-----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, RyQYkttORXaE2qoPYcDq0Ct30iPn1MBU3BEDgD6IkOhXNjRSxgGi+4W27GryaiJ8 ZEI9rVBjcSzpHt7Dq1l6oQ== 0000891804-99-001184.txt : 19990604 0000891804-99-001184.hdr.sgml : 19990604 ACCESSION NUMBER: 0000891804-99-001184 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990331 FILED AS OF DATE: 19990603 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: 99639607 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 NUVEEN NEW YORK MUNICIPAL VALUE FUND INC(NNY) NUVEEN Exchange Traded Funds March 31, 1999 Semiannual Report Dependable, tax-free income to help you keep more of what you earn. Photo of couple on a dock NNY NNP NQN NVN NUN NNF New York Highlights As of March 31, 1999 Credit Quality Performance Highlights ================================================================================ Nuveen New York Municipal Value Fund, Inc. (NNY) AAA/U.S. Guaranteed 54% AA 15% A 15% BBB/NR 16% o Taxable-equivalent yield of 8.05%* o Outperformed its Lipper Peer Group** Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) AAA/U.S. Guaranteed 62% AA 14% A 6% BBB/NR 18% o Taxable-equivalent yield of 9.33%* o Good credit quality, with 76% of the Fund's investments rated AA or higher Nuveen New York Investment Quality Municipal Fund, Inc. (NQN) Insured 55% Insured and U.S. Guaranteed 36% U.S. Guaranteed 9% o Taxable-equivalent yield of 9.02%* o Good credit quality, with 100% of the Fund's investments either Insured or U.S. Guaranteed Nuveen New York Select Quality Municipal Fund, Inc. (NVN) Insured 69% Insured and U.S. Guaranteed 22% U.S. Guaranteed 9% o Taxable-equivalent yield of 9.27%* o Stable dividend for 32 consecutive months Nuveen New York Quality Income Municipal Fund, Inc. (NUN) Insured 69% Insured and U.S. Guaranteed 24% U.S. Guaranteed 7% o Taxable-equivalent yield of 8.90%* o Stable or increasing dividend since the Fund's inception Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF) Insured 79% Insured and U.S. Guaranteed 20% U.S. Guaranteed 1% o Taxable-equivalent yield of 7.98%* o Outperformed its Lipper Peer Group** * For investors in the combined federal and state income tax rate of 35.5% ** The Lipper Peer Group return represents the average annualized return of the funds in the appropriate Lipper Municipal Debt category. The Lipper total return assumes reinvestment of dividends and does not reflect any applicable sales charges. Contents 1 Dear Shareholder 3 Portfolio Manager's Comments 5 NNY Performance Overview 6 NNP Performance Overview 7 NQN Performance Overview 8 NVN Performance Overview 9 NUN Performance Overview 10 NNF Performance Overview 11 Portfolio of Investments 38 Statement of Net Assets 39 Statement of Operations 40 Statement of Changes in Net Assets 41 Notes to Financial Statements 46 Financial Highlights 48 Building a Better Portfolio 49 Fund Information Photo of Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board Sidebar text: Wealth takes a lifetime to build. Once achieved, it should be preserved. Dear Shareholder I'm pleased to report that over the past 12 months, the Nuveen Exchange-Traded Funds covered in this report continued to meet their primary objectives of providing you with dependable tax-free income and attractive levels of after-tax total returns. The combination of these two factors demonstrates once again that Nuveen's municipal bond funds can serve as excellent investment options for income-oriented investors. The Year in Review The past 12 months saw the U.S. economy continue its pattern of non-inflationary growth, combined with low interest rates and unemployment levels that remain among the lowest in more than 30 years. Much of the current economic growth is propelled by consumer demand, which has helped the U.S. resist the downward pull of weaker overseas markets. All indications point to a confident consumer who is comfortable with the current state of the economy, especially the performance of the housing, stock, and job markets. On the global front, the turmoil of the past two years appears to be fading somewhat, as international financial markets have begun sending recovery signals. At the same time, inflation in the U.S. continued to operate at benign levels, with an increase of only 1.6% for the 12 months ended March 31, 1999. As Federal Reserve Chairman Alan Greenspan has recently stated, one of the key factors in achieving today's peaceful coexistence of economic growth and low inflation has been increased productivity. Improvements in productivity, spurred by technological advances, have been responsible for off-setting wage and other inflationary pressures that we would normally expect to see as part of a growing economy. Last fall, the Federal Reserve eased short-term interest rates for the first time in almost three years. Between the end of September and mid-November 1998, three successive cuts brought the federal funds rate to 4.75%, averting a potential domestic credit crunch and restoring some stability to global markets. Following the success of these preemptive moves, the Federal Reserve seemed to shift its inflation-fighting approach to a more reactive stance. Barring any unforeseen developments, expectations are for a stable Fed policy and a stable interest rate environment throughout the remainder of 1999. In the months ahead, we will continue to watch for indications from the Fed and other factors that affect the economy's future, including wage and employment statistics, reports on productivity growth, capital equipment spending, and the progress of international economic recovery. We believe these key components will influence the outlook for fixed-income markets well into the new millennium. Municipal Bonds: An Attractive Investment Option As interest rates declined over the past year, our municipal bond funds continued to provide bright spots among investment options, offering attractive, stable income in a market that places a high premium on yield. In 1998, municipal bonds represented a calm haven in otherwise turbulent markets, with lower volatility relative to Treasury bonds and other fixed-income investments. For the first three months of 1999, munis continued to outperform Treasuries and, in fact, were among the best performing asset classes for the quarter. The high ratio of tax-exempt municipal yields to Treasury yields sheltered municipal bonds from the price decline that occurred in the Treasury market during the first quarter of the year. While interest rates on 30-year Treasury bonds rose from 5.10% at the end of December to 5.63% as of March 31, 1999, the yield on the Bond Buyer Revenue Bond Index, an unmanaged index of long-term municipal revenue bonds, rose just three basis points - from 5.26% to 5.29%. Given the inverse relationship between interest rates and bond prices, as rates went up, prices went down. Though municipal bond prices also decreased, the drop was not as dramatic as it was for Treasuries. The differential in performance reflects the fact that Treasuries had become relatively expensive due to safe-haven buying during the international economic crises of the past year. The financial turmoil around the globe eventually subsided, and foreign investors began to shy away from U.S. denominated securities, which caused Treasuries to drop in price. At the end of March 1999, the ratio between long-term municipal yields and 30-year Treasury yields stood at 94%, compared with the more typical range of 86-87%. For investors, this meant that quality long-term municipal bonds offered almost the same yield as Treasury bonds with comparable maturities - - even before the tax advantages of municipal bonds are taken into account. On an after-tax basis in today's market, municipal bonds continue to present an exceptionally attractive investment option relative to Treasuries. In 1998, lower interest rates and the strong economy combined to generate high levels of new municipal issuance and a significant increase in the refinancing of existing bonds. Municipal issuance in 1998 reached $284 billion, up 29% over 1997. In terms of total municipal issuance, 1998 ranked as the second largest year on record, next to 1993's $292 billion. In the first quarter of 1999, however, as the market settled into a stable interest rate environment, refunding activity dropped off dramatically. As a result, municipal supply declined 30% from the levels of the first quarter of 1998. This, in turn, enhanced the attractiveness of the municipal bonds that were brought to market, as demand - especially from individual investors - remained relatively strong. The U.S. economy continues to benefit municipal issuers, as higher tax revenues produced improvements in the fundamental health of many municipalities. In 1998, for example, state tax revenues rose by an average of 6.9%. This expanded flow of tax dollars resulted in higher credit ratings for many municipal governments, as Moody's and Standard & Poor's - the two largest credit rating agencies - upgraded 95 municipal bond issues while downgrading only 47. The healthcare sector accounted for half of the downgraded issues, as improved projections regarding Medicare's solvency were countered by medical costs that outpaced inflation and continued pressure on hospitals from health insurers and the government. The Value of Nuveen Expertise The solid track record of a proven investment manager is one key to taking advantage of the attractive values currently available in the municipal market. The near-record level of municipal issuance in 1998, for example, highlighted the value of Nuveen's in-depth knowledge of the municipal market, as our portfolio management teams carefully analyzed each issue to select those securities best suited to help the funds achieve their investment objectives. With the outlook for tighter supply and continued demand in 1999, Nuveen's established market position ensures that we will have exceptional access to the bond offerings that have the potential to add value for our shareholders. As a further enhancement to our management capabilities, Nuveen has assembled a strong group of investment managers - experts in their particular areas of the market - to provide investors with the advantage of their experience and insights. In addition to Nuveen Advisory Services for tax-free investing, you and your financial adviser can rely on Institutional Capital Corporation for value-oriented equity investing and Rittenhouse Financial Services, Inc. for growth-oriented equity investing. We encourage you to talk with your financial adviser about Nuveen's expanding array of investments and the ways they can help you establish a diversified portfolio designed to build and sustain long-term financial security. For more information on our funds, contact your adviser for a prospectus, or call Nuveen at (800) 621-7227. Please read the prospectus carefully before you invest or send money. Thank you for the confidence you have placed in Nuveen. We are committed to maintaining the trust you have shown in us and look forward to meeting your investment needs well into the next century. Sincerely, /s/Timothy R. Schwertfeger Timothy R. Schwertfeger Chairman of the Board May 17, 1999 Sidebar text: "The solid track record of a proven investment manager is one key to taking advantage of the attractive values currently available in the municipal market." Nuveen New York Exchange-Traded Funds Portfolio Manager's Comments Portfolio manager Steve Peterson discusses the New York municipal market, recent fund performance, and key investment strategies for the Nuveen New York Exchange-Traded Funds. Steve, who joined Nuveen in 1988, manages a range of Nuveen national and state municipal bond funds. He assumed portfolio management responsibilities for the New York funds in early 1999. What economic factors have affected the municipal market in New York? Over the past 12 months, the economy of the state of New York continued to improve, due largely to the ongoing success of the financial services sector, particularly the securities industry centered in New York City. Based on the increased tax revenues generated by this source, New York State - like many other states and municipalities across the nation - is now enjoying a budget surplus. This underscores the heavy influence of New York City - with 50% of the state's population - on the state's economy. In recognition of New York City's booming economy, both Standard & Poor's and Moody's upgraded the city's credit rating from BBB+/Baa1 to A-/A3 in 1998. Although employment in the state has improved over the past year, New York still lags the national economy in job growth, with an unemployment rate of 5.0% in March, compared with the national average of 4.2%. Several areas of the state have been hurt by the decline in manufacturing brought on, in part, by the state's high tax rates, which have made it difficult to attract new businesses and replace lost manufacturing jobs. Although municipal issuance in New York during the first three months of 1999 was down slightly from the previous quarter, supply continues to be strong, with $31.8 billion of new bonds issued in the 12-month period ended March 31,1999. This compares favorably with the $32.3 billion of the prior year, especially when we note that the Long Island Power Authority issue, the largest issuance in municipal market history, accounted for $3.5 billion of the 1997-98 number. Issuance in New York was driven by low interest rates and the state's considerable capital needs to repair and replace an aging infrastructure. Over the past year, the largest segment of new bonds came from the utilities sector, along with heavy issuance from state appropriation programs for state hospitals and schools, the City of New York, New York City Transitional Finance Authority, and New York City Municipal Water Finance Authority. The majority of funds raised by the Water Authority will be used to finance a third water tunnel for New York City, a multi-billion dollar project that is expected to take another 20 years to complete. The heavy supply of municipal bonds in New York was met with one of the highest levels of demand in the nation, driven by the combination of three factors: wealth (New York ranks among the top five states in per capita income), population (the second largest state), and tax rate (one of the highest in the country, especially for New York City residents). How did the New York funds perform over the past year? For the 12 months ended March 31, 1999, the Nuveen New York Exchange-Traded Funds produced total returns on net asset value (NAV) ranging from 4.73% to 6.58%, providing taxable-equivalent returns of 8.12% to 9.64% (for investors in the combined federal and state income tax rate of 35.5%), as shown in the accompanying table. For comparison purposes, the total returns on the funds' benchmarks - the Lehman Brothers New York Municipal Bond Index and the Lehman New York Insured Municipal Bond Index - and the averages for the appropriate Lipper New York Municipal Debt category are also provided.
Lehman New York Lipper New York Total Return on NAV Total Return(1) Average(2) - --------------------------------------------------------------- 1-Year Ended Taxable- 1-Year Ended 1-Year Ended 3/31/99 Equivalent(3) 3/31/99 3/31/99 - --------------------------------------------------------------- NNY 5.22% 8.12% 6.43% 5.02% - --------------------------------------------------------------- NNP 5.20% 8.93% 6.43% 6.07% - --------------------------------------------------------------- NQN 5.33% 9.05% 6.51% 6.07% - --------------------------------------------------------------- NVN 4.73% 8.26% 6.51% 6.07% - --------------------------------------------------------------- NUN 5.27% 8.65% 6.51% 6.07% - --------------------------------------------------------------- NNF 6.58% 9.64% 6.51% 6.07% - ---------------------------------------------------------------
Over the past year, the yield on the Bond Buyer Revenue Bond Index, an unmanaged index of long-term municipal revenue bonds, fell only 10 basis points, an indication of a relatively stable interest rate climate. In this environment, the funds' durations (the measurement of a bond fund's price volatility in response to interest rate changes) played a smaller, though still significant role in determining their returns relative to the market. NNF, which had the longest leverage-adjusted duration (9.18 years) among these funds as of March 31, 1999, also had the best performance over the past 12 months, while NVN, with the shortest duration (5.43 years), produced the lowest return. Other factors such as sector weightings, levels of call protection, and bond selection also had an impact on the performance of each fund. For example, the upgrade of New York City's credit rating by both Standard & Poor's and Moody's resulted in price appreciation for bonds issued by the city. Because each of the New York funds held a different percentage of New York City bonds, this contributed to the performance differential. 1 NNY and NNP are compared with the Lehman Brothers New York Municipal Bond Index, an unleveraged index comprising a broad range of New York investment-grade municipal bonds. The remaining four Nuveen New York funds, which are insured, are compared with the Lehman New York Insured Municipal Bond Index, an unleveraged index covering a broad range of insured New York municipal bonds. Results for Lehman indexes do not reflect any initial or ongoing expenses. 2 The Lipper New York Peer Group returns represent the average annualized returns of the funds in the Lipper New York Municipal Debt category. NNY, an unleveraged fund, is compared with other unleveraged New York funds in the Lipper data base, while NNP is compared with a leveraged New York peer group. The remaining funds, which are insured and leveraged, are compared with the New York Insured Leveraged category. Returns assume reinvestment of dividends and do not reflect any applicable sales charges. 3 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. How were the funds' dividends and share prices affected? In the low interest rate environment of the past twelve months, good call protection helped support the dividends of NVN, NUN, and NNF and shield the income of these funds from erosion. In addition, excellent dividend management strategies enabled us to increase the dividend of NNF in February 1999, enhancing the competitiveness of its current market yield. As of March 31, 1999, NVN had provided shareholders with 32 consecutive months of steady income, while NUN and NNF had produced steady or increasing dividends since their inceptions. During the past year, lower interest rates also led to an increase in the number of bond calls, as issuers sought to reduce debt financing costs. In addition, declining rates meant that proceeds from prepaid or matured bonds had to be reinvested in issues paying relatively lower current rates. Both of these situations contributed to reductions in the income levels of NNY, NNP, and NQN and necessitated dividend cuts in these three funds. Even with these dividend adjustments, all of the funds have continued to provide attractive market yields. As interest rates declined, active demand for funds such as NNF, with its exceptional track record of steady income, and NNP, which offered the highest yield among the six New York funds, resulted in solid share price performance. For the remaining four funds, dividend adjustments and/or a higher potential for bond calls led to declines in share price. At the same time, the funds' NAVs - with the exception of NNF's - generally did not keep pace with gains in the overall bond market. As a result of these changes, five of the funds saw their premiums (share price above NAV) increase over the past year, while NNY, which is the oldest New York fund, moved from a premium to a slight discount (share price below NAV).
Current Premium/ Total Return Market Yield Discount to NAV(4) on Share Price - ----------------------------------------------------------------------- 1-Year Taxable- Ended Taxable- 3/31/99 Equivalent(3) 3/31/98 3/31/99 3/31/99 Equivalent(5) - ----------------------------------------------------------------------- NNY 5.19% 8.05% 3.25% -0.67% 1.36% 4.17% - ----------------------------------------------------------------------- NNP 6.02% 9.33% 6.56% 8.56% 6.64% 10.12% - ----------------------------------------------------------------------- NQN 5.82% 9.02% 9.97% 10.48% 5.04% 8.41% - ----------------------------------------------------------------------- NVN 5.98% 9.27% 4.69% 6.31% 5.92% 9.30% - ----------------------------------------------------------------------- NUN 5.74% 8.90% 4.37% 5.04% 5.70% 8.93% - ----------------------------------------------------------------------- NNF 5.15% 7.98% 0.54% 5.18% 11.41% 14.44% - -----------------------------------------------------------------------
For additional information, see the individual Performance Overview for your fund in this report. What key strategies were used to manage the New York funds during the past year? The focus of our management strategies for the New York Exchange-Traded Funds continued to be on supporting the highest level of tax-exempt dividends consistent with capital preservation. All of the New York Exchange-Traded Funds are managed on a relative value basis, a strategy designed to add value and maximize income. This strategy is based on the fact that every bond has a set of characteristics (e.g., call protection, liquidity, underlying credit, coupon) that fluctuate. Nuveen's excellent surveillance and research help us make the buy/sell decisions that can benefit the funds. Another strategy we used to manage the funds involved taking advantage of changes in the yield curve. The yield curve plots the relationship between bond yields and corresponding maturities. Usually, but not always, bonds with longer maturities offer higher yields than those with shorter terms to maturity. When the yield curve "steepens," the difference between short-term and long-term interest rates widens; when the yield curve is "flat," the difference is relatively small. As the yield curve steepens or flattens, different maturities on the curve become more or less attractive. Over the past year, our objective was to purchase bonds at the most attractive part of the curve and sell those at the least attractive part. These trades enabled us to manage interest rate risk while maintaining the funds' yields. Overall, the credit quality of the non-insured Nuveen New York Exchange-Traded Funds remained high. During the past six months, NNY traded up slightly in credit quality, as the portion of the fund invested in bonds rated AAA and AA rose from 66% to 69%. The fund also added some BBB rated bonds that represented significant value. As of the end of March 1999, NNP had 76% of its portfolio invested in bonds rated AAA and AA. Credit quality is not a major issue in the remaining funds, which are 100% invested in insured or U.S. Guaranteed bonds. In the area of call protection, NNY, which was brought to market in 1987 as the first of the Nuveen New York Exchange-Traded Funds, continues to experience the normal part of the market cycle in which bond calls are likely to occur. This phase will continue until the year 2001, after which the fund will again offer good levels of call protection. NNP, NQN, and NVN will begin to face a significant number of bond calls between 2000 and 2002, while NUN and NNF are protected until 2002 and 2003, respectively. To minimize the impact of bond calls, we are already at work on strategies for managing through this period. For funds with tax loss carry-forwards, our strategy will include managing the tax liability by selling bonds due to be called at good prices and putting the proceeds to work through the purchase of additional bonds. This should enable us to provide some protection for the funds' income levels without incurring capital gains. What is Nuveen's outlook for the future? Looking ahead for the Nuveen New York Exchange-Traded Funds, our focus will remain on supporting the income streams of these funds. One of our strategies for protecting fund income is to continue taking advantage of changes in the yield curve. We will also look at positioning the funds' durations, particularly that of NVN, so that the funds are better protected against any interest rate volatility. These strategies demonstrate the value that can be added by an active bond manager such as Nuveen. As an experienced investment manager knowledgeable about the unique aspects of the New York municipal market, we are in the marketplace every day, monitoring market dynamics, looking for opportunities, and capitalizing on them to the benefit of fund shareholders. In our opinion, municipal bonds are currently one of the most compelling values in the investment marketplace. Over the past 12 months, the value of these quality investments has been enhanced by excellent municipal-to-Treasury ratios (with municipal yields comparable to Treasury yields even before the tax advantage of municipals is taken into account) as well as a market environment characterized by low interest rates and benign inflation. With continued volatility in the equity markets and investors' increasing awareness of the need for asset allocation rebalancing, the demand for municipal bond funds is expected to grow. We believe that investors who take advantage of current opportunities in the municipal market should be rewarded with healthy returns and attractive yields in the months ahead. 3 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. It is based on a combined federal and state income tax rate of 35.5%. 4 A fund's premium or discount represents the ratio of the fund's share price to its NAV. 5 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. Nuveen New York Municipal Value Fund, Inc. Performance Overview As of March 31, 1999 NNY Portfolio Statistics ================================================== Inception Date 10/87 - -------------------------------------------------- Share Price $10 1/16 - -------------------------------------------------- Net Asset Value $10.13 - -------------------------------------------------- Market Yield 5.19% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 7.52% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 8.05% - -------------------------------------------------- Fund Net Assets ($000) $153,189 - -------------------------------------------------- Effective Maturity (Years) 19.86 - -------------------------------------------------- Modified Duration (Years) 7.76 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 1.36% 5.22% - -------------------------------------------------- 5-Year 6.44% 5.82% - -------------------------------------------------- 10-Year 7.04% 7.34% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 4.17% 8.12% - -------------------------------------------------- 5-Year 9.81% 9.23% - -------------------------------------------------- 10-Year 10.53% 10.92% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 20% - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Education and Civic Organizations 12% - -------------------------------------------------- Long-TermCare 11% - -------------------------------------------------- Healthcare 10% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0971 per share. NNY Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.0470 May 0.0435 Jun 0.0435 Jul 0.0435 Aug 0.0435 Sep 0.0435 Oct 0.0435 Nov 0.0435 Dec 0.0435 Jan 0.0435 Feb 0.0435 Mar 0.0435 Line chart Share Price Performance 4/9/98 10.5 4/17/98 10.313 4/24/98 10 5/8/98 10 5/15/98 9.688 5/22/98 9.625 5/29/98 9.75 6/5/98 9.813 6/12/98 9.688 6/19/98 9.5 6/26/98 9.5 7/2/98 9.625 7/10/98 9.75 7/17/98 9.5 7/24/98 9.438 7/31/98 9.5 8/7/98 9.5 8/14/98 9.563 8/21/98 9.563 8/28/98 9.75 9/4/98 9.563 9/11/98 9.688 9/18/98 9.688 9/25/98 9.938 10/2/98 10.375 10/9/98 10.25 10/16/98 10.375 10/23/98 10.13 10/30/98 10.19 11/6/98 10.13 11/20/98 10.06 11/27/98 10 12/4/98 10.44 12/11/98 10.06 12/18/98 9.94 12/24/98 9.94 1/8/99 10.06 1/15/99 9.69 1/22/99 9.75 1/29/99 10 2/5/99 10.13 2/12/99 10 2/19/99 10.06 2/26/99 10.13 3/5/99 10.25 3/19/99 10.13 3/26/99 10.19 3/31/99 10.0625 Weekly Closing Price Past performance is not predictive of future results. Nuveen New York Performance Plus Municipal Fund, Inc. Performance Overview As of March 31, 1999 NNP Portfolio Statistics ================================================== Inception Date 11/89 - -------------------------------------------------- Share Price $17 1/4 - -------------------------------------------------- Net Asset Value $15.89 - -------------------------------------------------- Market Yield 6.02% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.72% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.33% - -------------------------------------------------- Fund Net Assets ($000) $340,493 - -------------------------------------------------- Effective Maturity (Years) 14.60 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 8.17 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 6.64% 5.20% - -------------------------------------------------- 5-Year 8.29% 6.67% - -------------------------------------------------- Since Inception 8.31% 8.51% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 10.12% 8.93% - -------------------------------------------------- 5-Year 12.05% 10.55% - -------------------------------------------------- Since Inception 12.06% 12.46% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 38% - -------------------------------------------------- Tax Obligation/Limited 14% - -------------------------------------------------- Education and Civic Organizations 12% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- Healthcare 7% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. NNP Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.0895 May 0.0895 Jun 0.0895 Jul 0.0895 Aug 0.0895 Sep 0.0895 Oct 0.0895 Nov 0.0865 Dec 0.0865 Jan 0.0865 Feb 0.0865 Mar 0.0865 Line chart Share Price Performance 4/2/98 17.75 4/9/98 17.313 4/17/98 17.063 4/24/98 17.063 5/8/98 17.125 5/15/98 17.25 5/22/98 17.188 5/29/98 17.25 6/5/98 17.625 6/12/98 17.375 6/19/98 17.625 6/26/98 17.125 7/2/98 17.5 7/10/98 17.938 7/17/98 17.813 7/24/98 17.75 7/31/98 17.625 8/7/98 17.25 8/14/98 17.5 8/21/98 17.813 8/28/98 17.875 9/4/98 17.75 9/11/98 17.5 9/18/98 17.563 9/25/98 17.625 10/2/98 17.875 10/9/98 17.688 10/16/98 17.813 10/23/98 17.94 10/30/98 18 11/6/98 17.69 11/20/98 17.63 11/27/98 17.38 12/4/98 17.75 12/11/98 17.75 12/18/98 17.63 12/24/98 17.69 1/8/99 17.63 1/15/99 17.31 1/22/99 17.13 1/29/99 17.31 2/5/99 17.5 2/12/99 17.31 2/19/99 17.38 2/26/99 17.31 3/5/99 17.31 3/19/99 17.25 3/26/99 17.25 3/31/99 17.25 Weekly Closing Price Past performance is not predictive of future results. Nuveen New York Investment Quality Municipal Fund, Inc. Performance Overview As of March 31, 1999 NQN Portfolio Statistics ================================================== Inception Date 11/90 - -------------------------------------------------- Share Price $17 1/8 - -------------------------------------------------- Net Asset Value $15.50 - -------------------------------------------------- Market Yield 5.82% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.43% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.02% - -------------------------------------------------- Fund Net Assets ($000) $392,803 - -------------------------------------------------- Effective Maturity (Years) 14.57 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 6.83 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 5.04% 5.33% - -------------------------------------------------- 5-Year 9.54% 6.36% - -------------------------------------------------- Since Inception 8.25% 8.15% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 8.41% 9.05% - -------------------------------------------------- 5-Year 13.23% 10.14% - -------------------------------------------------- Since Inception 11.90% 11.93% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 45% - -------------------------------------------------- Utilities 11% - -------------------------------------------------- Healthcare 10% - -------------------------------------------------- Transportation 8% - -------------------------------------------------- Tax Obligation/Limited 8% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0858 per share NQN Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.089 May 0.089 Jun 0.089 Jul 0.086 Aug 0.086 Sep 0.086 Oct 0.086 Nov 0.086 Dec 0.086 Jan 0.086 Feb 0.083 Mar 0.083 Line chart Share Price Performance 4/9/98 17.438 4/17/98 17.375 4/24/98 17.25 5/8/98 17.125 5/15/98 17.688 5/22/98 17.688 5/29/98 17.75 6/5/98 17.625 6/12/98 17.938 6/19/98 18.188 6/26/98 17.813 7/2/98 17.813 7/10/98 17.938 7/17/98 17.813 7/24/98 17.563 7/31/98 17.75 8/7/98 17.75 8/14/98 17.875 8/21/98 17.813 8/28/98 17.563 9/4/98 17.625 9/11/98 17.75 9/18/98 17.438 9/25/98 17.5 10/2/98 17.813 10/9/98 17.688 10/16/98 17.5 10/23/98 17.5 10/30/98 17.5 11/6/98 17.69 11/20/98 17.69 11/27/98 17.81 12/4/98 18 12/11/98 17.75 12/18/98 18.06 12/24/98 18.06 1/8/99 17.81 1/15/99 17.19 1/22/99 16.94 1/29/99 17.25 2/5/99 17.44 2/12/99 17.38 2/19/99 17.31 2/26/99 17.25 3/5/99 17.31 3/19/99 17.38 3/26/99 17.25 3/31/99 17.125 Weekly Closing Price Past performance is not predictive of future results. Nuveen New York Select Quality Municipal Fund, Inc. Performance Overview As of March 31, 1999 NVN Portfolio Statistics ================================================== Inception Date 5/91 - -------------------------------------------------- Share Price $16 9/16 - -------------------------------------------------- Net Asset Value $15.58 - -------------------------------------------------- Market Yield 5.98% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.67% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 9.27% - -------------------------------------------------- Fund Net Assets ($000) $512,142 - -------------------------------------------------- Effective Maturity (Years) 15.04 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 5.43 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 5.92% 4.73% - -------------------------------------------------- 5-Year 9.82% 6.77% - -------------------------------------------------- Since Inception 7.84% 7.99% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 9.30% 8.26% - -------------------------------------------------- 5-Year 13.47% 10.41% - -------------------------------------------------- Since Inception 11.46% 11.62% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 31% - -------------------------------------------------- Tax Obligation/Limited 18% - -------------------------------------------------- Education and Civic Organizations 13% - -------------------------------------------------- Healthcare 7% - -------------------------------------------------- Utilities 7% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0433 per share. NVN Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.0825 May 0.0825 Jun 0.0825 Jul 0.0825 Aug 0.0825 Sep 0.0825 Oct 0.0825 Nov 0.0825 Dec 0.0825 Jan 0.0825 Feb 0.0825 Mar 0.0825 Line chart Share Price Performance 4/2/98 16.25 4/9/98 16.375 4/17/98 16.125 4/24/98 16.125 5/8/98 16.375 5/15/98 16.75 5/22/98 16.313 5/29/98 16.438 6/5/98 16.938 6/12/98 16.875 6/19/98 16.875 6/26/98 16.563 7/2/98 16.813 7/10/98 17.063 7/17/98 17 7/24/98 16.938 7/31/98 17 8/7/98 16.75 8/14/98 16.625 8/21/98 16.938 8/28/98 17 9/4/98 16.813 9/11/98 16.813 9/18/98 16.75 9/25/98 16.625 10/2/98 17 10/9/98 16.938 10/16/98 16.688 10/23/98 16.75 10/30/98 17.06 11/6/98 16.94 11/20/98 17.19 11/27/98 17.13 12/4/98 17.25 12/11/98 17 12/18/98 17.38 12/24/98 17.38 1/8/99 17.19 1/15/99 17 1/22/99 16.63 1/29/99 16.69 2/5/99 17 2/12/99 17.19 2/19/99 17 2/26/99 17 3/5/99 17.06 3/19/99 16.81 3/26/99 16.75 3/31/99 16.5625 Weekly Closing Price Past performance is not predictive of future results. Nuveen New York Quality Income Municipal Fund, Inc. Performance Overview As of March 31, 1999 NUN Portfolio Statistics ================================================== Inception Date 11/91 - -------------------------------------------------- Share Price $16 5/16 - -------------------------------------------------- Net Asset Value $15.53 - -------------------------------------------------- Market Yield 5.74% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 8.32% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 8.90% - -------------------------------------------------- Fund Net Assets ($000) $541,909 - -------------------------------------------------- Effective Maturity (Years) 16.78 - -------------------------------------------------- Leverage-Adjusted Duration (Years) 6.15 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 5.70% 5.27% - -------------------------------------------------- 5-Year 9.97% 7.43% - -------------------------------------------------- Since Inception 7.48% 7.69% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 8.93% 8.65% - -------------------------------------------------- 5-Year 13.53% 10.93% - -------------------------------------------------- Since Inception 10.91% 11.11% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== U.S. Guaranteed 31% - -------------------------------------------------- Education and Civic Organizations 19% - -------------------------------------------------- Tax Obligation/Limited 16% - -------------------------------------------------- Utilities 9% - -------------------------------------------------- Transportation 9% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. 3 The Fund also paid shareholders capital gains distributions in December of $0.0333 per share. NUN Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.078 May 0.078 Jun 0.078 Jul 0.078 Aug 0.078 Sep 0.078 Oct 0.078 Nov 0.078 Dec 0.078 Jan 0.078 Feb 0.078 Mar 0.078 Line chart Share Price Performance 4/2/98 16.375 4/9/98 16.125 4/17/98 16 4/24/98 16 5/8/98 16.188 5/15/98 15.75 5/22/98 15.813 5/29/98 16.375 6/5/98 16.75 6/12/98 16.75 6/19/98 16.063 6/26/98 16.063 7/2/98 16.25 7/10/98 16.5 7/17/98 16.188 7/24/98 16.063 7/31/98 16.188 8/7/98 16.438 8/14/98 16.438 8/21/98 16.625 8/28/98 16.5 9/4/98 16.563 9/11/98 16.438 9/18/98 16.5 9/25/98 16.438 10/2/98 16.75 10/9/98 16.75 10/16/98 17 10/23/98 16.69 10/30/98 16.81 11/6/98 16.75 11/20/98 16.63 11/27/98 16.5 12/4/98 16.75 12/11/98 16.81 12/18/98 16.63 12/24/98 16.81 1/8/99 16.56 1/15/99 15.81 1/22/99 15.94 1/29/99 16.38 2/5/99 16.38 2/12/99 16.31 2/19/99 16.5 2/26/99 16.38 3/5/99 16.38 3/19/99 16.56 3/26/99 16.44 3/31/99 16.3125 Weekly Closing Price Past performance is not predictive of future results. Nuveen Insured New York Premium Income Municipal Fund, Inc. Performance Overview As of March 31, 1999 NNF Portfolio Statistics ================================================== Inception Date 12/92 - -------------------------------------------------- Share Price $16 3/16 - -------------------------------------------------- Net Asset Value $15.39 - -------------------------------------------------- Market Yield 5.15% - -------------------------------------------------- Taxable-Equivalent Yield (Federal Only)(1) 7.46% - -------------------------------------------------- Taxable-Equivalent Yield (Federal and State)(1) 7.98% - -------------------------------------------------- Fund Net Assets ($000) $192,325 - -------------------------------------------------- Effective Maturity (Years) 18.08 - -------------------------------------------------- Modified Duration (Years) 9.18 - -------------------------------------------------- Annualized Total Return ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 11.41% 6.58% - -------------------------------------------------- 5-Year 12.40% 9.03% - -------------------------------------------------- Since Inception 7.13% 7.21% - -------------------------------------------------- Taxable-Equivalent Total Return(2) ================================================== On Share Price On NAV - -------------------------------------------------- 1-Year 14.44% 9.64% - -------------------------------------------------- 5-Year 15.90% 12.34% - -------------------------------------------------- Since Inception 10.44% 10.40% - -------------------------------------------------- Top Five Sectors (as a % of total investments) ================================================== Education and Civic Organizations 22% - -------------------------------------------------- U.S. Guaranteed 21% - -------------------------------------------------- Healthcare 14% - -------------------------------------------------- Utilities 14% - -------------------------------------------------- Tax Obligation/General 8% - -------------------------------------------------- 1 Taxable-equivalent yield represents the yield on a taxable investment necessary to equal the yield of the Nuveen fund on an after-tax basis. The federal only rate is based on the current market yield and a federal income tax rate of 31%. The rate shown for federal and state highlights the added value of owning shares that are also exempt from state income taxes. It is based on a combined federal and state income tax rate of 35.5%. 2 Taxable-equivalent total return is based on the annualized total return and a combined federal and state income tax rate of 35.5%. It represents the return on a taxable investment necessary to equal the return of the Nuveen fund on an after-tax basis. NNF Bar chart 1998-1999 Monthly Tax-Free Dividends Per Share(3) Apr 0.0685 May 0.0685 Jun 0.0685 Jul 0.0685 Aug 0.0685 Sep 0.0685 Oct 0.0685 Nov 0.0685 Dec 0.0685 Jan 0.0685 Feb 0.0695 Mar 0.0695 Line chart Share Price Performance 4/2/98 15.5 4/9/98 15.125 4/17/98 15 4/24/98 14.75 5/8/98 14.875 5/15/98 14.875 5/22/98 14.688 5/29/98 15.125 6/5/98 15.063 6/12/98 15.125 6/19/98 15.063 6/26/98 15.313 7/2/98 15.375 7/10/98 15.5 7/17/98 15.438 7/24/98 15.313 7/31/98 15.375 8/7/98 15.563 8/14/98 15.688 8/21/98 15.938 8/28/98 15.813 9/4/98 15.438 9/11/98 15.563 9/18/98 15.688 9/25/98 15.75 10/2/98 15.875 10/9/98 15.875 10/16/98 16.125 10/23/98 15.81 10/30/98 16.06 11/6/98 15.94 11/20/98 15.94 11/27/98 16 12/4/98 16.31 12/11/98 16.31 12/18/98 16.5 12/24/98 16.31 1/8/99 15.88 1/15/99 15.69 1/22/99 15.81 1/29/99 15.75 2/5/99 16.19 2/12/99 16.19 2/19/99 16.19 2/26/99 16.25 3/5/99 16.44 3/19/99 16.19 3/26/99 16.13 3/31/99 16.1875 Weekly Closing Price Past performance is not predictive of future results.
Portfolio of Investments Nuveen New York Municipal Value Fund, Inc. (NNY) March 31, 1999 (Unaudited) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 11.7% $ 2,000,000 The Trust for Cultural Resources of the City of New York, 4/07 at 101 AAA $ 2,119,360 Revenue Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 1,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 A- 1,059,460 Educational Facilities Revenue Bonds, Series 1990A, 7.400%, 5/15/01 Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1993A: 1,000,000 5.750%, 7/01/18 No Opt. Call BBB+ 1,088,690 1,000,000 6.000%, 7/01/20 No Opt. Call BBB+ 1,122,140 11,080,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 BBB+ 10,706,272 Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 2,000,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A- 1,864,200 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 10.5% 500,000 Cattaraugus County (New York), Industrial Development Agency, Civic 8/08 at 102 A+ 494,880 Facility Revenue Bonds, Series 1998A (Olean General Hospital Project), 5.250%, 8/01/23 3,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/09 at 101 AAA 2,948,310 1999 Series A, 5.000%, 2/15/20 2,250,000 Dormitory Authority of the State of New York, The Rosalind and Joseph 2/07 at 102 AAA 2,368,328 Gurwin Jewish Geriatric Center of Long Island, Inc., FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1997, 5.700%, 2/01/37 4,000,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 3,754,120 Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 4.750%, 8/01/27 895,000 New York State Medical Care Facilities Finance Agency, Hospital and 8/99 at 100 AA 906,805 Nursing Home Insured Mortgage Revenue Bonds, 1987 Series A, 8.000%, 2/15/27 820,000 New York State Medical Care Facilities Finance Agency, St. Luke's- 8/03 at 102 AAA 856,105 Roosevelt Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1993 Series A, 5.600%, 8/15/13 2,990,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/05 at 102 AAA 3,275,665 Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 1,330,000 Newark-Wayne Community Hospital, Inc., Hospital Revenue 9/03 at 102 N/R 1,427,595 Improvement and Refunding Bonds, Series 1993A, 7.600%, 9/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 3.1% 465,000 New York City Housing Development Corporation, Mortgage Revenue Bonds 2/00 at 102 Aa1 483,386 (South Williamsburg Cooperative), 1990 Series A, 7.900%, 2/01/23 (Alternative Minimum Tax) 1,395,000 New York City Housing Development Corporation, Mortgage Revenue 9/00 at 102 Aa1 1,472,464 Bonds (South Bronx Cooperatives), 1990 Series A, 8.100%, 9/01/23 (Alternative Minimum Tax) 1,500,000 New York City Housing Development Corporation, Multifamily Mortgage 4/03 at 102 AAA 1,610,235 Revenue Bonds (FHA-Insured Mortgage Loan), 1993 Series A, 6.550%, 10/01/15 1,135,000 New York State Housing Finance Agency, Multifamily Housing Revenue No Opt. Call Aa1 1,137,883 Bonds (Secured Mortgage Program), Series 1999B, 5.400%, 8/15/31 (Alternative Minimum Tax) (WI) - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 3.4% 8,205,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 10/01 at 19 11/32 Aa2 1,342,666 Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) 3,750,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, 9/08 at 101 Aa2 3,781,913 Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 10.7% $ 2,015,000 Village of East Rochester (New York), Housing Authority, FHA-Insured 8/07 at 102 AAA $ 2,133,139 Mortgage Revenue Bonds (St. Johns Meadows Project), Series 1997A, 5.750%, 8/01/37 3,125,000 Village of East Rochester (New York), Housing Authority, FHA-Insured 8/08 at 101 AAA 3,088,844 Mortgage Revenue Bonds (St. Johns Meadows Project), Series 1998A, 5.250%, 8/01/38 3,000,000 Dormitory Authority of the State of New York, Hebrew Home for the 2/07 at 102 AA 3,256,020 Aged at Riverdale, FHA-Insured Mortgage Nursing Home Revenue Bonds, 6.125%, 2/01/37 2,000,000 Dormitory Authority of the State of New York, German Masonic 8/06 at 102 AA 2,128,660 Home Corporation, FHA-Insured Mortgage Revenue Bonds, Series 1996, 5.950%, 8/01/26 1,000,000 Dormitory Authority of the State of New York, Eger Health Care 2/08 at 102 AAA 978,490 Center of Staten Island, FHA-Insured Mortgage Nursing Home Revenue Bonds, Series 1998, 5.100%, 2/01/28 1,565,000 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 1,707,399 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 3,000,000 Syracuse Housing Authority (Syracuse, New York), FHA-Insured 2/08 at 102 AAA 3,138,960 Mortgage Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 6.4% 25,000 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 27,206 Series C, 6.300%, 8/01/03 1,135,000 The City of New York, General Obligation Bonds, Fiscal 1995 No Opt. Call A- 1,255,310 Series D, 6.600%, 2/01/04 1,390,000 The City of New York, General Obligation Bonds, Fiscal 1996 No Opt. Call A- 1,539,217 Series B, 6.750%, 8/15/03 2,890,000 The City of New York, General Obligation Bonds, Fiscal 1996 3/06 at 101 1/2 A- 3,100,305 Series I, 5.875%, 3/15/18 135,000 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 A- 153,364 Series D, 9.500%, 8/01/02 2,305,000 The City of New York, General Obligation Bonds, Fiscal 1997 10/07 at 101 A- 2,518,166 Series G, 6.000%, 10/15/26 1,000,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 1,247,700 Plant Serial Bonds of 1994, 7.250%, 11/01/11 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 18.3% 250,000 Battery Park City Authority, Revenue Refunding Bonds, Series 1993A, 11/03 at 102 A 266,158 Junior Revenue Refunding Bonds, 5.800%, 11/01/22 5,000,000 Metropolitan Transportation Authority (New York), Dedicated Tax 4/07 at 101 AAA 5,075,800 Fund Bonds, Series 1996A, 5.250%, 4/01/26 6,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AA 5,968,020 Tax Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21 250,000 Dormitory Authority of the State of New York, Judicial Facilities 4/99 at 116 9/32 Baa1 287,263 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 1,000,000 Dormitory Authority of the State of New York, Court Facilities 5/03 at 101 1/2 A3 1,041,950 Lease Revenue Bonds (The City of New York Issue), Series 1993A, 5.700%, 5/15/22 3,125,000 Dormitory Authority of the State of New York, Mental Health 8/07 at 101 AAA 3,124,813 Services Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 3,000,000 Dormitory Authority of the State of New York, Mental Health Services 8/08 at 101 AAA 2,956,650 Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 3,100,000 Dormitory Authority of the State of New York, Insured Revenue Bonds 7/09 at 101 AAA 3,250,474 (853 Schools Program 1999 Issue 1), Green Chimneys School for Little Folk, Series 1999A, 5.500%, 7/01/18 (WI) 1,000,000 New York State Housing Finance Agency, H.E.L.P.-Suffolk Housing 11/99 at 100 Baa2 1,014,730 Revenue Bonds, 1989 Series A, 8.100%, 11/01/05 855,000 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 BBB+ 911,704 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 10,000 New York State Housing Finance Agency, Service Contract Obligation 9/04 at 102 BBB+ 11,114 Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 10,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 102 AAA 10,821 Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 1,000,000 New York State Urban Development Corporation, State Facilities No Opt. Call BBB+ $ 1,088,280 Revenue Bonds, 1995 Refunding Series, 5.750%, 4/01/11 3,000,000 City School District of the City of Niagara Falls (New York), 6/08 at 101 BBB- 2,999,730 Certificates of Participation (High School Facility), Series 1998, 5.375%, 6/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 4.5% 2,015,000 Metropolitan Transportation Authority (New York), Commuter 7/07 at 101 AAA 2,018,023 Facilities Revenue Bonds, Series 1997D, 5.125%, 7/01/22 2,000,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 1,992,320 Revenue Bonds, Series 1998 (1998 British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 3,000,000 New York State Thruway Authority, General Revenue Refunding Bonds, 1/08 at 101 AA- 2,925,540 Series E, 5.000%, 1/01/25 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 20.1% 3,365,000 The City of New York, General Obligation Bonds, Fiscal 1991 8/01 at 101 1/2 Aaa 3,855,112 Series D, 9.500%, 8/01/02(Pre-refunded to 8/01/01) 20,000 The City of New York, General Obligation Bonds, Fiscal 1997 10/07 at 101 A-*** 22,693 Series G, 6.000%, 10/15/26 (Pre-refunded to 10/15/07) 1,000,000 New York City Municipal Water Finance Authority (New York), 6/01 at 101 1/2 Aaa 1,102,480 Water and Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 2,600,000 New York City Industrial Development Agency, Civic Facility 8/01 at 102 Aaa 2,891,668 Revenue Bonds (YMCA of Greater New York Project), 8.000%, 8/01/16 (Pre-refunded to 8/01/01) 4,000,000 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA 5,015,760 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 4,145,000 New York State Housing Finance Agency, Health Facilities, 11/00 at 102 AAA 4,521,117 Revenue Bonds (New York City) 1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 1,000,000 New York Local Government Assistance Corporation, New York, 4/01 at 102 AAA 1,094,560 Series 1991B, 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 990,000 New York State Housing Finance Agency, Service Contract 9/04 at 102 AAA 1,122,502 Obligation Revenue Bonds, 1994 Series A, 6.375%, 9/15/14 (Pre-refunded to 9/15/04) 110,000 New York State Medical Care Facilities Financing Agency, Hospital 8/02 at 102 AAA 121,773 and Nursing Home Insured Mortgage Revenue Bonds, 1992 Series C, 6.550%, 8/15/12 (Pre-refunded to 8/15/02) 990,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 1,077,595 Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 2,200,000 New York State Thruway Authority, Local Highway and Bridge 1/01 at 100 AAA 2,292,245 Service Contract Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 5,000,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 5,459,650 Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) New York State Urban Development Corporation, State Facilities Revenue Bonds, Series 1991: 1,000,000 7.500%, 4/01/11 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,094,560 1,000,000 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4/01 at 102 Aaa 1,094,560 - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 6.9% 3,500,000 Erie County (New York), Industrial Development Agency, Solid 12/10 at 103 N/R 3,536,190 Waste Disposal Facility Revenue Bonds (1998 CanFibre of Lackawanna Project), 8.875%, 12/01/13 (Alternative Minimum Tax) 5,000,000 Long Island Power Authority (New York), Electric System General 6/08 at 101 A- 5,001,700 Revenue Bonds, Series 1998A, 5.250%, 12/01/26 1,000,000 New York State Energy Research and Development Authority, 1/00 at 101 A+ 1,037,840 Electric Facilities Revenue Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 1,000,000 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 1,037,620 Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 5.0% $ 1,425,000 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 A $ 1,504,000 Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) 5,815,000 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 6,155,410 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 154,675,000 Total Investments - (cost $145,537,888) - 100.6% 154,075,682 =============----------------------------------------------------------------------------------------------------------------------- Temporary Investments in Short-Term Municipal Securities - 1.3% $ 1,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, VMIG-1 1,000,000 Series B (Soloman R. Guggenheim Foundation), Variable Rate Demand Bonds, 2.950%, 12/01/15+ 1,000,000 New York State Energy Research and Development Authority, Pollution VMIG-1 1,000,000 Control Revenue Bonds, Niagara Mohawk Corporation, Series A, Variable Rate Demand Bonds, 2.950%, 3/01/27+ - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,000,000 Total Temporary Investments - 1.3% 2,000,000 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - (1.9)% (2,886,597) - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $ 153,189,085 ====================================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. (WI) Security purchased on a when-issued basis (note 1). + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified marked index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS Nuveen New York Performance Plus Municipal Fund, Inc. (NNP) MARCH 31, 1999 (UNAUDITED) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 11.2% $ 1,285,000 Cattaraugus County (New York), Industrial Development Agency, 9/08 at 101 BBB $ 1,240,719 Civic Facility Revenue Bonds (St. Bonaventure University Construction Project), Series 1998B, 5.000%, 9/15/13 3,000,000 The Trust for Cultural Resources of the City of New York, Revenue Bonds, 4/07 at 101 AAA 3,179,040 Series 1997A(American Museum of Natural History), 5.650%, 4/01/27 750,000 Dormitory Authority of the State of New York, College and University 6/99 at 102 AAA 769,485 Revenue Bonds (Pooled Capital Program), Series 1985, 7.800%, 12/01/05 2,500,000 Dormitory Authority of the State of New York, State University No Opt. Call A- 2,756,975 Educational Facilities Revenue Bonds, Series 1993A, 5.875%, 5/15/17 3,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 3,412,140 Consolidated Revenue Bonds, Series 1993B, 6.000%, 7/01/14 Dormitory Authority of the State of New York, City University System Consolidated Revenue Bonds, Series 1993F: 1,000,000 5.500%, 7/01/12 7/03 at 102 BBB+ 1,037,610 11,350,000 5.000%, 7/01/20 7/03 at 100 BBB+ 10,967,165 1,000,000 Dormitory Authority of the State of New York, City University System 7/05 at 102 AAA 1,043,210 Consolidated Second General Resolution Revenue Bonds, Series 1995A, 5.375%, 7/01/14 1,500,000 Dormitory Authority of the State of New York, St. Thomas Aquinas 7/08 at 101 AA 1,489,890 College Insured Revenue Bonds, Series 1998, 5.250%, 7/01/28 3,425,000 Dormitory Authority of the State of New York, State University 5/08 at 101 A- 3,192,443 Educational Facilities Revenue Bonds, Series 1998B, 4.750%, 5/15/28 Dormitory Authority of the State of New York, City University System Consolidated Third General Resolution Revenue Bonds, 1998 Series 2: 1,490,000 5.000%, 7/01/17 7/08 at 101 BBB+ 1,462,778 1,055,000 5.000%, 7/01/18 7/08 at 101 BBB+ 1,031,326 7,000,000 5.000%, 7/01/28 7/08 at 101 BBB+ 6,724,130 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 6.7% 2,000,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 2,170,680 and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30 1,000,000 Dormitory Authority of the State of New York, St. James Mercy Hospital, 2/08 at 102 AA 1,012,710 FHA-Insured MortgageHospital Revenue Bonds, Series 1998, 5.250%, 2/01/18 10,000,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/02 at 102 AAA 10,602,500 Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series B, 6.200%, 8/15/22 2,580,000 New York State Medical Care Facilities Financing Agency, Hospital and 8/05 at 102 AAA 2,826,493 Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1995 Series B, 6.250%, 2/15/15 5,800,000 New York State Medical Care Facilities Financing Agency, FHA-Insured 2/05 at 102 AA 6,304,020 Mortgage Project Revenue Bonds, 1995 Series C, 6.250%, 8/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 5.1% 1,000,000 Hudson Housing Development Corporation (Hudson, New York), 1/03 at 101 Aaa 1,051,920 Multifamily Mortgage Revenue Refunding Bonds, Series 1992A (Providence Hall - Schuyler Court Projects - FHA-Insured Mortgages), 6.500%, 1/01/25 5,750,000 New York City Housing Development Corporation, Multi-Unit 6/01 at 102 AAA 6,211,035 Mortgage Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 3,160,000 New York State Housing Finance Agency, Multifamily Housing Revenue 11/99 at 102 AAA 3,265,291 Bonds (AMBAC Insured Program), 1989 Series B, 7.550%, 11/01/29 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily (continued) $ 1,585,000 New York State Housing Finance Agency, Multifamily Housing 8/02 at 102 Aa1 $1,709,486 Revenue Bonds (Secured Mortgage Program), 1992 Series A, 7.000%, 8/15/12 (Alternative Minimum Tax) 4,835,000 Puerto Rico Housing Finance Corporation, Multifamily 4/00 at 102 AA 5,079,506 Mortgage Revenue Bonds, Portfolio A, Series I, 7.500%, 4/01/22 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 3.0% 45,135,000 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 19 11/32 Aa2 7,385,891 Revenue Bonds Series VV, 0.000%, 10/01/23 (Alternative Minimum Tax) 1,460,000 State of New York Mortgage Agency, Homeowner Mortgage 1/06 at 102 AAA 1,564,098 Revenue Bonds, 1995 Series 52, 6.100%, 4/01/26 (Alternative Minimum Tax) 1,250,000 State of New York Mortgage Agency, Homeowner Mortgage 9/08 at 101 Aa2 1,260,638 Revenue Bonds, Series 73-A, 5.250%, 10/01/17 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 2.2% 3,000,000 New York State Medical Care Facilities Finance Agency, 2/06 at 102 AA+ 3,244,320 FHA-Insured Mortgage Project Revenue Bonds, 1995 Series C, 6.100%, 8/15/15 4,000,000 Syracuse Housing Authority (Syracuse, New York), 2/08 at 102 AAA 4,185,280 FHA-Insured Mortgage Revenue Bonds (Loretto Rest Residential Health Care Facility Project), Series 1997A, 5.600%, 8/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 2.7% 35,000 The City of New York, General Obligation Bonds, No Opt. Call A- 35,275 Fiscal 1991 Series B, 8.000%, 6/01/99 1,500,000 The City of New York, General Obligation Bonds, No Opt. Call A- 1,493,730 Fiscal 1991 Series F, 3.000%, 11/15/00 15,000 The City of New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 16,396 Fiscal 1992 Series C, 6.625%, 8/01/12 1,000,000 The City of New York, General Obligation Bonds, 5/03 at 101 1/2 AAA 1,071,680 Fiscal 1993 Series E, 5.750%, 5/15/13 60,000 The City of New York, General Obligation Bonds, 8/01 at 101 1/2 A- 68,162 Fiscal 1991 Series D, 9.500%, 8/01/02 2,065,000 The City of New York, General Obligation Bonds, 2/05 at 101 A- 2,298,965 Fiscal 1995 Series F, 6.375%, 2/15/06 1,500,000 The City of New York, General Obligation Bonds, 8/08 at 101 A- 1,450,740 Fiscal 1999 Series C, 5.000%, 8/15/22 2,095,000 City of Niagara Falls, Niagara County, New York, Water No Opt. Call AAA 2,689,498 Treatment Plant Serial Bonds, 1994, 8.000%, 11/01/09 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 13.6% 7,000,000 Metropolitan Transportation Authority (New York), 4/07 at 101 AAA 7,106,120 Dedicated Tax Fund Bonds, Series 1996A, 5.250%, 4/01/26 6,000,000 New York City (New York), Transitional Finance Authority, 8/07 at 101 AA 5,968,020 Future Tax Secured Bonds, Fiscal 1998 Series A, 5.125%, 8/15/21 4,365,000 Dormitory Authority of the State of New York, Mental 2/08 at 102 AAA 4,290,097 Health Services Facilities Improvement Revenue Bonds, Series 1998B, 5.000%, 2/15/23 4,000,000 Dormitory Authority of the State of New York, Mental 8/08 at 101 AAA 3,942,200 Health Services Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 7,000,000 Dormitory Authority of the State of New York, Mental 2/09 at 101 AAA 6,730,010 Health Services Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/19 4,210,000 Dormitory Authority of the State of New York, 7/09 at 101 BBB+ 4,115,528 4201 Schools Program Revenue Bonds, Series 1998, 5.000%, 7/01/18 940,000 New York State Housing Finance Agency, Health 11/00 at 102 BBB+ 1,002,341 Facilities Revenue Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 1,195,000 New York State Medical Care Facilities Finance Agency, 2/00 at 102 A3 1,258,909 Mental Health Services Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 335,000 New York State Medical Care Facilities Finance Agency, 8/00 at 102 A3 359,696 Mental Health Services Facilities Improvement Revenue Bonds, 1990 Series B, 7.875%, 8/15/20 10,000 New York State Medical Care Facilities Finance Agency, 2/02 at 102 A- 11,010 Mental Health Services Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED (CONTINUED) $ 6,900,000 New York State Urban Development Corporation, Correctional 1/08 at 102 BBB+ $ 6,630,072 Facilities Service Contract Revenue Bonds, Series A, 5.000%, 1/01/28 5,000,000 City School District of the City of Niagara Falls (New York), 6/08 at 101 BBB- 4,999,550 Certificates of Participation (High School Facility), Series 1998, 5.375%, 6/15/28 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.7% 15,525,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/08 at 101 BBB+ 15,512,114 Revenue Bonds, Series 1998A, 5.250%, 7/01/28 2,000,000 Monroe County Airport Authority, Greater Rochester International 1/00 at 102 AAA 2,092,240 Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 2,250,000 New York City Industrial Development Agency, Special Facility 12/08 at 102 A 2,241,360 Revenue Bonds, Series 1998 (1998 British Airways PLC Project), 5.250%, 12/01/32 (Alternative Minimum Tax) 2,500,000 New York State Thruway Authority, General Revenue Refunding Bonds, 1/08 at 101 AA- 2,437,950 Series E, 5.000%, 1/01/25 2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/07 at 101 AAA 2,588,325 One Hundred Ninth Series, 5.375%, 7/15/27 1,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 10/07 at 101 AA- 1,478,700 One Hundred Eleventh Series, 5.000%, 10/01/27 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 37.1% 2,500,000 Battery Park City Authority, Revenue Bonds, Series 1990, 6.500%, 5/99 at 100 AAA 2,507,025 5/01/20 (Pre-refunded to 5/01/99) 5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/00 at 102 AAA 5,888,245 1987 Service Contract Bonds, Series 3, 7.500%, 7/01/16 (Pre-refunded to 7/01/00) 1,000,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/00 at 101 1/2 AAA 1,065,790 1987 Service Contract Bonds, Series 4, 7.500%, 7/01/19 (Pre-refunded to 7/01/00) 1,000,000 Monroe County Water Authority (New York), Series 1991 B, Water 8/01 at 101 AAA 1,075,400 System Revenue Bonds, 6.500%, 8/01/16 (Pre-refunded to 8/01/01) 990,000 The City of New York, General Obligation Bonds, Fiscal 1991 No Opt. Call AAA 997,979 Series B, 8.000%, 6/01/99 1,350,000 The City of New York, General Obligation Bonds, Fiscal 1990 10/99 at 101 1/2 AAA 1,397,385 Series B, 7.250%, 10/01/06 35,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 38,662 Fixed Rate Bonds, Subseries C-1, 6.625%, 8/01/12 (Pre-refunded to 8/01/02) 500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 530,120 8.000%, 3/15/13 (Pre-refunded to 3/15/00) 1,440,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series D, 8/01 at 101 1/2 Aaa 1,649,736 9.500%, 8/01/02 (Pre-refunded to 8/01/01) 275,000 The City of New York, General Obligation Bonds, Fiscal 1995 Series E, No Opt. Call Aaa 299,057 6.500%, 8/01/02 535,000 The City of New York, General Obligation Bonds, Fiscal 1993 Series F, 2/05 at 101 A-*** 604,373 6.375%, 2/15/06 (Pre-refunded to 2/15/05) 1,250,000 New York City Municipal Water Finance Authority (New York), Water 6/99 at 101 1/2 A*** 1,278,988 and Sewer System Revenue Bonds, Fiscal 1990 Series A, 7.250%, 6/15/11 (Pre-refunded to 6/15/99) 250,000 New York City Municipal Water Finance Authority (New York), Water 6/00 at 101 1/2 Aaa 266,113 and Sewer System Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 4,000,000 New York City Municipal Water Finance Authority (New York), Water 6/01 at 101 1/2 Aaa 4,409,920 and Sewer System Revenue Bonds, Fiscal 1991 Series C, 7.750%, 6/15/20 (Pre-refunded to 6/15/01) 5,700,000 New York City Transit Authority, Transit Facilities Revenue Bonds, 1/00 at 102 AAA 5,996,172 Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 3,970,000 Dormitory Authority of the State of New York, United Health Services, 2/00 at 102 N/R*** 4,178,941 Inc., FHA-Insured Mortgage Revenue Bonds, Series 1989, 7.350%, 8/01/29 (Pre-refunded to 2/01/00) 10,000,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 Aaa 10,721,100 Consolidated Revenue Bonds, Series 1990A, 7.625%, 7/01/20 (Pre-refunded to 7/01/00) 6,850,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/00 at 102 Aaa 7,350,187 Department of Health of the State of New York Issue, Series 1990, 7.700%, 7/01/20 (Pre-refunded to 7/01/00) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (CONTINUED) $ 2,190,000 Dormitory Authority of the State of New York, Vassar College Revenue 7/00 at 102 AAA $ 2,337,956 Bonds, Series 1990, 7.250%, 7/01/15 (Pre-refunded to 7/01/00) 4,400,000 Dormitory Authority of the State of New York, Upstate Community 7/00 at 102 Baa1*** 4,708,044 Colleges, 1990A Issue, 7.600%, 7/01/20 (Pre-refunded to 7/01/00) Dormitory Authority of the State of New York, City University System Consolidated Second General Resolution Revenue Bonds, Series 1990F: 2,000,000 7.875%, 7/01/07 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,150,280 2,000,000 7.875%, 7/01/17 (Pre-refunded to 7/01/00) 7/00 at 102 Aaa 2,150,280 2,600,000 Dormitory Authority of the State of New York, State University 5/00 at 102 Aaa 2,768,974 Educational Facilities Revenue Bonds, Series 1990B, 7.375%, 5/15/14 (Pre-refunded to 5/15/00) Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Series 1989B: 3,150,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 Aaa 3,350,403 350,000 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 372,267 1,000,000 New York State Environmental Facilities Corporation, State Water 6/01 at 102 Aaa 1,096,600 Pollution Control Revolving Fund Revenue Bonds, Series 1991 A (New York City Municipal Water Finance Authority Project), 7.250%, 6/15/10 (Pre-refunded to 6/15/01) 4,560,000 New York State Housing Finance Agency, Health Facilities Revenue 11/00 at 102 AAA 4,973,774 Bonds (New York City), 1990 Series A Refunding, 8.000%, 11/01/08 (Pre-refunded to 11/01/00) 3,000,000 New York Local Government Assistance Corporation, Series 1991A, 4/01 at 102 AAA 3,269,340 7.250%, 4/01/18 (Pre-refunded to 4/01/01) 8,000,000 New York Local Government Assistance Corporation, Series 1991B, 4/01 at 102 AAA 8,756,480 7.500%, 4/01/20 (Pre-refunded to 4/01/01) 4,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's- 2/00 at 102 AAA 4,752,945 Roosevelt Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 1,295,000 New York State Medical Care Facilities Finance Agency, Hospital 8/00 at 102 AAA 1,395,518 Insured Mortgage Revenue Bonds, 1990 Series A, 7.700%, 2/15/25 (Pre-refunded to 8/15/00) 1,205,000 New York State Medical Care Facilities Finance Agency, Mental 2/00 at 102 Aaa 1,275,818 Health Services Facilities Improvement Revenue Bonds, 1990 Series A, 7.750%, 2/15/20 (Pre-refunded to 2/15/00) 2,070,000 New York State Medical Care Facilities Finance Agency, Mental 8/00 at 102 Aaa 2,235,497 Health Services Facilities Improvement Revenue Bonds, 7.875%, 8/15/20 (Pre-refunded to 8/15/00) 2,000,000 New York State Medical Care Facilities Finance Agency, Mental 2/01 at 102 Aaa 2,178,820 Health Services Facilities Improvement Revenue Bonds, 1991 Series A, 7.500%, 2/15/21 (Pre-refunded to 2/15/01) 810,000 New York Medical Care Facilities Finance Agency, Mental Health Services 2/02 at 102 A-*** 903,596 Facilities Improvement Revenue Bonds, 1991 Series D, 7.400%, 2/15/18 (Pre-refunded to 2/15/02) 4,600,000 New York State Thruway Authority, Local Highway and Bridge Service 1/01 at 100 AAA 4,792,878 Contract Bonds, Series 1991, 6.000%, 1/01/11 (Pre-refunded to 1/01/01) 6,225,000 New York State Urban Development Corporation, Correctional 1/00 at 102 Aaa 6,526,041 Facilities Revenue Bonds, Series G, 7.000%, 1/01/17 (Pre-refunded to 1/01/00) New York State Urban Development Corporation, Correctional Facilities Revenue Bonds, Series 1: 4,000,000 7.750%, 1/01/14 (Pre-refunded to 1/01/00) 1/00 at 102 Aaa 4,214,880 1,000,000 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1/00 at 102 AAA 1,051,880 5,655,000 New York State Urban Development Corporation, Project Revenue 1/01 at 102 Aaa 6,174,864 Bonds (Onondaga County Convention Center), Series 1990, 7.875%, 1/01/20 (Pre-refunded to 1/01/01) 2,000,000 Triborough Bridge and Tunnel Authority, Mortgage Recording 1/00 at 101 AAA 2,078,860 Tax Special Obligation Bonds, Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) 2,230,000 City of Yonkers, New York, General Obligation School Bonds, 12/00 at 102 AAA 2,418,970 Series 1990-C, 7.375%, 12/01/09 (Pre-refunded to 12/01/00) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 4.1% $ 1,000,000 Islip Resource Recovery Agency, Resource Recovery System Revenue 7/04 at 102 AAA $ 1,091,720 Bonds (1985 Facility - Series B (1994)), 6.125%, 7/01/13 (Alternative Minimum Tax) 3,375,000 Long Island Power Authority, Electric System General Revenue Bonds, 6/08 at 101 AAA 3,380,434 Series 1998A, 5.125%, 12/01/22 5,000,000 New York City Industrial Development Agency, Industrial Development 10/08 at 102 BBB- 5,129,100 Revenue Bonds (Brooklyn Navy Yard Cogeneration Partners, L.P. Project), Series 1997, 5.750%, 10/01/36 (Alternative Minimum Tax) 3,100,000 New York State Energy Research and Development Authority, Electric 7/99 at 101 A+ 3,160,605 Facilities Revenue Bonds, Series 1990A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 7/01/25 (Alternative Minimum Tax) 1,000,000 New York State Energy Research and Development Authority, Solid 12/03 at 102 AAA 1,041,210 Waste Disposal Revenue Bonds (New York State Electric and Gas Corporation Project), 1993 Series A, 5.700%, 12/01/28 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.7% 1,000,000 New York City Municipal Water Finance Authority, Water and 6/02 at 101 1/2 AAA 1,039,660 Sewer System Revenue Bonds, Fiscal 1993 Series A, 5.750%, 6/15/18 9,825,000 New York State Environmental Facilities Corporation, State Water 6/00 at 102 Aa1 10,479,836 Pollution Control Revolving Fund Revenue Bonds, Series 1990 A (New York City Municipal Water Finance Authority Project), 7.500%, 6/15/12 985,000 New York State Environmental Facilities Corporation, State Water 11/04 at 102 AAA 1,132,216 Pollution Control Revolving Fund Revenue Bonds, Series 1994 D, (Pooled Loan Issue), 6.900%, 5/15/15 - ------------------------------------------------------------------------------------------------------------------------------------ $ 355,680,000 Total Investments - (cost $312,109,804) - 97.1% 330,714,406 =============----------------------------------------------------------------------------------------------------------------------- TEMPORARY INVESTMENTS IN SHORT-TERM MUNICIPAL SECURITIES - 1.8% 3,700,000 New York State Energy Research and Development Authority, Pollution VMIG-1 3,700,000 Control Revenue Bonds, Niagara Mohawk Power Corporation, Series C, Variable Rate Demand Bonds, 3.200%, 12/01/25+ 2,500,000 Syracuse, New York, Industrial Development Agency, Civic Facility VMIG-1 2,500,000 Revenue Bonds (Syracuse University Project), Variable Rate Demand Bonds, 2.950%, 3/01/23+ - ------------------------------------------------------------------------------------------------------------------------------------ $ 6,200,000 Total Temporary Investments - 1.8% 6,200,000 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.1% 3,578,332 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $ 340,492,738 ====================================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. N/R Investment is not rated. + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified marked index. See accompanying notes to financial statements.
PORTFOLIO OF INVESTMENTS NUVEEN NEW YORK INVESTMENT QUALITY MUNICIPAL FUND, INC. (NQN) MARCH 31, 1999 (UNAUDITED) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 6.5% $ 2,260,000 New York City Industrial Development Agency, Civic Facility Refunding 7/08 at 101 AAA $ 2,029,593 and Equipment Revenue Bonds (1998 Lighthouse International Project), 4.500%, 7/01/33 5,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 5,319,900 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 3,000,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 2,959,200 Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 4,000,000 Dormitory Authority of the State of New York, City University System 1/08 at 102 AAA 3,999,680 Consolidated Third General Resolution Revenue Bonds, 1997 Series 1, 5.125%, 7/01/27 4,360,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 4,277,509 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 1,400,000 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 1,324,792 Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 3,500,000 Dormitory Authority of the State of New York, The Culinary Institute 7/09 at 101 Aaa 3,450,020 of America Insured Revenue Bonds, Series 1999, 5.000%, 7/01/22 2,265,000 Dormitory Authority of the State of New York, Skidmore College 7/08 at 101 Aaa 2,222,146 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 10.0% 1,250,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/03 at 102 AAA 1,308,438 1993 Series A, 5.750%, 2/15/22 3,000,000 New York City Health and Hospitals Corporation, Health System Bonds, 2/09 at 101 AAA 2,948,310 1999 Series A, 5.000%, 2/15/20 1,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, 2/06 at 102 AAA 1,053,320 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/24 3,135,000 Dormitory Authority of the State of New York, Secured Hospital 2/08 at 101 1/2 AAA 3,070,200 Insured Revenue Bonds (Southside Hospital), Series 1998, 5.000%, 2/15/25 10,000,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 9,738,200 Presbyterian Hospital, FHA-InsuredMortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 5,000,000 Dormitory Authority of the State of New York, Highland Hospital of 2/08 at 102 AAA 5,171,700 Rochester, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1997A, 5.400%, 8/01/27 3,280,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA 3,222,928 System Obligated Group), North Shore University Hospital Revenue Bonds, Series 1998, 5.000%, 11/01/23 12,000,000 New York State Medical Care Facilities Finance Agency, North Shore 11/00 at 102 AAA 12,942,840 University Hospital, Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 4.4% 10,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage 6/01 at 102 AAA 10,801,800 Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 1,970,000 6.100%, 11/01/15 5/06 at 102 AAA 2,139,144 2,985,000 6.125%, 11/01/20 5/06 at 102 AAA 3,223,322 985,000 New York State Housing Finance Agency, Insured Multifamily Mortgage 8/04 at 102 AAA 1,063,426 Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 1.7% 2,250,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 2,360,858 7.250%, 3/15/19 2,520,000 State of New York, Various Purpose Bonds, 7.300%, 3/01/10 3/01 at 102 AAA 2,726,867 1,500,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 1,453,515 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 7.8% $ 6,500,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA $ 6,133,985 Series 1998A, 4.750%, 4/01/28 1,250,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 1,361,713 Services, Inc. Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,500,000 Dormitory Authority of the State of New York, Mental Health Services 8/07 at 101 AAA 2,499,850 Facilities Improvement Revenue Bonds, Series 1997D, 5.125%, 8/15/27 4,860,000 Dormitory Authority of the State of New York, Mental Health Services 2/08 at 102 AAA 4,776,602 Facilities Improvement Revenue Bonds, Series 1998A, 5.000%, 2/15/23 2,250,000 Dormitory Authority of the State of New York, Insured Revenue Bonds 7/08 at 101 AAA 2,240,190 (853 Schools Program, 1998 Issue 2), Saint Anne Institute Insured Revenue Bonds, Series 1998E, 5.000%, 7/01/18 2,000,000 Dormitory Authority of the State of New York, Mental Health 2/09 at 101 AAA 1,893,180 Services Facilities Improvement Revenue Bonds, Series 1999C, 4.750%, 8/15/22 2,250,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,252,925 State Park, Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 35,000 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 37,851 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 215,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 231,310 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 40,000 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102 AAA 44,289 Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 2,080,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 2,098,366 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 1,530,000 Empire Development Corporation, New York State Urban Development 1/06 at 102 AAA 1,573,957 Corporation, Correctional Capital Facilities Revenue Bonds Series 6, 5.375%, 1/01/25 5,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 5,350,300 Bonds, Series 1991B, 6.875%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 7.9% 1,180,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 1,218,397 Bonds, Series 1997C, 5.375%, 7/01/27 2,625,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 AAA 2,588,381 Bonds, Series 1997E, 5.000%, 7/01/21 9,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 4/01 at 101 AAA 9,551,160 Seventy-Third Series, 6.750%, 4/15/26 (Alternative Minimum Tax) Puerto Rico Port Authority, Revenue Bonds, Series D: 5,250,000 7.000%, 7/01/14 (Alternative Minimum Tax) 7/01 at 102 AAA 5,683,073 11,500,000 6.000%, 7/01/21 (Alternative Minimum Tax) 7/01 at 100 AAA 11,957,930 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 43.8% 5,500,000 Metropolitan Transportation Authority, New York, Commuter Facilities 7/02 at 102 AAA 6,029,265 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) County of Nassau, New York, General Obligation Refunding Bonds: 1,075,000 6.800%, 7/01/11 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,170,557 1,065,000 6.800%, 7/01/12 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,159,668 1,055,000 6.800%, 7/01/13 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,148,779 1,045,000 6.800%, 7/01/14 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,137,890 1,030,000 6.800%, 7/01/15 (Pre-refunded to 7/01/01) 7/01 at 102 AAA 1,121,557 The City of New York, General Obligation Bonds, Fiscal 1991 Series B: 1,950,000 7.000%, 6/01/04 (Pre-refunded to 6/01/01) 6/01 at 101 1/2 AAA 2,117,583 1,550,000 7.000%, 6/01/04 6/01 at 101 1/2 AAA 1,680,991 The City of New York, General Obligation Bonds, Fiscal 1990 Series I: 950,000 7.250%, 8/15/14 8/99 at 101 1/2 AAA 978,462 730,000 7.250%, 8/15/17 (Pre-refunded to 8/15/99) 8/99 at 101 1/2 AAA 751,988 1,270,000 7.250%, 8/15/17 8/99 at 101 1/2 AAA 1,308,240 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 3,030,000 The City of New York, General Obligation Bonds, Fiscal 1991 3/00 at 101 1/2 AAA $ 3,186,651 Series A, 7.250%, 3/15/18 8,255,000 New York City, New York, Educational Construction Fund Revenue 10/99 at 101 1/2 AAA 8,541,779 Bonds, 1989 Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99) New York City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1991 Series A: 5,965,000 7.250%, 6/15/15 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 6,331,967 1,200,000 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 6/00 at 101 1/2 AAA 1,277,340 11,000,000 New York City Transit Authority, Transit Facilities Revenue Bonds, 1/00 at 102 AAA 11,571,560 Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 1,150,000 Dormitory Authority of the State of New York, Judicial Facilities 7/00 at 100 AAA 1,442,031 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 Dormitory Authority of the State of New York, State University Educational Facilities Revenue Bonds, Series 1990C: 5,380,000 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 5/00 at 102 AAA 5,708,826 9,825,000 6.125%, 5/15/20 (Pre-refunded to 5/15/00) 5/00 at 100 AAA 10,141,856 10,000,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 10,705,900 Consolidated Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 1,000,000 Dormitory Authority of the State of New York, Cooper Union Insured 7/01 at 102 AAA 1,097,100 Revenue Bonds, Series 1990, 7.200%, 7/01/20 (Pre-refunded to 7/01/01) 2,540,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 2,710,180 Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 (Pre-refunded to 7/01/00) 5,000,000 New York State Housing Finance Agency, State University Construction No Opt. Call AAA 5,895,350 Refunding Bonds, 1986 Series A, 7.900%, 11/01/06 9,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 10,033,995 Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2,500,000 New York State Medical Care Facilities Finance Agency, Beth Israel 11/00 at 102 AAA 2,708,950 Medical Center (Main Campus), Project Revenue Bonds, 1990 Series A, 7.500%, 11/01/10 (Pre-refunded to 11/01/00) 8,625,000 New York State Medical Care Facilities Finance Agency, The 5/01 at 102 AAA 9,397,973 Mary Imogene Bassett Hospital Project Revenue Bonds, 1991 Series A, 7.125%, 11/01/20 (Pre-refunded to 5/01/01) 3,140,000 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 3,516,266 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 1,895,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 2,059,543 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 1,960,000 New York State Medical Care Facilities Finance Agency, Mental 8/04 at 102 AAA 2,213,565 Health Services Facilities Improvement Revenue Bonds, 1994 Series E, 6.250%, 8/15/19 (Pre-refunded to 8/15/04) 6,000,000 New York State Medical Care Facilities Finance Agency, New York Hospital, 2/05 at 102 AAA 6,967,980 FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 4,150,000 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 4,639,534 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) 15,000,000 New York State Urban Development Corporation, Correctional Capital 1/00 at 102 AAA 15,778,200 Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 9,635,000 Suffolk County Water Authority, New York, Water System Revenue 6/00 at 102 AAA 10,236,224 Bonds, Series 1991, 7.000%, 6/01/16 (Pre-refunded to 6/01/00) 6,580,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/00 at 101 1/2 AAA 6,883,206 Bonds, Series R, 7.375%, 1/01/16 (Pre-refunded to 1/01/00) 3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 101 1/2 AAA 3,218,610 Bonds, Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 102 AAA 2,693,925 Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 4,510,000 Triborough Bridge and Tunnel Authority, Mortgage Recording Tax 1/00 at 101 AAA 4,687,829 Special Obligation Bonds, Series 1989 A, 7.125%, 1/01/19 (Pre-refunded to 1/01/00) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 10.3% $ 10,075,000 Long Island Power Authority, Electric System General Revenue Bonds, 6/08 at 101 AAA $ 10,091,221 Series 1998A, 5.125%, 12/01/22 10,000,000 New York State Energy Research and Development Authority, Electric 7/99 at 101 A+ 10,195,500 Facilities Revenue Bonds, Series 1990A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 7/01/25 (Alternative Minimum Tax) 5,000,000 New York State Energy Research and Development Authority, Electric 1/00 at 101 A+ 5,189,200 Facilities Revenue Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, Adjustable 5/02 at 102 AAA 2,721,675 Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,250,000 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 2,334,645 Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 3,000,000 New York State Energy Research and Development Authority, 10/99 at 103 AAA 3,146,730 Pollution Control Revenue Bonds (Central Hudson Gas and Electric Corporation Project), 1984 Series B, 7.375%, 10/01/14 2,500,000 New York State Energy Research and Development Authority, Pollution 5/02 at 102 AAA 2,703,875 Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 2,000,000 New York State Energy Research and Development Authority, Facilities 1/01 at 101 AAA 2,109,340 Revenue Bonds, Series 1992A (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 2,000,000 New York State Energy Research and Development Authority, Facilities 12/01 at 101 AAA 2,130,340 Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 5.9% 2,115,000 Town of Clifton Park Water Authority (New York), Water System 10/03 at 102 AAA 2,076,232 Revenue Bonds, Series 1993, 5.000%, 10/01/26 10,420,000 New York City (New York), Municipal Water Finance Authority, 6/07 at 101 AAA 10,403,012 Water and Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.125%, 6/15/30 6,000,000 New York City (New York), Municipal Water Finance Authority, Water 6/08 at 101 AAA 5,677,080 and Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 5,000,000 Suffolk County Water Authority (New York), Water System Revenue Bonds, 6/03 at 102 AAA 4,979,000 Series 1994, 5.000%, 6/01/17 - ------------------------------------------------------------------------------------------------------------------------------------ $ 370,145,000 Total Investments - (cost $361,924,421) - 98.3% 386,310,337 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.7% 6,493,010 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $392,803,347 ====================================================================================================================================
* 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 Nuveen New York Select Quality Municipal Fund, Inc. (NVN) March 31, 1999 (Unaudited) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Education and Civic Organizations - 13.1% $ 1,000,000 Nassau County Industrial Development Agency, New York, Civic 7/08 at 102 AAA $ 985,410 Facility Revenue and Refunding Bonds (Hofstra University Project - Series 1998), 5.000%, 7/01/23 7,250,000 New York City Industrial Development Agency, Civic Facility Revenue 1/09 at 101 AAA 7,112,830 Bonds (Horace Mann School Project), 5.000%, 7/01/28 6,000,000 Dormitory Authority of the State of New York, St. Johns University, 7/01 at 102 AAA 6,543,000 New York, Insured Revenue Bonds, Series 1991, 6.875%, 7/01/11 10,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 10,639,800 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 3,920,000 Dormitory Authority of the State of New York, Rensselaer Polytechnic 7/01 at 102 AAA 4,224,114 Institute Insured Revenue Bonds, Series 1991, 6.500%, 7/01/06 12,875,000 Dormitory Authority of the State of New York, Mount Sinai School of 7/01 at 102 AAA 13,904,743 Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 1,870,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 1,990,129 Insured Revenue Bonds, Series 1990, 7.200%, 7/01/15 4,600,000 Dormitory Authority of the State of New York, City University System 7/03 at 100 AAA 4,537,440 Consolidated Revenue Bonds, Series 1993F, 5.000%, 7/01/20 4,000,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 3,924,320 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 8,440,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 8,956,359 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 4,500,000 Dormitory Authority of the State of New York, Ithaca College 7/08 at 101 Aaa 4,437,225 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/21 - ---------------------------------------------------------------------------------------------------------------------------------- Health Care - 7.3% 4,880,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 5,336,085 and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.375%, 8/01/11 4,150,000 Dormitory Authority of the State of New York, St. Vincent's Hospital 8/01 at 102 AAA 4,504,161 and Medical Center of New York, FHA-Insured Mortgage Revenue Bonds, Series 1991, 7.400%, 8/01/30 1,095,000 Dormitory Authority of the State of New York, Maimonides Medical No Opt. Call AAA 1,149,947 Center, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996B, 5.500%, 8/01/14 9,250,000 Dormitory Authority of the State of New York, The New York and 2/08 at 101 AAA 9,007,835 Presbyterian Hospital, FHA-Insured Mortgage Hospital Revenue Bonds, Series 1998, 5.000%, 8/01/32 5,500,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 5,783,965 Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series A, 7.375%, 2/15/19 10,755,000 New York State Medical Care Facilities Finance Agency, North Shore 11/00 at 102 AAA 11,600,020 University Hospital Mortgage Project Revenue Bonds, 1990 Series A, 7.200%, 11/01/20 - ---------------------------------------------------------------------------------------------------------------------------------- Housing/Multifamily - 6.0% 4,000,000 New York City Housing Development Corporation, Multi-Unit Mortgage 6/01 at 102 AAA 4,320,720 Refunding Bonds (FHA-Insured Mortgage Loans), 1991 Series A, 7.350%, 6/01/19 15,000,000 Pass-Through Certificates of New York City Housing Development 4/99 at 105 AAA 15,792,000 Corporation, Multifamily Housing,Limited Obligation Bonds, Series 1991A, 6.500%, 2/20/19 New York State Finance Agency, Housing Project Mortgage Revenue Bonds, 1996 Series A Refunding: 980,000 6.100%, 11/01/15 5/06 at 102 AAA 1,064,143 3,980,000 6.125%, 11/01/20 5/06 at 102 AAA 4,297,763 5,000,000 6.750%, 1/01/26 1/02 at 102 AAA 5,439,200 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ---------------------------------------------------------------------------------------------------------------------------------- Housing/Single Family - 3.2% $ 1,500,000 State of New York Mortgage Agency, Homeowner Mortgage 9/04 at 102 AAA $ 1,626,465 Revenue Bonds, Series 43, 6.450%, 10/01/17 State of New York Mortgage Agency, Homeowner Mortgage Revenue Bonds, Series VV: 2,070,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 AAA 2,201,652 9,820,000 7.375%, 10/01/11 (Alternative Minimum Tax) 10/01 at 102 Aa2 10,420,886 2,345,000 State of New York Mortgage Agency, Mortgage Revenue Bonds, 4/99 at 100 AAA 2,350,417 Eighth Series A, 6.875%, 4/01/17 - ---------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/General - 4.5% 1,200,000 Town of Brookhaven, Suffolk County, New York, Various Purpose 10/02 at 102 AAA 1,315,740 Serial Bonds, 1991 Series B, 6.400%, 10/01/11 City of Buffalo, New York, Refunding Serial Bonds of 1991: 530,000 6.250%, 2/01/11 2/01 at 101 AAA 557,412 760,000 6.250%, 2/01/13 2/01 at 101 AAA 800,774 760,000 6.250%, 2/01/15 2/01 at 101 AAA 800,774 65,000 The City of New York, General Obligation Bonds, Fiscal 1992 8/02 at 101 1/2 AAA 70,457 Series C, Fixed Rate Bonds, Subseries C-1, 6.250%, 8/01/10 60,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 65,881 6.625%, 8/01/14 3,100,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 3,252,737 7.250%, 3/15/19 4,150,000 The City of New York, General Obligation Bonds, Fiscal 1998 Series H, 8/08 at 101 AAA 4,149,710 5.125%, 8/01/25 3,000,000 Town of North Hempstead, Nassau County, New York, General 3/08 at 101 Aaa 2,907,030 Obligation Refunding Serial Bonds, 1998 Series B, 4.750%, 3/01/18 2,500,000 Commonwealth of Puerto Rico, Public Improvement Bonds of 1998, 7/08 at 101 AAA 2,451,025 General Obligation Bonds, 4.875%, 7/01/23 Rensselaer County, New York, General Obligation Serial Bonds, Series 1991: 960,000 6.700%, 2/15/16 No Opt. Call AAA 1,169,866 960,000 6.700%, 2/15/17 No Opt. Call AAA 1,171,258 960,000 6.700%, 2/15/18 No Opt. Call AAA 1,171,805 960,000 6.700%, 2/15/19 No Opt. Call AAA 1,174,339 960,000 6.700%, 2/15/20 No Opt. Call AAA 1,177,728 747,000 6.700%, 2/15/21 No Opt. Call AAA 918,563 - ---------------------------------------------------------------------------------------------------------------------------------- Tax Obligation/Limited - 17.8% 1,000,000 Battery Park City Authority, Senior Revenue Refunding Bonds, 11/03 at 102 AAA 1,015,230 Series 1993A, 5.250%, 11/01/17 9,000,000 Metropolitan Transportation Authority, Dedicated Tax Fund Bonds, 4/08 at 101 AAA 8,493,210 Series 1998A, 4.750%, 4/01/28 2,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AAA 1,962,700 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 4,390,000 Dormitory Authority of the State of New York, Municipal Health Facilities 1/09 at 101 AAA 4,314,712 Improvement Program, Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 5,000,000 Dormitory Authority of the State of New York, Judicial Facilities 4/99 at 116 9/32 Baa1 5,745,250 Lease Revenue Bonds (Suffolk County Issue), Series 1991A, 9.500%, 4/15/14 13,275,000 Dormitory Authority of the State of New York, Judicial Facilities 4/01 at 102 AAA 14,333,018 Lease Revenue Bonds (Suffolk County Issue), Series 1991B, 7.000%, 4/15/16 5,000,000 Dormitory Authority of the State of New York, Leake and Watts 7/04 at 102 AAA 5,446,850 Services, Inc., Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,000,000 New York State Environmental Facilities Corporation, Riverbank 4/07 at 100 AAA 2,002,600 State Park, Special Obligation Refunding Revenue Bonds, 1996 Series, 5.125%, 4/01/22 2,040,000 New York State Medical Care Facilities Finance Agency, Mental 8/99 at 102 AAA 2,109,707 Health Services Facilities Improvement Revenue Bonds, 1989 Series C, 7.375%, 8/15/19 20,000 New York State Medical Care Facilities Finance Agency, Mental 2/05 at 102 AAA 21,629 Health Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 365,000 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 392,689 Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 1,000,000 New York State Medical Care Facilities Finance Agency, Mental 8/03 at 102 AAA $ 1,009,360 Health Services Facilities Improvement Revenue Bonds, 1993 Series D, 5.250%, 8/15/23 4,000,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 100 AAA 4,063,880 Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 5.500%, 8/15/21 1,720,000 New York State Urban Development Corporation, Youth Facilities 4/04 at 102 AAA 1,840,400 Revenue Bonds, Series 1994, 5.700%, 4/01/14 6,400,000 Empire Development Corporation, New York State Urban Development 1/06 at 102 AAA 6,583,872 Corporation, Correctional Capital Facilities Revenue Bonds, Series 6, 5.375%, 1/01/25 12,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 12,785,160 Bonds, Series 1991A, 6.625%, 1/01/17 Triborough Bridge and Tunnel Authority, Special Obligation Refunding Bonds, Series 1991B: 14,000,000 7.100%, 1/01/10 1/01 at 102 AAA 15,028,580 3,500,000 6.875%, 1/01/15 1/01 at 102 AAA 3,745,210 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 6.1% 3,000,000 Metropolitan Transportation Authority (New York), Commuter 7/08 at 101 AAA 2,956,230 Facilities Revenue Bonds, Series 1998A, 5.000%, 7/01/23 5,000,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/02 at 101 1/2 AAA 5,458,950 Bonds, Series K, 6.250%, 7/01/11 7,900,000 Monroe County Airport Authority, Greater Rochester International Airport 1/00 at 102 AAA 8,264,348 Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 3,700,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 3,978,425 Industrial Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 AA- 10,625,400 Seventy-Sixth Series, 6.500%, 11/01/26 Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 30.7% 5,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/02 at 102 AAA 5,481,150 Revenue Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000,000 Metropolitan Transportation Authority (New York), Commuter Facilities 7/06 at 102 AAA 1,136,670 Revenue Bonds, Series 1996A, 6.000%, 7/01/21 (Pre-refunded to 7/01/06) 5,000,000 Nassau County Industrial Development Agency, Civic Facility Revenue 8/01 at 102 AAA 5,450,850 Bonds (Hofstra University Project - Series 1991), 6.750%, 8/01/11 (Pre-refunded to 8/01/01) 4,935,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 5,393,906 Fixed Rate Bonds, Subseries C-1,6.250%, 8/01/10 (Pre-refunded to 8/01/02) 4,940,000 The City of New York, General Obligation Bonds, 1992 Series C, 8/02 at 101 1/2 AAA 5,456,922 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 1,500,000 The City of New York, General Obligation Bonds, Fiscal 1991 Series A, 3/00 at 101 1/2 AAA 1,577,550 7.250%, 3/15/18 3,000,000 The City of New York, General Obligation Bonds, Fiscal 1990 Series B, 10/99 at 100 AAA 3,053,910 7.000%, 10/01/19 9,000,000 New York City (New York), Educational Construction Fund, Revenue 10/99 at 101 1/2 AAA 9,312,660 Bonds, 1989 Series A, 7.125%, 4/01/13 (Pre-refunded to 10/01/99) 3,200,000 New York City Municipal Water Finance Authority, Water and Sewer 6/00 at 101 1/2 AAA 3,406,240 System Revenue Bonds, Fiscal 1991 Series A, 7.500%, 6/15/19 (Pre-refunded to 6/15/00) 5,000,000 New York City Municipal Water Finance Authority, Water and Sewer 6/01 at 101 1/2 AAA 5,435,800 System Revenue Bonds, Fiscal 1991 Series C, 7.000%, 6/15/16 (Pre-refunded to 6/15/01) 2,780,000 New York City Transit Authority, Transit Facilities Revenue Bonds, 1/00 at 102 AAA 2,924,449 Series 1990 (Livingston Plaza Project), 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue 4/01 at 102 AAA 5,417,400 Refunding Bonds, Series 1991A (The American Museum of Natural History), 6.900%, 4/01/21 (Pre-refunded to 4/01/01) 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue 1/02 at 102 AAA 5,472,550 Refunding Bonds, Series 1991A (The Museum of Modern Art), 6.625%, 1/01/19 (Pre-refunded to 1/01/02) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed (continued) State of New York, Serial Bonds: $ 4,055,000 6.750%, 8/01/08 (Pre-refunded to 8/01/01) 8/01 at 102 AAA $ 4,420,639 4,055,000 6.750%, 8/01/10 (Pre-refunded to 8/01/01) 8/01 at 102 AAA 4,420,639 5,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 5,318,100 Educational Facilities Revenue Bonds, Series 1989B, 7.250%, 5/15/15 (Pre-refunded to 5/15/00) 5,000,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 5,540,200 Educational Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 1,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 1,061,120 Educational Facilities Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 10,930,000 Dormitory Authority of the State of New York, Ithaca College Insured 7/01 at 102 AAA 11,772,703 Revenue Bonds, Series 1991, 6.250%, 7/01/21 (Pre-refunded to 7/01/01) 10,380,000 Dormitory Authority of the State of New York, Fordham University 7/00 at 102 AAA 11,075,460 Insured Revenue Bonds, Series 1990,7.200%, 7/01/15 (Pre-refunded to 7/01/00) 3,560,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 3,790,617 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 8,945,000 New York State Medical Care Facilities Finance Agency, St. Luke's- 2/00 at 102 AAA 9,447,798 Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, Roosevelt 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 2,230,000 New York State Medical Care Facilities Finance Agency, Mental Health 2/05 at 102 AAA 2,497,221 Services Facilities Improvement Revenue Bonds, 1995 Series A, 6.000%, 2/15/25 (Pre-refunded to 2/15/05) 5,260,000 New York State Medical Care Facilities Finance Agency, Mental 2/02 at 102 AAA 5,716,726 Health Services Facilities Improvement Revenue Bonds, 1992 Series B, 6.250%, 8/15/18 (Pre-refunded to 2/15/02) 5,000,000 New York State Medical Care Facilities Finance Agency, New York 2/05 at 102 AAA 5,806,650 Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) County of Suffolk (New York), Public Improvement Bonds, 1991 Series A: 790,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 860,255 745,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 811,253 720,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 784,030 730,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 794,919 735,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 800,364 250,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 272,233 245,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,788 245,000 6.500%, 10/01/18 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 266,788 240,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 261,343 County of Suffolk (New York), Public Improvement Bonds, 1991 Series B: 265,000 6.500%, 10/01/11 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,566 265,000 6.500%, 10/01/12 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 288,566 270,000 6.500%, 10/01/13 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 294,011 275,000 6.500%, 10/01/14 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 299,456 280,000 6.500%, 10/01/15 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 304,900 275,000 6.500%, 10/01/16 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 299,456 280,000 6.500%, 10/01/17 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 304,900 285,000 6.500%, 10/01/19 (Pre-refunded to 10/01/01) 10/01 at 102 AAA 310,345 17,945,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue 1/01 at 102 AAA 19,336,994 Bonds, Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 7.3% 14,000,000 New York State Energy Research and Development Authority, 1/00 at 101 A+ 14,529,760 Electric Facilities Revenue Bonds, Series 1991 A (Consolidated Edison Company of New York, Inc. Project), 7.500%, 1/01/26 (Alternative Minimum Tax) 11,000,000 New York State Energy Research and Development Authority, Adjustable 5/02 at 102 AAA 11,975,370 Rate Gas Facilities Revenue Bonds, Series 1989B (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 1,000,000 New York State Energy Research and Development Authority, Adjustable 7/05 at 102 AAA 1,088,350 Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) Principal Optional Call Market Amount Description Provisions* Ratings** Value - ------------------------------------------------------------------------------------------------------------------------------------ Utilities (continued) $ 3,000,000 New York State Energy Research and Development Authority, Pollution 10/01 at 102 AAA $ 3,242,040 Control Refunding Revenue Bonds (Niagara Mohawk Power Corporation Project), Series 1991A, 6.625%, 10/01/13 2,500,000 New York State Energy Research and Development Authority, 1/01 at 101 AAA 2,636,675 Facilities Revenue Bonds, Series 1992A (Consolidated Edison Company of New York, Inc. Project), 6.750%, 1/15/27 (Alternative Minimum Tax) 3,500,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 3,728,095 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 3.2% 8,500,000 New York City (New York), Municipal Water Finance Authority, 6/07 at 101 AAA 8,486,145 Water and Sewer System Revenue Bonds, Fiscal 1998 Series B, 5.125%, 6/15/30 1,000,000 New York City (New York), Municipal Water Finance Authority, 6/08 at 101 AAA 946,180 Water and Sewer System Revenue Bonds, Fiscal 1998 Series D, 4.750%, 6/15/25 5,000,000 New York State Environmental Facilities Corporation, State Water 9/00 at 102 AAA 5,346,700 Pollution Control Revolving Fund Revenue Bonds, Series 1991 B (Pooled Loan Issue), 7.100%, 9/15/11 1,300,000 New York State Environmental Facilities Corporation, Water Facilities 6/02 at 102 AAA 1,408,091 Revenue Bonds, Series 1992 (The New Rochelle Water Company Project), 6.400%, 12/01/24 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ $ 479,172,000 Total Investments - (cost $472,863,133) - 99.2% 508,103,641 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.8% 4,038,099 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $ 512,141,740 ====================================================================================================================================
* 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 Nuveen New York Quality Income Municipal Fund, Inc. (NUN) March 31, 1999 (Unaudited) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Education and Civic Organizations - 18.3% $ 3,130,000 County of Monroe Industrial Development Agency (Monroe County, 12/99 at 103 AAA $ 3,296,516 New York), 1986 Industrial Development Revenue Bonds (Wilmur Associates Facility), Eastman Place Remarketing, 7.250%, 12/01/16 (Alternative Minimum Tax) 6,350,000 Nassau County Industrial Development Agency (New York), Civic 7/08 at 102 AAA 6,257,354 Facility Revenue and RefundingBonds (Hofstra University Project - Series 1998), 5.000%, 7/01/23 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,353,050 Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 7,250,000 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 7,597,710 Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 14,500,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 15,365,360 Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/27 4,775,000 New York City Industrial Development Agency, Civic Facility Revenue 6/07 at 102 AAA 4,848,153 Bonds (Trinity Episcopal School Corporation Project), 5.250%, 6/15/27 1,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 1,058,030 Educational Facilities Revenue Bonds, Series 1990B, 7.000%, 5/15/16 7,250,000 Dormitory Authority of the State of New York, The New York Public 7/02 at 102 AAA 7,767,868 Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 1,000,000 Dormitory Authority of the State of New York, Mount Sinai School of 7/01 at 102 AAA 1,079,980 Medicine Insured Revenue Bonds, Series 1991, 6.750%, 7/01/15 7,515,000 Dormitory Authority of the State of New York, Marist College Insured 7/02 at 102 AAA 8,092,002 Revenue Bonds, Series 1992,6.000%, 7/01/22 1,000,000 Dormitory Authority of the State of New York, Fordham University I 7/04 at 102 AAA 1,034,620 nsured Revenue Bonds, Series 1994, 5.500%, 7/01/23 1,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 1,103,090 Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,970,000 Dormitory Authority of the State of New York, University of Rochester, 7/04 at 102 AAA 2,103,389 Strong Memorial Hospital Revenue Bonds, Series 1994, 5.900%, 7/01/17 1,240,000 Dormitory Authority of the State of New York, Sarah Lawrence 7/05 at 102 AAA 1,352,282 College Revenue Bonds, Series 1995, 6.000%, 7/01/24 8,500,000 Dormitory Authority of the State of New York, Ithaca College 7/07 at 102 AAA 8,630,645 Insured Revenue Bonds, Series 1997, 5.250%, 7/01/26 1,250,000 Dormitory Authority of the State of New York, St. Johns University 7/06 at 102 AAA 1,325,325 Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 4,625,000 Dormitory Authority of the State of New York, Barnard College 7/07 at 101 AAA 4,696,086 Insured Revenue Bonds, Series 1996, 5.250%, 7/01/26 7,000,000 Dormitory Authority of the State of New York, Fordham University 7/08 at 101 AAA 6,867,560 Insured Revenue Bonds, Series 1998, 5.000%, 7/01/28 2,000,000 Dormitory Authority of the State of New York, City University System 7/08 at 102 AAA 1,963,340 Consolidated Third General Resolution Revenue Bonds, 1998 Series 1, 5.000%, 7/01/26 5,750,000 Dormitory Authority of the State of New York, State University 5/08 at 100 AAA 5,441,110 Educational Facilities Revenue Bonds, Series 1998A, 4.750%, 5/15/25 3,835,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 4,069,625 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Health Care - 3.2% $ 5,000,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA $ 4,913,000 System Obligated Group), North Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 5,350,000 New York State Medical Care Facilities Finance Agency, Sisters 11/01 at 102 AAA 5,785,169 of Charity Hospital of Buffalo Project Revenue Bonds, 1991 Series A, 6.625%, 11/01/18 1,000,000 New York State Medical Care Facilities Finance Agency, St. Mary's 11/03 at 102 AAA 1,098,430 Hospital (Rochester), Mortgage Project Revenue Bonds, 1994 Series A Refunding, 6.200%, 11/01/14 3,000,000 New York State Medical Care Facilities Finance Agency, Montefiore 2/05 at 102 AAA 3,145,740 Medical Center, FHA-Insured Mortgage Revenue Bonds, 1995 Series A , 5.750%, 2/15/25 1,915,000 New York State Medical Care Facilities Finance Agency, Health 11/05 at 102 AAA 2,185,226 Center Projects Revenue Bonds (Secured Mortgage Program), 1995 Series A, 6.375%, 11/15/19 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Multifamily - 7.8% 12,475,000 Pass-Through Certificates of New York City Housing Development 4/99 at 105 AAA 13,133,680 Corporation, Multifamily Housing Limited Obligation Bonds, Series 1991A, 6.500%, 2/20/19 1,690,000 New York State Housing Finance Agency, Housing Project Mortgage 5/06 at 102 AAA 1,824,930 Revenue Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 1,575,000 New York State Housing Finance Agency, Insured Multifamily 8/04 at 102 AAA 1,700,402 Mortgage Housing Revenue Bonds, 1994 Series B, 6.250%, 8/15/14 New York State Urban Development Corporation, Section 236 Revenue Bonds, Series 1992A: 5,515,000 6.700%, 1/01/12 1/02 at 102 AAA 5,992,323 17,995,000 6.750%, 1/01/26 1/02 at 102 AAA 19,575,681 - ------------------------------------------------------------------------------------------------------------------------------------ Housing/Single Family - 0.6% 2,000,000 State of New York Mortgage Agency, Homeowner Mortgage 3/04 at 102 AAA 2,054,440 Revenue Bonds, Series 33, 5.400%, 10/01/17 985,000 State of New York Mortgage Agency, Homeowner Mortgage 10/01 at 102 AAA 1,044,090 Revenue Bonds, Series VV, 7.250%, 10/01/07 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Long-Term Care - 0.4% 2,000,000 Dormitory Authority of the State of New York, United Cerebral 7/06 at 102 AAA 2,092,020 Palsy of New York City, Inc., Insured Revenue Bonds, Series 1996, 5.500%, 7/01/24 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/General - 0.7% 1,000,000 County of Erie, New York, General Obligation Bonds, 1995 Series B, 6/05 at 101 1/2 AAA 1,052,220 5.625%, 6/15/20 200,000 The City of New York, New York, General Obligation Bonds, 8/02 at 101 1/2 AAA 218,616 Fiscal 1992 Series C, Subseries C-1, 6.625%, 8/01/15 360,000 The City of New York, New York, General Obligation Bonds, 2/02 at 101 1/2 AAA 394,823 Fiscal 1992 Series H, 7.100%, 2/01/10 525,000 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 571,720 Series 1992-A, 6.500%, 2/15/07 1,390,000 City of Yonkers, New York, General Obligation Serial Bonds, 2/02 at 102 AAA 1,521,675 Series 1992-B, 6.500%, 2/15/07 - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited - 16.0% 15,000,000 Metropolitan Transportation Authority, Transit Facilities 1987 7/01 at 102 AAA 16,119,750 Service Contract Bonds,Series 5, 6.500%, 7/01/16 3,000,000 New York City (New York), Transitional Finance Authority, Future 8/07 at 101 AAA 2,944,050 Tax Secured Bonds, Fiscal 1998 Series A, 5.000%, 8/15/27 6,000,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 5,897,100 Facilities Improvement Program Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 5,375,000 Dormitory Authority of the State of New York, Leake and Watts Services, 7/04 at 102 AAA 5,855,364 Inc. Insured Revenue Bonds, Series 1994, 6.000%, 7/01/23 2,200,000 Dormitory Authority of the State of New York, Mental Health 2/06 at 102 AAA 2,202,970 Services Facilities Improvement Revenue Bonds, Series 1996B, 5.125%, 8/15/21 8,000,000 Dormitory Authority of the State of New York, Mental Health Services 8/08 at 101 AAA 7,884,400 Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Tax Obligation/Limited (continued) $ 3,340,000 Dormitory Authority of the State of New York, Insured Revenue 7/09 at 101 AAA $ 3,502,124 Bonds (853 Schools Program 1999 Issue 1), Harmony Heights School, Series 1999C, 5.500%, 7/01/18 (WI) 8,000,000 New York Local Government Assistance Corporation, Series 1993 B, 4/04 at 100 AAA 7,884,560 Refunding Bonds, 5.000%, 4/01/23 New York State Medical Care Facilities Financing Agency, Mental Health Services Facilities Improvement Revenue Bonds, 1992 Series A: 120,000 6.375%, 8/15/10 2/02 at 102 AAA 129,762 155,000 6.375%, 8/15/17 2/02 at 102 AAA 167,719 5,250,000 New York State Medical Care Facilities Finance Agency, Mental 2/04 at 102 AAA 5,296,358 Health Services Facilities Improvement Revenue Bonds, 1993 Series F Refunding, 5.250%, 2/15/19 3,000,000 New York State Urban Development Corporation, Youth Facilities 4/04 at 102 AAA 3,210,000 Revenue Bonds, Series 1994, 5.700%, 4/01/14 24,000,000 Triborough Bridge and Tunnel Authority, Special Obligation Refunding 1/01 at 102 AAA 25,681,440 Bonds, Series 1991B, 6.875%, 1/01/15 - ------------------------------------------------------------------------------------------------------------------------------------ Transportation - 8.7% 3,000,000 Buffalo and Fort Erie Public Bridge Authority, Toll Bridge System Revenue 1/05 at 101 AAA 3,194,970 Bonds, Series 1995, 5.750%, 1/01/25 3,000,000 Metropolitan Transportation Authority (New York), Commuter 7/06 at 102 AAA 3,267,270 Facilities Revenue Bonds, Series 1996A, 6.000%, 7/01/16 5,500,000 Metropolitan Transportation Authority (New York), Transit Facilities 7/08 at 101 AAA 5,198,490 Revenue Bonds, Series 1998B, 4.750%, 7/01/26 3,500,000 Monroe County Airport Authority, Greater Rochester International 1/00 at 102 AAA 3,661,420 Airport Revenue Bonds, Series 1989, 7.250%, 1/01/19 (Alternative Minimum Tax) 2,050,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 2,204,263 Industrial Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 1,000,000 Niagara Frontier Transportation Authority (Greater Buffalo International 4/04 at 102 AAA 1,097,600 Airport), Airport Revenue Bonds, Series 1994A, 6.250%, 4/01/24 (Alternative Minimum Tax) 5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/01 at 101 AAA 5,292,300 Seventy-First Series, 6.500%, 1/15/26 10,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 11/01 at 101 AAA 10,705,600 Seventy-Sixth Series, 6.500%, 11/01/26 (Alternative Minimum Tax) 5,000,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/01 at 101 AAA 5,292,300 Seventy-First Series, 6.500%, 1/15/26 7,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/02 at 101 1/2 AAA 7,538,440 Series X, 6.500%, 1/01/19 - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed - 30.7% 1,980,000 Town of Clifton Park Water Authority (New York), Water System 10/02 at 102 AAA 2,189,642 Revenue Bonds, 1991 Series A, 6.375%, 10/01/26 (Pre-refunded to 10/01/02) 24,155,000 Metropolitan Transportation Authority, Transit Facilities Revenue Bonds, 7/02 at 102 AAA 26,662,772 Series J, 6.500%, 7/01/18 (Pre-refunded to 7/01/02) County of Nassau, New York, General Obligation Serial Bonds: 1,410,000 6.100%, 11/15/07 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,538,522 1,260,000 6.375%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,383,455 1,495,000 6.100%, 11/15/09 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,631,269 1,285,000 6.375%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,410,904 1,000,000 6.100%, 11/15/10 (Pre-refunded to 11/15/01) 11/01 at 103 AAA 1,091,150 19,800,000 The City of New York, General Obligation Bonds, Fiscal 1992 Series C, 8/02 at 101 1/2 AAA 21,871,872 Subseries C-1, 6.625%, 8/01/15 (Pre-refunded to 8/01/02) 2,140,000 The City of New York (New York), General Obligation Bonds, 2/02 at 101 1/2 AAA 2,363,651 Fiscal 1992 Series H, 7.100%, 2/01/10 (Pre-refunded to 2/01/02) 1,090,000 New York City Municipal Water Finance Authority, Water and 6/01 at 101 AAA 1,174,224 Sewer Revenue Bonds, Fiscal 1992 Series A, 6.750%, 6/15/16 (Pre-refunded to 6/15/01) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. Guaranteed (continued) $ 3,520,000 Dormitory Authority of the State of New York, Judicial Facilities No Opt. Call AAA $ 4,413,869 Lease Revenue Bonds (Suffolk County Issue), Series 1986, 7.375%, 7/01/16 7,750,000 Dormitory Authority of the State of New York, Hamilton College 7/01 at 102 AAA 8,389,065 Insured Revenue Bonds, Series 1991, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 3,000,000 Dormitory Authority of the State of New York, State University 5/02 at 102 AAA 3,324,120 Educational Facilities Revenue Bonds, Series 1991A, 6.750%, 5/15/21 (Pre-refunded to 5/15/02) 10,000,000 Dormitory Authority of the State of New York, State University 5/00 at 102 AAA 10,611,200 Educational Facilities Revenue Bonds, Series 1990C, 7.000%, 5/15/18 (Pre-refunded to 5/15/00) 6,450,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 6,905,306 Consolidated Second General Resolution Revenue Bonds, Series 1990F, 7.500%, 7/01/20 (Pre-refunded to 7/01/00) 2,000,000 Dormitory Authority of the State of New York, Hamilton College 7/01 at 102 AAA 2,164,920 Insured Revenue Bonds, Series 1991, 6.500%, 7/01/11 (Pre-refunded to 7/01/01) 3,700,000 Dormitory Authority of the State of New York, City University System 7/04 at 102 BBB+*** 4,167,680 Consolidated Third General Resolution Revenue Bonds, Series 1, 6.300%, 7/01/24 (Pre-refunded to 7/01/04) 1,620,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 1,724,944 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 1,030,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 1,087,896 Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 1,500,000 New York State Medical Care Facilities Finance Agency, Hospital 8/02 at 102 AA*** 1,656,000 and Nursing Home FHA-Insured Mortgage Revenue Bonds, 1992 Series A, 6.700%, 8/15/23 (Pre-refunded to 8/15/02) 22,900,000 New York Medical Care Facilities Finance Agency, Mental Health 2/02 at 102 AAA 24,938,886 Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/10 (Pre-refunded to 2/15/02) 4,825,000 Power Authority of the State of New York, General Purpose Bonds, 1/02 at 102 AAA 5,268,080 Series Z, 6.500%, 1/01/19 (Pre-refunded to 1/01/02) 5,000,000 Power Authority of the State of New York, General Purpose Bonds, 1/01 at 100 AAA 5,209,650 Series Y, 6.000%, 1/01/20 (Pre-refunded to 1/01/01) 4,000,000 New York State Thruway Authority, General Revenue Bonds, 1/02 at 102 AAA 4,289,520 Series A, 5.750%, 1/01/19 (Pre-refunded to 1/01/02) 3,100,000 New York State Urban Development Corporation, Correctional 1/00 at 102 AAA 3,260,828 Capital Facilities Revenue Bonds, Series 1, 7.500%, 1/01/20 (Pre-refunded to 1/01/00) 4,700,000 Niagara Falls Bridge Commission, Toll Bridge System Revenue Bonds, 10/02 at 102 AAA 5,159,331 Series 1992, 6.125%, 10/01/19 (Pre-refunded to 10/01/02) 2,500,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 101 1/2 AAA 2,682,175 Series S, 7.000%, 1/01/21 (Pre-refunded to 1/01/01) 3,000,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 102 AAA 3,232,710 Series T, 7.000%, 1/01/20 (Pre-refunded to 1/01/01) 5,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/02 at 101 1/2 AAA 6,343,924 Series W, 6.750%, 1/01/22 (Pre-refunded to 1/01/02) - ------------------------------------------------------------------------------------------------------------------------------------ Utilities - 8.8% 1,650,000 Islip Resource Recovery Agency, Resource Recovery System Revenue No Opt. Call AAA 2,031,348 Bonds (1985 Facility - Series B (1994)), 7.250%, 7/01/11 (Alternative Minimum Tax) New York State Energy Research and Development Authority, Electric Facilities Revenue Bonds, Series 1989 C (Consolidated Edison Company of New York, Inc. Project): 5,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 5/99 at 101 AAA 5,065,750 10,000,000 7.250%, 11/01/24 (Alternative Minimum Tax) 5/99 at 101 A+ 10,131,100 6,000,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,529,620 Adjustable Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 1,500,000 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 1,556,430 Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ Utilities (continued) $ 12,000,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA $ 12,978,600 Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 9,000,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 9,586,530 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ Water and Sewer - 3.8% New York City (New York), Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Fiscal 1992 Series A: 8,410,000 6.750%, 6/15/16 6/01 at 101 AAA 9,010,640 9,770,000 6.250%, 6/15/21 6/01 at 100 AAA 10,275,400 1,000,000 Western Nassau County Water Authority, System Revenue Bonds, 5/06 at 102 AAA 1,058,540 Series 1995, 5.650%, 5/01/26 - ------------------------------------------------------------------------------------------------------------------------------------ $ 504,745,000 Total Investments - (cost $498,779,033) - 99.0% 536,207,053 =============----------------------------------------------------------------------------------------------------------------------- Temporary Investments in Short-Term Municipal Securities - 0.4% 1,600,000 Nassau County Industrial Development Agency (New York), Civic VMIG-1 1,600,000 Facility Revenue Bonds (Cold Spring Harbor Lab Project), Variable Rate Demand Bonds, 2.950%, 7/01/19+ 400,000 Dormitory Authority of the State of New York, Cornell University, VMIG-1 400,000 Series B, Variable Rate Demand Bonds, 2.950%, 7/01/25+ 400,000 Syracuse, New York, Industrial Development Agency, Civic Facility VMIG-1 400,000 Revenue Bonds (Syracuse University Project), Variable Rate Demand Bonds, 2.950%, 3/01/23+ - ------------------------------------------------------------------------------------------------------------------------------------ $ 2,400,000 Total Temporary Investments - 0.4% 2,400,000 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 0.6% 3,302,398 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $ 541,909,451 ====================================================================================================================================
* Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. ** Ratings: Using the higher of Standard & Poor's or Moody's rating. *** Securities are backed by an escrow or trust containing sufficient U.S. government or U.S. government agency securities which ensures the timely payment of principal and interest. Securities are normally considered to be equivalent to AAA rated securities. (WI) Security purchased on a when-issued basis (note 1). + The security has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term security. The rate disclosed is that currently in effect. This rate changes periodically based on market conditions or a specified marked index. See accompanying notes to financial statements
PORTFOLIO OF INVESTMENTS NUVEEN INSURED NEW YORK PREMIUM INCOME MUNICIPAL FUND, INC. (NNF) MARCH 31, 1999 (UNAUDITED) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ EDUCATION AND CIVIC ORGANIZATIONS - 22.0% $ 2,000,000 County of Monroe County Industrial Development Agency, Civic 6/05 at 102 AAA $ 2,179,500 Facility Revenue Bonds (Nazareth College of Rochester Project), Series 1995, 6.000%, 6/01/20 5,460,000 The Trust for Cultural Resources of the City of New York, Revenue 7/06 at 101 AAA 5,845,531 Bonds, Series 1996 (The New York Botanical Garden), 5.800%, 7/01/26 1,250,000 The Trust for Cultural Resources of the City of New York, Revenue 1/07 at 102 AAA 1,309,950 Refunding Bonds, Series 1996A (The Museum of Modern Art), 5.500%, 1/01/21 5,000,000 The Trust for Cultural Resources of the City of New York, Revenue 4/07 at 101 AAA 5,291,600 Bonds, Series 1997A (American Museum of Natural History), 5.650%, 4/01/22 1,000,000 New York City Industrial Development Agency, Civic Facility Revenue 11/04 at 102 AAA 1,116,480 Bonds (USTA National Tennis Center Incorporated Project), 6.375%, 11/15/14 2,500,000 Dormitory Authority of the State of New York, The New York Public 7/02 at 102 AAA 2,678,575 Library Insured Revenue Bonds, Series 1992A, 5.875%, 7/01/22 2,000,000 Dormitory Authority of the State of New York, New York University 7/01 at 102 AAA 2,127,960 Insured Revenue Bonds, Series 1991, 6.000%, 7/01/15 2,000,000 Dormitory Authority of the State of New York, City University System No Opt. Call AAA 2,206,180 Consolidated Second General Resolution Revenue Bonds, Series 1993A, 5.750%, 7/01/18 1,000,000 Dormitory Authority of the State of New York, University of Rochester, 7/04 at 102 AAA 1,034,000 Strong Memorial Hospital Revenue Bonds, Series 1994, 5.500%, 7/01/21 2,450,000 Dormitory Authority of the State of New York, Mount Sinai School 7/04 at 102 AAA 2,409,428 of Medicine Insured Revenue Bonds, Series 1994A, 5.000%, 7/01/21 3,000,000 Dormitory Authority of the State of New York, New School for Social 7/07 at 102 AAA 3,232,650 Research Insured Revenue Bonds, Series 1997, 5.750%, 7/01/26 2,000,000 Dormitory Authority of the State of New York, St. Johns University 7/06 at 102 AAA 2,120,520 Insured Revenue Bonds, Series 1996, 5.600%, 7/01/16 3,165,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 3,358,635 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 7,500,000 Dormitory Authority of the State of New York, Ithaca College Insured 7/08 at 101 Aaa 7,395,375 Revenue Bonds, Series 1998, 5.000%, 7/01/21 - ------------------------------------------------------------------------------------------------------------------------------------ HEALTH CARE - 13.8% 3,000,000 Dormitory Authority of the State of New York, Ellis Hospital, FHA-I 8/05 at 102 AAA 3,124,350 nsured Mortgage Hospital Revenue Bonds, Series 1995, 5.600%, 8/01/25 4,000,000 Dormitory Authority of the State of New York, Maimonides Medical Center, 2/06 at 102 AAA 4,309,560 FHA-Insured Mortgage Hospital Revenue Bonds, Series 1996A, 5.750%, 8/01/14 1,500,000 Dormitory Authority of the State of New York, Vassar Brothers Hospital 1/08 at 102 AAA 1,527,645 Insured Revenue Bonds, Series 1997, 5.250%, 7/01/17 2,685,000 Dormitory Authority of the State of New York (North Shore Health 11/08 at 101 AAA 2,638,281 System Obligated Group), North Shore University Hospital at Forest Hills Revenue Bonds, Series 1998, 5.000%, 11/01/23 2,500,000 New York State Medical Care Facilities Finance Agency, South 11/02 at 102 AAA 2,722,500 Nassau Communities Hospital Project Revenue Bonds, 1992 Series A, 6.125%, 11/01/11 2,635,000 New York State Medical Care Facilities Finance Agency, Hospital and 8/02 at 102 AAA 2,825,010 Nursing Home, FHA-Insured Mortgage Revenue Bonds, 1992 Series C (Mount Sinai Hospital), 6.375%, 8/15/29 4,700,000 New York State Medical Care Facilities Finance Agency, Hospital 2/04 at 102 AAA 4,797,055 Insured Mortgage Revenue Bonds, 1994 Series A Refunding, 5.375%, 2/15/25 4,310,000 New York State Medical Care Facilities Finance Agency, FHA-Insured 8/05 at 102 AA 4,680,229 Mortgage Project Revenue Bonds, 1995 Series F, 6.200%, 8/15/15 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/MULTIFAMILY - 2.4% $ 2,240,000 New York State Finance Agency, Housing Project Mortgage Revenue 5/06 at 102 AAA $ 2,418,842 Bonds, 1996 Series A Refunding, 6.125%, 11/01/20 2,000,000 New York State Urban Development Corporation, Section 236 Revenue 1/02 at 102 AAA 2,173,100 Bonds, Series 1992A, 6.700%, 1/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ HOUSING/SINGLE FAMILY - 2.0% 2,500,000 State of New York Mortgage Agency, Homeowner Mortgage 3/03 at 102 Aa2 2,660,375 Revenue Bonds, Series 30-B, 6.650%, 10/01/25 (Alternative Minimum Tax) 1,200,000 State of New York Mortgage Agency, Homeowner Mortgage Revenue 10/03 at 102 Aa2 1,243,896 Bonds, Series 30-C-1, 5.850%, 10/01/25 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/GENERAL - 8.3% 210,000 County of Nassau, New York, General Obligation Serial Bonds, No Opt. Call AAA 226,426 Serial General Improvement Bonds, Series 1993-H, 5.500%, 6/15/16 1,500,000 County of Nassau, New York, General Obligation Serial Bonds, Serial 8/04 at 103 AAA 1,611,795 General Improvement Bonds, Series O, 5.700%, 8/01/13 4,000,000 The City of New York, New York, General Obligation Bonds, Fiscal 1995 No Opt. Call AAA 4,853,360 Series E, 8.000%, 8/01/05 2,115,000 City of Niagara Falls, Niagara County, New York, Water Treatment No Opt. Call AAA 2,772,405 Plant Serial Bonds of 1994, 8.500%, 11/01/08 (Alternative Minimum Tax) City of Niagara Falls, Niagara County, New York, Public Improvement Serial Bonds of 1994: 1,000,000 7.500%, 3/01/13 No Opt. Call AAA 1,287,180 2,000,000 6.900%, 3/01/22 3/04 at 102 AAA 2,272,540 2,750,000 City of Yonkers, New York, Refunding Serial Bonds, 1993-C, 9/03 at 102 AAA 2,913,790 5.500%, 9/01/09 - ------------------------------------------------------------------------------------------------------------------------------------ TAX OBLIGATION/LIMITED - 6.8% 6,000,000 Dormitory Authority of the State of New York, Municipal Health 1/09 at 101 AAA 5,897,100 Facilities Improvement Program Lease Revenue Bonds (New York City Issue), 1998 Series 1, 5.000%, 1/15/23 5,250,000 Dormitory Authority of the State of New York, Mental Health 8/08 at 101 AAA 5,174,138 Services Facilities Improvement Revenue Bonds, Series 1998D, 5.000%, 2/15/23 20,000 New York State Medical Care Facilities Financing Agency, Mental 2/02 at 102 AAA 21,641 Health Services Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 1,900,000 New York State Urban Development Corporation, Correctional Facilities No Opt. Call AAA 2,002,885 Revenue Bonds, 1993A Refunding Series, 5.250%, 1/01/14 - ------------------------------------------------------------------------------------------------------------------------------------ TRANSPORTATION - 5.8% 4,500,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/07 at 101 1/2 AAA 4,773,105 Bonds, Series 1997A,5.625%, 7/01/27 1,800,000 Monroe County Airport Authority, Greater Rochester International Airport 1/03 at 102 AAA 1,811,322 Revenue Refunding Bonds, Series 1993, 5.375%, 1/01/19 (Alternative Minimum Tax) 1,900,000 New York City Industrial Development Agency, Amended and Restated 11/04 at 102 AAA 2,042,975 Industrial Development Revenue Bonds (1991 Japan Airlines Company, Ltd. Project), 6.000%, 11/01/15 (Alternative Minimum Tax) 2,500,000 The Port Authority of New York and New Jersey, Consolidated Bonds, 1/03 at 101 AAA 2,611,450 Eighty-Fourth Series, 5.875%, 7/15/16 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED - 20.9% 2,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/02 at 102 AAA 2,192,460 Bonds, Series 1992B, 6.250%, 7/01/17 (Pre-refunded to 7/01/02) 1,000,000 Metropolitan Transportation Authority, Commuter Facilities Revenue 7/04 at 101 1/2 AAA 1,130,940 Bonds, Series 1994A, 6.375%, 7/01/18 (Pre-refunded to 7/01/04) 1,700,000 Metropolitan Transportation Authority, Transit Facilities Revenue 7/06 at 102 AAA 1,942,930 Bonds, Series 1996A, 6.100%, 7/01/21 (Pre-refunded to 7/01/06) PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ U.S. GUARANTEED (continued) $ 2,385,000 The City of New York, General Obligation Bonds, 1992 Series C, 8/02 at 101 1/2 AAA $ 2,634,566 6.625%, 8/01/14 (Pre-refunded to 8/01/02) 1,500,000 The City of New York, General Obligation Bonds, Fiscal 1990 8/99 at 100 3/4 AAA 1,525,530 Series F, 6.000%, 8/01/19 2,500,000 Dormitory Authority of the State of New York, State University 5/03 at 102 AAA 2,757,300 Educational Facilities Revenue Bonds, Series 1995A, 6.000%, 5/15/22 (Pre-refunded to 5/15/03) 1,000,000 Dormitory Authority of the State of New York, Colgate University 7/01 at 102 AAA 1,082,460 Insured Revenue Bonds, Series 1991A, 6.500%, 7/01/21 (Pre-refunded to 7/01/01) 6,855,000 Dormitory Authority of the State of New York, City University System 7/04 at 102 AAA 7,901,759 Consolidated Third General Resolution Revenue Bonds, 1994 Series 2, 6.750%, 7/01/24 (Pre-refunded to 7/01/04) 1,335,000 Dormitory Authority of the State of New York, City University System 7/00 at 102 AAA 1,421,481 Consolidated Second General Resolution Revenue Bonds, Series 1990C, 7.000%, 7/01/14 (Pre-refunded to 7/01/00) 100,000 New York State Medical Care Facilities Finance Agency, St. Luke's-Roosevelt 2/00 at 102 AAA 105,621 Hospital Center, FHA-Insured Mortgage Revenue Bonds, 1989 Series B, 7.450%, 2/15/29 (Pre-refunded to 2/15/00) 7,800,000 New York State Medical Care Facilities Finance Agency, New York 2/05 at 102 AAA 9,058,374 Hospital, FHA-Insured Mortgage Revenue Bonds, 1994 Series A, 6.800%, 8/15/24 (Pre-refunded to 2/15/05) 1,980,000 New York Medical Care Facilities Finance Agency, Mental Health Services 2/02 at 102 AAA 2,155,190 Facilities Improvement Revenue Bonds, 1992 Series A, 6.375%, 8/15/17 (Pre-refunded to 2/15/02) 1,900,000 New York State Thruway Authority, General Revenue Bonds, 1/05 at 102 AAA 2,124,124 Series C, 6.000%, 1/01/25 (Pre-refunded to 1/01/05) 100,000 County of Niagara, New York, Public Improvement Serial Bonds 8/00 at 102 AAA 105,238 of 1993, 5.750%, 8/15/20 (Pre-refunded to 8/15/00) 3,800,000 Triborough Bridge and Tunnel Authority, General Purpose Revenue Bonds, 1/01 at 100 AAA 3,959,334 Series T, 6.000%, 1/01/22 (Pre-refunded to 1/01/01) - ------------------------------------------------------------------------------------------------------------------------------------ UTILITIES - 13.4% 1,165,000 Islip Resource Recovery Agency, Resource Recovery System Revenue 7/04 at 102 AAA 1,271,854 Bonds (1985 Facility - Series B (1994)), 6.125%, 7/01/13 (Alternative Minimum Tax) 6,875,000 Long Island Power Authority, Electric System General Revenue 6/08 at 101 AAA 6,886,069 Bonds, Series 1998A, 5.125%, 12/01/22 2,500,000 New York State Energy Research and Development Authority, Adjustable 5/02 at 102 AAA 2,720,675 Rate Gas Facilities Revenue Bonds, Series 1989A (The Brooklyn Union Gas Company Project), 6.750%, 2/01/24 (Alternative Minimum Tax) 2,750,000 New York State Energy Research and Development Authority, Gas 7/03 at 102 AAA 2,853,455 Facilities Revenue Bonds, Series C (The Brooklyn Union Gas Company Project), 5.600%, 6/01/25 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, 7/05 at 102 AAA 2,720,875 Adjustable Rate Pollution Control Revenue Bonds (New York State Electric and Gas Corporation Project), 1987 Series A, 6.150%, 7/01/26 (Alternative Minimum Tax) 6,100,000 New York State Energy Research and Development Authority, 5/02 at 102 AAA 6,597,455 Pollution Control Revenue Bonds, Series 1992B (Rochester Gas and Electric Corporation Projects), 6.500%, 5/15/32 (Alternative Minimum Tax) 2,500,000 New York State Energy Research and Development Authority, 12/01 at 101 AAA 2,662,925 Facilities Revenue Bonds, Series 1992B (Consolidated Edison Company of New York, Inc. Project), 6.375%, 12/01/27 (Alternative Minimum Tax) - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER - 3.3% 2,000,000 New York City, New York, Municipal Water Finance Authority, 6/05 at 101 AAA 2,155,380 Water and Sewer System Revenue Bonds, Fiscal 1996 Series A, 5.875%, 6/15/25 1,500,000 New York City, New York, Municipal Water Finance Authority, Water 6/08 at 101 AAA 1,472,084 and Sewer System Revenue Bonds, Fiscal 1999 Series A, 5.000%, 6/15/27 PRINCIPAL OPTIONAL CALL MARKET AMOUNT DESCRIPTION PROVISIONS* RATINGS** VALUE - ------------------------------------------------------------------------------------------------------------------------------------ WATER AND SEWER (continued) $ 2,500,000 Suffolk County Water Authority, New York, Water System Revenue No Opt. Call AAA $ 2,626,050 Bonds, Series 1993 Refunding, 5.100%, 6/01/12 - ------------------------------------------------------------------------------------------------------------------------------------ $ 177,385,000 Total Investments - (cost $176,207,523) - 98.7% 189,763,468 =============----------------------------------------------------------------------------------------------------------------------- Other Assets Less Liabilities - 1.3% 2,561,164 - ------------------------------------------------------------------------------------------------------------------------------------ Net Assets - 100% $ 192,324,632 ====================================================================================================================================
* 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.
STATEMENT OF NET ASSETS MARCH 31, 1999 (UNAUDITED) INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - ------------------------------------------------------------------------------------------------------------------------------------ ASSETS Investments in municipal securities, at market value (note 1) $154,075,682 $330,714,406 $386,310,337 $508,103,641 $536,207,053 $189,763,468 Temporary investments in short-term municipal securities, at amortized cost, which approximates market value (note 1) 2,000,000 6,200,000 -- -- 2,400,000 -- Cash -- -- 1,685,258 -- 609,769 654,003 Receivables: Interest 2,386,473 5,587,038 6,701,336 8,513,191 8,616,194 2,742,990 Investments sold 270,000 1,660,000 -- 997,417 -- -- Other assets 24,266 48,722 41,979 51,378 43,523 8,644 - ------------------------------------------------------------------------------------------------------------------------------------ Total assets 158,756,421 344,210,166 394,738,910 517,665,627 547,876,539 193,169,105 - ------------------------------------------------------------------------------------------------------------------------------------ LIABILITIES Cash overdraft 277,389 2,023,205 -- 204,167 -- -- Payable for investments purchased 4,413,187 -- -- 2,820,300 3,531,055 -- Accrued expenses: Management fees (note 6) 75,586 184,951 212,731 275,884 291,403 105,545 Other 143,432 189,898 244,233 240,446 221,146 157,747 Preferred share dividends payable -- 33,385 17,758 65,353 55,794 6,187 Common share dividends payable 657,742 1,285,989 1,460,841 1,917,737 1,867,690 574,994 - ------------------------------------------------------------------------------------------------------------------------------------ Total liabilities 5,567,336 3,717,428 1,935,563 5,523,887 5,967,088 844,473 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets (note 7) $153,189,085 $340,492,738 $392,803,347 $512,141,740 $541,909,451 $192,324,632 ==================================================================================================================================== Preferred shares, at liquidation value N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $ 65,000,000 ==================================================================================================================================== Preferred shares outstanding N/A 4,172 4,800 6,000 6,800 2,600 ==================================================================================================================================== Common shares outstanding 15,120,364 14,867,499 17,601,281 23,245,998 23,945,236 8,273,548 ==================================================================================================================================== Net asset value per Common share outstanding (net assets less Preferred shares at liquidation value, divided by Common shares outstanding) $ 10.13 $ 15.89 $ 15.50 $ 15.58 $ 15.53 $ 15.39 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
STATEMENT OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1999 (UNAUDITED) INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME (NOTE 1) $ 4,464,941 $10,606,194 $12,077,440 $15,630,318 $15,698,396 $ 5,208,167 - ------------------------------------------------------------------------------------------------------------------------------------ EXPENSES Management fees (note 6) 454,518 1,091,557 1,255,874 1,627,997 1,718,821 622,147 Preferred shares - auction fees -- 130,017 149,589 186,987 211,917 81,028 Preferred shares - dividend disbursing agent fees -- 14,959 9,972 9,972 14,959 9,972 Shareholders' servicing agent fees and expenses 26,830 25,799 22,014 22,420 22,129 8,265 Custodian's fees and expenses 22,006 31,765 33,512 39,905 40,670 23,507 Directors' fees and expenses (note 6) 741 1,642 1,898 2,462 2,588 901 Professional fees 8,463 8,962 9,045 9,207 9,242 8,922 Shareholders' reports - printing and mailing expenses 28,150 39,641 43,705 54,021 56,732 25,227 Stock exchange listing fees 12,420 12,422 12,465 16,633 16,242 8,063 Investor relations expense 7,929 15,061 16,617 20,759 21,689 7,706 Portfolio insurance expense -- -- 62,160 62,160 13,737 10,259 Other expenses 4,221 10,598 11,002 15,114 15,567 6,304 - ------------------------------------------------------------------------------------------------------------------------------------ Total expenses 565,278 1,382,423 1,627,853 2,067,637 2,144,293 812,301 - ------------------------------------------------------------------------------------------------------------------------------------ Net investment income 3,899,663 9,223,771 10,449,587 13,562,681 13,554,103 4,395,866 - ------------------------------------------------------------------------------------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) FROM INVESTMENTS Net realized gain from investment transactions (notes 1 and 4) 232,589 772,371 403,740 575,118 218,377 449,938 Net change in unrealized appreciation or depreciation of investments (2,614,543) (6,067,703) (5,576,161) (9,073,551) (8,196,066) (2,885,667) - ------------------------------------------------------------------------------------------------------------------------------------ Net gain (loss) from investments (2,381,954) (5,295,332) (5,172,421) (8,498,433) (7,977,689) (2,435,729) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations $ 1,517,709 $ 3,928,439 $ 5,277,166 $ 5,064,248 $ 5,576,414 $ 1,960,137 ==================================================================================================================================== N/A - Fund is not authorized to issue Preferred Shares. See accompanying notes to financial statements.
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED) NEW YORK VALUE NEW YORK PERFORMANCE PLUS NEW YORK INVESTMENT QUALITY - ------------------------------------------------------------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/99 9/30/98 3/31/99 9/30/98 3/31/99 9/30/98 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 3,899,663 $ 8,298,135 $ 9,223,771 $ 19,254,714 $ 10,449,587 $ 21,729,641 Net realized gain from investment transactions (notes 1 and 4) 232,589 1,468,661 772,371 2,099,484 403,740 1,933,637 Net change in unrealized appreciation or depreciation of investments (2,614,543) 1,486,634 (6,067,703) (1,976,859) (5,576,161) (428,616) - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 1,517,709 11,253,430 3,928,439 19,377,339 5,277,166 23,234,662 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1) From undistributed net investment income: Common shareholders (3,946,416) (8,299,761) (7,746,572) (16,007,084) (8,996,590) (18,489,907) Preferred shareholders N/A N/A (1,509,854) (3,395,042) (1,553,205) (3,875,037) From accumulated net realized gains from investment transactions: Common shareholders (1,468,187) (1,378,269) -- -- (1,505,529) (236,971) Preferred shareholders N/A N/A -- -- (277,776) (49,109) - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (5,414,603) (9,678,030) (9,256,426) (19,402,126) (12,333,100) (22,651,024) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS (NOTE 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions -- 1,212,773 1,146,405 2,379,076 1,486,787 2,220,112 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets (3,896,894) 2,788,173 (4,181,582) 2,354,289 (5,569,147) 2,803,750 Net assets at beginning of period 157,085,979 154,297,806 344,674,320 342,320,031 398,372,494 395,568,744 ==================================================================================================================================== Net assets at end of period $153,189,085 $157,085,979 $340,492,738 $344,674,320 $392,803,347 $398,372,494 ==================================================================================================================================== Balance of undistributed net investment income at end of period $ 7,466 $ 54,219 $ 484,721 $ 517,376 $ 490,638 $ 590,846 - ------------------------------------------------------------------------------------------------------------------------------------ NEW YORK SELECT QUALITY NEW YORK QUALITY INCOME INSURED NEW YORK PREMIUM INCOME - ------------------------------------------------------------------------------------------------------------------------------------ SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/99 9/30/98 3/31/99 9/30/98 3/31/99 9/30/98 - ------------------------------------------------------------------------------------------------------------------------------------ OPERATIONS Net investment income $ 13,562,681 $ 27,388,420 $ 13,554,103 $ 27,295,675 $ 4,395,866 $ 8,756,117 Net realized gain from investment transactions (notes 1 and 4) 575,118 1,321,723 218,377 989,837 449,938 794,190 Net change in unrealized appreciation or depreciation of investments (9,073,551) 1,048,429 (8,196,066) 5,915,060 (2,885,667) 5,335,299 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase in net assets from operations 5,064,248 29,758,572 5,576,414 34,200,572 1,960,137 14,885,606 - ------------------------------------------------------------------------------------------------------------------------------------ DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1) From undistributed net investment income: Common shareholders (11,478,542) (22,762,023) (11,231,356) (22,202,539) (3,412,701) (6,765,972) Preferred shareholders (2,136,321) (5,021,632) (2,406,763) (5,593,080) (928,539) (2,105,104) From accumulated net realized gains from investment transactions: Common shareholders (1,003,402) -- (794,873) (511,676) -- -- Preferred shareholders (220,788) -- (148,310) (129,543) -- -- - ------------------------------------------------------------------------------------------------------------------------------------ Decrease in net assets from distributions to shareholders (14,839,053) (27,783,655) (14,581,302) (28,436,838) (4,341,240) (8,871,076) - ------------------------------------------------------------------------------------------------------------------------------------ CAPITAL SHARE TRANSACTIONS (NOTE 2) Net proceeds from Common shares issued to shareholders due to reinvestment of distributions 2,299,289 4,348,938 2,118,863 3,704,412 399,903 478,559 - ------------------------------------------------------------------------------------------------------------------------------------ Net increase (decrease) in net assets (7,475,516) 6,323,855 (6,886,025) 9,468,146 (1,981,200) 6,493,089 Net assets at beginning of period 519,617,256 513,293,401 548,795,476 539,327,330 194,305,832 187,812,743 - ------------------------------------------------------------------------------------------------------------------------------------ Net assets at end of period $512,141,740 $519,617,256 $541,909,451 $548,795,476 $192,324,632 $194,305,832 ==================================================================================================================================== Balance of undistributed net investment income at end of period $ 566,802 $ 618,984 $ 673,213 $ 757,229 $ 501,066 $ 446,440 ====================================================================================================================================
N/A - Fund is not authorized to issue Preferred Shares. 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) and Nuveen Insured New York Premium Income Municipal Fund, Inc. (NNF). Each Fund invests primarily in a diversified portfolio of municipal obligations issued by state and local government authorities within the state of New York. The Funds are registered under the Investment Company Act of 1940 as closed-end, diversified management investment companies. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with generally accepted accounting principles. SECURITIES VALUATION The prices of municipal bonds in each Fund's investment portfolio are provided by a pricing service approved by the Fund's Board of Directors. When price quotes are not readily available (which is usually the case for municipal securities), the pricing service establishes fair market value based on yields or prices of municipal bonds of comparable quality, type of issue, coupon, maturity and rating, indications of value from securities dealers and general market conditions. Temporary investments in securities that have variable rate and demand features qualifying them as short-term securities are valued at amortized cost, which approximates market value. SECURITIES TRANSACTIONS Securities transactions are recorded on a trade date basis. Realized gains and losses from such transactions are determined on the specific identification method. Securities purchased or sold on a when-issued or delayed delivery basis may have extended settlement periods. The securities so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets in a separate account with a current value at least equal to the amount of the when-issued and delayed delivery purchase commitments. At March 31, 1999, New York Value and New York Quality Income had outstanding when-issued purchase commitments of $4,413,187 and $3,531,055, respectively. There were no such outstanding purchase commitments in any of the other Funds. INVESTMENT INCOME Interest income is determined on the basis of interest accrued, adjusted for amortization of premiums and accretion of discounts on long-term debt securities when required for federal income tax purposes. INCOME TAXES Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its tax-exempt net investment income, in addition to any significant amounts of net realized capital gains and/or market discount realized from investment transactions. The Funds currently consider significant net realized capital gains and/or market discount as amounts in excess of $.001 per Common share for New York Value and $.01 per Common share for the other Funds. Furthermore, each Fund intends to satisfy conditions which will enable interest from municipal securities, which is exempt from regular federal and New York state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gain and market discount distributions are subject to federal taxation. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Tax-exempt net investment income is declared monthly as a dividend and payment is made or reinvestment is credited to shareholder accounts on the first business day after month-end. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders not less frequently than annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards. Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. Accordingly, temporary over-distributions as a result of these differences may occur and will be classified as either distributions in excess of net investment income, distributions in excess of net realized gains and/or distributions in excess of net ordinary taxable income from investment transactions, where applicable. NOTES TO FINANCIAL STATEMENTS (continued) (UNAUDITED) PREFERRED SHARES New York Value is not authorized to issue Preferred shares. The Funds below have issued and outstanding $25,000 stated value Preferred shares. Each Fund's Preferred shares are issued in more than one Series. The dividend rate on each Series may change every seven days, as set by the auction agent. The number of shares outstanding, by Series and in total, for each Fund is as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM PLUS QUALITY QUALITY INCOME INCOME - --------------------------------------------------------------------------------------------------------- Number of shares: Series M 1,600 -- -- 2,200 1,320 Series T -- 2,400 -- -- 1,280 Series W 2,000 -- 2,400 2,200 -- Series Th -- -- 3,600 2,400 -- Series F 572 2,400 -- -- -- - --------------------------------------------------------------------------------------------------------- Total 4,172 4,800 6,000 6,800 2,600 =========================================================================================================
INSURANCE New York Investment Quality, New York Select Quality, New York Quality Income and Insured New York Premium Income invest in municipal securities which are either covered by insurance or are backed by an escrow or trust account containing sufficient U.S. government or U.S. government agency securities, both of which ensure the timely payment of principal and interest. Each insured municipal security is covered by Original Issue Insurance, Secondary Market Insurance or Portfolio Insurance. Such insurance does not guarantee the market value of the municipal securities or the value of the Funds' shares. Original Issue Insurance and Secondary Market Insurance remain in effect as long as the municipal securities covered thereby remain outstanding and the insurer remains in business, regardless of whether the Funds ultimately dispose of such municipal securities. Consequently, the market value of the municipal securities covered by Original Issue Insurance or Secondary Market Insurance may reflect value attributable to the insurance. Portfolio Insurance is effective only while the municipal securities are held by the Funds. Accordingly, neither the prices used in determining the market value of the underlying municipal securities nor the net asset value of the Funds' shares include value, if any, attributable to the Portfolio Insurance. Each policy of the Portfolio Insurance does, however, give the Funds the right to obtain permanent insurance with respect to the municipal security covered by the Portfolio Insurance policy at the time of its sale. DERIVATIVE FINANCIAL INSTRUMENTS The Funds may invest in transactions in certain derivative financial instruments including futures, forward, swap and option contracts, and other financial instruments with similar characteristics. Although the Funds are authorized to invest in such financial instruments, and may do so in the future, they did not make any such investments during the six months ended March 31, 1999. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates. 2. FUND SHARES Transactions in Common shares were as follows:
NEW YORK VALUE NEW YORK PERFORMANCE PLUS - -------------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/99 9/30/98 3/31/99 9/30/98 - -------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions -- 116,219 65,354 133,661 ==================================================================================================================== NEW YORK INVESTMENT QUALITY NEW YORK SELECT QUALITY - -------------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/99 9/30/98 3/31/99 9/30/98 - -------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 84,403 125,667 135,123 258,860 ==================================================================================================================== INSURED NEW YORK NEW YORK QUALITY INCOME PREMIUM INCOME - -------------------------------------------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED 3/31/99 9/30/98 3/31/99 9/30/98 - -------------------------------------------------------------------------------------------------------------------- Shares issued to shareholders due to reinvestment of distributions 128,336 227,308 24,982 31,006 ====================================================================================================================
3. DISTRIBUTIONS TO COMMON SHAREHOLDERS The Funds declared Common share dividend distributions from their tax-exempt net investment income which were paid May 3, 1999, to shareholders of record on April 15, 1999, as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - --------------------------------------------------------------------------------------------------------- Dividend per share $.0415 $.0865 $.0830 $.0825 $.0780 $.0695 =========================================================================================================
4. SECURITIES TRANSACTIONS Purchases and sales (including maturities) of investments in long-term municipal securities and temporary municipal securities during the six months ended March 31, 1999, were as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - --------------------------------------------------------------------------------------------------------------- Purchases: Long-term municipal securities $18,912,838 $28,769,537 $27,262,288 $18,346,699 $14,639,577 $7,352,430 Temporary municipal securities 23,200,000 33,925,000 19,600,000 14,900,000 14,700,000 3,200,000 Sales and Maturities: Long-term municipal securities 17,162,065 37,863,134 25,674,656 14,941,575 12,433,268 6,968,880 Temporary municipal securities 21,900,000 29,225,000 20,700,000 15,600,000 12,800,000 3,600,000 ===============================================================================================================
At March 31, 1999, the identified cost of investments owned for federal income tax purposes was the same as the cost for financial reporting purposes for each Fund. At September 30, 1998, the Funds' last fiscal year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows: INSURED NEW YORK NEW YORK PERFORMANCE PREMIUM PLUS INCOME - ------------------------------------------------------------------------- Expiration year: 2002 $ -- $1,457,571 2003 -- 3,373 2004 468,497 2,802,391 2005 -- 540,548 - ------------------------------------------------------------------------- Total $468,497 $4,803,883 ========================================================================= NOTES TO FINANCIAL STATEMENTS (continued) (UNAUDITED) 5. UNREALIZED APPRECIATION (DEPRECIATION) Gross unrealized appreciation and gross unrealized depreciation of investments at March 31, 1999, were as follows:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - --------------------------------------------------------------------------------------------------------- Gross unrealized: appreciation $8,683,259 $18,796,772 $24,505,139 $35,248,616 $37,441,275 $13,560,366 depreciation (145,465) (192,170) (119,223) (8,108) (13,255) (4,421) - --------------------------------------------------------------------------------------------------------- Net unrealized appreciation $8,537,794 $18,604,602 $24,385,916 $35,240,508 $37,428,020 $13,555,945 =========================================================================================================
6. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES Under New York Value's investment management agreement with Nuveen Advisory Corp. (the "Adviser"), a wholly owned subsidiary of The John Nuveen Company, the Fund pays an annual management fee, payable monthly, of .35 of 1% of the average daily net asset value of the Fund, as well as 4.125% of the gross interest income of the Fund. Under the Funds' (excluding New York Value) investment management agreements with the Adviser, each Fund pays an annual management fee, payable monthly, at the rates set forth below, which are based upon the average daily net asset value of each Fund as follows: AVERAGE DAILY NET ASSET VALUE MANAGEMENT FEE - ---------------------------------------------------------------------- For the first $125 million .6500 of 1% For the next $125 million .6375 of 1 For the next $250 million .6250 of 1 For the next $500 million .6125 of 1 For the next $1 billion .6000 of 1 For net assets over $2 billion .5875 of 1 ===================================================================== The fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its Directors who are affiliated with the Adviser or to their officers, all of whom receive remuneration for their services to the Funds from the Adviser. 7. COMPOSITION OF NET ASSETS At March 31, 1999, net assets consisted of:
INSURED NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK NEW YORK PERFORMANCE INVESTMENT SELECT QUALITY PREMIUM VALUE PLUS QUALITY QUALITY INCOME INCOME - --------------------------------------------------------------------------------------------------------- Preferred shares, $25,000 stated value per share, at liquidation value $ N/A $104,300,000 $120,000,000 $150,000,000 $170,000,000 $65,000,000 Common shares, $.01 par value per share 151,204 148,675 176,013 232,460 239,452 82,735 Paid-in surplus 144,261,019 216,649,447 247,308,305 325,527,941 333,347,762 117,538,833 Balance of undistributed net investment income 7,466 484,721 490,638 566,802 673,213 501,066 Accumulated net realized gain (loss) from investment transactions 231,602 305,293 442,475 574,029 221,004 (4,353,947) Net unrealized appreciation of investments 8,537,794 18,604,602 24,385,916 35,240,508 37,428,020 13,555,945 - --------------------------------------------------------------------------------------------------------- Net assets $153,189,085 $340,492,738 $392,803,347 $512,141,740 $541,909,451 $192,324,632 ========================================================================================================= Authorized shares: Common 250,000,000 200,000,000 200,000,000 200,000,000 200,000,000 200,000,000 Preferred N/A 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 =========================================================================================================
N/A - Fund is not authorized to issue Preferred shares.
Financial Highlights (Unaudited) Selected data for a Common share outstanding throughout each period is as follows: Investment Operations Net Realized/ Beginning Net Unrealized Net Asset Investment Investment Value Income Gain (Loss) Total New York Value Year Ended 9/30: 1999(a) $10.39 $ .26 $ (.16) $ .10 1998 10.28 .55 .20 .75 1997 10.23 .62 .06 .68 1996 10.44 .64 (.15) .49 1995 10.39 .66 .06 .72 1994 10.99 .66 (.57) .09 New York Performance Plus Year Ended 9/30: 1999(a) 16.24 .62 (.35) .27 1998 16.23 1.31 .02 1.33 1997 16.17 1.35 .06 1.41 1996 16.41 1.36 (.22) 1.14 1995 15.91 1.37 .52 1.89 1994 17.24 1.36 (1.29) .07 New York Investment Quality Year Ended 9/30: 1999(a) 15.89 .59 (.27) .32 1998 15.85 1.24 .09 1.33 1997 15.89 1.29 (.01) 1.28 1996 16.16 1.30 (.25) 1.05 1995 15.71 1.30 .48 1.78 1994 17.29 1.30 (1.56) (.26) New York Select Quality Year Ended 9/30: 1999(a) 15.99 .59 (.36) .23 1998 15.90 1.19 .11 1.30 1997 15.78 1.21 .13 1.34 1996 15.90 1.22 (.06) 1.16 1995 15.24 1.23 .69 1.92 1994 17.03 1.22 (1.76) (.54) New York Quality Income Year Ended 9/30: 1999(a) 15.90 .57 (.33) .24 1998 15.66 1.15 .30 1.45 1997 15.32 1.17 .39 1.56 1996 15.31 1.19 .04 1.23 1995 14.51 1.19 .84 2.03 1994 16.50 1.18 (1.96) (.78) Insured New York Premium Income Year Ended 9/30: 1999(a) 15.68 .53 (.30) .23 1998 14.95 1.06 .75 1.81 1997 14.26 1.07 .69 1.76 1996 13.92 1.08 .33 1.41 1995 12.74 1.08 1.20 2.28 1994 15.34 1.05 (2.62) (1.57) Less Distributions Net Net Investment Investment Capital Capital Income Income Gains Gains To Common To Preferred To Common To Preferred Shareholders Shareholders+ Shareholders Shareholders+ Total New York Value Year Ended 9/30: 1999(a) $ (.26) $ N/A $ (.10) $ N/A $ (.36) 1998 (.55) N/A (.09) N/A (.64) 1997 (.62) N/A (.01) N/A (.63) 1996 (.66) N/A (.04) N/A (.70) 1995 (.67) N/A -- N/A (.67) 1994 (.67) N/A (.02) N/A (.69) New York Performance Plus Year Ended 9/30: 1999(a) (.52) (.10) -- -- (.62) 1998 (1.09) (.23) -- -- (1.32) 1997 (1.11) (.24) -- -- (1.35) 1996 (1.13) (.25) -- -- (1.38) 1995 (1.12) (.27) -- -- (1.39) 1994 (1.13) (.27) -- -- (1.40) New York Investment Quality Year Ended 9/30: 1999(a) (.51) (.09) (.09) (.02) (.71) 1998 (1.06) (.22) (.01) -- (1.29) 1997 (1.07) (.22) (.02) (.01) (1.32) 1996 (1.05) (.24) (.02) (.01) (1.32) 1995 (1.05) (.28) -- -- (1.33) 1994 (1.08) (.24) -- -- (1.32) New York Select Quality Year Ended 9/30: 1999(a) (.50) (.09) (.04) (.01) (.64) 1998 (.99) (.22) -- -- (1.21) 1997 (.99) (.22) (.01) -- (1.22) 1996 (1.01) (.23) (.03) (.01) (1.28) 1995 (1.01) (.25) -- -- (1.26) 1994 (1.06) (.18) (.01) -- (1.25) New York Quality Income Year Ended 9/30: 1999(a) (.47) (.10) (.03) (.01) (.61) 1998 (.94) (.24) (.02) (.01) (1.21) 1997 (.94) (.24) (.03) (.01) (1.22) 1996 (.94) (.25) (.02) (.01) (1.22) 1995 (.94) (.27) (.02) -- (1.23) 1994 (.95) (.24) (.02) -- (1.21) Insured New York Premium Income Year Ended 9/30: 1999(a) (.41) (.11) -- -- (.52) 1998 (.82) (.26) -- -- (1.08) 1997 (.82) (.25) -- -- (1.07) 1996 (.80) (.27) -- -- (1.07) 1995 (.81) (.29) -- -- (1.10) 1994 (.84) (.19) -- -- (1.03) Total Returns Ending Net Asset Ending Based on Based on Net Value Market Value Market Value** New York Value Year Ended 9/30: 1999(a) $10.13 $10.0625 2.95% .96% 1998 10.39 10.1250 .87 7.57 1997 10.28 10.6875 8.11 6.87 1996 10.23 10.5000 8.07 4.85 1995 10.44 10.3750 5.33 7.24 1994 10.39 10.5000 (.77) .78 New York Performance Plus Year Ended 9/30: 1999(a) 15.89 17.2500 .13 1.07 1998 16.24 17.7500 .63 7.00 1997 16.23 18.7500 15.77 7.49 1996 16.17 17.2500 10.76 5.53 1995 16.41 16.6250 12.43 10.62 1994 15.91 15.8750 (5.07) (1.22) New York Investment Quality Year Ended 9/30: 1999(a) 15.50 17.1250 1.23 1.32 1998 15.89 17.5000 2.60 7.27 1997 15.85 18.1250 14.40 6.84 1996 15.89 16.8750 9.01 5.09 1995 16.16 16.5000 15.87 9.98 1994 15.71 15.2500 (6.26) (2.97) New York Select Quality Year Ended 9/30: 1999(a) 15.58 16.5625 .93 .82 1998 15.99 16.9375 6.84 7.01 1997 15.90 16.8125 11.77 7.34 1996 15.78 16.0000 8.26 5.86 1995 15.90 15.7500 15.34 11.41 1994 15.24 14.6250 (4.30) (4.32) New York Quality Income Year Ended 9/30: 1999(a) 15.53 16.3125 1.14 .84 1998 15.90 16.6250 8.89 7.90 1997 15.66 16.1875 12.90 8.80 1996 15.32 15.2500 10.96 6.45 1995 15.31 14.6250 11.96 12.58 1994 14.51 14.0000 (3.58) (6.37) Insured New York Premium Income Year Ended 9/30: 1999(a) 15.39 16.1875 5.86 .80 1998 15.68 15.6875 11.29 10.67 1997 14.95 14.8750 14.63 10.93 1996 14.26 13.7500 11.15 8.35 1995 13.92 13.1250 22.11 16.30 1994 12.74 11.5000 (16.98) (11.85) Ratios/Supplemental Data Ratio of Net Ratio of Net Ratio of Investment Ratio of Investment Expenses to Income to Expenses to Income to Average Average Average Total Average Total Ending Net Assets Net Assets Net Assets Net Assets Portfolio Net Assets Applicable to Applicable to Including Including Turnover (000) Common Shares++ Common Shares++ Preferred++ Preferred++ Rate New York Value Year Ended 9/30: 1999(a) $153,189 .73%* 5.05%* N/A% N/A% 11% 1998 157,086 .75 5.37 N/A N/A 36 1997 154,298 .79 6.10 N/A N/A 28 1996 151,848 .83 6.16 N/A N/A 7 1995 124,484 .80 6.38 N/A N/A 12 1994 122,311 .84 6.16 N/A N/A 4 New York Performance Plus Year Ended 9/30: 1999(a) 340,493 1.16* 7.76* .81* 5.40* 9 1998 344,674 1.17 8.10 .81 5.63 30 1997 342,320 1.17 8.38 .81 5.81 7 1996 339,360 1.18 8.30 .82 5.76 2 1995 340,246 1.25 8.47 .86 5.86 15 1994 163,591 1.23 8.19 .87 5.76 2 New York Investment Quality Year Ended 9/30: 1999(a) 392,803 1.19* 7.61* .83* 5.30* 7 1998 398,372 1.18 7.88 .82 5.49 20 1997 395,569 1.18 8.18 .82 5.69 2 1996 394,189 1.18 8.09 .82 5.63 4 1995 396,012 1.22 8.29 .84 5.73 4 1994 387,955 1.18 7.89 .83 5.53 2 New York Select Quality Year Ended 9/30: 1999(a) 512,142 1.14* 7.45* .80* 5.28* 3 1998 519,617 1.14 7.51 .81 5.32 11 1997 513,293 1.15 7.70 .81 5.43 3 1996 506,128 1.14 7.68 .80 5.40 4 1995 505,340 1.17 7.99 .82 5.56 5 1994 490,530 1.18 7.63 .83 5.38 2 New York Quality Income Year Ended 9/30: 1999(a) 541,909 1.15* 7.25* .79* 4.99* 2 1998 548,795 1.16 7.33 .79 5.03 12 1997 539,327 1.17 7.59 .80 5.17 13 1996 528,934 1.17 7.73 .79 5.25 9 1995 528,027 1.21 8.09 .81 5.42 4 1994 509,344 1.20 7.65 .82 5.20 5 Insured New York Premium Income Year Ended 9/30: 1999(a) 192,325 1.27* 6.87* .84* 4.56* 4 1998 194,306 1.29 6.99 .85 4.60 15 1997 187,813 1.32 7.42 .85 4.80 24 1996 182,176 1.34 7.59 .86 4.87 21 1995 179,368 1.51 8.04 .95 5.05 32 1994 86,720 1.50 7.48 .96 4.80 5 N/A Fund is not authorized to issue Preferred shares. * Annualized. ** Total Investment Return on Market Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in stock price per share. Total Return on Net Asset Value is the combination of reinvested dividend income, reinvested capital gains distributions, if any, and changes in net asset value per share. Total returns are not annualized for periods less than one year. + The amounts shown are based on Common share equivalents. ++ Ratios do not reflect the effect of dividend payments to preferred shareholders; income ratios reflect income earned on assets attributable to Preferred Shares, if applicable. (a) For the six months ended March 31, 1999.
Building a Better Portfolio Can Make You a Successful Investor NUVEEN FAMILY OF MUTUAL FUNDS Nuveen offers a variety of funds designed to help you reach your financial goals. GROWTH Nuveen Rittenhouse Growth Fund GROWTH AND INCOME European Value Fund Growth and Income Stock Fund Balanced Stock and Bond Fund Balanced Municipal and Stock Fund Dividend and Growth Fund INCOME Income Fund TAX-FREE INCOME NATIONAL FUNDS Long-Term Insured Intermediate-Term Limited-Term STATE FUNDS Arizona California Colorado Connecticut Florida Georgia Kansas Kentucky Louisiana Maryland Massachusetts Michigan Missouri New Jersey New Mexico New York North Carolina Ohio Pennsylvania Tennessee Virginia Wisconsin Successful investors know that a well-diversified portfolio - one that balances different types of investments, levels of risk and tax management - can be the foundation for building and sustaining wealth. That's why Nuveen offers you and your financial adviser a wide range of quality investments that can help you build a better portfolio in the pursuit of your financial goals Exchange-Traded Funds Nuveen Exchange-Traded Funds offer investors actively managed portfolios of investment-grade quality municipal bonds. The fund shares are listed and traded on the New York and American stock exchanges. Exchange-traded funds provide the investment convenience, price visibility and liquidity of common stocks. MuniPreferred(R) Nuveen MuniPreferred offers investors a AAA rated investment with an attractive tax-free yield for the cash reserves portion of an investment portfolio. MuniPreferred shares are backed 2-to-1 by the long-term portfolios of Nuveen dual-class exchange-traded funds and are available for national as well as a wide variety of state-specific portfolios. Mutual Funds Nuveen offers a family of equity, balanced and municipal bond funds featuring Premier AdvisersSM including Institutional Capital Corporation, Rittenhouse Financial Services, and Nuveen Advisory Corp. Each brings a specialized expertise in a particular investment style or asset class, time-tested investment strategies and a focus on consistent, long-term performance. With Nuveen's Premier Adviser funds, you have all the advantages of a family of funds PLUS the benefits of specialized investment expertise. Private Asset Management Rittenhouse Financial Services and Nuveen Asset Management offer comprehensive, customized investment management solutions to investors with assets of $250,000 or more to invest. A range of actively managed growth, balanced and municipal income-oriented portfolios are available, all based upon a disciplined investment philosophy. Defined Portfolios Nuveen Defined Portfolios are fixed portfolios of quality securities that are a convenient, attractive alternative to purchasing individual securities. They provide low-cost diversification to reduce risk, while also offering experienced, professional security selection and surveillance. In addition, Nuveen Defined Portfolios provide daily liquidity at that day's net asset value for quick access to your assets. Fund Information BOARD OF DIRECTORS Robert P. Bremner Lawrence H. Brown Anne E. Impellizzeri Peter R. Sawers William J. Schneider Timothy R. Schwertfeger Judith M. Stockdale FUND MANAGER Nuveen Advisory Corp. 333 West Wacker Drive Chicago, IL 60606 CUSTODIAN, TRANSFER AGENT AND SHAREHOLDER SERVICES The Chase Manhattan Bank 4 New York Plaza New York, NY 10004-2413 (800) 257-8787 LEGAL COUNSEL Morgan, Lewis & Bockius LLP Washington, D.C. INDEPENDENT AUDITORS Ernst & Young LLP Chicago, IL YEAR 2000 The concern that computer systems may have problems processing date-related information in the year 2000 and beyond has challenged businesses and organizations to thoroughly review all aspects of their operations.We have undertaken just such an approach at Nuveen in preparation for the millennium. Over the last 10 years, we have updated or replaced our trading, fund management, and pricing systems at Nuveen - systems that directly affect our investors and their financial advisers - to address Year 2000 concerns. We continue to work closely with our transfer agent, custodian, firms through whom we buy and sell portfolio securities, and other service partners to monitor the Year 2000 readiness of their systems, while addressing other remaining systems issues. In addition, the Funds hold securities of issuers whose business operations leave them susceptible to Year 2000 concerns. We seek to evaluate an issuer's Year 2000 readiness as part of our initial and ongoing research of these issuers. This is only one of the many factors considered in determining whether to buy, sell, or continue holding a particular security. We anticipate that all significant components of our Year 2000 review, repair, and testing program will be complete by mid-1999. This includes appropriate industry-wide testing of critical systems and receipt of satisfactory assurances from critical service providers, vendors, and issuers regarding their Year 2000 readiness. We are also making Year 2000 contingency plans to guide recovery efforts in the event that, despite our remediation attempts, Year 2000 issues adversely affect the Funds. Although we cannot give complete assurance at this time that the steps we take will be sufficient to prevent any problems that would impact the Nuveen Exchange-Traded Funds, we can assure you that we will take all reasonable steps to prevent disruption of the services provided by your Fund. Each fund intends to repurchase shares of its own common or preferred stock in the future at such times and in such amounts as is deemed advisable. No shares were repurchased during the six months ended March 31, 1999. Any future repurchases will be reported to shareholders in the next annual or semiannual report. Serving Investors for Generations JOHN NUVEEN, SR. (PHOTO) Since our founding in 1898, John Nuveen & Co. has been synonymous with investments that withstand the test of time. Today we offer a broad range of quality investments designed for individuals seeking to build and sustain wealth. In fact, more than 1.3 million investors have trusted Nuveen to help them pursue their financial goals. The cornerstone of Nuveen's investment philosophy is a commitment to disciplined long-term investment strategies focused on providing consistent, attractive performance over time - with moderated risk. We emphasize quality securities carefully chosen through in-depth research, and we follow those securities closely over time to ensure that they continue to meet our exacting standards. Whether your focus is long-term growth, dependable current income or sustaining accumulated wealth, Nuveen offers a wide variety of investments and services to help meet your unique circumstances and financial planning needs. Our equity, balanced, and tax-free income funds, along with our defined portfolios and private asset management, can help you build a better, well-diversified portfolio. Talk with your financial adviser to learn more about how Nuveen investment products and services can help you. Or call us at (800) 257-8787 for more information, including a prospectus where applicable. Please read that information carefully before investing. logo NUVEEN helping investors sustain the wealth of a liftime.(tm) John Nuveen & Co. Incorporated 333 West Wacker Drive Chicago, IL 60606-1286 www.nuveen.com FSA-1-3-99
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