-----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, RarVh0+b2PaEVYkelvzKp9N7LOFRgigZ/7Jnga2qSacmvgCQwSZWAjH5baACveK/ WL6uCIhO0mMQiwaopfZk1w== /in/edgar/work/20000605/0000891804-00-001023/0000891804-00-001023.txt : 20000919 0000891804-00-001023.hdr.sgml : 20000919 ACCESSION NUMBER: 0000891804-00-001023 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN NEW YORK MUNICIPAL VALUE FUND INC CENTRAL INDEX KEY: 0000818850 STANDARD INDUSTRIAL CLASSIFICATION: [ ] STATE OF INCORPORATION: MN FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05238 FILM NUMBER: 648978 BUSINESS ADDRESS: STREET 1: 333 W WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129177794 MAIL ADDRESS: STREET 1: 333 W. WACKER DR STREET 2: 32ND FL CITY: CHICAGO STATE: IL ZIP: 60606 N-30D 1 0001.txt NUVEEN NEW YORK MUNICIPAL VALUE FUND INC(NNY) SEMIANNUAL REPORT March 31, 2000 LOGO: NUVEEN Investments Invest well. Look ahead. LEAVE YOUR MARK.(sm) EXCHANGE-TRADED Funds Dependable, tax-free income to help you keep more of what you earn. NEW YORK NNY NNP NQN NVN NUN NNF NAN Photo: Water Photo: Hands FINANCIAL INFORMATION As of March 31, 2000 CREDIT QUALITY PERFORMANCE HIGHLIGHTS Nuveen New York Municipal Value Fund, Inc. (NNY) o Monthly dividend per share of $.0425 o Market yield on share price of 6.18% o Taxable-equivalent yield on share price of 9.58% * PIE CHART: AA/U.S. Guaranteed 58% AA 13% A 19% BBB/NR 10% Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) o Monthly dividend per share of $.079 o Market yield on share price of 7.09% o Taxable-equivalent yield on share price of 10.99% * PIE CHART: AA/U.S. Guaranteed 55% AA 19% A 21% BBB/NR 5% Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) o Monthly dividend per share of $.077 o Market yield on share price of 6.88% o Taxable-equivalent yield on share price of 10.67% * PIE CHART: Insured 76% Insured & U.S. Guaranteed 18% U.S. Guaranteed 6% Nuveen New York Select Quality Municipal Fund, Inc. (NVN) o Monthly dividend share of $.0775 o Market yield on share price of 6.95% o Taxable-equivalent yield on share price of 10.78% * PIE CHART: Insured 80% Insured & U.S. Guaranteed 15% U.S. Guaranteed 5% Nuveen New York Quality Income Municipal Fund, Inc. (NUN) o Monthly dividend per share of $.076 o Market yield on share price of 7.05% o Taxable-equivalent yield on share price of 10.93% * PIE CHART: Insured 73% Insured & U.S. Guaranteed 24% U.S. Guaranteed 3% Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) o Monthly dividend per share of $.0695 o Market yield on share price of 6.51% o Taxable-equivalent yield on share price of 10.09% * PIE CHART: Insured 77% Insured & U.S. Guaranteed 21% U.S. Guaranteed 2% Nuveen New York Dividend Advantage Municipal Fund (NAN) o Monthly dividend per share of $.069 o Market yield on share price of 6.62% o Taxable-equivalent yield on share price of 10.26% * PIE CHART: AA/U.S. Guaranteed 61% AA 22% A 9% BBB/NR 8% Past performance is not predictive of future results. * For investors in the combined federal and state income tax rate of 35.5%. Please refer to your fund's individual Performance Overview in this report for more information. CONTENTS 1 Dear Shareholder 3 Portfolio Manager's Comments 8 NNY Performance Overview 9 NNP Performance Overview 10 NQN Performance Overview 11 NVN Performance Overview 12 NUN Performance Overview 13 NNF Performance Overview 14 NAN Performance Overview 15 Report to Shareholders 18 Portfolio of Investments 48 Statement of Net Assets 51 Statement of Operations 53 Statement of Changes in Net Assets 56 Notes to Financial Statements 64 Financial Highlights 68 Build Your Wealth Automatically 69 Fund Information Photo of:Timothy R. Schwertfeger TIMOTHY R. SCHWERTFEGER CHAIRMAN OF THE BOARD SIDEBAR TEXT: Wealth takes a lifetime to build. Once achieved, it should be preserved. Dear Shareholder The primary objective of the Nuveen New York Exchange-Traded Funds is to provide dependable, attractive dividends free from federal, state and local income taxes for New York residents. I am pleased to report that your Fund continued to achieve this goal during the period covered by this report. The portfolio manager of your Fund and I appreciate this opportunity to review with you the investment environment and the performance of your Nuveen New York Exchange-Traded Fund for this period. A CHALLENGING INVESTMENT ENVIRONMENT As of March 31, 2000, the U.S. economy had completed 108 consecutive months of expansion, the longest continuous period of economic growth in U.S. history. While the strong growth trends and benign inflation that have been the hallmarks of this expansion largely remained in place, any economic report that suggested either acceleration or slowdown from present levels sparked increasingly volatile swings in the equity markets. Increased consumer spending, which accounted for two-thirds of all economic activity, was a primary source of inflation worry for the Federal Reserve, while the scarcity of qualified workers, as evidenced by continued low unemployment levels, prompted concerns about a potentially inflationary impact on wages and, ultimately, consumer prices. As part of its efforts to slow the pace of economic growth and forestall inflation, the Fed in March again raised the federal funds rate, which sets the standard for short-term market rates, bringing it to 6.00%. Concurrent with this latest increase, the Fed indicated its concern that an inflationary imbalance could be triggered if consumer demand continued to exceed the growth in supply. This left the door open for additional tightenings later in the year. MUNICIPAL BOND PERFORMANCE The cumulative effect of the Fed's five interest rate hikes and various other economic events over the past 12 months had a negative impact on the fixed-income markets, including municipal bonds. With the Fed's monetary tightening prompting a rise in market yields, municipal bond prices slumped. On a more positive note, our exchange-traded municipal bond funds continued to offer attractive, dependable income in a market that places a high premium on yield. At the end of March 2000, long-term municipal yields, as represented by the Bond Buyer 25 Revenue Index, offered over 103% of 30-year Treasury yields, compared with the historical average of 86% for the period 1986-1999. For investors, this meant that quality long-term municipal bonds offered higher yields than long-term Treasury bonds, even before the tax advantages of municipals were taken into account. Of course, Treasuries are backed by the full faith and credit of the U.S. government. Even so, on an after-tax basis, municipal bonds continued to represent an exceptionally attractive investment option relative to Treasuries. During 1999, we saw the national supply of municipal bonds drop 21% from the near-record levels of 1998, and this trend has continued into 2000, with first quarter 2000 issuance down 34% from that of a year earlier. Much of this decline was due to the higher interest rate environment, which deterred municipalities from issuing new debt and removed much of the incentive to refund existing bonds. On the demand side, we anticipate that individual investors interested in rebalancing their portfolios will increasingly look to municipal bonds in the months ahead. With the outlook for tighter supply and stronger demand, Nuveen's established market position as the leading sponsor of exchange-traded municipal bond funds should give us excellent access to bond offerings that have the potential to add value for our shareholders. AN OPPORTUNE TIME TO PURCHASE ADDITIONAL SHARES The lure of the equity markets, year-end tax sell-offs, and Y2K concerns all contributed to a decline in share price for our exchange-traded funds over the past year. The current investment environment, with its higher interest rates and prospects for additional rate increases, could represent an opportune time to explore the purchase of additional shares of your exchange-traded fund. Your financial adviser can serve as a valuable resource by helping you establish a reinvestment plan that allows you to automatically purchase shares of your Fund, compounding your investment and providing the potential for additional tax-free income. For more information on Nuveen's Exchange-Traded Fund reinvestment plan, contact your financial adviser, or call Nuveen at (800) 257-8787. Since 1898, Nuveen has been synonymous with investments that stand the test of time. We remain 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 May 15, 2000 Sidebar text: "Purchasing shares of a Nuveen Exchange-Traded Municipal 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 REVIEWS THE NEW YORK ECONOMY, ITS IMPACT ON THE MUNICIPAL MARKET AND FUND PERFORMANCE, AND THE KEY STRATEGIES USED TO MANAGE THE NUVEEN NEW YORK EXCHANGE-TRADED FUNDS. PAUL, WHO HAS NINE YEARS OF EXPERIENCE AS AN INVESTMENT PROFESSIONAL, STARTED AT FLAGSHIP IN 1991 AND JOINED NUVEEN IN 1997 WHEN NUVEEN ACQUIRED THAT COMPANY. PAUL HAS MANAGED THE NUVEEN NEW YORK EXCHANGE-TRADED FUNDS SINCE AUGUST 1999. WHAT FACTORS AFFECTED NEW YORK'S ECONOMY OVER THE 12 MONTHS ENDED MARCH 31, 2000? Over the past 12 months, the New York economy as a whole continued to prosper, with robust job growth, strong income growth, and rising household wealth. New York City, in particular, continued to make strong gains, thanks to the fortunes of Wall Street, and New York City was recently named the wealthiest in the nation in terms of per capita income, according to the Bureau of Economic Analysis. The strength of the equity markets and the record-setting economic expansion continued to contribute to some economic disparity between New York City and a weaker upstate New York. As of March 31, 2000, unemployment in the state reached 4.6%, down from 5.2% at the end of March 1999 but still higher than the national average of 4.1%. The services sector, local and state governments, and retail trade together accounted for two-thirds of the state's employment, with new job growth coming largely from the construction and services sectors. Tight labor markets were helped somewhat by a reversal in New York population trends, as the state's population grew 0.2% in 1999 after five years of zero growth. Contributing to New York's economic growth over the past year was the improving situation in world markets. Canada served as the state's largest trading partner, providing a market for about 25% of the state's total exports, with the UK, Switzerland, and Japan accounting for another 25%. The state's economic prosperity helped to create another large budget surplus--$1 billion--in 1999, and the 2000 budget contained proposals for tax cuts as well as increased spending for schools, environmental projects, and prison construction. While New York state's short-term financial position is strong, its high debt burden and low credit rating contribute to a weaker long-term outlook. The state's debt service costs as a percentage of personal income stood at 5.6%, more than twice the national average, ranking New York fourth among the states. From a credit perspective, New York is currently rated A2 by Moody's Investor Service, which ranks it just above Louisiana, the lowest rated state in the nation. However, during the past 12 months, New York's economic performance led Standard & Poor's to upgrade its rating of the state's general obligation bonds to A+ from A. Fitch IBCA's rating remained at A+. Other long-term concerns for the New York economy include the impact of restructuring on the state's important financial and healthcare industries, the decline in manufacturing, an aging infrastructure, and the potential end to the bull market, which would put New York City's economy in a more vulnerable position. WHAT KIND OF IMPACT DID THESE FACTORS HAVE ON SUPPLY AND DEMAND IN THE NEW YORK MUNICIPAL MARKET? For the first three months of 2000, new municipal issuance in New York dropped 29% from first quarter 1999 levels, in line with the 34% decline in national supply for the same period. This difference can largely be explained by the surge in municipal issuance during fourth quarter 1999, when many issuers disregarded rising interest rates in order to issue bonds ahead of any Y2K problems that were anticipated during the transition to 2000. In contrast, as the Federal Reserve continued to raise interest rates in February and March of this year, the higher rate environment was enough to deter many municipalities from issuing new bonds or refinancing old debt. Also contributing to the decrease in new issuance was the delay in approval of New York state's annual budget and the state's healthy cash flow from tax revenues, which has led to more pay-as-you-go financings. Overall, the decline in supply helped to offset some of the negative impact that higher interest rates and equity market activity had on the demand for municipal bonds. Demand for New York municipal paper remained stronger than in other states due in part to the state's high tax rates and the affluence of its residents, and New York offerings were met with robust interest by both institutional and individual investors. HOW WERE THE NUVEEN NEW YORK FUNDS' DIVIDENDS AFFECTED BY THIS ENVIRONMENT? During the past year, good call protection helped to support the dividends of NNY and NNF and shield their income from erosion. In addition, Nuveen's dividend management strategies enabled us to increase NNY's dividend in March 2000. As of the end of March, NNY had provided shareholders with steady or increasing dividends for 12 consecutive months, while NNF's record of steady or increasing dividends extends back to its first dividend payment in March 1993, or 85 consecutive months. However, the eroding effect of a number of bond calls, as well as the bonds sold shortly before their call dates to take advantage of the current market, removed some higher-yielding bonds from the portfolios of NNP, NQN, NVN, and NUN. This led to dividend cuts in these four funds over the past 12 months. NAN also adjusted its dividend, primarily due to the rise in short-term rates over the past year, which affects the rate the Fund pays its Muni Preferred shareholders. Despite these adjustments, all of the Nuveen New York funds continued to provide attractive market yields, as shown in the accompanying table. With the exception of NNY, the Nuveen New York Funds are leveraged, which means they issue MuniPreferred shares that pay short-term interest rates to investors seeking short-term liquidity. Short-term municipal rates are usually, but not always, lower than long-term rates. The proceeds from the preferred shares are used to buy additional long-term bonds for the Funds' portfolios. The use of leverage can increase the volatility of a fund's net asset value (NAV), adding higher risk than that associated with non-leveraged funds, but the leveraged fund is usually compensated for this additional risk in the form of higher yields. When short-term interest rates remain below long-term rates, common shareholders can potentially earn extra net income from the difference between the rate earned on a fund's long-term portfolio and the short-term rate paid to preferred shareholders. However, as the interest rates on the MuniPreferred shares rose over the past nine months in line with the Federal Reserve's increase in other short-term rates, the leveraged funds had to pay out increased income to preferred shareholders, leaving less income for common shareholders. This contributed to the dividend reductions in the majority of the Nuveen New York Funds, especially NAN. OVERALL, HOW DID THE NUVEEN NEW YORK FUNDS PERFORM OVER THE PAST YEAR? For the 12 months ended March 31, 2000, the Nuveen New York Funds produced total returns on NAV as shown in the accompanying table. For comparison purposes, the annual returns for the Funds' benchmarks--the Lehman Brothers New York Tax-Exempt and the Lehman New York Insured Tax-Exempt Bond Indexes1--and the Funds' Lipper Peer Groups2 are also presented.
LEHMAN TOTAL RETURN TOTAL LIPPER MARKET YIELD ON NAV RETURN1 AVERAGE2 ------------------------- ------------------------- ------- -------- 1-Year 1-Year 1-Year Taxable- Ended Taxable- Ended Ended 3/31/00 Equivalent3 3/31/00 Equivalent3 3/31/00 3/31/00 ------- ----------- ------- ----------- ------- ------- NNY 6.18% 9.58% -1.62% 1.16% 0.04% -3.52% ------- --------- ------- --------- ------ ------- NNP 7.09% 10.99% -2.41% 1.17% 0.04% -3.52% ------- --------- ------- --------- ------ ------- NQN 6.88% 10.67% -1.31% 2.22% -0.65% -2.99% ------- --------- ------- --------- ------ ------- NVN 6.95% 10.78% -0.55% 3.00% -0.65% -2.99% ------- --------- ------- --------- ------ ------- NUN 7.05% 10.93% -1.60% 1.79% -0.65% -2.99% ------- --------- ------- --------- ------ ------- NNF 6.51% 10.09% -3.67% -0.61% -0.65% -2.99% ------- --------- ------- --------- ------ ------- NAN 6.62% 10.26% -3.86%* -1.34%* NA NA ------- --------- ------- --------- ------ ------- *NAN returns are for the period from May 26, 1999, the fund's commencement of operations date, through March 31, 2000. Past performance is not predictive of future results. For additional information, see the individual Performance Overview for your Fund in this report.
With the exception of NVN, the total returns on NAV for the Nuveen New York Funds underperformed their Lehman benchmarks. The Funds' performance relative to the indexes can be correlated with 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, a long duration enables a fund's NAV to participate more fully in market gains. However, when interest rates rise (and bond values correspondingly fall), a long duration can make the fund's NAV more vulnerable to price declines. Over the 12 months ended March 2000, the yield on the Bond Buyer 25 Revenue Bond Index5 rose from 5.29% to 6.03%. This meant that the longer the duration, the more likely the fund was to underperform the market, as represented by the unleveraged Lehman indexes. As of March 31, 2000, the durations of the four insured funds ranged from 8.62 to 11.67, compared with the Lehman Brothers New York Insured Tax-Exempt Bond Index's 8.33. The unleveraged NNY had an average duration of 8.47, while the leveraged NNP's duration 1 The performance of NNY and NNP is compared with that of the Lehman Brothers New York Tax-Exempt Bond Index, an unleveraged index comprising a broad range of investment-grade New York municipal bonds. The performance of the four insured funds -- NQN, NVN, NUN, and NNF -- is compared with that of the Lehman New York Insured Tax-Exempt Bond Index, an unleveraged index comprising a broad range of insured New York municipal bonds. Results for the Lehman indexes do not reflect any expenses. 2 The total returns 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 total returns for the four insured funds are compared with the average annualized return of the 8 funds in the Lipper New York Insured Municipal Debt Funds category. Fund and Lipper returns assume reinvestment of dividends. 3 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 35.5% combined federal and state income tax rate. 4 Fund duration, also known as leverage-adjusted duration, takes into account the leveraging process for the funds and therefore differs from the duration of the actual portfolio of individual bonds that make up the funds. With the exception of NNY, which is unleveraged, references to duration in this commentary are intended to indicate fund duration unless otherwise noted. 5 The Bond Buyer 25 Revenue Bond Index is an unmanaged index of long-term municipal revenue bonds. was 12.37. The durations of these two funds compared with 7.19 for the Lehman New York Tax-Exempt Bond Index. NAN's duration was 19.40, which we believe is typical of a newly established exchange-traded fund. We continue to work toward our long-term goal of reducing the interest rate risk in NAN's portfolio. However, given the bond market of the past 12 months, we took a conservative approach to making portfolio changes to try to lessen the impact on the Fund's dividend and return. Over the six months since our last report, NAN's duration was shortened from 20.19. Over the past 12 months, the durations of the Nuveen New York Funds--with the exception of NAN--lengthened, due largely to market action and trading activity effected by Nuveen. For instance, proceeds from sold or called bonds were reinvested in issues with longer durations, which benefited the Funds by providing attractive yields and better call protection. The longer durations should help to strengthen the Nuveen New York Funds' long-term dividend prospects and position the Funds to regain net asset value if the bond market recovers and interest rates decline. WHAT ABOUT THE FUNDS' SHARE PRICE PERFORMANCE? During the past 12 months, rising interest rates, inflation worries, and constant speculation about the Federal Reserve's next move created a negative environment in the fixed-income markets. In addition, concerns about the impact of the transition to the year 2000 precipitated an early start to 1999's tax-swap season, as investors attempted to offset profits in the equity markets by selling fixed-income investments at a loss. The liquidity concerns engendered by Y2K also prompted some investors with cash to opt for money market funds and other short-term instruments rather than long-term fixed-income investments over the year-end. All of these factors negatively impacted the market demand for exchange-traded funds, including the Nuveen New York Funds. Since the prevailing interest rate environment in March 2000 was higher than that of a year earlier, the Funds' NAVs declined, as bond prices fell while interest rates rose. While we have seen some recovery in the past three months, overall the Funds' share prices and NAVs were lower than they were on March 31, 1999. The following table illustrates the Funds' share price and NAV activity over the past 12 months.
3/31/99 6/30/99 9/30/99 12/31/99 3/31/00 -------- --------- -------- -------- -------- NNY Share Price $10 1/16 $9 3/16 $8 3/4 $7 13/16 $8 1/4 -------- --------- -------- -------- -------- NAV $10.13 $9.83 $9.53 $9.26 $9.46 -------- --------- -------- -------- -------- NNP Share Price $17 1/4 $16 1/16 $15 5/16 $13 $13 3/8 -------- --------- -------- -------- -------- NAV $15.89 $15.27 $14.65 $13.94 $14.42 -------- --------- -------- -------- -------- NQN Share Price $17 1/8 $15 5/8 $15 1/16 $12 15/16 $13 7/16 -------- --------- -------- --------- -------- NAV $15.50 $14.96 $14.44 $13.89 $14.31 -------- --------- -------- -------- -------- NVN Share Price $16 9/16 $16 $15 3/8 $13 $13 3/8 -------- --------- -------- -------- -------- NAV $15.58 $15.10 $14.64 $14.21 $14.50 -------- --------- -------- -------- -------- NUN Share Price $16 5/16 $15 1/4 $15 $12 5/8 $12 15/16 -------- --------- -------- -------- --------- NAV $15.53 $14.99 $14.54 $14.05 $14.34 -------- --------- -------- -------- -------- NNF Share Price $16 3/16 $15 $14 3/8 $12 9/16 $12 13/16 -------- --------- -------- -------- --------- NAV $15.39 $14.72 $14.20 $13.62 $13.98 -------- --------- -------- -------- -------- NAN Share Price NA $15 1/16 $14 3/8 $12 5/16 $12 1/2 -------- --------- -------- -------- -------- NAV NA $14.23 $13.27 $12.38 $13.11 -------- --------- -------- -------- --------
Over the past 12 months, NNY saw its discount (share price below NAV) widen, while the premiums (share price above NAV) on the remaining Funds moved to discounts. With the market prices of these Funds lower than the actual value of the bonds in their portfolios, shareholders may want to consider taking advantage of this opportunity to add to their holdings of the Nuveen New York Funds. TOTAL RETURN ON SHARE PRICE PREMIUM/DISCOUNT6 ----------------------------------- ----------------------------- 1-Year Ended Taxable- 3/31/00 Equivalent3 3/31/99 3/31/00 -------- -------- ----------- --------- NNY -13.16% -10.36% -0.67% -12.79% -------- -------- ----------- --------- NNP -16.66% -13.36% 8.56% -7.25% -------- -------- ----------- --------- NQN -16.14% -12.94% 10.48% -6.10% -------- -------- ----------- --------- NVN -13.64% -10.30% 6.31% -7.76% -------- -------- ----------- --------- NUN -15.36% -12.13% 5.04% -9.78% -------- -------- ----------- --------- NNF -16.00% -13.09% 5.18% -8.35% -------- -------- ----------- --------- NAN -12.54%* -10.14%* NA -4.65% -------- -------- ----------- --------- *NAN returns are for the period from May 26, 1999, the fund's commencement of operations date, through March 31, 2000. 6 A fund's premium/discount represents the percentage difference between the fund's share price and its NAV. WHAT KEY STRATEGIES WERE USED TO MANAGE THE NUVEEN NEW YORK FUNDS DURING THE 12 MONTHS ENDED MARCH 31, 2000? The past 12 months represented a challenging period for fixed-income investments, including long-term exchange-traded funds such as the Nuveen New York Funds. However, it also provided opportunities to improve the Funds' structure by adding diversification, enhancing tax efficiency, and strengthening the Funds' long-term dividend-paying capabilities. During the past year, we focused on taking advantage of these opportunities while continuing to manage the Funds toward their primary objective of providing dependable and attractive tax-free dividends. As the result of our implementation of these strategies, we believe the Funds are well positioned to benefit from any recovery of the bond market in the future. Because we recognized that municipal supply could become tighter if interest rates continued to rise, we were very active during the fourth quarter of 1999, taking advantage of issuers' decision to increase issuance ahead of the Y2K transition. By taking a proactive approach, we were able to purchase attractive bonds with high yields for all of the Nuveen New York Funds. In addition to high yields, these recent purchases should benefit the Funds in several ways. First, we were able to enhance the Funds' call structure by adding bonds with more favorable call protection. Second, many of the bonds we purchased for all of the Nuveen New York Funds should become good candidates for prerefunding if the bond market improves and rates decline, which could further enhance the quality and performance of these portfolios. The heavier issuance of the last quarter of 1999 also enabled us to focus on diversification, which is often a challenge in New York because issuance is often concentrated in New York City and state agency bonds. During the last part of 1999, we had several opportunities to further diversify the Funds' holdings by purchasing bonds from infrequent issuers, such as the Pratt Institute and Marymount Manhattan College, as well as from upstate municipalities that issued tax-backed general obligation debt at very attractive yields. Examples in this area included the city of Rochester, Germantown Central School District and the counties of Oneida and Rockland. Because of our size and market presence, we were often able to negotiate more favorable prices through a competitive bidding process, and, in some cases, we bought the entire maturity of the issue. We believe Nuveen's experienced Research team provides an advantage in this area, helping us identify attractive deals, especially in less-known areas of the market, supplying the background we need to understand the issuer, and helping us make appropriate purchase decisions. Another example of a diversification opportunity involved our purchase of the initial offering of the so-called "tobacco bonds." These high-yield bonds, which were issued on behalf of New York City via the Tobacco Settlement Asset Securitization Corporation (TSASC), are backed by payments from virtually all the tobacco companies as part of their master settlement agreement with 46 states. Because of our institutional presence in New York, city officials visited Nuveen prior to the issuance of these bonds to discuss the terms of the transaction and solicit our feedback. This gave us a valuable opportunity to thoroughly review the complex structure of the TSASC bonds and offer suggestions on ways in which the structure of the issue could be improved. The proceeds from these particular Aa1 (Moody's) and A (S&P) bonds are being used to finance renovations of New York City schools. All of these bonds, as well as others purchased from more traditional issuers during the past year, should help us enhance call protection and protect portfolio income. As of March 31, 2000, both NNF and NAN offered excellent levels of call protection. NNF has only 9% of its portfolio subject to calls between now and the end of 2001, while NAN has no scheduled calls over this period. These levels of call protection should help to provide additional stability for the Funds' dividends over this period. However, the remaining five funds, which were assembled prior to 1992, are now in the normal part of the bond market cycle when the likelihood of bond calls increases. Approximately 10 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. Over the remainder of 2000 and 2001, these five funds face a varying number of calls, ranging from 20% of the portfolio in NNY to 48% in NVN. Our strategies for addressing this situation include closely monitoring call activity in the portfolios and taking advantage of opportunities to sell bonds before their call dates, replacing them with the best bonds available in the market at the time of sale. The lighter supply of municipal bonds currently available will also factor into our strategies. One interesting characteristic of the recent market was the prevalence of bond buybacks. One such buyback was initiated by the Long Island Power Authority (LIPA), which in 1998 had brought to market the largest issuance in municipal bond history. In an effort to reduce debt service costs, LIPA solicited tender offers for approximately $150 million in bonds in December 1999. Again, Nuveen's size and market presence were instrumental in determining an appropriate price for these bonds, and we were able to tender a substantial amount of bonds at prices well above their market value. This helped to enhance the returns of the Funds involved (NNY, NNP, NQN, NNF, and NAN). Because LIPA continues to perform well operationally, we subsequently bought more LIPA bonds to position the Funds for any future buybacks and/or rating upgrades. As a major institutional buyer, we also received early information on a proposed buyback by New York City's Metropolitan Transit Authority (MTA). MTA is considering major debt restructuring, which could result in refundings or buybacks. While we already had a large position in MTA bonds, we took advantage of this information to increase our holdings in anticipation of future tender opportunities or advance refundings, either of which have the potential to enhance the Funds' performance, similar to the situation we had with LIPA. As interest rates rose and bond prices declined over the past 12 months, enhanced tax efficiency also became an increased focus. Our strategy has been to sell selected bonds that were trading at a loss, recognize the capital losses, and then reinvest the proceeds in bonds with similar structure and quality as well as attractive yields and better call protection. This trading benefited the Funds by providing realized capital losses with which to offset current and future realized capital gains, thereby protecting shareholders from additional taxes, and also, in most cases, increasing the Funds' net earnings. While this activity has slowed somewhat recently as long-term rates dropped slightly, we continue to look for opportunities to implement this strategy. As of March 31, 2000, NNY, NNP, and NAN offered excellent credit quality, with the portion of their assets invested in bonds rated AAA/U.S. guaranteed and AA ranging from 71% to 83%. Allocations of BBB/non-rated bonds ranged from 5% in NNP to 10% in NNY. These bonds generally provided higher yields as credit spreads (or the difference in yield between higher credit quality securities and those of lower credit quality) widened in recent months. As insured funds, NQN, NVN, NUN, and NNF are 100% invested in insured and/or U.S. guaranteed bonds, which means that credit quality is very high. WHAT IS YOUR OUTLOOK FOR THE NUVEEN 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 continue to add 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 March 31, 2000 NNY PORTFOLIO STATISTICS Inception Date 10/87 - -------------------------------------------------- Share Price $8 1/4 - -------------------------------------------------- Net Asset Value $9.46 - -------------------------------------------------- Market Yield 6.18% - -------------------------------------------------- Taxable-Equivalent Yield 8.96% (Federal Income Tax Rate) 1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 9.58% - -------------------------------------------------- Fund Net Assets ($000) $143,088 - -------------------------------------------------- Average Effective Maturity (Years) 19.69 - -------------------------------------------------- Average Duration 8.47 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -13.16% -1.62% - -------------------------------------------------- 5-Year 1.44% 4.47% - -------------------------------------------------- 10-Year 4.56% 6.25% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -10.36% 1.16% - -------------------------------------------------- 5-Year 4.62% 7.71% - -------------------------------------------------- 10-Year 7.93% 9.71% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) U.S. Guaranteed 21% - -------------------------------------------------- Long-Term Care 14% - -------------------------------------------------- Tax Obligation/Limited 14% - -------------------------------------------------- Education and Civic Organizations 13% - -------------------------------------------------- Healthcare 10% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/99 0.0415 5/99 0.0415 6/99 0.0415 7/99 0.0415 8/99 0.0415 9/99 0.0415 10/99 0.0415 11/99 0.0415 12/99 0.0415 1/00 0.0415 2/00 0.0415 3/00 0.0425 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 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 8.63 8.38 8.13 8.13 8.44 8.56 8.25 8.06 8.31 7.94 7.75 7.88 7.81 7.88 7.81 7.69 7.94 8.06 7.94 7.88 8.06 8.13 8.13 8.13 8.19 3/31/00 8.25 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 Performance Plus Municipal Fund, Inc. Performance Overview As of March 31, 2000 NNP PORTFOLIO STATISTICS Inception Date 11/89 - -------------------------------------------------- Share Price $13 3/8 - -------------------------------------------------- Net Asset Value $14.42 - -------------------------------------------------- Market Yield 7.09% - -------------------------------------------------- Taxable-Equivalent Yield 10.28% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.99% - -------------------------------------------------- Fund Net Assets ($000) $340,037 - -------------------------------------------------- Average Effective Maturity (Years) 18.84 - -------------------------------------------------- Leverage-Adjusted Duration 12.37 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -16.66% -2.41% - -------------------------------------------------- 5-Year 3.29% 4.80% - -------------------------------------------------- 10-Year 5.88% 7.84% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -13.36% 1.17% - -------------------------------------------------- 5-Year 6.92% 8.63% - -------------------------------------------------- 10-Year 9.66% 11.85% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) U.S. Guaranteed 21% - -------------------------------------------------- Education and Civic Organizations 16% - -------------------------------------------------- Tax Obligation/Limited 14% - -------------------------------------------------- Healthcare 12% - -------------------------------------------------- Transportation 11% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE3 4/99 0.0865 5/99 0.0845 6/99 0.0845 7/99 0.0845 8/99 0.0845 9/99 0.0845 10/99 0.0845 11/99 0.0845 12/99 0.0815 1/00 0.0815 2/00 0.0815 3/00 0.079 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 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 15.25 15.38 14.56 14.63 14.63 14.69 14.31 14.13 13.81 13 12.56 12.63 13 13.56 13.13 13.25 13.88 13.94 13.88 13.63 13.5 13 13.06 12.81 13.13 3/31/00 13.38 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 a capital gains distribution in December 1999 of $0.062 per share. Nuveen New York Investment Quality Municipal Fund, Inc. Performance Overview As of March 31, 2000 NQN PORTFOLIO STATISTICS Inception Date 11/90 - -------------------------------------------------- Share Price $13 7/16 - -------------------------------------------------- Net Asset Value $14.31 - -------------------------------------------------- Market Yield 6.88% - -------------------------------------------------- Taxable-Equivalent Yield 9.97% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.67% - -------------------------------------------------- Fund Net Assets ($000) $397,311 - -------------------------------------------------- Average Effective Maturity (Years) 19.26 - -------------------------------------------------- Leverage-Adjusted Duration 11.59 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -16.14% -1.31% - -------------------------------------------------- 5-Year 3.95% 4.89% - -------------------------------------------------- Since Inception 5.34% 7.10% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -12.94% 2.22% - -------------------------------------------------- 5-Year 7.48% 8.62% - -------------------------------------------------- Since Inception 8.93% 10.85% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) U.S. Guaranteed 24% - -------------------------------------------------- Tax Obligation/Limited 19% - -------------------------------------------------- Healthcare 13% - -------------------------------------------------- Transportation 12% - -------------------------------------------------- Education and Civic Organizations 10% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/99 0.083 5/99 0.083 6/99 0.083 7/99 0.083 8/99 0.08 9/99 0.08 10/99 0.08 11/99 0.08 12/99 0.08 1/00 0.08 2/00 0.077 3/00 0.077 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 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 14.94 14.88 14.19 14.13 14.19 14 14.06 13.5 13.5 12.81 12.56 13.13 12.94 13.63 13.31 13.31 13.38 13.69 13.44 13.31 13.31 12.88 12.75 13 13.25 3/31/00 13.44 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 Select Quality Municipal Fund, Inc. Performance Overview As of March 31, 2000 NVN PORTFOLIO STATISTICS Inception Date 5/91 - -------------------------------------------------- Share Price $13 3/8 - -------------------------------------------------- Net Asset Value $14.50 - -------------------------------------------------- Market Yield 6.95% - -------------------------------------------------- Taxable-Equivalent Yield 10.07% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.78% - -------------------------------------------------- Fund Net Assets ($000) $532,713 - -------------------------------------------------- Average Effective Maturity (Years) 17.73 - -------------------------------------------------- Leverage-Adjusted Duration 8.62 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -13.64% -0.55% - -------------------------------------------------- 5-Year 4.27% 5.17% - -------------------------------------------------- Since Inception 5.17% 6.98% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -10.30% 3.00% - -------------------------------------------------- 5-Year 7.77% 8.76% - -------------------------------------------------- Since Inception 8.76% 10.61% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) Tax Obligation/Limited 23% - -------------------------------------------------- U.S. Guaranteed 20% - -------------------------------------------------- Education and Civic Organizations 13% - -------------------------------------------------- Tax Obligation/General 9% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/99 0.0825 5/99 0.0825 6/99 0.0825 7/99 0.0825 8/99 0.0825 9/99 0.0825 10/99 0.0825 11/99 0.0825 12/99 0.0795 1/00 0.0795 2/00 0.0795 3/00 0.0775 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 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 15.13 15.38 14.5 14.38 14.38 14.44 13.75 13.88 14 12.75 12.56 12.56 13 13.38 13.31 13.13 13.38 13.75 13.56 13.31 13.56 13.06 13.25 12.88 13.13 3/31/00 13.38 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 Quality Income Municipal Fund, Inc. Performance Overview As of March 31, 2000 NUN PORTFOLIO STATISTICS Inception Date 11/91 - -------------------------------------------------- Share Price $12 15/16 - -------------------------------------------------- Net Asset Value $14.34 - -------------------------------------------------- Market Yield 7.05% - -------------------------------------------------- Taxable-Equivalent Yield 10.22% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.93% - -------------------------------------------------- Fund Net Assets ($000) $542,377 - -------------------------------------------------- Average Effective Maturity (Years) 17.44 - -------------------------------------------------- Leverage-Adjusted Duration 8.84 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -15.36% -1.60% - -------------------------------------------------- 5-Year 4.72% 5.52% - -------------------------------------------------- Since Inception 4.45% 6.53% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -12.13% 1.79% - -------------------------------------------------- 5-Year 8.16% 8.98% - -------------------------------------------------- Since Inception 7.86% 9.94% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) U.S. Guaranteed 27% - -------------------------------------------------- Tax Obligation/Limited 17% - -------------------------------------------------- Education and Civic Organizations 16% - -------------------------------------------------- Transportation 12% - -------------------------------------------------- Housing/Multifamily 8% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/99 0.078 5/99 0.078 6/99 0.078 7/99 0.078 8/99 0.078 9/99 0.078 10/99 0.078 11/99 0.078 12/99 0.076 1/00 0.076 2/00 0.076 3/00 0.076 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 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 15 14.88 13.63 13.5 13.63 14.19 13.5 13.69 13.94 12.44 12.5 12.81 12.63 13.06 12.88 12.94 13.13 13.25 13.38 13.06 13.13 12.88 13 12.69 12.81 3/31/00 12.94 Weekly Closing Price Past performance is not predictive of future results. 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. 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 Insured New York Premium Income Municipal Fund, Inc. Performance Overview As of March 31, 2000 NNF PORTFOLIO STATISTICS Inception Date 12/92 - -------------------------------------------------- Share Price $12 13/16 - -------------------------------------------------- Net Asset Value $13.98 - -------------------------------------------------- Market Yield 6.51% - -------------------------------------------------- Taxable-Equivalent Yield 9.43% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.09% - -------------------------------------------------- Fund Net Assets ($000) $181,059 - -------------------------------------------------- Average Effective Maturity (Years) 17.54 - -------------------------------------------------- Leverage-Adjusted Duration 11.67 - -------------------------------------------------- ANNUALIZED TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -16.00% -3.67% - -------------------------------------------------- 5-Year 6.86% 6.46% - -------------------------------------------------- Since Inception 3.61% 5.64% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- 1-Year -13.09% -0.61% - -------------------------------------------------- 5-Year 10.16% 9.67% - -------------------------------------------------- Since Inception 6.86% 8.81% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) U.S. Guaranteed 23% - -------------------------------------------------- Education and Civic Organizations 23% - -------------------------------------------------- Healthcare 13% - -------------------------------------------------- Utilities 12% - -------------------------------------------------- Tax Obligation/General 9% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 4/99 0.0695 5/99 0.0695 6/99 0.0695 7/99 0.0695 8/99 0.0695 9/99 0.0695 10/99 0.0695 11/99 0.0695 12/99 0.0695 1/00 0.0695 2/00 0.0695 3/00 0.0695 LINE CHART: SHARE PRICE PERFORMANCE 4/1/99 16.25 16.25 16.06 16 15.94 15.5 15.06 15 14.88 15 14.5 15.13 15 15.38 15.5 15.44 15.44 15.44 15.44 15.19 15.19 15.25 15.19 14.94 14.69 14.44 14.38 13.81 13.44 13.63 13.88 13.75 13.31 13.13 13.19 12.88 13 12.56 13 12.44 12.38 12.56 12.94 12.81 12.5 12.5 12.5 12.44 12.31 12.44 3/31/00 12.81 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 March 31, 2000 NAN PORTFOLIO STATISTICS Inception Date 5/99 - -------------------------------------------------- Share Price $12 1/2 - -------------------------------------------------- Net Asset Value $13.11 - -------------------------------------------------- Market Yield 6.62% - -------------------------------------------------- Taxable-Equivalent Yield 9.59% (Federal Income Tax Rate)1 - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State Income Tax Rate)1 10.26% - -------------------------------------------------- Fund Net Assets ($000) $189,3581 - -------------------------------------------------- Average Effective Maturity (Years) 24.44 - -------------------------------------------------- Leverage-Adjusted Duration 19.40 - -------------------------------------------------- TOTAL RETURN ON SHARE PRICE ON NAV - -------------------------------------------------- Since Inception -12.54% -3.86% - -------------------------------------------------- TAXABLE-EQUIVALENT TOTAL RETURN2 ON SHARE PRICE ON NAV - -------------------------------------------------- Since Inception -10.14% -1.34% - -------------------------------------------------- TOP FIVE SECTORS (AS A % OF TOTAL INVESTMENTS) Healthcare 24% - -------------------------------------------------- Tax Obligation/Limited 22% - -------------------------------------------------- Education and Civic Organizations 17% - -------------------------------------------------- Tax Obligation/General 10% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- BAR CHART: 1999-2000 MONTHLY TAX-FREE DIVIDENDS PER SHARE 7/99 0.0715 8/99 0.0715 9/99 0.0715 10/99 0.0715 11/99 0.0715 12/99 0.0715 1/00 0.0715 2/00 0.0715 3/00 0.069 LINE CHART: SHARE PRICE PERFORMANCE 5/28/99 15.125 15.0625 15.0625 15.06 15 15.06 15 15 15 14.94 15 15 14.75 14.63 14.75 14 14 14.38 14.19 13.88 13.56 13.63 13.75 12.88 13 12.81 12.63 11.94 12.25 12.31 13.31 12.56 12.63 12.75 12.88 12.88 12.56 12.56 12.44 12.38 12.44 12.31 3/31/00 12.5 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. Shareholder Meeting Report APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS:
NNY NNP - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Common Common Shares Shares Shares Shares Shares Shares Series-M Series-T Series-W Series-F ==================================================================================================================================== Robert P. Bremner For -- 13,053,306 1,580 687 1,836 556 Withhold -- 191,733 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,245,039 1,581 687 1,840 561 ==================================================================================================================================== Lawrence H. Brown For -- 13,052,973 1,580 687 1,836 556 Withhold -- 192,066 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,245,039 1,581 687 1,840 561 ==================================================================================================================================== Anne E. Impellizzeri For 12,744,352 13,052,006 1,580 687 1,836 556 Against 115,086 Abstain 259,479 Withhold -- 193,033 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,118,917 13,245,039 1,581 687 1,840 561 ==================================================================================================================================== Peter R. Sawers For -- 13,053,306 1,580 687 1,836 556 Withhold -- 191,733 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,245,039 1,581 687 1,840 561 ==================================================================================================================================== Judith M. Stockdale For -- 13,046,756 1,580 687 1,836 556 Withhold -- 198,283 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 13,245,039 1,581 687 1,840 561 ==================================================================================================================================== William J. Schneider For -- -- 1,580 687 1,836 556 Withhold -- -- 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- -- 1,581 687 1,840 561 ==================================================================================================================================== Timothy R. Schwertfeger For -- -- 1,580 687 1,836 5567 Withhold -- -- 1 -- 4 5 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- -- 1,581 687 1,840 561 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 12,892,091 12,904,593 1,579 687 1,840 550 Against 50,440 102,347 -- -- -- 10 Abstain 176,386 238,099 2 -- -- 1 - ------------------------------------------------------------------------------------------------------------------------------------ Total 13,118,917 13,245,039 1,581 687 1,840 561 ====================================================================================================================================
Shareholder Meeting Report (Continued)
NQN NVN - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Preferred Preferred Common Shares Shares Shares Common Shares Shares Shares Shares Series-M Series-T Series-F Shares Series-T Series-W Series-TH ==================================================================================================================================== Robert P. Bremner For 15,509,195 960 2,278 2,245 20,965,334 1,608 2,372 3,426 Withhold 240,522 -- 1 1 222,422 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== Lawrence H. Brown For 15,509,195 960 2,278 2,245 20,966,555 1,608 2,372 3,426 Withhold 240,522 -- 1 1 221,201 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== Anne E. Impellizzeri For 15,520,501 960 2,278 2,245 20,960,862 1,608 2,372 3,426 Withhold 229,216 -- 1 1 226,894 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== Peter R. Sawers For 15,522,065 960 2,278 2,245 20,967,205 1,608 2,372 3,426 Withhold 227,652 -- 1 1 220,551 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== Judith M. Stockdale For 15,522,501 960 2,278 2,245 20,965,255 1,608 2,372 3,426 Withhold 227,216 -- 1 1 222,501 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== William J. Schneider For -- 960 2,278 2,245 -- 1,608 2,372 3,426 Withhold -- -- 1 1 -- 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 960 2,279 2,246 -- 1,629 2,372 3,430 ==================================================================================================================================== Timothy R. Schwertfeger For -- 960 2,278 2,245 -- 1,608 2,372 3,426 Withhold -- -- 1 1 -- 21 -- 4 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 960 2,279 2,246 -- 1,629 2,372 3,430 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 15,434,756 960 2,272 2,245 20,735,116 1,629 2,372 3,354 Against 100,327 -- 7 1 126,708 -- -- 34 Abstain 214,634 -- -- -- 325,932 -- -- 42 - ------------------------------------------------------------------------------------------------------------------------------------ Total 15,749,717 960 2,279 2,246 21,187,756 1,629 2,372 3,430 ==================================================================================================================================== NUN NNF - ------------------------------------------------------------------------------------------------------------------------------------ APPROVAL OF THE DIRECTORS WAS REACHED AS FOLLOWS: Preferred Preferred Preferred Preferred Preferred Preferred Common Shares Shares Shares Shares Common Shares Shares Shares Series-M Series-W Series-TH Series-F Shares Series-M Series-TH - ------------------------------------------------------------------------------------------------------------------------------------ Robert P. Bremner For 21,793,832 2,181 1,944 2,291 1,049 7,727,357 1,311 1,173 Withhold 428,918 1 142 -- 24 107,911 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ==================================================================================================================================== Lawrence H. Brown For 21,789,465 2,181 1,930 2,287 1,049 7,731,814 1,311 1,173 Withhold 433,285 1 156 4 24 103,454 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ==================================================================================================================================== Anne E. Impellizzeri For 21,784,414 2,181 1,930 2,285 1,049 7,731,523 1,311 1,173 Withhold 438,336 1 156 6 24 103,745 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ==================================================================================================================================== Peter R. Sawers For 21,791,243 2,181 1,944 2,287 1,049 7,731,814 1,311 1,173 Withhold 431,507 1 142 4 24 103,454 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ==================================================================================================================================== Judith M. Stockdale For 21,787,262 2,181 1,944 2,281 1,049 7,731,814 1,311 1,173 Withhold 435,488 1 142 10 24 103,454 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ==================================================================================================================================== William J. Schneider For -- 2,181 1,930 2,287 1,049 -- 1,311 1,173 Withhold -- 1 156 4 24 -- 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,182 2,086 2,291 1,073 -- 1,312 1,203 ==================================================================================================================================== Timothy R. Schwertfeger For -- 2,181 1,930 2,291 1,049 -- 1,311 1,173 Withhold -- 1 156 -- 24 -- 1 30 - ------------------------------------------------------------------------------------------------------------------------------------ Total -- 2,182 2,086 2,291 1,073 -- 1,312 1,203 ==================================================================================================================================== RATIFICATION OF AUDITORS WAS REACHED AS FOLLOWS: For 21,486,255 2,182 1,943 2,280 1,073 7,738,283 1,309 1,190 Against 126,365 -- 141 -- -- 11,119 3 13 Abstain 610,130 -- 2 11 -- 85,866 -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Total 22,222,750 2,182 2,086 2,291 1,073 7,835,268 1,312 1,203 ====================================================================================================================================
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.3% $ 1,000 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A2 $ 1,010,030 Tobacco Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 1,250 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 1,244,175 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 1,076,450 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 12.9% 2,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 1,952,140 Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 1,000 Dormitory Authority of the State of New York, State University 5/00 at 102 A 1,023,220 Educational Facilities Revenue Bonds, Series 1990A, 7.400%, 5/15/01 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1993A: 1,000 5.750%, 7/01/18 No Opt. Call A- 1,003,720 1,000 6.000%, 7/01/20 No Opt. Call A- 1,020,540 11,080 Dormitory Authority of the State of New York, City University 7/03 at 100 A 9,713,614 System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 2,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A 1,656,360 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 750 Dormitory Authority of the State of New York, Pratt Institute 7/09 at 102 AA 754,493 Revenue Bonds, Series 1999, 6.000%, 7/01/24 1,250 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,282,875 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 10.2% 500 Cattaraugus County, Industrial Development Agency, Civic 8/08 at 102 A+ 440,935 Facility Revenue Bonds, Series 1998A (Olean General Hospital Project), 5.250%, 8/01/23 1,500 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 1,345,395 Bonds, 1999 Series A, 5.000%, 2/15/20 2,250 Dormitory Authority of the State of New York, The Rosalind 2/07 at 102 AAA 2,185,448 and Joseph Gurwin Jewish Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 2,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 1,912,120 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 3,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 2,854,980 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,860 New York State Medical Care Facilities Financing Agency, Hospital 8/05 at 102 AAA 2,982,179 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 1,290 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,317,425 Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15 1,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 1,504,770 Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 3.1% 460 New York City Housing Development Corporation, Mortgage 8/00 at 102 Aa1 470,465 Revenue Bonds (South Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/23 (Alternative Minimum Tax) 1,375 New York City Housing Development Corporation, Mortgage 9/00 at 102 Aa1 1,413,459 Revenue Bonds (South Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY (continued) $ 1,500 New York City Housing Development Corporation, Multi-Family 4/03 at 102 AAA $ 1,560,075 Mortgage Revenue Bonds (FHA-Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 1,135 New York State Housing Finance Agency, Multifamily Housing 2/09 at 101 Aa1 1,004,350 Revenue Bonds (Secured Mortgage Program), Series 1999B, 5.400%, 8/15/31 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.5% 3,750 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa1 3,536,925 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 14.1% 1,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 1,014,120 Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc. Project), 6.000%, 8/01/24 2,015 Village of East Rochester Housing Authority, FHA-Insured 8/07 at 102 AAA 1,956,726 Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 3,125 Village of East Rochester Housing Authority, FHA-Insured 8/08 at 101 AAA 2,692,000 Mortgage Revenue Bonds (St. John's Meadows Project), Series 1998A, 5.250%, 8/01/38 3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,042,360 for the Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102 AA- 2,003,840 Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 3,000 Dormitory Authority of the State of New York, W.K. Nursing Home 8/06 at 102 AAA 3,037,530 Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 6.125%, 2/01/36 1,000 Dormitory Authority of the State of New York, Eger Health Care 2/08 at 102 AAA 875,690 Center of Staten Island, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28 1,000 Dormitory Authority of the State of New York, Concord Nursing 7/10 at 101 A1 1,029,260 Home, Inc., Revenue Bonds, Series 2000, 6.500%, 7/01/29 1,475 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 1,548,116 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 3,000 Syracuse Housing Authority, FHA-Insured Mortgage 2/08 at 102 AAA 2,978,400 Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 2.8% 25 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 26,137 Series C, 6.300%, 8/01/03 1,135 The City of New York, General Obligation Bonds, Fiscal 1995 No Opt. Call A- 1,196,369 Series D, 6.600%, 2/01/04 1,390 The City of New York, General Obligation Bonds, Fiscal 1996 No Opt. Call A- 1,466,950 Series B, 6.750%, 8/15/03 75 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 A- 80,441 Series D, 9.500%, 8/01/02 1,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 1,169,020 Plant Serial Bonds of 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 14.0% 250 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, 11/03 at 102 A 246,428 Junior Revenue Refunding Bonds, 5.800%, 11/01/22 5,000 Metropolitan Transportation Authority (New York), Dedicated Tax 4/07 at 101 AAA 4,592,350 Fund Bonds, Series 1996A, 5.250%, 4/01/26 500 New York City Transitional Finance Authority, Future Tax Secured 5/10 at 101 AA 509,670 Bonds, Fiscal 2000 Series B, 6.000%, 11/15/29 2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA 1,978,660 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 25 Dormitory Authority of the State of New York, Judicial Facilities 4/00 at 114 5/32 Baa1 28,607 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 1,000 Dormitory Authority of the State of New York, Court Facilities 5/03 at 101 1/2 A- 965,220 Lease Revenue Bonds (The City of New York Issue), Series 1993A, 5.700%, 5/15/22 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK MUNICIPAL VALUE FUND, INC. (NNY) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 3,125 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA $ 2,934,031 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 1,000 New York State Housing Finance Agency, H.E.L.P. - Suffolk Housing 5/00 at 100 Baa1 1,001,360 Revenue Bonds, 1989 Series A, 8.100%, 11/01/05 855 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 878,675 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 10 New York State Housing Finance Agency, Service Contract 9/04 at 102 A 10,417 Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 10 New York State Medical Care Facilities Financing Agency, 2/02 at 102 AAA 10,424 Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 2,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,035,960 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 3,000 City School District of Niagara Falls, Certificates of Participation 6/08 at 101 BBB- 2,614,530 (High School Facility), Series 1998, 5.375%, 6/15/28 1,230 Suffolk County Judicial Facilities Agency, Service Agreement Revenue 10/09 at 101 AAA 1,150,677 Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16 1,000 Virgin Islands Public Finance Authority, Revenue Bonds (Virgin Islands 10/10 at 101 BBB- 1,011,700 Gross Receipts Taxes Loan Note), Series 1999A, 6.500%, 10/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 5.6% 1,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 988,840 Revenue Bonds, Series 1995, 5.750%, 1/01/25 1,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 936,870 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 1,500 Metropolitan Transportation Authority, Transit Facilities Revenue 7/09 at 100 A 1,509,885 Bonds, Series 1999A, 6.000%, 7/01/24 2,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,693,500 Revenue Bonds, Series 1998 (British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,600 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/10 at 100 Aa3 2,470,416 Bonds, Series 1999B, 5.500%, 1/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 20.4% 3,425 The City of New York, General Obligation Bonds, Fiscal 8/01 at 101 1/2 Aaa 3,693,863 1991 Series D, 9.500%, 8/01/02 (Pre-refunded to 8/01/01) 20 The City of New York, General Obligation Bonds, Fiscal 10/07 at 101 A-*** 21,413 1997 Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 1,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 1/2 Aaa 1,053,340 Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 2,600 New York City Industrial Development Agency, Civic Facility 8/01 at 102 Aaa 2,759,120 Revenue Bonds (YMCA of Greater New York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01) 4,000 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,650,240 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 4,145 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 AAA 4,316,603 Bonds (New York City), 1990 Series Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 1,000 New York Local Government Assistance Corporation, Series 1991B, 4/01 at 102 AAA 1,051,330 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 990 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 AAA 1,067,052 Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 95 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 100,626 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 990 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA $ 1,038,203 Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2,200 New York State Thruway Authority, Local Highway and Bridge 1/01 at 100 AAA 2,229,832 Service Contract Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 5,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 5,232,250 Bonds (Onondaga County Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1991: 1,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,051,330 1,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,051,330 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.7% 2,000 County of Cattaraugus, New York, Industrial Development Agency, No Opt. Call N/R 1,999,560 Tax- Exempt Industrial Development Revenue Bonds, Series 1999A (Laidlaw Energy & Environmental, Inc. Project), 8.500%, 7/01/21 (Alternative Minimum Tax) 3,500 Erie County Industrial Development Agency, Solid Waste 12/10 at 103 N/R 3,787,595 Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13 (Alternative Minimum Tax) New York City Industrial Development Agency, Industrial Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997: 1,000 6.200%, 10/01/22 (Alternative Minimum Tax) No Opt. Call BBB- 971,110 1,000 5.750%, 10/01/36 (Alternative Minimum Tax) 10/08 at 102 BBB- 886,360 1,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 1,012,180 Electric Facilities Revenue Bonds, Series 1991A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 1,000 New York State Energy Research and Development Authority, 7/03 at 102 AAA 951,410 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.4% 1,000 New York City Municipal Water Finance Authority, Water 6/07 at 101 AAA 913,130 and Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.250%, 6/15/29 1,000 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 952,190 and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 1,425 New York State Environmental Facilities Corporation, Water 6/02 at 102 A 1,438,552 Facilities Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 3,065 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 2,989,325 Bonds, Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 144,000 Total Investments - (cost $140,631,298) - 99.0% 141,649,941 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.0% 1,438,158 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $143,088,099 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 2.6% $ 2,500 Nassau County Tobacco Settlement Corporation (New York), 7/09 at 101 A2 $ 2,525,075 Tobacco Settlement Asset-Backed Bonds, Series A, 6.500%, 7/15/27 3,750 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 3,732,525 Series 1999-1, 6.250%, 7/15/27 3,000 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 2,583,480 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 15.4% 1,285 Cattaraugus County Industrial Development Agency, Civic 9/08 at 101 BBB 1,158,119 Facility Revenue Bonds (St. Bonaventure University Construction Project), Series 1998B, 5.000%, 9/15/13 1,000 County of Monroe Industrial Development Agency, Civic Facility 6/09 at 102 AA 955,670 Revenue Bonds (St. John Fisher College Project), Series 1999, 5.375%, 6/01/17 3,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 2,928,210 Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 1,250 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 1,193,137 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 550 Dormitory Authority of the State of New York, College and 6/00 at 101 1/2 AAA 561,099 University Revenue Bonds (Pooled Capital Program), Series 1985, 7.800%, 12/01/05 2,500 Dormitory Authority of the State of New York, State University No Opt. Call A 2,614,275 Educational Facilities Revenue Bonds, Series 1993A, 5.875%, 5/15/17 3,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 3,212,580 System Consolidated Revenue Bonds, Series 1993B, 6.000%, 7/01/14 11,350 Dormitory Authority of the State of New York, City University 7/03 at 100 A 9,950,318 System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 1,000 Dormitory Authority of the State of New York, City University 7/05 at 102 AAA 998,920 System Consolidated Second General Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14 1,500 Dormitory Authority of the State of New York, St. Thomas 7/08 at 101 AA 1,330,950 Aquinas College Insured Revenue Bonds, Series 1998, 5.250%, 7/01/28 3,425 Dormitory Authority of the State of New York, State University 5/08 at 101 A 2,836,517 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2: 1,490 5.000%, 7/01/17 7/08 at 101 A 1,339,227 1,055 5.000%, 7/01/18 7/08 at 101 A 939,383 7,000 5.000%, 7/01/28 7/08 at 101 A 5,955,740 5,590 Dormitory Authority of the State of New York, University of 7/09 at 101 A+ 5,550,926 Rochester Revenue Bonds, Series 1999A and 1999B, 5.500%, 7/01/16 Dormitory Authority of the State of New York, Pratt Institute Revenue Bonds, Series 1999: 1,250 6.000%, 7/01/20 7/09 at 102 AA 1,266,188 2,560 6.000%, 7/01/28 7/09 at 102 AA 2,570,112 6,750 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 6,927,525 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 12.1% 2,000 Dormitory Authority of the State of New York, St. Vincent's 8/01 at 102 AAA 2,095,560 Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bond, Series 1991, 7.400%, 8/01/30 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 1,000 Dormitory Authority of the State of New York, St. James Mercy 2/08 at 102 AA $ 943,010 Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.250%, 2/01/18 8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 7,648,480 Services of Long Island Obligated Group), St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 9,630 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AAA 9,760,872 and Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 5,500 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 5,234,130 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.500%, 8/15/24 2,465 New York State Medical Care Facilities Financing Agency, 8/05 at 102 AAA 2,570,305 Hospital and Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 5,370 New York State Medical Care Facilities Financing Agency, 2/05 at 102 AA 5,511,016 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 7,500 Onondaga County Industrial Development Agency, New York, No Opt. Call AAA 7,523,850 Sewage Facilities Revenue Bonds (Bristol-Meyer Squibb Company Project), Series 1994, 5.750%, 3/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.4% 1,000 Hudson Housing Development Corporation, Multifamily Mortgage 1/03 at 101 Aaa 1,021,490 Revenue Refunding Bonds, Series 1992A (Providence Hall-Schuyler Court Projects - FHA-Insured Mortgages), 6.500%, 1/01/25 5,750 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 6,009,958 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 3,160 New York State Housing Finance Agency, Multifamily Housing 5/00 at 102 AAA 3,226,992 Revenue Bonds (AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax) 1,585 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102 Aa1 1,659,511 Revenue Bonds (Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax) New York State Housing Finance Agency Multi-Family Housing Revenue Bonds (Secured Mortgage Program), Series 1991: 1,100 6.200%, 2/15/20 (Alternative Minimum Tax) 8/09 at 101 Aa1 1,104,356 720 6.300%, 2/15/32 (Alternative Minimum Tax) 8/09 at 101 Aa1 722,830 4,655 Puerto Rico Housing Finance Corporation, Multifamily Mortgage 4/00 at 102 AA 4,757,084 Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.9% 3,750 State of New York Mortgage Agency, Homeowner Mortgage 11/09 at 100 Aa1 3,755,100 Revenue Bonds, Series 88, 6.250%, 4/01/30 (Alternative Minimum Tax) 1,460 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102 AAA 1,452,466 Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1,250 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa1 1,178,975 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 4.1% 3,000 Dormitory Authority of the State of New York, Hebrew Home 2/07 at 102 AA 3,042,360 for the Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 1,375 Dormitory Authority of the State of New York, The Miriam Osborn 7/10 at 102 A 1,393,508 Memorial Home Association, Revenue Bonds, Series 2000B, 6.375%, 7/01/29 2,980 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,084,896 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 2,770 County of Oswego Industrial Development Agency, Civic 2/09 at 101 AAA 2,496,102 Facility Revenue Bonds, Series 1999A (FHA-Insured Mortgage - Bishops Commons Inc. Project), 5.375%, 2/01/49 4,000 Syracuse Housing Authority, FHA-Insured Mortgage 2/08 at 102 AAA 3,971,200 Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.9% $ 10 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA $ 10,497 Fiscal 1992 Series C, 6.625%, 8/01/12 30 The City of New York, General Obligation Bonds, 8/01 at 101 1/2 A- 32,177 Fiscal 1991 Series D, 9.500%, 8/01/02 1,060 The City of New York, General Obligation Bonds, 2/05 at 101 A- 1,123,759 Fiscal 1995 Series F, 6.375%, 2/15/06 1,500 The City of New York, General Obligation Bonds, 8/08 at 101 A- 1,322,385 Fiscal 1999 Series C, 5.000%, 8/15/22 2,095 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,512,994 Treatment Plant Serial Bonds of 1994, 8.000%, 11/01/09 (Alternative Minimum Tax) 10,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 8,345,400 Bonds, Series 1998 (General Obligation Bonds), 4.500%, 7/01/23 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 13.4% 2,000 Battery Park City Authority, Junior Revenue Bonds, 11/06 at 102 AAA 1,900,620 Series 1996A, 5.500%, 11/01/29 7,000 Metropolitan Transportation Authority, Dedicated Tax Fund 4/07 at 101 AAA 6,429,290 Bonds, Series 1996A, 5.250%, 4/01/26 2,000 Nassau Health Care Corporation, Health System Revenue Bonds, 8/09 at 102 AAA 1,973,300 Series 1999 (Nassau County, New York Guaranteed), 5.750%, 8/01/29 1,230 New York City Transitional Finance Authority, Future Tax 8/09 at 101 AA 1,219,557 Secured Bonds, Fiscal 2000 Series A, Tax-Exempt, 5.750%, 8/15/24 3,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 2,967,990 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 4,365 Dormitory Authority of the State of New York, Mental Health 2/08 at 102 AAA 3,867,477 Services Facilities Improvement Revenue Bonds, Series 1998B, 5.000%, 2/15/23 7,000 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 6,117,720 Services Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/19 4,210 Dormitory Authority of the State of New York, 4201 Schools 7/09 at 101 A 3,748,626 Program Revenue Bonds, Series 1998, 5.000%, 7/01/18 940 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 966,029 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 1,195 New York State Medical Care Facilities Finance Agency, 8/00 at 102 A 1,221,684 Mental Health Services Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 335 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 345,425 Mental Health Services Facilities Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 10 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 A 10,577 Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 6,900 New York State Urban Development Corporation, Correctional 1/08 at 102 A 5,910,333 Facilities Service Contract Revenue Bonds, Series A, 5.000%, 1/01/28 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,053,940 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 5,000 City School District of Niagara Falls, Certificates of Participation 6/08 at 101 BBB- 4,357,550 (High School Facility), Series 1998, 5.375%, 6/15/28 1,500 Virgin Islands Public Finance Authority, Revenue Bonds 10/10 at 101 BBB- 1,517,550 (Virgin Islands Gross Receipts Taxes Loan Note), Series 1999A, 6.500%, 10/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 10.4% 15,525 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 A 13,809,643 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 4,000 Metropolitan Transportation Authority, Transit Facilities 7/09 at 100 A 4,026,360 Revenue Bonds, Series 1999A, 6.000%, 7/01/24 2,250 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,905,188 Revenue Bonds, Series 1998 (British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 6,455 New York State Thruway Authority, General Revenue 1/04 at 102 AAA 5,827,316 Bonds, Series B, 5.000%, 1/01/20 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 1,000 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA $ 961,350 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 1,750 Triborough Bridge and Tunnel Authority, General Purpose 1/07 at 101 Aa3 1,600,988 Revenue Bonds, Series 1997A, 5.250%, 1/01/28 7,500 Triborough Bridge and Tunnel Authority, General Purpose 1/10 at 100 Aa3 7,126,200 Revenue Bonds, Series 1999B, 5.500%, 1/01/30 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 21.1% 5,500 Metropolitan Transportation Authority, Transit Facilities 7/00 at 102 AAA 5,654,880 1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 1,000 Monroe County Water Authority, Series 1991B, Water 8/01 at 101 AAA 1,035,940 System Revenue Bonds, 6.500%, 8/01/16 (Pre-refunded to 8/01/01) 1,350 The City of New York, General Obligation Bonds, 4/00 at 101 1/2 AAA 1,380,929 Fiscal 1990 Series B, 7.250%, 10/01/06 40 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 42,257 Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 275 The City of New York, General Obligation Bonds, No Opt. Call Aaa 286,061 Fiscal 1995 Series E, 6.500%, 8/01/02 1,540 The City of New York, General Obligation Bonds, 2/05 at 101 A-*** 1,651,866 Fiscal 1993 Series F, 6.375%, 2/15/06 (Pre-refunded to 2/15/05) 50 The City of New York, General Obligation Bonds, 11/00 at 100 A-*** 49,568 Fiscal 1991 Series F, 3.000%, 11/15/00 (Pre-refunded to 11/15/00) 390 The City of New York, New York, General Obligation Bonds, 5/03 at 101 1/2 AAA 397,843 Fiscal 1993 Series E, 5.750%, 5/15/13 (Pre-refunded to 5/15/03) 250 New York City Municipal Water Finance Authority, Water 6/00 at 101 1/2 Aaa 255,440 and Sewer System Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 4,000 New York City, Municipal Water Finance Authority, 6/01 at 101 1/2 Aaa 4,213,360 Water and Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 10,000 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 10,284,700 System Consolidated Revenue Bonds, Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 6,850 Dormitory Authority of the State of New York, Revenue Bonds, 7/00 at 102 Aaa 7,046,253 Department of Health of the State of New York Issue, Series 1990, 7.700%, 7/01/20 (Pre-refunded to 7/01/00) 4,400 Dormitory Authority of the State of New York Bonds, Upstate 7/00 at 102 Baa1*** 4,523,860 Community Colleges, 1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00) 2,000 Dormitory Authority of the State of New York, City University 7/00 at 102 Aaa 2,058,140 System Consolidated Second General Resolution Revenue Bonds, Series 1990F, 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 350 Dormitory Authority of the State of New York, State 5/00 at 102 AAA 358,299 University Educational Facilities Revenue Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 1,000 New York State Environmental Facilities Corporation, 6/01 at 102 Aaa 1,052,400 State Water Pollution Control Revolving Fund Revenue Bonds, Series 1991A (New York City Municipal Water Finance Authority Project), 7.250%, 6/15/10 (Pre-refunded to 6/15/01) 4,560 New York State Housing Finance Agency, Health Facilities 11/00 at 102 AAA 4,748,784 Revenue Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 3,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 3,146,700 Series 1991A, 7.250%, 4/01/18 (Pre-refunded to 4/01/01) 8,000 New York Local Government Assistance Corporation, 4/01 at 102 AAA 8,410,640 Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 1,295 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 1,337,515 Hospital Insured Mortgage Revenue Bonds, 1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00) 2,070 New York State Medical Care Facilities Finance Agency, 8/00 at 102 Aaa 2,139,242 Mental Health Services Facilities Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 2,000 New York State Medical Care Facilities Finance Agency, 2/01 at 102 Aaa 2,094,560 Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21 (Pre-refunded to 2/15/01) PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK PERFORMANCE PLUS MUNICIPAL FUND, INC. (NNP) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 810 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 A*** $ 863,468 Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 5,655 New York State Urban Development Corporation, Project 1/01 at 102 Aaa 5,917,675 Revenue Bonds (Onondaga County Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) 2,230 City of Yonkers, New York, General Obligation School Bonds, 12/00 at 102 AAA 2,320,917 Series 1990-C, 7.375%, 12/01/09 (Pre-refunded to 12/01/00) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 3.9% 1,000 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,031,250 Revenue Bonds (1985 Facility), Series B, 6.125%, 7/01/13 (Alternative Minimum Tax) 2,620 Long Island Power Authority, Electric System General Revenue 6/03 at 101 A- 2,420,539 Bonds, Series 1998A, 5.500%, 12/01/29 6,000 New York City Industrial Development Agency, Industrial 10/08 at 102 BBB- 5,318,160 Development Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 1,000 New York State Energy Research and Development Authority, 12/03 at 102 AAA 963,850 Solid Waste Disposal Revenue Bonds (New York State Electric and Gas Corporation Project), 1993 Series A, 5.700%, 12/01/28 (Alternative Minimum Tax) 4,200 Suffolk County Industrial Development Agency, 1998 Industrial 1/09 at 101 N/R 3,613,092 Development Revenue Bonds (Nissequogue Cogen Partners Facility), 5.500%, 1/01/23 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.1% 2,000 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 1,826,260 Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.250%, 6/15/29 1,250 New York City Municipal Water Finance Authority, Water 6/09 at 101 AAA 1,190,236 and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 9,825 New York State Environmental Facilities Corporation, 6/00 at 102 Aa1 10,080,350 State Water Pollution Control Revolving Fund Revenue Bonds, Series 1990A (New York City Municipal Water Finance Authority Project), 7.500%, 6/15/12 930 New York State Environmental Facilities Corporation, State 11/04 at 102 AAA 1,006,620 Water Pollution Control Revolving Fund Revenue Bonds, Series 1994D (Pooled Loan Issue), 6.900%, 5/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ $ 345,125 Total Investments - (cost $335,155,263) - 98.3% 334,227,606 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 5,809,542 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $340,037,148 ==================================================================================================================== * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 9.8% $ 5,030 The Trust for Cultural Resources of the City of New York, Revenue 7/09 at 101 AAA $ 5,004,800 Bonds, Series 1999A (American Museum of Natural History), 5.750%, 7/01/29 2,260 New York City Industrial Development Agency, Civic Facility 7/08 at 101 AAA 1,775,298 Refunding and Equipment Revenue Bonds (1998 Lighthouse International Project), 4.500%, 7/01/33 3,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 2,863,530 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 5,000 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 5,132,000 University Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 3,000 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 2,702,730 System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 4,375 Dormitory Authority of the State of New York, Long Island University 9/06 at 102 AAA 4,178,563 Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 1,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 989,870 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 4,360 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,823,197 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 1,400 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 1,187,928 Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 3,500 Dormitory Authority of the State of New York, The Culinary 7/09 at 101 Aaa 3,122,140 Institute of America Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22 2,265 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101 Aaa 1,986,133 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 5,000 Dormitory Authority of the State of New York, City University 7/09 at 101 AAA 4,772,550 System Consolidated Third General Resolution Revenue Bonds, 1999 Series 1, 5.500%, 7/01/29 1,200 Dormitory Authority of the State of New York, Cooper Union 7/09 at 101 AAA 1,250,580 Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 12.9% 1,250 New York City Health and Hospitals Corporation, Health System 2/03 at 102 AAA 1,233,825 Bonds, 1993 Series A, 5.750%, 2/15/22 3,000 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 2,690,790 Bonds, 1999 Series A, 5.000%, 2/15/20 1,000 Dormitory Authority of the State of New York, Maimonides 2/06 at 102 AAA 991,500 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 3,135 Dormitory Authority of the State of New York, Secured 2/08 at 101 1/2 AAA 2,745,163 Hospital Insured Revenue Bonds (Southside Hospital), Series 1998, 5.000%, 2/15/25 10,000 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 8,653,900 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 5,000 Dormitory Authority of the State of New York, Highland 2/08 at 102 AAA 4,700,300 Hospital of Rochester, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 3,280 Dormitory Authority of the State of New York (North Shore 11/08 at 101 AAA 2,881,874 Health System Obligated Group), North Shore University Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 3,070 Dormitory Authority of the State of New York, Montefiore 8/09 at 101 AAA 2,864,249 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.500%, 8/01/38 8,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 7,648,480 Services of Long Island Obligated Group), St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 1,500 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA $ 1,434,090 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 3,000 Dormitory Authority of the State of New York, New Island 7/09 at 101 AAA 3,005,850 Hospital Insured Revenue Bonds, Series 1999A, 5.750%, 7/01/19 12,000 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 12,446,400 North Shore University Hospital, Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.1% 10,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 10,452,100 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 New York State Housing Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 1,970 6.100%, 11/01/15 5/06 at 102 AAA 2,005,046 2,985 6.125%, 11/01/20 5/06 at 102 AAA 3,004,641 985 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,016,707 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 0.5% 2,000 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 2,019,960 Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.0% 3,000 Castle Rest Residential Health Care Facility (Syracuse, 8/07 at 102 AAA 2,891,490 New York), FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 1,185 Village of East Rochester Housing Authority, 8/07 at 102 AAA 1,150,730 FHA-Insured Mortgage Revenue Bonds (St. John's Meadows Project), Series 1997A, 5.750%, 8/01/37 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 3.8% City of Buffalo, New York, School Serial Bonds, Series 1999E: 1,755 6.000%, 12/01/18 12/09 at 101 AAA 1,821,234 425 6.000%, 12/01/19 12/09 at 101 AAA 438,830 Germantown Central School District, Columbia County, New York, School District Serial Bonds, Series 1999: 700 5.400%, 6/15/17 6/08 at 101 Aaa 691,831 700 5.400%, 6/15/18 6/08 at 101 Aaa 687,610 700 Jericho Union Free School District, Nassau County, New York, 8/09 at 101 Aaa 703,731 School District Serial Bonds, Series 2000, 5.600%, 8/01/18 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 330 5.750%, 6/01/18 6/08 at 101 Aaa 334,920 330 5.750%, 6/01/19 6/08 at 101 Aaa 333,386 805 County of Nassau, New York, General Obligation Serial 9/09 at 102 Aaa 779,618 Improvement Bonds, Series D, 5.300%, 9/01/17 2,250 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 2,310,120 Fiscal 1991 Series A, 7.250%, 3/15/19 2,520 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,631,863 1,500 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,334,310 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 255 City of Port Jervis, Orange County, Water Improvement Serial Bonds, 3/09 at 101 Aaa 249,158 Series 1999, 5.625%, 3/15/24 1,000 Commonwealth of Puerto Rico, General Obligation Public 7/10 at 100 AAA 1,005,670 Improvement Bonds of 2000, 5.750%, 7/01/26 (WI) 1,630 Watertown City School District, Jefferson County, New York, 6/09 at 101 AAA 1,643,920 General Obligation Series Bonds, Series 2000, 5.750%, 6/15/19 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 18.1% $ 3,775 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA $ 3,467,224 Series 1996A, 5.250%, 4/01/26 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, Series 1998A: 5,000 5.000%, 4/01/23 4/08 at 101 AAA 4,451,900 6,500 4.750%, 4/01/28 4/08 at 101 AAA 5,491,915 2,000 Nassau Health Care Corporation, Health System Revenue Bonds, 8/09 at 102 AAA 1,973,300 Series 1999 (Nassau County, New York, Guaranteed), 5.750%, 8/01/29 10,000 New York City Transitional Finance Authority, Future Tax Secured 5/08 at 101 AAA 8,069,100 Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 4,500 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 4,451,985 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 1,250 Dormitory Authority of the State of New York, Leake and 7/04 at 102 AAA 1,265,750 Watts Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,500 Dormitory Authority of the State of New York, Mental Health 8/07 at 101 AAA 2,234,875 Services Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 4,860 Dormitory Authority of the State of New York, Mental Health 2/08 at 102 AAA 4,306,057 Services Facilities Improvement Revenue Bonds, Series 1998A, 5.000%, 2/15/23 2,250 Dormitory Authority of the State of New York, Insured Revenue 7/08 at 101 AAA 2,068,965 Bonds (853 Schools Program, 1998 Issue 2), Saint Anne Institute Insured Revenue Bonds, Series 1998E, 5.000%, 7/01/18 2,000 Dormitory Authority of the State of New York, Mental 2/09 at 101 AAA 1,710,660 Health Services Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/22 3,340 Dormitory Authority of the State of New York, Special Act 7/09 at 101 AAA 3,363,046 School Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 4,300 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 4,037,227 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 2,250 New York State Environmental Facilities Corporation, 4/07 at 100 AAA 2,037,960 Riverbank State Park Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 3,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 2,752,410 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 35 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 35,340 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 215 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 219,825 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 40 New York State Medical Care Facilities Finance Agency, 8/04 at 102 AAA 41,277 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 2,080 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 1,955,325 Mental Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 1,530 Empire Development Corporation, New York State Urban 1/06 at 102 AAA 1,438,292 Development Corporation, Correctional Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 7,900 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 8,042,042 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 2,000 Puerto Rico Municipal Finance Agency, 1999 Series A, 5.500%, 8/01/19 8/09 at 101 AAA 1,996,300 1,435 Suffolk County Industrial Development Agency, New York, Civic 10/10 at 102 Aaa 1,476,357 Facility Revenue Bonds, Series 1999A (Hampton Bays Public Library Project), 6.000%, 10/01/19 5,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 5,172,100 Refunding Bonds, Series 1991B, 6.875%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 12.0% 10,215 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 9,570,127 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION (continued) $ 2,625 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA $ 2,348,036 Bonds, Series 1997E, 5.000%, 7/01/21 1,000 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 AAA 918,750 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 3,505 Metropolitan Transportation Authority, Transit Facilities 7/07 at 101 1/2 AAA 3,408,017 Revenue Bonds, Series 1997A, 5.625%, 7/01/25 2,300 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,211,105 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 9,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 4/01 at 101 AAA 9,252,090 Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax) 3,025 The Port Authority of New York and New Jersey, Special Project 12/07 at 100 AAA 2,978,869 Bonds, Series 6 (JFK International Air Terminal LLC Project), 5.750%, 12/01/25 (Alternative Minimum Tax) Puerto Rico Ports Authority, Revenue Bonds, Series D: 5,250 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,479,110 11,500 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,536,455 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 23.4% 5,500 Metropolitan Transportation Authority, Commuter Facilities 7/02 at 102 AAA 5,785,230 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) County of Nassau, General Obligation Refunding Bonds: 1,075 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,126,245 1,065 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,115,769 1,055 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,105,292 1,045 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,094,815 1,030 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,079,100 The City of New York, General Obligation Bonds, Fiscal 1991 Series B: 1,950 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 2,036,229 1,550 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,617,906 The City of New York, General Obligation Bonds, Fiscal 1990 Series I: 950 7.250%, 8/15/14 8/00 at 100 3/4 AAA 969,057 1,270 7.250%, 8/15/17 8/00 at 100 3/4 AAA 1,294,054 3,030 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 3,117,537 Fiscal 1991 Series A, 7.250%, 3/15/18 5,965 New York City Municipal Water Finance Authority, Water 6/00 at 101 1/2 AAA 6,091,876 and Sewer System Revenue Bonds, Fiscal 1991 Series A, 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 1,150 Dormitory Authority of the State of New York, Judicial 7/00 at 100 AAA 1,347,156 Facilities Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 10,000 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 10,281,600 System Consolidated Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 1,000 Dormitory Authority of the State of New York, Cooper Union 7/01 at 102 AAA 1,052,480 Insured Revenue Bonds, Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01) 2,540 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 2,609,723 Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 5,000 New York State Housing Finance Agency, State University No Opt. Call AAA 5,555,500 Construction Refunding Bonds, 1986 Series A, 7.900%, 11/01/06 2,500 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 2,597,425 Beth Israel Medical Center (Main Campus), Project Revenue Bonds, 1990 Series A, 7.500%, 11/01/10 (Pre-refunded to 11/01/00) 8,625 New York State Medical Care Facilities Finance Agency, 5/01 at 102 AAA 9,046,590 The Mary Imogene Bassett Hospital Project Revenue Bonds, 1991 Series A, 7.125%, 11/01/20 (Pre-refunded to 5/01/01) 3,140 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 3,333,989 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 1,895 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 1,983,231 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 1,960 New York State Medical Care Facilities Finance Agency, 8/04 at 102 AAA $ 2,101,414 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) 6,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 6,592,740 New York Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 4,150 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 4,413,318 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) 9,635 Suffolk County Water Authority, Water System Revenue Bonds, 6/00 at 102 AAA 9,872,503 Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 3,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 3,105,990 Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 2,500 Triborough Bridge and Tunnel Authority, General Purpose 1/01 at 102 AAA 2,600,450 Revenue Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 7.0% Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A: 5,750 5.125%, 12/01/22 6/08 at 101 AAA 5,199,725 3,000 5.750%, 12/01/24 6/08 at 101 AAA 2,974,350 5,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 5,060,900 Electric Facilities Revenue Bonds, Series 1991A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,626,275 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,250 New York State Energy Research and Development Authority, 7/03 at 102 AAA 2,140,673 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 1,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 1,010,530 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,548,950 Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA 1,991,540 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,045,980 Facilities Revenue Bonds, Series 1992A (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 2,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,033,740 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.5% 2,855 Buffalo, New York, Municipal Water Finance Authority, Water 7/09 at 101 AAA 2,912,043 System Revenue Bonds, Series 1999, 6.000%, 7/01/29 2,115 Town of Clifton Park Water Authority, Water System Revenue 10/03 at 102 AAA 1,857,622 Bonds, Series 1993, 5.000%, 10/01/26 6,000 New York City Municipal Water Finance Authority, Water 6/08 at 101 AAA 5,096,580 and Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 4,750 New York City Municipal Water Finance Authority, 6/09 at 101 AAA 4,522,900 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 5,000 Suffolk County Water Authority, Water System Revenue Bonds, 6/03 at 102 AAA $ 4,606,700 Series 1994, 5.000%, 6/01/17 2,750 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 2,682,103 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 398,880 Total Investments - (cost $384,951,620) - 98.1% 389,592,236 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.9% 7,718,291 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $397,310,527 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. (WI) Security purchased on a when-issued basis. See accompanying notes to financial statements
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 13.1% $ 1,000 Nassau County Industrial Development Agency, Civic Facility 7/08 at 102 AAA $ 889,730 Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 7,250 New York City Industrial Development Agency, Civic Facility 1/09 at 101 AAA 6,330,483 Revenue Bonds (Horace Mann School Project), 5.000%, 7/01/28 6,000 Dormitory Authority of the State of New York, St. John's 7/01 at 102 AAA 6,291,420 University Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11 10,000 Dormitory Authority of the State of New York, New York 7/01 at 102 AAA 10,264,000 University Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 3,920 Dormitory Authority of the State of New York, Rensselaer 7/01 at 102 AAA 4,092,715 Polytechnic Institute Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06 12,875 Dormitory Authority of the State of New York, Mount Sinai 7/01 at 102 AAA 13,421,544 School of Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 1,870 Dormitory Authority of the State of New York, Fordham 7/00 at 102 AAA 1,919,013 University Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 4,100 Dormitory Authority of the State of New York, City University 7/03 at 100 AAA 3,693,731 System Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 2,000 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 1,979,740 Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 4,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,507,520 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 8,440 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 8,667,120 System Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 4,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 4,040,280 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 5,000 Dormitory Authority of the State of New York, State University 5/06 at 102 AAA 4,776,450 Educational Facilities Revenue Bonds, Series 1996, 5.500%, 5/15/26 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 8.4% Dormitory Authority of the State of New York, St. Vincent's Hospital and Medical Center of New York, FHA-Insured Mortgage Revenue Bond, Series 1991: 4,430 7.375%, 8/01/11 8/01 at 102 AAA 4,663,771 4,150 7.400%, 8/01/30 8/01 at 102 AAA 4,348,287 3,985 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,677,199 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 935 Dormitory Authority of the State of New York, Maimonides No Opt. Call AAA 953,251 Medical Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14 9,250 Dormitory Authority of the State of New York, The New York 2/08 at 101 AAA 8,004,858 and Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 6,430 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 6,119,753 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 5,500 New York State Medical Care Facilities Finance Agency, 8/00 at 102 AAA 5,621,880 St. Luke's-Roosevelt Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.375%, 2/15/19 10,755 New York State Medical Care Facilities Finance Agency, 11/00 at 102 AAA 11,155,086 North Shore University Hospital Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.7% $ 4,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA $ 4,180,840 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 15,000 New York City Housing Development Corporation, Multifamily 4/00 at 105 AAA 15,779,250 Housing Limited Obligation Bonds, Series 1991A, Pass Through Certificates, 6.500%, 2/20/19 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980 6.100%, 11/01/15 5/06 at 102 AAA 997,434 3,980 6.125%, 11/01/20 5/06 at 102 AAA 4,006,188 5,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 5,231,350 Revenue Bonds, Series 1992A, 6.750%, 1/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.5% 1,500 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102 AAA 1,555,590 Revenue Bonds, Series 43, 6.450%, 10/01/17 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV: 3,610 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa1 3,732,090 750 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 776,453 2,020 State of New York Mortgage Agency, Mortgage Revenue Bonds, 4/00 at 100 AAA 2,023,333 Eighth Series A, 6.875%, 4/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 0.4% 2,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 2,028,240 Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc. Project), 6.000%, 8/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 9.1% 1,200 Town of Brookhaven, Suffolk County, New York, Various 10/02 at 102 AAA 1,263,432 Purposes Serial Bonds, 1991 Series B, 6.400%, 10/01/11 City of Buffalo, Refunding Serial Bonds of 1991: 530 6.250%, 2/01/11 2/01 at 101 AAA 539,667 760 6.250%, 2/01/13 2/01 at 101 AAA 773,239 760 6.250%, 2/01/15 2/01 at 101 AAA 772,426 County of Erie, General Obligation Serial Bonds, Public Improvement Series 1999A: 700 5.500%, 10/01/17 10/09 at 101 AAA 699,608 700 5.250%, 10/01/19 10/09 at 101 AAA 665,973 Lyndonville Central School District, Orleans County, New York, School District Serial Bonds, Series 2000: 340 5.750%, 6/01/18 6/08 at 101 Aaa 345,069 340 5.750%, 6/01/19 6/08 at 101 Aaa 343,488 45 The City of New York, General Obligation Bonds, Fiscal 8/02 at 101 1/2 AAA 46,934 1992 Series C, Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10 45 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 47,388 Fiscal 1992 Series C, 6.625%, 8/01/14 3,100 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 3,182,832 Fiscal 1991 Series A, 7.250%, 3/15/19 4,150 The City of New York, General Obligation Bonds, 8/08 at 101 AAA 3,726,991 Fiscal 1998 Series H, 5.125%, 8/01/25 5,000 The City of New York, General Obligation Bonds, 4/09 at 101 AAA 4,362,500 Fiscal 1999 Series I, 5.000%, 4/15/29 3,000 Town of North Hempstead, Nassau County, New York, 3/08 at 101 Aaa 2,668,620 General Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 Town of North Hempstead, Nassau County, General Obligation Bonds, 1999 Series B: 2,135 5.875%, 7/15/18 7/09 at 101 Aaa 2,187,799 2,255 5.875%, 7/15/19 7/09 at 101 Aaa 2,300,123 2,250 Commonwealth of Puerto Rico, Public Improvement Bonds, 7/08 at 101 AAA 1,997,753 Series 1998 (General Obligation Bonds), 4.875%, 7/01/23 8,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 6,676,320 Bonds, Series 1998 (General Obligation Bonds), 4.500%, 7/01/23 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL (continued) Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: $ 525 5.875%, 6/15/17 6/10 at 100 Aaa $ 539,963 525 5.875%, 6/15/18 6/10 at 100 Aaa 537,905 525 5.875%, 6/15/20 6/10 at 100 Aaa 533,201 525 5.875%, 6/15/21 6/10 at 100 Aaa 531,783 525 5.875%, 6/15/22 6/10 at 100 Aaa 530,565 525 5.875%, 6/15/23 6/10 at 100 Aaa 530,161 525 5.875%, 6/15/24 6/00 at 100 Aaa 529,757 525 5.875%, 6/15/26 6/10 at 100 Aaa 529,358 525 5.875%, 6/15/28 6/10 at 100 Aaa 528,754 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960 6.700%, 2/15/16 No Opt. Call AAA 1,103,520 960 6.700%, 2/15/17 No Opt. Call AAA 1,103,347 960 6.700%, 2/15/18 No Opt. Call AAA 1,101,254 960 6.700%, 2/15/19 No Opt. Call AAA 1,097,213 960 6.700%, 2/15/20 No Opt. Call AAA 1,090,934 747 6.700%, 2/15/21 No Opt. Call AAA 847,038 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 735 5.250%, 10/01/20 No Opt. Call AAA 706,034 735 5.250%, 10/01/21 No Opt. Call AAA 702,631 730 5.250%, 10/01/22 No Opt. Call AAA 695,303 730 5.250%, 10/01/23 No Opt. Call AAA 693,639 730 5.250%, 10/01/24 No Opt. Call AAA 691,982 730 5.250%, 10/01/25 No Opt. Call AAA 690,332 725 5.250%, 10/01/26 No Opt. Call AAA 683,972 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 22.4% 1,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 954,120 Series 1993A, 5.250%, 11/01/17 3,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA 2,755,410 Series 1996A, 5.250%, 4/01/26 6,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA 5,069,460 Series 1998A, 4.750%, 4/01/28 5,875 New York City Transit Authority/ Metropolitan Transportation 1/10 at 101 AAA 5,390,548 Authority/ Triborough Bridge and Tunnel 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 5.000%, 8/15/27 8/07 at 101 AA 4,385,500 2,000 5.000%, 8/15/27 8/07 at 101 AAA 1,761,560 2,000 New York City Transitional Finance Authority, Future Tax 5/08 at 101 AAA 1,613,820 Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 4,390 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 3,890,418 Facilities Improvement Program Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 5,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 4,946,650 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 505 Dormitory Authority of the State of New York, Judicial Facilities 4/00 at 114 5/32 Baa1 577,861 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 13,275 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 102 AAA 13,837,993 Lease Revenue Bonds (Suffolk County Issue), Series 1991B, 7.000%, 4/15/16 5,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 5,063,000 Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 5,190 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 4,872,839 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.375%, 2/15/26 7,145 Dormitory Authority of the State of New York, Special Act 7/09 at 101 AAA 7,194,301 School Districts Program Insured Revenue Bonds, Series 1999, 5.750%, 7/01/19 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA $ 1,811,520 State Park Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 4,400 New York Local Government Assistance Corporation, 4/03 at 102 AAA 4,228,004 Series 1993B Refunding Bonds, 5.500%, 4/01/21 1,985 New York State Medical Care Facilities Finance Agency, Mental 8/00 at 101 AAA 2,028,888 Health Services Facilities Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 20 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 20,194 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 365 New York Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 373,191 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 1,000 New York State Medical Care Facilities Finance Agency, 8/03 at 102 AAA 917,470 Mental Health Services Facilities Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23 4,000 New York State Medical Care Facilities Financing Agency, 2/02 at 100 AAA 3,841,960 Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 5,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 5,089,900 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 8,505 New York State Urban Development Corporation, Correctional 1/07 at 102 AAA 8,349,614 Capital Facilities Revenue Bonds, Series 7, 5.700%, 1/01/27 12,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 12,375,600 Refunding Bonds, Series 1991A, 6.625%, 1/01/17 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B: 14,000 7.100%, 1/01/10 1/01 at 102 AAA 14,545,580 3,500 6.875%, 1/01/15 1/01 at 102 AAA 3,620,470 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 6.3% 2,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA 1,941,500 Bonds, Series 1997A, 5.625%, 7/01/27 7,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 6,558,090 Bonds, Series 1997C, 5.375%, 7/01/27 Metropolitan Transportation Authority, Commuter Facilities Revenue Bonds, Series 1998A: 3,000 5.000%, 7/01/23 7/08 at 101 AAA 2,669,190 4,695 5.250%, 7/01/28 7/08 at 101 AAA 4,313,531 5,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 101 1/2 AAA 5,236,800 Bonds, Series K, 6.250%, 7/01/11 2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,403,375 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 10,000 The Port Authority of New York and New Jersey, Consolidated 11/01 at 101 AA- 10,192,900 Bonds, Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 20.0% 5,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/02 at 102 AAA 5,259,300 Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000 Metropolitan Transportation Authority, Commuter Facilities 7/06 at 102 AAA 1,074,140 Revenue Bonds, Series 1996A, 6.000%, 7/01/21 (Pre-refunded to 7/01/06) 5,000 Nassau County Industrial Development Agency, Civic Facility 8/01 at 102 AAA 5,242,850 Revenue Bonds (Hofstra University Project), Series 1991, 6.750%, 8/01/11 (Pre-refunded to 8/01/01) 4,955 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 5,195,119 Fiscal 1992 Series C, Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10 (Pre-refunded to 8/01/02) 4,955 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 5,234,611 Fiscal 1992 Series C, 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 1,500 The City of New York, General Obligation Bonds, 9/00 at 101 1/2 AAA 1,543,335 Fiscal 1991 Series A, 7.250%, 3/15/18 3,000 The City of New York, General Obligation Bonds, 4/00 at 100 AAA 3,035,400 Fiscal 1990 Series B, 7.000%, 10/01/19 5,000 New York City Municipal Water Finance Authority, Water 6/01 at 101 1/2 AAA 5,223,800 and Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 5,000 The Trust for Cultural Resources of the City of New York, Revenue 4/01 at 102 AAA $ 5,226,550 Refunding Bonds, Series 1991A, (The American Museum of Natural History), 6.900%, 4/01/21 (Pre-refunded to 4/01/01) 5,000 The Trust for Cultural Resources of the City of New York, Revenue 1/02 at 102 AAA 5,257,250 Refunding Bonds, Series 1991A, (The Museum of Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02) State of New York, Serial Bonds: 4,055 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,251,951 4,055 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,251,951 5,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 5,300,750 Educational Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 10,930 Dormitory Authority of the State of New York, Ithaca College 7/01 at 102 AAA 11,380,097 Insured Revenue Bonds, Series 1991, 6.250%, 7/01/21 (Pre-refunded to 7/01/01) 2,230 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 2,367,769 Mental Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 5,260 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 5,504,906 Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 5,000 New York State Medical Care Facilities Finance Agency, New York 2/05 at 102 AAA 5,493,950 Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) County of Suffolk, New York, Public Improvement Bonds, 1991 Series A: 790 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 827,865 745 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 780,708 720 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 754,510 730 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 764,989 735 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 770,229 250 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 261,983 245 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 256,743 245 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 256,743 240 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 251,503 County of Suffolk, New York, Public Improvement Bonds, 1991 Series B: 265 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 277,701 265 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 277,701 270 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 282,941 275 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,181 280 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 293,420 275 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,181 280 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 293,420 285 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 298,660 17,945 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 18,666,030 Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 8.9% 4,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 3,675,040 Bonds, Series 1998A, 5.250%, 12/01/26 14,000 New York State Energy Research and Development Authority, 7/00 at 101 A+ 14,170,520 Electric Facilities Revenue Bonds, Series 1991A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 11,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 11,555,610 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 3,031,590 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 3,000 New York State Energy Research and Development Authority, 10/01 at 102 AAA 3,132,120 Pollution Control Refunding Revenue Bonds (Niagara Mohawk Power Corporation Project), Series 1991A, 6.625%, 10/01/13 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK SELECT QUALITY MUNICIPAL FUND, INC. (NVN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 6,000 New York State Energy Research and Development Authority, 9/08 at 102 AAA $ 5,974,620 Pollution Control Revenue Bonds (Rochester Gas and Electric Corporation Project), Series 1998A, 5.950%, 9/01/33 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,557,475 Facilities Revenue Bonds, Series 1992A (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 3,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA 3,559,045 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.3% 1,000 New York City Municipal Water Finance Authority, Water and 6/08 at 101 AAA 849,430 Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 10,500 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 9,997,992 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 5,000 New York State Environmental Facilities Corporation, State Water 9/00 at 102 AAA 5,161,000 Pollution Control Revolving Fund Revenue Bonds, Series 1991B (Pooled Loan Issue), 7.100%, 9/15/11 1,300 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 AAA 1,326,790 Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 528,857 Total Investments - (cost $513,857,973) - 99.1% 527,885,133 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.9% 4,827,773 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $ 532,712,906 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 15.5% $ 3,040 County of Monroe Industrial Development Agency, 6/00 at 103 AAA $ 3,142,843 1986 Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) 6,350 Nassau County Industrial Development Agency, Civic Facility 7/08 at 102 AAA 5,649,786 Revenue and Refunding Bonds (Hofstra University Project), Series 1998, 5.000%, 7/01/23 5,000 The Trust for Cultural Resources of the City of New York, 7/06 at 101 AAA 4,982,750 Revenue Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 7,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102 AAA 7,018,508 Revenue Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 14,500 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA 14,153,015 Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 4,775 New York City Industrial Development Agency, Civic Facility 6/07 at 102 AAA 4,374,712 Revenue Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27 1,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 1,022,800 Educational Facilities Revenue Bonds, Series 1990B, 7.000%, 5/15/16 1,000 Dormitory Authority of the State of New York, Mount Sinai 7/01 at 102 AAA 1,042,450 School of Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 7,515 Dormitory Authority of the State of New York, Marist College 7/02 at 102 AAA 7,585,566 Insured Revenue Bonds, Series 1992, 6.000%, 7/01/22 1,000 Dormitory Authority of the State of New York, Fordham University 7/04 at 102 AAA 960,020 Insured Revenue Bonds, Series 1994, 5.500%, 7/01/23 1,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 1,037,260 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,970 Dormitory Authority of the State of New York, University of 7/04 at 102 AAA 2,000,082 Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 1,240 Dormitory Authority of the State of New York, Sarah Lawrence 7/05 at 102 AAA 1,256,938 College Revenue Bonds, Series 1995, 6.000%, 7/01/24 8,500 Dormitory Authority of the State of New York, Ithaca College Insured 7/07 at 102 AAA 7,803,340 Revenue Bonds, Series 1997, 5.250%, 7/01/26 1,150 Dormitory Authority of the State of New York, St. John's 7/06 at 102 AAA 1,157,061 University Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 4,625 Dormitory Authority of the State of New York, Barnard College 7/07 at 101 AAA 4,245,935 Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26 7,000 Dormitory Authority of the State of New York, Fordham 7/08 at 101 AAA 6,138,160 University Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 2,000 Dormitory Authority of the State of New York, City University 7/08 at 102 AAA 1,764,660 System Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 5,750 Dormitory Authority of the State of New York, State 5/08 at 100 AAA 4,878,990 University Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 3,835 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 3,938,200 System Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 5.8% 4,000 Dormitory Authority of the State of New York, Millard Fillmore 8/04 at 105 AAA 3,691,040 Hospitals, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997, 5.375%, 2/01/32 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 5,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA $ 4,393,100 System Obligated Group), North Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 9,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 8,565,750 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/24 5,350 New York State Medical Care Facilities Finance Agency, Sisters 11/01 at 102 AAA 5,589,680 of Charity Hospital of Buffalo, Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 1,000 New York State Medical Care Facilities Finance Agency, 11/03 at 102 AAA 1,040,750 St. Mary's Hospital (Rochester), Mortgage Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/14 3,300 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 3,081,342 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 3,000 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 2,947,200 Montefiore Medical Center, FHA-Insured Mortgage Revenue Bonds, 1995 Series A, 5.750%, 2/15/25 1,915 New York State Medical Care Facilities Finance Agency, 11/05 at 102 AAA 2,001,673 Health Center Projects Revenue Bonds (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 7.6% 12,475 New York City Housing Development Corporation, Multifamily 4/00 at 105 AAA 13,123,076 Housing Limited Obligation Bonds, Series 1991A, Pass Through Certificates, 6.500%, 2/20/19 1,690 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,701,120 Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 1,575 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,625,699 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A: 5,515 6.700%, 1/01/12 1/02 at 102 AAA 5,775,143 17,995 6.750%, 1/01/26 1/02 at 102 AAA 18,827,629 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 1.3% 1,995 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102 AAA 1,884,976 Revenue Bonds, Series 33, 5.400%, 10/01/17 985 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 102 AAA 1,017,101 Revenue Bonds, Series VV, 7.250%, 10/01/07 (Alternative Minimum Tax) 4,000 State of New York Mortgage Agency, Homeowner Mortgage 4/07 at 102 AAA 4,039,920 Revenue Bonds, Series 63, 6.125%, 4/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 1.1% 4,450 Castle Rest Residential Health Care Facility (Syracuse, 8/07 at 102 AAA 4,289,044 New York), FHA-Insured Mortgage Revenue Bonds, Series 1997A, 5.750%, 8/01/37 (Optional put 8/01/07) 2,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102 AAA 1,915,940 Palsy of New York City, Inc., Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 2.0% 1,000 County of Erie, New York, General Obligation Bonds, 6/05 at 101 1/2 AAA 990,970 1995 Series B, 5.625%, 6/15/20 200 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 209,032 Fiscal 1992 Series C, Subseries C-1, 6.625%, 8/01/15 235 The City of New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 247,291 Fiscal 1992 Series H, 7.100%, 2/01/10 7,000 Commonwealth of Puerto Rico, Public Improvement Refunding 7/08 at 101 AAA 5,841,780 Bonds, Series 1998 (General Obligation Bonds), 4.500%, 7/01/23 Putnam Valley Central School District, Putnam and Westchester Counties, New York, General Obligation Bonds, Series 1999: 525 5.875%, 6/15/19 6/10 at 100 Aaa 535,442 525 5.875%, 6/15/25 6/10 at 100 Aaa 529,358 525 5.875%, 6/15/27 6/10 at 100 Aaa 529,153 525 City of Yonkers, General Obligation Serial Bonds, 2/02 at 102 AAA 551,964 1992 Series A, 6.500%, 2/15/07 1,390 City of Yonkers, General Obligation Serial Bonds, 2/02 at 102 AAA 1,461,390 1992 Series B, 6.500%, 2/15/07 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 16.6% $ 15,000 Metropolitan Transportation Authority, Transit Facilities 7/01 at 102 AAA $15,476,850 1987 Service Contract Bonds, Series 5, 6.500%, 7/01/16 5,000 Metropolitan Transportation Authority, Dedicated Tax Fund 4/10 at 100 AAA 5,092,150 Bonds, Series 2000A, New York, 6.000%, 4/01/30 3,000 New York City Transitional Finance Authority, Future 8/07 at 101 AAA 2,642,340 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 3,000 New York City Transitional Finance Authority, Future 5/08 at 101 AAA 2,420,730 Tax Secured Bonds, Fiscal 1998 Series B, 4.500%, 11/15/27 2,500 New York City Transitional Finance Authority, Future 5/10 at 101 AAA 2,559,300 Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 6,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 5,935,980 Lease Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 5,375 Dormitory Authority of the State of New York, Leake and 7/04 at 102 AAA 5,442,725 Watts Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,200 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,002,968 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 3,340 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101 AAA 3,299,920 Bonds (853 Schools Program, 1999 Issue 1), Harmony Heights School, Series 1999C, 5.500%, 7/01/18 5,500 New York Local Government Assistance Corporation, 4/04 at 100 AAA 4,871,790 Series 1993B, Refunding Bonds, 5.000%, 4/01/23 New York State Medical Care Facilities Financing Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A: 120 6.375%, 8/15/10 2/02 at 102 AAA 125,269 155 6.375%, 8/15/17 2/02 at 102 AAA 161,564 5,250 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 4,935,315 Mental Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 10,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 10,179,800 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 24,000 Triborough Bridge and Tunnel Authority, Special Obligation 1/01 at 102 AAA 24,826,080 Refunding Bonds, Series 1991B, 6.875%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 11.9% 4,250 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System 1/05 at 101 AAA 4,202,570 Revenue Bonds, Series 1995, 5.750%, 1/01/25 3,000 Metropolitan Transportation Authority, Commuter Facilities 7/06 at 102 AAA 3,107,160 Revenue Bonds, Series 1996A, 6.000%, 7/01/16 13,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 12,179,310 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 500 Metropolitan Transportation Authority, Commuter Facilities 7/08 at 101 AAA 459,375 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, Series 1998B: 10,000 4.875%, 7/01/18 7/08 at 101 AAA 9,002,500 5,500 4.750%, 7/01/26 7/08 at 101 AAA 4,657,235 1,000 Niagara Frontier Transportation Authority (Greater Buffalo 4/04 at 102 AAA 1,020,250 International Airport), Airport Revenue Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 2,500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 2,403,375 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000 The Port Authority of New York and New Jersey, Consolidated 1/01 at 101 AAA 5,114,500 Bonds, Seventy-First Series, 6.500%, 1/15/26 10,000 The Port Authority of New York and New Jersey, Consolidated 11/01 at 101 AAA 10,309,550 Bonds, Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) 5,000 The Port Authority of New York and New Jersey, Consolidated 1/01 at 101 AAA 5,114,500 Bonds, Seventy-First Series, 6.500%, 1/15/26 7,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/02 at 101 1/2 AAA 7,184,730 Bonds, Series X, 6.500%, 1/01/19 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK QUALITY INCOME MUNICIPAL FUND, INC. (NUN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 26.6% $ 1,980 Town of Clifton Park Water Authority, Water System 10/02 at 102 AAA $ 2,094,800 Revenue Bonds, 1991 Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 24,155 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 102 AAA 25,529,903 Bonds, Series J, 6.500%, 7/01/18 (Pre-refunded to 7/01/02) County of Nassau, New York, General Obligation Serial Bonds: 1,410 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,483,983 1,260 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,331,366 1,495 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,573,443 1,285 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,357,782 1,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,052,470 19,800 The City of New York, General Obligation Bonds, Fiscal 8/02 at 101 1/2 AAA 20,917,314 1992 Series C, Subseries C-1, 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 2,265 The City of New York, General Obligation Bonds, Fiscal 2/02 at 101 1/2 AAA 2,393,086 1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02) 1,090 New York City Municipal Water Finance Authority, Water 6/01 at 101 AAA 1,130,450 and Sewer Revenue Bonds, Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) 3,520 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 4,092,211 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 3,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 3,180,450 Educational Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 7,250 Dormitory Authority of the State of New York, The New York 7/02 at 102 AAA 7,568,638 Public Library Insured Revenue Bonds, 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 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 2,088,120 7,750 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 8,091,465 3,700 Dormitory Authority of the State of New York, City University 7/04 at 102 BBB+*** 3,959,851 System Consolidated Third General Resolution Revenue Bonds, Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) 1,500 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AA*** 1,584,435 and Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02) New York Medical Care Facilities Finance Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A: 7,380 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 7,739,332 15,520 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2/02 at 102 AAA 16,275,669 4,825 Power Authority of the State of New York, General Purpose 1/02 at 102 AAA 5,063,210 Bonds, Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02) 5,000 Power Authority of the State of New York, General Purpose 1/01 at 100 AAA 5,067,800 Bonds, Series Y, 6.000%, 1/01/20 (Pre-refunded to 1/01/01) 4,000 New York State Thruway Authority, General Revenue Bonds, 1/02 at 102 AAA 4,146,280 Series A, 5.750%, 1/01/19 (Pre-refunded to 1/01/02) 4,700 Niagara Falls Bridge Commission, Toll Bridge System Revenue 10/02 at 102 AAA 4,945,669 Bonds, Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02) 2,500 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 2,588,325 Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 3,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 3,120,540 Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 5,800 Triborough Bridge and Tunnel Authority, General Purpose 1/02 at 101 1/2 AAA 6,083,678 Revenue Bonds, Series W, 6.750%, 1/01/22 (Pre-refunded to 1/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 6.3% 1,650 Islip Resource Recovery Agency, Resource Recovery System No Opt. Call AAA 1,909,215 Revenue Bonds (1985 Facility), Series B, 7.250%, 7/01/11 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 3,200 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA $ 3,172,640 Bonds, Series 1998A, 5.750%, 12/01/24 6,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,301,500 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 1,500 New York State Energy Research and Development Authority, 7/03 at 102 AAA 1,427,115 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 12,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 12,234,960 Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 9,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 9,151,830 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.2% New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1992 Series A: 8,410 6.750%, 6/15/16 6/01 at 101 AAA 8,686,605 9,770 6.250%, 6/15/21 6/01 at 100 AAA 9,934,527 3,250 New York City Municipal Water Finance Authority, Water and 6/09 at 101 AAA 3,094,615 Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 1,000 Western Nassau County Water Authority, System Revenue 5/06 at 102 AAA 975,310 Bonds, Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 535,825 Total Investments - (cost $525,525,350) - 98.9% 536,636,062 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 5,740,474 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $542,376,536 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 22.4% $ 2,000 County of Monroe Industrial Development Agency, Civic Facility 6/05 at 102 AAA $ 2,031,300 Revenue Bonds (Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 5,460 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,441,163 Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 1,250 The Trust for Cultural Resources of the City of New York, 1/07 at 102 AAA 1,210,088 Revenue Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 5,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 4,910,500 Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/22 1,000 New York City Industrial Development Agency, Civic Facility 11/04 at 102 AAA 1,055,600 Revenue Bonds (USTA National Tennis Center Incorporated Project), 6.375%, 11/15/14 2,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 1,909,020 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 2,052,800 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 2,000 Dormitory Authority of the State of New York, City University No Opt. Call AAA 2,074,520 System Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,000 Dormitory Authority of the State of New York, University of 7/04 at 102 AAA 960,580 Rochester, Strong Memorial Hospital Revenue Bonds, Series 1994, 5.500%, 7/01/21 2,450 Dormitory Authority of the State of New York, 7/04 at 102 AAA 2,177,879 Mount Sinai School of Medicine Insured Revenue Bonds, Series 1994A, 5.000%, 7/01/21 3,000 Dormitory Authority of the State of New York, New School 7/07 at 102 AAA 2,969,610 for Social Research Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 2,000 Dormitory Authority of the State of New York, St. John's 7/06 at 102 AAA 2,012,280 University Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 2,000 Dormitory Authority of the State of New York, Long Island 9/06 at 102 AAA 1,910,200 University Insured Revenue Bonds, Series 1996, 5.500%, 9/01/26 3,165 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 3,250,170 System Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 7,500 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 6,733,800 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 13.1% 3,000 Dormitory Authority of the State of New York, Ellis Hospital, 8/05 at 102 AAA 2,887,860 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 1,500 Dormitory Authority of the State of New York, Vassar Brothers 1/08 at 102 AAA 1,431,900 Hospital Insured Revenue Bonds, Series 1997, 5.250%, 7/01/17 2,685 Dormitory Authority of the State of New York (North Shore 11/08 at 101 AAA 2,359,095 Health System Obligated Group), North Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 3,000 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 2,868,180 Services of Long Island Obligated Group), St. Charles Hospital and Rehabilitation Center Revenue Bonds, Series 1999A, 5.500%, 7/01/22 2,500 New York State Medical Care Facilities Finance Agency, 11/02 at 102 AAA 2,604,475 South Nassau Communities Hospital Project Revenue Bonds, 1992 Series A, 6.125%, 11/01/11 2,635 New York State Medical Care Facilities Finance Agency, 8/02 at 102 AAA 2,684,933 Hospital and Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital), 6.375%, 8/15/29 4,700 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 4,388,578 Hospital Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 4,135 New York State Medical Care Facilities Finance Agency, 8/05 at 102 AA $ 4,444,587 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.4% 2,240 New York State Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 2,254,739 Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 2,000 New York State Urban Development Corporation, Section 236 1/02 at 102 AAA 2,094,340 Revenue Bonds, Series 1992A, 6.700%, 1/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.1% 2,500 State of New York Mortgage Agency, Homeowner Mortgage 3/03 at 102 Aa2 2,561,750 Revenue Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax) 1,200 State of New York Mortgage Agency, Homeowner Mortgage 10/03 at 102 Aa1 1,181,256 Revenue Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ LONG-TERM CARE - 0.6% 1,000 Town of Babylon, New York, Industrial Development Agency, 8/10 at 101 AAA 1,014,120 Civic Facility Revenue Bonds, Series 2000 B (Wsnchs East, Inc. Project), 6.000%, 8/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 8.7% 1,510 County of Erie, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA 1,496,365 5.625%, 6/15/20 210 County of Nassau, General Obligation Serial Bonds, General No Opt. Call AAA 211,214 Improvement Bonds, Series 1993-H, 5.500%, 6/15/16 1,500 County of Nassau, General Obligation Serial Bonds, General 8/04 at 103 AAA 1,556,865 Improvement Bonds, Series O, 5.700%, 8/01/13 4,000 The City of New York, General Obligation Bonds, Fiscal No Opt. Call AAA 4,548,280 1995 Series E, 8.000%, 8/01/05 2,000 The City of New York, New York, General Obligation Bonds, 2/08 at 101 AAA 1,934,900 Fiscal 1998 Series F, 5.250%, 8/01/16 2,115 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,578,397 Treatment Plant Serial Bonds of 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds of 1994: 1,000 7.500%, 3/01/13 No Opt. Call AAA 1,210,640 2,000 6.900%, 3/01/22 3/04 at 102 AAA 2,141,740 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 8.2% 1,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/07 at 101 AAA 918,470 Series 1996A, 5.250%, 4/01/26 2,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/10 at 100 AAA 2,036,860 Series 2000A, 6.000%, 4/01/30 1,500 New York City Transitional Finance Authority, Future 5/10 at 101 AAA 1,535,580 Tax Secured Bonds, Fiscal 2000 Series B, 6.000%, 11/15/24 3,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 2,658,600 Facilities Improvement Program, Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 1,000 Dormitory Authority of the State of New York, Court Facilities 5/10 at 101 AAA 989,330 Lease Revenue Bonds (New York City Issue), Series 1999, 5.750%, 5/15/30 1,500 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 1,376,205 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 20 New York State Medical Care Facilities Financing Agency, 2/02 at 102 AAA 20,847 Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 1,900 New York State Urban Development Corporation, Correctional No Opt. Call AAA 1,887,897 Facilities Revenue Bonds, 1993A, Refunding Series, 5.250%, 1/01/14 2,045 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 2,081,769 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 1,500 Suffolk County Judicial Facilities Agency (Suffolk County, 10/09 at 101 AAA 1,403,265 New York), Service Agreement Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 5.000%, 4/15/16 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 4.1% $ 4,500 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA $ 4,368,375 Bonds, Series 1997A, 5.625%, 7/01/27 500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 2,500 The Port Authority of New York and New Jersey, Consolidated 1/03 at 101 AAA 2,531,950 Bonds, Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 22.5% 2,000 Metropolitan Transportation Authority, Commuter Facilities 7/02 at 102 AAA 2,103,720 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/04 at 101 1/2 AAA 1,072,470 Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04) 1,700 Metropolitan Transportation Authority, Transit Facilities Revenue 7/06 at 102 AAA 1,831,274 Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06) 2,385 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 2,519,586 Fiscal 1992 Series C, 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 1,500 The City of New York, General Obligation Bonds, 8/00 at 100 AAA 1,509,375 Fiscal 1990 Series F, 6.000%, 8/01/19 2,500 Dormitory Authority of the State of New York, State University 5/03 at 102 AAA 2,635,700 Educational Facilities, Revenue Bonds, Series 1995A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03) 2,500 Dormitory Authority of the State of New York, The New York 7/02 at 102 AAA 2,609,875 Public Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 (Pre-refunded to 7/01/02) 1,000 Dormitory Authority of the State of New York, Colgate University 7/01 at 102 AAA 1,044,060 Insured Revenue Bonds, Series 1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 6,855 Dormitory Authority of the State of New York, City University 7/04 at 102 AAA 7,476,200 System Consolidated Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) 1,335 Dormitory Authority of the State of New York, City University 7/00 at 102 AAA 1,370,992 System Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 7,800 New York State Medical Care Facilities Finance Agency, 2/05 at 102 AAA 8,570,562 New York Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 1,980 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 2,076,406 Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 1,900 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 2,020,555 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) 100 County of Niagara, Public Improvement Serial Bonds of 1993, 8/00 at 102 AAA 102,587 5.750%, 8/15/20 (Pre-refunded to 8/15/00) 3,800 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 100 AAA 3,851,528 Bonds, Series T, 6.000%, 1/01/22 (Pre-refunded to 1/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 12.3% 1,165 Islip Resource Recovery Agency, Resource Recovery System 7/04 at 102 AAA 1,201,406 Revenue Bonds (1985 Facility), Series B, 6.125%, 7/01/13 (Alternative Minimum Tax) 5,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 4,521,500 Bonds, Series 1998A, 5.125%, 12/01/22 2,500 New York State Energy Research and Development Authority, 5/02 at 102 AAA 2,625,625 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,750 New York State Energy Research and Development Authority, 7/03 at 102 AAA 2,616,378 Gas Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 2,500 New York State Energy Research and Development Authority, 7/05 at 102 AAA 2,526,325 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 6,100 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,219,438 Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum) PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES (continued) $ 2,500 New York State Energy Research and Development Authority, 12/01 at 101 AAA $ 2,542,175 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 2.8% 1,000 New York City, Municipal Water Finance Authority, 6/07 at 101 AAA 913,130 Water and Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.250%, 6/15/29 1,800 New York City, Municipal Water Finance Authority, 6/09 at 101 AAA 1,713,940 Water and Sewer System Revenue Bonds, Fiscal 2000 Series A, 5.500%, 6/15/32 2,500 Suffolk County Water Authority, Water System Revenue Bonds, No Opt. Call AAA 2,477,700 Series 1993 Refunding, 5.100%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ $ 178,390 Total Investments - (cost $176,276,431) - 99.2% 179,596,054 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.8% 1,463,427 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $181,059,481 ==================================================================================================================== All of the bonds in the portfolio are either covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance, or are backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, any of which ensure the timely payment of principal and interest. * Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND (NAN) March 31, 2000
PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ CONSUMER STAPLES - 1.8% $ 2,250 TSASC, Inc. (New York), Tobacco Flexible Amortization Bonds, 7/09 at 101 Aa1 $ 2,239,515 Series 1999-1, 6.250%, 7/15/27 1,250 Westchester Tobacco Asset Securitization Corporation (New York), 7/10 at 101 A1 1,076,450 Tobacco Settlement Asset-Backed Bonds, Series 1999, 0.000%, 7/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 16.8% 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 5.500%, 8/01/19 8/09 at 102 AA 2,864,100 3,000 5.500%, 8/01/24 8/09 at 102 AA 2,796,360 3,070 County of Monroe Industrial Development Agency, Civic Facility 6/09 at 102 AA 2,813,778 Revenue Bonds (St. John Fisher College Project), Series 1999, 5.375%, 6/01/24 3,500 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 A 3,318,805 Bonds (State University Dormitory Facilities Issue), Series 1999B, 5.375%, 7/01/19 1,000 Dormitory Authority of the State of New York, Lease Revenue 7/09 at 101 AAA 954,510 Bonds (State University Dormitory Facilities Issue), Series 1999C, 5.500%, 7/01/29 2,500 Dormitory Authority of the State of New York, Rochester 7/07 at 101 AAA 2,315,900 Institute of Technology Insured Revenue Bonds, Series 1997, 5.250%, 7/01/22 3,360 Dormitory Authority of the State of New York, Siena College 7/07 at 102 AAA 3,394,541 Insured Revenue Bonds, Series 1997, 5.700%, 7/01/17 5,000 Dormitory Authority of the State of New York, City University 7/08 at 101 AAA 4,384,400 System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2, 5.000%, 7/01/28 3,000 Dormitory Authority of the State of New York, University of Rochester 7/09 at 101 A+ 2,979,030 Revenue Bonds, Series 1999A and 1999B, 5.500%, 7/01/16 1,750 Dormitory Authority of the State of New York, Pratt Institute Revenue 7/09 at 102 AA 1,772,663 Bonds, Series 1999, 6.000%, 7/01/20 1,000 Dormitory Authority of the State of New York, Marymount 7/09 at 101 AA 1,026,300 Manhattan College Insured Revenue Bonds, Series 1999, 6.250%, 7/01/29 3,565 Rensselaer County Industrial Development Agency, 8/09 at 101 A+ 3,153,349 Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute Dormitory Project), Series 1999A, 5.125%, 8/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE - 23.6% City of Albany Industrial Development Agency, Civic Facility Revenue Bonds (Albany Medical Center Project), Series 1999: 1,120 6.000%, 5/01/19 5/09 at 101 N/R 962,506 1,460 6.000%, 5/01/29 5/09 at 101 N/R 1,210,325 5,000 New York City Health and Hospitals Corporation, Health System 2/09 at 101 AAA 4,484,650 Bonds, 1999 Series A, 5.000%, 2/15/20 Dormitory Authority of the State of New York, Frances Schervier ` Home and Hospital Insured Revenue Bonds (Franciscan Health Partnership Obligated Group), Series 1997: 2,000 5.500%, 7/01/17 7/07 at 102 AA 1,938,120 2,500 5.500%, 7/01/27 7/07 at 102 AA 2,317,250 Dormitory Authority of the State of New York, Victory Memorial Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999: 2,400 5.250%, 8/01/15 8/09 at 101 AAA 2,320,104 2,000 5.375%, 8/01/25 8/09 at 101 AAA 1,866,380 4,850 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 4,527,184 Revenue Refunding Bonds (Wyckoff Heights Medical Center), Series 1998H, 5.300%, 8/15/21 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HEALTHCARE (continued) $ 2,750 Dormitory Authority of the State of New York, The Memorial 2/09 at 101 AAA $ 2,582,938 Hospital of William F. and Gertrude F. Jones, Inc., FHA-Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.250%, 8/01/19 4,825 Dormitory Authority of the State of New York, The New York Hospital 8/09 at 101 AAA 4,520,253 Medical Center of Queens, FHA- Insured Mortgage Hospital Revenue Bonds, Series 1999, 5.450%, 8/01/29 3,325 Dormitory Authority of the State of New York (Catholic Health 7/09 at 101 AAA 3,178,900 Services of Long Island Obligated Group), St. Francis Hospital Revenue Bonds, Series 1999A, 5.500%, 7/01/22 5,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 Aa2 4,826,550 Insured Mortgage Revenue Bonds, 1994 Series A, 5.250%, 8/15/14 4,000 Ulster County Industrial Development Agency, Civic Facility 11/09 at 101 A2 3,617,960 Revenue Bonds (The Kingston Hospital Project - Letter of Credit Secured), Series 1999, 5.650%, 11/15/24 3,825 Yates County Industrial Development Agency (Yates County, 8/09 at 101 AAA 3,626,712 New York), Civic Facility Revenue Bonds (Soldiers and Sailors Memorial Hospital of Yates County Project - FHA-Insured), Series 1999A, 5.650%, 2/01/39 3,000 City of Yonkers Industrial Development Agency, Mortgage 2/09 at 101 AAA 2,811,750 Revenue Bonds, Series 1999 (FHA- Insured Mortgage Michael Malotz Skilled Nursing Pavilion Project), 5.450%, 2/01/29 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 5.7% 5,500 Guam Housing Corporation, Single Family Mortgage Revenue No Opt. Call AAA 5,431,910 Bonds (Guaranteed Mortgage-Backed Securities Program), 1998 Series A, 5.750%, 9/01/31 (Alternative Minimum Tax) 5,700 State of New York Mortgage Agency, Homeowner Mortgage 10/09 at 100 N/R 5,415,570 Revenue Bonds, Series 82, 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 5.700%, 9/01/31 9/09 at 102 Aaa 1,104,230 1,250 5.750%, 9/01/41 9/09 at 102 Aaa 1,199,225 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 10.4% 3,000 The City of New York, General Obligation Bonds, 2/08 at 101 A- 2,852,910 Fiscal 1998 Series F, 5.250%, 8/01/16 The City of New York, General Obligation Bonds, Fiscal 1999 Series J: 2,000 5.000%, 5/15/20 5/09 at 101 AAA 1,804,940 5,000 5.125%, 5/15/29 5/09 at 101 AAA 4,447,850 County of Orange, General Obligation Bonds, Various Purpose Serial Bonds of 1997: 3,040 5.125%, 9/01/22 9/07 at 101 Aa2 2,782,482 1,195 5.125%, 9/01/23 9/07 at 101 Aa2 1,090,187 The City of Rochester, New York, General Obligation Serial Bonds, Series 1999: 720 5.250%, 10/01/18 No Opt. Call AAA 700,488 720 5.250%, 10/01/19 No Opt. Call AAA 693,216 2,280 County of Rockland, New York, Various Purpose Serial Bonds, 10/09 at 101 AA 2,309,822 Series 1999, 5.600%, 10/15/16 City School District of Rye, Westchester County, New York, General Obligations Serial Bonds, Series 1999: 650 5.600%, 8/15/17 (Alternative Minimum Tax) 8/08 at 101 Aaa 660,953 675 5.600%, 8/15/18 8/08 at 101 Aaa 683,694 675 5.600%, 8/15/19 8/08 at 101 Aaa 680,501 1,000 City of Yonkers, New York, School Bonds 1999-C, 5.000%, 6/01/19 6/09 at 101 AAA 911,870 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 21.8% 5,220 Metropolitan Transportation Authority, Dedicated Tax Fund 4/09 at 101 AAA 4,848,545 Bonds, Series 1999A, 5.250%, 4/01/23 8,995 New York City Transit Authority/ Metropolitan Transportation 1/10 at 101 AAA 8,253,272 Authority/ Triborough Bridge and Tunnel Authority, Certificates of Participation, Series 1999A, 5.250%, 1/01/29 10,000 New York City Transitional Finance Authority, Future 8/07 at 101 AA 8,771,000 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 PORTFOLIO OF INVESTMENTS (Unaudited) NUVEEN NEW YORK DIVIDEND ADVANTAGE MUNICIPAL FUND (NAN) (continued) March 31, 2000 PRINCIPAL OPTIONAL CALL MARKET AMOUNT (000) DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (continued) $ 2,000 Dormitory Authority of the State of New York, Court Facilities Lease 5/10 at 101 AAA $ 1,978,660 Revenue Bonds (The City of New York Issue), Series 1999, 5.750%, 5/15/30 2,910 Dormitory Authority of the State of New York, Special Act School 7/09 at 102 AAA 2,830,906 Districts Program Insured Revenue Bonds, Series 1998, 5.250%, 7/01/15 5,000 Dormitory Authority of the State of New York, Mental Health 8/09 at 101 AAA 4,529,200 Services Facilities Improvement Revenue Bonds, Series 1999D, 5.250%, 2/15/29 1,000 New York State Medical Care Facilities Finance Agency, 2/04 at 102 AAA 917,470 Mental Health Services Facilities Improvement Revenue Bonds, 1994 Series A, 5.250%, 8/15/23 2,900 New York State Thruway Authority, Local Highway and 4/08 at 101 AAA 2,863,286 Bridge Service Contract Bonds, Series 1998A-2, 5.375%, 4/01/16 3,000 New York State Urban Development Corporation, Correctional 1/09 at 101 AAA 3,053,940 Facilities Service Contract Revenue Bonds, Series C, 6.000%, 1/01/29 3,345 Suffolk County Judicial Facilities Agency (Suffolk County, 10/09 at 101 AAA 3,256,592 New York), Service Agreement Revenue Bonds, Series 1999 (John P. Colahan Court Complex), 5.250%, 10/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.8% 2,000 Metropolitan Transportation Authority, Commuter Facilities 7/07 at 101 AAA 1,873,740 Revenue Bonds, Series 1997C, 5.375%, 7/01/27 New York City Industrial Development Agency, Special Facility Revenue Bonds (1990 American Airlines, Inc. Project), Remarketed: 2,250 5.400%, 7/01/19 8/07 at 102 Baa1 1,982,385 6,600 5.400%, 7/01/20 (Alternative Minimum Tax) 8/07 at 102 Baa1 5,794,932 500 Niagara Frontier Transportation Authority (Buffalo Niagara 4/09 at 101 AAA 480,675 International Airport), Airport Revenue Bonds, Series 1999A, 5.625%, 4/01/29 (Alternative Minimum Tax) 5,000 Triborough Bridge and Tunnel Authority, General Purpose 1/07 at 101 Aa3 4,574,250 Revenue Bonds, Series 1997A, 5.250%, 1/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 5.3% 500 Erie County, Industrial Development Agency, Solid Waste 12/10 at 103 N/R 548,395 Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 9.050%, 12/01/25 (Alternative Minimum Tax) Long Island Power Authority, Electric System General Revenue Bonds, Series 1998A: 4,800 5.125%, 12/01/22 6/08 at 101 AAA 4,340,640 5,575 5.250%, 12/01/26 6/08 at 101 AAA 5,122,087 - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 4.7% 9,750 New York City Municipal Water Finance Authority, Water and 6/07 at 101 AAA 8,903,015 Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.250%, 6/15/29 - ------------------------------------------------------------------------------------------------------------------------------------ $ 201,200 Total Investments - (cost $194,243,989) - 99.1% 187,574,121 ============= -------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.9% 1,784,298 -------------------------------------------------------------------------------------------------------------------- Net Assets - 100% $189,358,419 ==================================================================================================================== * 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: 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 (Unaudited) March 31, 2000
NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT NEW YORK VALUE PLUS QUALITY SELECT QUALITY - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $141,649,941 $334,227,606 $389,592,236 $527,885,133 Cash -- 1,086,562 3,774,639 -- Receivables: Interest 2,546,920 6,045,391 6,803,359 8,857,105 Investments sold -- 184,235 -- -- Other assets 17,716 42,022 8,096 8,253 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 144,214,577 341,585,816 400,178,330 536,750,491 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 289,308 -- -- 1,615,254 Payable for investments purchased -- -- 995,054 -- Accrued expenses: Management fees 72,763 182,154 212,340 283,857 Other 121,547 145,060 236,589 286,644 Preferred share dividends payable -- 39,852 61,024 36,761 Common share dividends payable 642,860 1,181,602 1,362,796 1,815,069 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 1,126,478 1,548,668 2,867,803 4,037,585 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $143,088,099 $340,037,148 $397,310,527 $532,712,906 ==================================================================================================================================== Preferred shares, at liquidation value N/A $124,300,000 $144,000,000 $193,000,000 ==================================================================================================================================== Preferred shares outstanding N/A 4,972 5,760 7,720 ==================================================================================================================================== Common shares outstanding 15,120,364 14,957,607 17,699,489 23,420,961 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 9.46 $ 14.42 $ 14.31 $ 14.50 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
STATEMENT OF NET ASSETS (Unaudited) (continued) March 31, 2000
INSURED NEW YORK NEW YORK NEW YORK DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value $536,636,062 $179,596,054 $187,574,121 Cash -- -- -- Receivables: Interest 8,702,246 2,765,846 2,838,185 Investments sold -- -- -- Other assets 3,690 2,990 66,249 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 545,341,998 182,364,890 190,478,555 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 629,395 460,541 229,225 Payable for investments purchased -- -- -- Accrued expenses: Management fees 288,770 98,208 54,415 Other 159,383 146,805 166,169 Preferred share dividends payable 57,549 23,048 36,865 Common share dividends payable 1,830,365 576,807 633,462 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 2,965,462 1,305,409 1,120,136 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets $542,376,536 $181,059,481 $189,358,419 ==================================================================================================================================== Preferred shares, at liquidation value $197,000,000 $ 65,000,000 $ 69,000,000 ==================================================================================================================================== Preferred shares outstanding 7,880 2,600 2,760 ==================================================================================================================================== Common shares outstanding 24,083,739 8,299,632 9,179,007 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 14.34 $ 13.98 $ 13.11 ==================================================================================================================================== See accompanying notes to financial statements.
STATEMENT OF OPERATIONS (Unaudited) Six Months Ended March 31, 2000
NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT NEW YORK VALUE PLUS QUALITY SELECT QUALITY - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $ 4,421,228 $10,685,707 $12,220,915 $16,522,766 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 428,913 1,071,546 1,248,399 1,671,674 Preferred shares - auction fees N/A 143,198 165,370 241,911 Preferred shares - dividend disbursing agent fees N/A 20,055 15,041 15,041 Shareholders' servicing agent fees and expenses 21,556 21,748 23,535 17,435 Custodian's fees and expenses 46,059 44,885 51,269 67,825 Directors'/Trustees' fees and expenses 2,294 4,806 5,182 6,479 Professional fees 6,253 2,637 4,591 26,365 Shareholders' reports - printing and mailing expenses 2,298 4,917 13,752 43,522 Stock exchange listing fees 12,018 15,673 12,534 17,891 Investor relations expense 7,588 15,556 17,552 22,416 Portfolio insurance expense -- -- 19,321 50,835 Other expenses 8,893 17,371 22,733 26,798 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 535,872 1,362,392 1,599,279 2,208,192 Custodian fee credit (9,982) (18,282) (32,747) (2,319) Expense reimbursement -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 525,890 1,344,110 1,566,532 2,205,873 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 3,895,338 9,341,597 10,654,383 14,316,893 - ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (1,745,222) (1,517,892) 1,172,968 (781,931) Change in net unrealized appreciation (depreciation) of investments 639,138 (586,387) (3,139,646) (2,061,817) - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (1,106,084) (2,104,279) (1,966,678) (2,843,748) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations $ 2,789,254 $ 7,237,318 $ 8,687,705 $11,473,145 =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
STATEMENT OF OPERATIONS (Unaudited) (continued) Six Months Ended March 31, 2000
INSURED NEW YORK NEW YORK NEW YORK DIVIDEND QUALITY INCOME PREMIUM INCOME ADVANTAGE - ----------------------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME $16,351,993 $ 5,221,704 $ 5,433,338 - ----------------------------------------------------------------------------------------------------------------------------------- EXPENSES Management fees 1,701,734 578,077 595,489 Preferred shares - auction fees 229,911 81,473 86,486 Preferred shares - dividend disbursing agent fees 20,055 10,027 5,014 Shareholders' servicing agent fees and expenses 13,531 6,731 3,157 Custodian's fees and expenses 27,222 32,277 22,048 Directors'/Trustees' fees and expenses 6,659 3,086 1,005 Professional fees 4,249 3,388 12,643 Shareholders' reports - printing and mailing expenses 14,452 7,166 5,234 Stock exchange listing fees 17,428 8,060 14,342 Investor relations expense 23,585 8,385 4,173 Portfolio insurance expense -- 3,851 -- Other expenses 29,590 10,645 2,892 - ----------------------------------------------------------------------------------------------------------------------------------- Total expenses before custodian fee credit and expense reimbursement 2,088,416 753,166 752,483 Custodian fee credit (4,896) (7,049) (6,933) Expense reimbursement -- -- (277,311) - ----------------------------------------------------------------------------------------------------------------------------------- Net expenses 2,083,520 746,117 468,239 - ----------------------------------------------------------------------------------------------------------------------------------- Net investment income 14,268,473 4,475,587 4,965,099 - ----------------------------------------------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain (loss) from investment transactions (1,304,616) (1,005,833) (1,797,800) Change in net unrealized appreciation (depreciation) of investments (3,446,843) (658,707) 563,476 - ----------------------------------------------------------------------------------------------------------------------------------- Net gain (loss) from investments (4,751,459) (1,664,540) (1,234,324) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from operations $ 9,517,014 $ 2,811,047 $ 3,730,775 =================================================================================================================================== See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
NEW YORK VALUE NEW YORK PERFORMANCE PLUS NEW YORK INVESTMENT QUALITY --------------------------------- ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/00 9/30/99 3/31/00 9/30/99 3/31/00 9/30/99 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 3,895,338 $ 7,748,064 $ 9,341,597 $ 18,413,404 $ 10,654,383 $ 21,016,680 Net realized gain (loss) from investment transactions (1,745,222) (802,699) (1,517,892) 1,634,315 1,172,968 (1,220,746) Change in net unrealized appreciation (depreciation) of investments 639,138 (10,772,832) (586,387) (25,013,575) (3,139,646) (22,181,816) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 2,789,254 (3,827,467) 7,237,318 (4,965,856) 8,687,705 (2,385,882) - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From undistributed net investment income: Common shareholders (3,780,092) (7,711,388) (7,366,565) (15,332,875) (8,389,558) (17,640,215) Preferred shareholders N/A N/A (2,063,640) (3,250,764) (2,546,621) (3,653,529) From accumulated net realized gains from investment transactions: Common shareholders -- (1,468,187) (927,372) -- -- (1,505,529) Preferred shareholders N/A N/A (239,859) -- -- (317,760) Decrease in net assets from distributions to shareholders (3,780,092) (9,179,575) (10,597,436) (18,583,639) (10,936,179) (23,117,033) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions -- -- 346,015 2,236,986 211,776 2,830,318 Preferred shares: Net proceeds from sale of shares N/A N/A -- 19,689,440 -- 23,647,328 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions -- -- 346,015 21,926,426 211,776 26,477,646 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (990,838) (13,007,042) (3,014,103) (1,623,069) (2,036,698) 974,731 Net assets at the beginning of period 144,078,937 157,085,979 343,051,251 344,674,320 399,347,225 398,372,494 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $143,088,099 $144,078,937 $340,037,148 $343,051,251 $397,310,527 $399,347,225 =================================================================================================================================== Balance of undistributed net investment income at the end of period $ 206,141 $ 90,895 $ 258,533 $ 347,141 $ 31,986 $ 313,782 =================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited) (continued)
NEW YORK SELECT QUALITY NEW YORK QUALITY INCOME ---------------------------------- -------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/00 9/30/99 3/31/00 9/30/99 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 14,316,893 $ 27,827,012 $ 14,268,473 $ 27,486,461 Net realized gain (loss) from investment transactions (781,931) (1,586,994) (1,304,616) (118,949) Change in net unrealized appreciation (depreciation) of investments (2,061,817) (28,225,081) (3,446,843) (31,066,531) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 11,473,145 (1,985,063) 9,517,014 (3,699,019) - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From undistributed net investment income: Common shareholders (11,263,575) (23,022,620) (11,078,520) (22,417,666) Preferred shareholders (3,445,022) (4,923,219) (3,352,514) (5,278,453) From accumulated net realized gains from investment transactions: Common shareholders -- (1,003,402) -- (794,873) Preferred shareholders -- (220,788) -- (200,072) - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (14,708,597) (29,170,029) (14,431,034) (28,691,064) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- -- Net proceeds from shares issued to shareholders due to reinvestment of distributions 665,924 4,369,224 358,915 3,911,754 Preferred shares: Net proceeds from sale of shares -- 42,451,046 -- 26,614,494 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 665,924 46,820,270 358,915 30,526,248 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (2,569,528) 15,665,178 (4,555,105) (1,863,835) Net assets at the beginning of period 535,282,434 519,617,256 546,931,641 548,795,476 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $532,712,906 $535,282,434 $542,376,536 $546,931,641 =================================================================================================================================== Balance of undistributed net investment income at the end of period $ 108,453 $ 500,157 $ 385,010 $ 547,571 =================================================================================================================================== See accompanying notes to financial statements.
INSURED NEW YORK PREMIUM INCOME NEW YORK DIVIDEND ADVANTAGE ------------------------------- --------------------------- FOR THE PERIOD 5/26/99 SIX MONTHS YEAR SIX MONTHS (COMMENCEMENT ENDED ENDED ENDED OF OPERATIONS) 3/31/00 9/30/99 3/31/00 THROUGH 9/30/99 - ----------------------------------------------------------------------------------------------------------------------------------- OPERATIONS Net investment income $ 4,475,587 $ 8,818,900 $ 4,965,099 $ 2,502,204 Net realized gain (loss) from investment transactions (1,005,833) 214,511 (1,797,800) (1,388,238) Change in net unrealized appreciation (depreciation) of investments (658,707) (12,463,282) 563,476 (7,233,344) - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 2,811,047 (3,429,871) 3,730,775 (6,119,378) - ----------------------------------------------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREHOLDERS From undistributed net investment income: Common shareholders (3,460,948) (6,867,848) (3,914,627) (1,968,457) Preferred shareholders (1,155,973) (1,943,944) (1,264,474) (472,110) From accumulated net realized gains from investment transactions: Common shareholders -- -- -- -- Preferred shareholders -- -- -- -- - ----------------------------------------------------------------------------------------------------------------------------------- Decrease in net assets from distributions to shareholders (4,616,921) (8,811,792) (5,179,101) (2,440,567) - ----------------------------------------------------------------------------------------------------------------------------------- CAPITAL SHARE TRANSACTIONS Common shares: Net proceeds from sale of shares -- -- -- 131,174,518 Net proceeds from shares issued to shareholders due to reinvestment of distributions 65,682 735,504 5,486 5,347 Preferred shares: Net proceeds from sale of shares -- -- -- 68,081,318 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase in net assets from capital share transactions 65,682 735,504 5,486 199,261,183 - ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net assets (1,740,192) (11,506,159) (1,442,840) 190,701,238 Net assets at the beginning of period 182,799,673 194,305,832 190,801,259 100,021 - ----------------------------------------------------------------------------------------------------------------------------------- Net assets at the end of period $181,059,481 $182,799,673 $189,358,419 $190,801,259 =================================================================================================================================== Undistributed (Over-distribution of) net investment income at the end of period $ 312,214 $ 453,548 $ (152,365) $ 61,637 =================================================================================================================================== See accompanying notes to financial statements.
NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES The New York Funds (the "Funds") covered in this report and their corresponding New York Stock Exchange symbols are Nuveen New York Municipal Value Fund, Inc. (NNY), Nuveen New York Performance Plus Municipal Fund, Inc. (NNP), Nuveen New York Investment Quality Municipal Fund, Inc. (NQN), Nuveen New York Select Quality Municipal Fund, Inc. (NVN), Nuveen New York Quality Income Municipal Fund, Inc. (NUN), Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) and Nuveen New York Dividend Advantage Municipal Fund (NAN). Each Fund 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 accounting principles generally accepted in the United States. Securities Valuation The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors/Trustees. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. Securities Transactions Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 2000, New York Investment Quality had an outstanding when-issued purchase commitment of $995,054. There were no such outstanding purchase commitments in any of the other Funds. Investment Income Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. Income Taxes Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount as amounts in excess of $.001 per Common share for New York Value and $.01 per Common share for the other Funds. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gain and market discount distributions, 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 ===========================================================================================================
Insurance New York Investment Quality, New York Select Quality, New York Quality Income and Insured New York Premium Income invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. Government or U.S. Government agency securities, both of which ensure the timely payment of principal and interest. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the net asset value of the Funds'shares include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. Derivative Financial Instruments The Funds may invest in transactions in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended March 31, 2000. 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. Reclassification Certain amounts have been reclassified in the 1999 Financial Highlights to conform to the 2000 presentation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. NOTES TO FINANCIAL STATEMENTS (Unaudited) (continued) 2. FUND SHARES Transactions in Common and Preferred shares were as follows:
NEW YORK VALUE NEW YORK PERFORMANCE PLUS --------------------- ------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/00 9/30/99 3/31/00 9/30/99 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions -- -- 23,171 132,291 - --------------------------------------------------------------------------------------------------------- -- -- 23,171 132,291 ========================================================================================================= Preferred shares sold N/A N/A -- 800 ========================================================================================================= NEW YORK NEW YORK INVESTMENT QUALITY SELECT QUALITY --------------------- -------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/00 9/30/99 3/31/00 9/30/99 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 14,233 168,378 45,209 264,877 - --------------------------------------------------------------------------------------------------------- 14,233 168,378 45,209 264,877 ========================================================================================================= Preferred shares sold -- 960 -- 1,720 ========================================================================================================= INSURED NEW YORK NEW YORK QUALITY INCOME PREMIUM INCOME - --------------------------------------------------------------------------------------------------------- SIX MONTHS YEAR SIX MONTHS YEAR ENDED ENDED ENDED ENDED 3/31/00 9/30/99 3/31/00 9/30/99 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold -- -- -- -- Shares issued to shareholders due to reinvestment of distributions 24,023 242,816 4,491 46,575 - --------------------------------------------------------------------------------------------------------- 24,023 242,816 4,491 46,575 ========================================================================================================= Preferred shares sold -- 1,080 -- -- ========================================================================================================= NEW YORK DIVIDEND ADVANTAGE ------------------- FOR THE PERIOD 5/26/99 (COMMENCE- SIX MENT OF MONTHS OPERATIONS) ENDED THROUGH 3/31/00 9/30/99 - --------------------------------------------------------------------------------------------------------- Common Shares: Shares sold -- 9,169,837 Shares issued to shareholders due to reinvestment of distributions 1,826 362 - --------------------------------------------------------------------------------------------------------- 1,826 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 May 1, 2000, to shareholders of record on April 15, 2000, 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 $.0425 $.0790 $.0770 $.0775 $.0760 $.0695 $.0690 =========================================================================================================
4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and short-term municipal securities during the six months ended March 31, 2000, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $28,984,156 $69,776,548 $80,192,950 $81,894,388 Short-term municipal securities 4,600,000 10,000,000 20,700,000 29,700,000 Sales and maturities: Long-term municipal securities 26,517,611 67,011,306 73,301,908 64,619,721 Short-term municipal securities 4,600,000 10,000,000 20,700,000 29,700,000 =========================================================================================================
INSURED NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND INCOME INCOME ADVANTAGE - --------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $46,374,413 $14,737,732 $23,008,167 Short-term municipal securities 5,000,000 11,000,000 15,000,000 Sales and maturities: Long-term municipal securities 45,274,504 14,710,511 18,608,237 Short-term municipal securities 5,000,000 11,000,000 15,000,000 =========================================================================================================
At March 31, 2000, 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 - --------------------------------------------------------------------------------------------------------- $141,435,055 $335,155,263 $386,172,366 $515,444,967 $525,692,904 $176,276,431 $194,243,989 =========================================================================================================
At September 30, 1999, the Funds' last Fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
INSURED NEW YORK NEW YORK 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 (Unaudited) (continued) 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments for federal income tax purposes at March 31, 2000, were as follows:
NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT VALUE PLUS QUALITY QUALITY - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $ 4,167,145 $ 8,064,922 $11,726,067 $20,620,829 depreciation (3,952,259) (8,992,579) (8,306,197) (8,180,663) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $ 214,886 $ (927,657) $ 3,419,870 $12,440,166 =========================================================================================================
INSURED NEW YORK NEW YORK NEW YORK QUALITY PREMIUM DIVIDEND INCOME INCOME ADVANTAGE - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $17,019,801 $ 5,154,747 $ 536,920 depreciation (6,076,643) (1,835,124) (7,206,788) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation (depreciation) $10,943,158 $ 3,319,623 $(6,669,868) =========================================================================================================
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under the Funds' (excluding New York Value and New York Dividend Advantage) investment management agreements with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidary of The John Nuveen Company, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net assets of each Fund as follows: AVERAGE DAILY NET ASSETS MANAGEMENT FEE - -------------------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5875 of 1 ================================================================================ Under New York Value's investment management agreement with the Adviser, the Fund pays an annual management fee, payable monthly, of .35 of 1% of the average daily net assets of the Fund, as well as 4.125% of the gross interest income of the Fund. Under New York Dividend Advantage's 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 March 31, 2000, 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 151,204 149,576 176,995 234,210 Paid-in surplus 144,261,019 217,774,582 248,509,957 327,713,097 Balance of undistributed net investment income 206,141 258,533 31,986 108,453 Accumulated net realized gain (loss) from investment transactions (2,548,908) (1,517,886) (49,027) (2,370,014) Net unrealized appreciation (depreciation) of investments 1,018,643 (927,657) 4,640,616 14,027,160 - ----------------------------------------------------------------------------------------------------------- Net assets $143,088,099 $340,037,148 $397,310,527 $532,712,906 - ----------------------------------------------------------------------------------------------------------- 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 240,837 82,996 91,790 Paid-in surplus 335,112,677 117,939,855 130,274,900 Undistributed (Over-distribution of) net investment income 385,010 312,214 (152,365) Accumulated net realized gain (loss) from investment transactions (1,472,700) (5,595,207) (3,186,038) Net unrealized appreciation (depreciation) of investments 11,110,712 3,319,623 (6,669,868) - ----------------------------------------------------------------------------------------------------------- Net assets $542,376,536 $181,059,481 $189,358,419 =========================================================================================================== Authorized shares: Common 200,000,000 200,000,000 Unlimited Preferred 1,000,000 1,000,000 Unlimited ===========================================================================================================
FINANCIAL HIGHLIGHTS (Unaudited) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS --------------------------------- --------------------------------------------------------------------- NET NET NET REALIZED/ INVESTMENT INVESTMENT CAPITAL CAPITAL BEGINNING NET UNREALIZED INCOME INCOME GAINS GAINS NET ASSET INVESTMENT INVESTMENT TO COMMON TO PREFERRED TO COMMON TO PREFERRED VALUE INCOME GAIN (LOSS) TOTAL SHAREHOLDERS SHAREHOLDERS+ SHAREHOLDERS SHAREHOLDERS+ TOTAL NEW YORK VALUE Year Ended 9/30: 2000 (a) $ 9.53 $ .26 $ (.08) $ .18 $ (.25) $ N/A $ - $ N/A $ (.25) 1999 10.39 .51 (.76) (.25) (.51) N/A (.10) N/A (.61) 1998 10.28 .55 .20 .75 (.55) N/A (.09) N/A (.64) 1997 10.23 .62 .06 .68 (.62) N/A (.01) N/A (.63) 1996 10.44 .64 (.15) .49 (.66) N/A (.04) N/A (.70) 1995 10.39 .66 .06 .72 (.67) N/A - N/A (.67) NEW YORK PERFORMANCE PLUS Year Ended 9/30: 2000 (a) 14.65 .62 (.14) .48 (.49) (.14) (.06) (.02) (.71) 1999 16.24 1.24 (1.56) (.32) (1.03) (.22) - - (1.25) 1998 16.23 1.31 .02 1.33 (1.09) (.23) - - (1.32) 1997 16.17 1.35 .06 1.41 (1.11) (.24) - - (1.35) 1996 16.41 1.36 (.22) 1.14 (1.13) (.25) - - (1.38) 1995 15.91 1.37 .52 1.89 (1.12) (.27) - - (1.39) NEW YORK INVESTMENT QUALITY Year Ended 9/30: 2000 (a) 14.44 .60 (.12) .48 (.47) (.14) - - (.61) 1999 15.89 1.19 (1.30) (.11) (1.00) (.21) (.09) (.02) (1.32) 1998 15.85 1.24 .09 1.33 (1.06) (.22) (.01) - (1.29) 1997 15.89 1.29 (.01) 1.28 (1.07) (.22) (.02) (.01) (1.32) 1996 16.16 1.30 (.25) 1.05 (1.05) (.24) (.02) (.01) (1.32) 1995 15.71 1.30 .48 1.78 (1.05) (.28) - - (1.33) NEW YORK SELECT QUALITY Year Ended 9/30: 2000 (a) 14.64 .61 (.12) .49 (.48) (.15) - - (.63) 1999 15.99 1.20 (1.28) (.08) (.99) (.21) (.04) (.01) (1.25) 1998 15.90 1.19 .11 1.30 (.99) (.22) - - (1.21) 1997 15.78 1.21 .13 1.34 (.99) (.22) (.01) - (1.22) 1996 15.90 1.22 (.06) 1.16 (1.01) (.23) (.03) (.01) (1.28) 1995 15.24 1.23 .69 1.92 (1.01) (.25) - - (1.26) TOTAL RETURNS ----------------- ORGANIZATION AND OFFERING COSTS AND BASED PREFERRED ENDING BASED ON SHARE NET ENDING ON NET UNDERWRITING ASSET MARKET MARKET ASSET DISCOUNTS VALUE VALUE VALUE** VALUE** NEW YORK VALUE Year Ended 9/30: 2000 (a) $ - $ 9.46 $ 8.2500 (2.79)% 1.96% 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: 2000 (a) - 14.42 13.3750 (9.05) 2.37 1999 (.02) 14.65 15.3125 (8.25) (3.65) 1998 - 16.24 17.7500 .63 7.00 1997 - 16.23 18.7500 15.77 7.49 1996 - 16.17 17.2500 10.76 5.53 1995 - 16.41 16.6250 12.43 10.62 NEW YORK INVESTMENT QUALITY Year Ended 9/30: 2000 (a) - 14.31 13.4375 (7.61) 2.50 1999 (.02) 14.44 15.0625 (8.13) (2.45) 1998 - 15.89 17.5000 2.60 7.27 1997 - 15.85 18.1250 14.40 6.84 1996 - 15.89 16.8750 9.01 5.09 1995 - 16.16 16.5000 15.87 9.98 NEW YORK SELECT QUALITY Year Ended 9/30: 2000 (a) - 14.50 13.3750 (9.84) 2.42 1999 (.02) 14.64 15.3750 (3.33) (2.11) 1998 - 15.99 16.9375 6.84 7.01 1997 - 15.90 16.8125 11.77 7.34 1996 - 15.78 16.0000 8.26 5.86 1995 - 15.90 15.7500 15.34 11.41 RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------- BEFORE CREDIT ------------------------------------------------------------- RATIO OF NET RATIO OF NET RATIO OF INVESTMENT RATIO OF INVESTMENT EXPENSES INCOME TO EXPENSES INCOME TO TO AVERAGE AVERAGE TO AVERAGE AVERAGE ENDING NET ASSETS NET ASSETS TOTAL TOTAL NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS ASSETS TO COMMON TO COMMON INCLUDING INCLUDING (000) SHARES++ SHARES++ PREFERRED++ PREFERRED++ NEW YORK VALUE Year Ended 9/30: 2000 (a) $143,088 .76%* 5.50%* N/A% N/A% 1999 144,079 .74 5.10 N/A N/A 1998 157,086 .75 5.37 N/A N/A 1997 154,298 .79 6.10 N/A N/A 1996 151,848 .83 6.16 N/A N/A 1995 124,484 .80 6.38 N/A N/A NEW YORK PERFORMANCE PLUS Year Ended 9/30: 2000 (a) 340,037 1.29* 8.81* .81* 5.54* 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: 2000 (a) 397,311 1.29* 8.54* .81* 5.40* 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: 2000 (a) 532,713 1.31* 8.52* .83* 5.41* 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 RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------- AFTER CREDIT*** ------------------------------------------------------ RATIO OF NET RATIO OF NET RATIO OF INVESTMENT RATIO OF INVESTMENT EXPENSES INCOME TO EXPENSES INCOME TO TO AVERAGE AVERAGE TO AVERAGE AVERAGE NET ASSETS NET ASSETS TOTAL TOTAL 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: 2000 (a) .74%* 5.51%* N/A% N/A% 19% 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: 2000 (a) 1.27* 8.82* .80* 5.55* 20 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: 2000 (a) 1.26* 8.57* .80* 5.42* 19 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: 2000 (a) 1.31* 8.52* .83* 5.41* 12 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 N/A Fund is not authorized to issue Preferred shares. * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** After custodian fee credit, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the six months ended March 31, 2000.
FINANCIAL HIGHLIGHTS (Unaudited) (continued) Selected data for a Common share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS --------------------------------- --------------------------------------------------------------------- NET NET NET REALIZED/ INVESTMENT INVESTMENT CAPITAL CAPITAL BEGINNING NET UNREALIZED INCOME INCOME GAINS GAINS NET ASSET INVESTMENT INVESTMENT TO COMMON TO PREFERRED TO COMMON TO PREFERRED VALUE INCOME GAIN (LOSS) TOTAL SHAREHOLDERS SHAREHOLDERS+ SHAREHOLDERS SHAREHOLDERS+ TOTAL NEW YORK QUALITY INCOME Year Ended 9/30: 2000 (b) $14.54 $ .59 $ (.19) $ .40 $(.46) $(.14) $ - $ - $ (.60) 1999 15.90 1.15 (1.29) (.14) (.94) (.22) (.03) (.01) (1.20) 1998 15.66 1.15 .30 1.45 (.94) (.24) (.02) (.01) (1.21) 1997 15.32 1.17 .39 1.56 (.94) (.24) (.03) (.01) (1.22) 1996 15.31 1.19 .04 1.23 (.94) (.25) (.02) (.01) (1.22) 1995 14.51 1.19 .84 2.03 (.94) (.27) (.02) - (1.23) INSURED NEW YORK PREMIUM INCOME Year Ended 9/30: 2000 (b) 14.20 .54 (.20) .34 (.42) (.14) - - (.56) 1999 15.68 1.07 (1.49) (.42) (.83) (.23) - - (1.06) 1998 14.95 1.06 .75 1.81 (.82) (.26) - - (1.08) 1997 14.26 1.07 .69 1.76 (.82) (.25) - - (1.07) 1996 13.92 1.08 .33 1.41 (.80) (.27) - - (1.07) 1995 12.74 1.08 1.20 2.28 (.81) (.29) - - (1.10) NEW YORK DIVIDEND ADVANTAGE Year Ended 9/30: 2000 (b) 13.27 .54 (.13) .41 (.43) (.14) - - (.57) 1999 (a) 14.33 .27 (.95) (.68) (.21) (.05) - - (.26) TOTAL RETURNS ----------------- ORGANIZATION AND OFFERING COSTS AND BASED PREFERRED ENDING BASED ON SHARE NET ENDING ON NET UNDERWRITING ASSET MARKET MARKET ASSET DISCOUNTS VALUE VALUE VALUE** VALUE** NEW YORK QUALITY INCOME Year Ended 9/30: 2000 (b) $ - $14.34 $12.9375 (10.71)% 1.88% 1999 (.02) 14.54 15.0000 (4.13) (2.60) 1998 - 15.90 16.6250 8.89 7.90 1997 - 15.66 16.1875 12.90 8.80 1996 - 15.32 15.2500 10.96 6.45 1995 - 15.31 14.6250 11.96 12.58 INSURED NEW YORK PREMIUM INCOME Year Ended 9/30: 2000 (b) - 13.98 12.8125 (7.97) 1.48 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: 2000 (b) - 13.11 12.5000 (10.07) 2.20 1999 (a) (.12) 13.27 14.3750 (2.76) (5.93) RATIOS/SUPPLEMENTAL DATA ---------------------------------------------------------------------- BEFORE CREDIT ------------------------------------------------------------- RATIO OF NET RATIO OF NET RATIO OF INVESTMENT RATIO OF INVESTMENT EXPENSES INCOME TO EXPENSES INCOME TO TO AVERAGE AVERAGE TO AVERAGE AVERAGE ENDING NET ASSETS NET ASSETS TOTAL TOTAL NET APPLICABLE APPLICABLE NET ASSETS NET ASSETS ASSETS TO COMMON TO COMMON INCLUDING INCLUDING (000) SHARES++ SHARES++ PREFERRED++ PREFERRED++ NEW YORK QUALITY INCOME Year Ended 9/30: 2000 (b) $542,377 1.22%* 8.35%* .77%* 5.29%* 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: 2000 (b) 181,059 1.32* 7.82* .84* 4.98* 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: 2000 (b) 189,358 1.30* 8.09* .81* 5.06* 1999 (a) 190,801 1.38* 5.08* 1.03* 3.79* RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------- AFTER CREDIT*** ------------------------------------------------------ RATIO OF NET RATIO OF NET RATIO OF INVESTMENT RATIO OF INVESTMENT EXPENSES INCOME TO EXPENSES INCOME TO TO AVERAGE AVERAGE TO AVERAGE AVERAGE NET ASSETS NET ASSETS TOTAL TOTAL APPLICABLE APPLICABLE NET ASSETS NET ASSETS PORTFOLIO TO COMMON TO COMMON INCLUDING INCLUDING TURNOVER SHARES++ SHARES++ PREFERRED++ PREFERRED++ RATE NEW YORK QUALITY INCOME Year Ended 9/30: 2000 (b) 1.22%* 8.35%* .77%* 5.29%* 8% 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: 2000 (b) 1.31* 7.84* .83* 4.99* 8 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: 2000 (b) .81* 8.58* .51* 5.37* 10 1999 (a) .65* 5.81* .48* 4.34* 25 * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized. *** After custodian fee credit and expense reimbursement, where applicable. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the period May 26, 1999 (commencement of operations) through September 30,1999. (b) For the six months ended March 31, 2000.
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. Dollar-cost averaging does not ensure a profit, nor does it protect you against loss in a declining market. Because such a plan involves continuous investment regardless of fluctuating prices, investors should consider their financial ability to continue purchases through periods of low price levels. 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 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 6-month period ended March 31, 2000. Any future repurchases will be reported to shareholders in the next annual or semiannual report. SERVING INVESTORS FOR GENERATIONS PHOTO OF: JOHN NUVEEN, SR. For over a century, generations of Americans have relied on Nuveen to help them grow and keep the money they've earned. Financial advisers, investors and their families have associated Nuveen investments with quality, expertise and dependability since 1898. That is why financial advisers have entrusted the assets of more than 1.3 million investors to Nuveen. With the know-how that comes from a century of experience, Nuveen continues to build upon its reputation for quality. Now, financial advisers and investors can count on Nuveen Investments to help them design customized solutions that meet the far-reaching financial goals unique to family wealth strategies - solutions that can translate into legacies. Invest well. Look ahead. Leave your mark. To find out more about how Nuveen investment products and services can help you preserve your financial security, talk with your financial adviser, or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before you invest. LOGO: NUVEEN Investments John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, IL 60606-1286 www.nuveen.com FSA-1-3-00 -----END PRIVACY-ENHANCED MESSAGE-----