospital), Series 1998, 5.000%, 2/15/25 10,000,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital, FHA-Insured 2/08 at 101 AAA 8,652,100 Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 5,000,000 Dormitory Authority of the State of New York, Highland Hospital of Rochester, FHA-Insured Mortgage 2/08 at 102 AAA 4,716,400 Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 3,280,000 Dormitory Authority of the State of New York (North Shore Health System Obligated Group), North 11/08 at 101 AAA 2,916,281 Shore University Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 3,070,000 Dormitory Authority of the State of New York, Montefiore Medical Center, FHA-Insured Mortgage 8/09 at 101 AAA 2,885,554 Hospital Revenue Bonds, Series 1999, 5.500%, 8/01/38 8,000,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 7,732,400 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 12,000,000 New York State Medical Care Facilities Finance Agency, North Shore University Hospital, Mortgage 11/00 at 102 AAA 12,660,840 Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 4.2% 10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 10,588,300 Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily (continued) New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: $ 1,970,000 6.100%, 11/01/15 5/06 at 102 AAA $2,048,544 2,985,000 6.125%, 11/01/20 5/06 at 102 AAA 3,098,729 985,000 New York State Housing Finance Agency, Insured Multifamily Mortgage Housing Revenue Bonds, 1994 8/04 at 102 AAA 1,031,906 Series B, 6.250%, 8/15/14 - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 1.0% 3,000,000 Castle Rest Residential Health Care Facility (Syracuse, New York), FHA-Insured Mortgage Revenue 8/09 at 100 AAA 2,916,450 Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185,000 Village of East Rochester Housing Authority, FHA-Insured Mortgage Revenue Bonds (St. 8/07 at 102 AAA 1,150,955 John's Meadows Project), Series 1997A, 5.750%, 8/01/37 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 1.6% 2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/19 3/00 at 101 1/2 AAA 2,313,945 2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,667,118 1,500,000 Town of North Hempstead, Nassau County, New York, General Obligation Refunding Serial Bonds, 1998 3/08 at 101 Aaa 1,313,085 Series B, 4.750%, 3/01/18 255,000 City of Port Jervis, Orange County, Public Improvement Bonds, 5.625%, 3/15/24 3/09 at 101 Aaa 254,926 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 9.0% 6,500,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 4/08 at 101 AAA 5,439,460 10,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 8,002,100 4.500%, 11/15/27 1,250,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA 1,268,200 Bonds, Series 1994, 6.000%, 7/01/23 2,500,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/07 at 101 AAA 2,248,000 Bonds, Series 1997D, 5.125%, 8/15/27 4,860,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 2/08 at 102 AAA 4,328,462 Bonds, Series 1998A, 5.000%, 2/15/23 2,250,000 Dormitory Authority of the State of New York, Insured Revenue Bonds (853 Schools Program, 1998 Issue 7/08 at 101 AAA 2,030,198 2), Saint Anne Institute Insured Revenue Bonds, Series 1998E, 5.000%, 7/01/18 2,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement 2/09 at 101 AAA 1,712,020 Revenue Bonds, Series 1999C, 4.750%, 8/15/22 2,250,000 New York State Environmental Facilities Corporation, Riverbank State Park Special Obligation 4/07 at 100 AAA 2,054,408 Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 35,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/05 at 102 AAA 35,235 Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 215,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 AAA 220,465 Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 40,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/04 at 102 AAA 41,040 Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 2,080,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/04 at 102 AAA 1,928,368 Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 1,530,000 Empire Development Corporation, New York State Urban Development Corporation, Correctional 1/06 at 102 AAA 1,447,105 Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B, 1/01 at 102 AAA 5,228,750 6.875%, 1/01/15 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 9.9% 10,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 5.375%, 7/01/27 7/07 at 101 AAA 9,592,410 2,625,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997E, 5.000%, 7/01/21 7/07 at 101 AAA 2,359,613 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Transportation (continued) $ 1,000,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA $ 965,150 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Third Series, 4/01 at 101 AAA 9,341,370 6.750%, 4/15/26 (Alternative Minimum Tax) Puerto Rico Ports Authority, Revenue Bonds, Series D: 5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,550,825 11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,659,735 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 39.9% 5,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA 5,884,175 6.250%, 7/01/17 (Pre-refunded to 7/01/02) County of Nassau, General Obligation Refunding Bonds: 1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,144,015 1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,133,373 1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,122,731 1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,112,089 1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,096,126 The City of New York, General Obligation Bonds, Fiscal 1991 Series B: 1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 2,068,346 1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,642,132 The City of New York, General Obligation Bonds, Fiscal 1990 Series I: 950,000 7.250%, 8/15/14 2/00 at 101 1/2 AAA 976,410 1,270,000 7.250%, 8/15/17 2/00 at 101 1/2 AAA 1,304,315 3,030,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/18 3/00 at 101 1/2 AAA 3,119,627 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1991 Series A: 5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 6,200,498 1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 1,249,452 11,000,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 11,323,510 Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1,150,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk 7/00 at 100 AAA 1,365,740 County Issue), Series 1986, 7.375%, 7/01/16 Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Series 1990C: 5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 5,595,415 9,825,000 6.125%, 5/15/20 (Pre-refunded to 5/15/00) 5/00 at 100 AAA 9,973,751 10,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 10,476,700 Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 1,000,000 Dormitory Authority of the State of New York, Cooper Union Insured Revenue Bonds, Series 1990, 7/01 at 102 AAA 1,070,900 7.200%, 7/01/20 (Pre-refunded to 7/01/01) 2,540,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/00 at 102 AAA 2,655,494 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 5,000,000 New York State Housing Finance Agency, State University Construction Refunding Bonds, 1986 Series No Opt. Call AAA 5,691,250 A, 7.900%, 11/01/06 9,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 9,819,770 FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2,500,000 New York State Medical Care Facilities Finance Agency, Beth Israel Medical Center (Main Campus), 11/00 at 102 AAA 2,646,400 Project Revenue Bonds, 1990 Series A, 7.500%, 11/01/10 (Pre-refunded to 11/01/00) 8,625,000 New York State Medical Care Facilities Finance Agency, The Mary Imogene Bassett Hospital Project 5/01 at 102 AAA 9,182,348 Revenue Bonds, 1991 Series A, 7.125%, 11/01/20 (Pre-refunded to 5/01/01) 3,140,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/05 at 102 AAA 3,392,330 Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 1,895,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA $2,014,385 Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 1,960,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/04 at 102 AAA 2,142,162 Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) 6,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 6,717,360 Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 4,150,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25 (Pre-refunded 1/05 at 102 AAA 4,484,407 to 1/01/05) 15,000,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue Bonds, 1/00 at 102 AAA 15,441,150 Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 9,635,000 Suffolk County Water Authority, Water System Revenue Bonds, Series 1991, 7.000%, 6/01/16 6/00 at 102 AAA 10,034,082 (Pre-refunded to 6/01/00) 6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series R, 7.375%, 1/01/16 1/00 at 101 1/2 AAA 6,738,841 (Pre-refunded to 1/01/00) 3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S, 7.000%, 1/01/21 1/01 at 101 1/2 AAA 3,149,760 (Pre-refunded to 1/01/01) 2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 2,636,700 (Pre-refunded to 1/01/01) 4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax Special Obligation Bonds, Series 1/00 at 101 AAA 4,593,751 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 6.5% 10,075,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 9,185,881 5,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds, 1/00 at 101 A+ 5,088,400 Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 2,654,050 Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,250,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 2,139,728 (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 2,632,700 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992A 1/01 at 101 AAA 2,064,680 (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 2,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 2,067,620 (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 4.1% 2,115,000 Town of Clifton Park Water Authority, Water System Revenue Bonds, Series 1993, 10/03 at 102 AAA 1,865,956 5.000%, 10/01/26 6,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/08 at 101 AAA 5,067,840 Fiscal 1998 Series D, 4.750%, 6/15/25 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer (continued) $ 5,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/09 at 101 AAA $4,759,800 Fiscal 2000 Series A, 5.500%, 6/15/32 (WI) 5,000,000 Suffolk County Water Authority, Water System Revenue Bonds, Series 1994, 5.000%, 6/01/17 6/03 at 102 AAA 4,568,800 - ----------------------------------------------------------------------------------------------------------------------------------- $ 388,250,000 Total Investments - (cost $376,786,305) - 96.3% 384,566,566 ============= Other Assets Less Liabilities - 3.7% 14,780,659 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $399,347,225 =================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen New York Select Quality Municipal Fund, Inc. (NVN) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 11.9% $ 1,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue and Refunding Bonds 7/08 at 102 AAA $ 892,130 (Hofstra University Project), Series 1998, 5.000%, 7/01/23 7,250,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (Horace Mann School 1/09 at 101 AAA 6,373,838 Project), 5.000%, 7/01/28 6,000,000 Dormitory Authority of the State of New York, St. John's University Insured Revenue 7/01 at 102 AAA 6,392,700 Bonds, Series 1991, 6.875%, 7/01/11 10,000,000 Dormitory Authority of the State of New York, New York University Insured Revenue Bonds, Series 7/01 at 102 AAA 10,380,900 1991, 6.000%, 7/01/15 3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic Institute Insured Revenue 7/01 at 102 AAA 4,151,986 Bonds, Series 1991, 6.500%, 7/01/06 12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine Insured Revenue 7/01 at 102 AAA 13,603,983 Bonds, Series 1991, 6.750%, 7/01/15 1,870,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/00 at 102 AAA 1,946,838 1990, 7.200%, 7/01/15 4,100,000 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, 7/03 at 100 AAA 3,699,881 Series 1993F, 5.000%, 7/01/20 4,000,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/08 at 101 AAA 3,516,600 1998, 5.000%, 7/01/28 8,440,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 8,774,393 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 4,500,000 Dormitory Authority of the State of New York, Ithaca College Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 4,045,050 5.000%, 7/01/21 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 7.8% Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991: 4,640,000 7.375%, 8/01/11 8/01 at 102 AAA 4,945,358 4,150,000 7.400%, 8/01/30 8/01 at 102 AAA 4,397,672 1,015,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured Mortgage No Opt. Call AAA 1,043,704 Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14 9,250,000 Dormitory Authority of the State of New York, The New York and Presbyterian Hospital, FHA-Insured 2/08 at 101 AAA 8,003,193 Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 6,430,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 6,189,775 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 5,671,105 FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.375%, 2/15/19 10,755,000 New York State Medical Care Facilities Finance Agency, North Shore University Hospital Mortgage 11/00 at 102 AAA 11,347,278 Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 5.7% 4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage Refunding Bonds (FHA-Insured 6/01 at 102 AAA 4,235,320 Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 15,000,000 New York City Housing Development Corporation, Multifamily Housing Limited Obligation Bonds, Series 10/99 at 105 AAA 15,783,450 1991A, Pass Through Certificates, 6.500%, 2/20/19 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980,000 6.100%, 11/01/15 5/06 at 102 AAA 1,019,073 3,980,000 6.125%, 11/01/20 5/06 at 102 AAA 4,131,638 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily (continued) $ 5,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A, 1/02 at 102 AAA $5,313,450 6.750%, 1/01/26 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 1.6% 1,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 43, 6.450%, 10/01/17 9/04 at 102 AAA 1,574,850 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV: 3,610,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 3,760,934 750,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 782,805 2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, Eighth Series A, 6.875%, 4/01/17 10/99 at 100 AAA 2,349,221 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 6.3% 1,200,000 Town of Brookhaven, Suffolk County, Various Purposes Serial Bonds, 1991 Series B, 10/02 at 102 AAA 1,282,272 6.400%, 10/01/11 City of Buffalo, Refunding Serial Bonds of 1991: 530,000 6.250%, 2/01/11 2/01 at 101 AAA 547,691 760,000 6.250%, 2/01/13 2/01 at 101 AAA 784,472 760,000 6.250%, 2/01/15 2/01 at 101 AAA 784,472 County of Erie, General Obligation Serial Bonds, Public Improvement Series 1999A: 700,000 5.500%, 10/01/17 (WI) 10/09 at 101 AAA 685,909 700,000 5.250%, 10/01/19 (WI) 10/09 at 101 AAA 659,519 45,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1, 8/02 at 101 1/2 AAA 47,592 6.250%, 8/01/10 45,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 48,130 3,100,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/19 3/00 at 101 1/2 AAA 3,188,102 4,150,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series H, 5.125%, 8/01/25 8/08 at 101 AAA 3,749,774 5,000,000 The City of New York, General Obligation Bonds, Fiscal 1999 Series I, 5.000%, 4/15/29 4/09 at 101 AAA 4,389,800 3,000,000 Town of North Hempstead, Nassau County, General Obligation Refunding Serial Bonds, 1998 3/08 at 101 Aaa 2,626,170 Series B, 4.750%, 3/01/18 2,250,000 Commonwealth of Puerto Rico, Public Improvement Bonds, Series 1998 (General Obligation Bonds), 7/08 at 101 AAA 1,989,855 4.875% 7/01/23 8,000,000 Commonwealth of Puerto Rico, Public Improvement Refunding Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 6,600,240 Bonds), 4.500%, 7/01/23 Rensselaer County, General Obligation Serial Bonds, Series 1991: 960,000 6.700%, 2/15/16 No Opt. Call AAA 1,086,240 960,000 6.700%, 2/15/17 No Opt. Call AAA 1,085,117 960,000 6.700%, 2/15/18 No Opt. Call AAA 1,085,731 960,000 6.700%, 2/15/19 No Opt. Call AAA 1,087,133 960,000 6.700%, 2/15/20 No Opt. Call AAA 1,088,170 747,000 6.700%, 2/15/21 No Opt. Call AAA 847,292 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 16.9% 1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, Series 1993A, 5.250%, 11/01/17 11/03 at 102 AAA 940,430 6,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1998A, 4.750%, 4/01/28 4/08 at 101 AAA 5,021,040 5,875,000 New York City Transit Authority/Metropolitan Transportation Authority/Triborough Bridge and Tunnel 1/10 at 101 AAA 5,402,650 Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 Series A: 5,000,000 5.000%, 8/15/27 8/07 at 101 AA 4,397,050 2,000,000 5.000%, 8/15/27 8/07 at 101 AAA 1,761,300 2,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 1,600,420 4.500%, 11/15/27 4,390,000 Dormitory Authority of the State of New York, Municipal Health Facilities Improvement Program 1/09 at 101 AAA 3,910,612 Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 505,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk 10/99 at 116 9/32 Baa1 $ 577,937 County Issue), Series 1991A, 9.500%, 4/15/14 13,275,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk 4/01 at 102 AAA 14,021,984 County Issue), Series 1991B, 7.000%, 4/15/16 5,000,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA 5,072,800 Bonds, Series 1994, 6.000%, 7/01/23 2,000,000 New York State Environmental Facilities Corporation, Riverbank State Park Special Obligation 4/07 at 100 AAA 1,826,140 Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 2,010,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/00 at 102 AAA 2,055,346 Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 20,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/05 at 102 AAA 20,134 Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 365,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 AAA 374,278 Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 1,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 8/03 at 102 AAA 927,490 Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23 4,000,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 100 AAA 3,873,720 Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 1,720,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds, Series 1994, 4/04 at 102 AAA 1,733,089 5.700%, 4/01/14 6,400,000 Empire Development Corporation, New York State Urban Development Corporation, Correctional 1/06 at 102 AAA 6,053,248 Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1/01 at 102 AAA 12,542,880 1991A, 6.625%, 1/01/17 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B: 14,000,000 7.100%, 1/01/10 1/01 at 102 AAA 14,724,920 3,500,000 6.875%, 1/01/15 1/01 at 102 AAA 3,660,125 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 8.2% 5,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 4,711,400 5.375%, 7/01/27 8,450,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997D, 7/07 at 101 AAA 7,710,710 5.125%, 7/01/22 3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1998A, 7/08 at 101 AAA 2,676,390 5.000%, 7/01/23 5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series K, 6.250%, 7/01/11 7/02 at 101 1/2 AAA 5,326,950 7,900,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, Series 1/00 at 102 AAA 8,126,177 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 3,575,000 New York City Industrial Development Agency, Amended and Restated Industrial Development Revenue 11/04 at 102 N/R 3,666,592 Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 1,500,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 1,447,725 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series, 11/01 at 101 AA- 10,392,400 6.500%, 11/01/26 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 27.0% 5,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA 5,349,250 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A, 7/06 at 102 AAA 1,092,360 6.000%, 7/01/21 (Pre-refunded to 7/01/06) 5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue Bonds (Hofstra University 8/01 at 102 AAA 5,326,350 Project), Series 1991, 6.750%, 8/01/11 (Pre-refunded to 8/01/01) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 4,955,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Fixed Rate Bonds, Subseries 8/02 at 101 1/2 AAA $5,285,944 C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 4,955,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 5,335,098 (Pre-refunded to 8/01/02) 1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 7.250%, 3/15/18 3/00 at 101 1/2 AAA 1,544,370 3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 7.000%, 10/01/19 10/99 at 100 AAA 3,040,950 3,200,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/00 at 101 1/2 AAA 3,331,872 Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 5,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/01 at 101 1/2 AAA 5,308,600 Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds, Series 1990 (Livingston Plaza 1/00 at 102 AAA 2,861,760 Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue Refunding Bonds, Series 1991A 4/01 at 102 AAA 5,295,750 (The American Museum of Natural History), 6.900%, 4/01/21 (Pre-refunded to 4/01/01) 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue Refunding Bonds, Series 1991A 1/02 at 102 AAA 5,349,250 (The Museum of Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02) State of New York, Serial Bonds: 4,055,000 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,319,670 4,055,000 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,319,670 5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 AAA 5,207,850 Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/02 at 102 AAA 5,399,850 Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 AAA 1,040,040 Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 10,930,000 Dormitory Authority of the State of New York, Ithaca College Insured Revenue Bonds, Series 1991, 7/01 at 102 AAA 11,531,041 6.250%, 7/01/21 (Pre-refunded to 7/01/01) 10,380,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/00 at 102 AAA 10,851,979 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 3,560,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 3,716,640 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 9,246,089 FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2,230,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/05 at 102 AAA 2,409,203 Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 5,260,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 5,591,380 Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 5,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 5,597,800 Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) County of Suffolk, New York, Public Improvement Bonds, 1991 Series A: 790,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 840,821 745,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 792,926 720,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 766,318 730,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 776,961 735,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 782,283 250,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,083 245,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 260,761 245,000 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 260,761 240,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 255,439 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) County of Suffolk, New York, Public Improvement Bonds, 1991 Series B: $ 265,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA $ 282,047 265,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 282,047 270,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 287,369 275,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 292,691 280,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,012 275,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 292,691 280,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,012 285,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 303,334 17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 18,926,233 (Pre-refunded to 1/01/01) - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 7.5% 4,000,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 6/08 at 101 AAA 3,687,800 5.250%, 12/01/26 14,000,000 New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds, 1/00 at 101 A+ 14,247,520 Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 11,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities 5/02 at 102 AAA 11,677,820 Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 1,000,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution Control Revenue 7/05 at 102 AAA 1,012,470 Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 3,000,000 New York State Energy Research and Development Authority, Pollution Control Refunding Revenue 10/01 at 102 AAA 3,156,570 Bonds (Niagara Mohawk Power Corporation Project), Series 1991A, 6.625%, 10/01/13 2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992A 1/01 at 101 AAA 2,580,850 (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 3,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 3,618,331 (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 3.0% 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/08 at 101 AAA 844,640 Fiscal 1998 Series D, 4.750%, 6/15/25 9,250,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 8,805,630 Fiscal 2000 Series A, 5.500%, 6/15/32 (WI) 5,000,000 New York State Environmental Facilities Corporation, State Water Pollution Control Revolving Fund 9/00 at 102 AAA 5,241,000 Revenue Bonds, Series 1991 B (Pooled Loan Issue), 7.100%, 9/15/11 1,300,000 New York State Environmental Facilities Corporation, Water Facilities Revenue Bonds, Series 1992 6/02 at 102 AAA 1,362,803 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- $ 507,327,000 Total Investments - (cost $497,310,754) - 95.9% 513,399,732 ============= Other Assets Less Liabilities - 4.1% 21,882,702 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $535,282,434 =================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen New York Quality Income Municipal Fund, Inc. (NUN) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 15.5% $ 3,130,000 County of Monroe Industrial Development Agency, 1986 Industrial 12/99 at 103 AAA $3,238,830 Development Revenue Bonds (Wilmur Associates Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) 6,350,000 Nassau County Industrial Development Agency, Civic Facility Revenue and Refunding Bonds 7/08 at 102 AAA 5,665,026 (Hofstra University Project), Series 1998, 5.000%, 7/01/23 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1996 (The New York 7/06 at 101 AAA 5,001,050 Botanical Garden), 5.800%, 7/01/26 7,250,000 The Trust for Cultural Resources of the City of New York, Revenue Refunding Bonds, 1/07 at 102 AAA 7,041,563 Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 14,500,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 14,291,055 Museum of Natural History), 5.650%, 4/01/27 4,775,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (Trinity Episcopal School 6/07 at 102 AAA 4,399,255 Corporation Project), 5.250%, 6/15/27 1,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 AAA 1,036,570 Bonds, Series 1990B, 7.000%, 5/15/16 1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine Insured Revenue 7/01 at 102 AAA 1,056,620 Bonds, Series 1991, 6.750%, 7/01/15 7,515,000 Dormitory Authority of the State of New York, Marist College Insured Revenue Bonds, Series 1992, 7/02 at 102 AAA 7,596,012 6.000%, 7/01/22 1,000,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, Series 7/04 at 102 AAA 967,110 1994, 5.500%, 7/01/23 1,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second General No Opt. Call AAA 1,023,620 Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,970,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial Hospital 7/04 at 102 AAA 1,991,079 Revenue Bonds, Series 1994, 5.900%, 7/01/17 1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence College Revenue Bonds, Series 1995, 7/05 at 102 AAA 1,256,331 6.000%, 7/01/24 8,500,000 Dormitory Authority of the State of New York, Ithaca College Insured Revenue Bonds, Series 1997, 7/07 at 102 AAA 7,840,740 5.250%, 7/01/26 1,250,000 Dormitory Authority of the State of New York, St. John's University Insured Revenue Bonds, 7/06 at 102 AAA 1,249,200 Series 1996, 5.600%, 7/01/16 4,625,000 Dormitory Authority of the State of New York, Barnard College Insured Revenue Bonds, Series 1996, 7/07 at 101 AAA 4,266,285 5.250%, 7/01/26 7,000,000 Dormitory Authority of the State of New York, Fordham University Insured Revenue Bonds, 7/08 at 101 AAA 6,154,050 Series 1998, 5.000%, 7/01/28 2,000,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 7/08 at 102 AAA 1,765,220 Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 5,750,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/08 at 100 AAA 4,858,060 Bonds, Series 1998A, 4.750%, 5/15/25 3,835,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 3,986,943 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 4.5% 5,000,000 Dormitory Authority of the State of New York (North Shore Health System Obligated Group), North 11/08 at 101 AAA 4,445,550 Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Health Care (continued) $ 9,000,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA $8,663,760 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 5,350,000 New York State Medical Care Facilities Finance Agency, Sisters of Charity Hospital of Buffalo, 11/01 at 102 AAA 5,640,773 Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's Hospital (Rochester), Mortgage 11/03 at 102 AAA 1,061,480 Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/14 3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore Medical Center, FHA-Insured 2/05 at 102 AAA 2,962,320 Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25 1,915,000 New York State Medical Care Facilities Finance Agency, Health Center Projects Revenue Bonds 11/05 at 102 AAA 2,022,183 (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 7.6% 12,475,000 New York City Housing Development Corporation, Multifamily Housing Limited Obligation Bonds, Series 10/99 at 105 AAA 13,126,569 1991A, Pass Through Certificates, 6.500%, 2/20/19 1,690,000 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A 5/06 at 102 AAA 1,754,389 Refunding, 6.125%, 11/01/20 1,575,000 New York State Housing Finance Agency, Insured Multifamily Mortgage Housing Revenue Bonds, 1994 8/04 at 102 AAA 1,650,002 Series B, 6.250%, 8/15/14 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A: 5,515,000 6.700%, 1/01/12 1/02 at 102 AAA 5,854,945 17,995,000 6.750%, 1/01/26 1/02 at 102 AAA 19,123,107 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 0.5% 2,000,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 33, 5.400%, 10/01/17 3/04 at 102 AAA 1,930,820 985,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV, 7.250%, 10/01/07 10/01 at 102 AAA 1,025,218 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 1.1% 4,450,000 Castle Rest Residential Health Care Facility (Syracuse, New York), FHA-Insured Mortgage Revenue 8/09 at 100 AAA 4,326,068 Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000,000 Dormitory Authority of the State of New York, United Cerebral Palsy of New York City, Inc., Insured 7/06 at 102 AAA 1,930,380 Revenue Bonds, Series 1996, 5.500%, 7/01/24 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 1.7% 1,000,000 County of Erie, General Obligation Bonds, 1995 Series B, 5.625%, 6/15/20 6/05 at 101 1/2 AAA 987,860 200,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 AAA 212,686 6.625% 8/01/15 235,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/10 2/02 at 101 1/2 AAA 251,309 7,000,000 Commonwealth of Puerto Rico, Public Improvement Refunding Bonds, Series 1998 (General Obligation 7/08 at 101 AAA 5,775,210 Bonds), 4.500%, 7/01/23 525,000 City of Yonkers, General Obligation Serial Bonds, 1992 Series A, 6.500%, 2/15/07 2/02 at 102 AAA 561,383 1,390,000 City of Yonkers, General Obligation Serial Bonds, 1992 Series B, 6.500%, 2/15/07 2/02 at 102 AAA 1,486,327 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 15.0% 15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 Service Contract Bonds, Series 5, 7/01 at 102 AAA 15,786,750 6.500%, 7/01/16 3,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AAA 2,641,950 Series A, 5.000%, 8/15/27 3,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 Series B, 5/08 at 101 AAA 2,400,630 4.500%, 11/15/27 6,000,000 Dormitory Authority of the State of New York, Municipal Health Facilities Improvement Program 1/09 at 101 AAA 5,344,800 Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited (continued) $ 5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, Inc., Insured Revenue 7/04 at 102 AAA $5,453,260 Bonds, Series 1994, 6.000%, 7/01/23 2,200,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 2/06 at 102 AAA 2,013,814 Bonds, Series 1996B, 5.125%, 8/15/21 8,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/08 at 101 AAA 7,143,760 Bonds, Series 1998D, 5.000%, 2/15/23 3,340,000 Dormitory Authority of the State of New York, Insured Revenue Bonds (853 Schools Program, 7/09 at 101 AAA 3,248,350 1999 Issue 1), Harmony Heights School, Series 1999C, 5.500%, 7/01/18 5,500,000 New York Local Government Assistance Corporation, Series 1993 B, Refunding Bonds, 5.000%, 4/01/23 4/04 at 100 AAA 4,910,180 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A: 120,000 6.375%, 8/15/10 2/02 at 102 AAA 127,026 155,000 6.375%, 8/15/17 2/02 at 102 AAA 162,634 5,250,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/04 at 102 AAA 4,867,275 Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 3,000,000 New York State Urban Development Corporation, Youth Facilities Revenue Bonds, Series 1994, 4/04 at 102 AAA 3,022,830 5.700%, 4/01/14 24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B, 1/01 at 102 AAA 25,098,000 6.875%, 1/01/15 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 11.9% 3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue Bonds, Series 1995, 1/05 at 101 AAA 2,970,120 5.750%, 1/01/25 3,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1996A, 7/06 at 102 AAA 3,029,130 6.000%, 7/01/16 10,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 9,422,800 5.375%, 7/01/27 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series 1998B: 10,000,000 4.875%, 7/01/18 7/08 at 101 AAA 8,840,500 5,500,000 4.750%, 7/01/26 7/08 at 101 AAA 4,624,620 3,500,000 Monroe County Airport Authority, Greater Rochester International Airport Revenue Bonds, Series 1/00 at 102 AAA 3,600,205 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 1,985,000 New York City Industrial Development Agency, Amended and Restated Industrial Development Revenue 11/04 at 102 N/R 2,035,856 Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo International Airport), Airport Revenue 4/04 at 102 AAA 1,027,080 Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 1,500,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 1,447,725 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-First Series, 1/01 at 101 AAA 5,187,750 6.500% 1/15/26 10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-Sixth Series, 11/01 at 101 AAA 10,428,400 6.500%, 11/01/26 (Alternative Minimum Tax) 5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Seventy-First Series, 1/01 at 101 AAA 5,187,750 6.500%, 1/15/26 7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series X, 6.500%, 1/01/19 1/02 at 101 1/2 AAA 7,347,270 - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 31.2% 1,980,000 Town of Clifton Park Water Authority, Water System Revenue Bonds, 1991 Series A, 10/02 at 102 AAA 2,133,509 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series J, 6.500%, 7/01/18 7/02 at 102 AAA 25,997,543 (Pre-refunded to 7/01/02) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) County of Nassau, General Obligation Serial Bonds: $ 1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA $1,505,640 1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,352,446 1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,596,406 1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,379,280 1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,067,830 19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, Subseries C-1, 8/02 at 101 1/2 AAA 21,318,858 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 2,265,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series H, 7.100%, 2/01/10 2/02 at 101 1/2 AAA 2,440,107 (Pre-refunded to 2/01/02) 1,090,000 New York City Municipal Water Finance Authority, Water and Sewer Revenue Bonds, Fiscal 6/01 at 101 AAA 1,147,737 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) 3,520,000 Dormitory Authority of the State of New York, Judicial Facilities Lease Revenue Bonds (Suffolk No Opt. Call AAA 4,197,248 County Issue), Series 1986, 7.375%, 7/01/16 3,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/02 at 102 AAA 3,239,910 Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 10,000,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/00 at 102 AAA 10,400,400 Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 6,450,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 6,757,472 Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 7,250,000 Dormitory Authority of the State of New York, The New York Public Library Insured Revenue Bonds, 7/02 at 102 AAA 7,686,523 Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02) Dormitory Authority of the State of New York, Hamilton College Insured Revenue Bonds, Series 1991: 2,000,000 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 2,118,360 7,750,000 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 8,208,645 3,700,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 7/04 at 102 BBB+*** 4,040,881 Resolution Revenue Bonds, Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) 1,620,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 1,691,280 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 1,030,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 1,064,670 FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 1,500,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA-Insured 8/02 at 102 AA*** 1,613,220 Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02) 7,380,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 7,865,604 Revenue Bonds, 1992 Series A, 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 15,520,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 16,530,197 Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 4,825,000 Power Authority of the State of New York, General Purpose Bonds, Series Z, 6.500%, 1/01/19 1/02 at 102 AAA 5,149,192 (Pre-refunded to 1/01/02) 5,000,000 Power Authority of the State of New York, General Purpose Bonds, Series Y, 6.000%, 1/01/20 1/01 at 100 AAA 5,117,850 (Pre-refunded to 1/01/01) 4,000,000 New York State Thruway Authority, General Revenue Bonds, Series A, 5.750%, 1/01/19 (Pre-refunded 1/02 at 102 AAA 4,204,960 to 1/01/02) 3,100,000 New York State Urban Development Corporation, Correctional Capital Facilities Revenue Bonds, 1/00 at 102 AAA 3,191,171 Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, Series 1992, 6.125%, 10/01/19 10/02 at 102 AAA 5,031,585 (Pre-refunded to 10/01/02) 2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series S, 7.000%, 1/01/21 1/01 at 101 1/2 AAA 2,624,800 (Pre-refunded to 1/01/01) 3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 7.000%, 1/01/20 1/01 at 102 AAA 3,164,040 (Pre-refunded to 1/01/01) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed (continued) $ 5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series W, 1/02 at 101 1/2 AAA $6,194,110 6.750%, 1/01/22 (Pre-refunded to 1/01/02) - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 5.8% 1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility), Series B, No Opt. Call AAA 1,919,462 7.250%, 7/01/11 (Alternative Minimum Tax) 6,000,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 6,368,040 Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 1,500,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 1,426,481 (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 12,000,000 New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 12,636,960 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 9,000,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 9,304,290 (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 4.0% New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1992 Series A: 3,410,000 6.750%, 6/15/16 6/01 at 101 AAA 3,565,632 5,000,000 6.750%, 6/15/16 6/01 at 101 AAA 5,228,200 9,770,000 6.250%, 6/15/21 6/01 at 100 AAA 10,037,893 2,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/09 at 101 AAA 1,903,920 Fiscal 2000 Series A, 5.500%, 6/15/32 (WI) 1,000,000 Western Nassau County Water Authority, System Revenue Bonds, Series 1995, 5.650%, 5/01/26 5/06 at 102 AAA 980,400 - ----------------------------------------------------------------------------------------------------------------------------------- $ 534,130,000 Total Investments - (cost $525,692,620) - 98.8% 540,250,175 ============= Other Assets Less Liabilities - 1.2% 6,681,466 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 546,931,641 =================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. (WI) Security purchased on a when-issued basis (note 1). See accompanying notes to financial statements.
Portfolio of Investments Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 21.3% $ 2,000,000 County of Monroe Industrial Development Agency, Civic Facility Revenue Bonds (Nazareth 6/05 at 102 AAA $2,026,140 College of Rochester Project), Series 1995, 6.000%, 6/01/20 5,460,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1996 (The New York 7/06 at 101 AAA 5,461,147 Botanical Garden), 5.800%, 7/01/26 1,250,000 The Trust for Cultural Resources of the City of New York, Revenue Refunding Bonds, Series 1996A 1/07 at 102 AAA 1,214,063 (The Museum of Modern Art), 5.500%, 1/01/21 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, Series 1997A (American 4/07 at 101 AAA 4,934,200 Museum of Natural History), 5.650%, 4/01/22 1,000,000 New York City Industrial Development Agency, Civic Facility Revenue Bonds (USTA National Tennis 11/04 at 102 AAA 1,071,780 Center Incorporated Project), 6.375%, 11/15/14 2,000,000 Dormitory Authority of the State of New York, Lease Revenue Bonds (State University Dormitory 7/09 at 101 AAA 1,919,340 Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,000,000 Dormitory Authority of the State of New York, New York University Insured Revenue Bonds, Series 7/01 at 102 AAA 2,076,180 1991, 6.000%, 7/01/15 2,000,000 Dormitory Authority of the State of New York, City University System Consolidated Second General No Opt. Call AAA 2,047,240 Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,000,000 Dormitory Authority of the State of New York, University of Rochester, Strong Memorial Hospital 7/04 at 102 AAA 968,490 Revenue Bonds, Series 1994, 5.500%, 7/01/21 2,450,000 Dormitory Authority of the State of New York, Mount Sinai School of Medicine Insured Revenue 7/04 at 102 AAA 2,196,744 Bonds, Series 1994A, 5.000%, 7/01/21 3,000,000 Dormitory Authority of the State of New York, New School for Social Research Insured Revenue 7/07 at 102 AAA 2,965,380 Bonds, Series 1997, 5.750%, 7/01/26 2,000,000 Dormitory Authority of the State of New York, St. John's University Insured Revenue Bonds, Series 7/06 at 102 AAA 1,998,720 1996, 5.600%, 7/01/16 3,165,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 3,290,397 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 7,500,000 Dormitory Authority of the State of New York, Ithaca College Insured Revenue Bonds, Series 1998, 7/08 at 101 Aaa 6,741,750 5.000%, 7/01/21 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 15.3% 3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA-Insured Mortgage Hospital Revenue 8/05 at 102 AAA 2,921,850 Bonds, Series 1995, 5.600%, 8/01/25 3,875,000 Dormitory Authority of the State of New York, Maimonides Medical Center, FHA-Insured Mortgage 2/06 at 102 AAA 3,932,273 Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/14 1,500,000 Dormitory Authority of the State of New York, Vassar Brothers Hospital Insured Revenue Bonds, 1/08 at 102 AAA 1,403,640 Series 1997, 5.250%, 7/01/17 2,685,000 Dormitory Authority of the State of New York (North Shore Health System Obligated Group), North 11/08 at 101 AAA 2,387,260 Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 3,000,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 2,899,650 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 2,500,000 New York State Medical Care Facilities Finance Agency, South Nassau Communities Hospital Project 11/02 at 102 AAA 2,654,100 Revenue Bonds, 1992 Series A, 6.125%, 11/01/11 2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and Nursing Home, FHA-Insured 8/02 at 102 AAA 2,730,519 Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital), 6.375%, 8/15/29 4,700,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage Revenue Bonds, 2/04 at 102 AAA 4,432,993 1994 Series A Refunding, 5.375%, 2/15/25 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Health Care (continued) $ 4,225,000 New York State Medical Care Facilities Finance Agency, FHA-Insured Mortgage Project Revenue Bonds, 8/05 at 102 AA $4,628,234 1995 Series F, 6.200%, 8/15/15 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 2.4% 2,240,000 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding, 5/06 at 102 AAA 2,325,344 6.125%, 11/01/20 2,000,000 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A, 1/02 at 102 AAA 2,123,280 6.700%, 1/01/12 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 2.1% 2,500,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 30-B, 3/03 at 102 Aa2 2,588,075 6.650%, 10/01/25 (Alternative Minimum Tax) 1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 30-C-1, 5.850%, 10/03 at 102 Aa2 1,176,444 10/01/25 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 7.8% 210,000 County of Nassau, General Obligation Serial Bonds, Serial General Improvement Bonds, No Opt. Call AAA 208,961 Series 1993-H, 5.500%, 6/15/16 1,500,000 County of Nassau, General Obligation Serial Bonds, Serial General Improvement Bonds, 8/04 at 103 AAA 1,530,270 Series O, 5.700%, 8/01/13 4,000,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, 8.000%, 8/01/05 No Opt. Call AAA 4,656,560 2,000,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series F, 5.250%, 8/01/16 2/08 at 101 AAA 1,893,920 2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment Plant Serial Bonds of 1994, No Opt. Call AAA 2,628,205 8.500%, 11/01/08 (Alternative Minimum Tax) City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds of 1994: 1,000,000 7.500%, 3/01/13 No Opt. Call AAA 1,205,000 2,000,000 6.900%, 3/01/22 3/04 at 102 AAA 2,191,180 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 7.3% 6,000,000 Dormitory Authority of the State of New York, Municipal Health Facilities Improvement Program 1/09 at 101 AAA 5,344,800 Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 5,250,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/08 at 101 AAA 4,688,093 Bonds, Series 1998D, 5.000%, 2/15/23 20,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities 2/02 at 102 AAA 20,985 Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 1,900,000 New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, 1993A No Opt. Call AAA 1,868,973 Refunding Series, 5.250%, 1/01/14 1,500,000 Suffolk County Judicial Facilities Agency (Suffolk County, New York), Service Agreement Revenue 10/09 at 101 AAA 1,387,695 Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 5.1% 4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997A, 7/07 at 101 1/2 AAA 4,400,640 5.625%, 7/01/27 1,835,000 New York City Industrial Development Agency, Amended and Restated Industrial Development Revenue 11/04 at 102 N/R 1,882,013 Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 500,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 482,575 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, Eighty-Fourth Series, 5.875%, 1/03 at 101 AAA 2,526,875 7/15/16 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- U.S. Guaranteed - 22.7% $ 2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1992B, 7/02 at 102 AAA $2,139,700 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1994A, 6.375%, 7/04 at 101 1/2 AAA 1,094,860 7/01/18 (Pre-refunded to 7/01/04) 1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series 1996A, 6.100%, 7/06 at 102 AAA 1,866,753 7/01/21 (Pre-refunded to 7/01/06) 2,385,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 6.625%, 8/01/14 8/02 at 101 1/2 AAA 2,567,953 (Pre-refunded to 8/01/02) 1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series F, 6.000%, 8/01/19 2/00 at 100 3/4 AAA 1,520,055 2,500,000 Dormitory Authority of the State of New York, State University Educational Facilities Revenue 5/03 at 102 AAA 2,681,775 Bonds, Series 1995A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03) 2,500,000 Dormitory Authority of the State of New York, The New York Public Library Insured Revenue Bonds, 7/02 at 102 AAA 2,650,525 Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02) 1,000,000 Dormitory Authority of the State of New York, Colgate University Insured Revenue Bonds, Series 7/01 at 102 AAA 1,059,180 1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 6,855,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 7/04 at 102 AAA 7,642,160 Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) 1,335,000 Dormitory Authority of the State of New York, City University System Consolidated Second General 7/00 at 102 AAA 1,393,740 Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 100,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt Hospital Center, 2/00 at 102 AAA 103,366 FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 7,800,000 New York State Medical Care Facilities Finance Agency, New York Hospital, FHA-Insured Mortgage 2/05 at 102 AAA 8,732,568 Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 1,980,000 New York State Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement 2/02 at 102 AAA 2,108,878 Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 1,900,000 New York State Thruway Authority, General Revenue Bonds, Series C, 6.000%, 1/01/25 1/05 at 102 AAA 2,053,102 (Pre-refunded to 1/01/05) 100,000 County of Niagara, Public Improvement Serial Bonds of 1993, 5.750%, 8/15/20 8/00 at 102 AAA 103,686 (Pre-refunded to 8/15/00) 3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series T, 6.000%, 1/01/22 1/01 at 100 AAA 3,889,566 (Pre-refunded to 1/01/01) - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 13.3% 1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue Bonds (1985 Facility), Series B, 7/04 at 102 AAA 1,206,486 6.125%, 7/01/13 (Alternative Minimum Tax) 6,875,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 6,268,281 2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Gas Facilities Revenue 5/02 at 102 AAA 2,653,350 Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,750,000 New York State Energy Research and Development Authority, Gas Facilities Revenue Bonds, Series C 7/03 at 102 AAA 2,615,223 (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, Adjustable Rate Pollution Control Revenue 7/05 at 102 AAA 2,531,175 Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 6,100,000 New York State Energy Research and Development Authority, Pollution Control Revenue Bonds, Series 5/02 at 102 AAA 6,423,788 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, Facilities Revenue Bonds, Series 1992B 12/01 at 101 AAA 2,584,522 (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 1.9% $ 1,000,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/07 at 101 AAA $ 919,120 Fiscal 1998 Series B, 5.250%, 6/15/29 2,500,000 Suffolk County Water Authority, Water System Revenue Bonds, Series 1993 Refunding, No Opt. Call AAA 2,468,850 5.100%, 6/01/12 - ----------------------------------------------------------------------------------------------------------------------------------- $ 179,060,000 Total Investments - (cost $177,332,310) - 99.2% 181,310,640 ============= Other Assets Less Liabilities - 0.8% 1,489,033 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $182,799,673 =================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. N/R Investment is not rated. See accompanying notes to financial statements.
Portfolio of Investments Nuveen New York Dividend Advantage Municipal Fund (NAN) September 30, 1999
Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 13.4% Village of Kenmore Housing Authority, Tax-Exempt Student Housing Revenue Bonds (State University of New York at Buffalo Student Apartment Project), Series 1999A: $ 3,000,000 5.500%, 8/01/19 8/09 at 102 AA $2,822,160 3,000,000 5.500%, 8/01/24 8/09 at 102 AA 2,820,180 3,070,000 County of Monroe Industrial Development Agency, Civic Facility Revenue Bonds (St. John 6/09 at 102 AA 2,837,294 Fisher College Project), Series 1999, 5.375%, 6/01/24 3,500,000 Dormitory Authority of the State of New York, Lease Revenue Bonds (State University Dormitory 7/09 at 101 A 3,269,560 Facilities Issue), Series 1999B, 5.375%, 7/01/19 1,000,000 Dormitory Authority of the State of New York, Lease Revenue Bonds (State University Dormitory 7/09 at 101 AAA 959,670 Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,500,000 Dormitory Authority of the State of New York, Rochester Institute of Technology Insured Revenue 7/07 at 101 AAA 2,331,725 Bonds, Series 1997, 5.250%, 7/01/22 5,000,000 Dormitory Authority of the State of New York, City University System Consolidated Third General 7/08 at 101 AAA 4,395,750 Resolution Revenue Bonds, 1998 Series 2, 5.000%, 7/01/28 3,000,000 Dormitory Authority of the State of New York, University of Rochester Revenue Bonds, Series 1999A 7/09 at 101 A+ 2,924,460 and 1999B, 5.500%, 7/01/16 3,565,000 Rensselaer County Industrial Development Agency, Civic Facility Revenue Bonds 8/09 at 101 A+ 3,209,391 (Rensselaer Polytechnic Institute Dormitory Project), Series 1999A, 5.125%, 8/01/27 - ----------------------------------------------------------------------------------------------------------------------------------- Health Care - 24.5% City of Albany Industrial Development Agency, Civic Facility Revenue Bonds (Albany Medical Center Project), Series 1999: 1,120,000 6.000%, 5/01/19 5/09 at 101 N/R 1,066,710 1,460,000 6.000%, 5/01/29 5/09 at 101 N/R 1,364,516 5,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 1999 Series A, 5.000%, 2/15/20 2/09 at 101 AAA 4,505,800 3,850,000 Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds (North 2/08 at 101 1/2 AAA 3,638,905 General Hospital), Series 1998G, 5.200%, 2/15/15 2,000,000 Dormitory Authority of the State of New York, Frances Schervier Home and Hospital Insured Revenue 7/07 at 102 AA 1,917,820 Bonds (Franciscan Health Partnership Obligated Group), Series 1997, 5.500%, 7/01/17 Dormitory Authority of the State of New York, Victory Memorial Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999: 2,400,000 5.250%, 8/01/15 8/09 at 101 AAA 2,294,160 2,000,000 5.375%, 8/01/25 8/09 at 101 AAA 1,885,460 4,850,000 Dormitory Authority of the State of New York, Secured Hospital Revenue Refunding Bonds (Wyckoff 2/08 at 101 1/2 AAA 4,572,435 Heights Medical Center), Series 1998H, 5.300%, 8/15/21 2,750,000 Dormitory Authority of the State of New York, The Memorial Hospital of William F. and Gertrude F. 2/09 at 101 AAA 2,546,940 Jones, Inc., FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.250%, 8/01/19 4,825,000 Dormitory Authority of the State of New York, The New York Hospital Medical Center of Queens, 8/09 at 101 AAA 4,580,421 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.450%, 8/01/29 3,325,000 Dormitory Authority of the State of New York (Catholic Health Services of Long Island Obligated 7/09 at 101 AAA 3,213,779 Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 5,000,000 New York State Medical Care Facilities Finance Agency, Hospital Insured Mortgage Revenue Bonds, 2/04 at 102 Aa2 4,856,500 1994 Series A, 5.250%, 8/15/14 4,000,000 Ulster County Industrial Development Agency, Civic Facility Revenue Bonds (The Kingston 11/09 at 101 A2 3,791,920 Hospital Project - Letter of Credit Secured), Series 1999, 5.650%, 11/15/24 3,825,000 Yates County Industrial Development Agency (Yates County, New York), Civic Facility Revenue Bonds 8/09 at 101 AAA 3,664,962 (Soldiers and Sailors Memorial Hospital of Yates County Project-FHA-Insured), Series 1999A, 5.650%, 2/01/39 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Health Care (continued) $ 3,000,000 City of Yonkers Industrial Development Agency, Mortgage Revenue Bonds, Series 1999 2/09 at 101 AAA $2,848,890 (FHA-Insured Michael Malotz Skilled Nursing Pavilion Project), 5.450%, 2/01/29 - ----------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 5.6% 5,500,000 Guam Housing Corporation, Single Family Mortgage Revenue Bonds (Guaranteed Mortgage-Backed No Opt. Call AAA 5,297,710 Securities Program), 1998 Series A, 5.750%, 9/01/31 (Alternative Minimum Tax) 5,700,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series 82, 10/09 at 100 Aa2 5,429,934 5.650%, 4/01/30 (Alternative Minimum Tax) - ----------------------------------------------------------------------------------------------------------------------------------- Long-Term Care - 1.2% Appleridge Retirement Community, Inc., Mortgage Revenue Bonds (GNMA Collateralized Mortgage Loan - Appleridge Retirement Community, Inc. Project), Series 1999: 1,150,000 5.700%, 9/01/31 9/09 at 102 Aaa 1,122,699 1,250,000 5.750%, 9/01/41 9/09 at 102 Aaa 1,214,325 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 10.0% 5,500,000 County of Nassau, General Obligation Bonds, Serial General Improvement Bonds, 6/09 at 102 AAA 5,154,380 Series B, 5.250%, 6/01/18 3,000,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series F, 5.250%, 8/01/16 2/08 at 101 A- 2,813,190 The City of New York, General Obligation Bonds, Fiscal 1999 Series J: 2,000,000 5.000%, 5/15/20 5/09 at 101 AAA 1,783,460 5,000,000 5.125%, 5/15/29 5/09 at 101 AAA 4,483,900 County of Orange, General Obligation Bonds, Various Purpose Serial Bonds of 1997: 3,040,000 5.125%, 9/01/22 9/07 at 102 Aa2 2,776,462 1,195,000 5.125%, 9/01/23 9/07 at 101 Aa2 1,087,844 1,000,000 City of Yonkers, New York, School Bonds, Series 1999-C, 5.000%, 6/01/19 6/09 at 101 AAA 900,820 - ----------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 22.1% 5,220,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1999A, 5.250%, 4/01/23 4/09 at 101 AAA 4,857,262 16,495,000 New York City Transit Authority/Metropolitan Transportation Authority/Triborough Bridge and Tunnel 1/10 at 101 AAA 15,168,802 Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 10,000,000 New York City Transitional Finance Authority, Future Tax Secured Bonds, Fiscal 1998 8/07 at 101 AA 8,794,100 Series A, 5.000%, 8/15/27 2,910,000 Dormitory Authority of the State of New York, Special Act School Districts Program Insured Revenue 7/09 at 102 AAA 2,782,047 Bonds, Series 1998, 5.250%, 7/01/15 5,000,000 Dormitory Authority of the State of New York, Mental Health Services Facilities Improvement Revenue 8/09 at 101 AAA 4,584,350 Bonds, Series 1999D, 5.250%, 2/15/29 2,900,000 New York State Thruway Authority, Local Highway and Bridge Service Contract Bonds, Series 1998A-2, 4/08 at 101 AAA 2,819,670 5.375%, 4/01/16 3,345,000 Suffolk County Judicial Facilities Agency (Suffolk County, New York), Service Agreement Revenue 10/99 at 101 AAA 3,227,189 Bonds, Series 1999 (John P. Colahan Court Complex), 5.250%, 10/15/15 - ----------------------------------------------------------------------------------------------------------------------------------- Transportation - 7.9% 2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1997C, 7/07 at 101 AAA 1,884,560 5.375%, 7/01/27 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 American Airlines, Inc. Project), Remarketed: 2,250,000 5.400%, 7/01/19 8/07 at 102 Baa1 2,074,005 6,600,000 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 6,070,482 500,000 Niagara Frontier Transportation Authority (Buffalo Niagara International Airport), Airport Revenue 4/09 at 101 AAA 482,575 Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, Series 1997A, 1/07 at 101 Aa3 4,571,200 5.250%, 1/01/28 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ----------------------------------------------------------------------------------------------------------------------------------- Utilities - 7.2% $ 500,000 Erie County Industrial Development Agency, Solid Waste Disposal Facility Revenue Bonds 12/10 at 103 N/R $ 523,565 (1998 CanFibre of Lackawanna Project), 9.050%, 12/01/25 (Alternative Minimum Tax) 8,800,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 5.125%, 12/01/22 6/08 at 101 AAA 8,023,400 5,575,000 Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A, 6/08 at 101 AAA 5,139,871 5.250%, 12/01/26 - ----------------------------------------------------------------------------------------------------------------------------------- Water and Sewer - 4.7% 9,750,000 New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, 6/07 at 101 AAA 8,961,421 Fiscal 1998 Series B, 5.250%, 6/15/29 - ----------------------------------------------------------------------------------------------------------------------------------- $ 198,220,000 Total Investments - (cost $191,581,975) - 96.6% 184,348,631 ============= Other Assets Less Liabilities - 3.4% 6,452,628 ------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $190,801,259 =================================================================================================================== * Optional Call Provisions (not covered by the report of independent auditors): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings (not covered by the report of independent auditors): Using the higher of Standard & Poor's or Moody's rating. N/R Investment is not rated. See accompanying notes to financial statements.
Statement of Net Assets September 30, 1999
New York New York New York New York Value Performance Plus Investment Quality Select Quality - ------------------------------------------------------------------------------------------------------------------------------------ Assets Investments in municipal securities, at market value (note 1) $140,307,938 $333,382,500 $384,566,566 $513,399,732 Cash 1,164,911 9,815,857 9,452,025 7,408,483 Receivables: Interest 2,295,289 5,374,968 6,868,428 8,705,723 Investments sold 2,096,720 -- 11,468,825 18,538,084 Other assets 12,229 49,202 27,157 44,839 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 145,877,087 348,622,527 412,383,001 548,096,861 - ------------------------------------------------------------------------------------------------------------------------------------ Liabilities Cash overdraft -- -- -- -- Payable for investments purchased 951,950 3,824,967 10,998,495 10,152,010 Accrued expenses: Management fees (note 6) 72,217 180,787 209,600 279,112 Other 146,243 281,296 363,504 374,135 Preferred share dividends payable N/A 23,251 49,422 80,728 Common share dividends payable 627,740 1,260,975 1,414,755 1,928,442 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,798,150 5,571,276 13,035,776 12,814,427 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets (note 7) $144,078,937 $343,051,251 $399,347,225 $535,282,434 ==================================================================================================================================== Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000 ==================================================================================================================================== Preferred shares outstanding N/A 4,972 5,760 7,720 ==================================================================================================================================== Common shares outstanding 15,120,364 14,934,436 17,685,256 23,375,752 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 9.53 $ 14.65 $ 14.44 $ 14.64 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. Insured New York New York New York Dividend Quality Income Premium Income Advantage - ------------------------------------------------------------------------------------------------------------------------------------ Assets Investments in municipal securities, at market value (note 1) $540,250,175 $181,310,640 $184,348,631 Cash 2,477,104 -- 2,122,682 Receivables: Interest 8,553,864 2,657,765 2,590,304 Investments sold 65,000 65,000 2,697,302 Other assets 39,426 26,326 181,857 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 551,385,569 184,059,731 191,940,776 - ------------------------------------------------------------------------------------------------------------------------------------ Liabilities Cash overdraft -- 399,172 -- Payable for investments purchased 1,903,900 -- -- Accrued expenses: Management fees (note 6) 284,880 97,239 54,597 Other 322,488 170,953 397,745 Preferred share dividends payable 66,040 16,199 31,007 Common share dividends payable 1,876,620 576,495 656,168 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 4,453,928 1,260,058 1,139,517 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets (note 7) $546,931,641 $182,799,673 $190,801,259 ==================================================================================================================================== Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 ==================================================================================================================================== Preferred shares outstanding 7,880 2,600 2,760 ==================================================================================================================================== Common shares outstanding 24,059,716 8,295,141 9,177,181 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.54 $ 14.20 $ 13.27 ==================================================================================================================================== See accompanying notes to financial statements.
Statement of Operations Year Ended September 30, 1999
New York New York New York New York Value Performance Plus Investment Quality Select Quality - ----------------------------------------------------------------------------------------------------------------------------------- Investment Income (note 1) $8,872,624 $21,198,038 $24,303,681 $ 32,067,049 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees (note 6) 897,817 2,194,106 2,532,139 3,320,817 Preferred shares - auction fees N/A 260,749 300,001 392,967 Preferred shares - dividend disbursing agent fees N/A 31,671 21,670 21,670 Shareholders' servicing agent fees and expenses 53,131 51,170 43,715 44,584 Custodian's fees and expenses 46,368 96,650 98,193 114,112 Directors'/Trustees' fees and expenses (note 6) 1,486 3,292 3,807 4,938 Professional fees 16,973 17,973 18,141 18,466 Shareholders' reports - printing and mailing expenses 63,572 88,810 98,001 131,085 Stock exchange listing fees 24,908 24,911 24,999 33,357 Investor relations expense 15,903 30,204 33,325 41,632 Portfolio insurance expense -- -- 124,662 124,662 Other expenses 6,638 18,044 19,333 25,829 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 1,126,796 2,817,580 3,317,986 4,274,119 Custodian fee credit (note 1) (2,236) (32,946) (30,985) (34,082) Expense reimbursement (note 6) -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 1,124,560 2,784,634 3,287,001 4,240,037 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 7,748,064 18,413,404 21,016,680 27,827,012 - ----------------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) from Investments Net realized gain (loss) from investment transactions (notes 1 and 4) (802,699) 1,634,315 (1,220,746) (1,586,994) Change in net unrealized appreciation or depreciation of investments (10,772,832) (25,013,575) (22,181,816) (28,225,081) - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (11,575,531) (23,379,260) (23,402,562) (29,812,075) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $ (3,827,467) $ (4,965,856) $ (2,385,882) $ (1,985,063) =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. Insured New York New York New York Dividend Quality Income Premium Income Advantage* - ----------------------------------------------------------------------------------------------------------------------------------- Investment Income (note 1) $31,810,011 $10,431,328 $ 2,781,242 - ----------------------------------------------------------------------------------------------------------------------------------- Expenses Management fees (note 6) 3,460,831 1,229,705 369,021 Preferred shares - auction fees 424,999 162,502 28,829 Preferred shares - dividend disbursing agent fees 31,671 19,998 1,671 Shareholders' servicing agent fees and expenses 43,900 16,460 3,573 Custodian's fees and expenses 103,797 51,291 158,718 Directors'/Trustees' fees and expenses (note 6) 5,190 1,807 484 Professional fees 18,536 17,893 6,685 Shareholders' reports - printing and mailing expenses 127,105 52,865 12,722 Stock exchange listing fees 32,573 16,170 8,375 Investor relations expense 43,497 15,454 3,970 Portfolio insurance expense 27,550 20,575 -- Other expenses 26,136 11,856 1,819 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 4,345,785 1,616,576 595,867 Custodian fee credit (note 1) (22,235) (4,148) (145,687) Expense reimbursement (note 6) -- -- (171,142) - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 4,323,550 1,612,428 279,038 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 27,486,461 8,818,900 2,502,204 - ----------------------------------------------------------------------------------------------------------------------------------- Realized and Unrealized Gain (Loss) from Investments Net realized gain (loss) from investment transactions (notes 1 and 4) (118,949) 214,511 (1,388,238) Change in net unrealized appreciation or depreciation of investments (31,066,531) (12,463,282) (7,233,344) - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (31,185,480) (12,248,771) (8,621,582) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations $ (3,699,019) $ (3,429,871) $(6,119,378) =================================================================================================================================== *For the period May 26, 1999 (commencement of operations) through September 30, 1999. See accompanying notes to financial statements.
Statement of Changes in Net Assets
New York Value New York Performance Plus New York Investment Quality - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended Year Ended Year Ended 9/30/99 9/30/98 9/30/99 9/30/98 9/30/99 9/30/98 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 7,748,064 $ 8,298,135 $ 18,413,404 $ 19,254,714 $ 21,016,680 $ 21,729,641 Net realized gain (loss) from investment transactions (notes 1 and 4) (802,699) 1,468,661 1,634,315 2,099,484 (1,220,746) 1,933,637 Change in net unrealized appreciation or depreciation of investments (10,772,832) 1,486,634 (25,013,575) (1,976,859) (22,181,816) (428,616) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (3,827,467) 11,253,430 (4,965,856) 19,377,339 (2,385,882) 23,234,662 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (7,711,388) (8,299,761) (15,332,875) (16,007,084) (17,640,215) (18,489,907) Preferred shareholders N/A N/A (3,250,764) (3,395,042) (3,653,529) (3,875,037) From accumulated net realized gains from investment transactions: Common shareholders (1,468,187) (1,378,269) -- -- (1,505,529) (236,971) Preferred shareholders N/A N/A -- -- (317,760) (49,109) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (9,179,575) (9,678,030) (18,583,639) (19,402,126) (23,117,033) (22,651,024) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- 1,212,773 2,236,986 2,379,076 2,830,318 2,220,112 Preferred shares: Net proceeds from sale of shares -- -- 19,689,440 -- 23,647,328 -- - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions -- 1,212,773 21,926,426 2,379,076 26,477,646 2,220,112 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (13,007,042) 2,788,173 (1,623,069) 2,354,289 974,731 2,803,750 Net assets at the beginning of year 157,085,979 154,297,806 344,674,320 342,320,031 398,372,494 395,568,744 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of year $144,078,937 $157,085,979 $ 343,051,251 $344,674,320 $399,347,225 $398,372,494 =================================================================================================================================== Balance of undistributed net investment income at the end of year $ 90,895 $ 54,219 $ 347,141 $ 517,376 $ 313,782 $ 590,846 =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
New York Select Quality New York Quality Income - ----------------------------------------------------------------------------------------------------------------------------------- Year Ended Year Ended Year Ended Year Ended 9/30/99 9/30/98 9/30/99 9/30/98 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 27,827,012 $ 27,388,420 $ 27,486,461 $ 27,295,675 Net realized gain (loss) from investment transactions (notes 1 and 4) (1,586,994) 1,321,723 (118,949) 989,837 Change in net unrealized appreciation or depreciation of investments (28,225,081) 1,048,429 (31,066,531) 5,915,060 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (1,985,063) 29,758,572 (3,699,019) 34,200,572 - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (23,022,620) (22,762,023) (22,417,666) (22,202,539) Preferred shareholders (4,923,219) (5,021,632) (5,278,453) (5,593,080) From accumulated net realized gains from investment transactions: Common shareholders (1,003,402) -- (794,873) (511,676) Preferred shareholders (220,788) -- (200,072) (129,543) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (29,170,029) (27,783,655) (28,691,064) (28,436,838) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Common shares: Net proceeds from sale of shares -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 4,369,224 4,348,938 3,911,754 3,704,412 Preferred shares: Net proceeds from sale of shares 42,451,046 -- 26,614,494 -- - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 46,820,270 4,348,938 30,526,248 3,704,412 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets 15,665,178 6,323,855 (1,863,835) 9,468,146 Net assets at the beginning of year 519,617,256 513,293,401 548,795,476 539,327,330 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of year $535,282,434 $519,617,256 $546,931,641 $548,795,476 =================================================================================================================================== Balance of undistributed net investment income at the end of year $ 500,157 $ 618,984 $ 547,571 $ 757,229 =================================================================================================================================== See accompanying notes to financial statements.
Insured New York Premium Income New York Dividend Advantage - ----------------------------------------------------------------------------------------------------------------------------------- Year Year For the Period 5/26/99 Ended Ended (commencement of operations) 9/30/99 9/30/98 through 9/30/99 - ----------------------------------------------------------------------------------------------------------------------------------- Operations Net investment income $ 8,818,900 $ 8,756,117 $ 2,502,204 Net realized gain (loss) from investment transactions (notes 1 and 4) 214,511 794,190 (1,388,238) Change in net unrealized appreciation or depreciation of investments (12,463,282) 5,335,299 (7,233,344) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (3,429,871) 14,885,606 (6,119,378) - ----------------------------------------------------------------------------------------------------------------------------------- Distributions to Shareholders (note 1) From undistributed net investment income: Common shareholders (6,867,848) (6,765,972) (1,968,457) Preferred shareholders (1,943,944) (2,105,104) (472,110) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- Preferred shareholders -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (8,811,792) (8,871,076) (2,440,567) - ----------------------------------------------------------------------------------------------------------------------------------- Capital Share Transactions (note 2) Common shares: Net proceeds from sale of shares -- -- 131,174,518 Net proceeds from shares issued to shareholders due to reinvestment of distributions 735,504 478,559 5,347 Preferred shares: Net proceeds from sale of shares -- -- 68,081,318 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 735,504 478,559 199,261,183 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (11,506,159) 6,493,089 190,701,238 Net assets at the beginning of year 194,305,832 187,812,743 100,021 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of year $182,799,673 $194,305,832 $190,801,259 =================================================================================================================================== Balance of undistributed net investment income at the end of year $ 453,548 $ 446,440 $ 61,637 =================================================================================================================================== See accompanying notes to financial statements.
Notes to Financial Statements 1. General Information and Significant Accounting Policies The New York Funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) and Nuveen New York Dividend Advantage Municipal Fund (NAN). Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At September 30, 1999, New York Value, New York Performance Plus, New York Investment Quality, New York Select Quality and New York Quality Income had outstanding when-issued purchase commitments of $951,950, $2,855,850, $9,575,350, $10,152,010 and $1,903,900, respectively. There were no such outstanding purchase commitments in Insured New York Premium Income or New York Dividend Advantage. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount as amounts in excess of $.001 per Common share for New York Value and $.01 per Common share for the other Funds. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. All monthly tax-exempt income dividends paid during the fiscal year ended September 30, 1999, have been designated Exempt Interest Dividends. Net realized capital gain and market discount distributions, if any, are subject to federal taxation. Dividends and Distributions to Shareholders Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. Preferred Shares New York Value is not authorized to issue Preferred shares. The Funds below have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in one or more Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows:
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 - --------------------------------------------------------------------------------------------------------- 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 =========================================================================================================
Effective June 11, 1999, New York Performance Plus issued 800 Series T $25,000 stated value preferred shares. Effective June 4, 1999, New York Investment Quality issued 960 Series M $25,000 stated value preferred shares. Effective May 21, 1999, New York Select Quality issued 1,720 Series T $25,000 stated value preferred shares. Effective May 28, 1999, New York Quality Income issued 1,080 Series F $25,000 stated value preferred shares. Effective July 16, 1999, New York Dividend Advantage issued 2,760 Series F $25,000 stated value preferred shares. Insurance New York Investment Quality, New York Select Quality, New York Quality Income and Insured New York Premium Income invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities, both of which ensure the timely payment of principal and interest. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the net asset value of the Funds'shares include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Derivative Financial Instruments The Funds may invest in transactions in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the fiscal year ended September 30, 1999. Custodian Fee Credit Each Fund has an arrangement with the custodian bank whereby the custodian fees and expenses are reduced by credits earned on each Fund's cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. Notes to Financial Statements (continued) 2. Fund Shares Transactions in Common and Preferred shares were as follows:
New York Value New York Performance Plus - --------------------------------------------------------------------------------------------------------- Year Ended Year Ended Year EndedYear Ended 9/30/99 9/30/98 9/30/99 9/30/98 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold Shares issued to shareholders due to reinvestment of distributions -- 116,219 132,291 133,661 - --------------------------------------------------------------------------------------------------------- -- 116,219 132,291 133,661 ========================================================================================================= Preferred shares sold N/A N/A 800 -- ========================================================================================================= New York Investment Quality New York Select Quality - --------------------------------------------------------------------------------------------------------- Year Ended Year Ended Year EndedYear Ended 9/30/99 9/30/98 9/30/99 9/30/98 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold Shares issued to shareholders due to reinvestment of distributions 168,378 125,667 264,877 258,860 - --------------------------------------------------------------------------------------------------------- 168,378 125,667 264,877 258,860 ========================================================================================================= Preferred shares sold 960 -- 1,720 -- ========================================================================================================= Insured New York New York Quality Income Premium Income - --------------------------------------------------------------------------------------------------------- Year Ended Year Ended Year EndedYear Ended 9/30/99 9/30/98 9/30/99 9/30/98 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold Shares issued to shareholders due to reinvestment of distributions 242,816 227,308 46,575 31,006 - --------------------------------------------------------------------------------------------------------- 242,816 227,308 46,575 31,006 ========================================================================================================= Preferred shares sold 1,080 -- -- -- ========================================================================================================= New York Dividend Advantage - --------------------------------------------------------------------------------------------------------- For the Period 5/26/99 through 9/30/99 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold 9,169,837 Shares issued to shareholders due to reinvestment of distributions 362 - --------------------------------------------------------------------------------------------------------- 9,170,199 ========================================================================================================= Preferred shares sold 2,760 =========================================================================================================
3. Distributions to Common Shareholders The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid November 1, 1999, to shareholders of record on October 15, 1999, as follows:
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 - --------------------------------------------------------------------------------------------------------- Dividend per share $.0415 $.0845 $.0800 $.0825 $.0780 $.0695 $.0715 =========================================================================================================
4. Securities Transactions Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities during the fiscal year ended September 30, 1999, were as follows:
New York New York New York New York Performance Investment Select Value Plus Quality Quality - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $27,816,888 $85,204,825 $83,417,035 $99,476,957 Short-term municipal securities 28,000,000 44,925,000 39,300,000 21,100,000 Sales and maturities: Long-term municipal securities 30,635,997 73,866,232 65,419,477 69,478,221 Short-term municipal securities 28,700,000 46,425,000 40,400,000 21,800,000 - --------------------------------------------------------------------------------------------------------- Insured New York New York New York Quality Premium Dividend Income Income Advantage* - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $66,475,361 $16,909,025 $223,949,696 Short-term municipal securities 34,220,000 4,700,000 128,654,527 Sales and maturities: Long-term municipal securities 36,994,488 15,078,090 31,000,432 Short-term municipal securities 34,720,000 5,100,000 128,654,527 - --------------------------------------------------------------------------------------------------------- *For the period May 26,1999 (commencement of operations) through September 30, 1999.
At September 30, 1999, 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 - --------------------------------------------------------------------------------------------------------- $140,732,190 $333,723,770 $378,221,190 $498,897,748 $525,860,174 $177,332,310 $191,581,975 =========================================================================================================
At September 30, 1999, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: Insured New York New York Premium Dividend Income Advantage - --------------------------------------------------------------------------- Expiration year: 2002 $1,243,060 $ -- 2003 3,373 -- 2004 2,802,391 -- 2005 540,548 -- 2006 -- -- 2007 -- 1,388,238 - --------------------------------------------------------------------------- Total $4,589,372 $1,388,238 =========================================================================== Notes to Financial Statements (continued) 5. Unrealized Appreciation (Depreciation) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at September 30, 1999, were as follows:
New York New York New York New York Performance Investment Select Value Plus Quality Quality - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $4,420,922 $9,622,205 $15,244,032 $23,503,839 depreciation (4,845,174) (9,963,475) (8,898,656) (9,001,855) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $ (424,252) $ (341,270) $ 6,345,376 $14,501,984 ========================================================================================================= Insured New York New York New York Quality Premium Dividend Income Income Advantage - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $21,425,524 $6,420,092 $ -- depreciation (7,035,523) (2,441,762) (7,233,344) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $14,390,001 $3,978,330 (7,233,344) =========================================================================================================
6. Management Fee and Other Transactions with Affiliates Under the Funds' (excluding New York Value and New York Dividend Advantage) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of each Fund as follows: Average Daily Net Assets Management Fee - ---------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5875 of 1 ============================================================================ Under New York Value's investment management agreement with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund pays an annual management fee, payable monthly, of .35 of 1% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income of the Fund. Under New York Dividend Advantage's investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of the Fund as follows: Average Daily Net Assets Management Fee - ---------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5750 of 1 ============================================================================ The Adviser has agreed to waive part of its management fees or reimburse certain expenses of New York Dividend Advantage in an amount equal to .30% of the average daily net assets for the period May 26, 1999 (commencement of operations) through July 31, 2004, .25% of the average daily net assets for the year ended July 31, 2005, .20% of the average daily net assets for the year ended July 31, 2006, .15% of the average daily net assets for the year ended July 31, 2007, .10% of the average daily net assets for the year ended July 31, 2008, and .05% of the average daily net assets for the year ended July 31, 2009. The Adviser has not agreed to reimburse New York Dividend Advantage for any portion of its fees and expenses beyond July 31, 2009. The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors/Trustees who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. Composition of Net Assets At September 30, 1999, net assets consisted of:
New York New York New York New York Performance Investment Select Value Plus Quality Quality - --------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $ N/A $124,300,000 $144,000,000 $193,000,000 Common shares, $.01 par value per share 151,204 149,344 176,853 233,758 Paid-in surplus 144,261,019 217,428,799 248,298,324 327,047,624 Balance of undistributed net investment income 90,895 347,141 313,782 500,157 Accumulated net realized gain (loss) from investment transactions (803,686) 1,167,237 (1,221,995) (1,588,083) Net unrealized appreciation (depreciation) of investments 379,505 (341,270) 7,780,261 16,088,978 - --------------------------------------------------------------------------------------------------------- Net assets $144,078,937 $343,051,251 $399,347,225 $535,282,434 ========================================================================================================= Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 ========================================================================================================= N/A - Fund is not authorized to issue Preferred shares. Insured New York New York New York Quality Premium Dividend Income Income Advantage - --------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 Common shares, $.01 par value per share 240,597 82,951 91,772 Paid-in surplus 334,754,002 117,874,218 130,269,432 Balance of undistributed net investment income 547,571 453,548 61,637 Accumulated net realized gain (loss) from investment transactions (168,084) (4,589,374) (1,388,238) Net unrealized appreciation (depreciation) of investments 14,557,555 3,978,330 (7,233,344) - --------------------------------------------------------------------------------------------------------- Net assets $546,931,641 $182,799,673 $190,801,259 ========================================================================================================= Authorized shares: Common 200,000,000 200,000,000 Unlimited Preferred 1,000,000 1,000,000 Unlimited =========================================================================================================
Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period:
Investment Operations --------------------------------------------- Net Realized/ Beginning Net Unrealized Net Asset Investment Investment Value Income Gain (Loss) Total New York Value Year Ended 9/30: 1999 $10.39 $ .51 $ (.76) $ (.25) 1998 10.28 .55 .20 .75 1997 10.23 .62 .06 .68 1996 10.44 .64 (.15) .49 1995 10.39 .66 .06 .72 New York Performance Plus Year Ended 9/30: 1999 16.24 1.24 (1.58) (.34) 1998 16.23 1.31 .02 1.33 1997 16.17 1.35 .06 1.41 1996 16.41 1.36 (.22) 1.14 1995 15.91 1.37 .52 1.89 New York Investment Quality Year Ended 9/30: 1999 15.89 1.19 (1.32) (.13) 1998 15.85 1.24 .09 1.33 1997 15.89 1.29 (.01) 1.28 1996 16.16 1.30 (.25) 1.05 1995 15.71 1.30 .48 1.78 New York Select Quality Year Ended 9/30: 1999 15.99 1.20 (1.30) (.10) 1998 15.90 1.19 .11 1.30 1997 15.78 1.21 .13 1.34 1996 15.90 1.22 (.06) 1.16 1995 15.24 1.23 .69 1.92 New York Quality Income Year Ended 9/30: 1999 15.90 1.15 (1.31) (.16) 1998 15.66 1.15 .30 1.45 1997 15.32 1.17 .39 1.56 1996 15.31 1.19 .04 1.23 1995 14.51 1.19 .84 2.03 Insured New York Premium Income Year Ended 9/30: 1999 15.68 1.07 (1.49) (.42) 1998 14.95 1.06 .75 1.81 1997 14.26 1.07 .69 1.76 1996 13.92 1.08 .33 1.41 1995 12.74 1.08 1.20 2.28 New York Dividend Advantage Year Ended 9/30: 1999 (a) 14.33 .27 (.95) (.68) Less Distributions ---------------------------------------------------------------------------------- Net Net Investment Investment Capital Capital Income Income Gains Gains To Common To Preferred To Common To Preferred Shareholders Shareholders+ Shareholders Shareholders+ Total New York Value Year Ended 9/30: 1999 $ (.51) $ N/A $ (.10) $ N/A $ (.61) 1998 (.55) N/A (.09) N/A (.64) 1997 (.62) N/A (.01) N/A (.63) 1996 (.66) N/A (.04) N/A (.70) 1995 (.67) N/A -- N/A (.67) New York Performance Plus Year Ended 9/30: 1999 (1.03) (.22) -- -- (1.25) 1998 (1.09) (.23) -- -- (1.32) 1997 (1.11) (.24) -- -- (1.35) 1996 (1.13) (.25) -- -- (1.38) 1995 (1.12) (.27) -- -- (1.39) New York Investment Quality Year Ended 9/30: 1999 (1.00) (.21) (.09) (.02) (1.32) 1998 (1.06) (.22) (.01) -- (1.29) 1997 (1.07) (.22) (.02) (.01) (1.32) 1996 (1.05) (.24) (.02) (.01) (1.32) 1995 (1.05) (.28) -- -- (1.33) New York Select Quality Year Ended 9/30: 1999 (.99) (.21) (.04) (.01) (1.25) 1998 (.99) (.22) -- -- (1.21) 1997 (.99) (.22) (.01) -- (1.22) 1996 (1.01) (.23) (.03) (.01) (1.28) 1995 (1.01) (.25) -- -- (1.26) New York Quality Income Year Ended 9/30: 1999 (.94) (.22) (.03) (.01) (1.20) 1998 (.94) (.24) (.02) (.01) (1.21) 1997 (.94) (.24) (.03) (.01) (1.22) 1996 (.94) (.25) (.02) (.01) (1.22) 1995 (.94) (.27) (.02) -- (1.23) Insured New York Premium Income Year Ended 9/30: 1999 (.83) (.23) -- -- (1.06) 1998 (.82) (.26) -- -- (1.08) 1997 (.82) (.25) -- -- (1.07) 1996 (.80) (.27) -- -- (1.07) 1995 (.81) (.29) -- -- (1.10) New York Dividend Advantage Year Ended 9/30: 1999 (a) (.21) (.05) -- -- (.26) Total Returns ------------------------- Organization and Offering Costs Based and Preferred Ending Based on Share Net Ending on Net Underwriting Asset Market Market Asset Discounts Value Value Value** Value** New York Value Year Ended 9/30: 1999 $-- $ 9.53 $ 8.7500 (8.04)% (2.58)% 1998 -- 10.39 10.1250 .87 7.57 1997 -- 10.28 10.6875 8.11 6.87 1996 -- 10.23 10.5000 8.07 4.85 1995 -- 10.44 10.3750 5.33 7.24 New York Performance Plus Year Ended 9/30: 1999 -- 14.65 15.3125 (8.25) (3.65) 1998 -- 16.24 17.7500 .63 7.00 1997 -- 16.23 18.7500 15.77 7.49 1996 -- 16.17 17.2500 10.76 5.53 1995 -- 16.41 16.6250 12.43 10.62 New York Investment Quality Year Ended 9/30: 1999 -- 14.44 15.0625 (8.13) (2.45) 1998 -- 15.89 17.5000 2.60 7.27 1997 -- 15.85 18.1250 14.40 6.84 1996 -- 15.89 16.8750 9.01 5.09 1995 -- 16.16 16.5000 15.87 9.98 New York Select Quality Year Ended 9/30: 1999 -- 14.64 15.3750 (3.33) (2.11) 1998 -- 15.99 16.9375 6.84 7.01 1997 -- 15.90 16.8125 11.77 7.34 1996 -- 15.78 16.0000 8.26 5.86 1995 -- 15.90 15.7500 15.34 11.41 New York Quality Income Year Ended 9/30: 1999 -- 14.54 15.0000 (4.13) (2.60) 1998 -- 15.90 16.6250 8.89 7.90 1997 -- 15.66 16.1875 12.90 8.80 1996 -- 15.32 15.2500 10.96 6.45 1995 -- 15.31 14.6250 11.96 12.58 Insured New York Premium Income Year Ended 9/30: 1999 -- 14.20 14.3750 (3.37) (4.33) 1998 -- 15.68 15.6875 11.29 10.67 1997 -- 14.95 14.8750 14.63 10.93 1996 -- 14.26 13.7500 11.15 8.35 1995 -- 13.92 13.1250 22.11 16.30 New York Dividend Advantage Year Ended 9/30: 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 Based to Average to Average Average to Average Ending Net Assets Net Assets Total Total Net Applicable Applicable Net Assets Net Assets Assets to Common to Common Including Including Shares++ Shares++ Preferred++ Preferred++ New York Value Year Ended 9/30: 1999 $144,079 .74% 5.10% N/A% N/A% 1998 157,086 .75 5.37 N/A N/A 1997 154,298 .79 6.10 N/A N/A 1996 151,848 .83 6.16 N/A N/A 1995 124,484 .80 6.38 N/A N/A New York Performance Plus Year Ended 9/30: 1999 343,051 1.21 7.88 .82 5.35 1998 344,674 1.17 8.10 .81 5.63 1997 342,320 1.17 8.38 .81 5.81 1996 339,360 1.18 8.30 .82 5.76 1995 340,246 1.25 8.47 .86 5.86 New York Investment Quality Year Ended 9/30: 1999 399,347 1.23 7.78 .83 5.28 1998 398,372 1.18 7.88 .82 5.49 1997 395,569 1.18 8.18 .82 5.69 1996 394,189 1.18 8.09 .82 5.63 1995 396,012 1.22 8.29 .84 5.73 New York Select Quality Year Ended 9/30: 1999 535,282 1.19 7.74 .81 5.31 1998 519,617 1.14 7.51 .81 5.32 1997 513,293 1.15 7.70 .81 5.43 1996 506,128 1.14 7.68 .80 5.40 1995 505,340 1.17 7.99 .82 5.56 New York Quality Income Year Ended 9/30: 1999 546,932 1.18 7.46 .79 5.02 1998 548,795 1.16 7.33 .79 5.03 1997 539,327 1.17 7.59 .80 5.17 1996 528,934 1.17 7.73 .79 5.25 1995 528,027 1.21 8.09 .81 5.42 Insured New York Premium Income Year Ended 9/30: 1999 182,800 1.29 7.03 .85 4.63 1998 194,306 1.29 6.99 .85 4.60 1997 187,813 1.32 7.42 .85 4.80 1996 182,176 1.34 7.59 .86 4.87 1995 179,368 1.51 8.04 .95 5.05 New York Dividend Advantage Year Ended 9/30: 1999 (a) 190,801 1.38* 5.08* 1.03* 3.79* Ratios/Supplemental Data ------------------------------------------------------------------------------- After Credit/Reimbursement*** ------------------------------------------------------------------------------- Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses Income to Expenses Income Average Average to Average Average Net Assets Net Assets Total Total Applicable Applicable Net Assets Net Assets Portfolio to Common to Common Including Including Turnover Shares++ Shares++ Preferred++ Preferred++ Rate New York Value Year Ended 9/30: 1999 $ .74% 5.10% N/A% N/A% 19% 1998 .75 5.37 N/A N/A 36 1997 .79 6.10 N/A N/A 28 1996 .83 6.16 N/A N/A 7 1995 .80 6.38 N/A N/A 12 New York Performance Plus Year Ended 9/30: 1999 1.19 7.90 .81 5.36 22 1998 1.17 8.10 .81 5.63 30 1997 1.17 8.38 .81 5.81 7 1996 1.18 8.30 .82 5.76 2 1995 1.25 8.47 .86 5.86 15 New York Investment Quality Year Ended 9/30: 1999 1.22 7.79 .83 5.28 17 1998 1.18 7.88 .82 5.49 20 1997 1.18 8.18 .82 5.69 2 1996 1.18 8.09 .82 5.63 4 1995 1.22 8.29 .84 5.73 4 New York Select Quality Year Ended 9/30: 1999 1.18 7.75 .81 5.31 13 1998 1.14 7.51 .81 5.32 11 1997 1.15 7.70 .81 5.43 3 1996 1.14 7.68 .80 5.40 4 1995 1.17 7.99 .82 5.56 5 New York Quality Income Year Ended 9/30: 1999 1.17 7.47 .79 5.02 7 1998 1.16 7.33 .79 5.03 12 1997 1.17 7.59 .80 5.17 13 1996 1.17 7.73 .79 5.25 9 1995 1.21 8.09 .81 5.42 4 Insured New York Premium Income Year Ended 9/30: 1999 1.29 7.03 .85 4.63 8 1998 1.29 6.99 .85 4.60 15 1997 1.32 7.42 .85 4.80 24 1996 1.34 7.59 .86 4.87 21 1995 1.51 8.04 .95 5.05 32 New York Dividend Advantage Year Ended 9/30: 1999 (a) .65* 5.81* .48* 4.34* 25 N/A Fund is not authorized to issue Preferred shares. Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. * Annualized. ** Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. *** After custodian fee credit and expense reimbursement, where applicable (notes 1 and 6). Total returns are not annualized. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the period May 26, 1999 (commencement of operations) through September 30,1999.
Report of Independent Auditors The Board of Directors, Trustees and Shareholders Nuveen New York Municipal Value Fund, Inc. Nuveen New York Performance Plus Municipal Fund, Inc. Nuveen New York Investment Quality Municipal Fund, Inc. Nuveen New York Select Quality Municipal Fund, Inc. Nuveen New York Quality Income Municipal Fund, Inc. Nuveen Insured New York Premium Income Municipal Fund, Inc. Nuveen New York Dividend Advantage Municipal Fund\ We have audited the accompanying statements of net assets, including the portfolios of investments, of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc. and Nuveen New York Dividend Advantage Municipal Fund as of September 30, 1999, and the related statements of operations, and changes in net assets and the financial highlights for the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of investments owned as of September 30, 1999, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen New York Municipal Value Fund, Inc., Nuveen New York Performance Plus Municipal Fund, Inc., Nuveen New York Investment Quality Municipal Fund, Inc., Nuveen New York Select Quality Municipal Fund, Inc., Nuveen New York Quality Income Municipal Fund, Inc., Nuveen Insured New York Premium Income Municipal Fund, Inc. and Nuveen New York Dividend Advantage Municipal Fund at September 30, 1999, and the results of their operations, and changes in their net assets and financial highlights for the periods indicated therein in conformity with generally accepted accounting principles. /s/ Ernst & Young LLP Chicago, Illinois November 17, 1999 Build Your Wealth Automatically sidebar text: Nuveen offers a number of convenient ways to add to your portfolio and earn the tax-free income you need to achieve your financial goals. sidebar text: Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account. Nuveen Exchange-Traded Funds Dividend Reinvestment Plan Your Nuveen Exchange-Traded Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional fund shares. If you do not elect to reinvest distributions, all distributions are paid by check or can be deposited directly into your bank or brokerage account. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. You'll also potentially benefit from dollar-cost averaging, a technique of investing at regular intervals, which allows you to build a high-quality, tax-free portfolio conveniently and cost effectively over time. To be effective, dollar cost averaging requires that you invest over a long period of time and does not assure that you will profit. Easy and convenient To make recordkeeping easy and convenient, each month you'll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own. Income or capital gains taxes may be payable on dividends or distributions that are reinvested. How shares are purchased The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions. Flexibility You may, of course, change your distribution option or withdraw from the Plan at any time, should your needs or situation change. Should you withdraw, you can receive a certificate for all whole shares credited to your reinvestment account and cash payment for fractional shares, or cash payment for all reinvestment account shares, less brokerage commissions and a $2.50 service fee. You can also reinvest if your shares are registered in the name of a brokerage firm, bank, or other nominee. Just ask your investment adviser if the firm will participate on your behalf. If not, it's easy to have the shares registered in your name and to apply for a reinvestment account directly. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time. For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial adviser or call us at (800) 257-8787. Fund Information Board of Directors/Trustees Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale Fund Manager Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 Custodian, Transfer Agent and Shareholder Services The Chase Manhattan Bank 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 Legal Counsel Morgan, Lewis & Bockius LLP Washington, D.C. Independent Auditors Ernst & Young LLP Chicago, IL Year 2000 The concern that computer systems may have problems processing date-related information in the year 2000 and beyond has challenged businesses and organizations to thoroughly review all aspects of their operations. We have undertaken just such an approach at Nuveen in preparation for the millennium. Over the last 10 years, we have updated or replaced our trading, fund management, and pricing systems at Nuveen - systems that directly affect our investors and their financial advisers - to address Year 2000 concerns. We continue to work closely with our transfer agent, custodian, firms through whom we buy and sell portfolio securities, and other service partners to monitor the Year 2000 readiness of their systems, while addressing other remaining systems issues. In addition, the Funds hold securities of issuers whose business operations leave them susceptible to Year 2000 concerns. We seek to evaluate an issuer's Year 2000 readiness as part of our initial and ongoing research of these issuers. This is only one of the many factors considered in determining whether to buy, sell, or continue holding a particular security. Our Year 2000 review, repair, and testing program has been substantially completed. This program included industry-wide testing of critical systems and receipt of satisfactory assurances from critical service providers, vendors, and issuers regarding their Year 2000 readiness. We will continue more refined testing of our systems and their relationships with other parties' systems and will regularly discuss the results of this testing with those parties. We are also making Year 2000 contingency plans to guide recovery efforts in the event that, despite our remediation attempts, Year 2000 issues adversely affect the Funds. Although we can never have complete assurance that the steps we take will be sufficient to prevent any problems that would impact the Nuveen Exchange-Traded Funds, we can assure you that we will take all reasonable steps to prevent disruption of the services provided by your Fund. Fund Policies The Board of Trustees of your Fund recently modified certain investment policies of the Fund. The Fund was formerly not permitted to invest more than 5% of its total assets in Municipal Leases that contain "non-appropriation" clauses. In addition, your Fund was not permitted to invest more than 10% of its total assets in Municipal Leases and securities that are unmarketable, illiquid or not readily marketable. The Municipal Lease market has matured since the Fund's inception, and non-appropriation leases have become more liquid and widely accepted. The Nuveen Exchange-Traded Fund Board has eliminated the restrictions noted above, replacing them with requirements that the Funds limit investments in non-appropriation Municipal Leases to those that meet one or more of six criteria that indicate that the issuer will be motivated to continue to appropriate monies to make the payments under the Municipal Lease. The Board also eliminated the Fund's policy not to invest more than 5% of its total assets in unsecured obligations of issuers which, together with their predecessors, have been in operation for less than three years. Each fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the 12-month period ended September 30, 1999. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations photo of: John Nuveen, Sr. Since our founding in 1898, John Nuveen & Co. has been synonymous with investments that withstand the test of time. Today we offer a broad range of quality investments designed for individuals seeking to build and sustain wealth. In fact, more than 1.3 million investors have trusted Nuveen to help them pursue their financial goals. The cornerstone of Nuveen's investment philosophy is a commitment to disciplined long-term investment strategies focused on providing consistent, attractive performance over time - with moderated risk. We emphasize quality securities carefully chosen through in-depth research, and we follow those securities closely over time to ensure that they continue to meet our exacting standards. Whether your focus is long-term growth, dependable current income or sustaining accumulated wealth, Nuveen offers a wide variety of investments and services to help meet your unique circumstances and financial planning needs. Our equity, balanced, and tax-free income funds, along with our defined portfolios and private asset management, can help you build a better, well-diversified portfolio. Talk with your financial adviser to learn more about how Nuveen investment products and services can help you. Or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before investing. Logo: NUVEEN John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, IL 60606-1286 www.nuveen.com FAN-1-9-99 -----END PRIVACY-ENHANCED MESSAGE-----